Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 148

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 2
Chunk 148
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 less the amount, if any, of the Dilution Reserve (as defined in the Current ABL Facility), minus (b) the sum of (i) the Bank Product Reserve (as defined in the Current ABL Facility), plus (ii) the AP and Deferred Revenue Reserve (as defined in the Current ABL Facility), plus (iii) without duplication, the aggregate amount of all other reserves, if any, established by the Administrative Agent.

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All obligations under the Current ABL Facility are secured by a first priority lien on all (i) deposit accounts (related to accounts receivable), (ii) accounts receivable, and (iii) all other property which constitutes ABL Priority Collateral (as defined in the Current ABL Facility). The obligations are also guaranteed by all material restricted subsidiaries of the Company.

The Current ABL Facility matures on the earlier to occur of: (a) the date that is five years from the effective date of the Current ABL Facility, and (b) 91 days prior to the maturity of the Company’s 2028 Notes. The Current ABL Facility is subject to the terms of the Revolver Intercreditor Agreement (as defined in the Current ABL Facility) by and among the Administrative Agent and Wilmington Trust, National Association.

The following table provides a summary of our statements of cash flows for the three months ended March 31, 2025, and 2024, respectively:

Three Months Ended March 31,2025 2024(In thousands)Net cash flows provided by (used in) operating activities$2,085 $(2,477)Net cash flows (used in) provided by investing activities(2,547)406 Net cash flows used in financing activities(21,544)(75,753)

Net cash flows provided by (used in) operating activities were approximately $2.1 million and $(2.5) million for the three months ended March 31, 2025, and 2024, respectively. Net cash flow from operating activities for the three months ended March 31, 2025 increased from the prior year primarily due to increased collection of accounts receivable and lower payments for content, offset by the decrease in reserve for audience deficiency. 

Cash flows from operations, cash and cash equivalents, and other sources of liquidity are expected to be available and sufficient to meet foreseeable cash requirements. 

Net cash flows (used in) provided by investing activities were approximately $(2.5) million and $0.4 million