Urban One Inc (UONEK) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to the UrbanOne 2026 Second Quarter Earnings Call. As a reminder, this conference is being recorded. We will begin this call with the following safe harbor statement. During this conference call, UrbanOne will be sharing with your certain projections or other forward-looking statements regarding future events or its future performance.

各位女士、先生，感謝您稍候並歡迎參加 UrbanOne 2026 年第二季財報電話會議。提醒各位，本次電話會議將被錄音。我們將以以下的安全港聲明開始本次電話會議。在本次電話會議中，UrbanOne 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。

UrbanOne 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.

UrbanOne 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 August 4, 2026. Please note that Urban One disclaims any duty to update any forward-looking statements made in the 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.urbanone.com.

本次電話會議將呈現截至 2026 年 8 月 4 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。在本次電話會議中，Urban One 在討論其表現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期間或於公司新聞稿中與 GAAP 進行調節，新聞稿可於其網站 www.urbanone.com 查閱。

A replay of the conference call will be available from 2:00 PM Eastern Time, August 4, 2026, until 11:59 PM Eastern Time on Tuesday, August 11, 2026.

本次電話會議的重播將自 2026 年 8 月 4 日美東時間下午 2:00 起提供，至 2026 年 8 月 11 日（週二）美東時間晚上 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 3,701,023.

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 3,701,023。

Access to live audio and a replay of the conference will also be available on Urban One's corporate website at www.urbanone.com. The replay will be made available on the website for seven days after the call.

亦可透過 Urban One 公司網站 www.urbanone.com 收聽即時音訊及會議重播。重播將於電話會議結束後在網站上提供七天。

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 Thompson, Chief Financial Officer. Mr. Liggins, please go ahead.

未經授權，不得錄製或複製本次電話會議的任何其他錄音或副本，亦不得據以依賴。接下來我將把電話交給 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。

Also joining us as usual is Jody Drewer, Chief Financial Officer of TV One, Chris Simpson, our General Counsel, and Karen Wishart, our Chief Administrative Officer.

照例與我們一同出席的還有 TV One 財務長 Jody Drewer、總法律顧問 Chris Simpson，以及行政長 Karen Wishart。

As you've seen in the press release and the results that have come out, we have seen sequential improvements.

如各位在新聞稿及已公布的結果中所見，我們看到環比的改善。

Over Q1, but still, we are in a rate of decline, less decline than Q1, but however still a tough first half of the year.

相較第一季，但我們仍處於下滑趨勢；下滑幅度小於第一季，但上半年仍然艱難。

We are expecting things to pick up as we go into move into Q3 as political starts to become more and more of a factor in our numbers.

我們預期隨著進入第三季，政治因素將在我們的數字中扮演越來越重要的角色，屆時情況會有所回升。

Even though it's an unknown, we're hopeful because of competitive races in Ohio, Texas, Georgia, North Carolina, and Indiana.

儘管仍有不確定性，但由於俄亥俄州、德州、喬治亞州、北卡羅來納州與印第安納州的選戰競爭激烈，我們抱持希望。

During the quarter, we have continued to reduce our leverage with market repurchases of our debt.

本季期間，我們持續透過在市場上回購債務來降低槓桿。

Spent about $23.5 million purchasing our 2031 second lien notes at an average price of approximately $0.42 on the dollar.

我們以約每 1 美元面值 0.42 美元的平均價格，花費約 2,350 萬美元買回我們 2031 年到期的第二順位擔保票據。

That's about a $60.2 million long-term debt reduction and an annual interest savings of $4.6 million. However, because of the.

這相當於長期債務減少約 6,020 萬美元，並每年節省利息 460 萬美元。然而，由於。

First half of the year, we have decided to adjust our guidance down from 60 to the mid-50s, even though we still don't know exactly where political is going to come out. And also, we closed on our Dallas acquisition.

鑑於上半年的情況，我們決定將指引從 60 下調至 50 多的中段，儘管我們仍不確定政治因素最終會如何反映。此外，我們也完成了達拉斯的收購案交割。

I believe that was.

我相信那是。

This was August 17th, and that's off to a good start, and that's going to contribute significantly to the last five and a half months.

那是在 8 月 17 日，且目前開局良好，將在最後五個半月做出顯著貢獻。

There's potential upside there, but still out of an abundance of caution and trying to be more accurately elected to bring the guide down. That could change.

那裡存在上行潛力，但出於更審慎的考量，並希望更精準地反映情況，我們決定下調指引。這可能會改變。

But at this point in time, we're saying mid-50s. I'm going to turn it over to Peter to go into the details of the numbers, and then we can open it up for Q&A.

但就目前而言，我們的說法是 50 多的中段。我將把時間交給 Peter，請他說明數字細節，之後我們再開放問答。

Peter? Thanks, Alfred. So consolidated net revenues for three months ended June 30 of '26 was approximately $85.8 million, which was 6.4% decrease year over year. Net revenue for the radio broadcasting segment was $35.

Peter？謝謝，Alfred。截至 26 年 6 月 30 日止三個月的合併淨營收約為 8,580 萬美元，年減 6.4%。廣播電台事業部門的淨營收為 35。

$5.3 million, a decrease of 3.9% year-over-year. Excluding political, net revenue for radio was down 6.6% year-over-year. According to Miller Kaplan, our local ad sales were down 10.1% against the market was down 7.8%, and our national advertising sales were down 1.5% against the market that was down 4.6%. So we outperformed on.

5,300 萬美元，年減 3.9%。若排除政治廣告，電台淨營收年減 6.6%。根據 Miller Kaplan，我們的本地廣告銷售下滑 10.1%，而市場下滑 7.8%；全國性廣告銷售下滑 1.5%，而市場下滑 4.6%。因此我們在。

National and underperformed a little on local. Our largest ad category was services, which was down approximately 0.7%, primarily due to legal services. Government public category was up 14.5% as a result of political spending. And telecommunications category was up 16.9%. All the other major categories were down in the quarter.

全國性表現優於市場，而在本地方面略為落後。我們最大的廣告類別為服務業，約下滑 0.7%，主要因法律服務所致。政府公共類別因政治支出而成長 14.5%。電信類別成長 16.9%。本季其他主要類別皆呈下滑。

Net revenue for Reach Media was $4.8 million in the same quarter. Declined at 10.6% from the prior year.

同一季度 Reach Media 的淨營收為 480 萬美元。較去年同期下滑 10.6%。

Adjusted EBITDA reach was a loss of $1 million.

Reach 的調整後 EBITDA 為虧損 100 萬美元。

We just continued to see declines in network revenue available for us to participate in.

我們持續看到可供我們參與的聯播網路營收下滑。

Net revenue for digital segments down 8.4% at $9.4 million.

數位業務部門淨營收下滑 8.4%，至 940 萬美元。

The decrease was driven by a decrease in national direct revenue streams as a result of reductions in DEI focus spending, a lower client spending in general due to microeconomic concerns.

下滑主要由全國直客營收來源減少所致，原因包括 DEI（多元、公平與共融）重點支出縮減，以及因微觀經濟疑慮導致客戶整體支出降低。

We recognize approximately $37.1 million of revenue from our cable television segment during the quarter, a decrease of 7.4%. Cable television advertising sales were down 9.6%. Had strong competition from the NBA playoffs, and that contributed to prime delivery declines of 21% year-over-year versus 25-54, and this along with a continued weak scatter market led to more commercial units continuing to be allocated to direct response at lower average unit rates.

本季我們的有線電視部門認列營收約 3,710 萬美元，年減 7.4%。有線電視廣告銷售下滑 9.6%。NBA 季後賽競爭強勁，導致黃金時段投放量年減 21%（相較 25–54 歲族群為年減 25%）；再加上散單市場持續疲弱，使得更多廣告單位持續被分配至直接反應（Direct Response），且平均單位價格較低。

Cable television affiliate revenue was down by 4.5%, driven by subscriber churn, as linear cable continues to decline, and that was partially offset by an increase in subscriber rates.

有線電視聯盟分潤收入下滑 4.5%，主因為訂戶流失；隨著線性有線持續衰退，該影響部分被訂戶費率上調所抵銷。

Traditional linear cable TV subscribers at TV One, as measured by Nielsen, finished Q2 at 27.3 million, compared to 34.3 million at the end of Q2 '25.

依尼爾森（Nielsen）衡量，TV One 的傳統線性有線電視訂戶在第二季末為 2,730 萬，較 2025 年第二季末的 3,430 萬下降。

Inclusive of virtual subscribers.

包含虛擬訂戶。

TV1 finished with 30.5 million Nielsen subscribers compared to 35.4 million in the second quarter of 2025.

TV1 的尼爾森訂戶為 3,050 萬，相較於 2025 年第二季的 3,540 萬。

Decline obviously been driven by linear churn. Clio TV had 27.2 million traditional linear Nielsen subs and 31.1 million inclusive of virtual subscribers.

下滑顯然是由線性用戶流失所驅動。Clio TV 的傳統線性尼爾森訂戶為 2,720 萬，若包含虛擬訂戶則為 3,110 萬。

Through the first four weeks of Q3 2026, TV1 is up by 4% in prime versus 25% 54% delivery compared to Q2 2026 and only down 3% compared to Q3 2025.

截至 2026 年第三季前四週，TV1 的黃金時段較 2026 年第二季提升 4%，相較於 2025 年第三季僅下滑 3%；而在 25–54 歲族群的投放（delivery）相較 2026 年第二季提升 54%。

Operating expenses, excluding depreciation, amortization, stock-based compensation and impairment charges were approximately $75 million for three months. Compared to approximately $78.1 million for the comparable period in 2025, this decrease was mainly driven by sales and marketing expense decreases in the operating segments. Radio expenses were down by 1.6% or $0.5 million, driven primarily by lower revenue and lower bad debt reserves, so lower expenses connected to revenue, sales, commission, et cetera.

營業費用（不含折舊、攤銷、股份基礎給付及減損費用）三個月約為 7,500 萬美元。相較於 2025 年同期約 7,810 萬美元，本次下降主要由各營運分部的銷售與行銷費用降低所致。廣播（Radio）費用下降 1.6%（約 50 萬美元），主要因營收較低及呆帳準備較低，因此與營收相關的費用、銷售、佣金等支出較低。

Reach operating expenses were down 17% or $1.2 million, primarily due to lower bad debt reserves.

Reach 的營業費用下降 17%（約 120 萬美元），主要因呆帳準備較低。

Operating expenses in the digital segment were down 8.7%, driven by a decrease in traffic acquisition costs, commissions, headcount savings, and bad debt reserves.

數位分部的營業費用下降 8.7%，主要由流量取得成本、佣金、人力節省以及呆帳準備下降所帶動。

Operating expenses in the cable television segment were up 4.1%.

有線電視分部的營業費用上升 4.1%。

Driven by a combination of programming expenses and accounting for new executive agreements at TV1. Operating expenses in corporate, down by approximately 16.7%, driven by lower professional service fees and other compensation-related costs.

主要由節目製作/採購費用，以及 TV1 新的高階主管協議之會計處理共同驅動。公司層級（corporate）營業費用約下降 16.7%，主要因專業服務費及其他與薪酬相關成本較低。

Consolidated adjusted EBITDA was $11.7 million, down 16%. Consolidated broadcast and digital operating income was approximately $22.2 million, a decrease of 13.7% year over year.

合併調整後 EBITDA 為 1,170 萬美元，下降 16%。合併廣播與數位營業利益約為 2,220 萬美元，年減 13.7%。

Interest expense in the P&R was down to approximately $2.1 million, down $9.7 million last year, reflecting the debt repurchase accounting and lower effective interest rates under the troubled debt restructuring rules.

損益表（P&R）中的利息費用降至約 210 萬美元，較去年減少 970 萬美元，反映債務回購的會計處理，以及在問題債務重整（troubled debt restructuring）規則下較低的有效利率。

We made cash interest payments of approximately $5 million during the quarter.

本季我們支付的現金利息約為 500 萬美元。

The semi-annual cash interest payment for the 2030 and 2031 notes was made on April 1st.

2030 年與 2031 年票據的半年期現金利息已於 4 月 1 日支付。

And the next payment is due on October the 1st for the full 180 days of accrued interest, which is approximately $12.1 million. During the three months ended June 30th.

下一次付款到期日為 10 月 1 日，涵蓋完整 180 天的應計利息，約為 1,210 萬美元。截至 6 月 30 日止三個月期間。

We repurchased approximately $23.5 million of our 2031 second lien notes at a weighted average price of 42% of par debt repurchase of the 2031 second lien notes in the second quarter reduced the outstanding long-term debt balance to $303.2 million. Year today, it's a total reduction in long-term debt of $60.2 million and.

我們以面額加權平均 42% 的價格回購約 2,350 萬美元的 2031 年第二順位擔保票據；第二季回購使未償長期負債餘額降至 3.032 億美元。年初至今，長期負債合計減少 6,020 萬美元，並且。

Annualized interest saving of $4.6 million under the troubled debt restructure account. And the long-term debt on the balance sheet includes a premium which amortizes over the remaining term. And we've separated that out in the press release so you can see what that is. We drew an additional $10 million in the second quarter under the asset-backed facility, which resulted in total outstanding balance there of $20 million.

在問題債務重整會計處理下，年化利息節省 460 萬美元。此外，資產負債表上的長期負債包含一項溢價，將在剩餘期限內攤銷。我們已在新聞稿中將其拆分揭露，方便你們查看其金額。第二季我們在資產擔保融資（asset-backed facility）項下額外動用 1,000 萬美元，使該項未償餘額合計達 2,000 萬美元。

We made a further additional draw of $7 million and then during the quarter and then we just repaid this week $5 million in the third quarter. So we're at $22 million drawn there and we have current borrowing capacity of an incremental $24.1 million.

之後我們又額外動用 700 萬美元；而在第三季本週我們已償還 500 萬美元。因此目前該項已動用金額為 2,200 萬美元，現有可用借款額度尚可再增加 2,410 萬美元。

We recognize approximately $13.9 million.

我們認列約 1,390 萬美元。

Goodwill impairment charge and approximately $300,000 of long-lived asset impairment charges related to Reach Media.

商譽減損費用，以及約 30 萬美元與 Reach Media 相關的長期資產減損費用。

We recorded depreciation and amortization expense of approximately $6.2 million, which includes $4.4 million of amortization for the radio broadcasting license and TV1 trade name.

我們認列折舊與攤銷費用約 620 萬美元，其中包含廣播電台執照及 TV1 商標名稱的攤銷 440 萬美元。

Benefit from income taxes was approximately $1.7 million. We paid cash taxes, net refunds in the amount of. Approximately $500,000 and capital expenditures for the quarter were approximately $1.7 million. Net loss was approximately $7 million or $1.58 per share compared to a net loss of $77.9 million or $17.41 per share for the second quarter of 2025.

所得稅利益約為 170 萬美元。我們支付的現金稅（扣除退稅）為。約 50 萬美元；本季資本支出約為 170 萬美元。淨損約 700 萬美元（每股 1.58 美元），相較於 2025 年第二季淨損 7,790 萬美元（每股 17.41 美元）。

During the three months, we did not repurchase any shares of Class A common stock.

在這三個月期間，我們未回購任何 A 類普通股。

And we repurchased 129,543 shares of Class D common stock for approximately $600,000 at an average price of $4.50. That was under the annual repurchase program for employee stock. We also executed stock vest tax repurchases of 145,513 shares of Class D common stock, which is approximately $700,000. An average price of $4.52 during the quarter.

我們回購了 129,543 股 D 類普通股，金額約 60 萬美元，平均價格為 4.50 美元；此為員工持股年度回購計畫的一部分。我們亦執行因股票歸屬稅款所需的回購，回購 145,513 股 D 類普通股，約 70 萬美元。本季平均價格為 4.52 美元。

As of June 30, the current contracted outstanding debt balance was approximately $323.2 million, including the ABL draw.

截至 6 月 30 日，依合約計算的未償債務餘額約為 3.232 億美元，包含 ABL 動用額。

Ending unrestricted cash was $15.4 million, resulting in net debt of approximately $307.9 million.

期末不受限制現金為 1,540 萬美元，因此淨負債約為 3.079 億美元。

Compared to $46.2 million of LTM reports as adjusted EBITDA to the total leverage ratio of 6.66 times.

相較於過去十二個月（LTM）報告之調整後 EBITDA 為 4,620 萬美元，總槓桿比率為 6.66 倍。

As we previously announced in March, we agreed to sell WMXG and WLNK radio broadcast licenses in Charlotte, North Carolina to unrelated third parties for approximately.

如我們先前於 3 月公告，我們同意將位於北卡羅來納州夏洛特的 WMXG 與 WLNK 廣播電台執照出售予無關第三方，對價約為。

$0.7 million and $4.2 million, respectively. We completed both sales on June 1, 2026 and recognized a gain of $4.7 million.

分別為 70 萬美元與 420 萬美元。我們已於 2026 年 6 月 1 日完成兩筆出售，並認列 470 萬美元處分利益。

In April, we entered into an agreement to acquire Service Broadcasting Group in Dallas, Texas, including radio stations KKDA and KRNB for $22 million.

4 月，我們簽訂協議，以 2,200 萬美元收購位於德州達拉斯的 Service Broadcasting Group（包含 KKDA 與 KRNB 電台）。

Same time, we also entered into agreement to sell radio station KZMJ to Fusion Dallas LLC for $6 million.

同時，我們也簽訂協議，以 600 萬美元將電台 KZMJ 出售給 Fusion Dallas LLC。

We completed on the sale of KZMJ on July 6.

我們已於 7 月 6 日完成 KZMJ 的出售。

And recognized a gain of $3.2 million in the third quarter. We also completed the acquisition of Service Broadcasting Group on July 17, 2026. With that, I'll hand back to Alfred.

並於第三季認列 320 萬美元處分利益。我們也於 2026 年 7 月 17 日完成對 Service Broadcasting Group 的收購。接下來我把時間交回給 Alfred。

Thank you, Peter. Operator, can you go to the lines for Q&A, please?

謝謝你，Peter。接線員，請開放電話線進行問答，謝謝？

We will now begin the question-and-answer session. To ask the question, press then the number one on your telephone keypad. Our first question will come from the line of Ben Briggs with Stonex Financial. Please go ahead.

我們現在開始問答環節。如要提問，請在電話鍵盤上按 1。我們的第一個問題來自 Stonex Financial 的 Ben Briggs。請開始。

Hey, good morning, guys.

嘿，各位早安。

Thank you for taking the time to take the questions.

謝謝你們撥冗回答問題。

So, I've got a couple here, so you know a lot of puts and takes here, Obviously, we've got midterms coming up. I know that you mentioned political is going to be a tailwind.

我這邊有幾個問題，裡面有很多取捨與變數。顯然，我們即將迎來期中選舉。我知道你提到政治廣告會成為順風。

Is there any way you can quantify that or even give some, I guess, relative guidance versus what it was like previously? I know that with the Dallas acquisition, there may be some changes as far as what the political demand is.

你們有沒有辦法量化這點，或至少提供一些相對於先前的指引？我知道隨著達拉斯的收購，政治需求可能會有一些變化。

Yeah, that's difficult. That's like, we don't know yet how much money people are going to, spend. I mean, that's, we won't know until we actually get into the negotiation, of it. It's also going to depend on...

是的，這很難。因為我們還不知道大家會花多少錢。我的意思是，要等到我們真的進入談判時才會知道。而且也會取決於……

Exactly how competitive people, think it's going to be. I do know that we've got radio budgeted at about $11.1 million, and then 22, we did 12, basically 13, and so, not quite as, we're not, we're saying that we're not going to be quite as robust as.

大家認為競爭會有多激烈。我知道我們在廣播的政治預算大約編列了 1,110 萬美元，而 22 年我們做了 1,200 萬，基本上接近 1,300 萬，所以我們的意思是，我們不會像……那麼強勁。

As 22, but, there was a big, it was a big Georgia runoff, right? So, and it was a runoff, so you kind of got two bites of the apple.

像 22 年那樣，但當時有一場很大的喬治亞州決選，對吧？而且是決選，所以等於有兩次機會。

George is expected to be competitive again, right, in the offs off race, but there won't be a runoff.

喬治亞預期在這次非總統選舉中也會再次競爭激烈，但不會有決選。

And so, you just don't know. It's just like, it's hard to tell. I mean, it feels like it's going to be, I mean, fortunately, what we can tell, we can look at polls and say, where the races are close, right? Like, close in Georgia. They're also, the governor's race looks close there. Keisha Lance Bottoms, I guess I forgot the Republican.

所以你就是不知道。真的很難判斷。我的意思是，感覺會是……幸運的是，我們能做的是看民調，判斷哪些選戰接近，對吧？像喬治亞很接近。那裡的州長選戰看起來也很接近。Keisha Lance Bottoms，我想我忘了共和黨那位……

Candidate's name. That looks close.

候選人的名字。那看起來也很接近。

She's supposedly, kind of behind the curve on fundraising, which I don't really understand given, on a competitive race, like that, why wouldn't people be throwing money at it?

據說她在募款上有點落後，我其實不太理解，因為在那種競爭激烈的選戰裡，為什麼大家不把錢砸進去？

So there's all these, wild cards. But anyway, let's just say it's going to be competitive. Indiana is going to be competitive on a.

所以有很多不確定因素。但總之，就先假設會很激烈。印第安納也會在一場……上競爭激烈。

I think it's a state attorney general's race. Ohio is supposedly competitive with Sherrod Brown, trying to reclaim a seat in the Senate. And everybody in the country has been, talking about Texas and Tallarico, versus Paxton.

我想是州檢察長的選戰。俄亥俄據說也很激烈，Sherrod Brown 正試圖在參議院奪回一席。而全國都在談德州的 Tallarico 對上 Paxton。

Anything could change, right?

任何事情都可能改變，對吧？

The gap could widen and people feel, like it's less competitive. Hope that doesn't happen. And then also the other wild card is how much do advertisers spend with radio versus spending with digital and TV, etc. So, suffice it to say it feels like that they're multiple competitive races in places that we have stations. And you're right, Dallas, should be different for us because we've got, a very strong, position against the African American audience, the Democrats looking, more competitive. And so that should bode well for us. But exactly how well for it, I can't, tell.

差距可能拉大，大家就覺得沒那麼競爭。希望不要發生。另一個變數是，廣告主在廣播上花多少、相對於數位與電視等花多少。總之，可以說我們感覺在我們有電台的地區，有多場競爭激烈的選戰。你說得對，達拉斯對我們來說應該會不一樣，因為我們在非裔美國人受眾上有很強的定位，而民主黨那邊看起來更具競爭力。所以這對我們應該是利多。但到底會有多好，我無法……說得準。

If you can find somebody who can actually really predict what the ad dollar market's going to be in this industry, you probably could make money with them on Cowshi.

如果你能找到真的能預測這個產業廣告金額市場的人，你大概可以跟他在 Cowshi 上賺錢。

I will keep that in mind. I will keep that in mind.

我會記住的。我會記住的。

But those are the races that we feel like, that we feel will help us, right? Yeah.

但這些就是我們覺得、我們認為會幫助我們的選戰，對吧？是的。

Yes, Now, I think you said you've got about 11.1 million budgeted for political and fiscal 20s in radio. Will anything flow through to TV from political?

是的。那我想你說你們在廣播的政治預算大約是 1,110 萬美元、在 20 多財年。政治廣告會有任何部分流到電視嗎？

Yeah, I mean, TV usually only gets political and a Presidential now, so digital should see some, but TV now?

會的，我是說，電視通常只有在總統選舉年才會拿到政治廣告，所以數位應該會看到一些，但電視現在呢？

Got it.

了解。

That's right. Right. Yeah. Yeah.

沒錯。對。是。是。

Are you expecting much from digital?

你們預期數位會有很多嗎？

I don't remember what the budget is. I think it's maybe a couple million bucks or something like that. Yeah. Or maybe a million dollars. Yeah. Maybe it's a million dollars.

我不記得預算是多少。我想可能是兩三百萬美元之類的。是。或者可能是一百萬美元。是。也許是一百萬美元。

And so, because digital can obviously be the geo targeted, right? So.

因為數位顯然可以做地理位置定向，對吧？所以。

Yes. Yes.

是。是。

Okay.

好的。

And then kind of moving along, so I know on the last call you guys discussed some AM towers that might get sold. Is there anything to report there?

接著往下問，我知道在上次電話會議你們提到一些 AM 發射塔可能會出售。這方面有什麼可以更新的嗎？

Nothing to report now. It's a process. It's ongoing, right this second. And, we feel good that we're going to have a positive outcome, and we think there will be a positive outcome this year.

目前沒有可更新的。這是一個流程。現在仍在進行中。而且我們對會有正面的結果感到樂觀，也認為今年會有正面的結果。

Got it. Okay.

了解。好的。

Thank you. And then last one from me is, so I know you moved guidance from $60 million to mid-50s. I think on the last call, there had been a discussion of about $40 million of free cash flow expectation in 2026. Is it safe to say, using mid-50s EBITDA that it would be about $35 million of free cash flow expectation now? Am I thinking about that the?

謝謝。我最後一個問題是，我知道你們把指引從 6,000 萬美元下調到 5,000 多萬的中段。我記得上次電話會議有討論到 2026 年自由現金流大約 4,000 萬美元的預期。那現在用 EBITDA 5,000 多萬的中段來看，是否可以說自由現金流預期大約會是 3,500 萬美元？我這樣想對嗎？

Yeah, there's some more puts and takes on non-cash stuff like ADU burning through that right and off ADU balances. It's probably lower than that now just because of the composition of how we're going to the revenue into the EBITDA number.

是的，還有一些來自非現金項目的取捨，例如 ADU 的消耗，以及 ADU 餘額的沖銷。由於我們把營收導入 EBITDA 數字的組成結構不同，現在可能會比那個還低。

Okay.

好的。

All right.

好。

Fair enough.

可以。

I really appreciate the time.

非常感謝您撥冗。

Thank you again for taking the questions and good luck in third quarter.

再次感謝您回答問題，祝第三季順利。

Thank you.

謝謝。

Our next question will come from the line of Aaron Watts with Deutsche Bank. Please go ahead.

下一個問題來自德意志銀行（Deutsche Bank）的 Aaron Watts。請開始。

Hey everyone, thank you for taking my questions. I've got a couple, if I may, around the ad environment.

各位好，謝謝讓我提問。如果可以的話，我有幾個關於廣告環境的問題。

Start on the radio side. I see the sequential improvement from first quarter, but I think 2Q came in a little weaker than you had guided us last quarter. I appreciate it's difficult to be around a percentage point smart in advance on radio ads, but any factors you'd call out that maybe ended? Push 2Q a little softer than you had originally anticipated back in May on your last call.

先從廣播端開始。我看到相較第一季有連續改善，但我認為第二季的表現比你們上季給的指引稍微弱一些。我理解要提前把廣播廣告的百分點抓得很準很難，但有沒有什麼因素是你們會特別點出、可能已經結束了，導致第二季比你們在五月上次電話會議時原先預期的更疲弱？

Yeah, I mean, I think local came in lighter than we thought, and we underperformed the market locally. Within that, obviously, there's a whole. It's not really one category. It was just across the board. And so, yeah, the patients that we gave at the last call, we did miss those a little bit. And I think almost all of that was in local.

是的，我的意思是，我想本地（local）比我們預期的更弱，而且我們在本地市場的表現落後於大盤。在這之中，當然，涵蓋面很廣。其實不是某一個類別的問題。就是全面性的。所以，是的，我們在上次電話會議給的節奏（pacing）確實有一點沒達到。而且我想幾乎全部都發生在本地。

Peter, anything you'd call out that is right now pushing national to be a bit firmer than local?

Peter，有沒有什麼你會特別點出、目前讓全國（national）比本地更穩一些的因素？

Not really.

沒有特別的。

We've been underperforming the marketplace nationally, so I think we just righted that ship a little bit.

我們之前在全國市場的表現一直落後於大盤，所以我想我們只是把狀況稍微扭轉回來一點。

Okay.

好的。

If I look ahead to your 3Q radio guide down 2.8%, does that compare to the 3.9 you just reported in 2Q?

如果我看你們第三季廣播指引是下滑 2.8%，這跟你們第二季剛報告的下滑 3.9%相比，

Does that imply some firming in the underlying core ad market or is that purely the political lift you were, Alfred, you were just kind of talking about a minute ago?

這是否意味著核心廣告市場的基本面有些轉強？還是純粹是你剛剛 Alfred 提到的政治廣告帶動？

Look, you've got political starting to steep in there. You've got improvements in our Washington, D.C. Market, over what it was, a year ago based on some format changes.

你看，政治廣告開始逐步進來了。另外，我們華盛頓特區市場相較一年前也有改善，這是基於一些節目型態（format）調整。

Atlanta is doing better than we bought it in Q3, and that's before politicals jumped in there. I think I looked at that Atlanta forecast for political it's not it's not a huge number.

亞特蘭大在第三季的表現也比我們收購時預期的更好，而且這還是在政治廣告進來之前。我想我看過亞特蘭大政治廣告的預測，數字並不大。

Yeah.

是。

Yeah, we don't have a lot of political on the books you have. Q3, we've only got a quarter million dollars. So actually the pacing's explicit water is roughly the same.

是的，我們目前帳上其實沒有太多政治廣告。第三季我們只有 25 萬美元。所以其實節奏（pacing）基本上差不多。

We're struggling in Indianapolis, which has been a struggle all year long.

我們在印第安納波利斯仍然很吃力，這一整年都一直是個挑戰。

Houston had a great Q1, tough Q2, starting to do better.

休士頓第一季很強，第二季很艱難，現在開始好轉。

Again in Q3 and Q4, we think we took, we lost the momentum because of World Cup, believe it or not, because so many people took money and put it against that, we felt like it really hurt us, particularly in Houston.

我們認為第三季和第四季會再度改善。我們覺得動能之所以掉下來，信不信由你，是因為世界盃，因為很多人把預算挪去投那個，我們覺得這真的傷到我們，尤其是在休士頓。

Okay, now that is helpful context. And I guess one last one for me, shifting over to the TV side, was it many of those same factors kind of weighing on TV advertising or anything?

好的，這個背景很有幫助。我最後一個問題，轉到電視端，電視廣告是否也受到許多類似因素的影響，還是有其他原因？

In particular to the TV side that you would call out that pushing advertising?

特別是在電視端，有沒有什麼你會點出的因素在推動（影響）廣告？

TV's more of an inventory problem, more CTV impressions out there, weaker scatter market means that dollars start to default.

電視比較像是庫存（inventory）問題，市場上有更多 CTV 曝光（impressions），而較弱的散單（scatter）市場意味著預算會開始轉向（default）。

We're going into upfront now, right? So upfront, shows.

我們現在要進入預售（upfront）了，對吧？所以在 upfront，節目（shows）……

That you got less advertisers coming, for linear, and then when you look at CTV, you got more impressions, 'cause of Netflix and...

你會看到線性（linear）端來的廣告主變少；而在 CTV 方面，因為 Netflix 和……

In Amazon, and then you got a weaker scatter market. Long story short, it's putting pricing pressure on the ad rates, particularly as ad rates start to default to direct response. I mean, I think those are the same kind of macro trends that.

以及 Amazon，曝光量變多，同時散單市場又更弱。簡而言之，這對廣告費率造成定價壓力，尤其當廣告費率開始轉向以直接回應（direct response）為主時。我想這些就是同樣的宏觀趨勢。

Folks are seeing in the linear, cable business. I haven't been following everybody's numbers, but when I see Warner Brothers Discovery Report, et cetera, it's kind of similar factors.

大家在傳統線性、有線電視業務上也都看得到。我沒有追蹤每一家公司的數字，但像我看到華納兄弟探索（Warner Brothers Discovery）的財報等等，因素都差不多。

Okay, alright, great.

好的，了解，很好。

Thank you for the time. Appreciate your thoughts.

謝謝你們的時間。感謝分享看法。

Thank you.

謝謝。

Our next question will come from the line of Dennis Pannula with LAPAN Partners. Please go ahead.

下一個問題來自 LAPAN Partners 的 Dennis Pannula。請開始。

Hi. Good morning, gentlemen.

嗨。各位先生早安。

Thanks for taking the questions.

謝謝讓我提問。

Most of my questions are actually already answered. I just have one last question.

我大部分的問題其實都已經被回答了。我只剩最後一個問題。

You guys had, what, about 14.1? This question is from Mr. Thompson. $14.1 million in non-cash goodwill and intangibles write-downs.

你們有，大概 14.1？這個問題是問 Thompson 先生：有 1,410 萬美元的非現金商譽與無形資產減記。

Yeah.

是。

Sound about right?

聽起來差不多對嗎？

Yes.

是的。

And that was all at reach media. That was all on the network.

而且那全部都在 Reach Media。全部都在該網路（network）上。

Just because of the way you guys word your press releases and don't actually mention or specifically talk about that, what would the bottom line have looked like without that $14.1 million non-cash write down?

只是因為你們新聞稿的措辭方式，並沒有實際提到或具體談到這件事，如果沒有那筆 1,410 萬美元的非現金減記，最終損益（bottom line）會是什麼樣子？

Well, look, we had it back in adjusted EBITDA.

嗯，你看，我們在調整後 EBITDA 裡已經把它加回去了。

Because it is non-cash, so in the numbers in the headline numbers that we look at when we talk about the 11.7 million adjusted EBITDA, it's already added back there, obviously, on that loss and EPS and stuff, it's in there, and you would add that back.

因為它是非現金，所以在我們談到 1,170 萬美元調整後 EBITDA 的那些標題數字裡，顯然已經加回去了；當然，在淨損、每股盈餘（EPS）等數字裡它是包含在內的，而你會把它加回去。

Of course, and I'm being, because a lot of people don't, some investors probably don't.

當然，我這樣問是因為很多人不會，有些投資人可能不太……

Get what EBITDA means.

理解 EBITDA 的意思。

I think if you broke it down just a little bit clearer for some of the investors, I think it would be helpful. Just like $0.02, again, it's only worth a penny.

我覺得如果你們能把它拆解得更清楚一點，對一些投資人會有幫助。就像我提供一點小建議，雖然可能只值 0.02 美元，甚至只值 0.01 美元。

We have this non-cash issue pretty much every quarter and it just beats to hell and makes the top-line number. When people look at the top-line number, they see a loss of like $11 million.

我們幾乎每一季都有這種非現金項目，它把最上面的數字打得很慘。當人們看最上面的數字時，他們會看到像是虧損 1,100 萬美元。

And kind of.

然後就……

Yeah, no, those impairments do swamp the numbers. I mean, hopefully we're cycling through.

是的，這些減損確實會把數字整個淹沒。我的意思是，希望我們正在逐步走過這段。

And you guys are working so hard to get your expenses down. You guys have done a great job with, interest expense, obviously, you tweak your, you become much more efficient in all your operations and you get no benefit for it because this non-cash stuff knocks the crap out of you guys all the time.

而你們一直非常努力把費用降下來。你們在利息費用方面做得很棒，顯然你們也在各項營運上做了調整、變得更有效率，但你們卻得不到任何好處，因為這些非現金項目總是一直把你們打得很慘。

Yeah. Look, it's the way that GAP tells us we do it, and that's what we stick to. What I was saying was that we're cycling through, hopefully, the end of that because we moved our radio FCC licenses to be amortized, so we've made them finalize and we amortize them. And so we shouldn't see, we won't see big. Impairments there. We've written down all of the goodwill at reach, so there's not anymore to go. So I think I'm hopeful as we move forward, we shouldn't see nearly as many of the non-cash.

是的。你看，這就是 GAAP 告訴我們該怎麼做的方式，我們也就照著做。我剛才的意思是，我們正在走過那段期間，希望快到尾聲了，因為我們把廣播的 FCC 執照改為攤銷處理，所以我們已經把它們定案並進行攤銷。因此我們不應該會看到、也不會看到很大的減損。我們已經把 Reach 的商譽全部減記了，所以沒有更多可以減的了。所以我希望，往後我們不會再看到那麼多非現金項目。

And that's actually a great positive, and I'm glad you noted that. All I'm saying is you go into great detail, radio down X percent, TV down X percent, you guys go into great detail in your PR, but nowhere in there does it state that there was a non-cash charge that made you guys lose $14 million. And that's all I'm saying is that maybe you extrapolate that in your PR a little bit better.

那其實是很大的正面訊號，我也很高興你提到這點。我只是想說，你們在新聞稿裡寫得很詳細，廣播下降 X%、電視下降 X%，你們在 PR 裡講得很細，但裡面完全沒有提到有一筆非現金費用讓你們虧損 1,400 萬美元。我只是想說，也許你們可以在 PR 裡把這點說得更清楚一些。

Julie knows it.

Julie 知道。

Got it. Yeah. Gentlemen, have a great day. I thank you for taking the call.

了解。好的。各位先生，祝你們今天愉快。謝謝你們接聽這通電話。

Thank you so much.

非常感謝。

Thank you.

謝謝。

Again, for questions, press star one and our next question will come from the line of Adam Jacobson with rbr.com. Please go ahead.

再次提醒，如需提問請按星號 1，我們的下一位提問者是來自 rbr.com 的 Adam Jacobson。請開始。

Hi, good morning.

嗨，早安。

Thank you for taking my question. I wanted to dive in a little bit more regarding the impairment charges because if you look at the overall numbers and you look at the portrait of urban one.

謝謝讓我提問。我想就減損費用再深入一點，因為如果你看整體數字，並且看 Urban One 的整體樣貌。

Your net loss was basically reflective of the impairment charge lowering to $14.16 million from $130.08 million. And as the last gentleman noted, the adjusted EBITDA here is certainly very important. And you've been talking a lot about political dollars. But let's move ahead to 2027. Political is cyclical. So what are you.

你們的淨損基本上反映了減損費用從 1.3008 億美元降到 1,416 萬美元。而如同上一位先生提到的，這裡的調整後 EBITDA 當然非常重要。你們也談了很多政治廣告收入。但我們把時間往前看，到 2027 年。政治廣告是循環性的。所以你們的

Plans in terms of the overall portrait for Urban One past political? Are you going to be focusing and doubling down on the multicultural story?

在政治年之外，對 Urban One 整體樣貌的規劃是什麼？你們會不會聚焦並加碼多元文化的故事？

Are you going to be looking at some of the non-multicultural assets and questioning, well, is there opportunity there or is that a non-essential asset? Just wondering what the post-political portrait is for you or is that still a little too early to ask?

你們會不會檢視一些非多元文化的資產並思考：嗯，那裡是否有機會，還是那是非核心資產？只是想了解你們在政治年之後的整體樣貌，還是說現在問這個還太早？

I think we have shown that.

我想我們已經展現出。

We are open to expanding outside of our core African-American targeted demographic, particularly as it relates to our radio operation and in particular as it relates to markets where we already operate and we're building scale. I think I've said that we believe that that does give us more.

我們願意在核心的非裔美國人目標族群之外擴張，特別是在我們的廣播業務方面，尤其是在我們已經營運、並且正在建立規模的市場。我想我也說過，我們相信這確實能給我們更多。

Arrows in our quiver, to help, drive local ad solutions for our clients in those local markets, and we've seen, success in that, so.

更多的籌碼，來協助推動在那些在地市場中、為客戶提供在地廣告解決方案，而我們也看到這方面的成功，所以。

I think you'll see us continue to do that.

我想你們會看到我們持續這麼做。

Managing political versus non-political years is something that we do, like, every two years. And so, we know there won't be political, next year, like there was a political last year, and so we'll have an operating plan to deal with that. But yeah, we believe that there will be further consolidation.

政治年與非政治年的管理，是我們大概每兩年就要做一次的事。所以我們知道明年不會像去年那樣有政治廣告，我們會有一個營運計畫來因應。不過是的，我們相信還會有進一步的整併。

In the radio business, we don't have any plans to go outside of our urban footprint in television at this point. And we've looked at some digital.

在廣播產業方面；至於電視，我們目前沒有計畫走出我們的都會（urban）版圖。而我們也看過一些數位。

Businesses that would have taken, that but couldn't, come to terms on price. So I think the most likely place that that happens is in radio because, look, you're in the business. I'm assuming RVR is radio business report. Do you know that there's going to be further consolidation? There's a lot of assets for sale. And the key is to be able to acquire something, that is.

業務，本來可能會做，但在價格上談不攏。所以我認為最可能發生的地方是在廣播，因為，坦白說，你就在這個產業裡。我猜 RBR 是 Radio Business Report（廣播商業報告）。你也知道還會有更多整併。有很多資產在出售。關鍵是要能收購到一個。

Delevering number one and accretive, and you also got to be able to acquire it at a value level that takes into account that even if you own everything, there's probably still pressure on your top-line in a market because there's just pressure against the medium in the advertising space, right?

第一能去槓桿、第二具增益（accretive）的標的；而且你也必須以一個合理的估值水準去收購，因為即使你在某個市場把所有資產都買下來，你的營收端可能仍會承壓，因為在廣告市場裡，媒體本身就面臨壓力，對吧？

And so, but look, that's been helpful to us. Houston is our largest market now and our acquisition of the Cox stations was very beneficial to us there.

所以，但你看，這對我們是有幫助的。休士頓現在是我們最大的市場，而我們收購 Cox 的電台對我們在那裡非常有利。

Dallas was an urban acquisition, but that was a market where we had.

達拉斯是一筆都會（urban）相關的收購，但那是一個市場，當時我們。

Neither them or us were, making any real money, and I think the way we're configured now will.

不管是他們還是我們，都沒有真正賺到什麼錢；我認為以我們現在的配置方式。

Actually fix that, right? So we're just trying to be smart about how we do it. By the way, the trail, the radio consolidation trail is littered with companies that went bankrupt through consolidation just for the sake of consolidation. You have to be very deliberate about it.

其實會把這個問題解決，對吧？所以我們只是想在執行方式上保持聰明。順帶一提，廣播整併這條路上，滿地都是那些為了整併而整併、最後破產的公司。你必須非常審慎、有計畫地去做。

Thank you. I really appreciate your answer.

謝謝。我非常感謝你的回答。

Yeah, thank you.

好的，謝謝。

This concludes the question-and-answer session and I'll hand the call back over to Alfred for any closing comments.

問答環節到此結束，我將把電話交回給 Alfred 作結語。

Thank you, operator, and thank you for those folks that participated and asked questions.

謝謝接線員，也謝謝所有參與並提問的朋友。

We look forward to speaking with you either offline if you have additional questions or next quarter and we'll have a better handle on how the year shapes up on the next conference call.

如果你們還有其他問題，我們期待可以在會後私下交流，或是在下個季度再與各位通話；在下一次電話會議時，我們也會更清楚掌握今年的走勢。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you again for joining. You may now disconnect.

再次感謝各位參與。您現在可以掛線。