Urban One has reported its results for the quarter ended March 31, 2022. Net revenue was approximately $112.3 million, an increase of 22.9% from the same period in 2021. The company reported operating income of approximately $36.5 million for Q1, compared to approximately $23.8 million for the first quarter of 2021. First quarter broadcast and digital operating income was approximately $48.4 million, an increase of 33% from the same period in 2021.
Alfred C. Liggins, III, Urban One CEO/President stated, “We had extremely strong first quarter performance across the platform, with advertising revenues up double-digit percentages in all of our operating segments. Digital revenues were up 49.5%, Cable TV advertising revenues were up 46.9%, and radio advertising, excluding political and digital, was up 17.4%. This enabled us to grow Adjusted EBITDA by 38.9% year-over-year, and by $14.3 million or 51.6% vs. Q1 2019. Looking back at pre-pandemic revenues, when we aggregate our radio broadcasting, syndication, events and digital operations, net revenues were up 11.5% compared to Q1 2019. Second quarter core radio advertising is pacing up mid-single digits, as we start to lap the tougher comps from 2021. Our balance sheet continues to strengthen, with $166.4 million of cash and net leverage down to 4.07x.”
