URBAN ONE, INC. REPORTS SECOND QUARTER 2024 RESULTS
Urban One reported its Q2 2024 results, showing a 9.2% decrease in net revenues to $117.7 million compared to Q2 2023. The company reported an operating loss of $60.4 million, down from $9.7 million operating income in Q2 2023. Broadcast and digital operating income fell 27.7% to $34.2 million. Net loss was $45.4 million or $(0.94) per share, compared to net income of $70.4 million or $1.48 per share in Q2 2023. Adjusted EBITDA decreased to $28.4 million from $37.5 million last year.
CEO Alfred C. Liggins III noted improvements in national radio revenues offset by weaker local revenues. Q3 core radio revenue is pacing down 6.9% same-station, but up 7.0% overall including political advertising. The cable TV business faces subscriber churn and audience delivery challenges. Urban One repurchased $35.5 million of 2028 notes at 78.0% and ended Q2 with $132.4 million in cash.
Urban One ha riportato i risultati del secondo trimestre 2024, registrando una contrazione del 9,2% nei ricavi netti a 117,7 milioni di dollari rispetto al secondo trimestre 2023. L'azienda ha riportato una perdita operativa di 60,4 milioni di dollari, in calo rispetto ai 9,7 milioni di dollari di utile operativo del secondo trimestre 2023. Il reddito operativo da trasmissione e digitale è sceso del 27,7% a 34,2 milioni di dollari. La perdita netta è stata di 45,4 milioni di dollari, pari a $(0,94) per azione, rispetto all'utile netto di 70,4 milioni di dollari o $1,48 per azione nel secondo trimestre 2023. L'EBITDA rettificato è sceso a 28,4 milioni di dollari rispetto ai 37,5 milioni di dollari dell'anno precedente.
Il CEO Alfred C. Liggins III ha notato miglioramenti nei ricavi radio nazionali compensati da ricavi locali più deboli. I ricavi core della radio per il terzo trimestre sono in calo del 6,9% per le stesse stazioni, ma in aumento del 7,0% complessivamente, inclusa la pubblicità politica. L'azienda di televisione via cavo affronta il problema del churn degli abbonati e delle sfide nella distribuzione del pubblico. Urban One ha riacquistato 35,5 milioni di dollari di note del 2028 al 78,0% e ha concluso il secondo trimestre con 132,4 milioni di dollari in contante.
Urban One reportó sus resultados del segundo trimestre de 2024, mostrando una disminución del 9,2% en los ingresos netos a 117,7 millones de dólares en comparación con el segundo trimestre de 2023. La empresa reportó una pérdida operativa de 60,4 millones de dólares, en comparación con un ingreso operativo de 9,7 millones de dólares en el segundo trimestre de 2023. Los ingresos operativos de transmisión y digitales cayeron un 27,7% a 34,2 millones de dólares. La pérdida neta fue de 45,4 millones de dólares o $(0,94) por acción, en comparación con un ingreso neto de 70,4 millones de dólares o $1,48 por acción en el segundo trimestre de 2023. El EBITDA ajustado disminuyó a 28,4 millones de dólares desde 37,5 millones de dólares del año pasado.
El CEO Alfred C. Liggins III señaló mejoras en los ingresos de radio nacional, compensadas por ingresos locales más débiles. Los ingresos centrales de radio para el tercer trimestre están disminuyendo un 6,9% en las mismas estaciones, pero aumentan un 7,0% en general, incluyendo la publicidad política. El negocio de televisión por cable enfrenta problemas de fuga de suscriptores y desafíos en la entrega de audiencia. Urban One recompró 35,5 millones de dólares en notas de 2028 al 78,0% y finalizó el segundo trimestre con 132,4 millones de dólares en efectivo.
Urban One은 2024년 2분기 결과를 보고하며 순수익이 9.2% 감소한 1억 1,770만 달러를 기록했다고 발표했습니다. 이는 2023년 2분기와 비교한 수치입니다. 회사는 6,040만 달러의 운영 손실을 보고했으며, 이는 2023년 2분기 970만 달러의 운영 수익에서 감소한 것입니다. 방송 및 디지털 운영 수익은 27.7% 감소하여 3,420만 달러로 떨어졌습니다. 순손실은 4,540만 달러 또는 주당 $(0.94)로, 이는 2023년 2분기의 순이익인 7,040만 달러 또는 주당 $1.48와 비교됩니다. 조정된 EBITDA는 작년의 3,750만 달러에서 2,840만 달러로 감소했습니다.
CEO Alfred C. Liggins III는 국가 라디오 수익의 개선이 지역 수익의 약세에 의해 상쇄되고 있다고 언급했습니다. 3분기 핵심 라디오 수익은 동일 스테이션 기준으로 6.9% 감소하고 있지만, 정치 광고를 포함하여 전체적으로 7.0% 증가하고 있습니다. 케이블 TV 사업은 구독자 이탈과 시청자 전달 문제에 직면해 있습니다. Urban One은 3,550만 달러의 2028년 노트를 78.0%에 재매입하였으며, 2분기 종료 시 1억 3,240만 달러의 현금을 보유하고 있었습니다.
Urban One a publié ses résultats du deuxième trimestre 2024, révélant une diminution de 9,2% des revenus nets à 117,7 millions de dollars par rapport au deuxième trimestre 2023. L'entreprise a enregistré une perte opérationnelle de 60,4 millions de dollars, contre un bénéfice opérationnel de 9,7 millions de dollars au deuxième trimestre 2023. Le revenu opérationnel de la diffusion et du numérique a chuté de 27,7% pour atteindre 34,2 millions de dollars. La perte nette était de 45,4 millions de dollars, soit $(0,94) par action, par rapport à un bénéfice net de 70,4 millions de dollars ou 1,48 dollar par action au deuxième trimestre 2023. Le EBITDA ajusté a diminué à 28,4 millions de dollars contre 37,5 millions de dollars l'année dernière.
Le PDG Alfred C. Liggins III a noté des améliorations des revenus de radio nationale compensées par des revenus locaux plus faibles. Les revenus principaux de la radio pour le troisième trimestre sont en baisse de 6,9% pour les mêmes stations, mais en hausse de 7,0% au total, y compris la publicité politique. L'entreprise de télévision par câble fait face à des problèmes de désabonnement des abonnés et de livraison d'audience. Urban One a racheté pour 35,5 millions de dollars d'obligations 2028 à 78,0% et a terminé le deuxième trimestre avec 132,4 millions de dollars en liquidités.
Urban One hat seine Ergebnisse für das zweite Quartal 2024 veröffentlicht, die einen Rückgang der Nettoumsätze um 9,2% auf 117,7 Millionen Dollar im Vergleich zum zweiten Quartal 2023 zeigen. Das Unternehmen wies einen Betriebsverlust von 60,4 Millionen Dollar aus, im Vergleich zu einem Betriebsgewinn von 9,7 Millionen Dollar im zweiten Quartal 2023. Der operative Gewinn aus Rundfunk und Digital fiel um 27,7% auf 34,2 Millionen Dollar. Der Nettoverlust betrug 45,4 Millionen Dollar oder $(0,94) pro Aktie, im Vergleich zu einem Nettogewinn von 70,4 Millionen Dollar oder 1,48 Dollar pro Aktie im zweiten Quartal 2023. Das bereinigte EBITDA sank auf 28,4 Millionen Dollar von 37,5 Millionen Dollar im Vorjahr.
CEO Alfred C. Liggins III wies auf Verbesserungen bei den nationalen Radioeinnahmen hin, die durch schwächere lokale Einnahmen ausgeglichen wurden. Der Kernradio-Umsatz im dritten Quartal geht um 6,9% für die gleichen Stationen zurück, insgesamt steigt er jedoch um 7,0%, einschließlich politischer Werbung. Das Kabel-TV-Geschäft sieht sich Herausforderungen durch Abonnentenfluktuation und Probleme bei der Zuschauerauslieferung gegenüber. Urban One hat 35,5 Millionen Dollar an 2028-Anleihen zu 78,0% zurückgekauft und schloss das zweite Quartal mit 132,4 Millionen Dollar in bar ab.
- Q3 overall radio revenue pacing up 7.0% including political advertising
- Repurchased $35.5 million of 2028 notes at a discount (78.0%)
- Ended Q2 with $132.4 million cash on hand
- Seeing significant uptick in political advertising revenues
- Net revenues decreased 9.2% year-over-year to $117.7 million
- Reported operating loss of $60.4 million vs $9.7 million operating income last year
- Net loss of $45.4 million or $(0.94) per share vs net income of $70.4 million last year
- Broadcast and digital operating income fell 27.7% to $34.2 million
- Adjusted EBITDA decreased to $28.4 million from $37.5 million last year
- Cable TV business suffering from subscriber churn and audience delivery shortfall
- Q3 core radio revenue pacing down 6.9% on same station basis
Insights
Urban One's Q2 2024 results show significant challenges. Net revenues decreased by
The net loss of
On a positive note, the company repurchased
Urban One's Q2 results reflect broader challenges in the media industry. The radio division saw a
The cable TV business is facing significant headwinds from subscriber churn and audience delivery shortfalls, impacting both advertising and affiliate revenues. This aligns with the broader trend of cord-cutting and shift to streaming platforms. However, the company notes a potential ratings rebound in Q3, which could help stabilize this segment.
The digital business, while experiencing weaker ad demand, remains well-positioned for growth, particularly in political and CTV advertising. This segment's performance will be important as Urban One navigates the evolving media landscape and shifts towards digital platforms.
Urban One's Q2 results highlight the impact of shifting market dynamics in the media industry. The decline in radio revenues, particularly in local advertising, suggests continued pressure on traditional media formats. However, the company's optimism about political advertising in the second half of 2024 could provide a much-needed boost.
The challenges in the cable TV business reflect broader industry trends, with cord-cutting and audience fragmentation impacting both subscription and advertising revenues. The potential ratings rebound in Q3 will be important to monitor, as it could indicate whether this is a temporary setback or a longer-term structural challenge.
The digital business, while facing short-term headwinds, appears strategically well-positioned. The focus on political and CTV advertising aligns with market trends towards targeted, digital-first advertising solutions. Urban One's ability to capitalize on these opportunities will be key to its future performance and ability to offset declines in traditional media segments.
Alfred C. Liggins, III, Urban One's CEO and President stated, "On a same station basis our radio division finished Q2 -
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
(unaudited) | (unaudited) | ||||||
STATEMENT OF OPERATIONS | (in thousands, except share data) | (in thousands, except share data) | |||||
NET REVENUES | $ 117,744 | $ 129,652 | $ 222,154 | $ 239,521 | |||
OPERATING EXPENSES | |||||||
Programming and technical, excluding stock-based compensation | 33,256 | 32,547 | 65,915 | 66,401 | |||
Selling, general and administrative, excluding stock-based compensation | 50,292 | 49,777 | 90,029 | 86,492 | |||
Corporate selling, general and administrative, excluding stock-based compensation | 9,787 | 11,385 | 25,679 | 19,915 | |||
Stock-based compensation | 1,079 | 2,321 | 2,463 | 5,598 | |||
Depreciation and amortization | 2,993 | 1,886 | 4,843 | 4,483 | |||
Impairment of goodwill, intangible assets, and long-lived assets | 80,758 | 22,081 | 80,758 | 38,856 | |||
Total operating expenses | 178,165 | 119,997 | 269,687 | 221,745 | |||
Operating (loss) income | (60,421) | 9,655 | (47,533) | 17,776 | |||
INTEREST INCOME | 1,777 | 1,898 | 3,775 | 2,232 | |||
INTEREST EXPENSE | 12,404 | 13,972 | 25,402 | 28,040 | |||
GAIN ON RETIREMENT OF DEBT | 7,425 | - | 15,299 | 2,356 | |||
Other income, net | 14 | 96,773 | 900 | 96,460 | |||
(Loss) income before (benefit from) provision for income taxes and non-controlling interest in income of subsidiaries | (63,609) | 94,354 | (52,961) | 90,784 | |||
(BENEFIT FROM) PROVISION FOR INCOME TAXES | (18,512) | 23,197 | (16,010) | 22,037 | |||
Net (loss) income from consolidated operations | (45,097) | 71,157 | (36,951) | 68,747 | |||
Loss from unconsolidated joint venture | - | - | (411) | - | |||
NET (LOSS) INCOME | (45,097) | 71,157 | (37,362) | 68,747 | |||
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 334 | 791 | 576 | 1,303 | |||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (45,431) | $ 70,366 | $ (37,938) | $ 67,444 | |||
Weighted average shares outstanding - basic3 | 48,483,639 | 47,629,163 | 48,434,513 | 47,514,722 | |||
Weighted average shares outstanding - diluted4 | 48,483,639 | 50,616,435 | 48,434,513 | 50,373,714 | |||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
PER SHARE DATA - basic and diluted: | (unaudited) | (unaudited) | |||||
(in thousands, except per share data) | (in thousands, except per share data) | ||||||
Net (loss) income attributable to common stockholders (basic) | (0.94) | 1.48 | (0.78) | 1.42 | |||
Net (loss) income attributable to common stockholders (diluted) | (0.94) | 1.39 | (0.78) | 1.34 | |||
SELECTED OTHER DATA | |||||||
Broadcast and digital operating income 1 | $ 34,196 | $ 47,328 | $ 66,210 | $ 86,628 | |||
Broadcast and digital operating income reconciliation: | |||||||
Net (loss) income attributable to common stockholders | $ (45,431) | $ 70,366 | $ (37,938) | $ 67,444 | |||
Add back/(deduct) certain non-broadcast and digital operating income items included in net (loss) income: | |||||||
Interest income | (1,777) | (1,898) | (3,775) | (2,232) | |||
Interest expense | 12,404 | 13,972 | 25,402 | 28,040 | |||
(Benefit from) provision for income taxes | (18,512) | 23,197 | (16,010) | 22,037 | |||
Corporate selling, general and administrative expenses | 9,787 | 11,385 | 25,679 | 19,915 | |||
Stock-based compensation | 1,079 | 2,321 | 2,463 | 5,598 | |||
Gain on retirement of debt | (7,425) | - | (15,299) | (2,356) | |||
Other income, net | (14) | (96,773) | (900) | (96,460) | |||
Loss from unconsolidated joint venture | - | - | 411 | - | |||
Depreciation and amortization | 2,993 | 1,886 | 4,843 | 4,483 | |||
Net income attributable to non-controlling interests | 334 | 791 | 576 | 1,303 | |||
Impairment of goodwill, intangible assets, and long-lived assets | 80,758 | 22,081 | 80,758 | 38,856 | |||
Broadcast and digital operating income | $ 34,196 | $ 47,328 | $ 66,210 | $ 86,628 | |||
Adjusted EBITDA2 | $ 28,415 | $ 37,504 | $ 49,958 | $ 67,790 | |||
Adjusted EBITDA reconciliation: | |||||||
Net (loss) income attributable to common stockholders | $ (45,431) | $ 70,366 | $ (37,938) | $ 67,444 | |||
Interest income | (1,777) | (1,898) | (3,775) | (2,232) | |||
Interest expense | 12,404 | 13,972 | 25,402 | 28,040 | |||
(Benefit from) provision for income taxes | (18,512) | 23,197 | (16,010) | 22,037 | |||
Depreciation and amortization | 2,993 | 1,886 | 4,843 | 4,483 | |||
EBITDA | $ (50,323) | $ 107,523 | $ (27,478) | $ 119,772 | |||
Stock-based compensation | 1,079 | 2,321 | 2,463 | 5,598 | |||
Gain on retirement of debt | (7,425) | - | (15,299) | (2,356) | |||
Other income, net | (14) | (96,773) | (900) | (96,460) | |||
Loss from unconsolidated joint venture | - | - | 411 | - | |||
Net income attributable to non-controlling interests | 334 | 791 | 576 | 1,303 | |||
Corporate costs related to remediation efforts | 4,167 | 3,099 | 9,524 | 2,723 | |||
Employment Agreement Award and other compensation | - | (1,674) | - | (1,818) | |||
Severance-related costs | 516 | 136 | 580 | 287 | |||
Impairment of goodwill, intangible assets, and long-lived assets | 80,758 | 22,081 | 80,758 | 38,856 | |||
Investment expense from MGM National Harbor | - | - | - | (115) | |||
Other nonrecurring expenses | (677) | - | (677) | - | |||
Adjusted EBITDA | $ 28,415 | $ 37,504 | $ 49,958 | $ 67,790 | |||
June 30, 2024 | December 31, 2023 | ||
(in thousands) | |||
(unaudited) | |||
SELECTED BALANCE SHEET DATA: | |||
Cash and cash equivalents and restricted cash | $ 132,372 | $ 233,570 | |
Intangible assets, net | 562,642 | 645,979 | |
Total assets | 1,019,625 | 1,211,173 | |
Total debt (including current portion, net of issuance costs) | 607,865 | 716,246 | |
Total liabilities | 771,179 | 920,588 | |
Total stockholders' equity | 239,375 | 274,065 | |
Redeemable non-controlling interests | 9,071 | 16,520 | |
June 30, 2024 | Applicable Interest | ||
(in thousands) | |||
SELECTED LEVERAGE DATA: | |||
$ 607,865 | 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-K/A, 10-Q, 10-Q/A, 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.
During the three months ended June 30, 2024, we recognized approximately
The following charts indicates the sources of our net revenues for the three and six months ended June 30, 2024:
Three Months Ended June 30, | |||||||
2024 | 2023 | $ Change | % Change | ||||
(Unaudited) | |||||||
(in thousands) | |||||||
Net Revenues: | |||||||
Radio Advertising | $ 45,421 | $ 45,135 | $ 286 | 0.6 % | |||
Political Advertising | 2,152 | 410 | 1,742 | 424.9 | |||
Digital Advertising | 15,529 | 18,861 | (3,332) | -17.7 | |||
Cable Television Advertising | 22,170 | 30,247 | (8,077) | -26.7 | |||
Cable Television Affiliate Fees | 19,315 | 22,184 | (2,869) | -12.9 | |||
Event Revenues & Other | 13,157 | 12,815 | 342 | 2.7 | |||
Net Revenues (as reported) | $ 117,744 | $ 129,652 | $ (11,908) | -9.2 % | |||
Six Months Ended June 30, | |||||||
2024 | 2023 | $ Change | % Change | ||||
(Unaudited) | |||||||
(in thousands) | |||||||
Net Revenues: | |||||||
Radio Advertising | $ 86,761 | $ 88,242 | $ (1,481) | -1.7 % | |||
Political Advertising | 3,388 | 658 | 2,730 | 414.9 | |||
Digital Advertising | 29,475 | 33,932 | (4,457) | -13.1 | |||
Cable Television Advertising | 47,535 | 56,069 | (8,534) | -15.2 | |||
Cable Television Affiliate Fees | 40,103 | 46,020 | (5,917) | -12.9 | |||
Event Revenues & Other | 14,892 | 14,600 | 292 | 2.0 | |||
Net Revenues (as reported) | $ 222,154 | $ 239,521 | $ (17,367) | -7.3 % | |||
Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill, intangible assets and long-lived assets, were approximately
Depreciation and amortization expense was approximately
Impairment of goodwill, intangible assets and long-lived assets was approximately
Interest income was approximately
Interest expense was approximately
Other income, net, was approximately
For the three months ended June 30, 2024, we recorded a benefit from income taxes of approximately
Other pertinent financial information includes capital expenditures of approximately
During the three months ended June 30, 2024, the Company repurchased 449,277 shares of Class A Common Stock in the amount of approximately
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited statements of operations for the three and six months ended June 30, 2024 are included.
Three Months Ended June 30, 2024 | ||||||||||||
(in thousands, unaudited) | ||||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | |||||||
STATEMENT OF OPERATIONS: | ||||||||||||
NET REVENUES | $ 117,744 | $ 41,999 | $ 18,929 | $ 15,887 | $ 41,497 | $ (568) | ||||||
OPERATING EXPENSES: | ||||||||||||
Programming and technical | 33,256 | 11,436 | 3,641 | 3,520 | 14,913 | (254) | ||||||
Selling, general and administrative | 50,292 | 19,747 | 10,963 | 9,438 | 10,580 | (436) | ||||||
Corporate selling, general and administrative | 9,787 | - | 649 | 6 | 1,582 | 7,550 | ||||||
Stock-based compensation | 1,079 | 115 | 21 | 41 | 228 | 674 | ||||||
Depreciation and amortization | 2,993 | 2,079 | 40 | 397 | 176 | 301 | ||||||
Impairment of goodwill, intangible assets, and long-lived assets | 80,758 | 80,758 | - | - | - | - | ||||||
Total operating expenses | 178,165 | 114,135 | 15,314 | 13,402 | 27,479 | 7,835 | ||||||
Operating (loss) income | (60,421) | (72,136) | 3,615 | 2,485 | 14,018 | (8,403) | ||||||
INTEREST INCOME | 1,777 | - | - | - | - | 1,777 | ||||||
INTEREST EXPENSE | 12,404 | 58 | - | - | - | 12,346 | ||||||
GAIN ON RETIREMENT OF DEBT | 7,425 | - | - | - | - | 7,425 | ||||||
OTHER INCOME, net | 14 | 1 | - | - | - | 13 | ||||||
(Loss) income before income from consolidated operations before (benefit | (63,609) | (72,193) | 3,615 | 2,485 | 14,018 | (11,534) | ||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES | (18,512) | (18,057) | 624 | (652) | 2,766 | (3,193) | ||||||
NET (LOSS) INCOME | (45,097) | (54,136) | 2,991 | 3,137 | 11,252 | (8,341) | ||||||
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 334 | - | - | - | - | 334 | ||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (45,431) | $ (54,136) | $ 2,991 | $ 3,137 | $ 11,252 | $ (8,675) | ||||||
Adjusted EBITDA2 | $ 28,415 | $ 10,570 | $ 3,684 | $ 2,923 | $ 14,511 | $ (3,273) | ||||||
Three Months Ended June 30, 2023 | |||||||||||
(in thousands, unaudited) | |||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | ||||||
STATEMENT OF OPERATIONS: | |||||||||||
NET REVENUES | $ 129,652 | $ 39,196 | $ 20,052 | $ 18,908 | $ 52,430 | $ (934) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 32,547 | 10,524 | 3,974 | 3,513 | 14,919 | (383) | |||||
Selling, general and administrative | 49,777 | 18,786 | 10,857 | 9,265 | 11,602 | (733) | |||||
Corporate selling, general and administrative | 11,385 | - | 619 | - | 1,849 | 8,917 | |||||
Stock-based compensation | 2,321 | 114 | 174 | 40 | 231 | 1,762 | |||||
Depreciation and amortization | 1,886 | 888 | 40 | 364 | 251 | 343 | |||||
Impairment of goodwill, intangible assets, and long-lived assets | 22,081 | 22,081 | - | - | - | - | |||||
Total operating expenses | 119,997 | 52,393 | 15,664 | 13,182 | 28,852 | 9,906 | |||||
Operating income (loss) | 9,655 | (13,197) | 4,388 | 5,726 | 23,578 | (10,840) | |||||
INTEREST INCOME | 1,898 | - | - | - | - | 1,898 | |||||
INTEREST EXPENSE | 13,972 | 56 | - | - | 640 | 13,276 | |||||
OTHER INCOME (LOSS), net | 96,773 | (67) | - | - | - | 96,840 | |||||
Income (loss) before income from consolidated operations before provision | 94,354 | (13,320) | 4,388 | 5,726 | 22,938 | 74,622 | |||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 23,197 | (5,160) | 1,289 | - | 6,633 | 20,435 | |||||
NET INCOME (LOSS) | 71,157 | (8,160) | 3,099 | 5,726 | 16,305 | 54,187 | |||||
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 791 | - | - | - | - | 791 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 70,366 | $ (8,160) | $ 3,099 | $ 5,726 | $ 16,305 | $ 53,396 | |||||
Adjusted EBITDA2 | $ 37,504 | $ 9,997 | $ 4,602 | $ 6,156 | $ 24,060 | $ (7,311) | |||||
Six Months Ended June 30, 2024 | |||||||||||
(in thousands, unaudited) | |||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | ||||||
STATEMENT OF OPERATIONS: | |||||||||||
NET REVENUES | $ 222,154 | $ 78,350 | $ 27,401 | $ 29,854 | $ 87,723 | $ (1,174) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 65,915 | 22,765 | 7,125 | 7,023 | 29,513 | (511) | |||||
Selling, general and administrative | 90,029 | 38,142 | 13,405 | 16,897 | 22,698 | (1,113) | |||||
Corporate selling, general and administrative | 25,679 | - | 1,377 | 7 | 3,491 | 20,804 | |||||
Stock-based compensation | 2,463 | 237 | 50 | 83 | 787 | 1,306 | |||||
Depreciation and amortization | 4,843 | 2,962 | 82 | 814 | 301 | 684 | |||||
Impairment of goodwill, intangible assets, and long-lived assets | 80,758 | 80,758 | - | - | - | - | |||||
Total operating expenses | 269,687 | 144,864 | 22,039 | 24,824 | 56,790 | 21,170 | |||||
Operating (loss) income | (47,533) | (66,514) | 5,362 | 5,030 | 30,933 | (22,344) | |||||
INTEREST INCOME | 3,775 | - | - | - | - | 3,775 | |||||
INTEREST EXPENSE | 25,402 | 117 | - | - | - | 25,285 | |||||
GAIN ON RETIREMENT OF DEBT | 15,299 | - | - | - | - | 15,299 | |||||
OTHER INCOME, net | 900 | 1 | - | - | - | 899 | |||||
Income (loss) before income from consolidated operations before (benefit | (52,961) | (66,630) | 5,362 | 5,030 | 30,933 | (27,656) | |||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES | (16,010) | (20,079) | 1,172 | (1,222) | 6,864 | (2,745) | |||||
Net (loss) income from consolidated operations | (36,951) | (46,551) | 4,190 | 6,252 | 24,069 | (24,911) | |||||
LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax | (411) | - | - | - | - | (411) | |||||
NET (LOSS) INCOME | (37,362) | (46,551) | 4,190 | 6,252 | 24,069 | (25,322) | |||||
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 576 | - | - | - | - | 576 | |||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (37,938) | $ (46,551) | $ 4,190 | $ 6,252 | $ 24,069 | $ (25,898) | |||||
Adjusted EBITDA2 | $ 49,958 | $ 17,270 | $ 5,493 | $ 5,927 | $ 32,110 | $ (10,842) | |||||
Six Months Ended June 30, 2023 | |||||||||||
(in thousands, unaudited) | |||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | ||||||
STATEMENT OF OPERATIONS: | |||||||||||
NET REVENUES | $ 239,521 | $ 74,376 | $ 30,968 | $ 33,979 | $ 102,108 | $ (1,910) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 66,401 | 20,856 | 8,006 | 6,948 | 31,358 | (767) | |||||
Selling, general and administrative | 86,492 | 34,727 | 13,575 | 17,139 | 22,421 | (1,370) | |||||
Corporate selling, general and administrative | 19,915 | - | 1,337 | 1 | 3,647 | 14,930 | |||||
Stock-based compensation | 5,598 | 289 | 443 | 80 | 558 | 4,228 | |||||
Depreciation and amortization | 4,483 | 1,805 | 79 | 701 | 1,216 | 682 | |||||
Impairment of goodwill, intangible assets, and long-lived assets | 38,856 | 38,856 | - | - | - | - | |||||
Total operating expenses | 221,745 | 96,533 | 23,440 | 24,869 | 59,200 | 17,703 | |||||
Operating income (loss) | 17,776 | (22,157) | 7,528 | 9,110 | 42,908 | (19,613) | |||||
INTEREST INCOME | 2,232 | - | - | - | - | 2,232 | |||||
INTEREST EXPENSE | 28,040 | 111 | - | - | 2,559 | 25,370 | |||||
GAIN ON RETIREMENT OF DEBT | 2,356 | - | - | - | - | 2,356 | |||||
OTHER INCOME (LOSS), net | 96,460 | (67) | - | - | - | 96,527 | |||||
Income (loss) before income from consolidated operations before provision | 90,784 | (22,335) | 7,528 | 9,110 | 40,349 | 56,132 | |||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES | 22,037 | (6,919) | 2,033 | - | 11,219 | 15,704 | |||||
NET INCOME (LOSS) | 68,747 | (15,416) | 5,495 | 9,110 | 29,130 | 40,428 | |||||
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 1,303 | - | - | - | - | 1,303 | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ 67,444 | $ (15,416) | $ 5,495 | $ 9,110 | $ 29,130 | $ 39,125 | |||||
Adjusted EBITDA2 | $ 67,790 | $ 19,018 | $ 8,059 | $ 9,917 | $ 44,682 | $ (13,886) | |||||
Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2024. The conference call is scheduled for Thursday, August 8, 2024 at 10:00 a.m. EDT. To participate on this call,
A replay of the conference call will be available from 5:00 p.m. EDT August 8, 2024 until 12:00 a.m. EDT August 15, 2024. Callers may access the replay by calling 1-866-207-1041; international callers may dial direct (+1) 402-970-0847. The replay Access Code is 1733886.
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
Notes: | |
1 | "Broadcast and digital operating income": The radio broadcasting industry commonly refers to "station operating income" which consists of net income (loss) before depreciation and amortization, income taxes, interest expense, interest 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, intangible assets, and long-lived 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, intangible assets, and long-lived 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, intangible assets, and long-lived assets, stock-based compensation, (gain) loss on retirement of debt, corporate costs, severance-related costs, investment income, loss from unconsolidated joint venture, less (2) other income, net and interest 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, intangible assets, and long-lived 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 June 30, 2024 and 2023, Urban One had 48,483,639 and 47,629,163 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2024 and 2023, Urban One had 48,434,513 and 47,514,722 shares of common stock outstanding on a weighted average basis (basic), respectively. |
4 | For the three months ended June 30, 2024 and 2023, Urban One had 48,483,639 and 50,616,435 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the six months ended June 30, 2024 and 2023, Urban One had 48,434,513 and 50,373,714 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.
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