Urban One Q2 2023 Earnings Report
Key Takeaways
Urban One reported an increase in net revenue for the second quarter of 2023, driven by growth in radio advertising and event revenues, particularly from the return of Tom Joyner's Fantastic Voyage, but was offset by higher operating expenses and impairment charges, resulting in a net income attributable to common stockholders of $70.4 million, or $1.48 per share.
Net revenue increased by 9.3% to $129.7 million compared to Q2 2022.
Net income attributable to common stockholders was $70.4 million, or $1.48 per share (basic).
The return of Tom Joyner’s Fantastic Voyage in Q2 helped boost revenues at Reach Media.
The Company recorded a non-cash impairment charge of approximately $22.1 million for its radio broadcasting licenses primarily in its Philadelphia market.
Urban One
Urban One
Forward Guidance
The Company reaffirmed its prior guidance of Adjusted EBITDA in the range of $125-128 million.