Core Insights - Urban One, Inc. reported a net revenue of approximately $117.1 million for the three months ended December 31, 2024, a decrease of 2.7% from the same period in 2023 [1][5] - The company experienced an operating loss of approximately $1.9 million for the same period, compared to an operating income of approximately $6.8 million in 2023 [1][5] - The net loss for the quarter was approximately $35.7 million or $(0.78) per share, compared to a net loss of $11.0 million or $(0.23) per share in the prior year [1][3] Financial Performance - Adjusted EBITDA for the three months ended December 31, 2024, was approximately $26.9 million, slightly down from $27.1 million in the same period in 2023 [1][3] - The company reported a significant increase in political advertising revenue, which contributed to the radio segment's performance, while cable TV segment revenues declined due to lower audience delivery [2][5] - Total operating expenses for the quarter were approximately $119.0 million, an increase from $113.6 million in the same period in 2023, driven by higher impairment charges [1][5][8] Revenue Breakdown - Revenue from the Radio Broadcasting segment was approximately $47.7 million, an increase from $41.7 million in the same period in 2023, primarily due to political advertising [5][6] - The Reach Media segment saw a decrease in revenue to approximately $9.6 million from $10.8 million, attributed to lower demand and advertiser attrition [5][6] - The Cable Television segment's revenue decreased to approximately $39.8 million from $47.3 million, impacted by reduced audience viewership and subscriber churn [5][6] Impairment and Expenses - Impairment of goodwill and intangible assets was approximately $24.2 million for the quarter, significantly higher than $5.0 million in the same period in 2023, primarily affecting the TV One reporting [8] - Interest expense decreased to approximately $11.5 million from $14.2 million, reflecting a reduction in outstanding debt following the repurchase of notes [10][11] - The company maintained a strong liquidity position with $137.1 million in cash and cash equivalents at year-end [2][5] Shareholder Actions - During the quarter, the company repurchased approximately 1.4 million shares of Class A Common Stock for about $2.1 million and 703,292 shares of Class D Common Stock for approximately $0.7 million [13]
URBAN ONE, INC. REPORTS FOURTH QUARTER 2024 RESULTS