UONEK - Earnings call 2 2022

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to Urban One's second quarter earnings call.

During this conference, Urban One will be sharing 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 and 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. This call will present information as of August 9, 2022. Please note that Urban One disclaims any duty to update any forward-looking statements made with the presentation in this call. Urban One may also discuss some non-GAAP financial measures in talking about its performance. The 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. A replay of this conference will be available from 12 p.m. August X:XX through today Time XX p.m. at Eastern system X (XXX) may access dialing replay the Callers XXX-XXXX. by participants International may being dial the and access (XXX) code XXXXXXX. XXX-XXXX available website Access Urban replay and to is live One's www.urbanone.com. at corporate a on The for days replay after website X will available call. the made be on the authorized the other to call No are Alfred or relied be C. of copies may recordings over upon. I'll call this or now turn One; Liggins, who Officer Chief Urban is of Peter by joined D. Executive Officer. Financial Thompson, Chief Please go ahead.

Alfred Liggins

where though you'll of our expect is seeing is digital exactly as mix company heard of suspect, -- still assets, slowdown going not I've our our happy today off Drewer, TV, is revenue quote, business. consistent in doing out see great, Chris it's One. about growth with significant to given to in. growth us QX. Political been QX Wishart, CFO you, what our report. our as political business strength we ahead the pretty know is Officer; and say Even X%. joining Thank release with won't that operator. TV of Administrative has Karen some in we expect, radio positive a Simpson, EBITDA nice up We XX.X%. And General going other I is Chief Also still our come in not companies push. we're of I is And of suspect Revenue results. press The Counsel; are who's finished that our the business, my I'm is for the of the who and slowdown a Jody budget, really now is the

are the happy leaned Ohio closer right for tighter. historically seeing but good it's races seeing red, one is things races in us. tight of So we we're into races. in And but we're it, Tight looking actually particular, we're get a lot which about of has

$XXX in Columbus, were EBITDA, political we has slowdown. national to exceed that presence whole bode divisions, the we've million the and to the guidance. of in end momentum of that us. We got going even effort of got our a to inclusion we looming for and And have fully Cincinnati, to a we Cleveland, well a that positive upgraded that. said got is of advertisers expect many think still taking of and We We do we're a great radio of out across created, on that our going on huge million diversity guidance $XXX we with particular, and given the that lot that movement high then been going of we've great in team different where of advantage tailwind by executing originally

business is in the the to I So our -- of seeing in you're having think execute and and that bring marketplace things and dynamic that to expertise fruition. us in soldiers that that actually the one is the

report the Our to I'll weeks. next that TV wrap and X on upfront starting up, have full a within is One

I'm with how far, that's so And pleased going. very

year. With continue Thompson. into going will momentum to the this the still balance our anticipate through I Peter of that, call and So next actually turn over year to I'm

Q&A on for we'll the back can details into afterwards. come the we and So numbers, go some then

Peter Thompson

Thank you, Alfred.

EBITDA market the pre-pandemic million for revenue the at up segments, were that from Kaplan, Consolidated net just in Second that X.X% operating the market was year-over-year. EBITDA and million versus quarter adjusted effort segment $XX.X quarter, local and prior referenced. consolidated sales $XX.X up up year-over-year national $XX.X radio in from XXXX, to 'XX year. up all X.X% down by up from by XXXX. Net were radio, According XX.X% the and X.X% quarter of was for sales strongly, with the our sales was and revenue Alfred finished corporate for against X.X%, X.X%, in up ad Net million. this approximately adjusted ad was by our across the helped million revenues also up Miller $XXX.X increased X.X% up

care, X% increases and and market services in pacing auto political. With The the we categories Overall, entertainment which X.X%, decreases. but points, X%, had and including down over revenue August, health QX financial plus 'XX at telecommunications year, by we like XXX is last double-digit basis had outperformed markets in X%. stock the double-digit operate CR. while minus digital currently minus and network September July radio we

revenues by on $X.X single revenue across up revenue however, season add supply. Net for to also were other increases pacing up up a up QX. Net REIT assets, was X.X%. A DL the year. to Reach are converting biggest favorable churn Show. million end audio by to was to Alfred strong Nielsen, pricing. burn from subscribers TV political And free $XX.X for And second the by direct launch subs $X.X at million by on-demand, during $XX.X points by to MGM to high down for the the QX. for see and we QX to digital revenue demand digital QX million And TV mix TV Revenue we're increase was quarter Media XX.X% in Adjusted demand our compared method QX measured $X.X EBITDA seeing for in the at in net as that and rate of XX.X%. continues new digits XX.X XX% impressions million, car TV for Nielsen and last XX.X%, couple Cable consolidated the some in X.X% quarter, paying recorded Harbor investment up with million of XX.X% prior quarter year-over-year. both digits for year quarter. affiliate TV the and improved $XXX,XXX We million our ABU slowdown down Excluding increase subs, video increased million advertising also impact continues rate sport. Cable volume automakers strong double continues third recognized show the competitive retailers was pace in at the to EBITDA indirect. [indiscernible] $XX.X our for Hughley in cost revenues by with political, also demand to and be major of forecasting for offset segment as CLEO of and currently $XX.X revenue mid- the $X our increased was We quarter segment of increase approximately property XXXX. exceed and finished excluding television Adjusted the $XXX,XXX Cable million, XX.X% approximately $XX subs. could our revenues for One, iOne increased as quarter, streaming compared said, demand income and cable political, for off. and strong of to segment million and $X.X The of free increases were favorable an revenues a revenue of quarter, radio over million National a given ad the core end due million, CLEO of favorable

on in to trailing valued National around at [indiscernible] million currently publicly We based available and Xx EBITDA, stake our Harbor put at information. that's have the $XXX the option MGM

Revenue X.X%. nonrecurring QX Marketing, stock-based commissions talents increased Travel, Radio expenses to $X.X million Employee quarter. Reach by expenses production million. services, slightly, production revenue salaries, contract segment costs exaggerated leadership million. of office relatively depreciation, travel entertainment variable in up event $XX.X a $X increase $XX.X as TV $X.X Operating compensation compensation and and expenses million. to there expenses, X.X% approximately There were related increase sales, Expenses consulting Operating Employee expenses by and conference. travel for operating and fees mainly compensation were label by content sales in the year-over-year. revenue growth. Cable Talent impairments expenses credits support XXXX. entertainment up, prior there segment increased and are traffic sales $X.X some as whilst spending promotional which the well, $X.X increased the up up, driven Employee to large predominantly by was approximately up and the the were were were return in amortization up was in Corporate relating including costs year, amortization, and to by T&E company's labor. A up the marketing increased investment modest promotions expenses annual expenses and sales were up, in bonuses and to some increased million. and flat for clients. cross-platform by were to Eliminations flat. Operating $X.X were acquisition, the expenses company's and digital on-air but the increased compensation, to increase, million. in due were of year-over-year QX million up contract, XX%, video million. biggest the compared roughly contract up increases and the excluding Outside increased and of operating ad for expenses expenses variable by were and such in XX.X%. by in otherwise. remained part employee were also spend

broadcast was approximately XX.X%. quarter, second For million, digital $XX.X and the consolidated operating an of income increase

common Atlanta market income in $X.X asset the licenses. Provision $XX.X $XXX,XXX. stock compared Atlanta, $X.XX approximately $XX taxes $X.X radio market our XXXX. the $X.XX in redemption. The $X.X related the $XXX,XXX Class of in million. for XXXX notes an repurchased accrued broadcasting our of approximately million interest Dallas, were Indianapolis income income $XX,XXX. company shares broadcast approximately $XXX,XXX quarter. of loans and for taxes the for an approximately D and due million debt of cash accrued A million expense average $X.X approximately for accrued on the of retirement amount quarter, million gain payments QX. net was on Approximately relatively XX% the of cash quarter, service million D income quarter, XX,XXX of the in Raleigh and interest second of at Capital of was amount Class was price including repurchase during semiannual was Net in approximately of sale repurchased the paid in share amount interest licenses, goodwill executed per or amount in quarter, other of to or press the impairment of the Houston for interest par, debt expenditures flat of on a for the forgiven -- noncash million recorded $X.X recorded of $XX.X $XX.X During radio at Company retired next paid common quarter million. per and shares a the $XX.X company the and tax $XX PPP notes million and made million as for consideration approximately of Interest one the the was million. of its X,XXX,XXX for of were million stock and second payments stock Company $X.X resulting was share balance, company's

As $XXX.X is XX, debt get very the time X.XXx, compared time. of in adjusted was cash for total debt the of million, of balance long EBITDA ratio Xx which leverage we reported million June net 'XX, million Ending to a approximately LTM $XXX.X net for was gross $XXX.X first under total resulting of million. a $XXX

me today. address we let the other filed that the Finally, issue in X-K

of of our by reconciliation in-depth review, quarter firm. part second As impairment the third-party used the an performed our valuation expert assumptions company

of During we double related of effect used in Hispanic of from revenues those recognized to we error assumptions a broadcaster and the in review, markets. related noncash the have the market Dallas, impairment $X.X relatively periods. that small Houston which of found this prior revenue for million approximately the a small a should to course charge The that net is count being

from and rate current or Given balance the will be sheet noncash revising any the impairment valuation of as the the we noncash entries. The in recognized of million nonmaterial $XX.X charge prior interest of of quarter not for resulting assumptions the we our million, P&L size quarter $XX.X write-down impact, charges model. this part and balance higher

weakness. XX-Q We QX XX-K, will control sections in reflect XXXX this coming our the revising and to control the of be our XXXX days

end performed work by more company the means addition expects procedures to our that will new this auditors extension hand for I'll Our fully to Form both XX-day a with Alfred. some file this the by issue I that, the second with we of week. will file third control this quarter. The the significant own during on Q this of purpose. and we a to the XX-Q, additional days issue And need quarter hence, and company the wrap remediate back that we expect file the will up few

Alfred Liggins

Xx do to actually I their put it, cash just Thank have you, fully I in did Peter. also National probably exit at an XXXX. had area, north In in Peter revenue extraordinary share. in record and metropolitan market this so have Harbor, highlight, of we thought our been million, that they wanted like vested, mentioned July, which gaming almost flow. million of the $XXX did well investment gaming close revenue performing $XX is MGM a they and number year They $XX well They'll Washington and gaining million. considerable of

that very bode stock for not price So continues hidden strong well. continues investment the to that's that reflected company's in to that's us. And be valuation, but value

there, core as subs CLEO leverage, doing years So launch out smart TV different within like we the deal close Indianapolis very should August, actually with that a build reduce are by getting of which to business M&A -- CLEO is [indiscernible] continue where units of we're who here consolidating a firing smart great our now. the a TV's good business, end cylinders really the ago. team close our few the on know company, know long to of kind subscriber of time, committed been doing the at. One business a TV feel is got just The we're group job. We've people and all have I base. about

So shareholders love ask supportive our strategy forward years, it. With for throughout continue our thank and thank march and holders going I robustly to to try the and want to team everybody to for up the open the we're make to I to for of as I'd their you execution our it to on want Q&A. proud that, operator, we efforts. being debt

Operator

from our from Kelly And CQS. comes [Operator Instructions] first question Chen

Kelly Chen

there's over cost to think saves mean, -- guidance exceed share how it's tell slide Can still EBITDA do you going you Is that are get to or either great I that to to QX? you stronger-than-expected you just expecting you're QX. how think just even more First, there?

Alfred Liggins

I always predictable. cable unit -- pretty mean, even pretty is stable television our and -- business our our digital

we've said TV upfront. You've that got a with -- ad cycle getting been just We've up. buy long CLEO subscribers I

with on TV the up, everything think we And going to demand, well. gone distribution job I slowed, to else So really advertising radio the but a additional CPMs perform it. to that business doing offset is continue is was business think is added, Digital good upside. has going One's the

trajectory with get that number extraordinary So, do guidance. costs got of our ability quite doing to just the yes. our frankly, beat to has that's to business, anything nothing cutting that us or I to think

Kelly Chen

Are seems bought That's flow have it decent hear. in And amount then there. You a do you. to also, Got you to quarter, good guys the like this bonds. expecting more? back of you cash still $XXX million

Alfred Liggins

a authorization, We've there. exhausted. got had million pretty stock we Yes. X out buyback which We authorizations much $XX

We have the million into period that going for authorization. $XX bought right million bond earnings. $XX We repurchase blackout

market, So I to suspect retire after looking back be earnings. the in we'll bonds

still on focused we're yes, that. So

Kelly Chen

Great. That's great also to hear.

kind cash? acquisition are of spend you you guys are think the of So coming? will -- basically the cover rest that do expecting you how to Or

Alfred Liggins

that I that we guess, this -- we've would say didn't we now. that a a thing right mean are I is going Richmond the we litigation I the we looking No. to pursue not in about, made talk big Richmond announcement the made that different was Casino of we're at referendum. got But number things announcement,

We on a that. ballot court that There's a have block it the XXXX had state sought order. to budget for amendment

fashion litigate to So answer be had you be run weren't a therefore, We to a it if will. laws, in And to it to able litigated. be going an get you referendum. to had competing able and timely

on next this Richmond year a year. be the the to trying we're we've we referendum to order $XXX-plus And short, to court story So going in petition to asked City check or get million writing this run won't unwinded. early then 'XX. Long of focus

going cash and we're redeploy to see in most we how the that way. So efficient look

there's sort It's moving so now, increase nature it. to around And stuff of our going but things debt are cash free that right good of flow. reduction of and just uses

spend we're our a -- at have going And don't and going each bit look so We're this plan, probably different to opportunity right, is but how this "Oh each. we of second, $XXX to do million." a

Operator

And Ben of from now Briggs to the Financial. Stonex line

Benjamin Briggs

quarter. the on Congratulations

thought Is about I Obviously, to guys cash worth that excited sheet it's million be there said now a the deleveraging now. see you've monetizing $XXX MGM $XX any right of cash Because, bunch balance you given the You I me from So here. was that to significant mean, X buyback. have being to with the got still the stake? on it's million million. bond have opportunity? you a combined quick $XX know could good authorized. And things more

free guys Or [indiscernible]? that flow do you like just cash

Alfred Liggins

as have it. this use are need it revenues, Richmond look flows know year. we once had we therefore, it that know -- we about there. can Casino. think we going it again We if fund hit We we Xx, we -- flow, to We about cash their think money value at their Their we know delever. that up We could and cash

So to on and north I continues I that that, I performs. right? And build. value I know that's won't no it's make $XXX crushing of that number a year-end reason. it the cash what for I wait how a But frankly, table, their it to flow people see And they're it. believe reason is highlighted that wanted table. on million. There's that's decision yet. And the we know plan is. we until Yes, quite mean want really

Benjamin Briggs

Okay.

if insulated, very helpful? lot color is give how headwinds feeling you're inflation. you? second Any appreciate of know buzzword feel it. I is color. And impacting would thing that's and then color probably the kind great you're main on these reason, you probably inflation that the me are obviously, for from days. for That's the just from to of you some be guys Can I the pressure last going If, that. labor Okay. is, inflationary a

Alfred Liggins

#X now impacting to harder increasingly the positions. way fill say would us it's is I right becoming

X. positions So XX where for we'd have where have post resumes we something we now

it And get for for is raises environment. people to back that impact people our and our giving cuts, core income. folks kind out But because we're we is we so we've were on came new we a the trajectory and it bonuses did Once the here. into -- think get of people competitive able biggest And reason. trying work to real some okay pandemic, during for been of finding the actually I is were pandemic

that people trying to either okay, So they economic or that really filled right we something Are at hard are the from are we the that's just were plan what positions Obviously, HR now. level. aren't negotiated why out, new current aren't more? too they're still the getting happy to back people relatively I've figure with because here et low, that the it's we're heard is that priced cetera? hire really It's

our So operating -- but baked already bonuses increases we've I and budget. got into -- wage and everything

I -- over a I see some impacting big have -- our enough out So but jump don't folks hire are may a open bring inflation people don't inflation fast worked We year. we results see because the to that positions, can't wage this fill costs. bit in

Operator

And a now to Lazar, investor. the of Frank line private

Unknown Analyst

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Alfred Liggins

Well, have Relations Investor an we don't person.

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Unknown Analyst

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Alfred Liggins

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Unknown Analyst

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Alfred Liggins

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Peter Thompson

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Unknown Analyst

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Alfred Liggins

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will. So investors the Investor more on Relations And for institutional if few radio following. very focused and people have there's you companies, follow people been who things generally

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Unknown Analyst

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Alfred Liggins

irrational our trade trades shouldn't place. as for No. Because my speculation does it when up to the quite in like frankly, sort momentum, and it there with view. on valuation first rational the stock in some of And stock be I'd actually

as the our and family, and care other on performance worried sometimes tries if our And And us A Class stock. me stock. stock. holders as now, so -- mean of grow trading the to a in spend itself. long-term and the they're time take we if figured I I a to stay don't the And we're bunch debt, not buyers flow about not and focus our been stock lower we of of right cash And is XX%. they've at we've traded going that stock times mean us mean

Operator

And now to Varadarajan from L.A. Sundar

Sundar Varadarajan

Varadarajan I to This guidance. QX Abbett. follow want your is Lord, just Sundar from on up

in a previous -- something, if But if QX. right, say I I I so would you the missed caller digits revenue? think you QX could weakness appreciate for not in some I for if heard sure up clarify that. you attributed was mid-single you I can

should think you that how revenue in kind trend So QX margins on from a guidance? based of comparison basis,

Peter Thompson

Yes.

So different heard X things. you I think

and talk X.X% including X.X%, You about down heard is down political. us political, radio, excluding which

talked business softness one our fact we was And thing. other that the that then there. So the segments would about for compensate

part mid- that in QX. will sense? to percentages were for be you is think referring consolidated think somewhere I net make high the first what Does overall, up revs to So single-digit we

Sundar Varadarajan

Yes. Yes.

year-over-year, So high digits, that's right? single mid- consolidated basis, and to

Peter Thompson

going from to QX as that. as Yes. And high don't They're area. a going QX low few in somewhere be I QX. for to are margin that think a And standpoint, margins there's be probably the reasons to mid-XXs, and

cost revenues going got of acquiring costs. fairly digital right? cost said, also have video we those And strongly, cost, which costs. lumpy the -- of is traffic in is revenues then acquisition As content up, variable growing and the programming you've MO So other so quite production the sort TV, can but costs,

things are those So not really linear.

So that hence, I would think about mid-XX% quarter. in it as margin a low- somewhere third for to range

Sundar Varadarajan

then as just kind of And you Got revenues. it. your TV up want to to that back advertising pretty to That I And mentioned It's cable I ex-political be XX%. seems well. think go strong.

I So driving what's on the could to or you color of that granularity kind capabilities? growth some wondering give was if as

Alfred Liggins

real Yes. diverse been movement look the with mean I there diverse advertisers a ownership. has for to content and

we've the years make Now, we're strategy we've that for strategy -- out XXXX, and XX radio in I old, years. started that had and And mean, so digital. television and how this does in us same built XX company in

community. And a the right? we so would built Serving say I brand, African-American that

assets. And now a so network. well-distributed is CLEO well-distributed cable network. -- TV and we One is built good cable a

mean brand XX money advertisers that benefiting simple. space. waking say, up actually it's I of to from being this the coming building committed more "I'm to ad in through it's And really against when we're line. I So years of our demo," put going think and

websites have we and we come try or it sales of and delivery We people And kind rewarded give to company media are a we're sales show there. in and with with build and that. because say inadequate product. best-in-class bunch don't that's and got me millions out a users a being we not One. of call when marketing, money vehicles research XXX ratings a Our of ad inadequate and holding website up solution, and Interactive full for We and

after resources, because, of digital, We're we it strategy. -- response advertiser X but by the same the way, X particularly at same level. And -- years the was ago, years going today that's So had years I'm that proud X in there not ago, that is. but the ago,

that's a benefit so big -- And it's been for been us.

Sundar Varadarajan

steam look to see you some you get tougher, comps how to Or is much this grow? forward, as to you're do for then continue And think moderation? there going as

Alfred Liggins

got We it Black time, question. it inclusion started ask the like and long during Matter this the Lives great protests. started, I is that all tell that Floyd effort last. how a you diversity probably -- real That's George ourselves can Motors steam and year, really What will 'XX. into certain going to Procter the a General Gamble, head It going multiyear level. get Marketers like steam talking call commitments into of & a to next about it, they're McDonald's,

commitments at publicly companies So I I years future. of suspect, -- the the again, But and of verbally for that predict these the least am and big see know continuing lot can't I of made, next next have the X I a not made. them definitely most I it or X just because

CEOs One -- strategies, and it. TV So change. for but into done. happened I is things strategies 'XX out shifts Upfront can because we're shift, it's feeling strategy know change almost

that what know looks I so like. And

So for X the next years. I X or think we're good

Sundar Varadarajan

capital It that want your bought perspective. price you good was because was I will see allocation. million That's back the didn't from $XX -- not into turn I back in to ] [ be catch some said of of good a XX QX great. just And about I to activity comments debt. you

think the the million that? further an price. $XX debt's Did given authorization have at attractive markets, more I like a you you say even trading

Alfred Liggins

$XX executed $XX million. got Board $XX Board. had another on million the back We've to what million, That's we Yes. the without going authorized

go in and out Board. our So going another as management sitting ability without we take here, the seems up, have tomorrow $XX back to opens to

paying like we So and -- down debt.

Sundar Varadarajan

and million, up given $XXX like finally, to on Virginia That's fully what the kind hear delay given that earmarked the decision, you've you but of and not or had bond of then, postponement as your either. Richmond, -- But investors well.

where you balance comfortable for think be or you're do cash So it buybacks? buybacks debt taking equity Whether your down to?

Alfred Liggins

time. given things also don't out don't really that know. thought look hadn't any know. we I And there's Yes. -- because that at but I M&A I at,

Sundar Varadarajan

leverage from markets well? bit it. are market Got the -- a lot little for targets any revisiting given -- the And for tougher as different credit current your a

Alfred Liggins

there was So I our below We're original Xx. to to right? get mean now, further. get leverage target it I'd down like

Operator

And Rafe Eaton line from the to now we go Vance. of

Raphael Leeman

Great.

other players weakness on the in spending of some the government radio some radio have mentioned side. So

I if you that -- had I'm comment mentioned wondering could last this that quarter. think just on quarter. you you

that's is -- too, And if quarter? did then largest how how side, of it in curious, and what I'm TV one the think -- I your percent revenue it it your categories. on the of

Peter Thompson

Yes.

I'm it's biggest QX. down year-over-year. at and looking So it was was our -- It X.X category,

our So biggest margin still really but category. down,

So I quarter still -- in given -- its that I it's would was still million. it didn't radio, strong $X.X the say -- it's for

So no big but swings elsewhere, in and there were government particularly there were swings public. not --

Raphael Leeman

on it. well? largely TV Got is it And the as side,

Alfred Liggins

We don't get a whole impact...

Peter Thompson

I than don't less say Jody $X.X know if you million. heard

it TV not was on So side. the

Raphael Leeman

was mean, strong folks Got it. And finish is I I weakness it in like said back and some a it Can then it by curious, think better. early quarter. it just came give you what sounds of you. similar sense to was saw the a then you month? It

Alfred Liggins

on you if this know that don't comments. year. know caught I pricing I my Well, earlier

give... So I didn't

Raphael Leeman

had for think it Yes, next the quarter. you I

Alfred Liggins

Yes. QX will Yes. it second, I up. a just pull me give

So it's under up X.X%. like was up April and of was couple X%, just was up June May percent

Operator

Smith now the [indiscernible]. line to Mark of from And John

Unknown Analyst

me? hear you Can

Alfred Liggins

Yes.

Unknown Analyst

All right.

have you radio cash television now. diversify So bunch you your now? a any Do right business right plans are to your from on and sitting guys of

Alfred Liggins

a some of in mean We're made so casino, in [indiscernible]. other we've -- Richmond, haven't broadcast efforts I we one we we're been second looking in that kind one We things Yes, gaming. Virginia. referendum, had on our lost the to got the trying Yes. get have past, [indiscernible] and shot. found casino anything focused at We television right been don't have -- looked now. at diversification sense. that And

we're look. So continuing to

we're than businesses that continuing successful think And liked do else more always can us I'd continuing -- at be. -- to say somebody businesses or that's help platform look we and might think we've our existing I've businesses the otherwise I in up that that. ended I where in be different how we to to are, those

swap station think of for we about So business in in really got we with really is Entercom, our a the -- again, formats Carolina. with of talk there And we Indianapolis. strategy targeted in then, strategy of and its Indianapolis. but same not well North versus did us news diversification, our business general in I'm successful. that Charlotte, radio and the Charlotte, different diversification bigger That's a where own typical but urban that. bit format. That bunch it's the I just excited format that excited to I'm diversity. market worked a conservative how I we've did big we thing mean, make got market, about

has so the because is constantly really company. that doing that actually what And saved diversification strategy we're

Unknown Analyst

Awesome.

just that casino, then? you future What can you of guys really will Let's and timeline So you give get your do really say that a get to then? me -- you're after the brief you casinos. diversifying

Alfred Liggins

can you going meaning pay million. Gosh. invest $XXX places Yes, finding continue million businesses. that's at to I -- worth to $XXX my like look, build value, it's goal to where That's debt, how be is look and down to

done start sold level can enough never we've stations the I low people. We've -- business how kind been debt a radio have you issue mean, dividends to at That's sold stuff. have to We think future. look and I shareholders. -- of we're we You before. I

-- strategy, a just way ultimate as But selling comfortable an always asset out. to the to build a felt every as price. we've value and had opposed we've that has Asset checking

what still that, to going owns the We that's the at But continue proven do. it. decent think case. family to do like be we I we're and half company. the to so And it We've

don't shareholder shareholder important everybody it's of so creating says, in out people in but Most from XXXX. so Xx under to is have to which had game, we important. I what say who skin know really really And debt me. value creating that thought is it really why dig the is value north hard like we

also risk-free by down debt paying down months I paying ] That's to by going to XX cost me. That's And way, at [ it so we're down just but ago, playing pay to as [ return wanted offense the XX% a offense, I often debt. of it was look XXX if that me X now. And ]. at

Operator

Please else continue. no in We have one queue.

Alfred Liggins

operator. Thank everybody. Florida. you, Thank investors The you, in

we voicemail, e-mail you we talking you We and forward will Thank next Investor and to quarter. apologize check that. to Relations the look your definitely support, for for

Operator

ladies for All available Eastern Time be p.m. right. and will through gentlemen, Thank XX:XX today you. And conference XXXX. after this August XX, replay X p.m.

X(XXX) may dial numbers of the Those XXX-XXXX, again access today. Event X XXXXXXX. access code the XXX-XXXX conclude your are XXX-XXXX for and for access (XXX) You and time using that Thank and for with (XXX) of our XXXXXXX. replay XXX-XXXX. Service. (XXX) may does participation entering Conferencing call system code participants the you at dialing any International And by AT&T

may You now disconnect.

Urban One (UONE) 9 Aug 222022 Q2 Earnings call transcript