o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
|
|
99.1
|
|
|
Press release dated March 20, 2020: Urban One, Inc. Reports Fourth Quarter Results.
|
|
99.2 | Transcript of Urban One, Inc. Updated Fourth Quarter 2019 Conference Call, held March 20, 2020 at 10:00 AM EDT. |
RESULTS OF OPERATIONS
|
|||||||||||||||||
Three Months Ended December 31,
|
Year Ended December 31,
|
||||||||||||||||
2019
|
2018
|
2019
|
2018
|
||||||||||||||
STATEMENT OF OPERATIONS
|
(unaudited)
|
(unaudited)
|
|||||||||||||||
(in thousands, except share data)
|
(in thousands, except share data)
|
||||||||||||||||
NET REVENUE
|
$
|
105,854
|
$
|
113,541
|
$
|
436,929
|
$
|
439,098
|
|||||||||
OPERATING EXPENSES
|
|||||||||||||||||
Programming and technical, excluding stock-based compensation
|
34,947
|
31,842
|
128,726
|
125,316
|
|||||||||||||
Selling, general and administrative, excluding stock-based compensation
|
36,617
|
37,136
|
151,791
|
148,967
|
|||||||||||||
Corporate selling, general and administrative, excluding stock-based compensation
|
10,702
|
11,056
|
36,947
|
32,019
|
|||||||||||||
Stock-based compensation
|
2,192
|
1,076
|
4,784
|
4,711
|
|||||||||||||
Depreciation and amortization
|
2,534
|
8,320
|
16,985
|
33,189
|
|||||||||||||
Impairment of long-lived assets
|
6,800
|
14,700
|
10,600
|
21,256
|
|||||||||||||
Total operating expenses
|
93,792
|
104,130
|
349,833
|
365,458
|
|||||||||||||
Operating income
|
12,062
|
9,411
|
87,096
|
73,640
|
|||||||||||||
INTEREST INCOME
|
19
|
46
|
150
|
240
|
|||||||||||||
INTEREST EXPENSE
|
19,753
|
19,244
|
81,400
|
76,667
|
|||||||||||||
LOSS ON RETIREMENT OF DEBT
|
-
|
2,794
|
-
|
1,809
|
|||||||||||||
OTHER INCOME, net
|
(2,406
|
)
|
(2,152
|
)
|
(7,075
|
)
|
(8,002
|
)
|
|||||||||
(Loss) income before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries
|
(5,266
|
)
|
(10,429
|
)
|
12,921
|
3,406
|
|||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
2,522
|
(127,844
|
)
|
10,864
|
(138,758
|
)
|
|||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(7,788
|
)
|
117,415
|
2,057
|
142,164
|
||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
133
|
493
|
1,132
|
1,163
|
|||||||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(7,921
|
)
|
$
|
116,922
|
$
|
925
|
$
|
141,001
|
||||||||
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
|||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(7,921
|
)
|
$
|
116,922
|
$
|
925
|
$
|
141,001
|
||||||||
Weighted average shares outstanding - basic3
|
44,172,147
|
44,663,033
|
44,699,586
|
45,647,696
|
|||||||||||||
Weighted average shares outstanding - diluted4
|
44,172,147
|
46,874,741
|
47,921,671
|
48,000,957
|
Three Months Ended December 31,
|
Year Ended December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
PER SHARE DATA - basic and diluted:
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||||||||
(in thousands, except per share data)
|
(in thousands, except per share data)
|
|||||||||||||||
Consolidated net (loss) income attributable to common stockholders (basic)
|
$
|
(0.18
|
)
|
$
|
2.62
|
$
|
0.02
|
$
|
3.09
|
|||||||
Consolidated net (loss) income attributable to common stockholders (diluted)
|
$
|
(0.18
|
)
|
$
|
2.49
|
$
|
0.02
|
$
|
2.94
|
|||||||
SELECTED OTHER DATA
|
||||||||||||||||
Broadcast and digital operating income 1
|
$
|
34,290
|
$
|
44,563
|
$
|
156,412
|
$
|
164,815
|
||||||||
Broadcast and digital operating income margin (% of net revenue)
|
32.4
|
%
|
39.2
|
%
|
35.8
|
%
|
37.5
|
%
|
||||||||
Broadcast and digital operating income reconciliation:
|
||||||||||||||||
Consolidated net (loss) income attributable to common stockholders
|
$
|
(7,921
|
)
|
$
|
116,922
|
$
|
925
|
$
|
141,001
|
|||||||
Add back non-broadcast and digital operating income items included in consolidated net (loss) income:
|
||||||||||||||||
Interest income
|
(19
|
)
|
(46
|
)
|
(150
|
)
|
(240
|
)
|
||||||||
Interest expense
|
19,753
|
19,244
|
81,400
|
76,667
|
||||||||||||
Provision for (benefit from) income taxes
|
2,522
|
(127,844
|
)
|
10,864
|
(138,758
|
)
|
||||||||||
Corporate selling, general and administrative expenses
|
10,702
|
11,056
|
36,947
|
32,019
|
||||||||||||
Stock-based compensation
|
2,192
|
1,076
|
4,784
|
4,711
|
||||||||||||
Loss on retirement of debt
|
-
|
2,794
|
-
|
1,809
|
||||||||||||
Other income, net
|
(2,406
|
)
|
(2,152
|
)
|
(7,075
|
)
|
(8,002
|
)
|
||||||||
Depreciation and amortization
|
2,534
|
8,320
|
16,985
|
33,189
|
||||||||||||
Noncontrolling interest in income of subsidiaries
|
133
|
493
|
1,132
|
1,163
|
||||||||||||
Impairment of long-lived assets
|
6,800
|
14,700
|
10,600
|
21,256
|
||||||||||||
Broadcast and digital operating income
|
$
|
34,290
|
$
|
44,563
|
$
|
156,412
|
$
|
164,815
|
||||||||
Adjusted EBITDA2
|
$
|
27,526
|
$
|
35,335
|
$
|
133,543
|
$
|
140,622
|
||||||||
Adjusted EBITDA reconciliation:
|
||||||||||||||||
Consolidated net (loss) income attributable to common stockholders:
|
$
|
(7,921
|
)
|
$
|
116,922
|
$
|
925
|
$
|
141,001
|
|||||||
Interest income
|
(19
|
)
|
(46
|
)
|
(150
|
)
|
(240
|
)
|
||||||||
Interest expense
|
19,753
|
19,244
|
81,400
|
76,667
|
||||||||||||
Provision for (benefit from) income taxes
|
2,522
|
(127,844
|
)
|
10,864
|
(138,758
|
)
|
||||||||||
Depreciation and amortization
|
2,534
|
8,320
|
16,985
|
33,189
|
||||||||||||
EBITDA
|
$
|
16,869
|
$
|
16,596
|
$
|
110,024
|
$
|
111,859
|
||||||||
Stock-based compensation
|
2,192
|
1,076
|
4,784
|
4,711
|
||||||||||||
Loss on retirement of debt
|
-
|
2,794
|
-
|
1,809
|
||||||||||||
Other income, net
|
(2,406
|
)
|
(2,152
|
)
|
(7,075
|
)
|
(8,002
|
)
|
||||||||
Noncontrolling interest in income of subsidiaries
|
133
|
493
|
1,132
|
1,163
|
||||||||||||
Employment Agreement Award, incentive plan award expenses and other compensation
|
1,373
|
(1,173
|
)
|
4,948
|
(3,654
|
)
|
||||||||||
Contingent consideration from acquisition
|
77
|
684
|
297
|
2,399
|
||||||||||||
Severance-related costs
|
802
|
411
|
1,980
|
2,032
|
||||||||||||
Cost method investment income from MGM National Harbor
|
1,686
|
1,906
|
6,853
|
7,049
|
||||||||||||
Impairment of long-lived assets
|
6,800
|
14,700
|
10,600
|
21,256
|
||||||||||||
Adjusted EBITDA
|
$
|
27,526
|
$
|
35,335
|
$
|
133,543
|
$
|
140,622
|
December 31, 2019
|
December 31, 2018
|
|||||||
(unaudited)
|
||||||||
(in thousands)
|
||||||||
SELECTED BALANCE SHEET DATA:
|
||||||||
Cash and cash equivalents and restricted cash
|
$
|
33,546
|
$
|
15,890
|
||||
Intangible assets, net
|
881,708
|
916,824
|
||||||
Total assets
|
1,251,406
|
1,237,409
|
||||||
Total debt (including current portion, net of original issue discount and issuance costs)
|
876,253
|
912,463
|
||||||
Total liabilities
|
1,057,767
|
1,052,036
|
||||||
Total stockholders' equity
|
183,075
|
175,141
|
||||||
Redeemable noncontrolling interest
|
10,564
|
10,232
|
||||||
December 31, 2019
|
Applicable Interest Rate
|
|||||||
(in thousands)
|
||||||||
SELECTED LEVERAGE DATA:
|
||||||||
2017 Credit Facility, net of original issue discount and issuance costs of approximately $5.4 million (subject to variable rates) (a)
|
$
|
315,277
|
5.71
|
%
|
||||
7.375% senior secured notes due April 2022, net of original issue discount and issuance costs of approximately $2.4 million (fixed rate)
|
347,585
|
7.375
|
%
|
|||||
2018 Credit Facility, net of original issue discount and issuance costs of approximately $3.7 million (fixed rate)
|
163,404
|
12.875
|
%
|
|||||
MGM National Harbor Loan, net of original issue discount and issuance costs of approximately $2.1 million (fixed rate)
|
49,987
|
11.00
|
%
|
|||||
Asset-backed credit facility (subject to variable rates) (a)
|
-
|
0.00
|
%
|
(a)
|
Subject to variable Libor or Prime plus a spread that is incorporated into the applicable interest rate set forth above.
|
|
Three Months Ended December 31,
|
|||||||||||||||
|
2019
|
2018
|
$ Change
|
% Change
|
||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
(in thousands)
|
|||||||||||||||
Net Revenue:
|
||||||||||||||||
Radio Advertising
|
$
|
48,359
|
$
|
53,258
|
$
|
(4,899
|
)
|
-9.2
|
%
|
|||||||
Political Advertising
|
705
|
4,268
|
(3,563
|
)
|
-83.5
|
%
|
||||||||||
Digital Advertising
|
8,642
|
8,071
|
571
|
7.1
|
%
|
|||||||||||
Cable Television Advertising
|
19,118
|
20,218
|
(1,100
|
)
|
-5.4
|
%
|
||||||||||
Cable Television Affiliate Fees
|
25,667
|
25,764
|
(97
|
)
|
-0.4
|
%
|
||||||||||
Event Revenues & Other
|
3,363
|
1,962
|
1,401
|
71.4
|
%
|
|||||||||||
Net Revenue (as reported)
|
$
|
105,854
|
$
|
113,541
|
$
|
(7,687
|
)
|
-6.8
|
%
|
Three Months Ended December 31, 2019
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
105,854
|
$
|
44,950
|
$
|
8,031
|
$
|
8,642
|
$
|
44,793
|
$
|
(562
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
34,947
|
9,966
|
4,652
|
4,006
|
16,705
|
(382
|
)
|
|||||||||||||||||
Selling, general and administrative
|
36,617
|
20,486
|
1,454
|
5,447
|
9,398
|
(168
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
10,702
|
-
|
1,077
|
-
|
1,808
|
7,817
|
||||||||||||||||||
Stock-based compensation
|
2,192
|
284
|
12
|
12
|
-
|
1,884
|
||||||||||||||||||
Depreciation and amortization
|
2,534
|
738
|
57
|
482
|
946
|
311
|
||||||||||||||||||
Impairment of long-lived assets
|
6,800
|
1,000
|
-
|
5,800
|
-
|
-
|
||||||||||||||||||
Total operating expenses
|
93,792
|
32,474
|
7,252
|
15,747
|
28,857
|
9,462
|
||||||||||||||||||
Operating income (loss)
|
12,062
|
12,476
|
779
|
(7,105
|
)
|
15,936
|
(10,024
|
)
|
||||||||||||||||
INTEREST INCOME
|
19
|
-
|
-
|
-
|
-
|
19
|
||||||||||||||||||
INTEREST EXPENSE
|
19,753
|
338
|
-
|
53
|
1,919
|
17,443
|
||||||||||||||||||
OTHER INCOME, net
|
(2,406
|
)
|
(360
|
)
|
-
|
-
|
(348
|
)
|
(1,698
|
)
|
||||||||||||||
(Loss) income before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries
|
(5,266
|
)
|
12,498
|
779
|
(7,158
|
)
|
14,365
|
(25,750
|
)
|
|||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
2,522
|
6,115
|
294
|
(2
|
)
|
3,656
|
(7,541
|
)
|
||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(7,788
|
)
|
6,383
|
485
|
(7,156
|
)
|
10,709
|
(18,209
|
)
|
|||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
133
|
-
|
-
|
-
|
-
|
133
|
||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(7,921
|
)
|
$
|
6,383
|
$
|
485
|
$
|
(7,156
|
)
|
$
|
10,709
|
$
|
(18,342
|
)
|
|||||||||
Adjusted EBITDA2
|
$
|
27,526
|
$
|
14,651
|
$
|
1,200
|
$
|
(532
|
)
|
$
|
16,882
|
$
|
(4,675
|
)
|
Three Months Ended December 31, 2018
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
113,541
|
$
|
50,841
|
$
|
9,264
|
$
|
8,123
|
$
|
45,883
|
$
|
(570
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
31,842
|
10,327
|
4,493
|
3,033
|
14,092
|
(103
|
)
|
|||||||||||||||||
Selling, general and administrative
|
37,136
|
21,376
|
743
|
5,723
|
9,762
|
(468
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
11,056
|
-
|
1,117
|
-
|
3,177
|
6,762
|
||||||||||||||||||
Stock-based compensation
|
1,076
|
136
|
11
|
31
|
1
|
897
|
||||||||||||||||||
Depreciation and amortization
|
8,320
|
894
|
61
|
472
|
6,569
|
324
|
||||||||||||||||||
Impairment of long-lived assets
|
14,700
|
14,700
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total operating expenses
|
104,130
|
47,433
|
6,425
|
9,259
|
33,601
|
7,412
|
||||||||||||||||||
Operating income (loss)
|
9,411
|
3,408
|
2,839
|
(1,136
|
)
|
12,282
|
(7,982
|
)
|
||||||||||||||||
INTEREST INCOME
|
46
|
-
|
-
|
-
|
-
|
46
|
||||||||||||||||||
INTEREST EXPENSE
|
19,244
|
338
|
-
|
-
|
1,919
|
16,987
|
||||||||||||||||||
LOSS ON RETIREMENT OF DEBT
|
2,794
|
-
|
-
|
-
|
-
|
2,794
|
||||||||||||||||||
OTHER INCOME, net
|
(2,152
|
)
|
(233
|
)
|
-
|
-
|
-
|
(1,919
|
)
|
|||||||||||||||
(Loss) income before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries
|
(10,429
|
)
|
3,303
|
2,839
|
(1,136
|
)
|
10,363
|
(25,798
|
)
|
|||||||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(127,844
|
)
|
4,811
|
681
|
643
|
2,144
|
(136,123
|
)
|
||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
117,415
|
(1,508
|
)
|
2,158
|
(1,779
|
)
|
8,219
|
110,325
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
493
|
-
|
-
|
-
|
-
|
493
|
||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
116,922
|
$
|
(1,508
|
)
|
$
|
2,158
|
$
|
(1,779
|
)
|
$
|
8,219
|
$
|
109,832
|
||||||||||
Adjusted EBITDA2
|
$
|
35,335
|
$
|
19,398
|
$
|
2,911
|
$
|
142
|
$
|
19,116
|
$
|
(6,232
|
)
|
Year Ended December 31, 2019
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
436,929
|
$
|
177,478
|
$
|
44,691
|
$
|
31,922
|
$
|
185,027
|
$
|
(2,189
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
128,726
|
41,096
|
16,802
|
12,444
|
60,121
|
(1,737
|
)
|
|||||||||||||||||
Selling, general and administrative
|
151,791
|
78,047
|
18,166
|
19,278
|
36,639
|
(339
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
36,947
|
-
|
3,139
|
2
|
6,426
|
27,380
|
||||||||||||||||||
Stock-based compensation
|
4,784
|
735
|
43
|
51
|
9
|
3,946
|
||||||||||||||||||
Depreciation and amortization
|
16,985
|
3,248
|
235
|
1,877
|
10,376
|
1,249
|
||||||||||||||||||
Impairment of long-lived assets
|
10,600
|
4,800
|
-
|
5,800
|
-
|
-
|
||||||||||||||||||
Total operating expenses
|
349,833
|
127,926
|
38,385
|
39,452
|
113,571
|
30,499
|
||||||||||||||||||
Operating income (loss)
|
87,096
|
49,552
|
6,306
|
(7,530
|
)
|
71,456
|
(32,688
|
)
|
||||||||||||||||
INTEREST INCOME
|
150
|
-
|
-
|
-
|
-
|
150
|
||||||||||||||||||
INTEREST EXPENSE
|
81,400
|
1,350
|
-
|
53
|
7,675
|
72,322
|
||||||||||||||||||
OTHER (INCOME) EXPENSE, net
|
(7,075
|
)
|
157
|
-
|
-
|
(348
|
)
|
(6,884
|
)
|
|||||||||||||||
Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries
|
12,921
|
48,045
|
6,306
|
(7,583
|
)
|
64,129
|
(97,976
|
)
|
||||||||||||||||
PROVISION FOR (BENEFIT FROM) INCOME TAXES
|
10,864
|
15,236
|
1,637
|
(12
|
)
|
16,216
|
(22,213
|
)
|
||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
2,057
|
32,809
|
4,669
|
(7,571
|
)
|
47,913
|
(75,763
|
)
|
||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
1,132
|
-
|
-
|
-
|
-
|
1,132
|
||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
925
|
$
|
32,809
|
$
|
4,669
|
$
|
(7,571
|
)
|
$
|
47,913
|
$
|
(76,895
|
)
|
||||||||||
Adjusted EBITDA2
|
$
|
133,543
|
$
|
58,953
|
$
|
6,954
|
$
|
928
|
$
|
82,007
|
$
|
(15,299
|
)
|
Year Ended December 31, 2018
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Digital
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$
|
439,098
|
$
|
182,765
|
$
|
42,984
|
$
|
31,577
|
$
|
184,298
|
$
|
(2,526
|
)
|
|||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
125,316
|
40,165
|
17,294
|
13,289
|
55,054
|
(486
|
)
|
|||||||||||||||||
Selling, general and administrative
|
148,967
|
76,648
|
15,205
|
24,208
|
34,963
|
(2,057
|
)
|
|||||||||||||||||
Corporate selling, general and administrative
|
32,019
|
-
|
3,512
|
6
|
9,076
|
19,425
|
||||||||||||||||||
Stock-based compensation
|
4,711
|
614
|
53
|
114
|
11
|
3,919
|
||||||||||||||||||
Depreciation and amortization
|
33,189
|
3,484
|
250
|
1,907
|
26,259
|
1,289
|
||||||||||||||||||
Impairment of long-lived assets
|
21,256
|
21,256
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total operating expenses
|
365,458
|
142,167
|
36,314
|
39,524
|
125,363
|
22,090
|
||||||||||||||||||
Operating income (loss)
|
73,640
|
40,598
|
6,670
|
(7,947
|
)
|
58,935
|
(24,616
|
)
|
||||||||||||||||
INTEREST INCOME
|
240
|
-
|
-
|
-
|
-
|
240
|
||||||||||||||||||
INTEREST EXPENSE
|
76,667
|
1,363
|
-
|
-
|
7,676
|
67,628
|
||||||||||||||||||
LOSS ON RETIREMENT OF DEBT
|
1,809
|
-
|
-
|
-
|
-
|
1,809
|
||||||||||||||||||
OTHER INCOME, net
|
(8,002
|
)
|
(876
|
)
|
-
|
-
|
(2
|
)
|
(7,124
|
)
|
||||||||||||||
Income (loss) before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries
|
3,406
|
40,111
|
6,670
|
(7,947
|
)
|
51,261
|
(86,689
|
)
|
||||||||||||||||
(BENEFIT FROM) PROVISION FOR INCOME TAXES
|
(138,758
|
)
|
13,561
|
1,622
|
13
|
12,285
|
(166,239
|
)
|
||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
142,164
|
26,550
|
5,048
|
(7,960
|
)
|
38,976
|
79,550
|
|||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
1,163
|
-
|
-
|
-
|
-
|
1,163
|
||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
141,001
|
$
|
26,550
|
$
|
5,048
|
$
|
(7,960
|
)
|
$
|
38,976
|
$
|
78,387
|
|||||||||||
Adjusted EBITDA2
|
$
|
140,622
|
$
|
66,679
|
$
|
6,986
|
$
|
(3,101
|
)
|
$
|
86,975
|
$
|
(16,917
|
)
|
Moderator |
Welcome to the Urban One's 2019 4th Quarter Earnings Call. I've been asked to begin this call with the following Safe Harbor statement. During this conference call, Urban One will be sharing with you certain projections or other forward-looking statements regarding future events or its future performance. Urban One cautions you about certain factors, including risk and uncertainties referred to in the 10-Ks, 10-Qs, and other reports it periodically files with the Securities and Exchange Commission, could cause the company's actual results to differ materially from those indicated by its projections or forward-looking statements.
|
A. Liggins |
Thank you very much, operator. Also joining me is Karen Wishart, our Chief Administrative Officer; Kris Simpson, our general counsel; and Jody Drewer, the CFO at TV One.
|
P. Thompson |
Thanks, Alfred. As Alfred said, during the fourth quarter we reclassified interest expense component of operating leases, which we've been showing as interest expense, and we had to put that back into operating expense. In January 1st of last year, FCA 42 [ph], we changed the way we were accounting for leases. We grossed them up, both the assets and the liabilities on the balance sheet. That was fine. And then the P&L geography, as a result of that change in accounting, meant that we were having a quarterly pickup to operating expenses, and a quarterly hit to interest expenses. We've been transparent on calling that out on each of the quarterly earnings calls, so that really should come as no surprise.
|
A. Liggins |
Thank you. Operator, let's open the line up for questions, please.
|
Moderator |
[Operator instructions].
|
A. Liggins |
No questions? Nobody's requesting questions, operator?
|
Moderator |
Right now we have no one in queue for questions.
|
A. Liggins |
Well, look, I know it's a very chaotic time and everybody's focused on their loved ones and their business falling off a cliff. And so, if there are any additional questions that people think of afterwards, we always try to be available and transparent, so feel free to reach out to Peter and I via email or telephone, and we will continue to communicate openly and transparently. And Godspeed to everybody in trying to sort through this COVID-19 catastrophe issue. Our prayers are with all of our families and your families as well.
|
Moderator |
Ladies and gentlemen, that does conclude your conference for today. Thank you for your participation and for using AT&T TeleConference Service. You may now disconnect.
|