Q3 2024 Urban One Inc Earnings Call Transcript
Key Points
- Urban One Inc (UONE) successfully repurchased $14.5 million of its outstanding bonds at 75% of par, contributing to debt reduction.
- The company forecasts a year-end cash balance of $140 million, indicating strong cash management.
- Adjusted EBITDA for the reach media segment increased to $3.7 million from $3.4 million last year.
- Interest expense decreased to approximately $11.6 million for Q3, down from $14 million last year due to lower overall debt balances.
- Net loss per share improved to $0.68 compared to $1.20 per share in the third quarter of 2023, showing progress in reducing losses.
- Consolidated net revenues decreased by 6.3% year over year, indicating a decline in overall business performance.
- The cable TV segment experienced a 13% decrease in revenue, with advertising revenue down 13.3%, highlighting ongoing challenges.
- Operating expenses increased by 3.5% from the prior year, driven by higher expenses in the Houston radio market and increased professional fees.
- Consolidated adjusted EBITDA was down 26.7%, reflecting a significant decline in profitability.
- The company recorded $46.8 million in noncash impairments for broadcasting licenses and the TV One trade name, indicating asset value concerns.
Ladies and gentlemen, thank you for standing by, and welcome to the Urban One 2024 third quarter earnings call. As a reminder, this conference is being recorded. We will begin the call with the following Safe Harbor statement.
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-Ks, 10-Qs, 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 November 12, 2024. Please note that Urban One disclaims any duty to update any forward-looking statements made in the 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
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