Urban One Reports Net Revenue Jumped 23 Percent

Urban One, Inc. today reported its results for the quarter ended March 31, 2022. Net revenue was approximately $112.3 million, an increase of 22.9% from the same period in 2021. 

The Company reported operating income of approximately $36.5 million for the three months ended March 31, 2022, compared to approximately $23.8 million for the three months ended March 31, 2021. 

Broadcast and digital operating income1 was approximately $48.4 million, an increase of 33.0% from the same period in 2021. Net income was approximately $16.4 million or $0.32 per share (basic) compared to $7,000 or $0.00 per share (basic) for the same period in 2021. 

Alfred C Liggins

Adjusted EBITDA2 was approximately $42.0 million for the three months ended March 31, 2022, compared to approximately $30.2 million for the same period in 2021.

Alfred C. Liggins, III, Urban One's CEO and President stated, "We had extremely strong first quarter performance across the platform, with advertising revenues up double-digit percentages in all of our operating segments. 

"Digital revenues were up 49.5%, Cable TV advertising revenues were up 46.9%, and radio advertising, excluding political and digital, was up 17.4%. This enabled us to grow Adjusted EBITDA by 38.9% year-over-year, and by $14.3 million or 51.6% vs. Q1 2019. Looking back at pre-pandemic revenues, when we aggregate our radio broadcasting, syndication, events and digital operations, net revenues were up 11.5% compared to Q1 2019. Second quarter core radio advertising is pacing up mid-single digits, as we start to lap the tougher comps from 2021. Our balance sheet continues to strengthen, with $166.4 million of cash and net leverage down to 4.07x."