Financial Performance - For the year ended December 31, 2023, net revenue was approximately $477.7 million, a decrease of 1.4% from 2022[1]. - The company reported an operating loss of approximately $31.6 million for the year ended December 31, 2023, compared to an operating income of approximately $91.1 million in 2022[1]. - Adjusted EBITDA for FY23 was approximately $128.4 million, exceeding the high-end of previous guidance[4]. - For Q1 2024, net revenue was approximately $104.4 million, a decrease of 5.0% from Q1 2023[3]. - The company reported net income of approximately $7.5 million or $0.15 per share for Q1 2024, compared to a loss of $2.9 million or $0.06 per share in Q1 2023[3]. - Total revenue for Q1 2024 was approximately $104.4 million, down from $109.9 million in Q1 2023, representing a decrease of about 5.0%[13]. - Net revenue for the three months ended December 31, 2023, was $120.3 million, compared to $132.6 million for the same period in 2022, a decrease of approximately 9.5%[36]. - The net loss attributable to common stockholders for the three months ended December 31, 2023, was approximately $10.9 million, compared to a net loss of approximately $1.9 million for the same period in 2022[37]. - The company reported a net loss attributable to common stockholders of $2,050,000 for 2023, compared to a net income of $34,343,000 in 2022[38][39]. Revenue Breakdown - Broadcast and digital operating income for FY23 was approximately $168.4 million, a decrease of 16.5% from 2022[1]. - Cable television affiliate fees were down 12.8% year over year in Q1 2024, continuing to impact overall performance[4]. - National direct digital revenue was down double digits in Q1 2024, partially offset by growth in VOD, streaming audio, and podcasts[4]. - Revenue from the radio broadcasting segment increased to $36.4 million in Q1 2024, up from $35.2 million in Q1 2023, an increase of approximately 3.4%[13]. - Revenue from the Reach Media segment decreased to $8.5 million in Q1 2024 from $10.9 million in Q1 2023, a decline of approximately 22.0%[13]. - The company recognized a decrease in cable television revenue to $46.2 million in Q1 2024 from $49.7 million in Q1 2023, a decline of approximately 7.1%[13]. Expenses and Losses - Operating expenses for Q1 2024 increased to approximately $88.3 million, up 11.6% from $79.1 million in Q1 2023[17]. - Total operating expenses increased to $509,261,000 in 2023, up from $393,515,000 in 2022, reflecting a significant rise of 29.4%[38][39]. - Adjusted EBITDA for Q1 2024 was $21.545 million, down from $30.285 million in Q1 2023, a decrease of approximately 28.8%[8]. - Adjusted EBITDA for 2023 was $128,379,000, down from $165,180,000 in 2022, indicating a decline of 22.3%[38][39]. - The company reported a gain on retirement of debt amounting to $2,356,000 in 2023, compared to $6,718,000 in 2022[38][39]. Debt and Cash Management - Total debt decreased to $642.579 million as of March 31, 2024, down from $716.246 million at the end of 2023, a reduction of approximately 10.3%[9]. - Cash and cash equivalents decreased to $155.746 million as of March 31, 2024, compared to $233.570 million at the end of 2023, a decline of approximately 33.3%[9]. - The company repurchased $75.0 million of its 2028 notes at 88.3% during Q1 2024[4]. - The Company repurchased approximately $25.0 million of its senior secured notes during the year ended December 31, 2023, at an average price of approximately 89.1% of par[23]. Impairment and Taxation - Impairment of goodwill and intangible assets increased to approximately $129.3 million for the year ended December 31, 2023, compared to $40.7 million in 2022, an increase of approximately 217%[20]. - The provision for income taxes was approximately $7.9 million on pre-tax income of $17.6 million for the year ended December 31, 2023, resulting in an effective tax rate of 45.0%[28]. Operational Highlights - The company remains optimistic about political advertising revenues for the remainder of the year, which is expected to benefit both radio and digital divisions[4]. - Urban One operates 72 independently formatted broadcast stations, including 57 FM or AM stations, across 13 urban markets in the United States[44]. - The company emphasizes its focus on serving Black Americans and urban consumers through its diversified media platforms[44]. - A conference call to discuss the year-end and first fiscal quarter results for 2024 is scheduled for June 10, 2024[42].
Urban One(UONEK) - 2024 Q1 - Quarterly Results