URBAN ONE, INC. Q3 FY2024 earnings call

• Experienced advertising headwinds in Q3. - Repurchased $14.5 million of outstanding bonds in the quarter. - Q4 revenues forecasted to be almost flat due to $20.5 million in political spending (vs $22.5 million in 2020). - Modified year-end EBITDA guide from $110 million to a range of $102 million to $105 million due to weakness in Cable TV segment. - Expect year-end cash balance of $140 million by 12/31. - Details on each segment's performance from Peter Thompson's breakdown including radio, Reach Media, digital, and cable TV segments' financials

Consolidated net revenues were down 6.3% year-over-year to approximately $110.4 million for the 3 months ended September 30, 2024. Radio broadcasting segment: net revenue was $39.7 million, a decrease of 1.1% year-over-year, down 3.6% on a same-station basis. Excluding political, net revenue was down 4.8% year-over-year, down 7.7% on a same-station basis. Reach Media segment: net revenues were $10.2 million in Q3, down 8.2% from the prior year, and adjusted EBITDA was $3.7 million for the quarter, up from $3.4 million last year. Digital segment: net revenues were flat at $20.4 million in Q3; adjusted EBITDA was $6.4 million, down 13.5%. Cable television segment: recognized approximately $40.7 million of revenue, a decrease of 13%; cable TV advertising revenue was down 13.3%; cable TV affiliate revenue was down by 12.8%

• Q4 revenues forecasted to be almost flat because of political spending. - Year-end EBITDA guide modified to $102 million to $105 million from $110 million. - Expect year-end cash balance of $140 million by 12/31

• Continuing weakness in Cable TV segment with delivery erosion down 29% in total day P25-54 and subscriber churn trending at about 11% per annum. - Advertising headwinds impacting revenues. - Debt and leverage issues with net debt of approximately $485 million and net leverage ratio of 4.68x

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