Urban One Inc (UONEK) 2025 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Urban One 2025 fourth-quarter earnings call. As a reminder, this conference is being recorded. We will begin this call with the following safe harbor statement.

各位女士、先生，感謝您耐心等候，歡迎參加 Urban One 2025 年第四季財報電話會議。提醒各位，本次會議將被錄音。我們將以以下的安全港聲明開始本次電話會議。

During this 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-Ks, 10-Qs, 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.

在本次電話會議中，Urban One 將與各位分享若干預測或其他有關未來事件或其未來表現的前瞻性陳述。Urban One 提醒您，若干因素（包括其不時向美國證券交易委員會提交的 10-K、10-Q 及其他報告中所提及的風險與不確定性）可能導致公司實際結果與其預測或前瞻性陳述所示者存在重大差異。

This call will present information as of March 12, 2026. Please note that Urban One disclaims any duty to update any forward-looking statements made in the presentation.

本次電話會議將呈現截至 2026 年 3 月 12 日的資訊。請注意，Urban One 不承擔更新本次簡報中任何前瞻性陳述的義務。

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 call will be available from 2:00 PM Eastern Time, March 12, 2026, until 11:59 PM Eastern Time, March 19, 2026.

在本次電話會議中，Urban One 在討論其業績時也可能會提及一些非 GAAP 財務衡量指標。這些指標將在本次電話會議過程中或於公司新聞稿中與 GAAP 進行調節；新聞稿可於公司網站 www.urban1.com 查閱。電話會議重播將自美東時間 2026 年 3 月 12 日下午 2:00 起提供，至美東時間 2026 年 3 月 19 日晚上 11:59 止。

Callers may access the replay by calling 1-800-770-2030. International callers may dial direct 1-609-800-9909. The replay access code is 9077729. Access to live audio and a replay of the conference will all 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 the call are authorized or may be relied upon.

來電者可撥打 1-800-770-2030 收聽重播。國際來電者可直接撥打 1-609-800-9909。重播存取碼為 9077729。現場音訊及會議重播亦可於 Urban One 公司網站 www.urban1.com 取得。重播將於電話會議後在網站上提供七天。未經授權的其他錄音或本次電話會議的任何副本均不被允許，亦不得據以依賴。

I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Urban One, who is joined by Peter Thompson, Chief Financial Officer. Mr. Liggins, please go ahead.

接下來我將把電話會議交給 Urban One 執行長 Alfred C. Liggins，他將與財務長 Peter Thompson 一同出席。Liggins 先生，請開始。

Thank you very much, operator. Also joining us today are Kris Simpson, our General Counsel; Karen Wishart, our Chief Administrative Officer; Jody Drewer, who is the CFO of our cable television unit, TV One and CLEO. Thank you all very much for joining us for the fourth quarter results 2025 year-end conference call.

非常感謝，接線員。今天與我們一同出席的還有：我們的總法律顧問 Kris Simpson；首席行政官 Karen Wishart；以及我們有線電視事業單位 TV One 與 CLEO 的財務長 Jody Drewer。非常感謝各位參加 2025 年度年終第四季業績電話會議。

As the press release as stated, we actually finished the year just inside our guidance at $56.7 million of EBITDA. We have previously also given guidance for 2026 of $70 million of EBITDA. We're just getting through first quarter, a lot of moving parts. We're going to wait until we get to the end of first quarter and into the next conference call to update any information on that. So we're holding pat for the moment.

如新聞稿所述，我們實際上以 EBITDA 5,670 萬美元的成績完成全年，剛好落在我們的指引範圍內。我們先前也提供了 2026 年 EBITDA 7,000 萬美元的指引。我們目前正度過第一季，變動因素很多。我們將等到第一季結束並在下一次電話會議時，再更新任何相關資訊。因此目前我們暫時維持不變。

Q1 started off a bit slower than we'd hoped. Current radio pacings are down about 5%, but we're still positive about a number of our operational changes that we have made and also political that is going to be coming in this year. We're also starting to see some significant improvements in our ratings at our cable television unit.

第一季開局比我們希望的稍慢一些。目前廣播廣告預訂進度（pacing）約下滑 5%，但我們仍對已採取的多項營運調整，以及今年將到來的政治廣告收入保持正面看法。我們也開始看到有線電視事業單位的收視率出現一些顯著改善。

So a number of these factors are playing into our decision to hold on any sort of 2026 guidance update. Very pleased that by the end of last year, we were able to do a significant capital markets transaction where we repurchased a significant amount of our 2028 notes at a discount. We extended out our maturities in an exchange now into 2031, upsized our ABL credit facility.

因此，這些因素共同影響了我們暫緩更新任何 2026 年指引的決定。我們非常高興在去年年底完成了一筆重要的資本市場交易，以折價回購了相當數量的 2028 年到期票據。我們也透過交換將到期日延長至 2031 年，並擴大了我們的 ABL 循環信貸額度。

So we put the company in a much more stabilized position in terms of its capital structure to allow us to continue to focus on delevering the business and to try to take advantage of any offensive opportunities, particularly as it relates to deregulation in the radio business. And so we feel very good about that, and we continue to maintain our focus on delevering and including the transactions that we would look to do would be transactions that we're also delevering.

因此，我們在資本結構方面使公司處於更為穩定的狀態，讓我們能持續專注於降低槓桿，並嘗試把握任何進攻性機會，特別是與廣播業務放寬監管相關的機會。我們對此感到非常滿意，並將持續維持降低槓桿的重點；同時，我們會考慮的交易也將是有助於降低槓桿的交易。

So with that, I'm going to turn it over to Peter, who's going to give you details on the numbers, and then we'll open it up to Q&A.

接下來我把時間交給 Peter，他將為各位說明數字細節，之後我們將開放問答。

Thank you, Alfred. Consolidated net revenue for the three months ended December 31, 2025, was approximately $97.8 million, down by 16.5% year over year. Net revenue for the Radio Broadcasting segment was $35.1 million, which was a decrease of 26.5% year over year.

謝謝你，Alfred。截至 2025 年 12 月 31 日止三個月的合併淨營收約為 9,780 萬美元，年減 16.5%。廣播（Radio Broadcasting）部門淨營收為 3,510 萬美元，年減 26.5%。

Excluding political, net revenue was down 10.1% year over year. And according to Miller Kaplan, our local ad sales were down 19% against our markets that were down 12.6%. And on national ad sales were down 40.1% against the market that was down 29.2%. Our largest ad category for the quarter was services, which was up 18.1%, primarily due to legal services. Healthcare was up 3.5% and financial was up 15.7%, but all of the other major categories were down.

若排除政治廣告，淨營收年減 10.1%。根據 Miller Kaplan 的資料，我們的本地廣告銷售下滑 19%，而我們所在市場下滑 12.6%。全國性廣告銷售下滑 40.1%，而市場下滑 29.2%。本季最大的廣告類別為服務業，成長 18.1%，主要來自法律服務。醫療保健成長 3.5%，金融成長 15.7%，但其他主要類別皆下滑。

Net revenue for the Reach Media segment was $13.8 million in the fourth quarter, up 43.9% from the prior year. And adjusted EBITDA was approximately $0.9 million for the quarter. The increase was primarily driven by an increase in event revenue due to the timing of the Fantastic Voyage Cruise, which was in fourth quarter '25 compared to the second quarter of 2024.

Reach Media 部門第四季淨營收為 1,380 萬美元，較去年同期成長 43.9%。本季調整後 EBITDA 約為 90 萬美元。成長主要由活動收入增加所帶動，原因在於 Fantastic Voyage Cruise 的舉辦時點：2025 年在第四季，而 2024 年則在第二季。

So there's a timing difference there. And that increased revenue and expense was offset by a decrease in political revenue and decrease in network advertising revenue.

因此存在時點差異。而增加的收入與費用，則被政治廣告收入下降以及聯播網廣告收入下降所抵銷。

Net revenues for the digital segment were down 19.6% in the quarter, up $14.7 million. The decline was driven by a decrease in direct revenue streams as a result of decreased DEI money, lower political and lower client spending in general. Direct digital sales were down by $2.7 million for the quarter. Adjusted EBITDA was $1.8 million compared to $2.7 million last year. We recognized approximately $34.9 million of revenue from our cable television segment during the quarter, a decrease of 16.8%.

數位部門本季淨營收下滑 19.6%，至 1,470 萬美元。下滑主要由直接收入來源減少所致，原因包括 DEI 資金減少、政治廣告減少，以及整體客戶支出降低。本季數位直接銷售減少 270 萬美元。調整後 EBITDA 為 180 萬美元，去年同期為 270 萬美元。本季我們自有線電視部門認列約 3,490 萬美元營收，年減 16.8%。

Total television advertising revenue was down 21.8%. Our prime delivery declined approximately 20% from the third quarter for persons 25-54. Cable TV affiliate revenue was down by 9%, which was driven by subscriber churn being partially offset by an increase in subscriber rates and the launch of NOW TV.

電視廣告總收入下滑 21.8%。就 25-54 歲族群而言，我們的黃金時段投放量（prime delivery）較第三季約下降 20%。有線電視聯盟費（affiliate）收入下滑 9%，主要由訂戶流失所致，但部分被訂戶費率上調以及 NOW TV 上線所抵銷。

Cable subscribers for TV One, as measured by Nielsen, finished the fourth quarter at $30.2 million compared to $34.1 million at the end of Q3. The decline is a result of the combination of churn and also conversion of virtual deals that's been sold as connected television and therefore, pulled out of the Nielsen numbers. CLEO TV had 33 million Nielsen subscribers at the end of the period.

依 Nielsen 衡量，TV One 的有線訂戶在第四季末為 3,020 萬，較第三季末的 3,410 萬下降。下降係由訂戶流失，以及部分虛擬交易被以連網電視（connected television）形式售出、因此自 Nielsen 數據中剔除的轉換所共同造成。CLEO TV 在期末的 Nielsen 訂戶數為 3,300 萬。

Operating expenses, excluding depreciation, amortization, stock-based compensation and impairment of goodwill and intangible assets of approximately $90.2 million for the three months compared to approximately $91.1 million for the comparable period in 2024. Our operating expenses in the period included $7.7 million of debt refinancing costs as well as $6.7 million of expenditures related to Fantastic Voyage Cruise.

營業費用（不含折舊、攤銷、以股份為基礎之酬勞，以及商譽與無形資產減損）於本季約為9,020萬美元，去年2024年同期約為9,110萬美元。本期營業費用包含770萬美元的債務再融資成本，以及與Fantastic Voyage Cruise相關的支出670萬美元。

So excluding those two items, operating expenses were actually down by approximately 17% and that was driven mainly by revenue-related variable expenses such as commissions, sales rep fees, traffic acquisition costs in digital as well as headcount and related third-party professional fees.

因此，若排除上述兩項，營業費用實際上約下降17%，主要原因為與營收相關的變動費用下降，例如佣金、業務代表費用、數位端流量取得成本，以及人力編制與相關第三方專業服務費用。

Radio operating expenses were down 17.8% or $5.7 million, driven primarily by a decrease in commissions and headcount-related expenses. Reach operating expenses were up by 86.1% due to the timing of the Fantastic Voyage. Excluding the event expenses, then expenses at Reach were down by 12.1%, which was driven by talent and headcount-related expense reductions.

廣播（Radio）營業費用下降17.8%或570萬美元，主要由佣金與人力相關費用下降所致。Reach營業費用因Fantastic Voyage的時點因素上升86.1%。若排除活動費用，Reach的費用則下降12.1%，主要由人才與人力相關費用削減所帶動。

Operating expenses in the digital segment were down by 18.5%, driven by a decrease in traffic acquisition costs, commissions, headcount-related savings and video production costs. Operating expenses in the cable television segment were down 8.3%, driven by lower headcount costs, commission, bad debt and a reduction in program development write-offs.

數位（digital）部門營業費用下降18.5%，主因為流量取得成本、佣金下降，人力相關節省，以及影片製作成本降低。有線電視（cable television）部門營業費用下降8.3%，主因為人力成本、佣金、壞帳降低，以及節目開發沖銷減少。

Operating expenses in corporate were up by approximately $4 million driven by an increase in the debt refinancing costs that was reported in Q4 of $7.7 million, which was offset by lower third-party legal and professional fees, software license fees and other expense reductions at corporate.

公司層級（corporate）營業費用約增加400萬美元，係因第四季認列的債務再融資成本增加至770萬美元；但部分被公司層級較低的第三方法律與專業服務費、軟體授權費及其他費用削減所抵銷。

Consolidated adjusted EBITDA was $15.6 million for the fourth quarter, which was down 41.8%. Consolidated broadcast and digital operating income was approximately $23.8 million, a decrease of 38.3%. On December 18, 2025, the company closed a private tender exchange offer with the holders of the 2028 senior secured notes representing more than 97% of the aggregate principal amount outstanding.

第四季合併調整後EBITDA為1,560萬美元，下降41.8%。合併廣播與數位營業利益約為2,380萬美元，下降38.3%。2025年12月18日，公司與持有2028年期優先擔保票據（senior secured notes）的持有人完成一項私募要約交換（private tender exchange offer），該等持有人代表未償還本金總額逾97%。

Company tendered $185 million of the 2028 notes at 60%. We issued $60.6 million aggregate principal amount of 10.5% first lien senior secured notes due 2030, and we issued $291 million aggregate principal amount of 7.625%, second lien secured notes due 2031. Following the transaction, $11.8 million of the 2028 notes remained outstanding.

公司以面額60%的價格要約交換1.85億美元的2028年期票據。我們發行本金總額6,060萬美元、票面利率10.5%、2030年到期之第一順位留置權優先擔保票據（first lien senior secured notes），並發行本金總額2.91億美元、票面利率7.625%、2031年到期之第二順位留置權擔保票據（second lien secured notes）。交易完成後，2028年期票據仍有1,180萬美元未償還。

We had to account for the transaction under the troubled debt restructuring rules, which means that we don't recognize the gain on the tender P&L. And instead, we effectively capitalize that on the balance sheet as a premium. And that will have a knock-on effect in future periods of reducing the P&L interest expense. And the difference between the cash interest expense and the P&L interest expense will go to reduce the premium over time.

我們必須依據困境債務重整（troubled debt restructuring）規則對該交易進行會計處理，這表示我們不會在損益表（P&L）上認列該要約交換的收益。相反地，我們實質上將其以溢價形式資本化列示於資產負債表。這將在未來期間產生連鎖影響，使損益表利息費用降低。而現金利息費用與損益表利息費用之差額，將隨時間用以逐步攤減該溢價。

Interest and investment income was approximately $0.4 million in the fourth quarter compared to $1.1 million last year. The decrease was due to lower cash balances and interest-bearing accounts. Interest expense decreased to approximately $8.7 million in Q4, down from the $11.5 million last year due to lower overall debt balances.

第四季利息及投資收益約為40萬美元，去年同期為110萬美元。下降原因為現金餘額及計息帳戶餘額較低。第四季利息費用降至約870萬美元，低於去年同期的1,150萬美元，係因整體債務餘額降低。

The company made cash interest payments of approximately $13.4 million in the quarter, and during the first three quarters, the company repurchased $96.7 million of its 2028 notes at an average price of 53.6% at par bringing the balance to $487.8 million as of September 30.

公司本季支付現金利息約1,340萬美元；且在前三季期間，公司以平均面額53.6%的價格回購9,670萬美元的2028年期票據，使截至9月30日的餘額降至4.878億美元。

And then the debt transaction in the fourth quarter further reduced the outstanding long-term debt balance to $363.4 million at year-end. At the same time as the debt transaction happened, we drew down $10 million from our new ABL credit facility. And in the first quarter of 2026, we repaid the $10 million draw on the ABL, and we also purchased an additional $4.3 million in the 2028 notes at 51% of par, bringing the current outstanding total debt balance to $359.1 million.

而第四季的債務交易進一步將年末未償還長期債務餘額降至3.634億美元。在債務交易發生的同時，我們自新的ABL循環信貸融資（asset-based lending credit facility）提用1,000萬美元。並於2026年第一季償還該ABL提用的1,000萬美元，同時以面額51%的價格再購入430萬美元的2028年期票據，使目前未償還總債務餘額降至3.591億美元。

$55.3 million of noncash impairment charges were recorded, and that was made up of $0.5 million at Reach Media. $53.1 million at cable television and $1.7 million within the digital reporting unit. We recorded amortization expense of approximately $4.5 million for the radio broadcast license TV One trade name for the three months. Benefit from income taxes was approximately $9.2 million for the fourth quarter, company received cash income tax refunds in the amount of approximately $200,000.

本期認列非現金減損費用5,530萬美元，其中Reach Media為50萬美元、有線電視為5,310萬美元、數位報導單位（digital reporting unit）為170萬美元。本季就廣播執照及TV One商標名稱（trade name）認列攤銷費用約450萬美元。第四季所得稅利益約為920萬美元；公司收到現金所得稅退稅約20萬美元。

Capital expenditures were approximately $3.2 million in the quarter and $10.1 million for the year. Net loss was approximately $54.4 million or $12.24 per share compared to a net loss of $35.7 million or $7.81 a share for the third -- fourth quarter of 2024.

本季資本支出約320萬美元，全年約1,010萬美元。淨損約5,440萬美元或每股12.24美元，相較於2024年第四季淨損3,570萬美元或每股7.81美元。

During the three months ended December 31, '25, the company did not repurchase any shares of Class A common stock. We did repurchase 13,773 shares of Class D common stock for approximately $100,000 at an average price of $8.20 per share on a post-split basis. And in January 2026, the company did a 1-for-10 reverse stock split and thereby, regained compliance with the NASDAQ listing requirements.

截至2025年12月31日止三個月內，公司未回購任何A類普通股。我們確實回購了13,773股D類普通股，金額約10萬美元，按拆股後基準計算平均每股價格為8.20美元。並於2026年1月，公司進行1比10的反向股票分割（reverse stock split），因此重新符合NASDAQ上市要求。

As of December 31, 2025, the current outstanding debt balance was approximately $373.4 million and ending unrestricted cash was $25.5 million, resulting in net debt of approximately $347.9 million, which compares to $56.7 million of LTM reported adjusted EBITDA for a total net leverage ratio of 6.14 times.

截至2025年12月31日，當期未償還債務餘額約為3.734億美元，期末不受限制現金為2,550萬美元，淨負債約為3.479億美元；相較於過去十二個月（LTM）報告之調整後EBITDA為5,670萬美元，淨槓桿比率合計為6.14倍。

And with that, I'll hand back to Alfred.

以上，我把時間交還給Alfred。

Operator, can we open the lines up for Q&A.

接線員，我們可以開放電話線進行問答嗎？

(Operator Instructions) We have no questions at this time. Mr. Liggins, I'll hand the call back to you.

(接線員指示) 目前沒有提問。Liggins先生，我把電話交還給您。

Well, thank you very much, and we appreciate your support. And as always, we are available offline to answer any questions that you may think of after the fact. And so thank you very much, and we'll see you next quarter.

非常感謝，也感謝各位的支持。一如往常，我們也可在會後私下回覆您之後想到的任何問題。再次感謝，我們下季再見。

This will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。