StockNews.AI
UONE
StockNews.AI
145 days

URBAN ONE, INC. REPORTS FOURTH QUARTER 2024 RESULTS

1. UONE reported Q4 2024 net revenue of $117.1 million, down 2.7%. 2. Net loss increased to $35.7 million, versus $11 million same period last year. 3. Adjusted EBITDA for Q4 2024 at $26.9 million, near prior year levels. 4. Impairment of goodwill and intangible assets hit $24.2 million this quarter. 5. Stabilization in cable TV delivery is noted, despite prior declines.

Earnings
-1.84%Current Return
VS
-2.25%S&P 500
$1.4503/27 08:28 AM EDTEvent Start
$1.423303/28 02:54 PM EDTLatest Updated
55m saved
Insight
Article

FAQ

Why Bearish?

The significant net loss and impairment of assets suggest ongoing financial challenges, hard to recover from.

How important is it?

The financial result's magnitude and recent operational performance issues indicate a significant investor impact.

Why Short Term?

Immediate financial results may lead to investor concerns; however, potential stabilization could bring recovery.

Related Companies

UONEKCIRCSIRI
, /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the three months ended December 31, 2024. For the three months ended December 31, 2024, net revenue was approximately $117.1 million, a decrease of 2.7% from the same period in 2023. The Company reported an operating loss of approximately $1.9 million for the three months ended December 31, 2024, compared to operating income of approximately $6.8 million for the three months ended December 31, 2023. Broadcast and digital operating income1 was approximately $38.6 million, an increase of 1.7% from the same period in 2023. Net loss was approximately $35.7 million or $(0.78) per share (basic) for the three months ended December 31, 2024 compared to net loss of $11.0 million or $(0.23) per share (basic) for the same period in 2023. Adjusted EBITDA2 was approximately $26.9 million for the three months ended December 31, 2024, compared to approximately $27.1 million for the same period in 2023. Alfred C. Liggins, III, Urban One's CEO and President stated, "Our Adjusted EBITDA of $103.5 million came in at the mid-point of guidance, helped by strong political advertising revenues in the radio division. The radio outperformance was offset by declines in both advertising and affiliate revenues at the cable TV segment, as audience delivery continued to underperform expectations. We are however seeing some stabilization in the first quarter cable TV delivery, which should help to mitigate the continuing decline of linear TV subscribers. First quarter core radio revenue demand weakened, with pacings down 13.6%, although the second quarter is showing signs of improvement, with core pacings currently down 1.7%. Our digital segment posted solid fourth quarter results, despite the challenging environment, with Adjusted EBITDA up 50.7% for the quarter. Cost containment and continued de-levering remains the focus for 2025, and the company remains in a strong position in terms of liquidity, with $137.1 million of cash and cash equivalents at year-end." Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 STATEMENT OF OPERATIONS (in thousands, except share data) (in thousands, except share data) NET REVENUE $         117,127 $         120,344 $        449,674 $        477,690 OPERATING EXPENSES Programming and technical, excluding stock-based compensation 35,409 36,580 135,235 136,884 Selling, general and administrative, excluding stock-basedcompensation 43,117 45,807 174,258 172,440 Corporate selling, general and administrative, excludingstock-based compensation 12,546 23,251 50,579 53,583 Stock-based compensation 2,101 2,160 5,716 9,975 Depreciation and amortization 1,635 810 7,716 7,101 Impairment of goodwill and intangible assets 24,174 4,972 151,755 129,278 Total operating expenses 118,982 113,580 525,259 509,261              Operating (loss) income (1,855) 6,764 (75,585) (31,571) INTEREST AND INVESTMENT INCOME 1,117 2,479 5,980 6,967 INTEREST EXPENSE 11,520 14,173 48,571 56,196 GAIN ON RETIREMENT OF DEBT 4,500 — 23,271 2,356 OTHER (LOSS) INCOME, NET (78) (451) 896 96,084 (Loss) income before provision for income taxes and non-controllinginterest in income of subsidiaries (7,836) (5,381) (94,009) 17,640 PROVISION FOR INCOME TAXES 27,583 2,686 9,759 7,944 NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS (35,419) (8,067) (103,768) 9,696 LOSS FROM UNCONSOLIDATED JOINT VENTURE — (2,403) (411) (5,131) NET (LOSS) INCOME (35,419) (10,470) (104,179) 4,565 NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 239 515 1,215 2,515 NET (LOSS) INCOME ATTRIBUTABLE TO COMMONSTOCKHOLDERS $        (35,658) $        (10,985) $     (105,394) $             2,050 Weighted-average shares outstanding - basic3 45,659,589 47,804,932 47,402,869 47,645,678 Weighted-average shares outstanding - diluted4 45,659,589 47,804,932 47,402,869 50,243,810 Three Months Ended December 31, 2024 (in thousands) Consolidated RadioBroadcasting Reach Media Cable Television Digital Corporate/ Eliminations/ Other NET REVENUE $        117,127 $          47,736 $            9,613 $          39,787 $          20,497 $             (506) OPERATING EXPENSES: Programming and technical 35,409 11,814 3,652 15,920 4,179 (156) Sales and marketing 31,296 12,168 2,099 6,828 10,599 (398) General and administrative 24,367 8,636 1,119 5,006 668 8,938 Other segment income (expenses) 815 (281) 146 478 252 220 Adjusted EBITDA2 $         26,870 $         14,837 $           2,889 $         12,511 $           5,303 $         (8,670) Three Months Ended December 31, 2023 (in thousands) Consolidated RadioBroadcasting Reach Media CableTelevision Digital Corporate/ Eliminations/ Other NET REVENUE $        120,344 $          41,686 $          10,763 $          47,312 $          21,159 $             (576) OPERATING EXPENSES: Programming and technical 36,580 11,135 4,238 16,373 5,158 (324) Sales and marketing 30,660 12,529 1,769 5,689 11,084 (411) General and administrative 38,398 10,813 1,442 4,598 2,177 19,368 Other segment income 12,411 1,260 103 1,190 778 9,080 Adjusted EBITDA2 $         27,117 $           8,469 $           3,417 $         21,842 $           3,518 $       (10,129) Year Ended December 31, 2024 (in thousands) Consolidated RadioBroadcasting Reach Media CableTelevision Digital Corporate/Eliminations/ Other NET REVENUE $        449,674 $        165,803 $          47,260 $        168,199 $          70,748 $         (2,336) OPERATING EXPENSES: Programming and technical 135,235 46,357 14,475 60,610 14,683 (890) Sales and marketing 130,858 49,521 16,003 31,412 35,695 (1,773) General and administrative 93,979 30,693 4,148 17,061 2,310 39,767 Other segment income (expenses) 13,861 906 (596) 567 (468) 13,452 Adjusted EBITDA2 $       103,463 $         40,138 $         12,038 $         59,683 $         17,592 $       (25,988) Year Ended December 31, 2023 (in thousands) Consolidated Radio Broadcasting Reach Media CableTelevision Digital Corporate/ Eliminations/ Other NET REVENUE $        477,690 $        156,214 $          52,888 $        196,207 $          75,495 $         (3,114) OPERATING EXPENSES: Programming and technical 136,884 43,705 16,207 62,935 15,490 (1,453) Sales and marketing 130,240 47,931 17,660 30,539 36,317 (2,207) General and administrative 95,783 29,967 4,283 15,158 3,708 42,667 Other segment income 16,208 1,459 156 1,189 813 12,591 Adjusted EBITDA2 $       130,991 $         36,070 $         14,894 $         88,764 $         20,793 $       (29,530) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 PER SHARE DATA - basic and diluted: (in thousands, except per share data) (in thousands, except per share data) Net (loss) income attributable to common stockholders (basic) (0.78) (0.23) (2.22) 0.04 Net (loss) income attributable to common stockholders (diluted) (0.78) (0.23) (2.22) 0.04 SELECTED OTHER DATA Broadcast and digital operating income1 $           38,601 $           37,957 $        140,181 $        168,366 Broadcast and digital operating income reconciliation: Net (loss) income attributable to common stockholders $        (35,658) $        (10,985) $     (105,394) $             2,050 Add back/(deduct) certain non-broadcast and digitaloperating income items included in net (loss) income: Interest and investment income (1,117) (2,479) (5,980) (6,967) Interest expense 11,520 14,173 48,571 56,196 Provision for income taxes 27,583 2,686 9,759 7,944 Corporate selling, general and administrative expenses 12,546 23,251 50,579 53,583 Stock-based compensation 2,101 2,160 5,716 9,975 Gain on retirement of debt (4,500) — (23,271) (2,356) Other loss (income), net 78 451 (896) (96,084) Loss from unconsolidated joint venture — 2,403 411 5,131 Depreciation and amortization 1,635 810 7,716 7,101 Net income attributable to non-controlling interests 239 515 1,215 2,515 Impairment of goodwill and intangible assets 24,174 4,972 151,755 129,278 Broadcast and digital operating income $           38,601 $           37,957 $        140,181 $        168,366 Adjusted EBITDA2 $           26,870 $           27,117 $        103,463 $        130,991 Adjusted EBITDA2 reconciliation: Net (loss) income attributable to common stockholders $        (35,658) $        (10,985) $     (105,394) $           2,050 Interest and investment income (1,117) (2,479) (5,980) (6,967) Interest expense 11,520 14,173 48,571 56,196 Provision for income taxes 27,583 2,686 9,759 7,944 Depreciation and amortization 1,635 810 7,716 7,101 EBITDA $              3,963 $             4,205 $       (45,328) $          66,324 Stock-based compensation 2,101 2,160 5,716 9,975 Gain on retirement of debt (4,500) — (23,271) (2,356) Other loss (income), net 78 451 (896) (96,084) Loss from unconsolidated joint venture — 2,403 411 5,131 Net income attributable to non-controlling interests 239 515 1,215 2,515 Corporate development costs, net (1,574) 8,556 8,658 12,872 Employment Agreement Award and other compensation — 2,832 — 169 Severance-related costs 1,881 352 2,712 669 Impairment of goodwill and intangible assets 24,174 4,972 151,755 129,278 Investment income from MGM National Harbor — — — (115) Loss from ceased non-core businesses initiatives 508 671 2,491 2,613 Adjusted EBITDA2 $           26,870 $           27,117 $        103,463 $        130,991 December 31, 2024 December 31, 2023 SELECTED BALANCE SHEET DATA: (in thousands) Cash and cash equivalents and restricted cash $       137,574 $       233,570 Intangible assets, net 490,024 645,979 Total assets 944,790 1,211,173 Total debt (including current portion, net of issuance costs) 579,069 716,246 Total liabilities 765,857 920,588 Total stockholders' equity 170,945 274,065 Redeemable non-controlling interests 7,988 16,520 December 31,2024 Applicable Interest Rate SELECTED LEVERAGE DATA: (in thousands) 7.375% senior secured notes due February 2028, net of issuance costsof approximately $5.5 million (fixed rate) $       579,069 7.375 % Cautionary Note Regarding Forward-Looking Statements This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties, and other factors, some of which are beyond Urban One's control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements. For the three months ended December 31, 2024, we recognized approximately $117.1 million in net revenue compared to approximately $120.3 million during the three months ended December 31, 2023. These amounts are net of agency commissions. We recognized approximately $47.7 million of revenue from our Radio Broadcasting segment during the three months ended December 31, 2024, compared to approximately $41.7 million for the three months ended December 31, 2023, an increase of approximately $6.0 million, primarily driven by increased political revenue, offset by a decrease in local and national sales driven by lower demand. We recognized approximately $9.6 million of revenue from our Reach Media segment during the three months ended December 31, 2024, compared to approximately $10.8 million for the three months ended December 31, 2023, a decrease of approximately $1.2 million. The decrease was primarily driven by lower demand and attrition of advertisers. We recognized approximately $20.5 million of revenue from our Digital segment during the three months ended December 31, 2024, compared to approximately $21.2 million during the three months ended December 31, 2023, a decrease of approximately $0.7 million. The decrease was primarily driven by a decrease in national direct sales and lower demand from the Company's advertisers. We recognized approximately $39.8 million of revenue from our Cable Television segment during the three months ended December 31, 2024, compared to approximately $47.3 million during the three months ended December 31, 2023, a decrease of approximately $7.5 million. The decrease was primarily driven by a decrease in audience viewership affecting advertising sales and the continued churn in subscribers. The following charts indicate the sources of our net revenues for the three months and year ended December 31, 2024: Three Months Ended December 31, 2024 2023 $ Change % Change Net Revenue: (in thousands) Radio advertising $          43,978 $          47,814 $         (3,836) (8.0) % Political advertising 13,479 1,948 11,531 591.9 % Digital advertising 18,082 20,838 (2,756) (13.2) % Cable television advertising 21,226 27,021 (5,795) (21.4) % Cable television affiliate fees 18,161 20,158 (1,997) (9.9) % Event revenues & other 2,201 2,565 (364) (14.2) % Net revenue $         117,127 $         120,344 $         (3,217) (2.7) % Year Ended December 31, 2024 2023 $ Change % Change Net Revenue: (in thousands) Radio advertising $          175,731 $         182,362 $         (6,631) (3.6) % Political advertising 20,439 3,881 16,558 426.6 % Digital advertising 66,992 74,866 (7,874) (10.5) % Cable television advertising 90,604 108,307 (17,703) (16.3) % Cable television affiliate fees 77,071 87,747 (10,676) (12.2) % Event revenues & other 18,837 20,527 (1,690) (8.2) % Net revenue (as reported) $          449,674 $         477,690 $       (28,016) (5.9) % Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately $91.1 million for the three months ended December 31, 2024, compared to approximately $105.6 million for the comparable period in 2023. The overall decrease in operating expenses was primarily due to lower expenses across most segments, and higher third-party professional fees. Depreciation and amortization expense was approximately $1.6 million for the three months ended December 31, 2024, compared to approximately $0.8 million for the three months ended December 31, 2023, an increase of approximately $0.8 million due to a higher overall balance of depreciable assets for the three months ended December 31, 2024. Impairment of goodwill and intangible assets was approximately $24.2 million during the three months ended December 31, 2024, compared to approximately $5.0 million for the three months ended December 31, 2023. The impairment loss of $24.2 million in the three months ended December 31, 2024 was driven by approximately $4.0 million associated with the TV One Trade Name and approximately $20.2 million associated with TV One reporting. The primary factors leading to the impairments were a continued decline of projected gross market revenues for TV One and a decline in operating profit margin. Interest and Investment income was approximately $1.1 million for the three months ended December 31, 2024, compared to approximately $2.5 million for the three months ended December 31, 2023. The decrease was driven by lower cash and cash equivalents balances during the three months ended December 31, 2024, than in the corresponding period in 2023. Interest expense was approximately $11.5 million for the three months ended December 31, 2024, compared to approximately $14.2 million for the three months ended December 31, 2023, a decrease of approximately $2.7 million. During the three months ended December 31, 2024, the Company repurchased $15.4 million of its 2028 Notes at an average price of 69.8% of par, reducing the outstanding balance to $584.6 million compared to $725.0 million as of December 31, 2023. In January 2025, the Company repurchased an additional $17.0 million of its 2028 Notes at an average price of 62.5% of par, reducing the current balance to $567.6 million. The company made cash interest payments of $0.3 million during the three months ended December 31, 2024. For the three months ended December 31, 2024, we recorded a provision for income taxes of approximately $27.6 million on the pre-tax loss of approximately $7.8 million resulting with an annual effective tax rate of 352.0%. The difference between the effective rate and the Company's statutory rate relates primarily to the effect of state taxes, changes in our valuation allowance, uncertain tax positions, and permanent differences associated with non-deductible officer compensation. For the three months ended December 31, 2023, we recorded a provision for income taxes of approximately $2.7 million on pre-tax loss of approximately $5.4 million resulting with an annual effective tax rate of 49.9%. The difference between the effective rate and the Company's statutory rate relates primarily to the effect of state taxes, uncertain tax positions, Internal Revenue Code ("IRC") Section 382 adjustments, and permanent differences associated with non-deductible officer compensation. In general, permanent book to tax differences have a greater impact on pre-tax income when the income is lower in the given period. The Company paid income taxes of $0.1 million for the three months ended December 31, 2024. Other pertinent financial information includes capital expenditures of approximately $1.3 million and $1.9 million for the three months ended December 31, 2024 and 2023, respectively. During the three months ended December 31, 2024, the Company repurchased 1,386,544 shares of Class A Common Stock in the amount of approximately $2.1 million at an average price of $1.50 per share, of which 908,894 shares of Class A were held in treasury stock as of December 31, 2024. During the three months ended December 31, 2024, the Company repurchased 703,292 shares of Class D Common Stock in the amount of approximately $0.7 million at an average price of $1.02 per share. During the three months ended December 31, 2023, the Company did not repurchase any shares of Class A or Class D Common Stock. Supplemental Financial Information: For comparative purposes, the following more detailed statements of operations for the three months and year ended December 31, 2024 are included. Three Months Ended December 31, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $        117,127 $          47,736 $            9,613 $          20,497 $          39,787 $             (506) OPERATING EXPENSES: Programming and technical 35,409 11,814 3,652 4,179 15,920 (156) Selling, general and administrative 43,117 20,804 2,382 11,267 9,073 (409) Corporate selling, general and administrative 12,546 — 836 — 2,761 8,949 Stock-based compensation 2,101 285 39 36 307 1,434 Depreciation and amortization 1,635 1,163 (18) 374 63 53 Impairment of goodwill and intangible assets 24,174 — — — 24,174 — Total operating expenses 118,982 34,066 6,891 15,856 52,298 9,871        Operating (loss) income (1,855) 13,670 2,722 4,641 (12,511) (10,377) INTEREST AND INVESTMENT INCOME 1,117 — — — — 1,117 INTEREST EXPENSE 11,520 60 — — (1) 11,461 GAIN ON RETIREMENT OF DEBT 4,500 — — — — 4,500 OTHER LOSS, NET (78) (18) — (10) — (50) (Loss) income before provision for (benefit from)income taxes and non-controlling interest in income of subsidiaries (7,836) 13,592 2,722 4,631 (12,510) (16,271) PROVISION FOR (BENEFIT FROM) INCOME TAXES 27,583 4,055 1,213 8,976 (383) 13,722 NET (LOSS) INCOME (35,419) 9,537 1,509 (4,345) (12,127) (29,993) NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 239 — 1,215 — — (976) NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $       (35,658) $           9,537 $               294 $         (4,345) $       (12,127) $       (29,017) Adjusted EBITDA2 $          26,870 $          14,837 $            2,889 $            5,303 $          12,511 $         (8,670) Three Months Ended December 31, 2023 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $        120,344 $          41,686 $          10,763 $          21,159 $          47,312 $             (576) OPERATING EXPENSES: Programming and technical 36,580 11,135 4,238 5,158 16,373 (324) Selling, general and administrative 45,807 23,342 2,026 13,261 7,381 (203) Corporate selling, general and administrative 23,251 — 1,185 — 2,906 19,160 Stock-based compensation 2,160 616 (180) 42 1 1,681 Depreciation and amortization 810 977 42 275 42 (526) Impairment of goodwill and intangible assets 4,972 4,972 — — — — Total operating expenses 113,580 41,042 7,311 18,736 26,703 19,788        Operating income (loss) 6,764 644 3,452 2,423 20,609 (20,364) INTEREST AND INVESTMENT INCOME 2,479 — — — — 2,479 INTEREST EXPENSE 14,173 56 — — — 14,117 OTHER (LOSS) INCOME, NET (451) 14 — — — (465) (Loss) income before provision for (benefit from)income taxes and non-controlling interest in income of subsidiaries (5,381) 602 3,452 2,423 20,609 (32,467) PROVISION FOR (BENEFIT FROM) INCOME TAXES 2,686 2,598 1,207 654 7,560 (9,333) NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS (8,067) (1,996) 2,245 1,769 13,049 (23,134) LOSS FROM UNCONSOLIDATED JOINT VENTURE, NET OF TAX (2,403) — — — — (2,403) NET (LOSS) INCOME (10,470) (1,996) 2,245 1,769 13,049 (25,537) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 515 — — — — 515 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $       (10,985) $         (1,996) $           2,245 $           1,769 $         13,049 $       (26,052) Adjusted EBITDA2 $          27,117 $            8,469 $            3,417 $            3,518 $          21,842 $       (10,129) Year Ended December 31, 2024 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $        449,674 $        165,803 $          47,260 $          70,748 $        168,199 $         (2,336) OPERATING EXPENSES: Programming and technical 135,235 46,357 14,475 14,683 60,610 (890) Selling, general and administrative 174,258 80,214 17,237 37,995 40,584 (1,772) Corporate selling, general and administrative 50,579 — 2,914 10 7,889 39,766 Stock-based compensation 5,716 647 117 174 1,118 3,660 Depreciation and amortization 7,716 4,634 103 1,589 411 979 Impairment of goodwill and intangible assets 151,755 118,492 — — 33,263 — Total operating expenses 525,259 250,344 34,846 54,451 143,875 41,743        Operating (loss) income (75,585) (84,541) 12,414 16,297 24,324 (44,079) INTEREST AND INVESTMENT INCOME 5,980 — — — — 5,980 INTEREST EXPENSE 48,571 235 — — (1) 48,337 GAIN ON RETIREMENT OF DEBT 23,271 — — — — 23,271 OTHER INCOME (LOSS), NET 896 (30) — (10) — 936 (Loss) income before provision for (benefit from) income taxes and non-controlling interest in income of subsidiaries (94,009) (84,806) 12,414 16,287 24,325 (62,229) PROVISION FOR (BENEFIT FROM) INCOME TAXES 9,759 (18,368) 3,327 8,133 7,699 8,968 NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS (103,768) (66,438) 9,087 8,154 16,626 (71,197) LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax (411) — — — — (411) NET (LOSS) INCOME (104,179) (66,438) 9,087 8,154 16,626 (71,608) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 1,215 — 1,215 — — — NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $     (105,394) $       (66,438) $            7,872 $            8,154 $          16,626 $       (71,608) Adjusted EBITDA2 $        103,463 $          40,138 $          12,038 $          17,592 $          59,683 $       (25,988) Year Ended December 31, 2023 (in thousands) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations NET REVENUE $        477,690 $        156,214 $          52,888 $          75,495 $        196,207 $         (3,114) OPERATING EXPENSES: Programming and technical 136,884 43,705 16,207 15,490 62,935 (1,453) Selling, general and administrative 172,440 77,898 18,747 40,022 37,769 (1,996) Corporate selling, general and administrative 53,583 — 3,196 3 7,928 42,456 Stock-based compensation 9,975 1,063 445 176 575 7,716 Depreciation and amortization 7,101 3,707 162 1,352 1,369 511 Impairment of goodwill and intangible assets 129,278 129,278 — — — — Total operating expenses 509,261 255,651 38,757 57,043 110,576 47,234        Operating (loss) income (31,571) (99,437) 14,131 18,452 85,631 (50,348) INTEREST AND INVESTMENT INCOME 6,967 — — — — 6,967 INTEREST EXPENSE 56,196 222 — — 2,559 53,415 GAIN ON RETIREMENT OF DEBT 2,356 — — — — 2,356 OTHER INCOME, NET 96,084 7 — — — 96,077 Income (loss) before provision for (benefit from) income taxes and non-controlling interest in income of subsidiaries 17,640 (99,652) 14,131 18,452 83,072 1,637 PROVISION FOR (BENEFIT FROM) INCOME TAXES 7,944 (21,937) 3,549 654 21,265 4,413 NET INCOME (LOSS) FROM CONSOLIDATED OPERATIONS 9,696 (77,715) 10,582 17,798 61,807 (2,776) LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax (5,131) — — — — (5,131) NET INCOME (LOSS) 4,565 (77,715) 10,582 17,798 61,807 (7,907) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 2,515 — — — — 2,515 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $            2,050 $       (77,715) $          10,582 $          17,798 $          61,807 $       (10,422) Adjusted EBITDA2 $        130,991 $          36,070 $          14,894 $          20,793 $          88,764 $       (29,530) Urban One, Inc. will hold a conference call to discuss its results for the fourth fiscal quarter of 2024. The conference call is scheduled for Thursday, March 27, 2025 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free (+1) 888-596-4144; international callers may dial direct (+1) 646-968-2525. The Access Code is 3407726. A replay of the conference call will be available from 2:00 p.m. EDT March 27, 2025 until 11:59 p.m. EDT April 3, 2025. Callers may access the replay by calling (+1) 800-770-2030; international callers may dial direct (+1) 609-800-9909. The replay Access Code is 3407726. Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call. Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 37 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of March 27, 2025, we owned and/or operated 72 independently formatted, revenues producing broadcast stations (including 57 FM or AM stations, 13 HD stations, and the 2 low power television stations) branded under the trade name "Radio One" in 13 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences. Notes: 1 "Broadcast and digital operating income": The radio broadcasting industry commonly refers to "station operating income" which consists of net (loss) income before depreciation and amortization, income taxes, interest expense, interest and investment income, non-controlling interests in income of subsidiaries, other income, net, loss from unconsolidated joint venture, corporate selling, general and administrative expenses, stock-based compensation, impairment of goodwill and intangible assets, and (gain) loss on retirement of debt. However, given the diverse nature of our business, station operating income is not truly reflective of our multi-media operation and, therefore, we use the term "broadcast and digital operating income." Broadcast and digital operating income is not a measure of financial performance under GAAP. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments. Broadcast and digital operating income provides helpful information about our results of operations, apart from expenses associated with our fixed assets and goodwill and intangible assets, income taxes, investments, impairment charges, debt financings and retirements, corporate overhead, and stock-based compensation. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures as used by other companies. Broadcast and digital operating income does not represent operating income or loss, or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as an alternative to those measurements as an indicator of our performance. 2 "Adjusted EBITDA": Adjusted EBITDA consists of net (loss) income plus (1) depreciation and amortization, income taxes, interest expense, net income attributable to non-controlling interests, impairment of goodwill and intangible assets, stock-based compensation, (gain) loss on retirement of debt, employment agreement award and other compensation, corporate development costs, severance-related costs, investment income, loss from unconsolidated joint venture, loss from ceased non-core business initiatives less (2) other income, net and interest and investment income. Net (loss) income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under GAAP. We believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business. Accordingly, based on the previous description of Adjusted EBITDA, we believe that it provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and goodwill and intangible assets or capital structure. Adjusted EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four of our operating segments (Radio Broadcasting, Reach Media, Digital, and Cable Television). Business activities unrelated to these four segments are included in an "all other" category which the Company refers to as "All other - corporate/eliminations". Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under GAAP, and should not be considered as alternatives to those measurements as an indicator of our performance. 3 For the three months ended December 31, 2024 and 2023, Urban One had 45,659,589 and 47,804,932 shares of common stock outstanding on a weighted average basis (basic), respectively. For the year ended December 31, 2024 and 2023, Urban One had 47,402,869 and 47,645,678 shares of common stock outstanding on a weighted average basis (basic), respectively. 4 For the three months ended December 31, 2024 and 2023, Urban One had 45,659,589 and 47,804,932 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the year ended December 31, 2024 and 2023, Urban One had 47,402,869 and 50,243,810 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. SOURCE Urban One, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

Related News