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What were the key takeaways from Urban One D's earnings call?

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- **Q3 Revenue Miss**: Core radio down 30% YoY, EBITDA guidance cut to $56-58M from $60M.
- **Cost Savings**: $3M annualized workforce reductions, $1.6M severance costs in Q3.
- **Segment Weakness**: Digital (-30.6%), Reach Media (-40%), Cable TV (-7%) due to ad declines.
- **2026 Optimism**: Political recovery, Hispanic format expansion, and reduced advertiser concentration risks.

**【CEO Opening Remarks】**
- Q3 revenue came in softer than projected, with core radio ad pacings down 30% due to political ad decline.
- Adjusted full-year EBITDA guidance to $56-58 million (from prior $60 million target).
- Implemented $3 million annualized cost savings through workforce reductions, adding to $5 million savings earlier in the year.

**【CFO Financial Breakdown】**
- **Radio Broadcasting**: $34.7M revenue (-12.6% YoY), local ads outperformed market (-6.5% vs. -10.1%), but national ads underperformed (-29.1% vs. -21.5%).
- **Reach Media**: $6.1M revenue (-40% YoY), driven by DEI ad decline and network audio market softness.
- **Digital Segment**: $12.7M (-30.6% YoY), impacted by political, back-to-school, and client demand drops.
- **Cable TV**: $39.8M revenue (-7% YoY), with 29.4% decline in total day delivery (P25-54).
- **Cost Management**: $83.7M operating expenses (-4.2% YoY), including $1.6M severance costs and $3.1M retroactive royalties.

**【Q&A Highlights】**
- **2026 Outlook**: CEO optimistic on political year recovery, Hispanic format launch in DC, and reduced advertiser concentration risks.
- **M&A Strategy**: Exploring deregulation opportunities for ownership cap waivers, but prioritizing deleveraging over transformative deals.
- **Debt Activity**: Paused debt buybacks to maintain liquidity amid regulatory uncertainty, but remains focused on deleveraging.

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