Urban One Q2 Net Revenue Up 10.4% to $118.8 Million

RADIO ONLINE | Tuesday, August 9, 2022 | 4:38pm CT

Urban One

Urban One reported second quarter net revenue increased 10.4% to $118.8 million from $107.5 million. Operating income fell to $23.8 million from $37.9 million, while broadcast and digital operating income grew 11.2% to $55.1 million. Adjusted EBITDA rose to $47.5 million from $44.8 million. The company posted a net income of $15 million (30 cents per basic share) as compared to $17.9 million (36 cents) in the year-ago period.

Urban One President/CEO Alfred C. Liggins, III stated, "We had a strong finish to Q2, driven by continued robust growth in digital and cable television advertising, both of which were up double digits. Our spot radio business outperformed the markets in which we operate by 230 Bps, and I was pleased with our overall 10.4% revenue growth, as a result of which we were able to post adjusted EBITDA growth of 6.1% y-o-y."

He added, Like other media businesses, we have experienced a slow-down in Q3, particularly in core radio which is currently pacing down low-to-mid single-digits. Given our diversified mix of assets, I still anticipate consolidated net revenues to grow in Q3, and we remain well positioned for political advertising later in the year. We will continue to be disciplined with capital allocation decisions and our cash position remains strong. We finished the quarter with net leverage below 4.0x, in line with our goal to continue to reduce leverage over time."