URBAN ONE, INC. REPORTS FOURTH QUARTER 2024 RESULTS
SILVER SPRING, Md., March 27, 2025 /PRNewswire/ -- Urban One, Inc. (NASDAQ:UONEK) 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
