Cable One Reports Fourth Quarter and Full Year 2023 Results
- Positive financial performance with increased net income and adjusted EBITDA
- Residential data revenues and ARPU showed growth
- Strong cash flows and capital expenditures
- Share repurchases and dividend payments demonstrate financial stability
- None.
Insights
The financial results reported by Cable One, Inc. demonstrate a mixed performance for the quarter and year ending December 31, 2023. The decline in revenues by 3.2% for the quarter and 1.6% for the year, primarily due to decreases in residential video and voice revenues, may raise concerns about the company's ability to maintain growth in its traditional service areas. However, the increase in net income by 249.3% for the quarter and 14.2% for the year, along with a higher net profit margin, indicates improved profitability and cost management.
The company's focus on high-margin residential data and business services, which now comprise over 77% of all revenues, is a strategic move to offset declining segments. Moreover, the repayment of debt and the repurchase of shares reflect a strong balance sheet and a commitment to returning value to shareholders. The capital expenditure increase by 8.2% for the quarter, while year-end capital expenditures decreased by 10.4%, suggests a strategic reallocation of resources towards growth initiatives.
Investors should note the company's Adjusted EBITDA margin improvement, which suggests operational efficiency. However, the decline in cash flows from operating activities by 9.9% for the quarter and 10.1% for the year warrants attention to ensure that this does not become a trend that could impact liquidity in the future.
The telecommunications industry is experiencing a shift in consumer preferences, with a steady decline in traditional services like residential video and voice. Cable One's strategic emphasis on residential data services and business services aligns with industry trends towards higher demand for data and internet services. The reported sequential growth in residential high-speed data customers and the increase in residential data ARPU (Average Revenue Per User) by 2.7% for the quarter are positive indicators of the company's adaptability to market demands.
Despite the overall revenue decline, the company's ability to increase its net income significantly suggests effective cost control measures and possibly a favorable shift in the revenue mix towards higher-margin services. The company's liquidity position, with $190.3 million in cash and cash equivalents and the available borrowing capacity under its revolving credit facility, provide it with financial flexibility to navigate market uncertainties and invest in future growth opportunities.
From a legal perspective, the financial report's mention of a non-cash gain on fair value adjustment associated with the MBI Net Option is noteworthy. This gain significantly contributed to the net income for the quarter and year. It is essential for stakeholders to understand such non-operational factors that can impact reported earnings. The transparency in reporting these figures and the reconciliation of non-GAAP measures like Adjusted EBITDA, is in line with SEC requirements and provides investors with a clearer picture of the company's operational performance.
Additionally, the company's share repurchase program and dividend payments are subject to regulatory compliance and the remaining share repurchase authorization indicates an ongoing strategy to manage capital allocation effectively. The repayment of debt under the revolving credit facility also implies a prudent approach to financial management and legal obligations.
Three Months Ended
|
||||||||||||||
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
||||||
Revenues |
$ |
411,815 |
|
$ |
425,515 |
|
$ |
(13,700 |
) |
(3.2 |
)% |
|||
Net income (loss) |
$ |
115,294 |
|
$ |
(77,210 |
) |
$ |
192,504 |
|
(249.3 |
)% |
|||
Net profit margin |
|
28.0 |
% |
|
(18.1 |
)% |
|
|
||||||
Cash flows from operating activities |
$ |
151,669 |
|
$ |
168,247 |
|
$ |
(16,578 |
) |
(9.9 |
)% |
|||
Adjusted EBITDA(1) |
$ |
226,877 |
|
$ |
233,215 |
|
$ |
(6,338 |
) |
(2.7 |
)% |
|||
Adjusted EBITDA margin(1) |
|
55.1 |
% |
|
54.8 |
% |
|
|
||||||
Capital expenditures |
$ |
115,600 |
|
$ |
106,843 |
|
$ |
8,757 |
|
8.2 |
% |
|||
Adjusted EBITDA less capital expenditures(1) |
$ |
111,277 |
|
$ |
126,372 |
|
$ |
(15,095 |
) |
(11.9 |
)% |
|||
Year Ended December 31, |
||||||||||||||
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
||||||
Revenues |
$ |
1,678,081 |
|
$ |
1,706,043 |
|
$ |
(27,962 |
) |
(1.6 |
)% |
|||
Net income |
$ |
267,436 |
|
$ |
234,118 |
|
$ |
33,318 |
|
14.2 |
% |
|||
Net profit margin |
|
15.9 |
% |
|
13.7 |
% |
|
|
||||||
Cash flows from operating activities |
$ |
663,170 |
|
$ |
738,040 |
|
$ |
(74,870 |
) |
(10.1 |
)% |
|||
Adjusted EBITDA(1) |
$ |
916,944 |
|
$ |
911,851 |
|
$ |
5,093 |
|
0.6 |
% |
|||
Adjusted EBITDA margin(1) |
|
54.6 |
% |
|
53.4 |
% |
|
|
||||||
Capital expenditures |
$ |
371,028 |
|
$ |
414,095 |
|
$ |
(43,067 |
) |
(10.4 |
)% |
|||
Adjusted EBITDA less capital expenditures(1) |
$ |
545,916 |
|
$ |
497,756 |
|
$ |
48,160 |
|
9.7 |
% |
|||
“Our return to sequential residential high-speed data customer growth in the fourth quarter, as expected, is very encouraging," said Julie Laulis, Cable One President and CEO. "Along with our highest margin residential data and business services product lines comprising over
Fourth Quarter 2023 Highlights:
-
Net income was
$115.3 million $77.2 million $226.9 million $233.2 million 28.0% and Adjusted EBITDA margin was55.1% . -
Net cash provided by operating activities was
$151.7 million $168.2 million $111.3 million $126.4 million -
Total revenues were
$411.8 million $425.5 million 2.1% . -
Residential data primary service units (“PSUs”) grew sequentially by over 1,600, or
0.2% , from the third quarter of 2023. -
Residential data average monthly revenue per unit (“ARPU”) was
$83.95 $2.24 2.7% , from the prior year quarter. -
The Company paid
$16.8 million -
The Company repaid
$50.0 million
Full Year 2023 Highlights:
-
Net income was
$267.4 million $234.1 million $916.9 million $911.9 million 15.9% and Adjusted EBITDA margin was54.6% . -
Net cash provided by operating activities was
$663.2 million $738.0 million $545.9 million $497.8 million -
Total revenues were
$1.7 billion 4.8% . -
Residential data ARPU was
$84.57 $3.45 4.3% , from the prior year. -
The Company repurchased 141,551 shares of its common stock at an aggregate cost of
$99.6 million $66.3 million $143.1 million -
The Company repaid
$150.0 million
| _______________ | |
(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 (loss), 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. |
Fourth Quarter 2023 Financial Results Compared to Fourth Quarter 2022
Revenues decreased
Net income was
Adjusted EBITDA was
Net cash provided by operating activities was
Full Year 2023 Financial Results Compared to Full Year 2022
Revenues decreased
Net income was
Adjusted EBITDA was
Net cash provided by operating activities was
Liquidity and Capital Resources
At December 31, 2023, the Company had
The Company paid
The Company repaid
The Company's capital expenditures by category were as follows for the periods presented (in thousands):
Three Months Ended December 31, |
Year Ended December 31, |
||||||||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|||
Customer premise equipment(1) |
$ |
17,045 |
$ |
24,070 |
$ |
62,066 |
$ |
101,252 |
|||
Commercial(2) |
|
11,181 |
|
9,328 |
|
38,893 |
|
34,282 |
|||
Scalable infrastructure(3) |
|
26,441 |
|
6,029 |
|
54,097 |
|
52,086 |
|||
Line extensions(4) |
|
17,943 |
|
19,269 |
|
51,466 |
|
52,839 |
|||
Upgrade/rebuild(5) |
|
13,521 |
|
24,675 |
|
60,898 |
|
87,284 |
|||
Support capital(6) |
|
29,469 |
|
23,472 |
|
103,608 |
|
86,352 |
|||
Total |
$ |
115,600 |
$ |
106,843 |
$ |
371,028 |
$ |
414,095 |
|||
| _______________ | |
(1) |
Customer premise equipment includes costs incurred at customer locations, including installation costs and customer premise equipment (e.g., modems and set-top boxes). |
(2) |
Commercial includes costs related to securing business services customers and PSUs, including small and medium-sized businesses and enterprise customers. |
(3) |
Scalable infrastructure includes costs not related to customer premise equipment to secure growth of new customers and PSUs or provide service enhancements (e.g., headend equipment). |
(4) |
Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering). |
(5) |
Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including betterments. |
(6) |
Support capital includes costs associated with the replacement or enhancement of non-network assets due to technological and physical obsolescence (e.g., non-network equipment, land, buildings and vehicles) and capitalized internal labor costs not associated with customer installation activities. |
Conference Call
Cable One will host a conference call with the financial community to discuss results for the fourth quarter and full year 2023 on Thursday, February 22, 2024, at 5 p.m. Eastern Time (ET).
The conference call will be available via an audio webcast on the Cable One Investor Relations website at ir.cableone.net or by dialing 1-888-800-3155 (International: 1-646-307-1696) and using the access code 1202376. 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 February 22, 2024 until March 7, 2024 at ir.cableone.net.
Additional Information Available on Website
The information in this press release should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the period ended December 31, 2023 (the "2023 Form 10-K"), 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
“Adjusted EBITDA” is defined as net income (loss) plus interest expense, income tax provision, depreciation and amortization, equity-based compensation, severance and contract termination costs, (gain) loss on deferred compensation, acquisition-related costs, (gain) loss on asset sales and disposals, system conversion costs, (gain) loss on sales of businesses, 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, capital expenditures as a percentage of Adjusted EBITDA, and Adjusted EBITDA less capital expenditures are also significant performance measures that have been used by the Company in its incentive compensation programs. 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 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 million residential and business customers in 24 states. Powered by a fiber-rich network, the Cable One family of brands provide residential customers with a wide array of connectivity and entertainment services, including Gigabit speeds, advanced Wi-Fi 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 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. 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 2023 Form 10-K to be filed with the SEC:
- rising levels of competition from historical and new entrants in the Company’s markets;
- recent and future changes in technology, and the Company's ability to develop, deploy and operate new technologies, service offerings and customer service platforms;
- the Company’s ability to continue to grow its residential data and business services revenues and customer base;
- 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 Company's purchase of the remaining interests in Hargray Acquisition Holdings, LLC that the Company did not already own;
- 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 and billing systems disrupt 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;
- changes in government subsidy programs;
- 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 continue to 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, labor shortages, supply chain disruptions, changes in rates of inflation and the level of move activity in the housing sector;
- pandemics, epidemics or disease outbreaks, such as the COVID-19 pandemic, have, and may in the future, disrupt the Company's business and operations, which could materially affect the Company's business, financial condition, results of operations and cash flows;
- lower demand for the Company's residential data and business services products;
- 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 (whom the Company refers to as associates);
- 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 those described under "Risk Factors" in its latest Annual Report on Form 10-K and in its subsequent filings 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
|
|||||||||||||||||
(dollars in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
|||||||||
Revenues |
|
|
|
|
|||||||||||||
Residential data |
$ |
242,340 |
|
$ |
237,247 |
|
$ |
5,093 |
|
2.1 |
% |
||||||
Residential video |
|
59,247 |
|
|
75,256 |
|
|
(16,009 |
) |
(21.3 |
)% |
||||||
Residential voice |
|
8,755 |
|
|
9,991 |
|
|
(1,236 |
) |
(12.4 |
)% |
||||||
Business services |
|
75,879 |
|
|
76,287 |
|
|
(408 |
) |
(0.5 |
)% |
||||||
Other |
|
25,594 |
|
|
26,734 |
|
|
(1,140 |
) |
(4.3 |
)% |
||||||
Total Revenues |
|
411,815 |
|
|
425,515 |
|
|
(13,700 |
) |
(3.2 |
)% |
||||||
Costs and Expenses: |
|
|
|
|
|||||||||||||
Operating (excluding depreciation and amortization) |
|
106,265 |
|
|
112,617 |
|
|
(6,352 |
) |
(5.6 |
)% |
||||||
Selling, general and administrative |
|
89,022 |
|
|
85,739 |
|
|
3,283 |
|
3.8 |
% |
||||||
Depreciation and amortization |
|
87,305 |
|
|
86,898 |
|
|
407 |
|
0.5 |
% |
||||||
(Gain) loss on asset sales and disposals, net |
|
1,994 |
|
|
1,584 |
|
|
410 |
|
25.9 |
% |
||||||
Total Costs and Expenses |
|
284,586 |
|
|
286,838 |
|
|
(2,252 |
) |
(0.8 |
)% |
||||||
Income from operations |
|
127,229 |
|
|
138,677 |
|
|
(11,448 |
) |
(8.3 |
)% |
||||||
Interest expense |
|
(42,381 |
) |
|
(39,164 |
) |
|
(3,217 |
) |
8.2 |
% |
||||||
Other income (expense), net |
|
71,994 |
|
|
(122,873 |
) |
|
194,867 |
|
(158.6 |
)% |
||||||
Income (loss) before income taxes and equity method investment income (loss), net |
|
156,842 |
|
|
(23,360 |
) |
|
180,202 |
|
NM |
|
||||||
Income tax provision |
|
25,765 |
|
|
40,167 |
|
|
(14,402 |
) |
(35.9 |
)% |
||||||
Income (loss) before equity method investment income (loss), net |
|
131,077 |
|
|
(63,527 |
) |
|
194,604 |
|
NM |
|
||||||
Equity method investment income (loss), net |
|
(15,783 |
) |
|
(13,683 |
) |
|
(2,100 |
) |
15.3 |
% |
||||||
Net income (loss) |
$ |
115,294 |
|
$ |
(77,210 |
) |
$ |
192,504 |
|
(249.3 |
)% |
||||||
|
|
|
|
|
|||||||||||||
Net Income (Loss) per Common Share: |
|
|
|
|
|||||||||||||
Basic |
$ |
20.56 |
|
$ |
(13.38 |
) |
$ |
33.94 |
|
NM |
|
||||||
Diluted |
$ |
19.39 |
|
$ |
(13.38 |
) |
$ |
32.77 |
|
(244.9 |
)% |
||||||
Weighted Average Common Shares Outstanding: |
|
|
|
|
|||||||||||||
Basic |
|
|
5,606,607 |
|
|
|
5,769,537 |
|
|
|
(162,930 |
) |
(2.8 |
)% |
|||
Diluted |
|
|
6,025,092 |
|
|
|
5,769,537 |
|
|
|
255,555 |
|
4.4 |
% |
|||
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax |
$ |
(35,624 |
) |
$ |
(4,475 |
) |
$ |
(31,149 |
) |
NM |
|
||||||
Comprehensive income (loss) |
$ |
79,670 |
|
$ |
(81,685 |
) |
$ |
161,355 |
|
(197.5 |
)% |
||||||
| _______________ |
NM = Not meaningful. |
CABLE ONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) |
|||||||||||||||||
Year Ended December 31, |
|||||||||||||||||
(dollars in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
|||||||||
Revenues |
|
|
|
|
|||||||||||||
Residential data |
$ |
979,296 |
|
$ |
934,564 |
|
$ |
44,732 |
|
4.8 |
% |
||||||
Residential video |
|
257,966 |
|
|
325,200 |
|
|
(67,234 |
) |
(20.7 |
)% |
||||||
Residential voice |
|
37,088 |
|
|
43,096 |
|
|
(6,008 |
) |
(13.9 |
)% |
||||||
Business services |
|
304,527 |
|
|
305,286 |
|
|
(759 |
) |
(0.2 |
)% |
||||||
Other |
|
99,204 |
|
|
97,897 |
|
|
1,307 |
|
1.3 |
% |
||||||
Total Revenues |
|
1,678,081 |
|
|
1,706,043 |
|
|
(27,962 |
) |
(1.6 |
)% |
||||||
Costs and Expenses: |
|
|
|
|
|||||||||||||
Operating (excluding depreciation and amortization) |
|
440,916 |
|
|
470,916 |
|
|
(30,000 |
) |
(6.4 |
)% |
||||||
Selling, general and administrative |
|
354,663 |
|
|
350,310 |
|
|
4,353 |
|
1.2 |
% |
||||||
Depreciation and amortization |
|
342,891 |
|
|
350,462 |
|
|
(7,571 |
) |
(2.2 |
)% |
||||||
(Gain) loss on asset sales and disposals, net |
|
12,708 |
|
|
9,199 |
|
|
3,509 |
|
38.1 |
% |
||||||
(Gain) loss on sales of businesses, net |
|
— |
|
|
(13,833 |
) |
|
13,833 |
|
(100.0 |
)% |
||||||
Total Costs and Expenses |
|
1,151,178 |
|
|
1,167,054 |
|
|
(15,876 |
) |
(1.4 |
)% |
||||||
Income from operations |
|
526,903 |
|
|
538,989 |
|
|
(12,086 |
) |
(2.2 |
)% |
||||||
Interest expense |
|
(170,147 |
) |
|
(137,713 |
) |
|
(32,434 |
) |
23.6 |
% |
||||||
Other income (expense), net |
|
54,640 |
|
|
(25,913 |
) |
|
80,553 |
|
NM |
|
||||||
Income before income taxes and equity method investment income (loss), net |
|
411,396 |
|
|
375,363 |
|
|
36,033 |
|
9.6 |
% |
||||||
Income tax provision |
|
89,704 |
|
|
126,332 |
|
|
(36,628 |
) |
(29.0 |
)% |
||||||
Income before equity method investment income (loss), net |
|
321,692 |
|
|
249,031 |
|
|
72,661 |
|
29.2 |
% |
||||||
Equity method investment income (loss), net |
|
(54,256 |
) |
|
(14,913 |
) |
|
(39,343 |
) |
NM |
|
||||||
Net income |
$ |
267,436 |
|
$ |
234,118 |
|
$ |
33,318 |
|
14.2 |
% |
||||||
|
|
|
|
|
|||||||||||||
Net Income per Common Share: |
|
|
|
|
|||||||||||||
Basic |
$ |
47.34 |
|
$ |
39.73 |
|
$ |
7.61 |
|
19.2 |
% |
||||||
Diluted |
$ |
45.14 |
|
$ |
38.06 |
|
$ |
7.08 |
|
18.6 |
% |
||||||
Weighted Average Common Shares Outstanding: |
|||||||||||||||||
Basic |
|
|
5,648,934 |
|
|
|
5,892,077 |
|
|
|
(243,143 |
) |
(4.1 |
)% |
|||
Diluted |
|
|
6,062,331 |
|
|
|
6,314,148 |
|
|
|
(251,818 |
) |
(4.0 |
)% |
|||
|
|
|
|
|
|
|
|
||||||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax |
$ |
(13,286 |
) |
$ |
132,826 |
|
$ |
(146,112 |
) |
(110.0 |
)% |
||||||
Comprehensive income |
$ |
254,150 |
|
$ |
366,944 |
|
$ |
(112,794 |
) |
(30.7 |
)% |
||||||
| _______________ |
NM = Not meaningful. |
CABLE ONE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) |
|||||||
(dollars in thousands, except par values) |
December 31, 2023 |
December 31, 2022 |
|||||
Assets |
|
|
|||||
Current Assets: |
|
|
|||||
Cash and cash equivalents |
$ |
190,289 |
|
$ |
215,150 |
|
|
Accounts receivable, net |
|
93,973 |
|
|
74,383 |
|
|
Prepaid and other current assets |
|
58,116 |
|
|
57,172 |
|
|
Total Current Assets |
|
342,378 |
|
|
346,705 |
|
|
Equity investments |
|
1,125,447 |
|
|
1,195,221 |
|
|
Property, plant and equipment, net |
|
1,791,120 |
|
|
1,701,755 |
|
|
Intangible assets, net |
|
2,595,892 |
|
|
2,666,585 |
|
|
Goodwill |
|
928,947 |
|
|
928,947 |
|
|
Other noncurrent assets |
|
63,149 |
|
|
74,677 |
|
|
Total Assets |
$ |
6,846,933 |
|
$ |
6,913,890 |
|
|
|
|
|
|||||
Liabilities and Stockholders' Equity |
|
|
|||||
Current Liabilities: |
|
|
|||||
Accounts payable and accrued liabilities |
$ |
156,645 |
|
$ |
164,518 |
|
|
Deferred revenue |
|
27,169 |
|
|
23,706 |
|
|
Current portion of long-term debt |
|
19,023 |
|
|
55,931 |
|
|
Total Current Liabilities |
|
202,837 |
|
|
244,155 |
|
|
Long-term debt |
|
3,626,928 |
|
|
3,752,591 |
|
|
Deferred income taxes |
|
974,467 |
|
|
966,821 |
|
|
Other noncurrent liabilities |
|
169,556 |
|
|
192,350 |
|
|
Total Liabilities |
|
4,973,788 |
|
|
5,155,917 |
|
|
|
|
|
|||||
Stockholders' Equity: |
|
|
|||||
Preferred stock ( |
|
— |
|
|
— |
|
|
Common stock ( |
|
62 |
|
|
62 |
|
|
Additional paid-in capital |
|
607,574 |
|
|
578,154 |
|
|
Retained earnings |
|
1,825,542 |
|
|
1,624,406 |
|
|
Accumulated other comprehensive income (loss) |
|
36,745 |
|
|
50,031 |
|
|
Treasury stock, at cost (558,412 and 409,388 shares held as of December 31, 2023 and 2022, respectively) |
|
(596,778 |
) |
|
(494,680 |
) |
|
Total Stockholders' Equity |
|
1,873,145 |
|
|
1,757,973 |
|
|
Total Liabilities and Stockholders' Equity |
$ |
6,846,933 |
|
$ |
6,913,890 |
|
|
CABLE ONE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
|||||||||||||||
Three Months Ended
|
Year Ended
|
||||||||||||||
| (in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|||
| Cash flows from operating activities: | |||||||||||||||
| Net Income | $ |
115,294 |
|
$ |
(77,210 |
) |
$ |
267,436 |
|
$ |
234,118 |
|
|||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|||||||||||
Depreciation and amortization |
|
87,305 |
|
|
86,898 |
|
|
342,891 |
|
|
350,462 |
|
|||
Non-cash interest expense, net |
|
2,215 |
|
|
2,394 |
|
|
9,019 |
|
|
9,518 |
|
|||
Equity-based compensation |
|
7,601 |
|
|
5,498 |
|
|
29,420 |
|
|
22,514 |
|
|||
Write-off of debt issuance costs |
|
— |
|
|
— |
|
|
3,340 |
|
|
— |
|
|||
Change in deferred income taxes |
|
11,344 |
|
|
35,906 |
|
|
11,479 |
|
|
68,378 |
|
|||
(Gain) loss on asset sales and disposals, net |
|
1,994 |
|
|
1,584 |
|
|
12,708 |
|
|
9,199 |
|
|||
(Gain) loss on sales of businesses, net |
|
— |
|
|
— |
|
|
— |
|
|
(13,833 |
) |
|||
Equity method investment (income) loss, net |
|
15,783 |
|
|
13,683 |
|
|
54,256 |
|
|
14,913 |
|
|||
Fair value adjustments |
|
(66,591 |
) |
|
128,420 |
|
|
(39,514 |
) |
|
40,400 |
|
|||
Changes in operating assets and liabilities: |
|
|
|
|
|||||||||||
Accounts receivable, net |
|
(7,642 |
) |
|
(9,776 |
) |
|
(19,590 |
) |
|
2,734 |
|
|||
Prepaid and other current assets |
|
3,045 |
|
|
10,877 |
|
|
(2,227 |
) |
|
(3,971 |
) |
|||
Accounts payable and accrued liabilities |
|
(17,902 |
) |
|
(25,264 |
) |
|
(10,664 |
) |
|
(157 |
) |
|||
Deferred revenue |
|
(91 |
) |
|
95 |
|
|
3,463 |
|
|
(389 |
) |
|||
Other |
|
(686 |
) |
|
(4,858 |
) |
|
1,153 |
|
|
4,154 |
|
|||
Net cash provided by operating activities |
|
151,669 |
|
|
168,247 |
|
|
663,170 |
|
|
738,040 |
|
|||
|
|
|
|
|
|||||||||||
Cash flows from investing activities: |
|
|
|
|
|||||||||||
Cash paid for debt and equity investments |
|
(13,890 |
) |
|
(25,310 |
) |
|
(29,410 |
) |
|
(50,385 |
) |
|||
Capital expenditures |
|
(115,600 |
) |
|
(106,843 |
) |
|
(371,028 |
) |
|
(414,095 |
) |
|||
Change in accrued expenses related to capital expenditures |
|
2,630 |
|
|
(627 |
) |
|
3,324 |
|
|
3,358 |
|
|||
Purchase of wireless licenses |
|
(2,750 |
) |
|
— |
|
|
(2,750 |
) |
|
— |
|
|||
Proceeds from sales of property, plant and equipment |
|
168 |
|
|
19 |
|
|
1,230 |
|
|
3,628 |
|
|||
Proceeds from sales of equity investments |
|
— |
|
|
— |
|
|
56,730 |
|
|
— |
|
|||
Proceeds from sales of operations |
|
— |
|
|
— |
|
|
— |
|
|
9,227 |
|
|||
Net cash used in investing activities |
|
(129,442 |
) |
|
(132,761 |
) |
|
(341,904 |
) |
|
(448,267 |
) |
|||
|
|
|
|
|
|||||||||||
Cash flows from financing activities: |
|
|
|
|
|||||||||||
Proceeds from long-term debt borrowings |
|
— |
|
|
— |
|
|
638,000 |
|
|
— |
|
|||
Payment of debt issuance costs |
|
— |
|
|
— |
|
|
(8,096 |
) |
|
— |
|
|||
Payments on long-term debt |
|
(54,711 |
) |
|
(13,083 |
) |
|
(807,633 |
) |
|
(38,845 |
) |
|||
Repurchases of common stock |
|
— |
|
|
(46,258 |
) |
|
(99,614 |
) |
|
(353,289 |
) |
|||
Payment of withholding tax for equity awards |
|
(93 |
) |
|
(210 |
) |
|
(2,484 |
) |
|
(5,036 |
) |
|||
Dividends paid to stockholders |
|
(16,766 |
) |
|
(16,504 |
) |
|
(66,300 |
) |
|
(66,255 |
) |
|||
Net cash used in financing activities |
|
(71,570 |
) |
|
(76,055 |
) |
|
(346,127 |
) |
|
(463,425 |
) |
|||
Change in cash and cash equivalents |
|
(49,343 |
) |
|
(40,569 |
) |
|
(24,861 |
) |
|
(173,652 |
) |
|||
Cash and cash equivalents, beginning of period |
|
239,632 |
|
|
255,719 |
|
|
215,150 |
|
|
388,802 |
|
|||
Cash and cash equivalents, end of period |
$ |
190,289 |
|
$ |
215,150 |
|
$ |
190,289 |
|
$ |
215,150 |
|
|||
|
|
|
|
|
|||||||||||
Supplemental cash flow disclosures: |
|
|
|
|
|||||||||||
Cash paid for interest, net of capitalized interest |
$ |
45,131 |
|
$ |
43,556 |
|
$ |
160,224 |
|
$ |
127,158 |
|
|||
Cash paid for income taxes, net of refunds received |
$ |
16,151 |
$ |
4,882 |
$ |
92,456 |
$ | 23,379 |
|
||||||
CABLE ONE, INC.
|
||||||||||||||
Three Months Ended
|
||||||||||||||
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
||||||
Net income (loss) |
$ |
115,294 |
|
$ |
(77,210 |
) |
$ |
192,504 |
|
(249.3 |
)% |
|||
Net profit margin |
|
28.0 |
% |
|
(18.1 |
)% |
|
|
||||||
|
|
|
|
|
||||||||||
Plus: Interest expense |
|
42,381 |
|
|
39,164 |
|
|
3,217 |
|
8.2 |
% |
|||
Income tax provision |
|
25,765 |
|
|
40,167 |
|
|
(14,402 |
) |
(35.9 |
)% |
|||
Depreciation and amortization |
|
87,305 |
|
|
86,898 |
|
|
407 |
|
0.5 |
% |
|||
Equity-based compensation |
|
7,601 |
|
|
5,498 |
|
|
2,103 |
|
38.3 |
% |
|||
Severance and contract termination costs |
|
1,673 |
|
|
— |
|
|
1,673 |
|
NM |
|
|||
(Gain) loss on deferred compensation |
|
— |
|
|
51 |
|
|
(51 |
) |
(100.0 |
)% |
|||
Acquisition-related costs |
|
473 |
|
|
424 |
|
|
49 |
|
11.6 |
% |
|||
(Gain) loss on asset sales and disposals, net |
|
1,994 |
|
|
1,584 |
|
|
410 |
|
25.9 |
% |
|||
System conversion costs |
|
602 |
|
|
83 |
|
|
519 |
|
NM |
|
|||
Equity method investment (income) loss, net |
|
15,783 |
|
|
13,683 |
|
|
2,100 |
|
15.3 |
% |
|||
Other (income) expense, net |
|
(71,994 |
) |
|
122,873 |
|
|
(194,867 |
) |
(158.6 |
)% |
|||
Adjusted EBITDA |
$ |
226,877 |
|
$ |
233,215 |
|
$ |
(6,338 |
) |
(2.7 |
)% |
|||
Adjusted EBITDA margin |
|
55.1 |
% |
|
54.8 |
% |
|
|
||||||
|
|
|
|
|
||||||||||
Less: Capital expenditures |
$ |
115,600 |
|
$ |
106,843 |
|
$ |
8,757 |
|
8.2 |
% |
|||
Capital expenditures as a percentage of net income (loss) |
|
100.3 |
% |
|
(138.4 |
)% |
|
|||||||
Capital expenditures as a percentage of Adjusted EBITDA |
|
51.0 |
% |
|
45.8 |
% |
||||||||
| Adjusted EBITDA less capital expenditures | $ |
111,277 |
|
$ |
126,372 |
|
$ |
(15,095 |
) |
(11.9 |
)% |
|||
| _______________ |
NM = Not meaningful. |
Three Months Ended
|
||||||||||||||
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
||||||
Net cash provided by operating activities |
$ |
151,669 |
|
$ |
168,247 |
|
$ |
(16,578 |
) |
(9.9 |
)% |
|||
Capital expenditures |
|
(115,600 |
) |
|
(106,843 |
) |
|
(8,757 |
) |
8.2 |
% |
|||
Interest expense |
|
42,381 |
|
|
39,164 |
|
|
3,217 |
|
8.2 |
% |
|||
Non-cash interest expense |
|
(2,215 |
) |
|
(2,394 |
) |
|
179 |
|
(7.5 |
)% |
|||
Income tax provision |
|
25,765 |
|
|
40,167 |
|
|
(14,402 |
) |
(35.9 |
)% |
|||
Changes in operating assets and liabilities |
|
23,276 |
|
|
28,926 |
|
|
(5,650 |
) |
(19.5 |
)% |
|||
Change in deferred income taxes |
|
(11,344 |
) |
|
(35,906 |
) |
|
24,562 |
|
(68.4 |
)% |
|||
(Gain) loss on deferred compensation |
|
— |
|
|
51 |
|
|
(51 |
) |
(100.0 |
)% |
|||
Acquisition-related costs |
|
473 |
|
|
424 |
|
|
49 |
|
11.6 |
% |
|||
Severance and contract termination costs |
|
1,673 |
|
|
— |
|
|
1,673 |
|
NM |
|
|||
System conversion costs |
|
602 |
|
|
83 |
|
|
519 |
|
NM |
|
|||
Fair value adjustments |
|
66,591 |
|
|
(128,420 |
) |
|
195,011 |
|
(151.9 |
)% |
|||
Other (income) expense, net |
|
(71,994 |
) |
|
122,873 |
|
|
(194,867 |
) |
(158.6 |
)% |
|||
Adjusted EBITDA less capital expenditures |
$ |
111,277 |
|
$ |
126,372 |
|
$ |
(15,095 |
) |
(11.9 |
)% |
|||
| _______________ |
NM = Not meaningful. |
CABLE ONE, INC.
|
||||||||||||||
Year Ended December 31, |
||||||||||||||
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
||||||
Net income |
$ |
267,436 |
|
$ |
234,118 |
|
$ |
33,318 |
|
14.2 |
% |
|||
Net profit margin |
|
15.9 |
% |
|
13.7 |
% |
|
|
||||||
|
|
|
|
|
||||||||||
Plus: Interest expense |
|
170,147 |
|
|
137,713 |
|
|
32,434 |
|
23.6 |
% |
|||
Income tax provision |
|
89,704 |
|
|
126,332 |
|
|
(36,628 |
) |
(29.0 |
)% |
|||
Depreciation and amortization |
|
342,891 |
|
|
350,462 |
|
|
(7,571 |
) |
(2.2 |
)% |
|||
Equity-based compensation |
|
29,420 |
|
|
22,514 |
|
|
6,906 |
|
30.7 |
% |
|||
Severance and contract termination costs |
|
2,890 |
|
|
— |
|
|
2,890 |
|
NM |
|
|||
(Gain) loss on deferred compensation |
|
— |
|
|
(154 |
) |
|
154 |
|
(100.0 |
)% |
|||
Acquisition-related costs |
|
1,331 |
|
|
3,208 |
|
|
(1,877 |
) |
(58.5 |
)% |
|||
(Gain) loss on asset sales and disposals, net |
|
12,708 |
|
|
9,199 |
|
|
3,509 |
|
38.1 |
% |
|||
System conversion costs |
|
801 |
|
|
1,466 |
|
|
(665 |
) |
(45.4 |
)% |
|||
(Gain) loss on sales of businesses, net |
|
— |
|
|
(13,833 |
) |
|
13,833 |
|
(100.0 |
)% |
|||
Equity method investment (income) loss, net |
|
54,256 |
|
|
14,913 |
|
|
39,343 |
|
NM |
|
|||
Other (income) expense, net |
|
(54,640 |
) |
|
25,913 |
|
|
(80,553 |
) |
NM |
|
|||
Adjusted EBITDA |
$ |
916,944 |
|
$ |
911,851 |
|
$ |
5,093 |
|
0.6 |
% |
|||
Adjusted EBITDA margin |
|
54.6 |
% |
|
53.4 |
% |
|
|
||||||
|
|
|
|
|
||||||||||
Less: Capital expenditures |
$ |
371,028 |
|
$ |
414,095 |
|
$ |
(43,067 |
) |
(10.4 |
)% |
|||
Capital expenditures as a percentage of net income |
|
138.7 |
% |
|
176.9 |
% |
|
|
||||||
Capital expenditures as a percentage of Adjusted EBITDA |
|
40.5 |
% |
|
45.4 |
% |
|
|
||||||
| _______________ |
NM = Not meaningful. |
Year Ended December 31, |
||||||||||||||
(dollars in thousands) |
|
2023 |
|
|
2022 |
|
$ Change |
% Change |
||||||
Net cash provided by operating activities |
$ |
663,170 |
|
$ |
738,040 |
|
$ |
(74,870 |
) |
(10.1 |
)% |
|||
Capital expenditures |
|
(371,028 |
) |
|
(414,095 |
) |
|
43,067 |
|
(10.4 |
)% |
|||
Interest expense |
|
170,147 |
|
|
137,713 |
|
|
32,434 |
|
23.6 |
% |
|||
Non-cash interest expense |
|
(9,019 |
) |
|
(9,518 |
) |
|
499 |
|
(5.2 |
)% |
|||
Income tax provision |
|
89,704 |
|
|
126,332 |
|
|
(36,628 |
) |
(29.0 |
)% |
|||
Changes in operating assets and liabilities |
|
27,865 |
|
|
(2,371 |
) |
|
30,236 |
|
NM |
|
|||
Write-off of debt issuance costs |
|
(3,340 |
) |
|
— |
|
|
(3,340 |
) |
NM |
|
|||
Change in deferred income taxes |
|
(11,479 |
) |
|
(68,378 |
) |
|
56,899 |
|
(83.2 |
)% |
|||
(Gain) loss on deferred compensation |
|
— |
|
|
(154 |
) |
|
154 |
|
(100.0 |
)% |
|||
Acquisition-related costs |
|
1,331 |
|
|
3,208 |
|
|
(1,877 |
) |
(58.5 |
)% |
|||
Severance and contract termination costs |
|
2,890 |
|
|
— |
|
|
2,890 |
|
NM |
|
|||
System conversion costs |
|
801 |
|
|
1,466 |
|
|
(665 |
) |
(45.4 |
)% |
|||
Fair value adjustment |
|
39,514 |
|
|
(40,400 |
) |
|
79,914 |
|
(197.8 |
)% |
|||
Other (income) expense, net |
|
(54,640 |
) |
|
25,913 |
|
|
(80,553 |
) |
NM |
|
|||
Adjusted EBITDA less capital expenditures |
$ |
545,916 |
|
$ |
497,756 |
|
$ |
48,160 |
|
9.7 |
% |
|||
| _______________ |
NM = Not meaningful. |
CABLE ONE, INC. OPERATING STATISTICS (Unaudited) |
|||||||||||||||
|
|
As of December 31, |
|
|
|||||||||||
(in thousands, except percentages and ARPU data) |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
% Change |
|||
Homes Passed |
|
|
2,774.9 |
|
|
|
2,704.3 |
|
|
|
70.6 |
|
|
2.6 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Residential Customers |
|
|
994.4 |
|
|
|
1,010.2 |
|
|
|
(15.8 |
) |
|
(1.6 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Data PSUs |
|
|
960.5 |
|
|
|
963.7 |
|
|
|
(3.3 |
) |
|
(0.3 |
)% |
Video PSUs |
|
|
134.2 |
|
|
|
171.2 |
|
|
|
(37.1 |
) |
|
(21.6 |
)% |
Voice PSUs |
|
|
79.2 |
|
|
|
91.3 |
|
|
|
(12.1 |
) |
|
(13.3 |
)% |
Total residential PSUs |
|
|
1,173.8 |
|
|
|
1,226.3 |
|
|
|
(52.4 |
) |
|
(4.3 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Business Customers |
|
|
102.6 |
|
|
|
101.6 |
|
|
|
1.1 |
|
|
1.1 |
% |
|
|
|
|
|
|
|
|
|
|||||||
Data PSUs |
|
|
98.8 |
|
|
|
96.6 |
|
|
|
2.2 |
|
|
2.3 |
% |
Video PSUs |
|
|
8.1 |
|
|
|
10.3 |
|
|
|
(2.2 |
) |
|
(21.7 |
)% |
Voice PSUs |
|
|
39.5 |
|
|
|
40.8 |
|
|
|
(1.3 |
) |
|
(3.1 |
)% |
Total business services PSUs |
|
|
146.4 |
|
|
|
147.7 |
|
|
|
(1.3 |
) |
|
(0.9 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Total Customers |
|
|
1,097.0 |
|
|
|
1,111.7 |
|
|
|
(14.7 |
) |
|
(1.3 |
)% |
Total non-video |
|
|
952.3 |
|
|
|
927.2 |
|
|
|
25.1 |
|
|
2.7 |
% |
Percent of total |
|
|
86.8 |
% |
|
|
83.4 |
% |
|
|
|
3.4 |
% |
||
|
|
|
|
|
|
|
|
|
|||||||
Data PSUs |
|
|
1,059.3 |
|
|
|
1,060.4 |
|
|
|
(1.1 |
) |
|
(0.1 |
)% |
Video PSUs |
|
|
142.3 |
|
|
|
181.5 |
|
|
|
(39.3 |
) |
|
(21.6 |
)% |
Voice PSUs |
|
|
118.7 |
|
|
|
132.1 |
|
|
|
(13.4 |
) |
|
(10.1 |
)% |
Total PSUs |
|
|
1,320.2 |
|
|
|
1,374.0 |
|
|
|
(53.8 |
) |
|
(3.9 |
)% |
|
|
|
|
|
|
|
|
|
|||||||
Penetration |
|
|
|
|
|
|
|
|
|||||||
Data |
|
|
38.2 |
% |
|
|
39.2 |
% |
|
|
|
(1.0 |
)% |
||
Video |
|
|
5.1 |
% |
|
|
6.7 |
% |
|
|
|
(1.6 |
)% |
||
Voice |
|
|
4.3 |
% |
|
|
4.9 |
% |
|
|
|
(0.6 |
)% |
||
|
|
|
|
|
|
|
|
|
|||||||
Share of Fourth Quarter Revenues |
|
|
|
|
|
|
|
|
|||||||
Residential data |
|
|
58.8 |
% |
|
|
55.8 |
% |
|
|
|
3.0 |
% |
||
Business services |
|
|
18.4 |
% |
|
|
17.9 |
% |
|
|
|
0.5 |
% |
||
Total |
|
|
77.3 |
% |
|
|
73.7 |
% |
|
|
|
3.6 |
% |
||
|
|
|
|
|
|
|
|
|
|||||||
ARPU - Fourth Quarter |
|
|
|
|
|
|
|
|
|||||||
Residential data(1) |
|
$ |
83.95 |
|
|
$ |
81.71 |
|
|
$ |
2.24 |
|
|
2.7 |
% |
Residential video(1) |
|
$ |
143.78 |
|
|
$ |
138.56 |
|
|
$ |
5.22 |
|
|
3.8 |
% |
Residential voice(1) |
|
$ |
36.24 |
|
|
$ |
35.69 |
|
|
$ |
0.55 |
|
|
1.5 |
% |
Business services(2) |
|
$ |
246.35 |
|
|
$ |
249.78 |
|
|
$ |
(3.43 |
) |
|
(1.4 |
)% |
Note: |
All totals, percentages and year-over-year changes are calculated using exact numbers. Minor differences may exist due to rounding. |
(1) |
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/20240222930038/en/
Trish Niemann
Vice President, Communications Strategy
602-364-6372
patricia.niemann@cableone.biz
Todd Koetje
Chief Financial Officer
investor_relations@cableone.biz
Source: Cable One, Inc.
FAQ
What is the ticker symbol for Cable One?
How did Cable One's net income change in Q4 2023 compared to Q4 2022?
What was Cable One's Adjusted EBITDA margin for full year 2023?
Did Cable One repurchase any shares in 2023?
How much did Cable One pay in dividends during Q4 2023?
What was the total revenue for Cable One in Q4 2023?
What was the residential data ARPU for Q4 2023?
How much did Cable One repay under its Revolver during 2023?
