Urban One reports FY2023 Adj EBITDA $128.4M, Q1 2024 net income $7.5M; guides FY2024 Adj EBITDA $110-120M

URBAN ONE, INC.

FY2023 net revenue $477.7M (-1.4% YoY), operating loss $31.6M vs income $91.1M, Adj EBITDA $128.4M vs $165.2M.
Q1 2024 net revenue $104.4M (-5% YoY), operating income $12.9M vs $8.1M, Adj EBITDA $21.5M vs $30.3M.
Regained Nasdaq compliance after filing FY2023 10-K and Q1 2024 10-Q on June 7, 2024; delisting action ceased.
FY2024 Adj EBITDA guidance $110-120M; Q2 radio net revenue pacing down ~3% on same-station basis.
Cash $162.9M as of June 10, 2024; Q1 repurchased $75M of 2028 notes at 88.3%.

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