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  Title	URBAN ONE, INC. REPORTS THIRD QUARTER 2024 RESULTS
  ID	4421790
  External ID	7295902885
  Author	Unknown
  Published Date	Nov. 12, 2024, 12:46 p.m.
  Summary	Related Quotes Urban One Inc - Class A 1.56 0.10 6.02% Urban One Inc - Class D 1.1852 0.0652 5.82% Enter Symbols: URBAN ONE, INC. REPORTS THIRD QUARTER 2024 RESULTS SILVER SPRING, Md., Nov. 12, 2024
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  URL	http://www.tickertech.com/cgi/?a=news&ticker=a&w=&story=202411202411120648pr_news_uspr_____ph54046
  Sentiment	Negative: 0.96781    Neutral: 0.01753    Positive: 0.01467
  Relevance	0.01980

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  Content ID	2639265
  Key	cf39535c-8e05-4768-a157-e018acec29c7
  Content	Related Quotes Urban One Inc - Class A 1.56 0.10 6.02% Urban One Inc - Class D 1.1852 0.0652 5.82% Enter Symbols: URBAN ONE, INC. REPORTS THIRD QUARTER 2024 RESULTS SILVER SPRING, Md., Nov. 12, 2024 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK) (NASDAQ: UONE) today reported its results for the quarter ended September 30, 2024. For the three months ended September 30, 2024, net revenues were approximately $110.4 million, a decrease of 6.3% from the same period in 2023. The Company reported operating loss of approximately $26.2 million for the three months ended September 30, 2024, compared to operating loss of approximately $56.1 million for the three months ended September 30, 2023. Broadcast and digital operating income1 was approximately $35.4 million, a decrease of 19.2% from the same period in 2023. Net loss was approximately $31.8 million or $(0.68) per share (basic) compared to net loss of $54.4 million or $(1.14) per share (basic) for the same period in 2023. Adjusted EBITDA2 was approximately $25.4 million for the three months ended September 30, 2024, compared to approximately $34.7 million for the same period in 2023. Alfred C. Liggins, III, Urban One's CEO and President stated, "On a same station basis our radio division finished Q3 -7.7% excluding political, and -3.6% with political. We saw a strong uptick in political revenues beginning in September, with Q4 core radio revenue currently pacing down 3.0%, but up 23.9% overall. Reach Media increased margins and Adjusted EBITDA, despite an 8.2% reduction in revenue for the quarter, due to reduced selling, general and administrative expenses. Our Cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, which were both down double digit percentages in Q3. Digital advertising revenues were down 4.1% as the business experienced moderately weaker advertising demand than prior year. During Q2 we repurchased an additional $14.5 million of our 2028 notes at 75.0%, and we ended the quarter with approximately $115.5 million of cash, cash equivalents and restricted cash." Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (unaudited) (unaudited) STATEMENT OF OPERATIONS (in thousands, except share data) (in thousands, except share data) NET REVENUE $ 110,393 $ 117,825 $ 332,547 $ 357,346 OPERATING EXPENSES Programming and technical, excluding stock-based compensation 33,911 33,903 99,826 100,304 Selling, general and administrative, excluding stock-based compensation 41,112 40,142 131,141 126,634 Corporate selling, general and administrative, excluding stock-based compensation 12,354 10,418 38,033 30,333 Stock-based compensation 1,152 2,218 3,615 7,816 Depreciation and amortization 1,238 1,808 6,081 6,291 Impairment of goodwill, intangible assets, and long-lived assets 46,823 85,448 127,581 124,304 Total operating expenses 136,590 173,937 406,277 395,682 Operating loss (26,197) (56,112) (73,730) (38,336) INTEREST INCOME 1,088 2,256 4,863 4,488 INTEREST EXPENSE 11,649 13,983 37,051 42,023 GAIN ON RETIREMENT OF DEBT 3,472 - 18,771 2,356 Other income, net 74 75 974 96,535 (Loss) income before (benefit from) provision for income taxes and non-controlling interest in income of subsidiaries (33,212) (67,764) (86,173) 23,020 (BENEFIT FROM)PROVISION FOR INCOME TAXES (1,814) (16,778) (17,824) 5,259 Net (loss) income from consolidated operations (31,398) (50,986) (68,349) 17,761 Loss from unconsolidated joint venture - (2,728) (411) (2,728) NET (LOSS) INCOME (31,398) (53,714) (68,760) 15,033 NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 400 697 976 2,000 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (31,798) $ (54,411) $ (69,736) $ 13,033 Weighted average shares outstanding - basic3 47,105,290 47,722,263 48,614,438 47,592,010 Weighted average shares outstanding - diluted4 47,105,290 47,722,263 48,614,438 50,358,881 Three Months Ended September 30, Nine Months Ended September 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) (0.68) (1.14) (1.43) 0.27 Net (loss) income attributable to common stockholders (diluted) (0.68) (1.14) (1.43) 0.26 SELECTED OTHER DATA Broadcast and digital operating income 1 $ 35,370 $ 43,780 $ 101,580 $ 130,408 Broadcast and digital operating income reconciliation: Net (loss) income attributable to common stockholders $ (31,798) $ (54,411) $ (69,736) $ 13,033 Add back/(deduct) certain non-broadcast and digital operating income items included in net (loss) income: Interest income (1,088) (2,256) (4,863) (4,488) Interest expense 11,649 13,983 37,051 42,023 (Benefit from) provision for income taxes (1,814) (16,778) (17,824) 5,259 Corporate selling, general and administrative expenses 12,354 10,418 38,033 30,333 Stock-based compensation 1,152 2,218 3,615 7,816 Gain on retirement of debt (3,472) - (18,771) (2,356) Other income, net (74) (75) (974) (96,535) Loss from unconsolidated joint venture - 2,728 411 2,728 Depreciation and amortization 1,238 1,808 6,081 6,291 Net income attributable to non-controlling interests 400 697 976 2,000 Impairment of goodwill, intangible assets, and long-lived assets 46,823 85,448 127,581 124,304 Broadcast and digital operating income $ 35,370 $ 43,780 $ 101,580 $ 130,408 Adjusted EBITDA2 $ 25,414 $ 34,650 $ 76,593 $ 103,874 Adjusted EBITDA reconciliation: Net (loss) income attributable to common stockholders $ (31,798) $ (54,411) $ (69,736) $ 13,033 Interest income (1,088) (2,256) (4,863) (4,488) Interest expense 11,649 13,983 37,051 42,023 (Benefit from) provision for income taxes (1,814) (16,778) (17,824) 5,259 Depreciation and amortization 1,238 1,808 6,081 6,291 EBITDA $ (21,813) $ (57,654) $ (49,291) $ 62,118 Stock-based compensation 1,152 2,218 3,615 7,816 Gain on retirement of debt (3,472) - (18,771) (2,356) Other income, net (74) (75) (974) (96,535) Loss from unconsolidated joint venture - 2,728 411 2,728 Net income attributable to non-controlling interests 400 697 976 2,000 Corporate development costs 1,339 1,594 10,863 4,317 Employment Agreement Award and other compensation - (845) - (2,663) Severance-related costs 251 31 831 318 Impairment of goodwill, intangible assets, and long-lived assets 46,823 85,448 127,581 124,304 Investment expense from MGM National Harbor - - - (115) Other nonrecurring expenses 46 - (631) - Loss from ceased non-core businesses initiatives 762 508 1,983 1,942 Adjusted EBITDA $ 25,414 $ 34,650 $ 76,593 $ 103,874 September 30, 2024 December 31, 2023 (in thousands) (unaudited) SELECTED BALANCE SHEET DATA: Cash and cash equivalents and restricted cash $ 115,489 $ 233,570 Intangible assets, net 514,756 645,979 Total assets 962,603 1,211,173 Total debt (including current portion, net of issuance costs) 593,918 716,246 Total liabilities 747,203 920,588 Total stockholders' equity 204,764 274,065 Redeemable non-controlling interests 10,636 16,520 September 30, 2024 Applicable Interest Rate (in thousands) SELECTED LEVERAGE DATA: 7.375% senior secured notes due February 2028, net of issuance costs of approximately $6.1 million (fixed rate) $ 593,918 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 September 30, 2024, we recognized approximately $110.4 million in net revenues compared to approximately $117.8 million during the three months ended September 30, 2023. These amounts are net of agency commissions. We recognized approximately $39.7 million of revenue from our Radio Broadcasting segment during the three months ended September 30, 2024, compared to approximately $40.2 million during the three months ended September 30, 2023, a decrease of approximately $0.5 million. This decrease was primarily due to a decrease in national advertising offset by the Houston station acquisition, which was completed in August 2023. We recognized approximately $10.2 million of revenue from our Reach Media segment during the three months ended September 30, 2024, compared to approximately $11.2 million for the three months ended September 30, 2023, a decrease of approximately $1.0 million. The decrease was primarily driven by the decrease in overall demand and attrition of advertisers. We recognized approximately $20.4 million of revenue from our digital segment during each of the three months ended September 30, 2024 and 2023, respectively. We recognized approximately $40.7 million of revenue from our cable television segment during the three months ended September 30, 2024, compared to approximately $46.8 million for the three months ended September 30, 2023, a decrease of approximately $6.1 million. The decrease was primarily driven by a decrease in audience viewership affecting advertising sales and the consistent churn in subscribers. The following charts indicates the sources of our net revenues for the three and nine months ended September 30, 2024: Three Months Ended September 30, 2024 2023 $ Change % Change (Unaudited) (in thousands) Net Revenues: Radio Advertising $ 44,991 $ 46,651 $ (1,660) (3.6) % Political Advertising 3,547 1,101 2,446 222.2 % Digital Advertising 19,434 20,269 (835) (4.1) % Cable Television Advertising 21,868 25,218 (3,350) (13.3) % Cable Television Affiliate Fees 18,808 21,569 (2,761) (12.8) % Event Revenues & Other 1,745 3,017 (1,272) (42.2) % Net Revenues (as reported) $ 110,393 $ 117,825 $ (7,432) (6.3) % Nine Months Ended September 30, 2024 2023 $ Change % Change (Unaudited) (in thousands) Net Revenues: Radio Advertising $ 131,753 $ 134,549 $ (2,796) (2.1) % Political Advertising 6,935 1,933 5,002 258.8 % Digital Advertising 48,910 54,027 (5,117) (9.5) % Cable Television Advertising 69,403 81,286 (11,883) (14.6) % Cable Television Affiliate Fees 58,910 67,589 (8,679) (12.8) % Event Revenues & Other 16,636 17,962 (1,326) (7.4) % Net Revenues (as reported) $ 332,547 $ 357,346 $ (24,799) (6.9) % Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill, intangible assets and long-lived assets, were approximately $87.4 million for the three months ended September 30, 2024, up 3.5% from approximately $84.5 million for the comparable period in 2023. The overall increase in operating expense was primarily due to higher expenses in the Houston radio market as a result of the acquisition in August of 2023, higher third party professional fees and cloud-based software licenses. Depreciation and amortization expense was approximately $1.2 million for the three months ended September 30, 2024, compared to approximately $1.8 million for the three months ended September 30, 2023, a decrease of approximately $0.6 million the due to the write off of aged property and equipment, net during the three months ended September 30, 2024. Impairment of goodwill, intangible assets and long-lived assets was approximately $46.8 million during the three months ended September 30, 2024, compared to $85.4 million for the three months ended September 30, 2023. The impairment loss of $46.8 million in the third quarter 2024 was associated with the impairment of broadcasting licenses within the radio broadcasting segment and TV One Trade name. The primary factors leading to the impairments were an increase in the discount rate, continued decline of projected gross market revenues for Radio Broadcasting, projected revenues for TV One and a decline in operating profit margin. Interest income was approximately $1.1 million for the three months ended September 30, 2024, compared to $2.3 million for the three months ended September 30, 2023. The decrease was driven by lower cash and cash equivalents balances during the three months ended September 30, 2024, than in the corresponding period in 2023. Interest expense was approximately $11.6 million for the three months ended September 30, 2024, compared to approximately $14.0 million for the three months ended September 30, 2023, a decrease of approximately $2.3 million. During the three months ended September 30, 2024, the Company continued to repurchase its 2028 Notes, reducing the outstanding balance to $600.0 million compared to $725.0 million as of September 30, 2023. For the three months ended September 30, 2024, we recorded a benefit from income taxes of approximately $1.8 million resulting in an effective tax rate of 5.5%. This rate includes discrete tax expense of $2.9 million primarily related to return to provision adjustments, changes in valuation allowance for certain of our state net operating losses, and stock-based compensation. For the three months ended September 30, 2023, we recorded a benefit from income taxes of approximately $16.8 million resulting in an effective tax rate of 23.8%. This rate includes $0.3 million of discrete tax benefits primarily related to deferred rate changes. Other pertinent financial information includes capital expenditures of approximately $1.6 million and $2.5 million for the three months ended September 30, 2024 and 2023, respectively. During the three months ended September 30, 2024, the Company repurchased 1,015,023 shares of Class A Common Stock in the amount of approximately $2.0 million at an average price of $2.01 per share and repurchased 586,989 shares of Class D Common Stock in the amount of approximately $0.8 million at an average price of $1.31 per share. During the three months ended September 30, 2023, the Company did not repurchase any shares of Class A Common Stock and repurchased 824 shares of Class D Common Stock in the amount of approximately $3,000 at an average price of $3.99 per share. Supplemental Financial Information: For comparative purposes, the following more detailed, unaudited statements of operations for the three and nine months ended September 30, 2024 are included. Three Months Ended September 30, 2024 (in thousands, unaudited) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations STATEMENT OF OPERATIONS: NET REVENUE $ 110,393 $ 39,716 $ 10,247 $ 20,398 $ 40,690 $ (658) OPERATING EXPENSES: Programming and technical 33,911 11,779 3,700 3,481 15,177 (226) Selling, general and administrative 41,112 21,267 1,451 9,831 8,815 (252) Corporate selling, general and administrative 12,354 - 699 3 1,638 10,014 Stock-based compensation 1,152 125 28 56 21 922 Depreciation and amortization 1,238 509 39 401 47 242 Impairment of goodwill, intangible assets, and long-lived assets 46,823 37,734 - - 9,089 - Total operating expenses 136,590 71,414 5,917 13,772 34,787 10,700 Operating (loss) income (26,197) (31,698) 4,330 6,626 5,903 (11,358) INTEREST INCOME 1,088 - - - - 1,088 INTEREST EXPENSE 11,649 58 - - - 11,591 GAIN ON RETIREMENT OF DEBT (3,472) - - - - (3,472) OTHER INCOME (LOSS), net 74 (12) - - - 86 (Loss) income before income from consolidated operations before (benefit from) provision for income taxes (33,212) (31,768) 4,330 6,626 5,903 (18,303) (BENEFIT FROM) PROVISION FOR INCOME TAXES (1,814) (2,344) 941 380 1,218 (2,009) NET (LOSS) INCOME (31,398) (29,424) 3,389 6,246 4,685 (16,294) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 400 - - - - 400 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (31,798) $ (29,424) $ 3,389 $ 6,246 $ 4,685 $ (16,694) Adjusted EBITDA2 $ 25,414 $ 8,030 $ 3,655 $ 6,363 $ 15,060 $ (7,695) Three Months Ended September 30, 2023 (in thousands, unaudited) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations STATEMENT OF OPERATIONS: NET REVENUE $ 117,825 $ 40,152 $ 11,157 $ 20,356 $ 46,787 $ (627) OPERATING EXPENSES: Programming and technical 33,903 11,715 3,963 3,384 15,204 (363) Selling, general and administrative 40,142 19,829 3,145 9,623 7,970 (425) Corporate selling, general and administrative 10,418 - 673 2 1,374 8,369 Stock-based compensation 2,218 157 184 54 15 1,808 Depreciation and amortization 1,808 925 41 376 110 356 Impairment of goodwill, intangible assets, and long-lived assets 85,448 85,448 - - - - Total operating expenses 173,937 118,074 8,006 13,439 24,673 9,745 Operating (loss) income (56,112) (77,922) 3,151 6,917 22,114 (10,372) INTEREST INCOME 2,256 - - - - 2,256 INTEREST EXPENSE 13,983 56 - - - 13,927 OTHER INCOME, net 75 60 - - - 15 (Loss) income before income from consolidated operations before (benefit from) provision for income taxes (67,764) (77,918) 3,151 6,917 22,114 (22,028) (BENEFIT FROM) PROVISION FOR INCOME TAXES (16,778) (17,617) 310 - 2,487 (1,958) Net (loss) income from consolidated operations (50,986) (60,301) 2,841 6,917 19,627 (20,070) LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax (2,728) - - - - (2,728) NET (LOSS) INCOME (53,714) (60,301) 2,841 6,917 19,627 (22,798) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 697 - - - - 697 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (54,411) $ (60,301) $ 2,841 $ 6,917 $ 19,627 $ (23,495) Adjusted EBITDA2 $ 34,650 $ 8,583 $ 3,420 $ 7,356 $ 22,239 $ (6,948) Nine Months Ended September 30, 2024 (in thousands, unaudited) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations STATEMENT OF OPERATIONS: NET REVENUE $ 332,547 $ 118,066 $ 37,648 $ 50,252 $ 128,412 $ (1,831) OPERATING EXPENSES: Programming and technical 99,826 34,543 10,824 10,504 44,690 (735) Selling, general and administrative 131,141 59,410 14,855 26,729 31,511 (1,364) Corporate selling, general and administrative 38,033 - 2,078 10 5,128 30,817 Stock-based compensation 3,615 362 78 138 811 2,226 Depreciation and amortization 6,081 3,470 121 1,215 348 927 Impairment of goodwill, intangible assets, and long-lived assets 127,581 118,492 - - 9,089 - Total operating expenses 406,277 216,277 27,956 38,596 91,577 31,871 Operating (loss) income (73,730) (98,211) 9,692 11,656 36,835 (33,702) INTEREST INCOME 4,863 - - - - 4,863 INTEREST EXPENSE 37,051 175 - - - 36,876 GAIN ON RETIREMENT OF DEBT (18,771) - - - - (18,771) OTHER INCOME (LOSS), net 974 (11) - - - 985 (Loss) income before income from consolidated operations before (benefit from) provision for income taxes (86,173) (98,397) 9,692 11,656 36,835 (45,959) (BENEFIT FROM) PROVISION FOR INCOME TAXES (17,824) (22,423) 2,114 (843) 8,082 (4,754) Net (loss) income from consolidated operations (68,349) (75,974) 7,578 12,499 28,753 (41,205) LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax (411) - - - - (411) NET (LOSS) INCOME (68,760) (75,974) 7,578 12,499 28,753 (41,616) NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS $ 976 $ - $ - $ - $ - $ 976 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (69,736) $ (75,974) $ 7,578 $ 12,499 $ 28,753 $ (42,592) Adjusted EBITDA2 $ 76,593 $ 25,300 $ 9,148 $ 12,289 $ 47,172 $ (17,316) Nine Months Ended September 30, 2023 (in thousands, unaudited) Consolidated Radio Broadcasting Reach Media Digital Cable Television All Other - Corporate/ Eliminations STATEMENT OF OPERATIONS: NET REVENUE $ 357,346 $ 114,528 $ 42,125 $ 54,335 $ 148,895 $ (2,537) OPERATING EXPENSES: Programming and technical 100,304 32,570 11,969 10,331 46,562 (1,128) Selling, general and administrative 126,634 54,557 16,721 26,763 30,390 (1,797) Corporate selling, general and administrative 30,333 - 2,010 3 5,021 23,299 Stock-based compensation 7,816 446 626 134 574 6,036 Depreciation and amortization 6,291 2,730 120 1,077 1,327 1,037 Impairment of goodwill, intangible assets, and long-lived assets 124,304 124,304 - - - - Total operating expenses 395,682 214,607 31,446 38,308 83,874 27,447 Operating (loss) income (38,336) (100,079) 10,679 16,027 65,021 (29,984) INTEREST INCOME 4,488 - - - - 4,488 INTEREST EXPENSE 42,023 167 - - 2,559 39,297 GAIN ON RETIREMENT OF DEBT (2,356) - - - - (2,356) OTHER INCOME (LOSS), net 96,535 (7) - - - 96,542 Income (loss) before income from consolidated operations before provision for (benefit from) income taxes 23,020 (100,253) 10,679 16,027 62,462 34,105 PROVISION FOR (BENEFIT FROM) INCOME TAXES 5,259 (24,535) 2,342 - 13,705 13,747 Net income (loss) from consolidated operations 17,761 (75,718) 8,337 16,027 48,757 20,358 LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax (2,728) - - - - (2,728) NET INCOME (LOSS) 15,033 (75,718) 8,337 16,027 48,757 17,630 NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS $ 2,000 $ - $ - $ - $ - $ 2,000 NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS $ 13,033 $ (75,718) $ 8,337 $ 16,027 $ 48,757 $ 15,630 Adjusted EBITDA2 $ 103,874 $ 27,601 $ 11,479 $ 17,275 $ 66,922 $ (19,402) Urban One, Inc. will hold a conference call to discuss its results for the third fiscal quarter of 2024. The conference call is scheduled for Tuesday, November 12, 2024 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free 1-877-226-8189; international callers may dial direct (+1) 409-207-6980. The Access Code is 5487822. A replay of the conference call will be available from 1:00 p.m. EST November 12, 2024 until 12:00 a.m. EST November 19, 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 3607803. 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 59 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 November 12, 2024, 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 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, loss from ceased non-core business initiatives 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 September 30, 2024 and 2023, Urban One had 47,105,290 and 47,722,263 shares of common stock outstanding on a weighted average basis (basic), respectively. For the nine months ended September 30, 2024 and 2023, Urban One had 48,614,438 and 47,592,010 shares of common stock outstanding on a weighted average basis (basic), respectively. 4 For the three months ended September 30, 2024 and 2023, Urban One had 47,105,290 and 47,722,263 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the nine months ended September 30, 2024 and 2023, Urban One had 48,614,438 and 50,358,881 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. View original content to download multimedia:https://www.prnewswire.com/news-releases/urban-one-inc-reports-third-quarter-2024-results-302302463.html SOURCE Urban One, Inc. back
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  Publisher Name	Ticker Tech
  Publisher URL	http://www.tickertech.com
  Description	None
  Trust Flow Score	42
  Citation Flow Score	55

• Data Source

  Data Source Name	Quantexa News
  Data Source Type	news
  Data Source URL	https://app.aylien.com/dashboard
  Description	Welcome to Quantexa News API — the most powerful way to aggregate, filter, and integrate global news data into your apps and models.
  Weight	10