UONE - Earnings call transcript Q4 2021

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Urban One's Year-End Earnings Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at this time.

During this conference 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-K, 10-Q, and other reports, it periodically. and differ could by materially or statements. Securities actual the its the forward-looking to results from with Exchange cause Commission company's projections Files those indicated information March This as will present Xrd, call XXXX. of One Urban duty that note disclaims Please to any update. the statements forward-looking Any presentation. in made this also some measures UONE non-GAAP may its talking about performance. Urban call, financial In discuss in on www. measures be reconciled release, course or call the company's will to press the at These in can which its found be of GAAP either website the during urbanX.com. A conference XX:XX the replay p.m. from of available be will Eastern. X, March XXXX, until XX:XX p.m. XXXX. Xth, March live [Operator Instructions] One and Access the of conference of website be to Urban audio on a replay available www.urbanXcom. will corporate will the seven made be the on days replay call. website after for The available relied No other recordings copies this or maybe upon. of call or authorized are over C. Alfred turn I'll call now the to Executive E. One, joined who Liggins, of Urban is Chief by Officer Peter Thompson, Officer. Chief Financial Please go sir. ahead,

Alfred C. Liggins

all, welcome Administrative Operator. and joining fourth Thank Chief our Karen And results One. very Officer with are a on as Also I press full-year have also our Counsel, as to you General And call. year-end Peter most call. the states, we Financial at Chief and Officer, Drewer and of QX our I'm performance. Jody very release And is conference our Kristopher happy who much, quarter Wishart, Simpson, TV our the

in beginning come We the and year. last of able be up to XXX exceed EBITDA we that from have And and to guided XXX XXX XXX. That at some to was were at guidance change.

at that Hispanic that continue are grow I've presence, all we do accelerate advertisers strong, media. in performance. out shift African as very to our exceptionally be advertisers during now, a as demand expect and well minority team to platform those has and future. come been valuable demand are putting ownership the I relates matter of believe and our is of foreseeable the its performed it's minority for more the this I very paradigm stated. been the continues across as they COVID. look always COVID, it how proud for audiences. I to of there our The more very They platforms. think So continues audience to of areas. The And focused targeted as business in investments fact Diversity to audiences their Americans and a proposition inclusion of and increasingly at are and country really in continuing logical

been that pleased beneficiary this very a we've having that, space of we're so, XX over And in big years. been for

you for numbers take details is after in say a will And the then Peter. Q&A. we to a operations unpack to going the through is here. of that, Peter to the lot So, him go to lot

Peter Thompson

you, Thank Alfred.

were has strongly pleased first well ends with advertising As very Alfred across pace up very said, with our started of XXXX and numbers, we quarter board. XXXX the full-year the as

ad First increases. revenues quarter. entertainment up quarter year, auto double-digits. very And Digital for segment up are showing double-digits the revenues category core healthy radio and all is prior are are retail, TV The pacing advertising revenue, first low strong sales trailing up services, healthcare, Reach excluding political, but strong pacing is as also double-digits advertising still are pacing One.

with fourth key year, was had later. start. points in talk a we noise But in some which we've obviously the million made spend detail this move as as missing I political good of And more the I'll are business, the lower some in quarter. which up So, that expenses. came into advertising we There firstly, events, expenses, margin around about $XX.X quarter that higher think were such we with

to of annual revenues. quarter And hours XX% expenses. original into bonus full-year driven almost We led we had plans sales higher and increased incentive commissions fourth that compensation. accruals this ran our for fourth had We and of an increased higher acquisition higher in digital TV traffic more more amortization also the content had One quarter, expense incentive-based segment and program by content and and skewed invested TV in

for our expense $XX.X and year to expect compared for as the size at the in for fourth full continued these I Radio $XX.X was seeing the the $XXX.X various million success fully December This XXXX to quarter mentioned, Consolidated revenue million representative quarterly Full by EBITDA down $XX.X in isn't run million million up we're Net million for decreased $XXX.X EBITDA for by going and EBITDA approximately XXXX. and was $XXX was XXst, down ended million. revenue in XXXX. and a up $XX rate revenue. non-returning adjusted XXXX in $XXX million just favorable revenue have the overall. of XXXX what XX.X% $XX.X the to guidance in issues from advertising from million political year-over-year really was XX.X% adjusted year-over-year XXXX, due in inflated So, quarter down and Radio a quarter adjusted forward. for segment XXXX. a exceeded year Political we was Net segment million

XX.X% the of from with auto automotive biggest the category The XX.X%. were up outreach, sales saw automotive the from initiatives. due entertainment quarter supply Local government network high. financial, categories. telecoms, down first our were Media down. other political, from last pandemic revenue year for the biggest of due major on full Excluding by was for reach was national segment ad compared demand year industry. funded was in and political. revenue $XXX excluding Food the compared public was category in EBITDA quarter last challenges and increase the product by segment prior Joyner million still year. up driven revenues the million increases million were remaining all to increases Services, $X.X were entertainment year political, for thousand amongst advertising for chain XXX%, approximately saw Fantastic quarter was Government up double-digit to and audio. to Tom in the in and digital and by healthcare, fourth transportation from Net strong $X.X Voyage year. in And net categories revenue political. up beverage Net and excluding increased $XX.X in sales also by segment travel, quarter. was for ad also XX%, up last were our and revenue fourth $X million the all retail XX% up Most Adjusted a was except the million. radio Event $XX.X The to increase Reach for the

Television million million $X.X through affiliate of X.X% demand burn-off. segment million by and the audience and by million of the in a CLEO free $X.X the EBITDA. CLEO approximately million, $XX.X National We investment XX.X%. in less amortization, revenue had increase, million the on driven video to in increase Operating all compared onetime XXXX. Harbor approximately $X.XX advertising option $XX.X the $X.X TV, was Cable times impact at these MGM million the we a rate of admin our growth property unit trailing revenue, TV year up quarter, our rate by $XXX TV and the is from demand $X.X We compared non-cash full last added at on favorable $X of million increased a Continued to approximately recognized Of chase as stake in to by churn. QX QX XXXX. adjusted measured to targeted Both paying and converting excluding 'XX offset million but charge cost. on direct million at $XX.X the Based depreciation, from subs $XX.X by Cable for fourth in Harbor MGM revenue [Indiscernible]. One in sales agreement cost CEO's method end to option subscribers and favorable XXXX up fourth compared EBITDA stock-based quarter Nielsen increase available advertising internal to of compensation Digital. million partially a was iOne quarter of million Cable year $XX.X amounts expenses black-owned TV employment million for $XX.X with increased for is remind $X.X by quarter, increases expenses, up volume a million for by million the for put free Nielsen for at to currently put Casino finished to drove which income $X.X Adjusted million $X.X brands recorded the EBITDA. valued a and by quarter $XXX.X have subs back at decreased and and award, deficiency for during information estimates are XXXX. of was million this million XX.X% of publicly compared impairments, of our investors, is political $XX.X million X.XX% an excluding Cable seven around National

the of increases reopening result As revenue. the continuing a of and in economy

promotional by were by fees, million. were compensation, of million approximately a increased by revenue employee digital eliminations mentioned $X.X And from Music $X.X increases by the $X.X agreement expenses of million. An expenses and also in $X.X and against chase approximately segment and tv Reach million sharing of Reach. increased the incentive following compensation which million the Marketing affiliate $X.X million cruise million. the $X.X for expenditure $X.X employment as Operating Radio Cable revenue prior and $X.X corporate content year. million, services, driven increased million. TV approximately which talent Reach operating consulting expense license million were that including Operating million. fees radio. Employee sales. million. and and expenses the was increase million. by the million Profit million. were $X.X With promotional and spending expenses predominantly $X.X $X.X expense related expense Program event at Richmond Outside amortization increased to up the increased operating up increased casino acquisition fees by segment increased costs employee expenses expenses $X.X compensation the $X.X Programming traffic expenses up expenses award contract million. at our $X included in was increased increased and the expense at by million and million, content main and cruise million. up for cruise. $X operating up variable $X.X were by by Cable $X.X year-over-year. up expenses Revenue were $X.X segment was compensation variable by $X

fourth XX.X%. to expense $XX.X decreased operating million compared For the and for fourth $XX.X was cash the are consolidated company in $X.XX fourth approximately taxes approximately per per quarter. Net since million approximately Xst. or $XXX,XXX. of the quarter, in period same the amount for Provision income was the was $XX.X interest $X,XXX. Xst to of the Interest for was share approximately were and shares The the digital broadcast $XXX,XXX August approximately or $X.X $X.XX for and -- in taxes the tax million $XX.X D executed the million stock compared quarter common company Income $X.X approximately to payments payments made And quarter semi-annual Capital expenditures million service in of February share paid debt of company XXXX. million cash $X.X million, income amount due stock Class quarter repurchase in XXXX. X,XXX approximately of of the

on-going radio total million EBITDA currently of LTM is leverage of balance, particularly $XXX ending high was As segments. digital approximately in We co-option debt net cash from below cash X.XX our our of our cable debt the net cash compared given valuable a total trading network our and performance, was million, adjusted reported strong was XXXX, ratio, property, believe And EBITDA adjusted comparable MGM December flow a XX, $XXX.X $XXX.X million, stock for million generation. leverage gross tv net reduced ratio free times. $XXX.X and market to

terms continue with EBITDA $XXX board currently back in Alfred. prudent to political a full-year be for share part will stock revenues to $XXX with capital million the if of And expectations. We expect exceed of strategy. to slowdown any And be We absent repurchases. adjusted significant that, to our I buyback we and between program authorize digital allocation XXXX upside as economic hand to will potential expect opportunistic

Alfred C. Liggins

you. Thank

referendum casino in Richmond -- The people want put that going Virginia to with to the what's second the be our to on to second referendum. of voted on Council on Richmond, important this petition Yeah. on November. efforts color coming court for ballot The City the other X some is for X topic a ask

would one to Assembly was there another And a the actually state do then the The was committed following one is that the in Petersburg, The senator a There capital casino step. opportunity to taxes a and have that General vote specifically in that the and an the by advocating that killed. that Senate -- House, referendum reduce the the other casino license in However, to there move effort Richmond that. in were opportunity for also chance the council Virginia up second House to represents offering We've in out Richmond two of revenues one block bills, died, city, down that Petersburg. to the and also Senate projects. Richmond for and got been this. property one to in city would on target legislation schools first in

second November is referendum is viability of the those language bills have a Even XX. until Richmond the currently though would would there location. a Petersburg with year this it different project. it put budget and allow referendum from So, that's two been as effectively bill study died, another having a And in that not potential block of to

Currently lot quite that from Richmond. legislators being this referendum year. to casino in That this the do goes will wanting frankly, everything trade mid-March. in has assembly. look not there's it for has Richmond does But year if votes of involved There's terms still of issues another viability out to it. having certain it XX, would to parts order in lot issue, about casino move this a do spurred of to and we they the in moving Richmond session politics other do with nothing chose in general language to the places of get things certain off like prohibit So, it that willing this and of with till

time. fluid at engaged. But highly in point very this we're So

a -- gaming don't Peninsula them number but PXE, -- entity actually is, very recently, though know our Maryland And entertainment is that in games. working They're Terre gold-plated over of want you that partner, partner. announced they of in casino operator the the most week Churchill Churchill are people has vote. were Richmond III and Indiana, own so a called, Ohio. with Richmond in all to at also obviously they're opportunity also, the as folks talk Downs in we opportunity Downs are that them, to they're second Florida the get that meet an about operations operating just too helpful which to but gaming And Churchill Downs that Kentucky committed market, they're the slot They be like facilities machines. for X being Kentucky, resurrect they're to and lost, gaming in the is yesterday, Derby, is had Haute Most ago, won in market, the if in very Class sure -- casinos. there excited and a and a sold. and a want Peninsula obviously large owns to license much last make a chance week large the Peninsula we very to even opportunity and partner sold very Kentucky think not Derby, say they're who very gaming their partner And of but Our being a table larger Class I actually Incorporated, don't trying

I not going still into that you I'm that So, I'm it's here time we're point to and at this alive have It's tell not dead. still XX-XX any here news, to tell in you happen. to it. but effort putting it's still and hopeful don't

doing they call, the sitting now we're net cash Casino dovetails we frankly, of perform be I'm we on, as sure repayment. quite there geopolitical that not allowed the that that I'm country as also whether operations sit Stockpile things media articulated an we're environment. into that to as in build with here got ever-changing debt Peter market, the a to cash can related of a that the we're year I debt. backdrop I the been But we well, have going suspect I debt we a nervous We've are to really bunch up another But going until open decided to uncertain cash. in that just company. talked happen investment where the what's if RVA because if kind on that conference think conversation opportunity. ultimately want not we it sake but geopolitical in topic for largely or cash about optimistic of are think as and significant does the and retiring in But the anybody but home? last been, as this selling of continuing of I'm what environment would we're to the therefore about opportunity know to all mindset million have $XXX for of So going about we're the yes. to we purchase and make I an as moves we're is mean at have and in to don't do stockpiling to continue for surprised more best a some casino which our economy

So, that up I for questions Operator, open lines would the to like with

Operator

from [Operator a Investments. to Patrick the line of ahead. Instructions]. we're Please going question with And take Voya Wang go

Patrick Wang

Good I is at open balance to repurchased in point? $XXX,XXX. Does debt notes morning. that mean question. Thanks you this of that some noticed the the market the that for down have

Peter Thompson

No.

Patrick Wang

this morning? also, And the cash on what's hand

Peter Thompson

No.

So reported so issuance just [Indiscernible]. when average we that's net cost we reported,

just we're cash balance. just mentioned The as mid-warm net debt in in earlier. gross the $XXX,XXX is number. of So I I terms second. the a that's up in I XXs think pull And will today's

about as and this And So balance no of morning being yeah, the purchases. no. changed was $XXX The gross, that cash hasn't million.

Patrick Wang

Okay.

to what's And the kind next? timeline casino of So, playbook on now just of going a us development give the happen what is project. -- the

Alfred C. Liggins

chances we'll got we it things, to on goes run things 'XX. have referendum days, XX happen running know that in a our in number 'XX, whether to us. to there's we one 'XX other a think having secure if -- it's the And number of of where to that next I of versus over sit

Our that doesn't deal with far. go the city,

decide got okay So, ultimately they're 'XX. go to that to city's the wanting to

discussions up and I committed in every 'XX sit pretty So there get willing are but for yesterday. to ongoing. a those where been is we to I've to project city If run okay, another we in The we to everybody down end stay it's got year-and-three-quarters. now, it everybody's us and year-and-three-quarters say try not to Right then week. has can't Richmond Actually, to just hard. working of 'XX. And a out that year-and-a-half. are and was this much

So, city. we're to Obviously, working have lock opportunity another they step with this happen. this want to the to They don't see move want jurisdiction.

to And so, days, XX year. we're we're be period, some we'll have and working that probably a just whether all not this in or 'XX. page. I run it in we'll then say next the think all the one I wants know on the to going pursue hang coalition not clarity or together over whether same at on And

Patrick Wang

Right.

get likelihood what's that will Petersburg So, the it?

Alfred C. Liggins

have going is because Right? me I of handicap, upper Richmonders middle-class it. process, that I voters handicap in RFP, then no whole I lost number gave had idea. proposals also to conservative and the was if against for neighborhoods everybody a gaming favorite happen I XX.XX. we a got board. bananas, the were want this the Virginia This undecideds, the process can't there mean, this. At XX% we after politics. it to you of it then gaming. referendum of out, were wants of said -- that was the prior for And last had year. XX% come middle we go around, the XX% the even And handicap. after in to across So are to the thing. people a not RFP run, I and once you X.XX XX% chosen, polls gaming, it's was to against But proposed can't balance handicap end Five XX% RFP were we gaming, and that nimby to surge

even on right was a if we environment get the right to anybody a get want chance but if referendum, again, -- political We're political XX-XX is I The it even that. So, uncertain, it working run lead a don't to now this. thing, shot. we

or if own securities be really the stock, So, our our you fundamentals you base of own on should focused business. the

at of if think business, They're casino we of business, now return The own. radio the to as happen. which it networks, starting exceptionally cable digital our flight, and really maturation. the the our well value which MGM put take doing upside, were Our about the to stake, is is

Patrick Wang

talked economy Could also strategy more the Right. swaps station about plan? any for recent talk your you to about on Is you Before there radio? scale. get update potential

Alfred C. Liggins

Yeah.

that in The to upon not sense. opportunities. We're of on end-market scale. business actually, I a that least that But at the look at the us have And been time. that declining agreed opinion over it's stuff. have We radio at last opportunities we've kind point the in primarily makes to believe low of business, whatever allow continue definitive years, do single-digits. currently focused radio -- to opinion. analyzing do the scale a of get in, We continue number not ten markets to I'm we're anything radio this operated an the in deal

think I like decline average minus markets, X%. has our been the

than we're looking Some others. market markets the step better doing that in. And again, at I'm are just

to do in should I radio, is some that, think acquisition that sort mindset you from But when could get it the in any is notwithstanding lift saying further that slightly anyway, CPMs. ultimately of undervalued think, that declining you this of and make not in underwrite can you I if need you that radio their you harping That its it. a as money then get doesn't and on what So, consolidates going business I think terms I'm going single-digits. declining cost And that? it's manage should consolidation And deliver a industry And and pay. in -- inform how per big how you of could value got that That for you inform manage low ultimately, the there business that really be do to thousand. advertisers to being players and out more be able to business. you've ultimately do you're

what that's going And through. we're so

lenses North of through will our makes And think -- acquisitions, also slop to got those real think, in a I of where some anything that's like I'm But now it we I real look in got offering to think out Charlotte, I that in to now EBITDA we so, dollars collection not be us. broad with including of a had that if and you look us have have out saying like think lens. for for and Urban We $XXX,XXX used a Intercom full-scale outside through and -- great I'd that going scale breakeven, sense. take ultimately participate at just our market not -- that did Carolina, of format advertisers that markets. we instead have real will won't EBITDA, turned cluster multi-millions radio that in being clusters it of traditional and we $XXX,XXX we our But buy I of be there that's radio. to not house, or Urban. us that's got box further of bad. do a it in consolidation, but necessitate We

So we're now. sitting that's where right

Patrick Wang

One last margins. the question on

margin level. shy one-time down probably -- XXXX for investment about This driving some all quarter advertising, digital last And the look for side first the year's $XX you than we because have EBITDA the quarter, the the because higher lack of on that just investments? of can of political other these margins. million that's Is

Peter Thompson

Yes.

Patrick Wang

Because your is great. revenue

Peter Thompson

was scale obviously mentioned, event profit. very margins. with that and expense this of and And high million crews, it. very happy political not representative example, And wanted $X to about how margin. We was were We pandemic but quarter. of post The the a regular I think revenue, heavy dilutive quarter. QX you on That then for Revenues run there a is $XXX,XXX obviously if are of as really wasn't it us big also great. see went, Yeah. was

heavy We into We they year. so quarter, that higher. going that fourth But booked One incentive didn't to until payments payments were had fourth the were the quarter. we TV was full have amortization know be incentive what for

point, So, depressed in fourth to your quarter the were margins unnaturally.

rate. would expect kind generally we return to historic So, run to see margins of

Patrick Wang

Thank you.

Operator

We ahead. Leeman Vance. from Instruction] [Operator Rafe go a the line Please question of Eaton with have

Rafe Leeman

Hi. Good morning. Thanks for question. my taking

about and could your some what you why just being takes, 'XX, if see wondering it and puts go with the year-over-year? guidance you talk of better full-year it or Just EBITDA worse, could in down being political, for

Alfred C. Liggins

question. Good

Our digital exploded. business has

give XX. $XX think did to or high close XXs. Like last and I budget the take we year million was

So, business XXXX and time. long this for with in is we started struggled a that we very it a

Now oriented digital changes oriented. it's time every to website hard from search social then big algorithm, changes of is the being one switched And any because in to expensive. publishing it then now, Contents your platform’s size. domain oriented, audience

You got part large Facebook of a and Google to give revenues. your

We started million years, years or me made and business expenses. in a I'm a either $XXX,XXX think So, we I of correct to pandemic, for We had expense Peter. lost million a to lot made base. this XXXX, broke-even, years and dollars cut wrong, a dollars. if Prior going the low into

demand then in social audiences, as as you the then $X the Going started it in dramatically. increase we million, made much some we this into although XXXX uplift And African in and to think American equity, really be other not But pandemic. pandemic, more, target, trended places. got I

to. Going And into didn't so, 'XX, the last was declining. 'XX, we where by been go And know right? ended million the even or demand was to $XX going We demand okay. year. were way, stronger, really like like we making the up the has same traffic

advertisers as paradigm when shifted levels owned far as it of we that I that a this going But moment it just and towards is, has know towards -- dollars off answer go minority time. We frankly, in down it digital for do don't we're of to to don't just budgeting time etc. believe the where I the declines, to wanting know if So demand moment peak. put entities. it; is don't is quite audience because know much how

million So, that's well we took it's so know, a QX. $XX.X frankly, I we big have down and performance but budgeted really doing Ironically $XX digital digital down and budget, from number. don't actually yes, though, that's a do million just in we quite -- and political, to

We're is just there for there we're upside. seen. allowing some withdraw the So, allowing we've -- demand of that extraordinary potential be to

how it. that's And think that we're upside be articulated I Peter there. chart be political could about could thinking So as there off well. the And

to want You --

Peter Thompson

same I properties by sales we're adjusted performance, great segment, anticipating ad in our the One. segment higher year-over-year EBITDA TV XX look Yeah, Incredible revenues Radio mean, growth. and and to

We year. expect EBITDA growth this

newer of we're is what Alfred really out the least kind segments, balance is So all saying certain business. It's we digital. a when about

like there How to growing What's Alfred traffic algorithm? but many with impressions their guidance we long how forecasting are to other at that So, dialed a who that? deliver? more And been said, be kind can your that as doing and point, weed. back it's factors about the changing can we in segments continue [Indiscernible] is So, up. play we of

Alfred C. Liggins

And so, look, here's the thing.

QX, we You doing in track how we're what know print quarter-to-quarter. can right? You'll

giving So, of XXX be they're contemplated at know all. to they're point figure like We some better But going people at will than do not time, a to guidance kind this people going XXX. at in out to how to, something.

to putting felt XXX comfortable And so, XXX. we out

recession. better, our they're how happening should could in a guidance. the guidance. to And there We argue what's now of that's to from But that to get know do be going right, going going happen world, And be right? Europe. we I'd as than is also don't terms fallout In came what's one anyway, in we to

Rafe Leeman

Where Maybe just a equal about presidential least just And thinking a drill and are you certain out political mid-term yeah, maybe could lot more. do folks on election talking be even folks versus -- do to Many bit. At guys or little cycle lower, but down that, typically you come think? that's helpful. of markets to maybe on it. that's

Peter Thompson

of cycles, back exceptional. anything When look kind it's we -- And to number. our was that, going look, obviously four-year beat we're in if XXXX then like

million, we we that. it XXXX, did we million and beat give we're and will baked XXXX, I into -- XXXX more code, $X.X ends somewhere that XXXX $X.X we had The XXXX, when did we did we products it we go go million could into reference in in watermark be was back -- that's look guidance previous thinking in key $XX.X it'll think a But that what about or our on so million, up and net budgets. we've zip just if $X.X. our high did but at about did we being net then in take for

as So, could there go. to some is bookends where it

Rafe Leeman

more Maybe I -- there's inflation some Great. supply the of but necessarily if could wages. more, think to there or Okay. I hear if of there? I maybe expenses, you maybe the I on about mention anything didn't talked but don't inflation. one-off some Anything the just chain related, in know one

Peter Thompson

increases. do did time across-the-board memory increases salary done through first that's we midway Yes, in that we've time last long a from and year the

So And things. yes, expenses on drive is pressures up. will various that there obviously inflationary

fixed for base. we're cost think pretty us, I

Alfred C. Liggins

things of on to our all off in got And our know X%, -- X% trying to most remember my that's that CPI the a I of one our if of escalators We the a get X%, increases rejected contracts, of X%, all We the time. contracts from years top been were X.X% low-single-digits. but Stuff our head we've don't and number agreements over outlier. in long very be focused having away there's that our and are X%. negotiate lot escalator ago or contracts

Peter Thompson

[Indiscernible].

Alfred C. Liggins

was weren't a They inflation long no time. the for Yeah. norm because there

spent negotiating -- down time And of so, lot a and those we

Rafe Leeman

Got it.

maybe, comments of you business. your of types resilient? guys kind business versus would in happen Sorry. I more Any recession my be other could more world but in similar question recession, tend you to I in What -- how you in one Do last your a said did some little that last mentioned a but affected when on the pick answer. etc. be

Alfred C. Liggins

Not advertising, I then recession. look, I economic just -- well, my the off right? The by GDP I catastrophic remember -- head, yeah we I mean, XXXX, Yes, it sell like and of if mean, meltdown gone of is kind of so and top backwards sort depends X%. what the recession, right? like on XXXX, that -- mean recessions pandemic

sort takes to that in of and And debt other close point get major and I think in of ratio with nine side, any the team having we things we've half -- nature. order cut to does were debt. so, we're that time of had what at times, I we a we that management in a to without it mean, lot issues holders

what team But used the takes mix company financial think protects I keep footing. think on I willing doing and is our the management us. So, to good to a it of assets,

stuff the it Our side down than percent. our business and we - well. cable cable plus $XXX you ish I radio of in like radio EBITDA was the doing prone got XX affiliate economy. is got by it. saw digital that that, really cuts from started is swings more cut the And of saw business fees operators you And mean, and subscription of was over ended we force, diversification April even pain, but that did against though television unbelievable. flourished, all all actually economy, pandemic, up a the after on million We've full because churn, a number we And okay television pandemic other to and of large that, through part from our took companies, of to million things, our salary get certainly aren't during their the we in in took prone revenue, half. $XXX the from in swings the not fees, that business

But it to more what diversified is. compared think it on recession answer I yes. is so So., companies, and obviously radio we of kind are other we're because more protected depends the

businesses. diversified got we think of that more do we're types We because I a different position. across unique more better of

not right stressful insulate with plan being And I spend think also down. further now minority gotten zone. us, our help that and companies owned the audience we for desire we've to a our and position and in stay leverage like debt in will against people to

equity that I very a we percentage need when though hesitant thing the large not is other it family-owned The takes we're company, of even when said do to of management the to. sell what

sold at million equity equity of And with us accessed helped the worth we and sense. that ATM made when the it So, pandemic, $XX immensely. during we market different points time in

the a the control, all all I'm This proper capital way great a down demographic. proud So really tested to team management divisions. extraordinary different battle of is allocation, expense that diversification,

shouting are things gotten us of do to sick side. of mantra me to really got order and well we've leaned resentful and of we've down, have served it. troops we've get to the reduce through other did got And instead it do the they it probably to they in debt, being tough this. need the in to So, But of our

Rafe Leeman

my all taking for Thanks questions.

Alfred C. Liggins

more. got time one we've Operator, for

Operator

line will Varadarajan Please from the question next of Sundar ahead. with Lord Our Abbett. come go

Sundar Varadarajan

for Hi, in. thanks squeezing me

Just doesn't us or 'XX you happen give timeline look very it to stock, if helpful. wanted like there's and a Are of your days step you back point figure leverage running would about ultimate that it's targets to put in kind in a to may mentioned, some to in little you a are, well evaluate 'XX. if back of, have authorization chance happen this the in in could happens XX out going as you you on context in until referendum, more be buy maybe what cash but what discussed still and bit as it what you So, then that that hold happens 'XX? the

Alfred C. Liggins

through hold said of together 'XX, if and but in head, forward support of my generates and of the in to Look all lot think I thought and 'XX move we it if up going haven't off and ends top that coalition company cash. -- being that we're I Yeah. going to a have it it's the happen here just to

is we the an opportunistic investment if million in pay need to, there and choose to to position debt, for buy opportunity the back that down still we casino. be us some some for M&A a even do So, stock make $XXX to

X hold to like right? flow cash won't cash, paying increase the generation. no, our we our just we'd We're debt X/X on to and and free continue So, to on

So a down so know casino assets cash be balance -- whittling the would to flow, on I execute these opportunity. we'll of lot position I in still comfortable the generate sheet free feel because

Sundar Varadarajan

to Got targets it. in you've core enough and you where do your before want get business, leverage And returns? to more say for the of then you equity move terms towards done

Alfred C. Liggins

right? That's on we our nothing do see six the don't handle happens. by to by be to nothing, X.X want to probably at a the below if ratio end in again, year-end And it's leverage Xs it a We'll if of -- the we're be. four we be great high year. And don't place I now. going if

took be something that get short-term thought doing the up very And leverage in so, something us I'm I But to five where that stay is to for strategic. below to to long term tell to want want not saying quickly, I the that we wouldn't down and be consider back I you got going was do there. I to we to four, the want

shares viewpoint do we equity, we've people when I it. actually And able world's -- world's it So, we how it, with I real are the do do to and think done world, business. again, don't ending mean, our And so sell that's I think have ending, about and good we right? on we'd during think we will like we when many I nobody the back pandemic, it, back we've the period. of that else very And at we've how bought think it prices at this like over bought they X at back we over company, shares them mean, been probably a a the opportunistic, to -- I and opportunistically. shares bought bought forgotten what XX-year million half shares almost $X.XX. low the we think prices, was, it

back handle would turnaround below four. short again. trade. acquisition go period see a to an handle fours below of that And a avoid company see day, the a to go integration this six if to path I end four. on don't time so, through got work want it And down those then at selling for just an the anything to with I'd into shares five great us But of like a us And and bucks try wasn't I at ever of to the and five eventually order for in the is

Sundar Varadarajan

Good.

more do -- as Just also times one that? close short-term a investment five on you're that include say you within strategic get for at to you basis. part point Do that could quarter? you said when transaction on the the of -- strategic, or a gaming when Or clarification you talking to

Alfred C. Liggins

door, time. going that $XXX out I out good million M&A that. then and to I'm we're then I ratio because -- if an thought going account don't We're look, that that's goes and the $XXX I make riffing to if goes the opportunity extraordinarily that really hadn't in leverage looking to into whatever that but million want at X. our here, take question don't That's answer about -- door

sudden, our then for So, send for to a forbid, We'll $XXX is if times, door us X.X then do or, probably opportunity is and that going X that do M&A like to an all or we million leverage there's do and we're that, our not the God order X.X of in casino out looking in the cash. leverage all a way lower. transaction with probably Richmond it

not going the to by do to door if casino, Now, $X. way, $XXX the be we're out our stock's sending the million Richmond

it higher has being for value time, actually way when to we because us Our were thought going that to stock's they give that ahead shown open. something get going some willing market be it they're last to the of

tools disposal our have leverage. we'll sense? so, at our Does that other to make And manage

Sundar Varadarajan

that. you makes lot I sense. clarification. Thank of a for that That Yeah, know

Alfred C. Liggins

for say, Peter Okay. help your accessible exceptionally much Operator, attending. with be try as offline. thank you I Everybody, you thank very, always very you And and support. I for your for to call. Thank today's

in free to very much of answered. that think you an next question blow a a you And later and missed e-mail call send need quarter. or feel something So, thank if you see you or

Operator

does teleconference you AT&T the using that conference gentlemen, for and for Ladies Thank again conclude our service. today.

You may sorry. disconnect. We're you, Thank now everyone.

now, ending Your up. please hang conference is

Urban One (UONE) 3 Mar 222021 Q4 Earnings call transcript