Company: UONE
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001041657-25-000013
Chunk: 90

Company: URBAN ONE, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 90
---
 31, Change 20242023$896$96,084$(95,188)(99.1)%

Other income, net decreased $95.2 million for the year ended December 31, 2024 from the year ended December 31, 2023. The decrease was primarily due to the gain on sale of the Company’s MGM Investment, which was recognized in other income, net, during the year ended December 31, 2023. 

Provision for income taxes

Years Ended December 31, Change 20242023$9,759 $7,944 $1,815 22.8 %

For the year ended December 31, 2024, we recorded a provision for income taxes of approximately $9.8 million on the pre-tax loss of $94.0 million resulting with an annual effective tax rate of (10.4)%. The difference between the effective rate and the Company’s statutory rate relates primarily to the effect of state taxes, changes in our valuation allowance, uncertain tax positions, and permanent differences associated with non-deductible officer compensation. For the year ended December 31, 2023, we recorded a provision for income taxes of approximately $7.9 million on pre-tax income of $17.6 million resulting with an annual effective tax rate of 45.0%. The difference between the effective rate and the Company’s statutory rate relates primarily to the effect of state taxes, uncertain tax positions, Internal Revenue Code (“IRC”) Section 382 adjustments, and permanent differences associated with non-deductible officer compensation. In general, permanent book to tax differences have a greater impact on pre-tax income when the income is lower in the given period.

Loss from unconsolidated joint venture

Years Ended December 31, Change 20242023$(411)$(5,131)$4,720 (92.0)%

For the year ended December 31, 2024, we recognized approximately $0.4 million loss from unconsolidated joint venture compared to $5.1 million for the year ended December 31, 2023, a decrease of approximately $4.7 million. The decrease is related to the shut down of the RVA Entertainment Holdings, LLC, (“RVAEH”) investment in 2023.

Net income attributable to non-controlling interests

Years Ended December 31, Change 20242023$1,215$2,515$(1,300)(51.7)%

Net income