Company: UONE
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001041657-25-000034
Chunk: 55

Company: URBAN ONE, INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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Interest and investment income was approximately $1.0 million for the three months ended March 31, 2025, compared to approximately $2.0 million for the three months ended March 31, 2024. The decrease was driven by lower cash and cash equivalents balances during the three months ended March 31, 2025, than in the corresponding period in 2024.

Interest expense

Three Months Ended March 31,Change20252024$(10,924)$(12,998)$2,074 (16.0)%

Interest expense was approximately $10.9 million for the three months ended March 31, 2025, compared to approximately $13.0 million for the three months ended March 31, 2024, a decrease of approximately $2.1 million. This decrease was due to lower overall debt balances outstanding. See Note 10 - Long-Term Debt of the Company’s condensed consolidated financial statements for further discussion. 

Gain on retirement of debt

Three Months Ended March 31,Change20252024$11,587$7,874$3,713 47.2 %

There was an approximately $11.6 million gain on retirement of debt for the three months ended March 31, 2025, compared to $7.9 million for the three months ended March 31, 2024. During the three months ended March 31, 2025, the Company repurchased approximately $28.2 million of its 2028 Notes at an average price of approximately 58.0% of par, resulting in a net gain on retirement of debt of approximately $11.6 million. During the three months March 31, 2024, the Company repurchased approximately $75.0 million of its 2028 Notes at an average price of approximately 88.3% of par, resulting in a net gain on retirement of debt of approximately $7.9 million.

Other income, net

Three Months Ended March 31,Change20252024$192$886$(694)(78.3)%

Other income, net was approximately $0.2 million for the three months ended March 31, 2025, compared to $0.9 million for the three months ended March 31, 2024. During the three months ended March 31, 2024, the Company recognized income related to the sale of its equity interest in Broadcast Music, Inc.