Thursday, November 21, 2024

Q3 2024 Urban One Inc Earnings Call

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Alfred Liggins; President, Chief Executive Officer, Treasurer, Director; Urban One Inc

Peter Thompson; Chief Financial Officer, Executive Vice President; Urban One Inc

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Urban One 2024 third quarter earnings call. As a reminder, this conference is being recorded. We will begin the 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 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 November 12, 2024. 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 this conference call will be available from 1:00 PM Eastern Time, November 12, 2024, until 12:00 AM Eastern Time, November 19, 2024. Callers may access the replay by calling 1 (866) 207-1041. International callers may dial direct at 1 (402) 970-0847. The replay access code is 3607803.
Access to live audio and a replay of the conference will also 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 will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Urban One, who is joined by Peter Thompson, Chief Financial Officer. Mr. Liggins, please go ahead.

Alfred Liggins

Thank you, operator, very much. Also joining us is Kris Simpson, who’s our General Counsel; Karen Wishart, our Chief Administrative Officer; and Jody Drewer, our Chief Financial Officer at TV One. Thanks, and welcome to the Q3 earnings call.
As you’ve seen in the press release, we released our numbers this morning for Q3. We’ve continued to experience advertising headwinds in Q3 as we’ve expected. So the company has continued to reduce its indebtedness.
In the quarter, we repurchased $14.5 million of our outstanding bonds at $0.75 on the dollar. Q4, excuse me, revenues are forecasting at this point to be almost about flat because of a robust political spending of approximately $20.5 million net. That’s in comparison to about $22.5 million in 2020. So not quite as good but not bad.
However, there is continuing weakness in our cable TV segment. That’s going to require us to modify our year-end EBITDA guide from $110 million to a range of $102 million to $105 million. We expect to have a year-end cash balance of $140 million by 12/31 of this year. And we’ll continue to manage through this in a prudent manner and march towards our continued debt reduction.
With that, I’m going to turn it over to Peter Thompson to go through the details of the quarter, and then we’ll open it up for Q&A. Peter?

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