Fri, Jun 7, 8:56 PM (92 days ago)
Urban One, Inc. reported a net revenue decrease of 1.4% to $477.7 million for the fiscal year ended December 31, 2023, compared to $484.6 million in 2022. The radio broadcasting segment generated $156.2 million, a slight decline from $156.7 million in 2022, primarily due to lower political revenue, offset by new station acquisitions. Reach Media's revenue increased by $9.8 million to $52.9 million, driven by the Fantastic Voyage cruise. Digital segment revenue fell by $3.0 million to $75.5 million, while the cable television segment saw a decline of $13.7 million to $196.2 million due to subscriber churn and lower advertising sales. Operating expenses rose significantly by 29.4% to $509.3 million, driven by increases in programming, technical, and selling expenses. Impairment charges on goodwill and intangible assets surged to $129.3 million from $40.7 million in 2022, mainly due to declines in projected market revenues and higher discount rates. Net income attributable to common stockholders plummeted to $2.0 million from $34.3 million in 2022, a 94.0% decrease, primarily due to increased impairment charges and higher operating expenses. Adjusted EBITDA also decreased by 22.3% to $128.4 million. The company repurchased $25.0 million of its 2028 Notes, resulting in a net gain on retirement of debt. Cash flow from operations remained stable at $64.6 million. The company also completed the sale of its MGM National Harbor investment, receiving $136.8 million, which contributed to a significant increase in cash flow from investing activities.