Urban One reported fourth quarter net revenue rose 15.3% to $131 million from $113.5 million in 2020.
- Operating income grew to $22.4 million from $34.5 million
- Broadcast and digital operating income decreased 14.9% to $44.1 million
- Adjusted EBITDA declined to $32.5 million from $41.7 million.
The company posted a net income of $6.6 million (13 cents per basic share) as compared to $26.4 million (58 cents) in the year-ago period.
Urban One President/CEO Alfred C. Liggins, III stated, "We had another very strong quarter, with revenue exceeding expectations, allowing us to significantly exceed our previous Adjusted EBITDA guidance for the year of $140-$145 million. There was some noise in the expenses, predominantly related to returning events, TV programming amortization and annual staff bonuses, all of which were anticipated and factored into our guidance.
"Demand for our audience remains extremely robust across the platform, and, excluding political, advertising revenues for the quarter were up double-digit percentages in all of our operating segments. Digital revenues were up 42.9%, and we exceeded $50 million in annual digital revenue for the first time. Cable TV revenues were up 43.6% helped by strong upfront demand and higher average unit rates across both TV One and Cleo.
"Looking back at pre-pandemic revenues, when we aggregate our radio broadcasting, syndication, events and digital operations, net revenues were up 25% compared to Q4 2019, and Adjusted EBITDA up 21%. We expect to continue to exceed pre-pandemic revenues and Adjusted EBITDA in 2022, and this is supported by first quarter 2022 core radio pacings up low double digits, and up mid-teens including digital revenues."
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| Alfred C Liggins |
"Demand for our audience remains extremely robust across the platform, and, excluding political, advertising revenues for the quarter were up double-digit percentages in all of our operating segments. Digital revenues were up 42.9%, and we exceeded $50 million in annual digital revenue for the first time. Cable TV revenues were up 43.6% helped by strong upfront demand and higher average unit rates across both TV One and Cleo.
"Looking back at pre-pandemic revenues, when we aggregate our radio broadcasting, syndication, events and digital operations, net revenues were up 25% compared to Q4 2019, and Adjusted EBITDA up 21%. We expect to continue to exceed pre-pandemic revenues and Adjusted EBITDA in 2022, and this is supported by first quarter 2022 core radio pacings up low double digits, and up mid-teens including digital revenues."
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