Urban One, Inc. (NASDAQ:UONE) Q2 2023 Earnings Call Transcript
Urban One, Inc. (NASDAQ:UONE) Q2 2023 Earnings Call Transcript December 7, 2023
Operator: Ladies and gentlemen, thank you for standing by and welcome to Urban One’s First Half 2023 Conference Call. During this conference call, Urban One will be sharing with you certain projections and other forward-looking statements regarding future events or its future performance. Urban One cautions you that certain factors including risks 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. This call will present information as of December 7, 2023. Please note that Urban One disclaims any duty to update any forward-looking statements made in the presentation.
In this call, Urban One may also discuss some non-GAAP financial measures in talking about its performance. These measures will be reconciled to GAAP, either during the course of this call or in the Company’s press release, which can be found on its website at www.urban1.com. A replay of the conference call will be available from 12 o’clock noon today running through midnight at December 14th. Callers may access the replay by dialing 1-866-207-1041. International dialers may call 402-970-0847. The replay access code is 3718185. Access to live audio and a replay of the conference call will be available on Urban One’s corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call. No other recordings or copies of this call are authorized or may be relied upon.
I’ll now turn the call over to Alfred C. Liggins, Chief Executive Officer of Urban One, who is joined by Peter D. Thompson, Chief Financial Officer.
Alfred C. Liggins: Thank you very much, operator. And welcome everyone to our first half conference call for 2023. With me also in addition to Peter D. Thompson, is Kris Simpson, who is our General Counsel and Jody Drewer, who is our Chief Financial Officer at TV One. We’ve released our earnings. We’ve got the Q1 and Q2 commentary. Radio in the first half of the year was decent and is showing softness in the second half of the year. The cable television business struggled in the first half of the year, due to ratings and churn and ADU, Q1 in particular. However, that has actually stabilized going into the back half of the year. So, they flip-flopped. Our digital business is actually moving along as planned and is surprising to the upside in Q4.
And with all of that, we are comfortable continuing to reaffirm our full year EBITDA guidance of the range of $125 million to $128 million of EBITDA. This is also the first call we’ve had with our investment in MGM being fully monetized, and it is shown in our cash balance. And we have been to one large investor conference and gotten a lot of questions about what are our plans for our cash now that our Richmond referendum for the casino investment failed to pass for the second time. And so we are thinking through all of those things now. And certainly, debt paydown is something that is a top consideration. And so we are going to be happy to talk more about that in Q&A, if anybody wants to get a bit more granular on it. With that, I want to turn it over to Peter, so he can go into the specifics on the numbers and then we will open it up to Q&A and go from there.
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