Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable ONE”)
today reported financial and operating results for the quarter
ended September 30, 2017.
Third quarter 2017 highlights:
- Net income was $31.5 million in the
third quarter of 2017, an increase of 51.0% year-over-year.
Adjusted EBITDA(1) was $115.5 million, an increase of 32.5%
year-over-year. Net profit margin was 12.4% and Adjusted EBITDA
margin(1) was 45.5%.
- Net income and Adjusted EBITDA results
in the third quarter of 2017 include NewWave Communications
(“NewWave”) operations and the favorable impact of a reduction in
expense of $6.2 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 increased 37.3% to $28.7
million and Adjusted EBITDA would have increased 12.4% to $98.0
million. In addition, net profit margin would have been 13.9% and
Adjusted EBITDA margin would have been 47.5%.
- Excluding both the NewWave operations
and the change in estimate related to capitalized labor, net income
would have increased 18.8% to $24.8 million and Adjusted EBITDA
would have increased 5.3% to $91.8 million. Net profit margin would
have been 12.0% and Adjusted EBITDA margin would have been
44.5%.
- Net cash provided by operating
activities was $88.9 million, an increase of 30.8% year-over-year.
Adjusted EBITDA less capital expenditures(1) was $63.1 million, an
increase of 3.6% compared to the third quarter of 2016.
- Total revenues were $253.8 million,
including a $47.5 million contribution from NewWave operations,
compared to $205.5 million in the third quarter of 2016.
- Residential data revenues increased
$22.5 million, or 26.0%, year-over-year to $109.3 million.
Residential data revenues would have increased $6.5 million, or
7.5%, excluding the $16.0 million contribution from NewWave
operations.
- Business services revenues increased
$9.8 million, or 38.4%, year-over-year to $35.2 million. Business
services revenues would have increased $2.7 million, or 10.6%,
excluding the $7.1 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.
“We are pleased with our progress on the integration of
NewWave,” said Julie Laulis, President and CEO of Cable ONE. “As we
continue the process of making NewWave more closely resemble Cable
ONE in terms of services and product offers, we believe
establishing a unified operational approach will benefit our
customers and associates while positioning us well for future
growth.”
Third Quarter 2017 Financial Results Compared to Third
Quarter 2016
Revenues increased $48.3 million, or 23.5%, due primarily to
$47.5 million in revenues attributable to the NewWave operations.
For the third quarter of 2017 and 2016, residential data revenues
comprised 43.1% and 42.2% of total revenues and business services
revenues comprised 13.9% and 12.4% of total revenues, respectively.
Excluding the $47.5 million contribution from NewWave in the third
quarter of 2017, revenues increased to $206.4 million from $205.5
million in the prior year quarter. The third quarter of 2017 was
negatively impacted by an estimated $1.6 million loss in revenues
from waived service offering charges associated with Hurricane
Harvey.
Operating expenses (excluding depreciation and amortization)
were $91.9 million in the third quarter of 2017 and increased $16.3
million, or 21.5%, compared to the third quarter of 2016. Operating
expenses as a percentage of revenues were 36.2% for the third
quarter of 2017 compared to 36.8% for the year-ago quarter.
Additional operating expenses attributable to the NewWave
operations were $24.2 million for the third quarter of 2017. This
increase was partially offset by a $4.8 million decrease in labor
costs associated with the aforementioned change in accounting
estimate for capitalized labor, a $0.9 million decrease in backbone
and internet connectivity fees, a $0.7 million decrease in
programming costs resulting from fewer video subscribers and a $0.7
million decrease in contract labor. Excluding the impact of the
NewWave operations, operating expenses would have been $67.7
million in the third quarter of 2017, a decrease of $7.9 million,
or 10.5%. Operating expenses as a percentage of revenues, excluding
the impact of the NewWave operations, would have been 32.8% in the
third quarter of 2017 compared to 36.8% in the third quarter of
2016.
Selling, general and administrative expenses increased $3.2
million, or 6.5%, to $52.0 million. Selling, general and
administrative expenses as a percentage of revenues were 20.5% and
23.7% for the third quarter of 2017 and 2016, respectively.
Additional selling, general and administrative expenses
attributable to the NewWave operations were $5.9 million for the
third quarter of 2017. Increases in deferred compensation expenses
of $1.1 million and insurance costs of $1.0 million were offset by
decreases in acquisition-related costs of $2.0 million and
marketing costs of $1.3 million, as well as a $1.4 million decrease
in labor costs associated with the aforementioned change in
accounting estimate for capitalized labor. Excluding the
incremental expenses associated with the NewWave operations,
selling, general and administrative expenses would have decreased
$2.7 million, or 5.6%, to $46.1 million. Selling, general and
administrative expenses as a percentage of revenues, excluding the
impact of the NewWave operations, would have been 22.3% in the
third quarter of 2017 compared to 23.7% in the third quarter of
2016.
Depreciation and amortization increased $9.4 million, or 25.8%,
including $12.2 million attributable to the NewWave operations. The
increase was due primarily to new assets placed in service since
the third 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 third quarter of 2016. As a percentage of
revenues, depreciation and amortization expense was 18.0% for the
third quarter of 2017 compared to 17.6% for the third quarter of
2016.
The Company recognized a $2.5 million loss on disposal of
assets, including $1.3 million associated with damage caused by
Hurricane Harvey, in the third quarter of 2017.
Interest expense increased $6.5 million, or 86.2%, due primarily
to additional debt incurred to finance the NewWave acquisition.
Net income increased $10.6 million, or 51.0%, to $31.5 million
in the third quarter of 2017 compared to $20.9 million in the prior
year quarter. Excluding the impact of the NewWave operations, net
income would have been $28.7 million. Without both the NewWave
operations and the change in accounting estimate for capitalized
labor, net income would have increased 18.8% to $24.8 million in
the third quarter of 2017. Excluding the NewWave operations, the
change in accounting estimate for capitalized labor and the
Hurricane Harvey impact, net income would have increased 26.4% to
$26.4 million.
Adjusted EBITDA was $115.5 million and $87.2 million for the
third quarter of 2017 and 2016, respectively. Adjusted EBITDA
growth of 32.5% in the third 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 $98.0 million and Adjusted EBITDA growth
would have been 12.4% for the third quarter of 2017. Excluding both
the NewWave operations and the change in estimate for capitalized
labor, Adjusted EBITDA would have been $91.8 million and Adjusted
EBITDA growth would have been 5.3%. Excluding the NewWave
operations, the change in estimate for capitalized labor, and the
Hurricane Harvey impact, Adjusted EBITDA would have been $93.5
million and Adjusted EBITDA growth would have been 7.3%.
Capital expenditures totaled $52.4 million and $26.3 million for
the third quarter of 2017 and 2016, respectively. Adjusted EBITDA
less capital expenditures for the third quarter of 2017 was $63.1
million, an increase of $2.2 million, or 3.6%, from the prior year
quarter. Excluding the NewWave operations, capital expenditures
would have been $38.4 million. Excluding both the NewWave
operations and the change in estimate related to capitalized labor,
capital expenditures would have been $32.2 million.
Liquidity and Capital Resources
At September 30, 2017, the Company had $118.7 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
$747.2 million of outstanding term loan borrowings in connection
with the NewWave acquisition, at September 30, 2017 and $545.3
million at December 31, 2016. The Company also had $196.9 million
available for borrowing under its revolving credit facility as of
September 30, 2017.
Conference Call
Cable ONE will host a conference call with the financial
community to discuss results for the third quarter of the 2017
fiscal year on Wednesday, November 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/10112665.
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 Thursday, November
9, 2017, until Thursday, November 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
September 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 superior to, or as a substitute
for, net income, net profit margin or net cash provided by
operating activities reported in accordance with GAAP. 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 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, provision for income taxes, changes in operating assets
and liabilities and other unusual operating expenses, as defined 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 measure used
in 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 ability to take certain actions under the indenture governing
the notes. For the purpose of calculating compliance with the
leverage covenants in the Company’s debt instruments, 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 nearly 800,000 residential
and business 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 acquisition of NewWave;
- 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. CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Three Months Ended September 30,
(in thousands,
except per share and share data)
2017 2016
$ Change
% Change Revenues Residential data $ 109,340 $ 86,797
$ 22,543 26.0 % Residential video 88,601 73,841 14,760 20.0 %
Residential voice 11,265 10,475 790 7.5 % Business services 35,168
25,406 9,762 38.4 % Advertising sales 5,885 6,460 (575 ) (8.9 )%
Other 3,587 2,557 1,030
40.3 % Total Revenues 253,846 205,536 48,310 23.5 % Costs and
Expenses Operating (excluding depreciation and amortization) 91,894
75,631 16,263 21.5 % Selling, general and administrative 51,968
48,807 3,161 6.5 % Depreciation and amortization 45,580 36,218
9,362 25.8 % (Gain) loss on disposal of assets 2,506
1,060 1,446 136.4 % Total operating
costs and expenses 191,948 161,716
30,232 18.7 % Income from operations 61,898 43,820
18,078 41.3 % Interest expense (14,019 ) (7,529 ) (6,490 ) 86.2 %
Other income (expense), net 278 4,329
(4,051 ) (93.6 )% Income before income taxes 48,157 40,620
7,537 18.6 % Provision for income taxes 16,643
19,746 (3,103 ) (15.7 )% Net income $ 31,514 $
20,874 $ 10,640 51.0 % Other comprehensive
gain (loss), net of tax 1 28 (27
) (96.4 )% Comprehensive income $ 31,515 $ 20,902 $
10,613 50.8 % Net income per common share: Basic $
5.55 $ 3.65 $ 1.90 52.1 % Diluted $ 5.48
$ 3.63 $ 1.85 51.0 % Weighted average common
shares outstanding: Basic 5,680,600 5,720,257 Diluted 5,753,910
5,755,161
CABLE ONE, INC. CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited)
(in thousands,
except par value and share data)
September 30, 2017 December 31, 2016 Assets
Current Assets: Cash and cash equivalents $ 118,701 $ 138,040
Accounts receivable, net 54,085 32,526 Income tax receivable 18,127
4,547 Prepaid assets 12,053 10,824
Total Current Assets 202,966 185,937 Property, plant and equipment,
net 810,393 619,621 Intangibles, net 968,557 497,480 Goodwill
177,809 84,928 Other assets 5,508 9,305
Total Assets $ 2,165,233 $ 1,397,271
Liabilities and Stockholders' Equity Current Liabilities:
Accounts payable and accrued liabilities $ 101,310 $ 82,703
Deferred revenue 37,158 22,190 Long-term debt - current portion
12,813 6,250 Total Current Liabilities
151,281 111,143 Long-term debt 1,164,070 530,886 Deferred income
taxes 298,324 276,297 Accrued compensation and other liabilities
25,934 24,434 Total Liabilities
1,639,609 942,760 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 60 59 shares issued; and
5,728,358 and 5,708,223 shares outstanding as of September 30, 2017
and December 31, 2016, respectively) Additional paid-in capital
25,590 17,669 Retained earnings 577,892 511,776 Accumulated other
comprehensive loss (441 ) (446 ) Treasury stock, at cost (159,541
and 179,676 shares held as ofSeptember 30, 2017 and December 31,
2016, respectively) (77,477 ) (74,547 ) Total
Stockholders' Equity 525,624 454,511
Total Liabilities and Stockholders' Equity $ 2,165,233 $
1,397,271
CABLE ONE, INC. RECONCILIATIONS
OF NON-GAAP MEASURES (Unaudited)
Three Months Ended September 30,
(dollars in
thousands)
2017 2016
$ Change
% Change Net income (1) $ 31,514 $ 20,874 $ 10,640 51.0%
Net profit margin 12.4% 10.2% Plus: Interest expense
14,019 7,529 6,490 86.2% Provision for income taxes 16,643 19,746
(3,103) (15.7)% Depreciation and amortization 45,580 36,218 9,362
25.8% Equity-based compensation expense 3,076 3,187 (111) (3.5)%
Severance expense 350 - 350 NM (Gain) loss on deferred compensation
1,485 358 1,127 NM Acquisition-related costs 557 2,512 (1,955)
(77.8)% (Gain) loss on disposal of assets 2,506 1,060 1,446 136.4%
Other (income) expense, net (278) (4,329) 4,051 (93.6)% Adjusted
EBITDA (1) $ 115,452 $ 87,155 $ 28,297 32.5% Adjusted EBITDA
margin 45.5% 42.4% Less: Capital expenditures (1) 52,400
26,320 26,080 99.1% Adjusted EBITDA less capital expenditures $
63,052 $ 60,835 $ 2,217 3.6%
NM = Not meaningful.
(1) Net income, Adjusted EBITDA and capital expenditures results
for the third quarter of 2017 include NewWave operations. Net
income and Adjusted EBITDA for the third quarter of 2017 include
the favorable impact of a reduction in expense, and capital
expenditures include the unfavorable impact in additional
expenditures, of $6.2 million due to a change in accounting
estimate related to capitalized labor costs. Without the
contribution from NewWave operations, net income would have
increased 37.3% to $28.7 million, Adjusted EBITDA would have
increased 12.4% to $98.0 million and capital expenditures would
have been $38.4 million. Excluding both the NewWave operations and
the change in estimate related to capitalized labor, net income
would have increased 18.8% to $24.8 million, Adjusted EBITDA would
have increased 5.3% to $91.8 million and capital expenditures would
have been $32.2 million.
Three Months Ended September 30,
(dollars in
thousands)
2017 2016
$ Change
% Change Net cash provided by operating activities $
88,929 $ 67,991 $ 20,938 30.8 % Capital expenditures (52,400 )
(26,320 ) (26,080 ) 99.1 % Interest expense 14,019 7,529 6,490 86.2
% Amortization of debt issuance costs (992 ) (424 ) (568 ) 134.0 %
Provision for income taxes 16,643 19,746 (3,103 ) (15.7 )% Changes
in operating assets and liabilities (1,786 ) (6,500 ) 4,714 (72.5
)% (Provision) benefit for deferred income taxes (3,475 ) (3,893 )
418 (10.7 )% (Gain) loss on deferred compensation 1,485 358 1,127
NM Acquisition-related costs 557 2,512 (1,955 ) (77.8 )% Severance
expense 350 - 350 NM Gain on sale of cable system - 4,165 (4,165 )
(100.0 )% Other (income) expense, net (278 ) (4,329 )
4,051 (93.6 )% Adjusted EBITDA less capital
expenditures $ 63,052 $ 60,835 $ 2,217 3.6 %
NM = Not meaningful.
CABLE ONE, INC. OPERATING STATISTICS
(Unaudited)
As of September 30, Year-Over-Year 2017
2016 % Change Legacy CABO
NewWave Consolidated Historical Legacy
CABO Consolidated Homes Passed 1,687,848
448,988 2,136,836 1,656,860 1.9
% 29.0 % Total Customers
647,314 148,796 796,110 658,088
(1.6 )% 21.0 % Non-video 359,649 N/A
N/A 324,352 10.9 % N/A Percent of total 55.6 % N/A N/A 49.3 %
Residential Customers 593,388 137,711
731,099 607,399 (2.3 )% 20.4
% Data PSUs 471,537 109,973 581,510 466,668 1.0 %
24.6 % Video PSUs 274,258 79,602 353,860 315,589 (13.1 )% 12.1 %
Voice PSUs 89,259 22,036 111,295
100,510 (11.2 )% 10.7 % Total residential PSUs
835,054 211,611 1,046,665 882,767 (5.4 )% 18.6 %
Business
Customers 53,926 11,085 65,011
50,689 6.4 % 28.3 % Data
PSUs 47,525 8,618 56,143 43,905 8.2 % 27.9 % Video PSUs 13,002
3,851 16,853 13,797 (5.8 )% 22.1 % Voice PSUs 19,440
4,780 24,220 17,695 9.9 %
36.9 % Total business PSUs 79,967 17,249 97,216 75,397 6.1 % 28.9 %
Penetration Data 30.8 % 26.4 % 29.8 % 30.8 % 0.0 %
(1.0 )% Video 17.0 % 18.6 % 17.3 % 19.9 % (2.9 )% (2.6 )% Voice 6.4
% 6.0 % 6.3 % 7.1 % (0.7 )% (0.8 )%
Share of Third
Quarter Revenues Residential data 45.2 % 33.6 % 43.1 % 42.2 %
3.0 % 0.9 % Business services 13.6 % 14.7 %
13.9 % 12.4 % 1.2 % 1.5 % Total 58.8 % 48.3 % 57.0 % 54.6 %
4.2 % 2.4 %
ARPUs - Third Quarter Residential data
(1) $ 65.74 $ 48.51 $ 62.49 $ 62.07 5.9 % 0.7 % Residential video
(1) $ 81.41 $ 83.85 $ 81.96 $ 76.85 5.9 % 6.7 % Residential voice
(1) $ 32.75 $ 35.35 $ 33.26 $ 34.18 (4.2 )% (2.7 )% Business
services (2) $ 174.52 $ 214.90 $ 181.37 $ 168.80 3.4 % 7.4 %
Number of Associates 1,802 510 2,312
1,907 (5.5 )% 21.2 %
(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.
(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.
N/A Information not available.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171108005228/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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