Urban One, Inc. (NASDAQ:UONE) Q4 2023 Earnings Call Transcript June 11, 2024
Operator: Welcome to Urban One’s First Quarter Conference Call. 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-K, 10-Q 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 June 10, 2024. Please note that Urban One disclaims any duty to update any forward-looking statements made in this 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 the conference will be available from 5:30 p.m. Eastern Time, 6/10/2024 until 11:59 p.m. 6/17/2024. Callers may access the replay by calling 866-207-1041. International is 402-970-0847. Callers may dial direct. The replay access code is 1372800. Access to live audio and a replay of the conference call 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 D. Thompson, Chief Financial Officer.
Alfred Liggins: Thank you very much, operator, and also joining Peter and I, as usual; Jody Drewer, our Chief Financial Officer at TV One and CLEO; Kris Simpson, our General Counsel; and Karen Wishart, who is our EVP of Administration. And thank you. We haven’t done a call in a while because we’ve been going through a long and arduous audit with a new audit firm, but as you have seen from the filings and the press release, we are finally completed with the year-end 2023 audit and also our first quarter 2024 audit results as well. And so we’re officially back in compliance with NASDAQ. And so very happy about that and time to keep our eyes moving forward in terms of filings to come. And you saw from the year-end results, we were right in our range.
The guidance that we’ve been giving all along came in at $128.4 million of year-end adjusted EBITDA. Something that we’ve been asked on a consistent basis, and we haven’t been in a position to do or haven’t been willing to do at that point in time is talk about what we think 2024 is going to look like. But at almost the six-month mark, we want to provide 2024 EBITDA guidance. And we expect, depending on how robust political is to do $110 million to $120 million of EBITDA in the 2024 calendar year. So with that, you can triangulate where you think we’re going to be in terms of leverage ratios, et cetera. The political landscape is yet to play out. We’re hopeful about it, but it’s starting now. For us, the primary season wasn’t as robust as we had like it – would have liked it to be, but we could think that the presidential landscape will be quite robust, and we’re having really good conversations.
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