Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable ONE”)
today reported financial and operating results for the quarter
ended June 30, 2017.
Second quarter 2017 highlights:
- The Company completed the acquisition
of RBI Holding LLC (“NewWave”) on May 1, 2017.
- Net income was $28.6 million in the
second quarter of 2017, an increase of 7.3% year-over-year.
Adjusted EBITDA(1) was $113.3 million, an increase of 26.8%
year-over-year. Net profit margin was 11.9% and Adjusted EBITDA
margin(1) was 47.0%.
- Net income and Adjusted EBITDA results
in the second quarter of 2017 include two months of NewWave
operations following completion of the acquisition and the
favorable impact of a reduction in expense of $5.1 million due to a
change in accounting estimate related to capitalized labor costs
effective since the first quarter of 2017.
- Without the contribution from the
NewWave operations, net income would have been $26.5 million and
Adjusted EBITDA growth would have been 14.2%. In addition, net
profit margin would have been 12.7% and Adjusted EBITDA margin
would have been 48.8%.
- Excluding both the NewWave impact and
the change in estimate related to capitalized labor, net income
would have been $23.4 million and Adjusted EBITDA growth would have
been 8.4%. Further, net profit margin would have been 11.2% and
Adjusted EBITDA margin would have been 46.4%.
- Net cash provided by operating
activities was $52.6 million, an increase of 9.5% year-over-year.
Adjusted EBITDA less capital expenditures(1) was $72.8 million, an
increase of 40.8% compared to the second quarter of 2016.
- Total revenues were $241.0 million,
including a $32.2 million contribution from NewWave operations,
compared to $204.6 million in the second quarter of 2016.
- Residential data revenues increased
$17.1 million, or 19.9%, year-over-year to $103.2 million.
Residential data revenues growth would have been $6.4 million, or
7.4%, excluding the $10.7 million contribution from NewWave
operations.
- Business services revenues increased
$8.1 million, or 32.9%, year-over-year to $32.5 million. Business
services revenues growth would have been $3.4 million, or 13.9%,
excluding the $4.7 million contribution from NewWave
operations.
(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 Metrics.”
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
reconciled to net cash provided by operating activities. Refer to
the “Reconciliations of Non-GAAP Measures” tables within this press
release.
“Our second quarter once again yielded strong results as we
continue to execute our strategy, with legacy Cable ONE
demonstrating top line revenue growth, higher Adjusted EBITDA and
industry leading margins,” said Julie Laulis, President and CEO of
Cable ONE. “We also are excited about our acquisition of NewWave,
and its results are now contributing to our success.”
Second Quarter 2017 Financial Results Compared to Second
Quarter 2016
Revenues increased $36.5 million, or 17.8%, due primarily to
$32.2 million in revenues attributable to the NewWave operations.
For the second quarter of 2017 and 2016, residential data revenues
comprised 42.8% and 42.1% of total revenues and business services
revenues comprised 13.5% and 12.0% of total revenues, respectively.
Excluding the $32.2 million contribution from NewWave in the second
quarter of 2017, revenues would have increased $4.3 million, or
2.1%, from the prior year quarter, with increases in residential
data and business services more than offsetting decreases in
residential video and residential voice.
Operating expenses (excluding depreciation and amortization)
were $83.9 million in the second quarter of 2017 and increased $8.2
million, or 10.8%, compared to the second quarter of 2016.
Operating expenses as a percentage of revenues were 34.8% for the
second quarter of 2017 compared to 37.0% for the year-ago quarter.
Additional operating expenses attributable to the NewWave
operations were $15.9 million for the second quarter of 2017. This
increase was partially offset by a $3.9 million decrease in labor
costs associated with our aforementioned change in accounting
estimate for capitalized labor costs, a $1.6 million decrease in
programming costs resulting from fewer video subscribers and a
decrease in backbone and internet connectivity fees. Excluding the
impact of the NewWave operations, operating expenses would have
been $68.0 million in the second quarter of 2017, a decrease of
$7.7 million, or 10.2%. Operating expenses as a percentage of
revenues, excluding the impact of the NewWave operations, would
have been 32.6% in the second quarter of 2017 compared to 37.0% in
the second quarter of 2016.
Selling, general and administrative expenses increased $7.7
million, or 17.7%, to $51.2 million. Selling, general and
administrative expenses as a percentage of revenues were 21.2% and
21.3% for the second quarter of 2017 and 2016, respectively.
Additional selling, general and administrative expenses
attributable to the NewWave operations were $5.0 million for the
second quarter of 2017. The remaining increase was due to higher
acquisition-related expenses of $2.8 million and severance costs of
$1.3 million, partially offset by a $1.2 million decrease in labor
costs in the second quarter of 2017 associated with our
aforementioned change in accounting estimate for capitalized labor
costs. Excluding the incremental expenses associated with the
NewWave operations, selling, general and administrative expenses
would have increased $2.7 million, or 6.2%, to $46.2 million.
Selling, general and administrative expenses as a percentage of
revenues, excluding the impact of the NewWave operations, would
have been 22.1% in the second quarter of 2017 compared to 21.3% in
the second quarter of 2016.
Depreciation and amortization increased $12.2 million, or 35.2%,
including $7.9 million attributable to the NewWave operations. The
increase was due primarily to new assets placed in service since
the second quarter of 2016, including property, plant and equipment
and amortized intangible assets acquired as part of the NewWave
acquisition, partially offset by assets that became fully
depreciated since the second quarter of 2016. As a percentage of
revenues, depreciation and amortization expense was 19.5% for the
second quarter of 2017 compared to 17.0% for the second quarter of
2016.
Interest expense increased $4.2 million, or 56.1%, due primarily
to additional debt incurred during the second quarter of 2017 to
finance the NewWave acquisition.
Net income increased $1.9 million, or 7.3%, to $28.6 million in
the second quarter of 2017 compared to $26.6 million in the prior
year period. Excluding the impact of the NewWave operations, net
income would have been $26.5 million. Without both the NewWave
impact and the change in estimate for capitalized labor, net income
would have been $23.4 million in the second quarter of 2017.
Adjusted EBITDA was $113.3 million and $89.4 million for the
second quarter of 2017 and 2016, respectively. The Adjusted EBITDA
growth of 26.8% in the second quarter of 2017 includes the positive
impact of the NewWave operations and the aforementioned capitalized
labor costs. Without the impact of the NewWave operations, Adjusted
EBITDA would have been $102.0 million and Adjusted EBITDA growth
would have been 14.2% for the second quarter of 2017. Excluding
both the NewWave impact and the change in estimate for capitalized
labor, Adjusted EBITDA would have been $96.9 million and Adjusted
EBITDA growth would have been 8.4%.
Capital expenditures totaled $40.5 million and $37.6 million for
the second quarter of 2017 and 2016, respectively. Adjusted EBITDA
less capital expenditures for the second quarter of 2017 was $72.8
million, an increase of $21.1 million, or 40.8%, from the prior
year period. Excluding the NewWave operations, capital expenditures
would have been $35.5 million. Excluding both the NewWave
operations and the change in estimate related to capitalized labor,
capital expenditures would have been $30.4 million.
Liquidity and Capital Resources
At June 30, 2017, the Company had $89.8 million of cash and cash
equivalents on hand, compared to $138.0 million at
December 31, 2016. The Company’s debt balance, excluding
unamortized debt issuance costs, was $1.2 billion, which included
$750 million of term loan borrowings in connection with the NewWave
acquisition, at June 30, 2017 and $545.3 million at December 31,
2016. The Company also had $197.2 million available for borrowing
under its revolving credit facility as of June 30, 2017.
Conference Call
Cable ONE will host a conference call with the financial
community to discuss results for the second quarter of the 2017
fiscal year on Tuesday, August 8, 2017, at 11 a.m. Eastern Time
(ET).
Shareholders, analysts and other interested parties may register
for the conference in advance at http://dpregister.com/10109264.
Those unable to pre-register may join the call via the live audio
webcast on the Cable ONE Investor Relations website or by dialing
1-844-378-6483 (Canada: 1-855-669-9657/International:
1-412-542-4178) shortly before 11 a.m. ET.
A replay of the call will be available from Wednesday, August 9,
2017, until Wednesday, August 23, 2017, on the Cable ONE Investor
Relations website.
Additional Information Available on Website
The information in this press release should be read in
conjunction with the financial statements and footnotes contained
in the Company’s Quarterly Report on Form 10-Q for the period ended
June 30, 2017, 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 U.S. Securities and Exchange Commission (the
“SEC”). Investors and others interested in more information about
Cable ONE should consult our website, which is regularly updated
with financial and other important information about the
Company.
Use of Non-GAAP Financial Metrics
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 and Adjusted EBITDA less capital
expenditures are non-GAAP financial measures and should be
considered in addition to, not as a substitute for, net income, net
profit margin or net cash provided by operating activities reported
in accordance with GAAP. These terms, as defined by Cable ONE, may
not be comparable to similarly titled measures reported by other
companies. Adjusted EBITDA and Adjusted EBITDA less capital
expenditures are reconciled to net income, and Adjusted EBITDA
margin is reconciled to net profit margin, in the “Reconciliations
of Non-GAAP Measures” tables within this press release. Adjusted
EBITDA less capital expenditures is also reconciled to net cash
provided by operating activities in the “Reconciliations of
Non-GAAP Measures” tables within this press release.
“Adjusted EBITDA” is defined as net income plus interest
expense, provision for income taxes, depreciation and amortization,
equity-based compensation expense, severance expense, (gain) loss
on deferred compensation, acquisition-related costs, (gain) loss on
disposal of assets, other (income) expense, net and other unusual
operating expenses, 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 financing. These
costs are evaluated through other financial metrics.
“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, provision for income taxes, changes in operating assets
and liabilities and other unusual operating expenses, as provided
in the “Reconciliations of Non-GAAP Measures” tables within this
press release.
The Company uses Adjusted EBITDA, Adjusted EBITDA margin and
Adjusted EBITDA less capital expenditures 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 leverage
ratio calculation under the Company’s credit facilities and
outstanding 5.75% senior unsecured notes due 2022 to determine
compliance with the covenants contained in the facilities and
notes. For the purpose of calculating compliance with leverage
covenants, the Company uses a measure similar to Adjusted EBITDA,
as presented. 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 Adjusted EBITDA and Adjusted EBITDA margin
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 shareholders.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less
capital expenditures 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 and Adjusted
EBITDA less capital expenditures may not be directly comparable to
similarly titled measures reported by other companies.
About Cable ONE
Cable One, Inc. (NYSE: CABO) is the seventh-largest cable
company in the United States. Serving more than 800,000 customers
in 21 states with high-speed internet, cable television and
telephone service, Cable ONE provides consumers with a wide range
of the latest products and services, including wireless internet
service, high-definition programming and phone service with free,
unlimited long-distance calling in the continental U.S.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS
This communication contains “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 cable industry and
our business and financial results. Forward-looking statements
often include words such as “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. Our actual results may
vary materially from those expressed or implied in our
forward-looking statements. Accordingly, undue reliance should not
be placed on any forward-looking statement made by us or on our
behalf. Important factors that could cause our actual results to
differ materially from those in our forward-looking statements
include government regulation, economic, strategic, political and
social conditions and the following factors:
- the effect of our acquisition of
NewWave on our ability to retain and hire key personnel and to
maintain relationships with customers, suppliers and other business
partners;
- the potential diversion of senior
management’s attention from our ongoing operations due to the
acquisition of NewWave;
- uncertainties as to our ability and the
amount of time necessary to realize the expected synergies and
other benefits of the NewWave transaction;
- our ability to integrate NewWave’s
operations into our own in an efficient and effective manner;
- rising levels of competition from
historical and new entrants in our markets;
- recent and future changes in
technology;
- our ability to continue to grow our
business services product;
- increases in programming costs and
retransmission fees;
- our ability to obtain support from
vendors;
- the effects of any significant
acquisitions by us;
- adverse economic conditions;
- the integrity and security of our
network and information systems;
- legislative and regulatory efforts to
impose new legal requirements on our data services;
- changing and additional regulation of
our data, video and voice services;
- our ability to renew cable system
franchises;
- increases in pole attachment
costs;
- the failure to meet earnings
expectations;
- the adequacy of our risk management
framework;
- changes in tax and other laws and
regulations;
- changes in GAAP or other applicable
accounting policies; and
- the other risks and uncertainties
detailed in the section titled “Risk Factors” in our Annual Report
on Form 10-K as filed with the SEC on March 1, 2017.
Any forward-looking statements made by us in this communication
speak only as of the date on which they are made. We are under no
obligation to, and expressly disclaim any obligation to, update or
alter our forward-looking statements, whether as a result of new
information, subsequent events or otherwise.
CABLE ONE, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME(Unaudited)
Three Months EndedJune
30,
(
dollars in thousands, except per share and share
data)
2017 2016
$ Change
% Change Revenues Residential data $ 103,155 $ 86,031 $
17,124 19.9 % Residential video 84,873 74,016 10,857 14.7 %
Residential voice 11,417 10,944 473 4.3 % Business services 32,543
24,491 8,052 32.9 % Advertising sales 5,970 6,616 (646 ) (9.8
)%
Other 3,084 2,459 625 25.4 % Total Revenues
241,042 204,557 36,485 17.8 % Costs and Expenses Operating
(excluding depreciation and amortization) 83,849 75,672 8,177 10.8
% Selling, general and administrative 51,194 43,482 7,712 17.7 %
Depreciation and amortization 46,890 34,689 12,201 35.2 % (Gain)
loss on disposal of assets 462 157 305 194.3 %
Total operating costs and expenses 182,395 154,000
28,395 18.4 % Income from operations 58,647 50,557 8,090
16.0 % Interest expense (11,782 ) (7,549 ) (4,233 ) 56.1 % Other
income (expense), net (322 ) 183 (505 ) NM
Income before income taxes 46,543 43,191 3,352 7.8 % Provision for
income taxes 17,967 16,558 1,409 8.5 % Net
income $ 28,576 $ 26,633 $ 1,943 7.3 % Other comprehensive
gain (loss), net of tax 2 (28 ) Comprehensive income
$ 28,578 $ 26,605 Net income per common share: Basic $ 5.03
$ 4.64 Diluted $ 4.97 $ 4.62 Weighted average common shares
outstanding: Basic 5,678,394 5,743,465 Diluted 5,745,617 5,766,312
NM = Not meaningful.
CABLE ONE, INC.CONSOLIDATED
BALANCE SHEETS
(Unaudited) (
in thousands,
except par value and share data)
June 30, 2017
December 31, 2016 Assets Current Assets: Cash and
cash equivalents $ 89,793 $ 138,040 Accounts receivable, net 45,812
32,526 Income tax receivable 16,539 4,547 Prepaid assets
13,256 10,824 Total Current Assets 165,400
185,937 Property, plant and equipment, net 803,383 619,621
Intangibles, net 971,673 497,480 Goodwill 178,374 84,928 Other
assets 5,664 9,305 Total Assets $
2,124,494 $ 1,397,271
Liabilities and
Stockholders' Equity Current Liabilities: Accounts payable and
accrued liabilities $ 86,601 $ 82,703 Deferred revenue 36,795
22,190 Long-term debt - current portion 11,250
6,250 Total Current Liabilities 134,646 111,143 Long-term
debt 1,167,458 530,886 Deferred income taxes 294,850 276,297
Accrued compensation and other liabilities 24,392
24,434 Total Liabilities 1,621,346 942,760
Stockholders' Equity
Preferred stock ($0.01 par value;
4,000,000 shares authorized;none issued or outstanding)
- -
Common stock ($0.01 par value; 40,000,000
shares authorized;5,887,899 shares issued; and 5,725,095 and
5,708,223 sharesoutstanding as of June 30, 2017 and December 31,
2016, respectively)
59 59
Additional paid-in capital
22,514 17,669 Retained earnings 556,401 511,776 Accumulated other
comprehensive loss
(442
)
(446
)
Treasury stock, at cost (162,804 and
179,676 shares held as ofJune 30, 2017 and December 31, 2016,
respectively)
(75,384
)
(74,547
)
Total Stockholders’ Equity 503,148 454,511
Total Liabilities and Stockholders' Equity $ 2,124,494
$ 1,397,271
CABLE ONE, INC.RECONCILIATIONS
OF NON-GAAP MEASURES(Unaudited)
Three Months EndedJune
30,
(
dollars in thousands)
2017 2016
$ Change
% Change Net income (1) $ 28,576 $ 26,633 $ 1,943 7.3
% Net profit margin 11.9 % 13.0 % Plus: Interest
expense 11,782 7,549 4,233 56.1 % Provision for income taxes 17,967
16,558 1,409 8.5 % Depreciation and amortization 46,890 34,689
12,201 35.2 % Equity-based compensation expense 2,418 3,420 (1,002
) (29.3 )% Severance expense 1,345 - 1,345 NM (Gain) loss on
deferred compensation 339 100 239 239.0 % Acquisition-related costs
3,242 445 2,797 NM (Gain) loss on disposal of assets 462 157 305
194.3 % Other (income) expense, net 322 (183
)
505 NM Adjusted EBITDA (1) $ 113,343 $ 89,368 $ 23,975 26.8
% Adjusted EBITDA margin 47.0 % 43.7 % Less: Capital
expenditures (1) 40,513 37,628
2,885 7.7 % Adjusted EBITDA less capital expenditures $ 72,830
$ 51,740 $ 21,090 40.8 % NM = Not meaningful.
(1) Net income, Adjusted EBITDA and
capital expenditures for the second quarter of 2017 include two
months of NewWave operations. Net income and Adjusted EBITDA for
the second quarter of 2017 also include the favorable impact of a
reduction in expense, and capital expenditures include the
unfavorable impact in additional expenditures, of $5.1 million due
to a change in accounting estimate related to capitalized labor
costs. Without the contribution from NewWave operations, net income
would have been $26.5 million, Adjusted EBITDA growth would have
been 14.2%, and capital expenditures would have been $35.5 million.
Excluding both the NewWave impact and the change in estimate
related to capitalized labor, net income would have been $23.4
million, Adjusted EBITDA growth would have been 8.4% and capital
expenditures would have been $30.4 million.
Three Months EndedJune
30,
(
dollars in thousands)
2017 2016
$ Change
% Change Net cash provided by operating activities $
52,598 $ 48,041 $ 4,557 9.5 % Amortization of debt issuance costs
(791 ) (405 ) (386 ) 95.3 % (Provision) benefit for deferred income
taxes (7,360 ) 660 (8,020 ) NM Changes in operating assets and
liabilities 34,512 16,603 17,909 107.9 % Interest expense 11,782
7,549 4,233 56.1 % Provision for income taxes 17,967 16,558 1,409
8.5 % Severance expense 1,345 - 1,345 NM (Gain) loss on deferred
compensation 339 100 239 239.0 % Acquisition-related costs 3,242
445 2,797 NM Write-off of debt issuance costs (613 ) - (613 ) NM
Other (income) expense, net 322 (183 ) 505 NM Capital expenditures
(40,513 ) (37,628 ) (2,885 ) 7.7 % Adjusted
EBITDA less capital expenditures $ 72,830 $ 51,740 $ 21,090 40.8 %
NM = Not meaningful.
CABLE ONE, INC.OPERATING
STATISTICS(Unaudited)
As of June 30, Year-Over-Year
Change 2017 2016 % Legacy
CABO NewWave Consolidated
Historical Legacy CABO Consolidated
Homes Passed 1,681,279 446,909
2,128,188 1,653,021 1.7 % 28.7
% Total Customers 655,309
150,174 805,483 659,943 (0.7 )%
22.1 % Non-video 356,812 N/A N/A 316,745 12.6 % N/A
Percent of total 54.4 % N/A N/A 48.0 %
Residential
Customers 601,883 139,342 741,225
610,293 (1.4 )% 21.5 %
Data PSUs 474,815 110,234 585,049 465,603 2.0 % 25.7 % Video PSUs
284,695 82,121 366,816 324,982 (12.4 )% 12.9 % Voice PSUs
92,100 22,419 114,519
103,806 (11.3 )% 10.3 % Total residential PSUs 851,610
214,774 1,066,384 894,391 (4.8 )% 19.2 %
Business
Customers 53,426 10,832 64,258
49,650 7.6 % 29.4 % Data
PSUs 46,909 8,379 55,288 42,714 9.8 % 29.4 % Video PSUs 13,295
3,893 17,188 13,992 (5.0 )% 22.8 % Voice PSUs 19,156
4,611 23,767 17,134 11.8
% 38.7 % Total business PSUs 79,360 16,883 96,243 73,840 7.5 % 30.3
%
Penetration Data 31.0 % 26.5 % 30.1 % 30.8 % 0.2 %
(0.7 )% Video 17.7 % 19.2 % 18.0 % 20.5 % (2.8 )% (2.5 )% Voice 6.6
% 6.0 % 6.5 % 7.3 % (0.7 )% (0.8 )%
Share of Second
Quarter Revenues Residential data 44.2 % 33.4 % 42.8 % 42.1 %
2.1 % 0.7 % Business services 13.4 % 14.4 %
13.5 % 12.0 % 1.4 % 1.5 % Total 57.6 % 47.8 % 56.3 % 54.1 %
3.5 % 2.2 %
ARPUs – Second Quarter Residential data
(1) $ 64.70 $ 48.50 $ 62.52 $ 61.49 5.2 % 1.7 % Residential video
(1) $ 81.65 $ 84.52 $ 82.11 $ 74.59 9.5 % 10.1 % Residential voice
(1) $ 34.98 $ 35.82 $ 35.09 $ 34.55 1.2 % 1.6 % Business services
(2) $ 175.69 $ 214.93 $ 180.38 $ 166.61 5.4 % 8.3 %
Number of Associates 1,850 552 2,402
1,932 (4.2 )% 24.3 %
(1) Average monthly per unit values
represent the applicable residential service revenues divided by
the corresponding average of the number of PSUs at the beginning
and end of each period, except that for any new PSUs added as a
result of an acquisition occurring during the reporting period, the
associated average monthly per unit values represent the applicable
residential service revenues divided by the corresponding weighted
average of the number of PSUs during such period.
(2) Average monthly per unit values
represent business services revenues divided by the average of the
number of business customer relationships at the beginning and end
of each period, except that for any new business customer
relationships added as a result of an acquisition occurring during
the reporting period, the associated average monthly per unit
values represent business services revenues divided by the weighted
average of the number of business customer relationships during
such period.
N/A = Information not available.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170808005465/en/
Cable One, Inc.Trish Niemann, 602-364-6372Corporate
Communications DirectororKevin Coyle, 602-364-6505Chief Financial
Officer
Cable One (NYSE:CABO)
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