Cable One Reports First Quarter 2021 Results
Cable One (NYSE: CABO) reported a 6.2% revenue increase to $341.3 million for Q1 2021, driven by an 18.5% rise in residential data revenues. Net income fell 1.1% to $68.6 million, while adjusted EBITDA grew 14.4% to $180.4 million. The company experienced a net cash increase of 38.4%, totaling $164.0 million. Following a $575 million convertible notes offering, Cable One secured an $800 million term loan for its acquisition of Hargray Communications, valued at $2.2 billion. The company had $1.5 billion in cash and a debt of $3.1 billion by end of March 2021.
- Revenue rose 6.2% to $341.3 million in Q1 2021.
- Residential data revenues increased 18.5%.
- Adjusted EBITDA grew 14.4% to $180.4 million.
- Net cash from operations up 38.4% to $164.0 million.
- Acquisition of Hargray Communications valued at $2.2 billion.
- Net income decreased by 1.1% year-over-year.
- Interest expense increased by 26.3% to $23.6 million.
- Selling, general and administrative expenses rose to $69 million.
Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”) today reported financial and operating results for the quarter ended March 31, 2021.
Cable One completed the acquisition of Valu-Net LLC (“Valu-Net”) on July 1, 2020 and the contribution of its Anniston, Alabama system (the “Anniston System”) to Hargray Communications, a data, video and voice services provider (“Hargray”), on October 1, 2020. The results discussed below and presented in the tables within this press release include Valu-Net operations and exclude Anniston System operations for the periods since the completion of their respective acquisition and disposition.
First Quarter 2021 Highlights:
-
Total revenues were
$341.3 million in the first quarter of 2021 compared to$321.2 million in the first quarter of 2020, an increase of6.2% . Residential data revenues increased18.5% and business services revenues increased4.3% year-over-year.
-
Net income was
$68.6 million in the first quarter of 2021, a decrease of1.1% year-over-year. Adjusted EBITDA(1) was$180.4 million , an increase of14.4% year-over-year. Net profit margin was20.1% and Adjusted EBITDA margin(1) was52.9% .
-
Net cash provided by operating activities was
$164.0 million in the first quarter of 2021, an increase of38.4% year-over-year. Adjusted EBITDA less capital expenditures(1) was$108.5 million in the first quarter of 2021 compared to$93.0 million in the first quarter of 2020.
-
Residential data primary service units (“PSUs”) grew by approximately 22,000, or
2.8% , sequentially. Residential data PSUs grew by approximately 86,000, or12.0% , year-over-year, which excludes approximately 17,000 prior year residential data PSUs from the Anniston System that were contributed to Hargray and includes approximately 5,000 residential data PSUs acquired in the Valu-Net acquisition. Business services PSUs grew by approximately 1,000, or0.8% , sequentially and were flat compared to the prior year.
-
In March 2021, the Company completed a private offering (the “Convertible Notes Offering”) of
$575.0 million aggregate principal amount of0.000% convertible senior notes due 2026 (the “2026 Notes”) and$345.0 million aggregate principal amount of1.125% convertible senior notes due 2028 (together with the 2026 Notes, the “Convertible Notes”).
Other Highlights
-
On May 3, 2021, the Company obtained a new senior secured term loan facility in an aggregate principal amount of
$800.0 million (the “Term Loan B-4”) in connection with the closing of the acquisition of the remaining equity interests in Hargray that it did not already own (the “Hargray Acquisition”).
-
On May 3, 2021, the Company completed the Hargray Acquisition, which represented the purchase of approximately
85% of Hargray on a fully diluted basis. The transaction implied a$2.2 billion total enterprise value for100% of Hargray on a cash-free and debt-free basis. The Company financed the Hargray Acquisition with cash on hand and proceeds from indebtedness, including the net proceeds from the Convertible Notes Offering and the Term Loan B-4.
(1) |
Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA less capital expenditures are defined in the section of this press release entitled “Use of Non-GAAP Financial Measures.” Adjusted EBITDA and Adjusted EBITDA less capital expenditures are reconciled to net income, Adjusted EBITDA margin is reconciled to net profit margin and Adjusted EBITDA less capital expenditures is also reconciled to net cash provided by operating activities. Refer to the “Reconciliations of Non-GAAP Measures” tables within this press release. |
First Quarter 2021 Financial Results Compared to First Quarter 2020
Revenues increased
Operating expenses (excluding depreciation and amortization) were
Selling, general and administrative expenses were
Depreciation and amortization expense was
Interest expense increased
Other income, net, of
Income tax provision was
Net income was
Adjusted EBITDA was
Liquidity and Capital Resources
At March 31, 2021, the Company had
The Company paid
In March 2021, the Company completed the Convertible Notes Offering and received net proceeds of
Conference Call
Cable One will host a conference call with the financial community to discuss results for the first quarter of 2021 on Thursday, May 6, 2021, at 5 p.m. Eastern Time (ET).
The conference call will be available via a live audio webcast on the Cable One Investor Relations website at ir.cableone.net or by dialing 1-844-378-6483 (Canada: 1-855-669-9657 or International: 1-412-542-4178). Participants should register for the webcast or dial in for the conference call shortly before 5 p.m. ET.
A replay of the call will be available from May 6, 2021 until May 20, 2021 at ir.cableone.net.
Additional Information Available on Website
The information in this press release should be read in conjunction with the condensed consolidated financial statements and notes thereto contained in the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2021 (the “First Quarter 2021 Form 10-Q”), which will be posted on the “SEC Filings” section of the Cable One Investor Relations website at ir.cableone.net when it is filed with the Securities and Exchange Commission (the “SEC”). Investors and others interested in more information about Cable One should consult the Company’s website, which is regularly updated with financial and other important information about the Company.
Use of Non-GAAP Financial Measures
The Company uses certain measures that are not defined by generally accepted accounting principles in the United States (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA are non-GAAP financial measures and should be considered in addition to, not as superior to, or as a substitute for, net income, net profit margin, net cash provided by operating activities or capital expenditures as a percentage of net income reported in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA less capital expenditures are reconciled to net income, Adjusted EBITDA margin is reconciled to net profit margin and capital expenditures as a percentage of Adjusted EBITDA is reconciled to capital expenditures as a percentage of net income. Adjusted EBITDA less capital expenditures is also reconciled to net cash provided by operating activities. These reconciliations are included in the “Reconciliations of Non-GAAP Measures” tables within this press release.
“Adjusted EBITDA” is defined as net income plus interest expense, income tax provision, depreciation and amortization, equity-based compensation, (gain) loss on deferred compensation, acquisition-related costs, (gain) loss on asset sales and disposals, system conversion costs, rebranding costs, equity method investment (income) loss, other (income) expense and other unusual items, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s business as well as other non-cash or special items and is unaffected by the Company’s capital structure or investment activities. This measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and the Company’s cash cost of debt financing. These costs are evaluated through other financial measures.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by total revenues.
“Adjusted EBITDA less capital expenditures,” when used as a liquidity measure, is calculated as net cash provided by operating activities excluding the impact of capital expenditures, interest expense, income tax provision, changes in operating assets and liabilities, change in deferred income taxes and other unusual items, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release.
“Capital expenditures as a percentage of Adjusted EBITDA” is defined as capital expenditures divided by Adjusted EBITDA.
The Company uses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA to assess its performance, and it also uses Adjusted EBITDA less capital expenditures as an indicator of its ability to fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the measure used in the leverage ratio calculations under the Company’s credit agreement and the indenture governing the Company’s non-convertible senior unsecured notes to determine compliance with the covenants contained in the credit agreement and the ability to take certain actions under the indenture governing the non-convertible senior unsecured notes. Adjusted EBITDA and capital expenditures are also significant performance measures used by the Company in its annual incentive compensation program. Adjusted EBITDA does not take into account cash used for mandatory debt service requirements or other non-discretionary expenditures, and thus does not represent residual funds available for discretionary uses.
The Company believes that Adjusted EBITDA, Adjusted EBITDA margin and capital expenditures as a percentage of Adjusted EBITDA are useful to investors in evaluating the operating performance of the Company. The Company believes that Adjusted EBITDA less capital expenditures is useful to investors as it shows the Company’s performance while taking into account cash outflows for capital expenditures and is one of several indicators of the Company’s ability to service debt, make investments and/or return capital to its stockholders.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures, capital expenditures as a percentage of Adjusted EBITDA and similar measures with similar titles are common measures used by investors, analysts and peers to compare performance in the Company’s industry, although the Company’s measures of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA may not be directly comparable to similarly titled measures reported by other companies.
About Cable One
Cable One, Inc. (NYSE: CABO) is a leading broadband communications provider serving more than 1.1 million residential and business customers in 24 states through its Sparklight® and Clearwave® brands. Sparklight provides consumers with a wide array of connectivity and entertainment services, including high-speed internet and advanced Wi-Fi solutions, cable television and phone service. Sparklight Business and Clearwave provide scalable and cost-effective products for businesses ranging in size from small to mid-market, in addition to enterprise, wholesale and carrier customers.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This communication may contain “forward-looking statements” that involve risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts, but rather are based on current expectations, estimates, assumptions and projections about the Company’s industry, business, strategy, acquisitions and strategic investments, dividend policy, financial results and financial condition as well as anticipated impacts from, and the Company’s responses to, the COVID-19 pandemic. Forward-looking statements often include words such as “will,” “should,” “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance in connection with discussions of future operating or financial performance. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. The Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by the Company or on its behalf. Important factors that could cause the Company’s actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors, which are discussed in the Company’s latest Annual Report on Form 10-K and the First Quarter 2021 Form 10-Q as filed with the SEC:
- the duration and severity of the COVID-19 pandemic and its effects on the Company’s business, financial condition, results of operations and cash flows;
- rising levels of competition from historical and new entrants in the Company’s markets;
- recent and future changes in technology;
- the Company’s ability to continue to grow its business services products;
- increases in programming costs and retransmission fees;
- the Company’s ability to obtain hardware, software and operational support from vendors;
- risks that the Company may fail to realize the benefits anticipated as a result of the Hargray Acquisition;
- risks relating to existing or future acquisitions and strategic investments by the Company;
- risks that the implementation of the Company’s new enterprise resource planning system disrupts business operations;
- the integrity and security of the Company’s network and information systems;
- the impact of possible security breaches and other disruptions, including cyber-attacks;
- the Company’s failure to obtain necessary intellectual and proprietary rights to operate its business and the risk of intellectual property claims and litigation against the Company;
- legislative or regulatory efforts to impose network neutrality and other new requirements on the Company’s data services;
- additional regulation of the Company’s video and voice services;
- the Company’s ability to renew cable system franchises;
- increases in pole attachment costs;
- changes in local governmental franchising authority and broadcast carriage regulations;
- the potential adverse effect of the Company’s level of indebtedness on its business, financial condition or results of operations and cash flows;
- the restrictions the terms of the Company’s indebtedness place on its business and corporate actions;
- the possibility that interest rates will rise, causing the Company’s obligations to service its variable rate indebtedness to increase significantly;
- risks associated with the Company’s convertible indebtedness;
- the Company’s ability to continue to pay dividends;
- provisions in the Company’s charter, by-laws and Delaware law that could discourage takeovers and limit the judicial forum for certain disputes;
- adverse economic conditions;
- fluctuations in the Company’s stock price;
- dilution from equity awards, convertible indebtedness and potential future convertible debt and stock issuances;
- damage to the Company’s reputation or brand image;
- the Company’s ability to retain key employees;
- the Company’s ability to incur future indebtedness;
- provisions in the Company’s charter that could limit the liabilities for directors; and
- the other risks and uncertainties detailed from time to time in the Company’s filings with the SEC, including but not limited to its latest Annual Report on Form 10-K and the First Quarter 2021 Form 10-Q as filed with the SEC.
Any forward-looking statements made by the Company in this communication speak only as of the date on which they are made. The Company is under no obligation, and expressly disclaims any obligation, except as required by law, to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.
CABLE ONE, INC. |
|||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
|||||||||||
(Unaudited) |
|||||||||||
|
|||||||||||
|
Three Months Ended March 31, |
|
|
||||||||
(dollars in thousands, except per share data) |
2021 |
|
2020 |
|
Change |
|
% Change |
||||
Revenues: |
|||||||||||
Residential data |
$ |
183,605 |
$ |
154,990 |
$ |
28,615 |
|
||||
Residential video |
|
76,017 |
|
85,322 |
|
(9,305) |
(10.9)% |
||||
Residential voice |
|
10,477 |
|
12,427 |
|
(1,950) |
(15.7)% |
||||
Business services |
|
60,362 |
|
57,862 |
|
2,500 |
|
||||
Other |
|
10,801 |
|
10,595 |
|
206 |
|
||||
Total Revenues |
|
341,262 |
|
321,196 |
|
20,066 |
|
||||
Costs and Expenses: |
|
|
|
|
|
|
|
||||
Operating (excluding depreciation and amortization) |
|
101,464 |
|
105,928 |
|
(4,464) |
(4.2)% |
||||
Selling, general and administrative |
|
69,042 |
|
62,884 |
|
6,158 |
|
||||
Depreciation and amortization |
|
68,530 |
|
65,279 |
|
3,251 |
|
||||
(Gain) loss on asset sales and disposals, net |
|
(120) |
|
(5,621) |
|
5,501 |
(97.9)% |
||||
Total Costs and Expenses |
|
238,916 |
|
228,470 |
|
10,446 |
|
||||
Income from operations |
|
102,346 |
|
92,726 |
|
9,620 |
|
||||
Interest expense |
|
(23,581) |
|
(18,674) |
|
(4,907) |
|
||||
Other income (expense), net |
|
8,100 |
|
1,734 |
|
6,366 |
NM |
||||
Income before income taxes and equity method investment income (loss), net |
|
86,865 |
|
75,786 |
|
11,079 |
|
||||
Income tax provision |
|
17,715 |
|
6,460 |
|
11,255 |
|
||||
Income before equity method investment income (loss), net |
|
69,150 |
|
69,326 |
|
(176) |
(0.3)% |
||||
Equity method investment income (loss), net |
|
(568) |
|
- |
|
(568) |
NM |
||||
Net income |
$ |
68,582 |
$ |
69,326 |
$ |
(744) |
(1.1)% |
||||
|
|||||||||||
Net Income per Common Share: |
|||||||||||
Basic |
$ |
11.41 |
$ |
12.17 |
$ |
(0.76) |
(6.2)% |
||||
Diluted |
$ |
11.19 |
$ |
12.05 |
$ |
(0.86) |
(7.1)% |
||||
Weighted Average Common Shares Outstanding: |
|||||||||||
Basic |
6,012,402 |
5,697,904 |
314,498 |
|
|||||||
Diluted |
6,168,261 |
5,755,059 |
413,202 |
|
|||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax |
$ |
55,467 |
$ |
(84,625) |
$ |
140,092 |
(165.5)% |
||||
Comprehensive income (loss) |
$ |
124,049 |
$ |
(15,299) |
$ |
139,348 |
NM |
||||
________ |
|||||||||||
NM = Not meaningful. |
|||||||||||
CABLE ONE, INC. |
||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||
(Unaudited) |
||||||
(dollars in thousands, except par values) |
March 31, 2021 |
December 31, 2020 |
||||
Assets |
||||||
Current Assets: |
||||||
Cash and cash equivalents |
$ |
1,537,298 |
$ |
574,909 |
||
Accounts receivable, net |
|
30,352 |
|
38,768 |
||
Income taxes receivable |
|
15,113 |
|
41,245 |
||
Prepaid and other current assets |
|
30,239 |
|
17,891 |
||
Total Current Assets |
|
1,613,002 |
|
672,813 |
||
Equity investments |
|
807,093 |
|
807,781 |
||
Property, plant and equipment, net |
|
1,278,972 |
|
1,265,460 |
||
Intangible assets, net |
|
1,267,702 |
|
1,278,198 |
||
Goodwill |
|
430,543 |
|
430,543 |
||
Other noncurrent assets |
|
34,953 |
|
33,543 |
||
Total Assets |
$ |
5,432,265 |
$ |
4,488,338 |
||
Liabilities and Stockholders' Equity |
||||||
Current Liabilities: |
||||||
Accounts payable and accrued liabilities |
$ |
175,281 |
$ |
174,139 |
||
Deferred revenue |
|
23,619 |
|
21,051 |
||
Current portion of long-term debt |
|
26,500 |
|
26,392 |
||
Total Current Liabilities |
|
225,400 |
|
221,582 |
||
Long-term debt |
|
3,038,754 |
|
2,148,798 |
||
Deferred income taxes |
|
391,921 |
|
366,675 |
||
Interest rate swap liability |
|
81,917 |
|
155,357 |
||
Other noncurrent liabilities |
|
93,626 |
|
100,627 |
||
Total Liabilities |
|
3,831,618 |
|
2,993,039 |
||
Stockholders' Equity |
||||||
Preferred stock ( |
|
- |
|
- |
||
Common stock ( |
|
62 |
|
62 |
||
Additional paid-in capital |
|
539,713 |
|
535,586 |
||
Retained earnings |
|
1,281,667 |
|
1,228,172 |
||
Accumulated other comprehensive loss |
|
(85,216) |
|
(140,683) |
||
Treasury stock, at cost (140,790 and 147,695 shares held as of March 31, 2021 and December 31, 2020, respectively) |
|
(135,579) |
|
(127,838) |
||
Total Stockholders' Equity |
|
1,600,647 |
|
1,495,299 |
||
Total Liabilities and Stockholders' Equity |
$ |
5,432,265 |
$ |
4,488,338 |
||
CABLE ONE, INC. |
|
|||||||||||
RECONCILIATIONS OF NON-GAAP MEASURES |
|
|||||||||||
(Unaudited) |
|
|||||||||||
|
|
|||||||||||
Three Months Ended March 31, |
|
|
||||||||||
(dollars in thousands) |
2021 |
|
2020 |
|
Change |
|
% Change |
|||||
Net income |
$ |
68,582 |
$ |
69,326 |
$ |
(744) |
(1.1)% |
|||||
Net profit margin |
|
|
|
|
|
|
|
|||||
|
||||||||||||
Plus: |
Interest expense |
|
23,581 |
|
18,674 |
|
4,907 |
|
||||
Income tax provision |
|
17,715 |
|
6,460 |
|
11,255 |
|
|||||
Depreciation and amortization |
|
68,530 |
|
65,279 |
|
3,251 |
|
|||||
Equity-based compensation |
|
4,127 |
|
3,221 |
|
906 |
|
|||||
(Gain) loss on deferred compensation |
|
27 |
|
(227) |
|
254 |
(111.9)% |
|||||
Acquisition-related costs |
|
4,370 |
|
2,017 |
|
2,353 |
|
|||||
(Gain) loss on asset sales and disposals, net |
|
(120) |
|
(5,621) |
|
5,501 |
(97.9)% |
|||||
System conversion costs |
|
1,051 |
|
48 |
|
1,003 |
NM |
|||||
|
Rebranding costs |
|
44 |
|
268 |
|
(224) |
(83.6)% |
||||
|
Equity method investment (income) loss, net |
|
568 |
|
- |
|
568 |
NM |
||||
Other (income) expense, net |
|
(8,100) |
|
(1,734) |
|
(6,366) |
NM |
|||||
Adjusted EBITDA |
$ |
180,375 |
$ |
157,711 |
$ |
22,664 |
|
|||||
Adjusted EBITDA margin |
|
|
|
|
|
|
|
|||||
|
||||||||||||
Less: |
Capital expenditures |
$ |
71,853 |
$ |
64,757 |
$ |
7,096 |
|
||||
Capital expenditures as a percentage of net income |
|
|
|
|
|
|
|
|||||
Capital expenditures as a percentage of Adjusted EBITDA |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|||||
Adjusted EBITDA less capital expenditures |
$ |
108,522 |
$ |
92,954 |
$ |
15,568 |
|
|||||
________ |
||||||||||||
NM = Not meaningful. |
||||||||||||
|
||||||||||||
Three Months Ended March 31, |
|
|
||||||||||
(dollars in thousands) |
2021 |
|
2020 |
|
Change |
|
% Change |
|||||
Net cash provided by operating activities |
$ |
163,993 |
$ |
118,500 |
$ |
45,493 |
|
|||||
Capital expenditures |
|
(71,853) |
|
(64,757) |
|
(7,096) |
|
|||||
Interest expense |
|
23,581 |
|
18,674 |
|
4,907 |
|
|||||
Non-cash interest expense |
|
(1,432) |
|
(1,106) |
|
(326) |
|
|||||
Income tax provision |
|
17,715 |
|
6,460 |
|
11,255 |
|
|||||
Changes in operating assets and liabilities |
|
(18,816) |
|
34,919 |
|
(53,735) |
(153.9)% |
|||||
Change in deferred income taxes |
|
(7,131) |
|
(20,108) |
|
12,977 |
(64.5)% |
|||||
(Gain) loss on deferred compensation |
|
27 |
|
(227) |
|
254 |
(111.9)% |
|||||
Acquisition-related costs |
|
4,370 |
|
2,017 |
|
2,353 |
|
|||||
|
Write-off of debt issuance costs |
|
(487) |
|
- |
|
(487) |
NM |
||||
System conversion costs |
|
1,051 |
|
48 |
|
1,003 |
NM |
|||||
|
Rebranding costs |
|
44 |
|
268 |
|
(224) |
(83.6)% |
||||
|
Fair value adjustment |
|
5,560 |
|
- |
|
5,560 |
NM |
||||
Other (income) expense, net |
|
(8,100) |
|
(1,734) |
|
(6,366) |
NM |
|||||
Adjusted EBITDA less capital expenditures |
$ |
108,522 |
$ |
92,954 |
$ |
15,568 |
|
|||||
| ________ | ||||||||||||
NM = Not meaningful. |
|
|||||||||||
CABLE ONE, INC. |
|||||||||||
OPERATING STATISTICS |
|||||||||||
(Unaudited) |
|||||||||||
|
|||||||||||
|
As of March 31, |
|
Change |
||||||||
(in thousands, except percentages and ARPU data) |
2021 |
|
2020 |
|
Amount |
|
% |
||||
Homes Passed |
2,314 |
2,332 |
(18) |
(0.8)% |
|||||||
|
|||||||||||
Residential Customers |
902 |
836 |
65 |
|
|||||||
|
|
|
|
|
|||||||
Data PSUs |
799 |
713 |
86 |
|
|||||||
Video PSUs |
239 |
288 |
(49) |
(17.0)% |
|||||||
Voice PSUs |
87 |
102 |
(15) |
(14.6)% |
|||||||
Total residential PSUs |
1,125 |
1,103 |
22 |
|
|||||||
|
|||||||||||
Business Customers |
86 |
85 |
1 |
|
|||||||
|
|||||||||||
Data PSUs |
81 |
79 |
2 |
|
|||||||
Video PSUs |
13 |
15 |
(2) |
(16.1)% |
|||||||
Voice PSUs |
35 |
35 |
1 |
|
|||||||
Total business services PSUs |
129 |
129 |
0 |
|
|||||||
|
|||||||||||
Total Customers |
988 |
921 |
66 |
|
|||||||
Total non-video |
734 |
617 |
117 |
|
|||||||
Percent of total |
|
|
|
|
|||||||
|
|||||||||||
Data PSUs |
880 |
793 |
88 |
|
|||||||
Video PSUs |
252 |
303 |
(51) |
(17.0)% |
|||||||
Voice PSUs |
122 |
136 |
(14) |
(10.5)% |
|||||||
Total PSUs |
1,254 |
1,232 |
22 |
|
|||||||
|
|||||||||||
Penetration |
|||||||||||
Data |
|
|
|
|
|||||||
Video |
|
|
|
(2.1)% |
|||||||
Voice |
|
|
|
(0.5)% |
|||||||
|
|||||||||||
Share of First Quarter Revenues |
|||||||||||
Residential data |
|
|
|
|
|||||||
Business services |
|
|
|
(0.3)% |
|||||||
Total |
|
|
|
|
|||||||
|
|||||||||||
ARPU - First Quarter |
|||||||||||
Residential data(1) |
$ |
77.24 |
$ |
72.86 |
$ |
4.38 |
|
||||
Residential video(1) |
$ |
103.86 |
$ |
96.75 |
$ |
7.11 |
|
||||
Residential voice(1) |
$ |
39.59 |
$ |
40.07 |
$ |
(0.48) |
(1.2)% |
||||
Business services(2) |
$ |
235.30 |
$ |
226.78 |
$ |
8.52 |
|
||||
| _________ | ||
| Note: | All totals, percentages and year-over-year changes are calculated using exact numbers. Minor differences may exist due to rounding. | |
(1) |
Average monthly revenue per unit (“ARPU”) values represent the applicable quarterly residential service revenues (excluding installation and activation fees) divided by the corresponding average of the number of PSUs at the beginning and end of each period, divided by three, except that for any PSUs added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent the applicable residential service revenues (excluding installation and activation fees) divided by the pro-rated average number of PSUs during such period. | |
(2) |
ARPU values represent quarterly business services revenues divided by the average of the number of business customer relationships at the beginning and end of each period, divided by three, except that for any business customer relationships added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent business services revenues divided by the pro-rated average number of business customer relationships during such period. |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005359/en/
FAQ
What were Cable One's Q1 2021 revenues?
How much did Cable One's adjusted EBITDA increase in Q1 2021?
What was the net income for Cable One in Q1 2021?
What is the significance of the Hargray acquisition for Cable One?
How much debt did Cable One have at the end of Q1 2021?
