Urban One, Inc. reported a consolidated net revenue of approximately $484.6 million for the fiscal year ending December 31, 2022, marking a 10.1% increase from $440.3 million in 2021. The growth was primarily driven by a significant rise in political advertising revenue and a recovery from the economic impacts of the COVID-19 pandemic. The company's radio broadcasting segment, which remains its core business, saw an 11.7% increase in revenue, while the digital segment experienced a notable 28.3% growth. Despite these gains, Urban One faced challenges, including a decrease in revenue from its Reach Media segment, which fell by 7.1% due to the absence of a cruise event that had occurred in the previous year.
In terms of profitability, Urban One's net income attributable to common stockholders rose to $37.3 million, a slight increase from $36.8 million in 2021. However, the company reported a decline in operating income, which fell by 18.7% to $94.7 million, attributed to increased operating expenses, including a significant non-cash impairment charge of approximately $40.7 million related to long-lived assets. The total operating expenses increased by 20.4% to $389.9 million, driven by higher programming, technical, and selling expenses.
Strategically, Urban One expanded its market presence by acquiring the Indianapolis Radio Cluster from Emmis Communications for $25 million, which was finalized on August 31, 2022. This acquisition is expected to enhance the company's market share in key demographics. Additionally, Urban One's digital platform, Interactive One, continues to grow, contributing significantly to the overall revenue through advertising services on its various websites.
As of December 31, 2022, Urban One employed 881 full-time and 408 part-time employees, reflecting a commitment to maintaining a diverse workforce, with 74% of employees being racially diverse and 45% women. The company has also been actively working to address identified material weaknesses in its internal controls over financial reporting, which could impact its financial statements if not remediated effectively.
Looking ahead, Urban One aims to continue its growth trajectory by focusing on increasing market share, improving audience engagement, and diversifying revenue streams. The company acknowledges the ongoing challenges posed by competition from digital media and the evolving advertising landscape but remains optimistic about leveraging its multi-media platform to connect with African-American consumers effectively.
About URBAN ONE, INC.
Urban One, Inc. is a leading multi-media company focused on serving African-American and urban audiences. With a portfolio of 72 radio stations, cable networks like TV One and CLEO TV, and digital platforms, Urban One capitalizes on a significant market opportunity. The company targets diverse demographics through tailored content and advertising solutions. Recent initiatives include strategic acquisitions to enhance its media presence and expand audience engagement across various platforms.
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