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URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

PR Newswire

WASHINGTON, Aug. 9, 2022 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended June 30, 2022. Net revenue was approximately $118.8 million, an increase of 10.4% from the same period in 2021. The Company reported operating income of approximately $23.8 million for the three months ended June 30, 2022, compared to approximately $37.9 million for the three months ended June 30, 2021. Broadcast and digital operating income1 was approximately $55.1 million, an increase of 11.2% from the same period in 2021. Net income was approximately $15.0 million or $0.30 per share (basic) compared to $17.9 million or $0.36 per share (basic) for the same period in 2021. Adjusted EBITDA2 was approximately $47.5 million for the three months ended June 30, 2022, compared to approximately $44.8 million for the same period in 2021.

Alfred C. Liggins, III, Urban One's CEO and President stated, "We had a strong finish to Q2, driven by continued robust growth in digital and cable television advertising, both of which were up double digits. Our spot radio business outperformed the markets in which we operate by 230 Bps, and I was pleased with our overall 10.4% revenue growth, as a result of which we were able to post adjusted EBITDA growth of 6.1% y-o-y. Like other media businesses, we have experienced a slow-down in Q3, particularly in core radio which is currently pacing down low-to-mid single-digits. Given our diversified mix of assets, I still anticipate consolidated net revenues to grow in Q3, and we remain well positioned for political advertising later in the year. We will continue to be disciplined with capital allocation decisions and our cash position remains strong. We finished the quarter with net leverage below 4.0x, in line with our goal to continue to reduce leverage over time."

RESULTS OF OPERATIONS





































Three Months Ended June 30,



Six Months Ended June 30,





2022



2021



2022



2021

STATEMENT OF OPERATIONS

(unaudited)



(unaudited)





(in thousands, except share data)



(in thousands, except share data)





















NET REVENUE

$                           118,810



$                         107,593



$                  231,159



$                        199,033



OPERATING EXPENSES

















Programming and technical, excluding stock-based compensation

28,351



26,513



56,869



51,603



Selling, general and administrative, excluding stock-based compensation

35,346



31,510



70,774



61,466



Corporate selling, general and administrative, excluding stock-based

compensation

11,528



9,153



20,864



19,273



Stock-based compensation

336



172



460



425



Depreciation and amortization 

2,481



2,325



4,886



4,589



Impairment of long-lived assets

16,933



-



16,933



-



Total operating expenses 

94,975



69,673



170,786



137,356



             Operating income 

23,835



37,920



60,373



61,677



INTEREST INCOME

-



168



59



172



INTEREST EXPENSE

15,886



15,853



31,813



33,898



(GAIN) LOSS ON RETIREMENT OF DEBT

(1,855)



-



(1,855)



6,949



OTHER INCOME, net

(9,725)



(2,362)



(11,711)



(4,046)



Income before provision for income taxes and noncontrolling

interest in income of subsidiaries 

19,529



24,597



42,185



25,048



PROVISION FOR INCOME TAXES

3,725



6,119



9,311



6,109



CONSOLIDATED NET INCOME

15,804



18,478



32,874



18,939



NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

770



612



1,471



1,066



CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON

STOCKHOLDERS

$                             15,034



$                           17,866



$                    31,403



$                          17,873





















AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS

















CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON

STOCKHOLDERS

$                             15,034



$                           17,866



$                    31,403



$                          17,873





















Weighted average shares outstanding - basic3

50,806,346



49,789,892



50,994,612



49,124,056



Weighted average shares outstanding - diluted4

54,658,543



53,780,918



54,871,963



53,186,619



















 

 



Three Months Ended June 30, 



Six Months Ended June 30, 



2022



2021



2021



2020

PER SHARE DATA - basic and diluted:

(unaudited)



(unaudited)



(unaudited)



(unaudited)



(in thousands, except per share data)



(in thousands, except per share data)

















    Consolidated net income attributable to common stockholders (basic)

$                          0.30



$                        0.36



$                      0.62



$                          0.36

    Consolidated net income attributable to common stockholders (diluted)

$                          0.28



$                        0.33



$                      0.57



$                          0.34

















SELECTED OTHER DATA















Broadcast and digital operating income 1

$                      55,113



$                    49,570



$                103,516



$                      85,964

Broadcast and digital operating income margin (% of net revenue)

46.4 %



46.1 %



44.8 %



43.2 %

















Broadcast and digital operating income reconciliation:































    Consolidated net income attributable to common stockholders

$                      15,034



$                    17,866



$                  31,403



$                      17,873

    Add back non-broadcast and digital operating income items included in consolidated net

income:















Interest income

-



(168)



(59)



(172)

Interest expense

15,886



15,853



31,813



33,898

Provision for income taxes

3,725



6,119



9,311



6,109

Corporate selling, general and administrative expenses

11,528



9,153



20,864



19,273

Stock-based compensation

336



172



460



425

(Gain) loss on retirement of debt

(1,855)



-



(1,855)



6,949

Other income, net

(9,725)



(2,362)



(11,711)



(4,046)

Depreciation and amortization

2,481



2,325



4,886



4,589

Noncontrolling interest in income of subsidiaries

770



612



1,471



1,066

Impairment of long-lived assets

16,933



-



16,933



-

Broadcast and digital operating income

$                      55,113



$                    49,570



$                103,516



$                      85,964

















Adjusted EBITDA2

$                      47,508



$                    44,765



$                  89,512



$                      75,002

















Adjusted EBITDA reconciliation:































    Consolidated net income attributable to common stockholders

$                      15,034



$                    17,866



$                  31,403



$                      17,873

Interest income

-



(168)



(59)



(172)

Interest expense

15,886



15,853



31,813



33,898

Provision for income taxes

3,725



6,119



9,311



6,109

Depreciation and amortization

2,481



2,325



4,886



4,589

EBITDA

$                      37,126



$                    41,995



$                  77,354



$                      62,297

Stock-based compensation

336



172



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