Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”)
today reported financial and operating results for the quarter
ended March 31, 2020.
Cable One completed the acquisition of Clearwave Communications
(“Clearwave”) on January 8, 2019 and the acquisition of Fidelity
Communications Co.’s data, video and voice business and certain
related assets (collectively, “Fidelity”) on October 1, 2019. The
results discussed below and presented in the tables within this
press release include Clearwave and Fidelity operations for the
periods since the completion of their respective acquisitions.
First Quarter 2020 Highlights:
- Total revenues were $321.2 million in the first quarter of 2020
compared to $278.6 million in the first quarter of 2019, an
increase of 15.3%. Residential data revenues increased 19.4% and
business services revenues increased 22.7% year-over-year.
- Net income was $69.3 million in the first quarter of 2020, an
increase of 79.0% year-over-year. Adjusted EBITDA(1) was $157.7
million, an increase of 18.5% year-over-year. Net profit margin was
21.6% and Adjusted EBITDA margin(1) was 49.1%.
- Net cash provided by operating activities was $118.5 million in
the first quarter of 2020, an increase of 13.5% year-over-year.
Adjusted EBITDA less capital expenditures(1) was $93.0 million in
the first quarter of 2020 compared to $86.5 million in the first
quarter of 2019.
- Residential data primary service units (“PSUs”) grew by over
102,000, or 16.7%, year-over-year and by nearly 19,000, or 2.7%,
sequentially. Business services PSUs grew by nearly 18,000, or
16.1%, year-over-year.
- In an effort to help ease the financial burden and provide
continued connectivity for its customers and communities impacted
by the COVID-19 pandemic, beginning in March 2020, the Company
initially committed to do the following for 60 days under the
Federal Communication Commission’s Keep Americans Connected Pledge:
waive late charges and suspend disconnection of data services for
residential and business customers who are unable to pay their bill
due to disruptions caused by the pandemic and open free Wi-Fi
hotspots in local office parking lots and other public areas across
its footprint for public use, which are now in place at more than
140 locations. These commitments are currently scheduled to
continue through June 30, 2020.
- Other actions taken by the Company beginning in March 2020 to
assist customers and the communities it serves during the COVID-19
pandemic included discontinuing charging data overage fees;
offering a low-cost 15 Megabit per second (“Mbps”) residential data
plan for $10 per month through June 30, 2020 to help low-income
families and those impacted by the pandemic, such as seniors and
college students; donating $300,000 to support community relief
efforts, evenly divided between the Meals on Wheels America
COVID-19 Response Fund and local food banks in Cable One markets;
and supporting various other local relief efforts.
(1)
Adjusted EBITDA, Adjusted EBITDA margin
and Adjusted EBITDA less capital expenditures are defined in the
section of this press release entitled “Use of Non-GAAP Financial
Measures.” Adjusted EBITDA and Adjusted EBITDA less capital
expenditures are reconciled to net income, Adjusted EBITDA margin
is reconciled to net profit margin and Adjusted EBITDA less capital
expenditures is also reconciled to net cash provided by operating
activities. Refer to the “Reconciliations of Non-GAAP Measures”
tables within this press release.
First Quarter 2020 Financial Results Compared to First
Quarter 2019
Revenues increased $42.6 million, or 15.3%, to $321.2 million
for the first quarter of 2020, including $32.1 million from
Fidelity operations. The remaining increase was driven primarily by
organic residential data and business services revenue growth,
partially offset by a decrease in organic residential video
revenues. For the first quarter of 2020 and 2019, residential data
revenues comprised 48.3% and 46.6% of total revenues and business
services revenues comprised 18.0% and 16.9% of total revenues,
respectively. The impact of certain actions taken by the Company in
response to the COVID-19 pandemic, including the discontinuation of
data overage fees, waiving of late charges and offering of a
low-cost 15 Mbps residential data plan, on residential and business
services revenues was immaterial in the first quarter of 2020.
Operating expenses (excluding depreciation and amortization)
were $105.9 million in the first quarter of 2020 compared to $94.5
million in the first quarter of 2019. Operating expenses as a
percentage of revenues were 33.0% for the first quarter of 2020
compared to 33.9% for the year-ago quarter. The increase in
operating expenses was primarily attributable to $11.0 million of
additional expenses related to Fidelity operations. Operating
expenses for the first quarter of 2020 reflect immaterial increases
in labor costs and other operating expenses as a result of the
COVID-19 pandemic.
Selling, general and administrative expenses were $62.9 million
for the first quarter of 2020 and increased $1.4 million, or 2.3%,
compared to the first quarter of 2019. Selling, general and
administrative expenses as a percentage of revenues were 19.6% and
22.1% for the first quarter of 2020 and 2019, respectively. The
increase in selling, general and administrative expenses was
primarily attributable to $6.3 million of additional expenses
related to Fidelity operations, partially offset by decreases of
$3.2 million in acquisition-related costs and $1.5 million in
health insurance costs. Selling, general and administrative
expenses for the first quarter of 2020 reflect $0.8 million of
additional expenses primarily attributable to increases in bad debt
expense estimates, labor costs and community relief donations
resulting from the COVID-19 pandemic.
Depreciation and amortization expense was $65.3 million for the
first quarter of 2020, including $10.8 million attributable to
Fidelity operations, and increased $11.4 million, or 21.2%,
compared to the first quarter of 2019. As a percentage of revenues,
depreciation and amortization expense was 20.3% for the first
quarter of 2020 compared to 19.3% for the first quarter of
2019.
The Company recognized a $5.6 million net gain on asset sales
and disposals during the first quarter of 2020, which included a
$6.6 million non-cash gain on the sale of certain tower properties.
The Company recognized a $1.1 million net loss on asset sales and
disposals in the first quarter of 2019, which included a $1.6
million gain on the sale of a non-operating property.
Interest expense increased $0.6 million, or 3.2%, to $18.7
million, driven primarily by additional outstanding debt and
interest rate swap settlements, partially offset by lower interest
rates.
Other income of $1.7 million and $1.8 million in the first
quarter of 2020 and 2019, respectively, consisted primarily of
interest and investment income.
Income tax provision was $6.5 million in the first quarter of
2020 compared to $12.7 million in the prior year quarter. The
effective tax rate was 8.5% and 24.6% for the first quarter of 2020
and 2019, respectively. The decrease in the effective tax rate was
due primarily to a $7.0 million income tax benefit attributable to
the net operating loss carryback provision of the Coronavirus Aid,
Relief, and Economic Security Act enacted in response to the
COVID-19 pandemic, a $4.2 million increase in income tax benefits
attributable to equity-based compensation awards and a $1.1 million
decrease in income tax expenses attributable to state effective tax
rate changes.
Net income was $69.3 million in the first quarter of 2020
compared to $38.7 million in the prior year quarter.
Adjusted EBITDA was $157.7 million and $133.1 million for the
first quarter of 2020 and 2019, respectively, an increase of 18.5%.
Capital expenditures for the first quarter of 2020 totaled $64.8
million, including capital expenditures for Fidelity operations,
compared to $46.6 million for the first quarter of 2019. Adjusted
EBITDA less capital expenditures for the first quarter of 2020 was
$93.0 million compared to $86.5 million in the prior year quarter.
Adjusted EBITDA and Adjusted EBITDA margin were negatively impacted
to a small extent in the first quarter of 2020 as a result of the
Company’s responses to the COVID-19 pandemic, primarily from the
increased expenses noted above.
Anticipated COVID-19 Impacts on Second Quarter 2020
The Company anticipates a larger-than-usual quarterly increase
in new residential data customers and resulting revenues in the
second quarter of 2020 stemming from the COVID-19 pandemic, offset
by lower data overage fees, late charges and reconnect fees
resulting from the Company’s actions in response to the pandemic as
well as a negative impact on advertising and business services
revenues resulting from the pandemic. In addition, the Company
expects to incur higher labor, bad debt and other expenses for the
second quarter of 2020 as a result of the pandemic and the
Company’s associated response efforts.
The Company continues to monitor the rapidly evolving situation
caused by the COVID-19 pandemic, and it may take further actions
required by governmental authorities or that it determines are
prudent to support the well-being of its associates, customers,
suppliers, business partners and others. The degree to which the
COVID-19 pandemic impacts the Company’s operations, business,
financial results and financial condition will depend on future
developments, which are highly uncertain, continuously evolving and
cannot be predicted. This includes, but is not limited to, the
duration and spread of the pandemic, its severity, the actions to
contain the virus or treat its impact and how quickly and to what
extent normal economic and operating conditions can resume.
Accordingly, the Company’s results and financial condition
discussed herein may not be indicative of its future results and
trends. Refer to the section entitled “Risks Factors” in the
Company’s Quarterly Report on Form 10-Q for the period ended March
31, 2020 (the “First Quarter 2020 Form 10-Q”) for additional risks
the Company faces due to the COVID-19 pandemic.
Liquidity and Capital Resources
At March 31, 2020, the Company had $241.9 million of cash and
cash equivalents on hand compared to $125.3 million at December 31,
2019. The Company’s debt balance was $1.9 billion and $1.8 billion
at March 31, 2020 and December 31, 2019, respectively. The Company
borrowed $100.0 million under its revolving credit facility during
the first quarter of 2020 for general corporate purposes, including
for potential and completed small acquisitions and investments,
with $221.3 million remaining available for borrowing as of March
31, 2020.
The Company paid $12.8 million in dividends to stockholders
during the first quarter of 2020.
Conference Call
Cable One will host a conference call with the financial
community to discuss results for the first quarter 2020 on Monday,
May 11, 2020, at 5 p.m. Eastern Time (ET).
Stockholders, analysts and other interested parties may register
for the conference in advance at http://dpregister.com/10142455.
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 5 p.m. ET.
A replay of the call will be available from Monday, May 11, 2020
until Monday, May 25, 2020 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 condensed consolidated financial statements
and notes thereto contained in the First Quarter 2020 Form 10-Q,
which will be posted on the “SEC Filings” section of the Cable One
Investor Relations website at ir.cableone.net when it is filed with
the Securities and Exchange Commission (the “SEC”). Investors and
others interested in more information about Cable One should
consult the Company’s website, which is regularly updated with
financial and other important information about the Company.
Use of Non-GAAP Financial Measures
The Company uses certain measures that are not defined by
generally accepted accounting principles in the United States
(“GAAP”) to evaluate various aspects of its business. Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital
expenditures and capital expenditures as a percentage of Adjusted
EBITDA are non-GAAP financial measures and should be considered in
addition to, not as superior to, or as a substitute for, net
income, net profit margin, net cash provided by operating
activities or capital expenditures as a percentage of net income
reported in accordance with GAAP. Adjusted EBITDA and Adjusted
EBITDA less capital expenditures are reconciled to net income,
Adjusted EBITDA margin is reconciled to net profit margin and
capital expenditures as a percentage of Adjusted EBITDA is
reconciled to capital expenditures as a percentage of net income.
Adjusted EBITDA less capital expenditures is also reconciled to net
cash provided by operating activities. These reconciliations are
included in the “Reconciliations of Non-GAAP Measures” tables
within this press release.
“Adjusted EBITDA” is defined as net income plus interest
expense, income tax provision, depreciation and amortization,
equity-based compensation, severance expense, (gain) loss on
deferred compensation, acquisition-related costs, (gain) loss on
asset sales and disposals, system conversion costs, rebranding
costs, other (income) expense and other unusual 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 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
expenses, 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 facilities to
determine compliance with the covenants contained in the Company’s
credit agreement. 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, Adjusted EBITDA margin and
capital expenditures as a percentage of Adjusted EBITDA are useful
to investors in evaluating the operating performance of the
Company. The Company believes that Adjusted EBITDA less capital
expenditures is useful to investors as it shows the Company’s
performance while taking into account cash outflows for capital
expenditures and is one of several indicators of the Company’s
ability to service debt, make investments and/or return capital to
its stockholders.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less
capital expenditures, capital expenditures as a percentage of
Adjusted EBITDA and similar measures with similar titles are common
measures used by investors, analysts and peers to compare
performance in the Company’s industry, although the Company’s
measures of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
EBITDA less capital expenditures and capital expenditures as a
percentage of Adjusted EBITDA may not be directly comparable to
similarly titled measures reported by other companies.
About Cable One
Cable One, Inc. (NYSE: CABO) is a leading broadband
communications provider serving more than 900,000 residential and
business customers in 21 states through its Sparklight® and
Clearwave brands. Sparklight provides consumers with a wide array
of connectivity and entertainment services, including high-speed
internet and advanced Wi-Fi solutions, cable television and phone
service. Sparklight Business and Clearwave provide scalable and
cost-effective products for businesses ranging in size from small
to mid-market, in addition to enterprise, wholesale and carrier
customers.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
This communication may contain “forward-looking statements” that
involve risks and uncertainties. These statements can be identified
by the fact that they do not relate strictly to historical or
current facts, but rather are based on current expectations,
estimates, assumptions and projections about the Company’s
industry, business, strategy, dividend policy, financial results
and financial condition as well as anticipated impacts from the
COVID-19 pandemic on the Company and future responses.
Forward-looking statements often include words such as “will,”
“should,” “anticipates,” “estimates,” “expects,” “projects,”
“intends,” “plans,” “believes” and words and terms of similar
substance in connection with discussions of future operating or
financial performance. As with any projection or forecast,
forward-looking statements are inherently susceptible to
uncertainty and changes in circumstances. The Company’s actual
results may vary materially from those expressed or implied in its
forward-looking statements. Accordingly, undue reliance should not
be placed on any forward-looking statement made by the Company or
on its behalf. Important factors that could cause the Company’s
actual results to differ materially from those in its
forward-looking statements include government regulation, economic,
strategic, political and social conditions and the following
factors, which are discussed in the Company’s latest Annual Report
on Form 10-K and the First Quarter 2020 Form 10-Q as filed with the
SEC:
- the duration and severity of the COVID-19 pandemic and its
effects on the Company’s business, financial condition, results of
operations and cash flows;
- rising levels of competition from historical and new entrants
in the Company’s markets;
- recent and future changes in technology;
- the Company’s ability to continue to grow its business services
products;
- increases in programming costs and retransmission fees;
- the Company’s ability to obtain hardware, software and
operational support from vendors;
- the effects of any acquisitions and strategic investments by
the Company;
- risks that the Company’s rebranding may not produce the
benefits expected;
- damage to the Company’s reputation or brand image;
- risks that the implementation of the Company’s new enterprise
resource planning system disrupts business operations;
- adverse economic conditions;
- 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;
- the Company’s ability to retain key employees;
- legislative or regulatory efforts to impose network neutrality
and other new requirements on the Company’s data services;
- additional regulation of the Company’s video and voice
services;
- the Company’s ability to renew cable system franchises;
- increases in pole attachment costs;
- changes in local governmental franchising authority and
broadcast carriage regulations;
- the potential adverse effect of the Company’s level of
indebtedness on its business, financial condition or results of
operations and cash flows;
- the restrictions the terms of the Company’s indebtedness place
on its business and corporate actions;
- the possibility that interest rates will rise, causing the
Company’s obligations to service its variable rate indebtedness to
increase significantly;
- the Company’s ability to incur future indebtedness;
- fluctuations in the Company’s stock price;
- the Company’s ability to continue to pay dividends;
- dilution from equity awards and potential stock issuances in
connection with acquisitions and strategic investments;
- provisions in the Company’s charter, by-laws and Delaware law
that could discourage takeovers; and
- the other risks and uncertainties detailed from time to time in
the Company’s filings with the SEC, including but not limited to
its latest Annual Report on Form 10-K and the First Quarter 2020
Form 10-Q as filed with the SEC.
Any forward-looking statements made by the Company in this
communication speak only as of the date on which they are made. The
Company is under no obligation, and expressly disclaims any
obligation, except as required by law, to update or alter its
forward-looking statements, whether as a result of new information,
subsequent events or otherwise.
CABLE ONE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended March
31,
(dollars in
thousands, except per share data)
2020
2019
$ Change
% Change
Revenues:
Residential data
$
154,990
$
129,812
$
25,178
19.4%
Residential video
85,322
83,802
1,520
1.8%
Residential voice
12,427
9,624
2,803
29.1%
Business services
57,862
47,143
10,719
22.7%
Other
10,595
8,224
2,371
28.8%
Total Revenues
321,196
278,605
42,591
15.3%
Costs and Expenses:
Operating (excluding depreciation and
amortization)
105,928
94,518
11,410
12.1%
Selling, general and administrative
62,884
61,443
1,441
2.3%
Depreciation and amortization
65,279
53,844
11,435
21.2%
(Gain) loss on asset sales and disposals,
net
(5,621)
1,103
(6,724)
NM
Total Costs and Expenses
228,470
210,908
17,562
8.3%
Income from operations
92,726
67,697
25,029
37.0%
Interest expense
(18,674)
(18,096)
(578)
3.2%
Other income, net
1,734
1,802
(68)
(3.8)%
Income before income taxes
75,786
51,403
24,383
47.4%
Income tax provision
6,460
12,664
(6,204)
(49.0)%
Net income
$
69,326
$
38,739
$
30,587
79.0%
Net Income per Common Share:
Basic
$
12.17
$
6.83
$
5.34
78.2%
Diluted
$
12.05
$
6.78
$
5.27
77.7%
Weighted Average Common Shares
Outstanding:
Basic
5,697,904
5,674,120
23,784
0.4%
Diluted
5,755,059
5,716,585
38,474
0.7%
Unrealized loss on cash flow hedges and
other, net of tax
$
(84,625)
$
(29,069)
$
(55,556)
191.1%
Comprehensive income (loss)
$
(15,299)
$
9,670
$
(24,969)
NM
NM = Not meaningful.
CABLE ONE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(dollars in
thousands, except par values)
March 31, 2020
December 31, 2019
Assets
Current Assets:
Cash and cash equivalents
$
241,894
$
125,271
Accounts receivable, net
35,386
38,452
Income taxes receivable
16,028
2,146
Prepaid and other current assets
24,476
15,619
Total Current Assets
317,784
181,488
Property, plant and equipment, net
1,210,306
1,201,271
Intangible assets, net
1,301,228
1,312,381
Goodwill
429,597
429,597
Other noncurrent assets
39,444
27,094
Total Assets
$
3,298,359
$
3,151,831
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued
liabilities
$
131,119
$
136,993
Deferred revenue
24,886
23,640
Current portion of long-term debt
28,935
28,909
Total Current Liabilities
184,940
189,542
Long-term debt
1,805,700
1,711,937
Deferred income taxes
295,732
303,314
Interest rate swap liability
175,524
78,612
Other noncurrent liabilities
25,572
26,857
Total Liabilities
2,487,468
2,310,262
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 5,724,857 and
5,715,377 shares outstanding as of March 31, 2020 and December 31,
2019, respectively)
59
59
Additional paid-in capital
54,419
51,198
Retained earnings
1,036,877
980,355
Accumulated other comprehensive loss
(152,783)
(68,158)
Treasury stock, at cost (163,042 and
172,522 shares held as of March 31, 2020 and December 31, 2019,
respectively)
(127,681)
(121,885)
Total Stockholders' Equity
810,891
841,569
Total Liabilities and Stockholders'
Equity
$
3,298,359
$
3,151,831
CABLE ONE, INC.
RECONCILIATIONS OF NON-GAAP
MEASURES
(Unaudited)
Three Months Ended March
31,
(dollars in
thousands)
2020
2019
$ Change
% Change
Net income
$
69,326
$
38,739
$
30,587
79.0%
Net profit margin
21.6%
13.9%
Plus:
Interest expense
$
18,674
$
18,096
$
578
3.2%
Income tax provision
6,460
12,664
(6,204)
(49.0)%
Depreciation and amortization
65,279
53,844
11,435
21.2%
Equity-based compensation
3,221
3,021
200
6.6%
Severance expense
-
163
(163)
(100.0)%
(Gain) loss on deferred compensation
(227)
175
(402)
(229.7)%
Acquisition-related costs
2,017
5,223
(3,206)
(61.4)%
(Gain) loss on asset sales and disposals,
net
(5,621)
1,103
(6,724)
NM
System conversion costs
48
1,396
(1,348)
(96.6)%
Rebranding costs
268
510
(242)
(47.5)%
Other income, net
(1,734)
(1,802)
68
(3.8)%
Adjusted EBITDA
$
157,711
$
133,132
$
24,579
18.5%
Adjusted EBITDA margin
49.1%
47.8%
Less:
Capital expenditures
$
64,757
$
46,627
$
18,130
38.9%
Capital expenditures as a percentage of
net income
93.4%
120.4%
Capital expenditures as a percentage of
Adjusted EBITDA
41.1%
35.0%
Adjusted EBITDA less capital
expenditures
$
92,954
$
86,505
$
6,449
7.5%
NM = Not meaningful.
Three Months Ended March
31,
(dollars in
thousands)
2020
2019
$ Change
% Change
Net cash provided by operating
activities
$
118,500
$
104,378
$
14,122
13.5%
Capital expenditures
(64,757)
(46,627)
(18,130)
38.9%
Interest expense
18,674
18,096
578
3.2%
Amortization of debt issuance costs
(1,106)
(1,118)
12
(1.1)%
Income tax provision
6,460
12,664
(6,204)
(49.0)%
Changes in operating assets and
liabilities
34,919
549
34,370
NM
Increase in deferred income taxes
(20,108)
(7,102)
(13,006)
183.1%
(Gain) loss on deferred compensation
(227)
175
(402)
(229.7)%
Acquisition-related costs
2,017
5,223
(3,206)
(61.4)%
Severance expense
-
163
(163)
(100.0)%
System conversion costs
48
1,396
(1,348)
(96.6)%
Rebranding costs
268
510
(242)
(47.5)%
Other income, net
(1,734)
(1,802)
68
(3.8)%
Adjusted EBITDA less capital
expenditures
$
92,954
$
86,505
$
6,449
7.5%
NM = Not meaningful.
CABLE ONE, INC.
OPERATING STATISTICS
(Unaudited)
As of March 31,
Change
(in thousands,
except percentages and ARPU data)
2020
2019
Amount
%
Homes Passed
2,332
2,120
212
10.0%
Residential Customers
836
743
93
12.5%
Data PSUs
713
611
102
16.7%
Video PSUs
288
305
(17)
(5.5)%
Voice PSUs
102
97
5
4.8%
Total residential PSUs
1,103
1,013
90
8.9%
Business Customers
85
75
10
13.3%
Data PSUs
79
67
12
18.4%
Video PSUs
15
16
(1)
(4.0)%
Voice PSUs
35
29
6
21.5%
Total business services PSUs
129
111
18
16.1%
Total Customers
921
818
103
12.6%
Total non-video
617
501
116
23.1%
Percent of total
67.0%
61.2%
Data PSUs
793
678
114
16.9%
Video PSUs
303
321
(17)
(5.4)%
Voice PSUs
136
125
11
8.6%
Total PSUs
1,232
1,124
108
9.6%
Penetration
Data
34.0%
32.0%
2.0%
Video
13.0%
15.1%
(2.1)%
Voice
5.8%
5.9%
(0.1)%
Share of First Quarter Revenues
Residential data
48.3%
46.6%
1.7%
Business services
18.0%
16.9%
1.1%
Total
66.3%
63.5%
2.8%
ARPU - First Quarter
Residential data(1)
$
72.86
$
70.80
$
2.06
2.9%
Residential video(1)
$
96.75
$
90.54
$
6.21
6.9%
Residential voice(1), (2)
$
40.07
$
32.54
$
7.53
23.1%
Business services(2), (3)
$
226.78
$
213.04
$
13.74
6.4%
Note:
All totals, percentages and year-over-year
changes are calculated using exact numbers. Minor differences may
exist due to rounding.
(1)
Average monthly revenue per unit (“ARPU”)
values represent the applicable quarterly residential service
revenues (excluding installation and activation fees) divided by
the corresponding average of the number of PSUs at the beginning
and end of each period, divided by three, except that for any new
PSUs added as a result of an acquisition 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)
The increases in residential voice and
business services ARPU from the prior year were partially a result
of certain passthrough fees that were historically reported on a
net basis. Residential voice and business services ARPU for the
first quarter of 2020 would have been $35.24 and $223.03,
respectively, if reported on a comparable basis.
(3)
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 new business customer
relationships added as a result of an acquisition 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/20200511005152/en/
Trish Niemann Senior Director, Corporate Communications
602-364-6372 patricia.niemann@cableone.biz
Steven Cochran Senior Vice President and Chief Financial Officer
investor_relations@cableone.biz
Cable One (NYSE:CABO)
Historical Stock Chart
From Aug 2024 to Sep 2024
Cable One (NYSE:CABO)
Historical Stock Chart
From Sep 2023 to Sep 2024