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Urban One Inc. (UONE-0.75%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Urban One's financial performance, showing a decrease in net revenue to $449.7 million from $477.7 million in the previous year. This decline is attributed to lower revenues across most segments, particularly in the Cable Television segment.
Operating expenses increased to $525.3 million from $509.3 million, primarily due to impairment charges on goodwill and intangible assets, totaling $151.8 million.
The company reported an operating loss of $75.6 million, compared to a loss of $31.6 million in the prior year, largely due to the aforementioned impairment charges.
Interest expense decreased to $48.6 million from $56.2 million, following the repurchase of $140.4 million of its 2028 Notes.
Net loss for the year was $104.2 million, compared to a net income of $4.6 million in the previous year, reflecting the impact of impairment charges and reduced revenues.
The filing also notes a decline in cash and cash equivalents to $137.6 million from $233.6 million, attributed to repurchases of debt and common stock.
Urban One continues to focus on its core radio broadcasting franchise while managing its diversified media interests, including cable television and digital platforms.
The company identified material weaknesses in its internal controls over financial reporting, which it is actively working to remediate.
Urban One's management remains committed to improving market share and revenue conversion across its multimedia operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Urban One Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.