Urban One Files Preliminary Q1 2023 Financial Results with SEC
Relative to the preceding story, on Friday (9/29) Urban One filed an 8-K Form containing its preliminary financial results for the first quarter of 2023. The company reports consolidated revenue of $109.9 million, a decrease of 2% from the same period in 2022. Urban One breaks down its report into segments and states that its broadcast radio division brought in revenue of $35.2 million, an increase of 11.7% over the same period in 2022. For the first quarter of 2023, Urban One reports a net loss of $1.5 million compared to the net income of $16.5 million it reported in the first quarter of 2022.
August 2023 PPM Data – Information for the August 2023 survey period has been released for Austin, Raleigh, Indianapolis, Milwaukee, Nashville, Providence, Norfolk, Jacksonville, West Palm Beach, Greensboro, Memphis, and Hartford.
August 2023 PPM Data – Information for the August 2023 ratings period has been released for Portland, Charlotte, San Antonio, Sacramento, Pittsburgh, Salt Lake City, Las Vegas, Orlando, Cincinnati, Cleveland, Kansas City, and Columbus.
The second of four rounds of ratings data from Nielsen Audio’s August 2023 PPM survey has been released for 12 markets including Washington, Boston, Miami, Seattle, Detroit, Phoenix, Minneapolis, San Diego, Tampa, Denver, Baltimore, and St. Louis. Nielsen’s August 2023 sweep covered July 20 – August 16. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In Washington, DC, Hubbard Broadcasting all-news WTOP-FM adds two-tenths for a 9.3 share (weekly, 6+ AQH share) and remains ranked #2 in the market, while Cumulus Media news/talk WMAL-FM is steady with a 3.5 share but rises to the #7 rank. In Seattle, Bonneville news/talk KIRO-FM dips two-tenths to finish with a 4.7 share and falls to the #7 rank, while Lotus Communications all-news KNWN-AM/FM declines three-tenths to wrap the survey with a 2.0 share good for the #19 rank. In Phoenix, iHeartMedia news/talk KFYI adds a full share for a 3.9 share finish that lifts it to the #10 rank, while Bonneville’s crosstown news/talk KTAR-FM adds three tenths to finish with a 3.0 share but remains ranked #15 in the market. 
remains ranked #1 with 281,120 Average Active Sessions. Following at #2 is NPR Member Stations (69,006 AAS) and Audacy at #3 (62,853 AAS). Cumulus Streaming Network is #4 (36,554 AAS), Beasley Broadcasting Corporate comes in at #7 (15,728 AAS), followed by Hubbard Broadcasting at #8 (13,478 AAS), and Urban One at #9 (9,131 AAS). 
earlier this year. RTDNA says the awards honor “outstanding achievements in broadcast and digital journalism… the Murrow Awards recognize local and national news stories that uphold the RTDNA Code of Ethics, demonstrate technical expertise and exemplify the importance and impact of journalism as a service to the community.” Some of this year’s winners in the radio category include: Audacy’s WBBM-AM/WCFS-FM, Chicago (Breaking News); KDKA-AM, Pittsburgh (Feature Reporting); KMOX, St. Louis (Newscast); and iHeartMedia’s WBZ-AM, Boston (Excellence in Innovation). 
Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.
compared to net income of $3.8 million for the second quarter last year – a decline of 12.3% – although it should be noted that Saga is the only radio company thus far to report net income – as opposed to a net loss – during the second quarter. Saga Communications stock pays dividends and during Q2 of 2023 it paid a quarterly dividend of $0.25 per share on June 16, 2023. The aggregate amount of the quarterly dividend was approximately $1.5 million. To date Saga has paid over $109 million in dividends to shareholders since the first special dividend was paid in 2012. Saga’s balance sheet reflects $34.4 million in cash and short-term investments as of June 30, 2023. The company carries no long-term debt.
ongoing challenges related to the economy and softness in the national spot market, Beasley’s successful digital transformation, continued local audio leadership and revenue diversification initiatives, combined with our proactive initiatives to reduce expenses, resulted in net loss declining by more than $4 million in both the quarter and year-to-date periods, compared to the same periods in 2022, as well as quarterly adjusted 
EBITDA growth of 16.8% and 2023 year-to-date Adjusted EBITDA growth of 28.1%. During the quarter, we made additional progress with reducing leverage and strengthening our balance sheet as we repurchased another $3 million of our debt at a discount and lowered quarterly interest expense which support our goal to drive cash flow growth. We are generating cash from operations, and we expect to continue to generate positive cash flow for the full year. Our digital strategy delivered second quarter digital revenue growth of 14.8% year-over-year and accounted for 19.4% of total second quarter revenue. Our digital revenue is primarily derived from our owned and operated assets, with our proprietary content creation driving the largest increase with the best margins and third-party products that come with a higher cost. Our talented sales teams have been able to combine our over-the-air and digital platform offerings to create marketing campaigns and brand solutions that provide great results for our clients. Our continued strong digital revenue growth has moved us to within a few basis points of reaching the bottom end of our goal of digital revenue accounting for 20% to 30% of total revenue and we remain laser focused on this initiative as a means to diversify and complement revenue in a cash flow positive manner.” Beasley reports its total debt as of June 30, 2023 was $287 million. 
May 2023 PPM Data – Information for the May 2023 ratings period has been released for Portland, Charlotte, San Antonio, Sacramento, Pittsburgh, Salt Lake City, Las Vegas, Orlando, Cincinnati, Cleveland, Kansas City, and Columbus.
Radio Hall of Fame nominating committee. The nominees are: Bert Weiss, Bob Rivers, Charles Laquidara, Dyana Williams, Gerry House, Jaime Jarrin, John & Ken, John DeBella, Johnny Magic, Kevin Matthews, Kid Leo (Lawrence Travagliante), Larry Elder, Laurie DeYoung, Lee Harris, Rev. Louise Williams, Bishop, Mark Simone, Mary McCoy, Matt Siegel, Mojo in the Morning, Monica May, Nina Totenberg, Pat St. John, Shadoe Stevens, and Shelley “The Playboy” Stewart. 2023 Radio Hall of Fame inductees will be announced Monday, July 24, and honored in-person at the 2023 Radio Hall of Fame induction ceremony on Thursday, November 2, at the InterContinental New York Barclay Hotel in New York City. Radio Hall of Fame co-chairman Kraig Kitchin states, “Congratulations to each of this year’s’ nominees on this recognition. Behind this slate of nominees, the nominating committee reviewed more than 2,500 incoming suggestions from industry members and listeners before determining this group of talented individuals. Each nominee is deserving of induction, and I look forward to the results of the forthcoming confidential voting results.”
The third of four rounds of ratings data from Nielsen Audio’s April 2023 PPM survey has been released for 12 markets including Portland, Charlotte, San Antonio, Sacramento, Pittsburgh, Salt Lake City, Las Vegas, Orlando, Cincinnati, Cleveland, Kansas City, and Columbus. Nielsen’s April 2023 sweep covered March 30 – April 26. Today, TALKERS magazine managing editor Mike Kinosian presents his Ratings Takeaways from this group of markets. In San Antonio, 
Broadcast Advertising revenue was $45.9 million (down 4.8% over Q1 of 2022), and Subscription Digital Marketing Solutions revenue was $21.5 million (down 1.3% over Q1 of 2022). Townsquare Media CEO Bill Wilson says, “I am pleased to share that Townsquare’s first quarter results exceeded our previously issued guidance for both net revenue and Adjusted EBITDA, due primarily to the continued strength of our digital and local advertising platform and solutions… In the first quarter, we grew cash flow from operations to $9 million, due to the strong cash generation of many of our assets, and opportunistically repurchased more than $12 million of our Unsecured Senior Notes at a discount. We ended the quarter with a strong cash balance of $42 million and maintained our all-time low net leverage multiple of 4.29x. Our growth engine has been and will continue to be our digital solutions. We believe that our Digital First business model and strategy position us to navigate the current macro-economic environment better than most, and that our revenue, profit and cash flow results will be among the best in the local media industry, particularly when compared to 2019 pre-COVID financials given our growth in revenue and profit since 2019. Our confidence is directly tied to the Townsquare team’s efforts and talent, as well as our large, growing, and profitable digital platform which contributes more than half of Townsquare’s total net revenue and profit.”
increased 17.4% to $67.7 million leading to an operating loss of $4.2 million as compared to operating income of $5 million posted in Q1 of 2022. Salem reports a net loss of $5.2 million, compared to Q1 2022’s net income of $1.7 million. Salem reports in three segments – Broadcast, Digital Media, and Publishing. Broadcast revenue for the quarter was $48.3 million (down 0.2%), Digital Media was $10.5 million (up 2%), and Publishing revenue was $4.6 million (up 19.7%). Looking ahead, the company is projecting total revenue to decline between 5% and 7% from the second quarter 2022 total revenue of $68.7 million and expects operating expenses to increase between 3% and 6% compared to Q2 of 2022. 
quarter to $21.7 million compared to the same period last year. A significant part of the increase in station operating expense for the quarter was due to a $272 thousand increase in our self-insured health care costs and a $446 thousand increase in employee compensation, including payroll taxes at the station level. After a number of years of holding the company’s compensation expenses flat, we decided that adjustments in our employee compensation were warranted in consideration of the economic times and inflationary environment.” 
segment’s total revenue was $223.4 million, up 4% over the same period in 2022. The company’s Multiplatform Group reports total revenue of $529 million (a decline of 7%) and that segment breaks down as follows: Broadcast Radio revenue was $383.2 million (down 7.7% from Q1 2022) and Networks reports revenue of $107.9 million (down 8.2% from Q1 of 2022). Chairman and CEO Bob Pittman comments, “We are pleased to report that our first quarter 2023 results were a bit above the high end of our Adjusted EBITDA and Revenue guidance ranges – and that more importantly, while both the macroeconomic climate and the advertising marketplace remain uncertain, the audio and digital advertising markets appeared to be stronger in the quarter than we had initially anticipated. We expect that our second quarter Adjusted EBITDA, while below 2022 levels, will be approximately double what we generated in the first quarter, and this, in combination with our Q1 first quarter performance relative to guidance, gives us confidence that our Adjusted EBITDA results will continue to improve throughout 2023, and that we will be well positioned to build further in 2024 in terms of revenue growth, profitability, and Free Cash Flow generation.”
challenging times, in the first quarter, we grew our digital marketing services revenue by more than 23%, completed the sale of WFAS-FM, continued to repurchase shares and retire debt at a discount, and have now executed $10 million of additional annualized cost reductions. That said, the impact of the considerable macro-driven weakness in the national advertising market, as well as the unfavorable prior year political and WynnBET comparisons, ultimately resulted in total revenue and Adjusted EBITDA declines. Though the difficult national market trends persist, we have confidence in our ability to successfully navigate adverse environments such as this one. Specifically, since 2019 through the COVID-impacted years, we have had best-in-class performance in terms of fixed cost reduction, Adjusted EBITDA margin recovery, Adjusted EBITDA to free cash flow conversion and net debt reduction. With our current liquidity profile and solid balance sheet, we believe that we are not only well-positioned to weather the 
Silvy will also host the halftime show that Good Karma says “will provide a fresh, fan-focused take on what fans expect from a typical halftime show. The new Network Halftime Show will incorporate fan reactions to the first half of each game, as well as a new segment called ‘The Celebrity Spotlight,’ highlighting a conversation with a well-known celebrity guest with Chicago ties.” The post-game show will be hosted by John “Jurko” Jurkovic and Peggy Kusinski. Coverage will also include a daily podcast hosted by Chicago-based YouTube personality Pat the Designer with station personalities joining him on a rotating basis. ESPN Chicago director of content Danny Zederman says, “I am ecstatic for ESPN Chicago to enter a new era for exclusive Bears content 365 days a year while bringing together a diverse, energetic, and passionate group of talent with a deep knowledge of Chicago sports. Our talent has a real understanding of the importance of the Chicago Bears and what the team means to the fans because our team is made up of fans. We are counting down the days until kickoff!”
The first thing we heard was an earful from NAB president & CEO Curtis LeGeyt regarding automakers dropping AM receivers from new cars: “This is an issue we consider to be absolutely existential.”
