Cable One Announces Stock Repurchase Program

Rhea-AI Summary

Cable One has authorized a new stock repurchase program of up to $450 million for its common stock. The board's decision allows for purchases under various conditions including share price and market factors, with no specific obligation on the number of shares to be bought. This program is in addition to the $75.4 million remaining from a previously authorized plan. Established in 2022, Cable One serves over 1.1 million customers across 24 states, showcasing a commitment to broadband services.

Positive

• Authorization of up to $450 million for stock repurchases, enhancing shareholder value.
• Continuation of previous repurchase authorization indicates confidence in the company’s financial health.

Negative

• None.

Board authorizes additional repurchases of up to $450 million of Cable One’s common stock

PHOENIX--(BUSINESS WIRE)-- Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”) today announced that its Board of Directors has authorized a stock repurchase program of up to $450 million of Cable One’s common stock. The size and timing of any purchases will depend on a number of factors, including share price, general business and market conditions, and other factors.

Under the repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases and privately negotiated transactions, all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements.

The repurchase program does not obligate the Company to acquire any particular amount of shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The authorization does not have an expiration date.

The repurchase program is in addition to the remaining repurchase authorization previously approved by the Board in July 2015, of which $75.4 million of repurchase authorization remained as of March 31, 2022.

About Cable One
Cable One, Inc. (NYSE:CABO) is a leading broadband communications provider committed to connecting customers and communities to what matters most. Through Sparklight^® and the associated Cable One family of brands, the Company serves more than 1.1 million residential and business customers in 24 states. Over its fiber-optic infrastructure, the Cable One family of brands provide residential customers with a wide array of connectivity and entertainment services, including Gigabit speeds, advanced WiFi and video. For businesses ranging from small and mid-market up to enterprise, wholesale and carrier, the Company offers scalable, cost-effective solutions that enable businesses of all sizes to grow, compete and succeed.

Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those expressed or implied by these statements. You can generally identify forward-looking statements by the words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “trend,” “will,” “would” or the negative version of these words or other comparable words. Any statements that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, but are not limited to, factors described under “Risk Factors” in the Company’s annual report on Form 10-K for the period ended December 31, 2021 and the Company’s other filings with the Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005296/en/

Trish Niemann

Vice President, Communications Strategy

602.364.6372

patricia.niemann@cableone.biz

Steven Cochran

CFO

investor_relations@cableone.biz

Source: Cable One, Inc.

FAQ

What is the new stock repurchase program amount for Cable One (CABO)?

Cable One's board has authorized a stock repurchase program of up to $450 million.

When was the last stock repurchase program authorized for Cable One (CABO)?

The last repurchase program was authorized in July 2015.

How does the stock repurchase program affect Cable One's (CABO) stock price?

The repurchase program is intended to potentially increase shareholder value by reducing the number of shares outstanding.

Is there an obligation for Cable One (CABO) to purchase shares under the new program?

No, the repurchase program does not obligate Cable One to acquire any specific amount of shares.