WASHINGTON, Aug. 5, 2021 /PRNewswire/ -- Urban One, Inc. (NASDAQ:UONEK) today reported its results for the quarter ended June 30, 2021. Net revenue was approximately $107.6 million, an increase of 41.6% from the same period in 2020. Broadcast and digital operating income¹ was approximately $49.6 million, an increase of 64.3% from the same period in 2020. The Company reported operating income of approximately $37.9 million for the three months ended June 30, 2021, compared to approximately $20.4 million for the three months ended June 30, 2020. Net income was approximately $17.9 million or $0.36 per share (basic) compared to approximately $1.4 million or $0.03 per share (basic) for the same period in 2020. Adjusted EBITDA² was approximately $44.8 million for the three months ended June 30, 2021, compared to approximately $24.5 million for the same period in 2020.

Alfred C. Liggins, III, Urban One's CEO and President stated, "Overall we had an extremely strong second quarter; not only was Adjusted EBITDA up 82.4% year-over-year, but we also surpassed our Q2 2019 pre-pandemic Adjusted EBITDA. We are experiencing unprecedented advertiser interest in our audience across the entire Urban One platform. The radio advertising business saw a robust rebound from the worst impacts of the pandemic in Q2 2020, with segment revenues up by 73.0% and radio syndication revenues up 50.2%. We also benefitted from strong TV scatter markets, with TV advertising revenues up 21.3% in the quarter; furthermore, registered interest in our 2021-22 TV upfront sales presentations has also been extremely encouraging, which will help our fourth quarter revenue performance. Demand for our digital products remains high, with digital revenues up by 147.9% for the quarter and Adjusted EBITDA up by over $6.0 million; a significant help to our top and bottom-line growth. For Q3, our core radio business excluding political is currently pacing up by over 40%, and we are comfortable increasing our FY21 Adjusted EBITDA guidance to mid-$130 million, excluding casino chase costs. During the quarter we completed the second tranche of our Class A ATM share sale program, which yielded $21.2 million net of fees. This cash influx further strengthened our balance sheet, and we ended the quarter with $129.8 million of cash on hand, which is a healthy place to be ahead of the exciting new investment opportunity in the One Casino & Resort in Richmond, Virginia."

RESULTS OF OPERATIONS

		Three Months Ended June 30,		Six Months Ended June 30,
		2021	2020	2021	2020
STATEMENT OF OPERATIONS		(unaudited)		(unaudited)
		(in thousands, except share data)		(in thousands, except share data)

	NET REVENUE	$ 107,593	$ 76,008	$ 199,033	$ 170,883
	OPERATING EXPENSES
	Programming and technical, excluding stock-based compensation	26,513	23,620	51,603	51,482
	Selling, general and administrative, excluding stock-based compensation	31,510	22,216	61,466	51,593
	Corporate selling, general and administrative, excluding stock-based compensation	9,153	7,140	19,273	15,472
	Stock-based compensation	172	268	425	661
	Depreciation and amortization	2,325	2,382	4,589	4,930
	Impairment of long-lived assets	-	-	-	53,650
	Total operating expenses	69,673	55,626	137,356	177,788
	Operating income (loss)	37,920	20,382	61,677	(6,905)
	INTEREST INCOME	168	26	172	34
	INTEREST EXPENSE	15,853	18,395	33,898	37,533
	LOSS ON RETIREMENT OF DEBT	-	-	6,949	-
	OTHER INCOME, net	(2,362)	(94)	(4,046)	(1,598)
	Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries	24,597	2,107	25,048	(42,806)
	PROVISION FOR (BENEFIT FROM) INCOME TAXES	6,119	465	6,109	(21,390)
	CONSOLIDATED NET INCOME (LOSS)	18,478	1,642	18,939	(21,416)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	612	222	1,066	351
	CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 17,866	$ 1,420	$ 17,873	$ (21,767)

	AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
	CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ 17,866	$ 1,420	$ 17,873	$ (21,767)

	Weighted average shares outstanding - basic³	49,789,892	44,806,219	49,124,056	45,025,471
	Weighted average shares outstanding - diluted⁴	53,780,918	48,154,262	53,186,619	45,025,471


	Three Months Ended June 30,		Six Months Ended June 30,
	2021	2020	2021	2020
PER SHARE DATA - basic and diluted:	(unaudited)	(unaudited)	(unaudited)	(unaudited)
	(in thousands, except per share data)		(in thousands, except per share data)

Consolidated net income (loss) attributable to common stockholders (basic)	$ 0.36	$ 0.03	$ 0.36	$ (0.48)

Consolidated net income (loss) attributable to common stockholders (diluted)	$ 0.33	$ 0.03	$ 0.34	$ (0.48)

SELECTED OTHER DATA
Broadcast and digital operating income ¹	$ 49,570	$ 30,172	$ 85,964	$ 67,808
Broadcast and digital operating income margin (% of net revenue)	46.1%	39.7%	43.2%	39.7%

Broadcast and digital operating income reconciliation:

Consolidated net income (loss) attributable to common stockholders	$ 17,866	$ 1,420	$ 17,873	$ (21,767)
Add back non-broadcast and digital operating income items included in consolidated net income (loss):
Interest income	(168)	(26)	(172)	(34)
Interest expense	15,853	18,395	33,898	37,533
Provision for (benefit from) income taxes	6,119	465	6,109	(21,390)
Corporate selling, general and administrative expenses	9,153	7,140	19,273	15,472
Stock-based compensation	172	268	425	661
Loss on retirement of debt	-	-	6,949	-
Other income, net	(2,362)	(94)	(4,046)	(1,598)
Depreciation and amortization	2,325	2,382	4,589	4,930
Noncontrolling interest in income of subsidiaries	612	222	1,066	351
Impairment of long-lived assets	-	-	-	53,650
Broadcast and digital operating income	$ 49,570	$ 30,172	$ 85,964	$ 67,808

Adjusted EBITDA²	$ 44,765	$ 24,537	$ 75,002	$ 56,797

Adjusted EBITDA reconciliation:

Consolidated net income (loss) attributable to common stockholders	$ 17,866	$ 1,420	$ 17,873	$ (21,767)
Interest income	(168)	(26)	(172)	(34)
Interest expense	15,853	18,395	33,898	37,533
Provision for (benefit from) income taxes	6,119	465	6,109	(21,390)
Depreciation and amortization	2,325	2,382	4,589	4,930
EBITDA	$ 41,995	$ 22,636	$ 62,297	$ (728)
Stock-based compensation	172	268	425	661
Loss on retirement of debt	-	-	6,949	-
Other income, net	(2,362)	(94)	(4,046)	(1,598)
Noncontrolling interest in income of subsidiaries	612	222	1,066	351
Casino chase costs	941	-	2,334	-
Employment Agreement Award, incentive plan award expenses and other compensation	911	98	1,509	1,311
Contingent consideration from acquisition	240	66	280	(7)
Severance-related costs	312	1,261	573	1,587
Cost method investment income from MGM National Harbor	1,944	80	3,615	1,570
Impairment of long-lived assets	-	-	-	53,650
Adjusted EBITDA	$ 44,765	$ 24,537	$ 75,002	$ 56,797

		June 30, 2021	December 31, 2020
		(unaudited)
		(in thousands)
SELECTED BALANCE SHEET DATA:
	Cash and cash equivalents and restricted cash	$ 129,780	$ 73,858
	Intangible assets, net	782,946	764,858
	Total assets	1,239,542	1,195,487
	Total debt (including current portion, net of issuance costs)	817,774	842,286
	Total liabilities	987,887	995,888
	Total stockholders' equity	236,463	186,898
	Redeemable noncontrolling interest	15,192	12,701

		June 30, 2021	Applicable Interest Rate
		(in thousands)
SELECTED LEVERAGE DATA:
	7.375% senior secured notes due February 2028, net of issuance costs of approximately $14.7 million (fixed rate)	$ 810,269	7.375%
	PPP Loan	7,505	1.00%

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Urban One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 10-Q/A, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

The COVID-19 pandemic could have an impact on certain of our revenue and alternative revenue sources on a going forward basis. While parts of the country are recovering, other parts are seeing a resurgence of the pandemic and this could impact our results of operations, particularly in our larger markets such as Dallas, Houston and Atlanta. During the early portion of the pandemic, a number of advertisers across significant advertising categories reduced advertising spend due to the outbreak. This was particularly true within our radio segment which derives substantial revenue from local advertisers, including in areas such as Texas, Ohio and Georgia. The economies in these areas were hit particularly hard due to social distancing and other government interventions. Further, the COVID-19 outbreak caused the postponement of our 2020 Tom Joyner Foundation Fantastic Voyage cruise and impaired ticket sales of other tent pole special events, some of which we had to cancel. A resurgence could have a similar future impact. We do not carry business interruption insurance to compensate us for losses and such losses may continue to occur as a result of the ongoing nature of the COVID-19 pandemic. New outbreaks or surges in new cases due to variants in the markets in which we operate could have material impacts on our liquidity, operations including potential impairment of assets, and our financial results. Likewise, our income from our investment in MGM National Harbor Casino could be negatively impacted by closures and limitations on occupancy imposed by state and local governmental authorities.

Net revenue consists of gross revenue, net of local and national agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing.

	Three Months Ended June 30,
	2021		2020		$ Change		% Change
	(Unaudited)
	(in thousands)
Net Revenue:
Radio Advertising	$	42,605	$	25,358	$	17,247	68.0%
Political Advertising		500		361		139	38.5%
Digital Advertising		15,016		6,104		8,912	146.0%
Cable Television Advertising		22,968		18,941		4,027	21.3%
Cable Television Affiliate Fees		25,396		24,619		777	3.2%
Event Revenues & Other		1,108		625		483	77.3%

Net Revenue (as reported)	$	107,593	$	76,008	$	31,585	41.6%

Net revenue increased to approximately $107.6 million for the quarter ended June 30, 2021, from approximately $76.0 million for the same period in 2020. Net revenues from our radio broadcasting segment increased 73.0% compared to the same period in 2020. The increase in net revenue in our radio broadcasting segment was due primarily to mitigation of the economic impacts of the COVID-19 pandemic which began in March 2020. We experienced net revenue improvements in all of our existing radio markets. Net revenue excluding political, from our radio broadcasting segment increased 74.1% compared to the same period in 2020. We recognized approximately $48.5 million of revenue from our cable television segment during the three months ended June 30, 2021, compared to approximately $43.8 million for the same period in 2020 with the increase primarily in advertising sales. We recognized approximately $9.4 million of revenue from our Reach Media segment during the three months ended June 30, 2021, compared to approximately $6.3 million for the same period in 2020. Finally, net revenues for our digital segment increased approximately $9.0 million for the three months ended June 30, 2021, compared to the same period in 2020, primarily due to an increase in direct revenues.

Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, increased to approximately $67.2 million for the quarter ended June 30, 2021, up 26.8% from the approximately $53.0 million incurred for the comparable quarter in 2020. The overall operating expense increase was driven by higher programming and technical expenses, higher selling, general and administrative expenses and higher corporate selling, general and administrative expenses.

During the quarter ended June 30, 2020, we proactively implemented certain cost-cutting measures including furloughs, layoffs, salary reductions, other expense reduction (including eliminating travel and entertainment expenses), eliminating merit raises, decreasing or deferring marketing spend, deferring programming/production costs, reducing special events costs, and implementing a hiring freeze on open positions. As a result of the continued reopening of the economy and corresponding increases in revenue, we've incurred an increase in the following expenses: approximately $3.4 million in employee compensation expenses, $1.3 million in higher program content amortization expense at our cable television segment, $4.8 million in marketing spend, and $2.3 million in variable expenses. Finally, the increase in corporate selling, general and administrative expenses for the three months ended June 30, 2021, compared to the same period in 2020 is primarily due to an increase in expenses related to corporate development activities in connection with potential gaming and other similar business activities as well as an increase in compensation expense for the Chief Executive Officer in connection with the valuation of the Employment Agreement Award element.

Depreciation and amortization expense decreased to approximately $2.3 million for the quarter ended June 30, 2021, compared to approximately $2.4 million for the quarter ended June 30, 2020.

Interest expense decreased to approximately $15.9 million for the quarter ended June 30, 2021, compared to approximately $18.4 million for the quarter ended June 30, 2020. The Company made cash interest payments of $172,000 for the quarter ended June 30, 2021, compared to cash interest payments of approximately $22.4 million on its outstanding debt for the quarter ended June 30, 2020. As previously announced, on January 25, 2021, the Company closed on new senior secured notes (the "2028 Notes"). The proceeds from the 2028 Notes were used to prepay in full (1) the 2017 Credit Facility, (2) the 2018 Credit Facility, (3) the MGM National Harbor Loan; (4) the remaining amounts of our 7.375% Notes, and (5) our 8.75% Notes that were issued in the November 2020 Exchange Offer.

During the three months ended June 30, 2021, we recorded a provision for income taxes of approximately $6.1 million compared to a provision for income taxes of $465,000 for the three months ended June 30, 2020. The increase in the provision for income taxes was primarily due to the application of the estimated annual effective tax rate for the year to date and pre-tax income of approximately $24.6 million during the quarter, and discrete tax provision adjustments for excess tax benefits related to restricted stock units. The tax provision resulted in an effective tax rate of 24.9% and 22.1% for the three months ended June 30, 2021 and 2020, respectively. The Company paid income taxes of $814,000 for the quarter ended June 30, 2021 and did not pay income taxes for the quarter ended June 30, 2020.

Other income, net, was approximately $2.4 million and $94,000 for the three months ended June 30, 2021 and 2020, respectively. We recognized other income in the amount of approximately $1.9 million and $80,000, for the three months ended June 30, 2021 and 2020, respectively, related to our MGM investment.

The increase in noncontrolling interests in income of subsidiaries was due primarily to higher net income recognized by Reach Media during the three months ended June 30, 2021 compared to the three months ended June 30, 2020.

Other pertinent financial information includes capital expenditures of approximately $1.6 million and $1.2 million for the quarters ended June 30, 2021 and 2020, respectively.

During the three months ended June 30, 2021, the Company did not repurchase any shares of Class A or Class D common stock. During the three months ended June 30, 2020, the Company did not repurchase any shares of Class A common stock and repurchased 3,208,288 shares of Class D common stock in the amount of approximately $2.4 million.

The Company, in connection with its prior 2009 stock option and restricted stock plan and its current 2019 Equity and Performance Incentive Plan (the "2019 Plan"), is authorized to purchase shares of Class D common stock to satisfy employee tax obligations in connection with the vesting of share grants under the plan. During the three months ended June 30, 2021, the Company executed a Stock Vest Tax Repurchase of 14,051 shares of Class D Common Stock in the amount of $33,000. During the three months ended June 30, 2020, the Company executed a Stock Vest Tax Repurchase of 155,771 shares of Class D Common Stock in the amount of $140,000.

Other Matters

During the three months ended June 30, 2021, the Company issued and sold an aggregate of 1,893,126 Class A Shares pursuant to the 2021 Sale Agreement and received gross proceeds of approximately $22.0 million and net proceeds of approximately $21.2 million, after deducting commissions to Jefferies and other offering expenses.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of operations for the three and six months ended June 30, 2021 and 2020 are included.

				Three Months Ended June 30, 2021
				(in thousands, unaudited)


						Radio		Reach				Cable		Corporate/
				Consolidated		Broadcasting		Media		Digital		Television		Eliminations

STATEMENT OF OPERATIONS:

	NET REVENUE		$	107,593	$	35,465	$	9,414	$	15,129	$	48,461	$	(876)
	OPERATING EXPENSES:
	Programming and technical			26,513		8,608		3,388		2,414		12,461		(358)
	Selling, general and administrative			31,510		13,757		2,001		6,385		9,886		(519)
	Corporate selling, general and administrative			9,153		-		613		1		1,187		7,352
	Stock-based compensation			172		4		-		-		16		152
	Depreciation and amortization			2,325		792		53		315		937		228
	Total operating expenses			69,673		23,161		6,055		9,115		24,487		6,855
	Operating income (loss)			37,920		12,304		3,359		6,014		23,974		(7,731)
	INTEREST INCOME			168		-		-		-		-		168
	INTEREST EXPENSE			15,853		43		-		79		1,919		13,812
	OTHER INCOME, net			(2,362)		(406)		-		-		-		(1,956)
		Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries		24,597		12,667		3,359		5,935		22,055		(19,419)
	PROVISION FOR (BENEFIT FROM) INCOME TAXES			6,119		2,923		846		-		5,568		(3,218)
	CONSOLIDATED NET INCOME (LOSS)			18,478		9,744		2,513		5,935		16,487		(16,201)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			612		-		-		-		-		612
	NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	17,866	$	9,744	$	2,513	$	5,935	$	16,487	$	(16,813)

	Adjusted EBITDA²		$	44,765	$	13,200	$	3,462	$	6,573	$	25,003	$	(3,473)

				Three Months Ended June 30, 2020
				(in thousands, unaudited)


						Radio		Reach				Cable		Corporate/
				Consolidated		Broadcasting		Media		Digital		Television		Eliminations

STATEMENT OF OPERATIONS:

	NET REVENUE		$	76,008	$	20,505	$	6,268	$	6,104	$	43,761	$	(630)
	OPERATING EXPENSES:
	Programming and technical			23,620		7,597		2,968		2,442		10,994		(381)
	Selling, general and administrative			22,216		12,985		1,303		3,262		4,900		(234)
	Corporate selling, general and administrative			7,140		-		620		19		1,059		5,442
	Stock-based compensation			268		32		50		-		-		186
	Depreciation and amortization			2,382		766		60		277		940		339
	Total operating expenses			55,626		21,380		5,001		6,000		17,893		5,352
	Operating income (loss)			20,382		(875)		1,267		104		25,868		(5,982)
	INTEREST INCOME			26		-		-		-		-		26
	INTEREST EXPENSE			18,395		-		-		79		1,919		16,397
	OTHER INCOME, net			(94)		-		-		-		-		(94)
		Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries		2,107		(875)		1,267		25		23,949		(22,259)
	PROVISION FOR (BENEFIT FROM) INCOME TAXES			465		(23)		391		-		5,985		(5,888)
	CONSOLIDATED NET INCOME (LOSS)			1,642		(852)		876		25		17,964		(16,371)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			222		-		-		-		-		222
	NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	1,420	$	(852)	$	876	$	25	$	17,964	$	(16,593)

	Adjusted EBITDA²		$	24,537	$	813	$	1,577	$	519	$	26,871	$	(5,243)

				Six Months Ended June 30, 2021
				(in thousands, unaudited)


						Radio		Reach				Cable		Corporate/
				Consolidated		Broadcasting		Media		Digital		Television		Eliminations

STATEMENT OF OPERATIONS:

	NET REVENUE		$	199,033	$	63,253	$	17,230	$	25,484	$	94,703	$	(1,637)
	OPERATING EXPENSES:
	Programming and technical			51,603		17,101		6,797		5,226		23,196		(717)
	Selling, general and administrative			61,466		28,569		3,126		11,625		19,054		(908)
	Corporate selling, general and administrative			19,273		-		1,253		2		2,750		15,268
	Stock-based compensation			425		28		-		-		71		326
	Depreciation and amortization			4,589		1,522		111		638		1,866		452
	Total operating expenses			137,356		47,220		11,287		17,491		46,937		14,421
	Operating income (loss)			61,677		16,033		5,943		7,993		47,766		(16,058)
	INTEREST INCOME			172		-		-		-		-		172
	INTEREST EXPENSE			33,898		87		-		158		3,838		29,815
	LOSS ON RETIREMENT OF DEBT			6,949		-		-		-		-		6,949
	OTHER INCOME, net			(4,046)		(406)		-		-		-		(3,640)
		Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries		25,048		16,352		5,943		7,835		43,928		(49,010)
	PROVISION FOR (BENEFIT FROM) INCOME TAXES			6,109		3,711		1,483		-		10,964		(10,049)
	CONSOLIDATED NET INCOME (LOSS)			18,939		12,641		4,460		7,835		32,964		(38,961)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			1,066		-		-		-		-		1,066
	NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	17,873	$	12,641	$	4,460	$	7,835	$	32,964	$	(40,027)

	Adjusted EBITDA²		$	75,002	$	17,774	$	6,140	$	8,962	$	49,815	$	(7,689)

				Six Months Ended June 30, 2020
				(in thousands, unaudited)


						Radio		Reach				Cable		Corporate/
				Consolidated		Broadcasting		Media		Digital		Television		Eliminations

STATEMENT OF OPERATIONS:

	NET REVENUE		$	170,883	$	55,421	$	12,958	$	12,393	$	91,257	$	(1,146)
	OPERATING EXPENSES:
	Programming and technical			51,482		17,478		6,385		5,562		22,820		(763)
	Selling, general and administrative			51,593		29,418		3,054		7,331		12,151		(361)
	Corporate selling, general and administrative			15,472		-		1,338		19		2,381		11,734
	Stock-based compensation			661		110		59		6		-		486
	Depreciation and amortization			4,930		1,506		119		765		1,883		657
	Impairment of long-lived assets			53,650		53,650		-		-		-		-
	Total operating expenses			177,788		102,162		10,955		13,683		39,235		11,753
	Operating (loss) income			(6,905)		(46,741)		2,003		(1,290)		52,022		(12,899)
	INTEREST INCOME			34		-		-		-		-		34
	INTEREST EXPENSE			37,533		3		-		158		3,838		33,534
	OTHER INCOME, net			(1,598)		(1)		-		-		-		(1,597)
		(Loss) income before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries		(42,806)		(46,743)		2,003		(1,448)		48,184		(44,802)
	(BENEFIT FROM) PROVISION FOR INCOME TAXES			(21,390)		(9,872)		574		-		12,040		(24,132)
	CONSOLIDATED NET (LOSS) INCOME			(21,416)		(36,871)		1,429		(1,448)		36,144		(20,670)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			351		-		-		-		-		351
	NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(21,767)	$	(36,871)	$	1,429	$	(1,448)	$	36,144	$	(21,021)

	Adjusted EBITDA²		$	56,797	$	9,564	$	2,380	$	(291)	$	53,974	$	(8,830)

Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2021. The conference call is scheduled for Thursday, August 5, 2021 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-877-226-8163; international callers may dial direct (+1) 234-720-6983. The Access Code is 5284191.

A replay of the conference call will be available from 1:00 p.m. EDT August 5, 2021 until 12:00 a.m. EDT August 08, 2021. Callers may access the replay by calling 1-866-207-1041; international callers may dial direct (+1) 402-970-0847. The replay Access Code is 6180979.

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.

Urban One, Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. As of June 30, 2021, we owned and/or operated 63 independently formatted, revenue producing broadcast stations (including 54 FM or AM stations, 7 HD stations, and the 2 low power television stations we operate) branded under the tradename "Radio One" in 13 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. We also have invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George's County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.

Notes:

1 "Broadcast and digital operating income" consists of net (loss) income before depreciation and amortization, corporate selling, general and administrative expenses, stock-based compensation, income taxes, noncontrolling interest in income (loss) of subsidiaries, interest expense, impairment of long-lived assets, other (income) expense, loss (gain) on retirement of debt, gain on sale-leaseback and interest income. Broadcast and digital operating income is not a measure of financial performance under generally accepted accounting principles. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments because broadcast and digital operating income provides helpful information about our results of operations apart from expenses associated with our fixed assets and long-lived intangible assets, income taxes, investments, debt financings and retirements, overhead, stock-based compensation, impairment charges, and asset sales. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures used by other companies. Broadcast and digital operating income does not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as an alternative to those measurements as an indicator of our performance. A reconciliation of net income (loss) to broadcast and digital operating income has been provided in this release.

2 "Adjusted EBITDA" consists of net income (loss) plus (1) depreciation, amortization, income taxes, interest expense, noncontrolling interest in (loss) income of subsidiaries, impairment of long-lived assets, stock-based compensation, (gain) loss on retirement of debt, gain on sale-leaseback, Employment Agreement and incentive plan award expenses and other compensation, contingent consideration from acquisition, casino chase costs, severance-related costs, cost investment income, less (2) other income and interest income. Net income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under generally accepted accounting principles. However, we believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business because Adjusted EBITDA excludes charges for depreciation, amortization and interest expense that have resulted from our acquisitions and debt financing, our taxes, impairment charges, and gain on retirements of debt. Accordingly, we believe that Adjusted EBITDA provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and long-lived intangible assets or capital structure. EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four segments (radio broadcasting, Reach Media, digital and cable television). Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as alternatives to those measurements as an indicator of our performance. A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA has been provided in this release.

3 For the three months ended June 30, 2021 and 2020, Urban One had 49,789,892 and 44,806,219 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2021 and 2020, Urban One had 49,124,056 and 45,025,471 shares of common stock outstanding on a weighted average basis (basic), respectively.

4 For the three months ended June 30, 2021 and 2020, Urban One had 53,780,918 and 48,154,262 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the six months ended June 30, 2021 and 2020, Urban One had 53,186,619 and 45,025,471 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.

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SOURCE Urban One, Inc.

Urban One, Inc. Reports Second Quarter Results