URBAN ONE, INC. REPORTS SECOND QUARTER 2025 RESULTS
Urban One (NASDAQ: UONE) reported significant declines in Q2 2025 financial results. Net revenue decreased 22.2% to $91.6 million compared to Q2 2024. The company recorded a substantial operating loss of $120.7 million, nearly double the $60.4 million loss from the previous year.
Key financial metrics showed broad deterioration: net loss widened to $77.9 million ($(1.74) per share), Adjusted EBITDA fell 51.6% to $14.0 million, and broadcast/digital operating income declined 25% to $25.7 million. The company reduced its full-year Adjusted EBITDA guidance to $60.0 million.
During Q2, Urban One repurchased $64.0 million of its 2028 Notes at 51.8% of par value, reducing outstanding debt to $492.3 million. The company faces challenges across segments, with core radio advertising down 11.8%, cable TV advertising declining 4.2%, and significant weakness in Reach Media and Digital segments.
Urban One (NASDAQ: UONE) ha comunicato un calo significativo nei risultati finanziari del secondo trimestre 2025. I ricavi netti sono diminuiti del 22,2% a $91,6 milioni rispetto al Q2 2024. La società ha registrato una consistente perdita operativa di $120,7 milioni, quasi il doppio della perdita di $60,4 milioni dell'anno precedente.
I principali indicatori finanziari hanno mostrato un peggioramento generalizzato: la perdita netta si è ampliata a $77,9 milioni (equivalente a $1,74 per azione), l'Adjusted EBITDA è sceso del 51,6% a $14,0 milioni e il risultato operativo broadcast/digitale è diminuito del 25% a $25,7 milioni. La società ha ridotto la guidance sull'Adjusted EBITDA per l'intero anno a $60,0 milioni.
Nel corso del secondo trimestre Urban One ha riacquistato $64,0 milioni dei suoi note 2028 al 51,8% del valore nominale, riducendo il debito residuo a $492,3 milioni. L'azienda affronta difficoltà in tutti i segmenti, con la pubblicità radio core in calo dell'11,8%, la pubblicità TV via cavo in diminuzione del 4,2% e una debolezza significativa nei segmenti Reach Media e Digital.
Urban One (NASDAQ: UONE) informó una caída notable en sus resultados del segundo trimestre de 2025. Los ingresos netos disminuyeron un 22,2% hasta $91,6 millones con respecto al 2T de 2024. La compañía registró una pérdida operativa importante de $120,7 millones, casi el doble de la pérdida de $60,4 millones del año anterior.
Los principales indicadores financieros mostraron un deterioro generalizado: la pérdida neta se amplió a $77,9 millones (equivalente a $1,74 por acción), el EBITDA ajustado cayó un 51,6% hasta $14,0 millones y el resultado operativo de broadcast/digital disminuyó un 25% hasta $25,7 millones. La compañía redujo su previsión de Adjusted EBITDA para todo el año a $60,0 millones.
Durante el 2T, Urban One recompró $64,0 millones de sus notas 2028 al 51,8% del valor nominal, reduciendo la deuda pendiente a $492,3 millones. La empresa enfrenta desafíos en todos los segmentos, con la publicidad de radio core cayendo un 11,8%, la publicidad de TV por cable disminuyendo un 4,2% y una debilidad significativa en los segmentos Reach Media y Digital.
Urban One (NASDAQ: UONE)는 2025년 2분기 실적에서 큰 하락을 보고했습니다. 순매출은 전년 동기 대비 22.2% 감소한 $91.6백만을 기록했습니다. 회사는 운영손실이 $120.7백만으로 집계되어 전년도의 $60.4백만 손실보다 거의 두 배에 달했습니다.
주요 재무 지표도 전반적으로 악화되었습니다. 순손실은 $77.9백만으로 확대되었고 (주당 $1.74에 해당), 조정 EBITDA는 51.6% 감소한 $14.0백만을 기록했으며 방송/디지털 영업이익은 25% 감소한 $25.7백만으로 줄었습니다. 회사는 연간 조정 EBITDA 가이던스를 $60.0백만으로 낮췄습니다.
2분기 동안 Urban One은 2028년물 채권 $64.0백만을 액면가의 51.8%에 재매입하여 미상환 부채를 $492.3백만으로 줄였습니다. 회사는 모든 사업부에서 어려움을 겪고 있으며, 핵심 라디오 광고는 11.8% 감소했고 케이블 TV 광고는 4.2% 감소했으며 Reach Media와 Digital 부문에서 큰 약세를 보였습니다.
Urban One (NASDAQ: UONE) a annoncé une forte détérioration de ses résultats pour le 2e trimestre 2025. Le chiffre d'affaires net a reculé de 22,2% à 91,6 M$ par rapport au T2 2024. La société a enregistré une perte d'exploitation importante de 120,7 M$, soit presque le double de la perte de 60,4 M$ de l'année précédente.
Les principaux indicateurs financiers se sont globalement détériorés : la perte nette s'est creusée pour atteindre 77,9 M$ (soit 1,74 $ par action), l'EBITDA ajusté a chuté de 51,6% à 14,0 M$ et le résultat d'exploitation broadcast/digital a diminué de 25% à 25,7 M$. La société a abaissé sa prévision d'Adjusted EBITDA pour l'année à 60,0 M$.
Au 2e trimestre, Urban One a racheté 64,0 M$ de ses obligations 2028 à 51,8% de la valeur nominale, réduisant la dette en circulation à 492,3 M$. L'entreprise rencontre des difficultés dans tous ses segments : la publicité radio principale recule de 11,8%, la publicité TV câblée diminue de 4,2% et les segments Reach Media et Digital sont particulièrement faibles.
Urban One (NASDAQ: UONE) meldete für das 2. Quartal 2025 deutliche Einbußen. Der Nettoumsatz sank im Vergleich zum 2. Quartal 2024 um 22,2% auf $91,6 Mio.. Das Unternehmen verzeichnete einen erheblichen Betriebsverlust von $120,7 Mio., nahezu doppelt so hoch wie der Verlust von $60,4 Mio. im Vorjahr.
Wesentliche Kennzahlen verschlechterten sich breit: der Nettoverlust weitete sich auf $77,9 Mio. aus (entspricht $1,74 je Aktie), das bereinigte EBITDA fiel um 51,6% auf $14,0 Mio. und das Broadcast-/Digital-Betriebsergebnis ging um 25% auf $25,7 Mio. zurück. Das Unternehmen senkte seine Jahresprognose für das Adjusted EBITDA auf $60,0 Mio.
Im 2. Quartal kaufte Urban One $64,0 Mio. seiner 2028-Anleihen zum 51,8%igen Nennwert zurück und verringerte die ausstehenden Schulden auf $492,3 Mio. Das Unternehmen steht in allen Segmenten vor Herausforderungen: Kern-Radio-Werbung sank um 11,8%, Kabel-TV-Werbung ging um 4,2% zurück, und Reach Media sowie Digital zeigten erhebliche Schwächen.
- None.
- Net revenue declined 22.2% year-over-year to $91.6 million
- Operating loss nearly doubled to $120.7 million from $60.4 million in Q2 2024
- Net loss increased to $77.9 million from $45.4 million year-over-year
- Adjusted EBITDA fell 51.6% to $14.0 million
- Reduced full-year guidance to $60.0 million in Adjusted EBITDA
- Core radio advertising down 11.8% excluding digital
- Cable TV advertising declined 4.2% with affiliate revenue down 11.7%
- Recorded $130.1 million impairment of goodwill and intangible assets
Insights
Urban One reported deteriorating Q2 results with significant revenue decline and increased losses amid challenging advertising market conditions.
Urban One's Q2 2025 results reveal substantial financial deterioration across multiple segments. Revenue dropped
A concerning goodwill and intangible assets impairment of
The performance breakdown by segment reveals widespread challenges:
- Radio Broadcasting revenue fell
12.6% to$36.7 million - Reach Media collapsed
71.9% to$5.3 million , partially due to the Fantastic Voyage cruise timing shift - Digital revenue declined
27.1% to$10.3 million - Cable Television revenue decreased
7.5% to$40.1 million
The debt retirement strategy appears to be the lone bright spot. The company repurchased
Management's downward revision of full-year Adjusted EBITDA guidance to
Alfred C. Liggins, III, Urban One's CEO and President stated, "Second quarter results were impacted by weaker than expected performance in our Reach Media and Digital segments. Some of this is due to the timing of our annual Tom Joyner Fantastic Voyage, which generated
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
(unaudited) | (unaudited) | ||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | (in thousands, except share data) | (in thousands, except share data) | |||||
NET REVENUE | $ 91,631 | $ 117,744 | $ 183,866 | $ 222,154 | |||
OPERATING EXPENSES | |||||||
Programming and technical, excluding stock-based compensation | 28,647 | 33,256 | 59,245 | 65,915 | |||
Selling, general and administrative, excluding stock-based compensation(a) | 49,493 | 60,079 | 99,598 | 115,708 | |||
Stock-based compensation | 574 | 1,079 | 1,250 | 2,463 | |||
Depreciation and amortization | 3,523 | 2,993 | 5,838 | 4,843 | |||
Impairment of goodwill and intangible assets | 130,078 | 80,758 | 136,521 | 80,758 | |||
Total operating expenses | 212,315 | 178,165 | 302,452 | 269,687 | |||
Operating loss | (120,684) | (60,421) | (118,586) | (47,533) | |||
INTEREST AND INVESTMENT INCOME | 616 | 1,777 | 1,582 | 3,775 | |||
INTEREST EXPENSE | (9,704) | (12,404) | (20,628) | (25,402) | |||
GAIN ON RETIREMENT OF DEBT | 30,297 | 7,425 | 41,884 | 15,299 | |||
OTHER INCOME, NET | 124 | 14 | 316 | 900 | |||
Loss from consolidated operations before benefit from income taxes | (99,351) | (63,609) | (95,432) | (52,961) | |||
BENEFIT FROM INCOME TAXES | 21,382 | 18,512 | 5,724 | 16,010 | |||
NET LOSS FROM CONSOLIDATED OPERATIONS | (77,969) | (45,097) | (89,708) | (36,951) | |||
LOSS FROM UNCONSOLIDATED JOINT VENTURE | — | — | — | (411) | |||
NET LOSS | (77,969) | (45,097) | (89,708) | (37,362) | |||
NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (67) | 334 | (64) | 576 | |||
NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (77,902) | $ (45,431) | (89,644) | (37,938) | |||
| |||||||
Weighted-average shares outstanding - basic3 | 44,738,306 | 48,483,639 | 44,768,280 | 48,434,513 | |||
Weighted-average shares outstanding - diluted4 | 44,738,306 | 48,483,639 | 44,768,280 | 48,434,513 | |||
(a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. |
Effective January 1, 2025, the Company modified the composition of two of our reportable segments to reflect changes in how they operate their business. The Company transferred the CTV offering within our Digital segment to our Cable Television segment. This change aligns the CTV offering with the results of operations within our Cable Television segment. Prior period Cable Television and Digital segment information has been reclassified to conform to the current period presentation. In addition, prior period segment information has been recast between the Sales and marketing and the General and administrative to conform the presentation of significant segment expenses used to evaluate performance by the Chief Operating Decision Maker ("CODM").
Detailed segment data for the three and six months ended June 30, 2025 and 2024 is presented in the following tables:
Three Months Ended June 30, 2025 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio | Reach Media | Digital | Cable | Corporate/ | ||||||
NET REVENUE | $ 91,631 | $ 36,693 | $ 5,315 | $ 10,254 | $ 40,070 | $ (701) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 28,647 | 9,993 | 3,178 | 3,267 | 12,372 | (163) | |||||
Sales and marketing | 28,310 | 13,389 | 3,053 | 6,572 | 5,831 | (535) | |||||
General and administrative | 21,183 | 6,373 | 735 | 561 | 3,811 | 9,703 | |||||
Other segment income (expenses) | 469 | — | — | — | — | 469 | |||||
Adjusted EBITDA2 | $ 13,960 | $ 6,938 | $ (1,651) | $ (146) | $ 18,056 | $ (9,237) | |||||
| |||||||||||
Three Months Ended June 30, 2024 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio | Reach Media | Digital (a) | Cable | Corporate/ | ||||||
NET REVENUE | $ 117,744 | $ 41,999 | $ 18,929 | $ 14,072 | $ 43,312 | $ (568) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 33,256 | 11,436 | 3,641 | 3,520 | 14,913 | (254) | |||||
Sales and marketing (b) | 39,601 | 13,161 | 11,046 | 7,491 | 8,308 | (405) | |||||
General and administrative (b) | 20,479 | 7,661 | 793 | 347 | 4,158 | 7,520 | |||||
Other segment income (expenses) | 4,514 | (246) | 8 | — | 89 | 4,663 | |||||
Adjusted EBITDA2 | $ 28,922 | $ 9,495 | $ 3,457 | $ 2,714 | $ 16,022 | $ (2,766) | |||||
| |||||||||||
Six Months Ended June 30, 2025 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio | Reach Media | Digital | Cable | Corporate/ | ||||||
NET REVENUE | $ 183,866 | $ 69,303 | $ 11,168 | $ 20,466 | $ 84,263 | $ (1,334) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 59,245 | 21,286 | 6,546 | 6,454 | 25,281 | (322) | |||||
Sales and marketing | 57,386 | 24,935 | 5,178 | 13,359 | 14,927 | (1,013) | |||||
General and administrative | 42,212 | 13,423 | 1,761 | 745 | 7,406 | 18,877 | |||||
Other segment income (expenses) | 1,794 | 127 | 115 | 4 | (1) | 1,549 | |||||
Adjusted EBITDA2 | $ 26,817 | $ 9,786 | $ (2,202) | $ (88) | $ 36,648 | $ (17,327) | |||||
| |||||||||||
Six Months Ended June 30, 2024 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio | Reach Media | Digital (a) | Cable | Corporate/ | ||||||
NET REVENUE | $ 222,154 | $ 78,350 | $ 27,401 | $ 26,260 | $ 91,317 | $ (1,174) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 65,915 | 22,765 | 7,125 | 7,023 | 29,513 | (511) | |||||
Sales and marketing (b) | 68,480 | 24,555 | 13,225 | 13,195 | 18,447 | (942) | |||||
General and administrative (b) | 47,228 | 15,727 | 1,763 | 981 | 8,123 | 20,634 | |||||
Other segment income (expenses) | 10,648 | (174) | (1) | — | 89 | 10,734 | |||||
Adjusted EBITDA2 | $ 51,179 | $ 15,129 | $ 5,287 | $ 5,061 | $ 35,323 | $ (9,621) | |||||
(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment. |
(b) Effective January 1, 2025, prior period segment information has been recast between Sales and marketing and General and administrative to conform the presentation of significant expenses used to evaluate performance by the CODM. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||
2025 | 2024 | 2025 | 2024 | |||
PER SHARE DATA - basic and diluted: | (in thousands, except per share | (in thousands, except per share | ||||
Net loss attributable to common stockholders (basic) | (1.74) | (0.94) | (2.00) | (0.78) | ||
Net loss attributable to common stockholders (diluted) | (1.74) | (0.94) | (2.00) | (0.78) | ||
| ||||||
Broadcast and digital operating income | $ 25,664 | $ 34,196 | $ 48,680 | $ 66,210 | ||
| ||||||
Broadcast and digital operating income reconciliation: | ||||||
Net loss attributable to common stockholders | $ (77,902) | $ (45,431) | $ (89,644) | $ (37,938) | ||
Add back/(deduct) certain non-broadcast and digital operating income items included in net loss: | ||||||
Interest and investment income | (616) | (1,777) | (1,582) | (3,775) | ||
Interest expense | 9,704 | 12,404 | 20,628 | 25,402 | ||
Benefit from income taxes | (21,382) | (18,512) | (5,724) | (16,010) | ||
Corporate selling, general and administrative expenses, excluding stock-based compensation | 12,173 | 9,787 | 23,657 | 25,679 | ||
Stock-based compensation | 574 | 1,079 | 1,250 | 2,463 | ||
Gain on retirement of debt | (30,297) | (7,425) | (41,884) | (15,299) | ||
Other income, net | (124) | (14) | (316) | (900) | ||
Loss from unconsolidated joint venture | — | — | — | 411 | ||
Depreciation and amortization | 3,523 | 2,993 | 5,838 | 4,843 | ||
Net (loss) income attributable to non-controlling interests | (67) | 334 | (64) | 576 | ||
Impairment of goodwill and intangible assets | 130,078 | 80,758 | 136,521 | 80,758 | ||
Broadcast and digital operating income | $ 25,664 | $ 34,196 | $ 48,680 | $ 66,210 | ||
| ||||||
Adjusted EBITDA2 | $ 13,960 | $ 28,922 | $ 26,817 | $ 51,179 | ||
| ||||||
Adjusted EBITDA2 reconciliation: | ||||||
Net loss attributable to common stockholders | $ (77,902) | $ (45,431) | $ (89,644) | $ (37,938) | ||
Interest and investment income | (616) | (1,777) | (1,582) | (3,775) | ||
Interest expense | 9,704 | 12,404 | 20,628 | 25,402 | ||
Benefit from income taxes | (21,382) | (18,512) | (5,724) | (16,010) | ||
Depreciation and amortization | 3,523 | 2,993 | 5,838 | 4,843 | ||
EBITDA | $ (86,673) | $ (50,323) | $ (70,484) | $ (27,478) | ||
Stock-based compensation | 574 | 1,079 | 1,250 | 2,463 | ||
Gain on retirement of debt | (30,297) | (7,425) | (41,884) | (15,299) | ||
Other income, net | (124) | (14) | (316) | (900) | ||
Loss from unconsolidated joint venture | — | — | — | 411 | ||
Net (loss) income attributable to non-controlling interests | (67) | 334 | (64) | 576 | ||
Corporate costs(a) | 362 | 3,488 | 1,109 | 8,847 | ||
Severance-related costs | — | 516 | 219 | 580 | ||
Impairment of goodwill and intangible assets | 130,078 | 80,758 | 136,521 | 80,758 | ||
Loss from ceased non-core businesses initiatives(b) | 107 | 509 | 466 | 1,221 | ||
Adjusted EBITDA2 | $ 13,960 | $ 28,922 | $ 26,817 | $ 51,179 | ||
(a)Corporate costs include professional fees related to the material weakness remediation efforts. |
(b)In 2024, we made an immaterial change to the definition of Adjusted EBITDA2 by adding back the loss from ceased non-core operations. All historical periods were recast to reflect this immaterial change. |
June 30, 2025 | December 31, | ||
(in thousands) | |||
SELECTED CONSOLIDATED BALANCE SHEET DATA: | (Unaudited) | ||
Cash and cash equivalents and restricted cash | $ 86,217 | $ 137,574 | |
Intangible assets, net(a) | 345,524 | 490,024 | |
Total assets | 729,227 | 944,790 | |
Total debt (including current portion, net of issuance costs) | 488,396 | 579,069 | |
Total liabilities | 644,468 | 765,857 | |
Total stockholders' equity | 82,182 | 170,945 | |
Redeemable non-controlling interests | 2,577 | 7,988 | |
(a) Intangible assets, net include Goodwill, Radio Broadcasting Licenses, net, Other Intangible Assets, net, and Launch Assets. |
June 30, 2025 | Applicable | ||
SELECTED LEVERAGE DATA: | (in thousands) | ||
$ 488,396 | 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 June 30, 2025, we recognized approximately
The following charts indicate the sources of our net revenues for the three months and year ended June 30, 2025:
Three Months Ended June 30, | |||||||
2025 | 2024 | $ Change | % Change | ||||
| |||||||
Net revenue: | (in thousands) | ||||||
Radio advertising | $ 38,627 | $ 45,421 | $ (6,794) | (15.0) % | |||
Political advertising | 254 | 2,152 | (1,898) | (88.2) % | |||
Digital advertising(a) | 10,241 | 13,714 | (3,473) | (25.3) % | |||
Cable Television advertising(a) | 22,977 | 23,985 | (1,008) | (4.2) % | |||
Cable Television affiliate fees | 17,061 | 19,315 | (2,254) | (11.7) % | |||
Event revenues & other | 2,471 | 13,157 | (10,686) | (81.2) % | |||
Net revenue | $ 91,631 | $ 117,744 | $ (26,113) | (22.2) % | |||
| |||||||
Six Months Ended June 30, | |||||||
2025 | 2024 | $ Change | % Change | ||||
| |||||||
Net revenue: | (in thousands) | ||||||
Radio advertising | $ 74,844 | $ 86,761 | $ (11,917) | (13.7) % | |||
Political advertising | 404 | 3,388 | (2,984) | (88.1) % | |||
Digital advertising(a) | 20,452 | 25,881 | (5,429) | (21.0) % | |||
Cable Television advertising(a) | 48,402 | 51,129 | (2,727) | (5.3) % | |||
Cable Television affiliate fees | 35,778 | 40,103 | (4,325) | (10.8) % | |||
Event revenues & other | 3,986 | 14,892 | (10,906) | (73.2) % | |||
Net revenue (as reported) | $ 183,866 | $ 222,154 | $ (38,288) | (17.2) % | |||
(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from the Digital segment to the Cable Television segment. |
Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of goodwill and intangible assets, were approximately
Impairment of goodwill and intangible assets was approximately
Depreciation and amortization expense was approximately
Interest and investment income was approximately
Interest expense was approximately
For the three months ended June 30, 2025, 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, 2025, the Company repurchased 226,041 shares of Class A Common Stock of approximately
Supplemental Financial Information:
For comparative purposes, the following more detailed statements of operations for the three months June 30, 2025 are included.
Three Months Ended June 30, 2025 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | ||||||
NET REVENUE | $ 91,631 | $ 36,693 | $ 5,315 | $ 10,254 | $ 40,070 | $ (701) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 28,647 | 9,993 | 3,178 | 3,267 | 12,372 | (163) | |||||
Selling, general and administrative (a) | 49,493 | 19,762 | 3,788 | 7,133 | 9,642 | 9,168 | |||||
Stock-based compensation | 574 | 133 | 23 | 73 | 201 | 144 | |||||
Depreciation and amortization | 3,523 | 2,278 | 33 | 393 | 675 | 144 | |||||
Impairment of goodwill and intangible assets | 130,078 | 125,187 | — | 4,891 | — | — | |||||
Total operating expenses | 212,315 | 157,353 | 7,022 | 15,757 | 22,890 | 9,293 | |||||
Operating (loss) income | (120,684) | (120,660) | (1,707) | (5,503) | 17,180 | (9,994) | |||||
INTEREST AND INVESTMENT INCOME | 616 | — | — | — | — | 616 | |||||
INTEREST EXPENSE | (9,704) | (2) | (145) | — | — | (9,557) | |||||
GAIN ON RETIREMENT OF DEBT | 30,297 | — | — | — | — | 30,297 | |||||
OTHER INCOME, NET | 124 | 108 | — | — | — | 16 | |||||
(Loss) income from consolidated operations before benefit from (provision for) income taxes | (99,351) | (120,554) | (1,852) | (5,503) | 17,180 | 11,378 | |||||
BENEFIT FROM (PROVISION FOR) INCOME TAXES | 21,382 | 28,579 | 13 | 1,792 | (3,693) | (5,309) | |||||
NET (LOSS) INCOME | (77,969) | (91,975) | (1,839) | (3,711) | 13,487 | 6,069 | |||||
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (67) | — | (67) | — | — | — | |||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (77,902) | $ (91,975) | $ (1,772) | $ (3,711) | $ 13,487 | $ 6,069 | |||||
Adjusted EBITDA2 | $ 13,960 | $ 6,938 | $ (1,651) | $ (146) | $ 18,056 | $ (9,237) | |||||
(a) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. |
Three Months Ended June 30, 2024 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital (a) | Cable Television (a) | All Other - Corporate/ Eliminations | ||||||
NET REVENUE | $ 117,744 | $ 41,999 | $ 18,929 | $ 14,072 | $ 43,312 | $ (568) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 33,256 | 11,436 | 3,641 | 3,520 | 14,913 | (254) | |||||
Selling, general and administrative (b, c) | 60,079 | 20,822 | 11,839 | 7,838 | 12,466 | 7,114 | |||||
Stock-based compensation | 1,079 | 115 | 21 | 41 | 228 | 674 | |||||
Depreciation and amortization | 2,993 | 2,079 | 40 | 397 | 176 | 301 | |||||
Impairment of goodwill and intangible assets | 80,758 | 80,758 | — | — | — | — | |||||
Total operating expenses | 178,165 | 115,210 | 15,541 | 11,796 | 27,783 | 7,835 | |||||
Operating (loss) income | (60,421) | (73,211) | 3,388 | 2,276 | 15,529 | (8,403) | |||||
INTEREST AND INVESTMENT 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 from consolidated operations before benefit from (provision for) income taxes | (63,609) | (73,268) | 3,388 | 2,276 | 15,529 | (11,534) | |||||
BENEFIT FROM (PROVISION FOR) INCOME TAXES | 18,512 | 18,057 | (624) | 652 | (2,766) | 3,193 | |||||
NET (LOSS) INCOME | (45,097) | (55,211) | 2,764 | 2,928 | 12,763 | (8,341) | |||||
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 334 | — | — | — | — | 334 | |||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (45,431) | $ (55,211) | $ 2,764 | $ 2,928 | $ 12,763 | $ (8,675) | |||||
Adjusted EBITDA2 | $ 28,922 | $ 9,495 | $ 3,457 | $ 2,714 | $ 16,022 | $ (2,766) | |||||
(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television. |
(b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. |
(c) Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance. |
Six Months Ended June 30, 2025 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital | Cable Television | All Other - Corporate/ Eliminations | ||||||
NET REVENUE | $ 183,866 | $ 69,303 | $ 11,168 | $ 20,466 | $ 84,263 | $ (1,334) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 59,245 | 21,286 | 6,546 | 6,454 | 25,281 | (322) | |||||
Selling, general and administrative (a) | 99,598 | 38,358 | 6,939 | 14,104 | 22,333 | 17,864 | |||||
Stock-based compensation | 1,250 | 241 | 46 | 158 | 489 | 316 | |||||
Depreciation and amortization | 5,838 | 3,274 | 67 | 779 | 1,390 | 328 | |||||
Impairment of goodwill and intangible assets | 136,521 | 131,630 | — | 4,891 | — | — | |||||
Total operating expenses | 302,452 | 194,789 | 13,598 | 26,386 | 49,493 | 18,186 | |||||
Operating (loss) income | (118,586) | (125,486) | (2,430) | (5,920) | 34,770 | (19,520) | |||||
INTEREST AND INVESTMENT INCOME | 1,582 | — | — | — | — | 1,582 | |||||
INTEREST EXPENSE | (20,628) | (4) | (145) | — | — | (20,479) | |||||
GAIN ON RETIREMENT OF DEBT | 41,884 | — | — | — | — | 41,884 | |||||
OTHER INCOME, NET | 316 | 108 | — | — | — | 208 | |||||
(Loss) income from consolidated operations before benefit from (provision for) income taxes | (95,432) | (125,382) | (2,575) | (5,920) | 34,770 | 3,675 | |||||
BENEFIT FROM (PROVISION FOR) INCOME TAXES | 5,724 | 29,669 | (2) | 2,184 | (7,574) | (18,553) | |||||
NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS | (89,708) | (95,713) | (2,577) | (3,736) | 27,196 | (14,878) | |||||
NET (LOSS) INCOME | (89,708) | (95,713) | (2,577) | (3,736) | 27,196 | (14,878) | |||||
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | (64) | — | (64) | — | — | — | |||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (89,644) | $ (95,713) | $ (2,513) | $ (3,736) | $ 27,196 | $ (14,878) | |||||
Adjusted EBITDA2 | $ 26,817 | $ 9,786 | $ (2,202) | $ (88) | $ 36,648 | $ (17,327) | |||||
| |||||||||||
Six Months Ended June 30, 2024 | |||||||||||
(in thousands) | |||||||||||
Consolidated | Radio Broadcasting | Reach Media | Digital (a) | Cable Television (a) | All Other - Corporate/ Eliminations | ||||||
NET REVENUE | $ 222,154 | $ 78,350 | $ 27,401 | $ 26,260 | $ 91,317 | $ (1,174) | |||||
OPERATING EXPENSES: | |||||||||||
Programming and technical | 65,915 | 22,765 | 7,125 | 7,023 | 29,513 | (511) | |||||
Selling, general and administrative (b, c) | 115,708 | 40,282 | 14,988 | 14,176 | 26,570 | 19,692 | |||||
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 and intangible assets | 80,758 | 80,758 | — | — | — | — | |||||
Total operating expenses | 269,687 | 147,004 | 22,245 | 22,096 | 57,171 | 21,171 | |||||
Operating (loss) income | (47,533) | (68,654) | 5,156 | 4,164 | 34,146 | (22,345) | |||||
INTEREST AND INVESTMENT 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 | |||||
(Loss) income from consolidated operations before benefit from (provision for) income taxes | (52,961) | (68,770) | 5,156 | 4,164 | 34,146 | (27,657) | |||||
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) | (48,691) | 3,984 | 5,386 | 27,282 | (24,912) | |||||
LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax | (411) | — | — | — | — | (411) | |||||
NET (LOSS) INCOME | (37,362) | (48,691) | 3,984 | 5,386 | 27,282 | (25,323) | |||||
NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 576 | — | — | — | — | 576 | |||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (37,938) | $ (48,691) | $ 3,984 | $ 5,386 | $ 27,282 | $ (25,899) | |||||
Adjusted EBITDA2 | $ 51,179 | $ 15,129 | $ 5,287 | $ 5,061 | $ 35,323 | $ (9,621) | |||||
(a) Effective January 1, 2025, segment information for the prior periods has been recast to include reclassification of a portion of revenues from our CTV offering from Digital to Cable Television. |
(b) Corporate selling, general and administrative expenses have been collapsed with Selling, general and administrative expenses in the consolidated statements of operations. |
(c) Effective January 1, 2025, prior period segment information has been realigned between the Sales and marketing and the General and administrative significant segment expenses in this Quarterly Report on Form 10-Q. This provides the CODM with a more appropriate alignment of significant segment expenses used to evaluate segment performance. |
Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2025. The conference call is scheduled for Wednesday August 13, 2025 at 10:00 a.m. EDT. To participate on this call,
A replay of the conference call will be available from 2:00 p.m. EDT August 13, 2025 until 11:59 p.m. EDT August 20, 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 3660282.
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: | |
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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 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. |
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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 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. |
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3 | For the three months ended June 30, 2025 and 2024, Urban One had 44,738,306 and 48,483,639 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2025 and 2024, Urban One had 44,768,280 and 48,434,513 shares of common stock outstanding on a weighted average basis (basic), respectively. |
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4 | For the three months ended June 30, 2025 and 2024, Urban One had 44,738,306 and 48,483,639 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the six months ended June 30, 2025 and 2024, Urban One had 44,768,280 and 48,434,513 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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