XML 31 R20.htm IDEA: XBRL DOCUMENT v3.22.2.2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2022

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of net revenue (and sources)

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​		2022			2021
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Net Revenue:		​			​
Radio Advertising	​	$	39,127	​	$	33,340	​
Political Advertising	​		532	​		780	​
Digital Advertising	​		15,482	​		10,353	​
Cable Television Advertising	​		30,414	​		20,702	​
Cable Television Affiliate Fees	​		25,970	​		25,486	​
Event Revenues & Other	​		824	​		779	​
Net Revenue (as reported)	​	$	112,349	​	$	91,440	​

Schedule of contract assets (unbilled receivables) and contract liabilities (customer advances and unearned income and unearned event income)

​	​	​	​	​	​	​	​	​	​
​		March 31, 2022			December 31, 2021			March 31, 2021
​	​	(Unaudited)		​	​	​	​	(Unaudited)
​	​	(In thousands)
Contract assets:		​			​			​
Unbilled receivables	​	$	7,212	​	$	10,735	​	$	4,557
​	​	​	​	​	​	​	​	​	​
Contract liabilities:	​		​	​		​	​		​
Customer advances and unearned income	​	$	6,934	​	$	7,494	​	$	5,979
Reserve for audience deficiency	​	​	5,505	​	​	6,020	​	​	4,610
Unearned event income	​		—	​		—	​		5,735

Schedule of calculation of basic and diluted earnings per share from continuing operations

​

The following table sets forth the calculation of basic and diluted earnings per share from continuing operations (in thousands, except share and per share data):

​

​	​	​	​	​	​
​	Three Months Ended March 31,
​	2022			2021
​	(Unaudited)
​	(In Thousands)
Numerator:	​	​	​	​	​
Net income attributable to common stockholders	$	16,369	​	$	7
Denominator:		​	​		​
Denominator for basic net income per share - weighted average outstanding shares		51,182,831	​		48,463,289
Effect of dilutive securities:		​	​		​
Stock options and restricted stock		3,914,950	​		590,361
Denominator for diluted net income per share - weighted-average outstanding shares		55,097,781	​		49,053,650
​	​	​	​	​	​
Net income attributable to common stockholders per share – basic	$	0.32	​	$	(0.00)
Net income attributable to common stockholders per share – diluted	$	0.30	​	$	(0.00)

Schedule of fair values of our financial assets and liabilities measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total

Level 1

Level 2

Level 3

​

​

(Unaudited)

​

​

(In thousands)

As of March 31, 2022

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities subject to fair value measurement:

​

​

​

​

Employment agreement award (a)

​

$

28,772

​

—

​

—

​

$

28,772

Total

​

$

28,772

​

$

—

​

$

—

​

$

28,772

​

​

​

​

​

​

​

​

​

​

​

​

​

Mezzanine equity subject to fair value measurement:

​

​

​

​

​

​

Redeemable noncontrolling interests (b)

​

$

17,755

​

$

—

​

$

—

​

$

17,755

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2021

​

​

​

​

​

​

Liabilities subject to fair value measurement:

​

​

​

​

​

​

Employment agreement award (a)

​

$

28,193

​

—

​

—

​

$

28,193

Total

​

$

28,193

​

$

—

​

$

—

​

$

28,193

​

​

​

​

​

​

​

​

​

​

​

​

​

Mezzanine equity subject to fair value measurement:

​

​

​

​

​

​

Redeemable noncontrolling interests (b)

​

$

17,015

​

$

—

​

$

—

​

$

17,015

(a) Each quarter, pursuant to an employment agreement (the “Employment Agreement”) executed in April 2008, the Chief Executive Officer (“CEO”) is eligible to receive an award (the “Employment Agreement Award”) amount equal to approximately 4% of any proceeds from distributions or other liquidity events in excess of the return of the Company’s aggregate investment in TV One. The Company reviews the factors underlying this award at the end of each quarter including the valuation of TV One (based on the estimated enterprise fair value of TV One as determined by a discounted cash flow analysis). The Company’s obligation to pay the award was triggered after the Company recovered the aggregate amount of capital contributions in TV One, and payment is required only upon actual receipt of distributions of cash or marketable securities or proceeds from a liquidity event with respect to such invested amount. The long-term portion of the award is recorded in other long-term liabilities and the current portion is recorded in other current liabilities in the consolidated balance sheets. The CEO was fully vested in the award upon execution of the Employment Agreement, and the award lapses if the CEO voluntarily leaves the Company or is terminated for cause. A third-party valuation firm assisted the Company in estimating TV One’s fair value using a discounted cash flow analysis. Significant inputs to

the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value. In September 2014, the Compensation Committee of the Board of Directors of the Company approved terms for a new employment agreement with the CEO, including a renewal of the Employment Agreement Award upon similar terms as in the prior Employment Agreement.

(b) The redeemable noncontrolling interest in Reach Media is measured at fair value using a discounted cash flow methodology. A third-party valuation firm assisted the Company in estimating the fair value. Significant inputs to the discounted cash flow analysis include forecasted operating results, discount rate and a terminal value.

Schedule of changes in Level 3 liabilities measured at fair value on a recurring basis

​	​	​	​	​	​	​
​		Employment			Redeemable
​	​	Agreement		​	Noncontrolling
​	​	Award		​	Interests
​	​	(In thousands)
​	​	​	​	​	​	​
Balance at December 31, 2021	​	$	28,193	​	$	17,015
Net income attributable to noncontrolling interests	​		—	​		701
Change in fair value	​		579	​		39
Balance at March 31, 2022	​	$	28,772	​	$	17,755
​	​	​	​	​	​	​
The amount of total (losses)/income for the period included in earnings attributable to the change in unrealized losses/income relating to assets and liabilities still held at the reporting date	​	$	(579)	​	$	—

Schedule of significant unobservable input value

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	As of	​	As of
​	​	​	​	​	​	March 31,	​	December 31,
​		​		Significant		2022		2021
​	​	​	​	Unobservable	​	Significant Unobservable
Level 3 liabilities		Valuation Technique		Inputs		Input Value
Employment agreement award		Discounted Cash Flow		Discount Rate		9.5	%	9.5	%
Employment agreement award		Discounted Cash Flow		Long-term Growth Rate		0.5	%	0.5	%
Redeemable noncontrolling interest		Discounted Cash Flow		Discount Rate		11.5	%	11.5	%
Redeemable noncontrolling interest		Discounted Cash Flow		Long-term Growth Rate		0.4	%	0.4	%

Schedule of the components of lease expense and the weighted average remaining lease term and the weighted average discount rate

The following table sets forth the components of lease expense and the weighted average remaining lease term and the weighted average discount rate for the Company’s leases:

​

​	​	​	​	​	​	​	​	​	​
​	​	​	Three Months Ended March 31,					​	​
​		​	2022			2021			​
​	​	​	(Unaudited)					​	​
​	​	​	(Dollars In thousands)					​	​
Operating Lease Cost (Cost resulting from lease payments)	​	​	$	3,246	​	$	3,274	​	​
Variable Lease Cost (Cost excluded from lease payments)	​	​		10	​	​	34	​	​
Total Lease Cost	​	​	$	3,256	​	$	3,308	​	​
​	​	​	​	​	​	​	​	​	​
Operating Lease - Operating Cash Flows (Fixed Payments)	​	​	$	3,503	​	$	3,366	​	​
Operating Lease - Operating Cash Flows (Liability Reduction)	​	​	$	2,449	​	$	2,193	​	​
​	​	​	​	​	​	​	​	​	​
Weighted Average Lease Term - Operating Leases	​	​	​	4.80	years	​	5.16	years	​
Weighted Average Discount Rate - Operating Leases	​	​	​	11.00	%	​	11.00	%	​

​

Schedule of maturities of lease liabilities

​	​	​	​
For the Year Ended December 31,		(Dollars in thousands)
For the remaining nine months ending December 31, 2022	​	$	10,331
2023	​		11,886
2024	​		10,773
2025	​		6,033
2026	​		3,723
Thereafter	​		8,186
Total future lease payments	​		50,932
Imputed interest	​		11,623
Total	​	$	39,309

X

- Definition

Tabular disclosure of quantitative information related to operating leases.

+ References

No definition available.

+ Details

Name:	uone_ScheduleOfQuantitativeInformationRelatedToOperatingLeasesTableTextBlock
Namespace Prefix:	uone_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_AccountingPoliciesAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

+ Details

Name:	us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

+ Details

Name:	us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=123594938&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123408670&loc=SL77918701-209980

+ Details

Name:	us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

+ Details

Name:	us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration