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Radio One, Inc. (NASDAQ:ROIAK)

Q4 2012 Earnings Call

February 20, 2013 10:00 am ET

Executives

Alfred C. Liggins, III – President, Chief Executive Officer and Treasurer

Peter D. Thompson – Executive Vice President and Chief Financial Officer

Analysts

David Saber – Wells Fargo Securities LLC

Matthew R. Nelson – RBS Securities, Inc.

Michael Kass – BlueMountain Capital Management LLC

Operator

Welcome to Radio One Fourth Quarter Conference Call. I have been asked to begin the call with the following Safe Harbor Statement. During this call, Radio One may share with you certain projections, or forward-looking statements regarding future events or its future performance. The company cautions you that certain factors, including risks and uncertainties refer to in the 10-Ks and 10-Qs and other reports periodically filed at the securities and exchanged commission could cause the actual results to differ materially from those indicated by its projections or forward-looking statements. This call will present information as of February 20th, 2013. Please note that Radio One disclaims any duty to update any forward-looking statements made in the presentation. In this call, Radio One may also discuss some non-GAAP financial measures in talking about its performance. These measures will be reconciled to GAAP either during the course of this call or in the Company's press release which can be found on it’s website a www.radio-one.com. An audio replay of this conference call will also be available on the Radio One’s corporate website at www.radio-one.com under the investor relations section of the webpage. The replay will be made available on the website for seven days after the call. No other recordings or copies of this call are authorized or maybe relied upon.

I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Radio One, who is joined by Peter D. Thompson, the Company’s Chief Financial Officer. Mr. Liggins?

Alfred C. Liggins, III

Thank you very much and welcome everybody to our fourth quarter results conference call. The press release went off this morning, as you can see the company performed extraordinarily well in Q4, not surprising given the political advertising environment. However we considerably outpace the market and we’re positive in the net of political we’re feeling very good about our Q1 phasing as well. TV One, [Michigan] Radio, TV One posted another strong year, for 2012, we anticipate that TV One, will have another double-digit of cash flow year in 2013, and we are most excited about the fact that we believe that even in a soft to flat market in Radio that we should be able to post another strong year as well.

With that I am going to turn it over to Peter, to go into the details of the numbers, and then we’ll open up for Q&A.

Peter D. Thompson

Thanks Alfred. Net revenue was approximately $105.9 million for the quarter ended December 31, 2012, an increase of 8.1% or approximately $98 million for the same period in 2011. The Radio division, excluding Reach Media produced net revenues of $60.2 million, up 11.0% from the same period last year. We recognized approximately $33.5 million of net revenue from the Cable Television segment in the fourth quarter, an increase of 6.8% over Q4 2011.

Reach Media had net revenues of $8.3 million in the quarter, which was down 20.9% year-to-year, while Reach event revenue was up for the quarter, the decline was due to the change in the affiliation agreement between Reach Media and Radio One, at January 1, 2012 and a decline in Radio advertising revenue.

The Interactive division had net revenues of $5.2 million, up 7.7% year-to-year. Our four largest Radio clusters performed as follows, Houston net revenue, was up 4.6%, Washington DC was up 37.8%, Atlanta was up 7.4% and Baltimore was up 11.2% year-over-year.

Our Indianapolis, Detroit, Cleveland, Dallas, Cincinnati, Columbus, Richmond, St. Louis, and Charlotte clusters all posted revenue growth year-over-year. While our Philadelphia and Raleigh clusters posted net revenue decline over last year.

Gross political revenue was $5.9 million in the fourth quarter, a $9.1 million for the full year, which is the highest in company history, and more than twice, what we have budgeted. All of our markets had political advertising in the quarter, with the majority in our Washington D.C., Ohio markets, Baltimore, and Detroit.

Our top three advertising categories were retail, which was 16% of our total and was down 4% year-to-year, government and public, which was 15% of our total and was up 102% year-to-year, and telecoms, which is 12% of our total and down 5% year-to-year. Aside from the political spending, revenue growth was driven by auto, which was up 3%, help up 12% and services up 29%.

TV One had advertising revenues of $16.3 million and affiliate revenues of $17.2 million for the quarter, and those numbers were flat and up 14.5% respectively year-over-year. Cable subscribers as measured by Nielsen finished the year $57.3 million compared to $56.3 million at December 31, 2011.

Operating expenses excluding depreciation, amortization and stock-based compensation increased to approximately $81.6 million in Q4. Radio division expenses decreased 0.9%. Expense reductions and the change in affiliation agreement with Reach Media and reduce use of royalty fees were offset by increases in performance based and revenue variably expenses. Expense at TV One increased 23.8% mainly due to increased program income and amortization. We review the recoverability on a program by program basis based on estimates of future usage, and due to our product mix skewing more towards reality we took a higher amortization charge than in prior periods.

On a cash basis we spend a $11.4 million on content assets during the quarter of which $6 million was on original programming. For the full year, TV One spend approximately $55 million on content assets, of which $31 million was on originals. Reach’s operating expenses increased by 4.8% primarily as a result of the newly executed management agreement between Reach Media and Radio One.

The Internet segment’s operating expenses increased by 18.5% driven mostly by higher traffic acquisition costs. Corporate expenses increased due to corporate bonuses earned in 2012. For the fourth quarter consolidated station operating income was approximately $35.7 million, up 0.6% from last year. Adjusted consolidated EBITDA was $24.3 million, a decrease of approximately 9.9% year-over-year. Interest expense decreased approximately $22.3 million for the fourth quarter. The Company made cash interest payments of approximately $21.3 million.

Net loss was approximately $17.2 million or $0.34 per share compared to a net loss of approximately $21.5 million or $0.43 per share for the same period in 2011. For the fourth quarter capital expenditures were approximately $2.9 million. And there were no dividends received from TV One in the fourth quarter, and the total amount of dividends received from TV One in 2012 was approximately $8.1 million.

As of December 31, 2012, Radio One had total debt net of cash balances of approximately $761.5 million. For bank covenant purposes, our total net debt was approximately $680.3 million and our LTM bank EBITDA was approximately $82.6 million, giving a total average ratio of approximately 8.24 times, and a single average ratio of approximately 4.27 times.

As we did in the second and third quarters, we elected to take less than the maximum possible dividend from TV One in the fourth quarter, defer those dividends receipts in future periods. As of December 31, 2012, the Company’s cash and cash equivalents by segment are as follows: Radio One Internet approximately $23.9 million, Reach Media approximately $2.4 million, and Cable Television approximately $31 million.

In addition to cash and cash equivalents, Cable Television segment also has short-term investments of approximately $1.6 million and long-term investments of approximately $97,000. While our stock repurchase authorization has been approved by Board of Directors, no stock repurchase has occurred in Q4 or thus far in Q1.

Alfred C. Liggins, III

Thank you, Peter. Operator, I’d like to go right to the Q&A.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) Our first question is from David Saber from Wells Fargo. Please go ahead.

David Saber – Wells Fargo Securities LLC

Good morning, everyone. Thanks for taking the questions.

Alfred C. Liggins, III

Yeah.

David Saber – Wells Fargo Securities LLC

I wanted to just talk first about Reach Media; can you just help us understand the ins and outs of what’s going on there, maybe, the cash outlay for the minority stake, you recently purchased, and then how to think about modeling that segment in 2013?

Peter D. Thompson

Sure. The cash outlay was pretty minimal, it was $2 million, and the thing that we did as part of that deal or immediately thereafter was, we transferred across our corporate sales division, and all that syndicate that shows. So we contributed profit of around about $2.5 million give or take, as well as the $2 million in cash. And there are going to be some – the way to think about in going forward is, we expect that business to be profitable through 2013. There are going to be some synergies. There is going to be less sales channel conflict, and they’re going to have a whole roster of talent that is profitable in that.

Alfred C. Liggins, III

Yeah, so the way, we kind of viewed it here is, Reach Media essentially was the Tom Joyner company because that was really their main product. They had some travel services, they do accrues, they do some events. But they are all driven by the Tom Joyner Morning Show, which is the largest by audience, and affiliate urban syndicated morning show out there. And quite, we at Radio One also had some syndicated morning shows Rickey Smiley, Yolanda Adams. And hardly enough all these years, they competed against each other. And it made, what’s valuation? Valuation expectation got down to reasonable levels, we could both sides could make a deal. They are always made sense for to be under one roof, but there is a big disconnect on how we get there.

So finally we were able to deal it, small cash outlay for the company, moved in our syndicated shows. Now Reach Media is the urban syndication company. I think they’ve got eight or nine shows. They are developing more, they are also launching a new network that’s not personality driven, but just audience driven reach net which will compete on the lower end of the cost per thousand continuum.

So, I am pretty excited about, we are pretty excited about. The guy who runs it, David Kantor is probably the most experienced, informatible network radio executive that’s still working today. He ran ABC Radio networks for years, created the AM/FM networks which is basically premier now, and he is a great executive. So he and Tom own the other 20%, we own 80%, I think it will do a fantastic job for us.

David Saber – Wells Fargo Securities LLC

Okay, great thanks for walking me through that. And then on TV One, how much in deferred dividends have you guys – I guess put aside, I mean is it as simple as the $31 million of cash, less the minimum you have to keep it at that subsidiary?

Alfred C. Liggins, III

Pretty much yeah, and that was $50 million at year end, so if you do the math, I guess we could have saved another $8 million.

David Saber – Wells Fargo Securities LLC

Okay, got it. And then…

Alfred C. Liggins, III

I am sorry, just to be clear, now it will be outpaced, that’s not the total dividend, that will the fees to Radio One.

David Saber – Wells Fargo Securities LLC

Correct, right, okay understood. And then the TV One bond becomes callable this year, is that something you guys have looked into obviously you could probably get something at similar rate?

Alfred C. Liggins, III

Yeah, we have looked into it, and we haven’t pursued it and the reason why is, pan 10%, but we got a 105 coupon. So I mean, we got a 101 call, right.

David Saber – Wells Fargo Securities LLC

Yeah.

Peter D. Thompson

So we are the same spot $6 million or something like that to take it out. But here is the bigger issue, our affiliate agreements start to come up at the end of 2014, that’s when Time Warner comes up, I think Cox and one other smaller one. And then in the beginning of 2015 comes Comcast and in the end of 2015 – March 2015 is Verizon, and in the end of 2015, it’s DIRECTV. I just know that if I go and try to get some great deal, which we should be able to – it’s only levered at three time, then I am going to have some conversation about risk with the underwriter, right, which then is going to – about risk to those affiliate deals.

And at the end of the day there is always risk for an independent network. I feel like we are in a good position, certainly our partners, Comcast that think we’re going to be fine there. And quite frankly, TV One as built itself as a brand and I think really the risk that we’re going to have in affiliate deals are, do we get an increase in our rate, do people try to roll back distribution or are we able to increase our distribution. And so, the long wind to the answer to your question is that, I think anybody underwriting a new senior debt facility is going to want to talk about that risk, and I’m just not so sure that we’re going to be at a such a great deal given that we’re right in front of that. That it makes sense to deal with it this one time.

David Saber – Wells Fargo Securities LLC

Okay. That makes sense. And lot of the MSO’s have talked about dropping low rated networks. How do you feel about TV One’s ratings in this environment right now?

Alfred C. Liggins, III

Well, the network is a big drop so far, ovation and current, our ratings are like light years ahead of theirs, I mean substantially. And so if it’s just ratings versus – our ratings versus those, we won’t get – there is no reason to look at drop in ours. Two, we are a targeted network. Three, I mean nobody likes to say this publicly or go there, but it happens. I mean I think we will be a very noisy network to drop, I mean we have 20 million radio listeners, 53 radio stations, eight syndicated shows; it’s not like we will go quietly. And our audience cares about this network and about our programming.

So I have no idea what our conversations are going to ultimately end up like. We did enter into a renewal discussion with one of our distributors that we ultimately didn’t go anywhere and it was the renewal call and it wasn’t – they were willing to renew it, but the conversation ultimately terminated, because it started to revolve around well. What’s everybody else going to do, how many more subs are they going to give you and because we didn’t know that, we didn’t want to make any economic deals with this particular distributor until we got some of these other deals under our belt.

So at least that conversation wasn’t about dropping. In fact, there was a rate increase on the table. It was about how wide we distribute it, should we have you, given where everybody else is distributing here. So that’s – so we are going to have some kind of business on the other side of this renewal, 100% confident in that. The question is whether or not it’s a business that can ultimately get to $100 million of cash flow or whether it’s a business that gets stuck at $40 million.

David Saber – Wells Fargo Securities LLC

Got you, understood. And then last question from me and then I’ll get back in the queue. How do you think about core radio this year? It seems like the year started off well pacing at mid-single digits, but clearly you have some difficult comps ahead, especially Q4 with political. Just wondering – wanting to know how you’re feeling about that business this year?

Alfred C. Liggins, III

I feel good about it. We come through hell like everybody else in the radio business. And I think we are more in tune to what our assets are doing, what our human capital is, our strengths, our weaknesses, our clients, our programming now than we’ve ever been in the radio business. And we’re also more realistic as to what we think the market is going to do for us and we’re running our business accordingly. So I think even in a flat to down market, we’re going to grow our cash flow this year, and that was our goal last year. I got to tell you, political was a big surprise. We didn’t think we’re going to get that much. But even if they actually – not grown our political, we were still going to have positive revenue growth. And I think that we’re positioned that way for 2013. And it’s not just - it’s a combination of top line and it’s a combination of expense control and reduction in a number of areas, and so it’s just not all market related. We’ve got a number of assets that are not mature believe it or not, our Atlanta cluster is not mature. Our ratings have continued to rise over the last three years and we’re not converting at what we think is sort of the peak level that we can or the average level that we can get to where we’ve got to in other markets. We did a great LMA in Detroit, we got upside there. Our Houston market right now, and Houston is our biggest market, is on fire and it’s driven by couple of things, one the market right now is healthier than we’ve seen in many, many and I never really understood that because Houston is kind of like the center of the world in terms of energy and oil and it has got low cost of living in all the jobs, all these things that you would think dictate a great local economy, but it’s been out of traffic radio market for the last three or four years.

Well, this year it’s a great radio market. Our ratings on our urban stations are up substantially and we’ve got a whole new pool of advertisers that we’re playing to with our news station, even though the ratings haven’t really gone to where we want them to go. So Houston is doing well, Atlanta is doing well ironically Baltimore is doing well. I think that market is healthy and Washington is phasing positive. It’s well felt. Those are our four big markets all in positive territory, so I feel really good about this year.

David Saber – Wells Fargo Securities LLC

Okay, great. Thanks again for all the answers, I appreciate it.

Alfred C. Liggins, III

Yeah.

Operator

Thank you. Our next question is from (inaudible) from BNP. Please go ahead.

Unidentified Analyst

Hi, thank you guys for taking the questions. I want to drill down a little bit in terms of expectations for TV One in 2013. I know on past conference calls, you said you expected year-over-year growth from the $40 million EBITDA number in 2012. And that distribution to Radio One could be around $15 million to $20 million. I also noticed that the TV One margin for 2012 came in over 30%, a nice pick up compared to 2011. Just overall, what do we expect in terms of TV One in 2013, is that guidance that you will be reiterating at this time or changing?

Alfred C. Liggins, III

Well, I said at the top, as I said, you can expect again another double digit cash flow growth year and I think that dividend guidance is right. Yeah, we are good on that.

Unidentified Analyst

Okay, fair enough. One focus on the balance sheet for a second, you guys have some pretty expensive debt outstanding with 12.5% notes. I know if you guys announced $2 million stock buyback program. Just want to get your thoughts in terms of how you view retiring or refinancing expense or debt versus share buyback, then potentially increasing shareholder value via lower interest savings?

Peter D. Thompson

Well, we know our debt is expensive, we want to refinance it. We think we need to get into the sixes in order to refinance that. We think that, we got a good shot of doing that and when we get into the sixes we are going to refinance the debt. In the meantime, we think that the stock now is attractively priced at certain times, some more than others. Clearly when our stock was at $0.70 for many, many, many, many months last year it was a screaming bargain. The question for us is going to be, where is it going to trade? After people have seen these earnings and if we find that it gets to be attractive, we want to bring in some shares opportunistically. $2 million isn’t going to help us refinance, it’s not going to mean the difference between us being able to refinance or not refinancing, what’s going to drive that event, is whether or not we can grow our cash flow again like we did last year in 2013. And which I have articulated just now that I think we got a good shot at?

Unidentified Analyst

That’s fair enough. Kind of on the deleveraging comment, I noticed on a sequential basis, it looked like the term loan balance was down $6.3 million sequentially, was that a free cash flow sweep or is that just an optional prepay?

Peter D. Thompson

All we paid in Q4, I am aware of it, it’s the amount of (inaudible) which is about $1 million. We do have a cash flow sweep once a year, but that’s earlier in the year, it’s around May, so we paid couple of million dollars on that.

Unidentified Analyst

Okay, I will go back and check that number. Then lastly from me, just want to touch on your Internet segment first. I know you guys spent sometime discussing Reach Media, Internet is another division for you guys, it’s EBITDA negative. What are the expectations there for 2013 and kind of going forward?

Peter D. Thompson

We think that division will be break-even this year. We thought that was going to be break-even this year. In 2012 we end up loosing some million bucks. I think we’ve got it. We have a plan actually to break-even and make a little money. That industry is very difficult because competitors keep popping up all the time, and there’s no real pricing power. However it needs to consolidate and I think it is starting to consolidate because people want to make money, in fact a lot of people are losing lot more money than we are. We’ve got it down to a really manageable number, call it loosing $1 million break-even, hope we make a $1 million, and I think that we need to continue with our strategy of continuing to grow our audience, make sure that we always have the largest African-American online digital audience, find a way to monetize that, not just through add dollars, but otherwise and see what opportunities we have to consolidate the rest of the competitors in the market place, in a very cost effective low risk manner.

Peter D. Thompson

And just going back to your other question, that the difference that you maybe think of the, how to look at the OID. So in the selected leverage data in the press release $371.9 million, that’s net of $5.4 million of OID. So I just think that might be where you gain the difference on the debt balance?

Unidentified Analyst

Got it, I will talk with you off-line, but thanks for taking the time, I appreciate it.

Alfred C. Liggins, III

Okay, cool.

Operator

And our next question is from the line of Matt Nelson from RBS. Please go ahead.

Matthew R. Nelson – RBS Securities, Inc.

Hey guys, quick question on programming expense of that TV One. Just curious, if you could bridge us from the normal $13 million up to the $20 million that was on this quarter, and then kind of where you guys expect that number to look like going forward?

Peter D. Thompson

Couple of things, we have one show that underperforms (inaudible) we wrote off about $600,000 on that. And I think, I’ll characterize fourth quarter ammo as being prudent and conservative, and we probably tied it up, another $2.5 million of stuff that we just felt we’re looking out, and trying to figure out, how it would run into the future, and we were pretty conservative with it. So I would say we probably took an extra $3.1 million of ammo just by cleaning house and making sure we were well covered, I will characterize that.

And then looking forward to 2013, I think the amount that we’re expecting to see is going to be ballpark saying, it will be a small increment, probably more than we have this year, and on a cash basis again, it’s incrementally more but it’s not hugely more. Now having said that, we haven’t made final decisions for the whole year about the programming spend and we’ve got some assets in front of us for programs, and we got to make some decision for that.

So I don’t think we’re going to be spending another $20 million, $25 million, but could spend another $5 million or $10 million possibly depending on what’s on the table. Is that fair, Alfred?

Alfred C. Liggins, III

Yes.

Matthew R. Nelson – RBS Securities, Inc.

Awesome, thanks. And then corporate overhead was also up $2 million, just curious if you could give us some more detail on that, and then also how it’s going back to the $9 million to $10 million going forward?

Peter D. Thompson

Yes that’s a simple one, we didn’t pay corporate bonuses in 2011, mostly because we had a poor year on Radio. We have seen a good year in 2012, so the delta is that we approved the corporate bonuses, than we didn’t in prior fourth quarter.

Matthew R. Nelson – RBS Securities, Inc.

Got you. Thank you.

Operator

And the next question is from Michael Kass from BlueMountain Capital. Please go ahead.

Michael Kass – BlueMountain Capital Management LLC

Hi, you guys – just a going on to that last question on TV One programming expenses, could you just restate you just mentioned before kind of what the cash OpEx was in this quarter versus prior quarter, and then I just wanted to make sure I understood, so you are saying that you expect kind of programming expense amortization to be roughly like $80 million next year?

Peter D. Thompson

No.

Michael Kass – BlueMountain Capital Management LLC

Okay.

Peter D. Thompson

No, I was talking about full year Michael, so I expect it to be, it’s similar on a full year basis, is what I was trying to say, and in 2013 to 2012, obviously (inaudible) by the side, we got some programming indecision we haven’t yet made and we spend in fourth quarter, it was $11.4 million, of which $6 million was on original, and the rest was on acquisitions.

Michael Kass – BlueMountain Capital Management LLC

And that was versus how much the prior year.

Peter D. Thompson

Actually I don’t have that runs with me, but I’ll get it to you.

Michael Kass – BlueMountain Capital Management LLC

Okay, thanks a lot.

Alfred C. Liggins, III

Okay.

Operator

Thank you. Our next question is from [Colin Wilson from Barrie]. Please go ahead.

Unidentified Analyst

Yeah, hi thanks for taking my questions. Actually, a number of my questions have been answered. I am just hoping you could shed a little more light, you said you would be amenable to refinancing once you guys came to low 6’s, what do you mean by that?

And then the follow-up to that is, what’s the timing that you think it will likely take for you to get to that low 6 number? Thank you.

Alfred C. Liggins, III

Yeah. And I said into the 6, that is to say low 6’s. We have studied this, and I think right now that Cumulus bonds are trading in like the high 7s, call it 8%, and there my understanding is that, I haven’t actually done that numbers from my understanding, from the intelligence we got it or levered at about 6.5 times. So if we get, we assume that we get to 6.5 times, even though we are not purely a radio company like they are, but they are larger, but if we get to 6.5 times, we should be have to refinance at least our sub-debt at 8%, and we are currently repaying 12.5%.

I wouldn’t want to go out and try to do something today, because we think that if we think that we’ve got a better than 50% chance of getting into the mid-6’s for 2013, I would rather wait six months as opposed to trying to save 100 and 200 basis points, half of the 12.5%, and go for saving 450 basis points half of it.

Unidentified Analyst

Okay, thank you, very helpful.

Alfred C. Liggins, III

Yeah.

Operator

(Operator Instructions) Our next question is from Michael Guarnieri from Nomura. Please go ahead.

Unidentified Analyst

This is P.K. for Mike. Most of my questions have been answered, but just wanted to get what de-leverage EBITDA number was, and the leverage ratios that you said earlier 8.24 and 4.27. Are they close or net?

Peter D. Thompson

Okay. Let me walk you through that. So for LTM EBITDA, the number you need is $82.6 million, and you should be able to get, I think the only number you will not have is that we have non-cash. We had add backs of $3.5 million on an LTM basis.

Unidentified Analyst

Okay.

Peter D. Thompson

So the way to look at it from the press release full-year numbers, is add in everything except TV One, and then add back $3.5 million to that, and then add back for TV One dividends of $8.1 million.

Unidentified Analyst

Okay.

Peter D. Thompson

And if you follow that much that should get you to the $82.6 million. And then in terms of leverage for the press release you’ve got firstly in the $371.9 million add back the OID I mentioned earlier 5.4. we got $1 million of LCs outstanding. and then obviously we’ve got, at that point, we have 700,000 of notes and 327 million of notes, less cash in the Radio and Reach divisions of $25.8 million.

Unidentified Analyst

Right.

Peter D. Thompson

So that nets you down to 680.2.

Unidentified Analyst

Okay.

Peter D. Thompson

So that should give you the ratios.

Unidentified Analyst

Perfect. Thank you.

Peter D. Thompson

Okay.

Operator

And at this time there are no further questions in queue.

Alfred C. Liggins, III

Thank you, very much everybody and to users who are available off-line for any follow-up conversation. Thank you operator.

Operator

Thank you and ladies gentlemen. That does conclude our conference for today. Thank you for your participation and for using AT&T Executive Teleconference. You may now disconnect.

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