secwatch.observer — SEC 8-K summary
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Issuer:     URBAN ONE, INC. (UONE)
CIK:        0001041657
Form:       8-K
Filed at:   2023-07-12T23:59:59+00:00
Accession:  0001558370-23-011838
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 4.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Urban One Q4 net income $856K, down 84% YoY; auditor BDO dismissed, material weaknesses cited
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- Q4 2022 net revenue $132.6M (+1.6% YoY); net income $856K ($0.02 basic EPS) vs $5.3M ($0.10) in Q4 2021.
- Full-year 2022 Adjusted EBITDA $165.6M, a new record; Q4 Adj. EBITDA $31.7M vs $32.5M YoY.
- Dismissed BDO as auditor, appointed EY; disclosed material weaknesses in internal controls over financial reporting.
- Expects FY 2023 Adjusted EBITDA to exceed 2019 pre-pandemic level (ex-MGM distribution) and FCF ~$65M.
- Repurchased $25M of 7.375% 2028 Notes at avg 89.1%; gross debt reduced to $725M from $825M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1041657/000155837023011838/0001558370-23-011838-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1041657/000155837023011838/uone-20230706x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-23-011838

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