Financial Performance - Net revenues for the three months ended March 31, 2024, decreased by $629,000, or 8.6%, to $6,706,000 compared to $7,335,000 in the same period of 2023[109] - Operating loss for the three months ended March 31, 2024, increased by $1,561,000, or 81.9%, to $3,467,000 compared to a loss of $1,906,000 in Q1 2023[115] - Consolidated net loss for Q1 2024 was $3,677,000, an increase of $1,570,000, or 74.5%, from a net loss of $2,107,000 in Q1 2023[118] Revenue Sources - Spot Radio Advertising accounted for 64.8% of total net revenues in Q1 2024, generating $4,348,000, down from $4,769,000, which was 65.0% of total revenues in Q1 2023[98] - The New York radio market's gross revenues increased by 4.5% for the three months ended March 31, 2024, while MediaCo's gross revenues decreased by 6.6% in the same period[102] - MediaCo anticipates a potential revenue decline from the Summer Jam event in 2024, estimating a decrease in revenue between $3.0 million and $3.6 million compared to 2023[103] Expenses and Costs - Corporate expenses rose by $1,506,000, or 79.9%, to $1,884,000 in Q1 2024, primarily due to higher professional service fees related to the Estrella transaction[112] - Operating expenses excluding depreciation and amortization decreased by $587,000, or 8.1%, to $6,650,000 in Q1 2024, attributed to lower salary costs and other expenses[111] - Interest expense, net, increased by $33,000, or 32.0%, to $136,000 in Q1 2024 due to accrued interest on the Emmis convertible promissory note[116] Cash Flow and Liquidity - As of March 31, 2024, MediaCo had cash and cash equivalents of $7.2 million, with negative working capital of $(1.4) million, a decrease from positive working capital of $2.2 million at the end of 2023[120] - Cash flows from continuing operating activities decreased to $0.4 million for the three months ended March 31, 2024, down from $0.8 million in the same period of 2023, primarily due to changes in working capital[122] - Cash flows used in continuing investing activities were $0.2 million for the three months ended March 31, 2024, related to capital expenditures for a new digital platform and radio operations[123] - Cash flows used in continuing financing activities were $0.1 million for the three months ended March 31, 2024, down from $0.7 million in the same period of 2023, due to stock repurchases and tax obligations[124] Going Concern - The company expressed substantial doubt about its ability to continue as a going concern in its 2023 Form 10-K, but this concern was alleviated following the completion of certain transactions[125]
MediaCo Holding(MDIA) - 2024 Q1 - Quarterly Report