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2024 Q1 - Quarterly Results

2024-06-10-财报f***

AI智能总结

Urban One, Inc.'s financial report for the year ending December 31, 2023, and the first quarter ending March 31, 2024, highlights a net revenue decrease across all periods compared to their respective preceding years. Specifically:

Year Ending December 31, 2023:

Net Revenue: $477.7 million, down 1.4% from $484.6 million in 2022.
Operating Loss: Approximately $31.6 million, contrasting with an operating income of $91.1 million in 2022.
Broadcast and Digital Operating Income: $168.4 million, marking a decline of 16.5% from the prior year.
Net Income: $2.1 million ($0.04 per share), compared to $34.3 million ($0.70 per share) in 2022.

First Quarter Ending March 31, 2024:

Net Revenue: $104.4 million, a decrease of 5.0% from $109.9 million in the corresponding quarter of 2023.
Operating Income: $12.9 million, up from $8.1 million in the same quarter of 2023.
Net Income: $7.5 million ($0.15 per share), compared to a loss of $2.9 million ($0.06 per share) in 2023's first quarter.

Financial Highlights:

Adjusted EBITDA for the year ended December 31, 2023, stood at approximately $128.4 million, versus $165.2 million in 2022.
Adjusted EBITDA for the first quarter ending March 31, 2024, was approximately $21.5 million, compared to $30.3 million in the corresponding quarter of 2023.

CEO's Remarks:

Urban One’s CEO, Alfred C. Liggins, III, noted that Adjusted EBITDA for FY23 came slightly above expectations, despite a drop in radio division broadcast cash flow due to reduced political advertising compared to Q4 2022. He also mentioned that other divisions performed as expected, though cable television subscriber churn remains a concern. For Q1, national radio revenues were affected by tough comparisons on several large clients, and market softness, while second quarter pacing shows sequential improvement. Cable television affiliate fees continued to be a drag, with Q1 down 12.8% year-over-year. Some digital products saw soft demand in Q1, with net digital segment revenue down 7.3%, but there is optimism about political advertising revenues for the remainder of the year, which should benefit both radio and digital divisions.

Shareholder Activities:

During Q1, Urban One repurchased $75.0 million of its 2028 notes at 88.3%, and the company ended the quarter with approximately $155.7 million of cash.

This summary encapsulates Urban One's performance across key financial metrics for the year ending December 31, 2023, and the first quarter ending March 31, 2024, highlighting revenue fluctuations, operating losses, income variations, and management's perspective on future trends.

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

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