Q4 2023 and Q1 2024 Urban One Inc Earnings Call Transcript
Key Points
- Urban One Inc (UONE) is back in compliance with Nasdaq after completing the year-end 2023 and first quarter 2024 audits.
- The company provided 2024 EBITDA guidance of $110 million to $120 million, indicating a positive outlook.
- Adjusted EBITDA for the digital segment increased by 82% in Q4, showing strong performance in that area.
- Interest expense decreased year-over-year due to lower overall debt balances, improving financial health.
- Urban One Inc (UONE) repurchased $75 million of its 2028 notes at an average price of 88.3%, reducing future interest obligations.
- Consolidated net revenue was down by 9.2% year-over-year for Q4 2023 and by 5% year-over-year for Q1 2024.
- Net revenue for the radio segment decreased by 12.4% year-over-year in Q4 and by 7.9% on a same-station basis in Q1.
- Political advertising revenue in the radio division declined by 76% year-over-year in Q4, significantly impacting overall revenue.
- Operating expenses increased by 11.6% in Q1 2024 compared to the same period in 2023, driven by higher third-party professional fees.
- Net loss for Q4 2023 was approximately $11 million, or $0.23 per share, compared to a net loss of $1.9 million, or $0.04 per share, in Q4 2022.
Welcome to Urban One's First Quarter Conference Call. 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 could differ materially from those indicated by its projections or forward-looking statements. This call will present information as of June 10, 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 www.urbanone.com. A replay of the conference will be available
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