2024 Q1 - Quarterly Results

NEWSRELEASE Exhibit99.1 June10,2024Contact:PeterD.Thompson,EVPandCFO FORIMMEDIATERELEASE(301)429-4638 Washington,DC URBANONE,INC.REPORTSYEAREND2023ANDFIRSTQUARTER2024RESULTS Washington,DC:-UrbanOne,Inc.(NASDAQ:UONEKandUONE)todayreporteditsresultsfortheyearendedDecember31,2023andforthethreemonthsendedMarch31,2024.FortheyearendedDecember31,2023netrevenuewasapproximately$477.7million,adecreaseof1.4%fromthesameperiodin2022.TheCompanyreportedoperatinglossofapproximately$31.6millionfortheyearendedDecember31,2023,comparedtooperatingincomeofapproximately$91.1millionfortheyearendedDecember31,2022.Broadcastanddigitaloperatingincome1wasapproximately$168.4million,adecreaseof16.5%fromthesameperiodin2022.Netincomewasapproximately$2.1millionor$0.04pershare(basic)comparedto$34.3millionor$0.70pershare(basic)forthesameperiodin2022.AdjustedEBITDA2wasapproximately$128.4millionfortheyearendedDecember31,2023,comparedtoapproximately$165.2millionforthesameperiodin2022. ForthethreemonthsendedDecember31,2023netrevenuewasapproximately$120.3million,adecreaseof9.2%fromthesameperiodin2022.TheCompanyreportedoperatingincomeofapproximately$6.8millionforthethreemonthsendedDecember31,2023,comparedtooperatingincomeofapproximately$11.3millionforthethreemonthsendedDecember31,2022.Broadcastanddigitaloperatingincome1wasapproximately$38.0million,adecreaseof19.6%fromthesameperiodin2022.Netlosswasapproximately$11.0millionor$0.23pershare(basic)comparedtoalossof$1.9millionor$0.04pershare(basic)forthesameperiodin2022.AdjustedEBITDA2wasapproximately $26.4millionforthethreemonthsendedDecember31,2023,comparedtoapproximately$31.3millionforthesameperiodin2022. ForthethreemonthsendedMarch31,2024netrevenuewasapproximately$104.4million,adecreaseof5.0%fromthesameperiodin2023.TheCompanyreportedoperatingincomeofapproximately$12.9millionforthethreemonthsendedMarch31,2024,comparedtooperatingincomeofapproximately$8.1millionforthethreemonthsendedMarch31,2023.Broadcastanddigitaloperatingincome1wasapproximately$32.0million,adecreaseof18.5%fromthesameperiodin2023.Netincomewasapproximately$7.5millionor$0.15pershare(basic)comparedtoalossof$2.9millionor$0.06pershare(basic)forthesameperiodin2023.AdjustedEBITDA2wasapproximately $21.5millionforthethreemonthsendedMarch31,2024,comparedtoapproximately$30.3millionforthesameperiodin2023. AlfredC.Liggins,III,UrbanOne’sCEOandPresidentstated,“ourAdjustedEBITDAforFY23cameinjustabovethehigh-endofourpreviousguidanceat$128.4m.Asexpected,wesufferedadropinradiodivisionbroadcastcashflowasaresultofreducedpoliticaladvertisingcomparedtoQ42022.Otherdivisionsperformedbroadlyinlinewithexpectations,althoughthecontinuingchurnincabletelevisionsubscribersremainsanindustry-wideconcern.ForQ1ournationalradiorevenueswerehitbytoughcomparativesonahandfuloflargeclientsplusageneralsoftnessinthemarket.Secondquarterradiopacing’saresequentiallybetter,withsamestationcorerevenuesdownmid-single-digitsandlow-singledigitsincludingpolitical.Cabletelevisionaffiliatefeescontinuetobeadrag,withQ1down12.8%yearoveryear.DemandforsomeofourdigitalproductswassoftinQ1,withnetdigitalsegmentrevenuedown7.3%.Nationaldirectdigitalrevenuewasdowndoubledigits,partiallyoffsetbygrowthinVOD,streamingaudioandpodcast.Weareoptimisticaboutpoliticaladvertisingrevenuesfortheremainderoftheyear,whichshouldbenefitbothourradioanddigitaldivisions.DuringQ1werepurchased$75.0millionofour2028notesat88.3%,andweendedthequarterwithapproximately$155.7millionofcash.” -MORE- PAGE2&3--URBANONE,INC.REPORTSYEAREND2023&FIRSTQUARTER2024RESULTS ThreeMonthsEndedDecember31,YearsEndedDecember31,2023202220232022 (inthousands,exceptshare STATEMENTOFOPERATIONS(inthousands,exceptsharedata) data) NETREVENUE $120,344 $132,566 $477,690 $484,604 OPERATINGEXPENSESProgrammingandtechnical,excludingstock-basedcompensation 36,580 36,270 136,884 122,629 Selling,generalandadministrative,excludingstock-basedcompensation 45,807 49,082 172,440 160,403 Corporateselling,generalandadministrative,excludingstock-basedcompensation 23,251 18,648 53,583 49,854 Stock-basedcompensation 2,160 4,338 9,975 9,912 Depreciationandamortization 810 2,643 7,101 10,034 Impairmentofgoodwill,intangibleassets,andlong-livedassets 4,972 10,328 129,278 40,683 Totaloperatingexpenses 113,580 121,309 509,261 393,515 Operatingincome(loss) 6,764 11,257 (31,571) 91,089 INTERESTINCOME 2,479 465 6,967 939 INTERESTEXPENSE 14,173 14,628 56,196 61,751 GAINONRETIREMENTOFDEBT - 3,026 2,356 6,718 Other(loss)income,net (451) 2,351 96,084 16,083 (Loss)incomebeforeprovisionforincometaxesandnoncontrollinginterestinincomeofsubsidiaries (5,381) 2,471 17,640 53,078 PROVISIONFORINCOMETAXES 2,686 3,615 7,944 16,418 Net(loss)incomefromconsolidatedoperations (8,067) (1,144) 9,696 36,660 Lossfromunconsolidatedjointventure (2,403) - (5,131) - NET(LOSS)INCOME (10,470) (1,144) 4,565 36,660 NETINCOMEATTRIBUTABLETONONCONTROLLINGINTERESTS 515 764 2,515 2,317 NET(LOSS)INCOMEATTRIBUTABLETOCOMMONSTOCKHOLDERS $(10,985) $(1,908) $2,050 $34,343 Weightedaveragesharesoutstanding-basic347,804,932