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URBAN ONE, INC. REPORTS YEAR END 2023 AND FIRST QUARTER 2024 RESULTS

WASHINGTON, June 10, 2024 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the year ended December 31, 2023 and for the three months ended March 31, 2024. For the year ended December 31, 2023 net revenue was approximately $477.7 million, a decrease of 1.4% from the same period in 2022. The Company reported operating loss of approximately $31.6 million for the year ended December 31, 2023, compared to operating income of approximately $91.1 million for the year ended December 31, 2022. Broadcast and digital operating income1 was approximately $168.4 million, a decrease of 16.5% from the same period in 2022. Net income was approximately $2.1 million or $0.04 per share (basic) compared to $34.3 million or $0.70 per share (basic) for the same period in 2022. Adjusted EBITDA2 was approximately $128.4 million for the year ended December 31, 2023, compared to approximately $165.2 million for the same period in 2022.

For the three months ended December 31, 2023 net revenue was approximately $120.3 million, a decrease of 9.2% from the same period in 2022. The Company reported operating income of approximately $6.8 million for the three months ended December 31, 2023, compared to operating income of approximately $11.3 million for the three months ended December 31, 2022. Broadcast and digital operating income1 was approximately $38.0 million, a decrease of 19.6% from the same period in 2022. Net loss was approximately $11.0 million or $0.23 per share (basic) compared to a loss of $1.9 million or $0.04 per share (basic) for the same period in 2022. Adjusted EBITDA2 was approximately $26.4 million for the three months ended December 31, 2023, compared to approximately $31.3 million for the same period in 2022.

For the three months ended March 31, 2024 net revenue was approximately $104.4 million, a decrease of 5.0% from the same period in 2023. The Company reported operating income of approximately $12.9 million for the three months ended March 31, 2024, compared to operating income of approximately $8.1 million for the three months ended March 31, 2023. Broadcast and digital operating income1 was approximately $32.0 million, a decrease of 18.5% from the same period in 2023. Net income was approximately $7.5 million or $0.15 per share (basic) compared to a loss of $2.9 million or $0.06 per share (basic) for the same period in 2023. Adjusted EBITDA2 was approximately $21.5 million for the three months ended March 31, 2024, compared to approximately $30.3 million for the same period in 2023.

Alfred C. Liggins, III, Urban One's CEO and President stated, "our Adjusted EBITDA for FY23 came in just above the high-end of our previous guidance at $128.4m. As expected, we suffered a drop in radio division broadcast cash flow as a result of reduced political advertising compared to Q4 2022. Other divisions performed broadly in line with expectations, although the continuing churn in cable television subscribers remains an industry-wide concern. For Q1 our national radio revenues were hit by tough comparatives on a handful of large clients plus a general softness in the market. 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%. National direct digital revenue was down double digits, partially offset by growth in VOD, streaming audio and podcast. We are optimistic about political advertising revenues for the remainder of the year, which should benefit both our radio and digital divisions. During Q1 we repurchased $75.0 million of our 2028 notes at 88.3%, and we ended the quarter with approximately $155.7 million of cash."

RESULTS OF OPERATIONS





















Three Months Ended December 31,



Years Ended December 31,



2023


2022



2023


2022

STATEMENT OF OPERATIONS

(in thousands, except share data)



(in thousands, except share data)












NET REVENUE

$                        120,344


$                    132,566



$         477,690


$         484,604


OPERATING EXPENSES










Programming and technical, excluding stock-based compensation

36,580


36,270



136,884


122,629


Selling, general and administrative, excluding stock-based compensation

45,807


49,082



172,440


160,403


Corporate selling, general and administrative, excluding stock-based compensation

23,251


18,648



53,583


49,854


Stock-based compensation

2,160


4,338



9,975


9,912


Depreciation and amortization

810


2,643



7,101


10,034


Impairment of goodwill, intangible assets, and long-lived assets

4,972


10,328



129,278


40,683


Total operating expenses 

113,580


121,309



509,261


393,515


             Operating income (loss)

6,764


11,257



(31,571)


91,089


INTEREST INCOME

2,479


465



6,967


939


INTEREST EXPENSE

14,173


14,628



56,196


61,751


GAIN ON RETIREMENT OF DEBT

-


3,026



2,356


6,718


Other (loss) income, net

(451)


2,351



96,084


16,083


(Loss) income before provision for income taxes and noncontrolling interest in income of subsidiaries 

(5,381)


2,471



17,640


53,078


PROVISION FOR INCOME TAXES

2,686


3,615



7,944


16,418


Net (loss) income from consolidated operations

(8,067)


(1,144)



9,696


36,660


Loss from unconsolidated joint venture

(2,403)


-



(5,131)


-


NET (LOSS) INCOME

(10,470)


(1,144)



4,565


36,660


NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

515


764



2,515


2,317


NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$                        (10,985)


$                      (1,908)



$             2,050


$           34,343












Weighted average shares outstanding - basic3

47,804,932


48,928,063



47,645,678


48,928,063


Weighted average shares outstanding - diluted4

47,804,932


52,174,337



50,243,810


52,174,337

 

RESULTS OF OPERATIONS











Three Months Ended March 31,



2024


2023

STATEMENT OF OPERATIONS

(unaudited)



(in thousands, except share data)







NET REVENUE

$                        104,410


$                    109,869


OPERATING EXPENSES





Programming and technical, excluding stock-based compensation

32,659


33,854


Selling, general and administrative, excluding stock-based compensation

39,737


36,715


Corporate selling, general and administrative, excluding stock-based compensation

15,892


8,530


Stock-based compensation

1,384


3,278


Depreciation and amortization

1,850


2,597


Impairment of goodwill, intangible assets, and long-lived assets

-


16,775


Total operating expenses 

91,522


101,749


             Operating income

12,888


8,120


INTEREST INCOME

1,998


333


INTEREST EXPENSE

12,998


14,068


GAIN ON RETIREMENT OF DEBT

7,874


2,356


Other income (expense), net

886


(312)


Income (loss) from consolidated operations before provision for (benefit from) income taxes 

10,648


(3,571)


PROVISION FOR (BENEFIT FROM) INCOME TAXES

2,502


(1,160)


Net income (loss) from consolidated operations

8,146


(2,411)


Loss from unconsolidated joint venture

(411)


-


NET INCOME (LOSS)

7,735


(2,411)


NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

242


511


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$                            7,493


$                      (2,922)







Weighted average shares outstanding - basic3

48,385,386


47,420,832


Weighted average shares outstanding - diluted4

49,921,803


47,420,832

 


Three Months Ended December 31,


Years Ended December 31,


2023


2022


2023


2022

PER SHARE DATA - basic and diluted:









(in thousands, except per share data)


(in thousands, except per share data)









    Net (loss) income attributable to common stockholders (basic)

(0.23)


(0.04)


0.04


0.70









    Net (loss) income attributable to common stockholders (diluted)

(0.23)


(0.04)


0.04


0.66









SELECTED OTHER DATA








Broadcast and digital operating income 1

$                    37,957


$                  47,214


$             168,366


$               201,572









Broadcast and digital operating income reconciliation:
















    Net (loss) income attributable to common stockholders

$                  (10,985)


$                  (1,908)


$                 2,050


$                 34,343

Add back/(deduct) certain non-broadcast and digital operating income items included in net (loss) income:








Interest income

(2,479)


(465)


(6,967)


(939)

Interest expense

14,173


14,628


56,196


61,751

Provision for income taxes

2,686


3,615


7,944


16,418

Corporate selling, general and administrative expenses

23,251


18,648


53,583


49,854

Stock-based compensation

2,160


4,338


9,975


9,912

Gain on retirement of debt

-


(3,026)


(2,356)


(6,718)

Other (loss) income, net

451


(2,351)


(96,084)


(16,083)

Loss from unconsolidated joint venture

2,403


-


5,131


-

Depreciation and amortization

810


2,643


7,101


10,034

Net income attributable to noncontrolling interests

515


764


2,515


2,317

Impairment of goodwill, intangible assets, and long-lived assets

4,972


10,328


129,278


40,683

Broadcast and digital operating income

$                    37,957


$                  47,214


$             168,366


$               201,572









Adjusted EBITDA2

$                    26,447


$                  31,328


$             128,379


$               165,180









Adjusted EBITDA reconciliation:
















    Net (loss) income attributable to common stockholders

$                  (10,985)


$                  (1,908)


$                 2,050


$                 34,343

Interest income

(2,479)


(465)


(6,967)


(939)

Interest expense

14,173


14,628


56,196


61,751

Provision for income taxes

2,686


3,615


7,944


16,418

Depreciation and amortization

810


2,643


7,101


10,034

EBITDA

$                      4,205


$                  18,513


$               66,324


$               121,607

Stock-based compensation

2,160


4,338


9,975


9,912

Gain on retirement of debt

-


(3,026)


(2,356)


(6,718)

Other (loss) income, net

451


(2,351)


(96,084)


(16,083)

Loss from unconsolidated joint venture

2,403


-


5,131


-

Net income attributable to noncontrolling interests

515


764


2,515


2,317

Corporate development costs

3,880


350


8,196


2,221

Employment Agreement Award and other compensation

2,832


(609)


169


1,587

Severance-related costs

352


462


669


850

Investment income (expense) from MGM National Harbor

-


2,559


(115)


8,804

Impairment of goodwill, intangible assets, and long-lived assets

4,972


10,328


129,278


40,683

Other nonrecurring expenses

4,677


-


4,677


-

Adjusted EBITDA

$                    26,447


$                  31,328


$             128,379


$               165,180

 


Three Months Ended March 31,


2024


2023

PER SHARE DATA - basic and diluted:

(unaudited)


(unaudited)


(in thousands, except per share data)





    Net income (loss) attributable to common stockholders (basic)

0.15


(0.06)





    Net income (loss) attributable to common stockholders (diluted)

0.15


(0.06)





SELECTED OTHER DATA




Broadcast and digital operating income 1

$                    32,014


$                  39,300





Broadcast and digital operating income reconciliation:








    Net income (loss) attributable to common stockholders

$                      7,493


$                  (2,922)

Add back/(deduct) certain non-broadcast and digital operating income items included in net (loss) income:




Interest income

(1,998)


(333)

Interest expense

12,998


14,068

Provision for (benefit from) income taxes

2,502


(1,160)

Corporate selling, general and administrative expenses

15,892


8,530

Stock-based compensation

1,384


3,278

Gain on retirement of debt

(7,874)


(2,356)

Other (income) expense, net

(886)


312

Loss from unconsolidated joint venture

411


-

Depreciation and amortization

1,850


2,597

Net income attributable to noncontrolling interests

242


511

Impairment of goodwill, intangible assets, and long-lived assets

-


16,775

Broadcast and digital operating income

$                    32,014


$                  39,300





Adjusted EBITDA2

$                    21,545


$                  30,285





Adjusted EBITDA reconciliation:








    Net income (loss) attributable to common stockholders

$                      7,493


$                  (2,922)

Interest income

(1,998)


(333)

Interest expense

12,998


14,068

Provision for (benefit from) income taxes

2,502


(1,160)

Depreciation and amortization

1,850


2,597

EBITDA

$                    22,845


$                  12,250

Stock-based compensation

1,384


3,278

Gain on retirement of debt

(7,874)


(2,356)

Other (income) expense, net

(886)


312

Loss from unconsolidated joint venture

411


-

Net income attributable to noncontrolling interests

242


511

Corporate costs

5,359


(376)

Employment Agreement Award and other compensation

-


(144)

Severance-related costs

64


150

Impairment of goodwill, intangible assets, and long-lived assets

-


16,775

Investment expense from MGM National Harbor

-


(115)

Adjusted EBITDA

$                    21,545


$                  30,285

 


December 31, 2023


December 31, 2022






(in thousands)

SELECTED BALANCE SHEET DATA:



Cash and cash equivalents and restricted cash

233,570


101,879


Intangible assets, net

645,979


765,191


Available-for-sale securities - at fair value

-


136,826


Total assets

1,211,173


1,344,646


Total debt (including current portion, net of issuance costs)

716,246


739,000


Total liabilities

920,588


981,973


Total stockholders' equity

274,065


330,750


Redeemable noncontrolling interests

16,520


31,923








December 31, 2023


Applicable Interest Rate


(in thousands)



SELECTED LEVERAGE DATA:



7.375% senior secured notes due February 2028, net of issuance costs of approximately
$10.2 million (fixed rate)

$                         716,246


7.375 %

 


March 31, 2024


December 31, 2023

(unaudited) 










(in thousands)

SELECTED BALANCE SHEET DATA:



Cash and cash equivalents and restricted cash

155,746


233,570


Intangible assets, net

644,688


645,979


Total assets

1,126,023


1,211,173


Total debt (including current portion, net of issuance costs)

642,579


716,246


Total liabilities

832,457


920,588


Total stockholders' equity

285,202


274,065


Redeemable noncontrolling interests

8,364


16,520








March 31, 2024


Applicable Interest Rate


(in thousands)



SELECTED LEVERAGE DATA:



7.375% senior secured notes due February 2028, net of issuance costs of approximately
$10.2 million (fixed rate)

$                         642,579


7.375 %

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Urban One's control, which may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-K/A, 10-Q, 10-Q/A, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

During the year ended December 31, 2023, we recognized approximately $477.7 million in net revenue compared to approximately $484.6 million during the year ended December 31, 2022. These amounts are net of agency and outside sales representative commissions. We recognized approximately $156.2 million of revenue from our radio broadcasting segment during the year ended December 31, 2023, compared to approximately $156.7 million for the year ended December 31, 2022, a decrease of approximately $0.5 million, primarily due to lower political revenue offset by new stations in the Indianapolis and Houston markets. Based on reports prepared by Miller Kaplan, the markets we operate in decreased 5.5% in total revenues. We experienced net revenue reduction in all of our existing radio markets, with the exception of Cleveland and Columbus. We recognized approximately $52.9 million of revenue from our Reach Media segment during the year ended December 31, 2023, compared to approximately $43.1 million for the year ended December 31, 2022, an increase of approximately $9.8 million. The increase was primarily driven by the addition of the Fantastic Voyage cruise during the second quarter of 2023. We recognized approximately $75.5 million of revenue from our digital segment during the year ended December 31, 2023, compared to $78.5 million during the year ended December 31, 2022, a decrease of approximately $3.0 million. This decrease was primarily driven by a decrease in direct revenue. We recognized approximately $196.2 million of revenue from our cable television segment during the year ended December 31, 2023, compared to $209.9 million during the year ended December 31, 2022, a decrease of approximately $13.7 million. The decrease was primarily driven by a decrease in affiliate fees due to subscriber churn, lower ratings and decreased advertising sales.

During the three months ended March 31, 2024, we recognized approximately $104.4 million in net revenue compared to approximately $109.9 million during the three months ended March 31, 2023. These amounts are net of agency and outside sales representative commissions. We recognized approximately $36.4 million of revenue from our radio broadcasting segment during the three months ended March 31, 2024, compared to approximately $35.2 million during the three months ended March 31, 2023, an increase of approximately $1.2 million. This increase was primarily due to the Houston station acquisition, which was completed in August 2023, offset by a decrease in national advertising. We recognized approximately $8.5 million of revenue from our Reach Media segment during the three months ended March 31, 2024, compared to approximately $10.9 million for the three months ended March 31, 2023, a decrease of approximately $2.4 million. The decrease was primarily driven by the decrease in overall demand and attrition of advertisers. We recognized approximately $14.0 million of revenue from our digital segment during the three months ended March 31, 2024, compared to approximately $15.1 million for the three months ended March 31, 2023, a decrease of approximately $1.1 million. The decrease was primarily driven by a decrease in national markets digital sales and lower demand from the Company's advertisers. We recognized approximately $46.2 million of revenue from our cable television segment during the three months ended March 31, 2024, compared to approximately $49.7 million for the three months ended March 31, 2023, a decrease of approximately $3.5 million. The decrease was primarily driven by a decrease in audience viewership affecting advertising sales and the consistent churn in subscribers.

The following charts indicates the sources of our net revenue for the year end December 31, 2023 and three months ended March 31, 2024:



Three Months Ended December 31,










2023


2022


$ Change



% Change



  (Unaudited)









(in thousands)












(As Restated)








Net Revenue:














Radio Advertising


$

47,814


$

48,542


$

(728)



-1.5

%

Political Advertising



1,948



8,089



(6,141)



-75.9

%

Digital Advertising



20,838



23,301



(2,463)



-10.6

%

Cable Television Advertising



27,021



26,522



499



1.9

%

Cable Television Affiliate Fees



20,158



23,278



(3,120)



-13.4

%

Event Revenues & Other



2,564



2,834



(270)



-9.5

%















Net Revenue (as reported)


$

120,344


$

132,566


$

(12,222)



-9.2 %




























































Years Ended December 31,










2023


2022


$ Change



% Change



(in thousands)







Net Revenue:














Radio Advertising


$

182,362


$

177,268


$

5,094



2.9

%

Political Advertising



3,881



13,226



(9,345)



-70.7

%

Digital Advertising



74,866



76,730



(1,864)



-2.4

%

Cable Television Advertising



108,307



112,857



(4,550)



-4.0

%

Cable Television Affiliate Fees



87,747



96,963



(9,216)



-9.5

%

Event Revenues & Other



20,527



7,560



12,967



171.5

%















Net Revenue (as reported)


$

477,690


$

484,604


$

(6,914)



-1.4 %


 



Three Months Ended March 31,










2023


2022


$ Change



% Change



  (Unaudited)









(in thousands)












(As Restated)








Net Revenue:














Radio Advertising


$

41,341


$

43,108


$

(1,767)



-4.1

%

Political Advertising



1,237



296



941



317.9

%

Digital Advertising



13,946



15,024



(1,078)



-7.2

%

Cable Television Advertising



25,365



25,822



(457)



-1.8

%

Cable Television Affiliate Fees



20,787



23,837



(3,050)



-12.8

%

Event Revenues & Other



1,734



1,782



(48)



-2.7

%















Net Revenue (as reported)


$

104,410


$

109,869


$

(5,459)



-5.0 %


Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of long-lived assets, increased to approximately $362.9 million for the year ended December 31, 2023, up 9.0% from the approximately $332.9 million incurred for the comparable period in 2022. The overall operating expense increase was driven by higher programming and technical expenses and higher selling, general and administrative expenses and higher corporate selling, general and administrative expenses. There was an increase of approximately $12.4 million in Radio broadcasting's programming and technical expenses and selling and general expenses primarily related to acquisitions in our Indianapolis and Houston markets. There was an increase in Cable television's programming and technical expenses due to higher content amortization expense and increased payroll expenses. Reach Media's selling, general and administrative expenses increased $10.2 million primarily due to the Fantastic Voyage cruise. There was an increase of approximately $3.7 million in corporate selling, general and administrative expenses relating to higher third-party consulting fees.

Operating expenses, excluding depreciation and amortization, stock-based compensation, and impairment of long-lived assets, increased to approximately $88.3 million for the three months ended March 31, 2024, up 11.6% from the approximately $79.1 million incurred for the comparable period in 2023. The overall increase in operating expense was due to an uptick in third-party consulting fees and an increase in expenses resulting from the Houston station acquisition.

Depreciation and amortization expense was approximately $7.1 million for the year ended December 31, 2023, compared to approximately $10.0 million for the year ended December 31, 2022, a decrease of approximately $2.9 million. This decrease is due to capitalized assets becoming fully depreciated.

Depreciation and amortization expense was approximately $1.9 million for the three months ended March 31, 2024 compared to approximately $2.6 million for the three months ended March 31, 2023, a decrease of approximately $0.7 million due to capitalized assets becoming fully depreciated.

Impairment of goodwill, intangible assets and long-lived assets was approximately $129.3 million during the year ended December 31, 2023 compared to $40.7 million for the year ended December 31, 2022, an increase of approximately $88.6 million. The impairment loss of $129.3 million in 2023 was entirely associated with the impairment of broadcasting licenses within the radio broadcasting segment. The primary factors leading to the impairments were a decline in projected gross market revenues throughout 2023 and an increase in discount rate during the first three quarters in 2023.

There was no impairment of goodwill, intangible assets and long-lived assets during the three months ended March 31, 2024 compared to $16.8 million for the three months ended March 31, 2023. The expense for the three months ended March 31, 2023 was driven by an impairment loss associated with the sale of the KROI-FM radio broadcasting license.

Interest income was approximately $7.0 million for the year ended December 31, 2023 compared to approximately $0.9 million for the year ended December 31, 2022, an increase of approximately $6.0 million. The increase was primarily due to higher cash and cash equivalents balances during the year ended December 31, 2023.

Interest income was approximately $2.0 million for the three months ended March 31, 2024 compared to $0.3 million for the three months ended March 31, 2023. The increase was driven by higher cash and cash equivalents balances in the three months ended March 31, 2024 than in the corresponding period in 2023.

Interest expense decreased to approximately $56.2 million for the year ended December 31, 2023, compared to approximately $61.8 million for the year ended December 31, 2022, a decrease of approximately $5.6 million. The decrease is due to lower overall debt balances outstanding. During the year ended December 31, 2023, the Company repurchased approximately $25.0 million of its $825.0 million in aggregate principal amount of senior secured notes due 2028 ("2028 Notes") at an average price of approximately 89.1% of par.

Interest expense was approximately $13.0 million for the three months ended March 31, 2024 compared to approximately $14.1 million for the three months ended March 31, 2023, a decrease of approximately $1.1 million. The decrease was due to lower overall debt balances outstanding. During the first quarter of 2024, the Company repurchased approximately $75.0 million of its 2028 Notes at an average price of approximately 88.3% of par.

Other income, net increased $80.0 million for the year ended December 31, 2023 from the year ended December 31, 2022. The increase was primarily due to the gain on sale of the Company's MGM Investment, which was recognized in other income, net, during the year ended December 31, 2023. During the year ended December 31, 2022, the Company recognized income related to the MGM investment as well as the Paycheck Protection Program loan program ("PPP") and related accrued interest that was forgiven in other income, net.

Other income, net, was approximately $0.9 million for the three months ended March 31, 2024 compared to other expense, net of $0.3 million for the three months ended March 31, 2023. During the three months ended March 31, 2024, the Company recognized income related to the sale of its equity interest in Broadcast Music Inc.

For the year ended December 31, 2023, we recorded a provision for income taxes of approximately $7.9 million on the pre-tax income of $17.6 million resulting with an annual effective tax rate of 45.0%. The difference between the effective rate and the Company's statutory rate relates primarily to the effect of state taxes, uncertain tax positions, Internal Revenue Code ("IRC") Section 382 adjustments, and permanent differences associated with non-deductible officer compensation. For the year ended December 31, 2022, we recorded a provision for income taxes of approximately $16.4 million on pre-tax income of $53.1 million resulting with an annual effective tax rate of 30.9%. This rate primarily reflects taxes at statutory tax rates, and the impact of permanent differences associated with non-deductible officer compensation, and non-taxable PPP Loan income forgiveness. In general, permanent book to tax differences have a greater impact on pre-tax income when the income is lower in the given period.

For the three months ended March 31, 2024, we recorded a provision for income taxes of approximately $2.5 million. This amount is based on the actual effective tax rate of 23.5%. This rate includes $0.3 million of discrete tax benefits primarily related to deferred rate changes. For the three months ended March 31, 2023, we recorded a benefit from income taxes of approximately $1.2 million on pre-tax loss from consolidated operations of approximately $3.6 million which results in an effective tax rate of 32.5%. This rate includes $0.1 million of discrete tax benefits primarily related to statutory state tax rate changes.

Other pertinent financial information includes capital expenditures of approximately $9.1 million and $7.6 million for the year ended December 31, 2023 and 2022, respectively.

Other pertinent financial information includes capital expenditures of approximately $1.8 million and $2.0 million for the three months ended March 31, 2024 and 2023, respectively.

During the year ended December 31, 2023, the Company did not repurchase any shares of Class A common stock and repurchased 313,272 shares of Class D common stock in the amount of approximately $1.6 million. During the year ended December 31, 2022, the Company did not repurchase any shares of Class A common stock and repurchased 5,124,671 shares of Class D common stock in the amount of approximately $26.5 million.

During the three months ended March 31, 2024, the Company did not repurchase any shares of Class A common stock and repurchased 396,052 shares of Class D common stock in the amount of approximately $1.4 million. During the three months ended March 31, 2023, the Company did not repurchase any shares of Class A common stock and repurchased 256,442 shares of Class D common stock in the amount of approximately $1.3 million.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of operations for the year end December 31, 2023 and the three months ended March 31, 2024 are included.






Three Months Ended December 31, 2023






(in thousands)
















All Other - 








Radio  


Reach




Cable


Corporate/






Consolidated

Broadcasting

Media


Digital

Television

Eliminations







STATEMENT OF OPERATIONS:






























NET REVENUE

$

120,344

$

41,686

$

10,763

$

21,159

$

47,312

$

(576)


OPERATING EXPENSES:














Programming and technical 


36,580


11,135


4,238


5,158


16,373


(324)


Selling, general and administrative


45,807


23,342


2,026


13,261


7,381


(203)


Corporate selling, general and administrative


23,251


-


1,185


-


2,906


19,160


Stock-based compensation


2,160


616


(180)


42


1


1,681


Depreciation and amortization


810


977


42


275


42


(526)


Impairment of goodwill, intangible assets, and long-lived assets


4,972


4,972


-


-


-


-


Total operating expenses


113,580


41,042


7,311


18,736


26,703


19,788


           Operating income (loss)


6,764


644


3,452


2,423


20,609


(20,364)


INTEREST INCOME


2,479


-


-


-


-


2,479


INTEREST EXPENSE


14,173


56


-


-


-


14,117


GAIN ON RETIREMENT OF DEBT


-


-


-


-


-


-


OTHER (LOSS) INCOME, net


(451)


14


-


-


-


(465)


(Loss) income before income from consolidated operations before provision for (benefit from) income taxes


(5,381)


602


3,452


2,423


20,609


(32,467)


PROVISION FOR INCOME TAXES


2,686


2,598


1,207


654


7,560


(9,333)


Net (loss) income from consolidated operations


(8,067)


(1,996)


2,245


1,769


13,049


(23,134)


LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax


(2,403)


-


-


-


-


(2,403)


NET (LOSS) INCOME 


(10,470)


(1,996)


2,245


1,769


13,049


(25,537)


NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS


515


-


-


-


-


515


NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(10,985)

$

(1,996)

$

2,245

$

1,769

$

13,049

$

(26,052)


















Adjusted EBITDA2

$

26,447

$

8,469

$

3,417

$

3,518

$

21,842

$

(10,799)

 






Three Months Ended December 31, 2022






(in thousands)
















All Other - 








Radio  


Reach




Cable


Corporate/






Consolidated

Broadcasting

Media


Digital

Television

Eliminations







STATEMENT OF OPERATIONS:






























NET REVENUE

$

132,566

$

47,587

$

11,923

$

24,171

$

49,727

$

(842)


OPERATING EXPENSES:














Programming and technical 


36,270


10,898


4,911


5,983


14,868


(390)


Selling, general and administrative


49,082


21,470


2,445


16,256


9,404


(493)


Corporate selling, general and administrative


18,648


-


1,419


-


3,637


13,592


Stock-based compensation


4,338


193


414


32


208


3,491


Depreciation and amortization


2,643


934


45


328


994


342


Impairment of goodwill, intangible assets, and long-lived assets


10,328


10,328


-


-


-


-


Total operating expenses


121,309


43,823


9,234


22,599


29,111


16,542


           Operating income (loss)


11,257


3,764


2,689


1,572


20,616


(17,384)


INTEREST INCOME


465


-


-


-


-


465


INTEREST EXPENSE


14,628


50


-


76


1,919


12,583


GAIN ON RETIREMENT OF DEBT


3,026


-


-


-


-


3,026


OTHER INCOME (LOSS), net


2,351


(489)


-


266


-


2,574


Income (loss) before income from consolidated operations before provision for (benefit from) income taxes


2,471


3,225


2,689


1,762


18,697


(23,902)


PROVISION FOR (BENEFIT FROM) INCOME TAXES


3,615


11,109


(227)


1,448


489


(9,204)


Net (loss) income from consolidated operations


(1,144)


(7,884)


2,916


314


18,208


(14,698)


LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax


-


-


-


-


-


-


NET (LOSS) INCOME 


(1,144)


(7,884)


2,916


314


18,208


(14,698)


NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS


764


-


-


-


-


764


NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

(1,908)

$

(7,884)

$

2,916

$

314

$

18,208

$

(15,462)


















Adjusted EBITDA2

$

31,328

$

15,335

$

3,089

$

1,933

$

21,820

$

(10,849)

 






Year Ended December 31, 2023






(in thousands)
































All Other - 








Radio  


Reach




Cable


Corporate/






Consolidated

Broadcasting

Media


Digital

Television

Eliminations







STATEMENT OF OPERATIONS:






























NET REVENUE

$

477,690

$

156,214

$

52,888

$

75,495

$

196,207

$

(3,114)


OPERATING EXPENSES:














Programming and technical 


136,884


43,705


16,207


15,490


62,935


(1,453)


Selling, general and administrative


172,440


77,898


18,747


40,022


37,769


(1,996)


Corporate selling, general and administrative


53,583


-


3,196


3


7,928


42,456


Stock-based compensation


9,975


1,063


445


176


575


7,716


Depreciation and amortization


7,101


3,707


162


1,352


1,369


511


Impairment of goodwill, intangible assets, and long-lived assets


129,278


129,278


-


-


-


-


Total operating expenses


509,261


255,651


38,757


57,043


110,576


47,234


           Operating (loss) income


(31,571)


(99,437)


14,131


18,452


85,631


(50,348)


INTEREST INCOME


6,967


-


-


-


-


6,967


INTEREST EXPENSE


56,196


222


-


-


2,559


53,415


GAIN ON RETIREMENT OF DEBT


2,356


-


-


-


-


2,356


OTHER INCOME, net


96,084


7


-


-


-


96,077


Income (loss) before income from consolidated operations before provision for (benefit from) income taxes


17,640


(99,652)


14,131


18,452


83,072


1,637


PROVISION FOR (BENEFIT FROM) INCOME TAXES


7,944


(21,937)


3,549


654


21,265


4,413


Net income (loss) from consolidated operations


9,696


(77,715)


10,582


17,798


61,807


(2,776)


LOSS FROM UNCONSOLIDATED JOINT VENTURE, net of tax


(5,131)


-


-


-


-


(5,131)


NET INCOME (LOSS)


4,565


(77,715)


10,582


17,798


61,807


(7,907)


NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS


2,515


-


-


-


-


2,515


NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS

$

2,050

$

(77,715)

$

10,582

$

17,798

$

61,807

$

(10,422)


















Adjusted EBITDA2

$

128,379

$

36,071

$

14,895

$

20,793

$

88,764

$

(32,144)

 






Year Ended December 31, 2022






(in thousands)
































All Other - 








Radio  


Reach




Cable


Corporate/






Consolidated

Broadcasting

Media


Digital

Television

Eliminations







STATEMENT OF OPERATIONS:






























NET REVENUE

$

484,604

$

156,678