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Mar 31, 2024
Urban One Q1 2024 Earnings Report
Urban One's Q1 2024 performance reflected a revenue decrease, but net income saw improvement compared to the previous year, with strategic debt repurchases and digital segment revenues facing challenges.
Key Takeaways
Urban One reported a 5.0% decrease in net revenue for Q1 2024, amounting to $104.4 million, but net income increased to $7.5 million, or $0.15 per share, compared to a loss of $2.9 million, or $0.06 per share, in the same period of the prior year. The company's operating income also rose to $12.9 million from $8.1 million year-over-year. Urban One actively managed its debt by repurchasing $75.0 million of its 2028 notes and ended the quarter with $155.7 million in cash.
Net revenue decreased by 5.0% year-over-year to $104.4 million.
Net income increased to $7.5 million, compared to a net loss of $2.9 million in the same period last year.
Operating income increased to $12.9 million, up from $8.1 million year-over-year.
The company repurchased $75.0 million of 2028 notes and ended the quarter with $155.7 million in cash.
Urban One
Urban One
Urban One Revenue by Segment
Revenue by Segment
Radio Broadcasting Revenue
CapyFin.comReach Media Revenue
CapyFin.comDigital Revenue
CapyFin.comCable Television Revenue
CapyFin.com Forward Guidance
Urban One anticipates benefiting from political advertising revenues in both its radio and digital divisions for the remainder of the year. Second quarter radio pacing's are sequentially better, with same station core revenues down mid-single-digits and low-single digits including political. Cable television affiliate fees continue to be a drag, with Q1 down 12.8% year over year. Demand for some of our digital products was soft in Q1, with net digital segment revenue down 7.3%.
Positive Outlook
- Second quarter radio pacing's are sequentially better.
- Same station core revenues are down mid-single-digits.
- Including political, same station revenues are down low-single digits.
- Optimism about political advertising revenues for the remainder of the year.
- Political advertising is expected to benefit both radio and digital divisions.
Challenges Ahead
- National radio revenues were hit by tough comparatives on a handful of large clients plus a general softness in the market.
- Cable television affiliate fees continue to be a drag.
- Q1 cable television affiliate fees were down 12.8% year over year.
- Demand for some digital products was soft in Q1.
- Net digital segment revenue was down 7.3%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income