Q2 2024 Urban One Inc Earnings Call Transcript
Key Points
- Urban One Inc (UONE) reported a 7.2% year-over-year increase in net revenue for the radio broadcasting segment.
- The company is optimistic about the strength of political advertising, expecting it to be more robust than initially forecasted.
- Urban One Inc (UONE) is seeing growth in connected TV and podcast revenues compared to last year.
- The company is implementing a new ad server for connected TV, which is expected to enhance monetization capabilities.
- Urban One Inc (UONE) successfully reduced interest expenses due to a strategic debt reduction approach.
- Consolidated net revenue decreased by 9.2% year-over-year for the quarter.
- The cable television segment experienced a significant revenue decline of 20.9%, with advertising revenue down 26.7%.
- Digital segment revenues decreased by 16% in the second quarter, driven by decreased advertiser demand.
- Urban One Inc (UONE) recorded an $80.8 million non-cash impairment charge related to broadcasting licenses.
- The company anticipates finishing 2024 at the lower end of its EBITDA guidance due to ongoing challenges in the cable TV segment.
Ladies and gentlemen, thank you for standing by, and welcome to Urban One's second-quarter earnings call. All participants are in a listen-only mode, and this call is being recorded. During this conference call, Urban One will be sharing with you certain projections or other forward-looking statements regarding future events or its future performance. Urban One cautions you that certain factors, including risks and uncertainties referred to in the 10-K, 10-Q, and other reports it periodically files with the Securities and Exchange Commission, could cause the company's actual results to differ materially from those indicated by its projections or forward-looking statements.
This call will present information as of August 8, 2024. Please note that Urban One disclaims any duty to update any forward-looking statements made in this presentation. In this call, Urban One may also discuss some non-GAAP financial measures in talking about its performance. These measures will be reconciled to GAAP either during the course of this call or in the company's press release, which can be found on its website at
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