URBAN ONE, INC. REPORTS FOURTH QUARTER 2024 RESULTS

Rhea-AI Summary

Urban One (NASDAQ: UONEK, UONE) reported Q4 2024 results with net revenue of $117.1 million, down 2.7% year-over-year. The company posted an operating loss of $1.9 million compared to operating income of $6.8 million in Q4 2023.

Key financial metrics include:

• Net loss of $35.7 million or $(0.78) per share
• Adjusted EBITDA of $26.9 million
• Radio Broadcasting revenue increased by $6.0 million to $47.7 million
• Cable Television revenue decreased by $7.5 million to $39.8 million

The company repurchased $15.4 million of its 2028 Notes at 69.8% of par, reducing the outstanding balance to $584.6 million. Additionally, Urban One repurchased 1,386,544 shares of Class A Common Stock at $1.50 per share and 703,292 shares of Class D Common Stock at $1.02 per share during Q4 2024.

Positive

• Radio Broadcasting revenue increased by $6.0M (14.4%) due to strong political advertising
• Digital segment's Adjusted EBITDA grew 50.7% in Q4
• Strong liquidity position with $137.1M cash and cash equivalents
• Successful debt reduction through discounted note repurchases

Negative

• Net revenue decreased 2.7% to $117.1M
• Operating loss of $1.9M compared to $6.8M operating income in Q4 2023
• Net loss widened to $35.7M from $11.0M year-over-year
• Cable TV revenue declined $7.5M (15.9%) due to lower viewership
• Q1 2025 radio revenue pacing down 13.6%
• $24.2M impairment charge for TV One assets

Insights

Financial Analyst

Urban One's Q4 2024 results reveal significant financial deterioration with net revenue declining 2.7% to $117.1 million and a concerning shift from operating income of $6.8 million in Q4 2023 to an operating loss of $1.9 million. The most alarming metric is the substantial widening of net losses to $35.7 million ($0.78 per share), more than triple the $11.0 million loss reported in the prior year period.

A substantial $24.2 million impairment charge against TV One assets signals serious challenges in the company's Cable Television segment, which saw revenue plummet 15.9% to $39.8 million due to declining viewership and subscriber churn. This segment remains particularly vulnerable to structural shifts in media consumption habits.

The company's Radio Broadcasting segment provided some relief, generating $47.7 million in revenue, up 14.4% from Q4 2023, though this was primarily driven by political advertising—a cyclical boost rather than sustainable organic growth. Meanwhile, Digital segment performance showed resilience with Adjusted EBITDA increasing 50.7% despite a slight revenue decline.

Urban One's debt reduction strategy is prudent, repurchasing $15.4 million of its 2028 Notes at 69.8% of par value in Q4 and an additional $17.0 million at 62.5% in January 2025. The $137.1 million cash position provides liquidity runway, but Q1 2025 radio revenue pacing down 13.6% indicates continuing operational challenges ahead.

SILVER SPRING, Md., March 27, 2025 /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-based compensation	43,117		45,807		174,258		172,440
Corporate selling, general and administrative, excluding stock-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-controlling interest 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 COMMON STOCKHOLDERS	$        (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		Radio Broadcasting		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		Radio Broadcasting		Reach Media		Cable Television		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		Radio Broadcasting		Reach Media		Cable Television		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		Cable Television		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 digital operating 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 costs of 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.

 

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SOURCE Urban One, Inc.

FAQ

What caused Urban One's (UONE) revenue decline in Q4 2024?

The 2.7% revenue decline was primarily due to decreased Cable TV revenue (-$7.5M) from lower audience viewership and subscriber churn, partially offset by increased political advertising in radio.

How much did Urban One (UONE) spend on share repurchases in Q4 2024?

Urban One spent approximately $2.1M buying back Class A shares at $1.50/share and $0.7M on Class D shares at $1.02/share.

What was Urban One's (UONE) impairment charge in Q4 2024?

Urban One recorded a $24.2M impairment charge, with $4.0M for TV One Trade Name and $20.2M for TV One reporting due to declining market revenues and operating margins.

What is Urban One's (UONE) debt reduction strategy in 2024-2025?

Urban One repurchased $15.4M of 2028 Notes at 69.8% of par in Q4 2024 and an additional $17.0M at 62.5% of par in January 2025, reducing the balance to $567.6M.