URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS
URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS
PR Newswire
WASHINGTON, Aug. 9, 2022
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 | 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 | 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 | $ 15,034 | $ 17,866 | $ 31,403 | $ 17,873 | ||||
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON | $ 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 | |||||||
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 | Back to top | Back to home page 
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