Core Insights - Urban One, Inc. reported a net revenue of approximately $104.4 million for the three months ended March 31, 2024, a decrease of 5.0% from $109.9 million in the same period in 2023 [10] - The company achieved an operating income of approximately $12.9 million for Q1 2024, compared to $8.1 million in Q1 2023, indicating improved operational efficiency despite revenue decline [10] - Net income for the three months ended March 31, 2024, was approximately $7.5 million or $0.15 per share, a significant recovery from a net loss of $2.9 million or $0.06 per share in the same period last year [10] Financial Performance - For the year ended December 31, 2023, net revenue was approximately $477.7 million, a decrease of 1.4% from $484.6 million in 2022 [10] - 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 for the year ended December 31, 2022 [10] - Adjusted EBITDA for FY23 was approximately $128.4 million, down from $165.2 million in FY22 [10] Segment Performance - Broadcast and digital operating income for Q1 2024 was approximately $32.0 million, a decrease of 18.5% from $39.3 million in Q1 2023 [10] - Revenue from the radio broadcasting segment for Q1 2024 was approximately $36.4 million, an increase from $35.2 million in Q1 2023, primarily due to the acquisition of a Houston station [10] - The digital segment revenue decreased to approximately $14.0 million in Q1 2024 from $15.1 million in Q1 2023, driven by lower demand from advertisers [10] Cost Management - Total operating expenses for Q1 2024 were approximately $91.5 million, down from $101.7 million in Q1 2023, reflecting effective cost management strategies [10] - The company reported a decrease in stock-based compensation from $3.3 million in Q1 2023 to $1.4 million in Q1 2024 [10] - Interest expense decreased to $13.0 million in Q1 2024 from $14.1 million in Q1 2023, contributing to improved net income [10] Market Trends - The company noted a continuing decline in cable television subscribers, impacting affiliate fees and advertising sales [10] - Political advertising revenues are expected to improve in the second quarter, which may benefit both radio and digital divisions [10] - The overall demand for digital products was soft in Q1, with a noted decline in national direct digital revenue [10]
URBAN ONE, INC. REPORTS YEAR END 2023 AND FIRST QUARTER 2024 RESULTS