Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”)
today reported financial and operating results for the quarter
ended March 31, 2023.
Three Months Ended March
31,
(dollars in
thousands)
2023
2022
$ Change
% Change
Revenues
$
421,894
$
426,726
$
(4,832
)
(1.1
)
Net income
$
57,426
$
171,476
$
(114,050
)
(66.5
)
Net profit margin
13.6
%
40.2
%
Cash flows from operating activities
$
161,787
$
188,719
$
(26,932
)
(14.3
)
Adjusted EBITDA(1)
$
228,774
$
226,534
$
2,240
1.0
Adjusted EBITDA margin(1)
54.2
%
53.1
%
Capital expenditures
$
96,106
$
99,448
$
(3,342
)
(3.4
)
Adjusted EBITDA less capital
expenditures(1)
$
132,668
$
127,086
$
5,582
4.4
"We are pleased with our strong start to 2023," said Julie
Laulis, President and CEO of Cable One. "We added more than 2,200
residential data subscribers during the first quarter and realized
robust Adjusted EBITDA margin, providing further evidence that our
ongoing capital investment in our state-of-the-art network,
alongside our long-term commitment to the rural communities we
serve, continues to differentiate our brands in the
marketplace."
First Quarter 2023 Highlights:
- Net income was $57.4 million in the first quarter of 2023
compared to $171.5 million in the first quarter of 2022. Adjusted
EBITDA was $228.8 million in the first quarter of 2023 compared to
$226.5 million in the first quarter of 2022. Net profit margin was
13.6% and Adjusted EBITDA margin was 54.2%.
- Net cash provided by operating activities was $161.8 million in
the first quarter of 2023 compared to $188.7 million in the first
quarter of 2022. Adjusted EBITDA less capital expenditures was
$132.7 million in the first quarter of 2023 compared to $127.1
million in the first quarter of 2022.
- Total revenues were $421.9 million in the first quarter of 2023
compared to $426.7 million in the first quarter of 2022.
Year-over-year, residential data revenues increased 5.5% while
business services revenues were essentially flat. Business services
revenues for the first quarter of 2022 included $2.4 million from
the Divested Operations(2).
- Residential data primary service units (“PSUs”) grew by 3,677,
or 0.4%, year-over-year, and grew by 2,235, or 0.2%, sequentially
from the fourth quarter of 2022. Residential data average monthly
revenue per unit (“ARPU”) was $83.58 for the first quarter of 2023,
an increase of $3.62, or 4.5%, from the prior year quarter.
- The Company repurchased 56,766 shares of its common stock at an
aggregate cost of $41.8 million, representing 1.0% of outstanding
shares at December 31, 2022, and paid $16.5 million in dividends
during the first quarter of 2023. The Company had $200.4 million of
remaining share repurchase authorization as of March 31, 2023.
- On February 22, 2023, the Company opportunistically amended,
upsized and extended certain existing credit facilities totaling
approximately $2.0 billion with a core group of its lenders, most
notably achieving extended maturities, enhanced liquidity and
improved strategic flexibility at comparable costs to the existing
facilities.
_____________________
(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.
(2)
During the second quarter of 2022, Cable
One divested its Tallahassee, Florida system and certain other
non-core assets (collectively, the "Divested Operations"). The
results discussed and presented in the tables within this press
release exclude the Divested Operations from their respective
divestiture dates.
First Quarter 2023 Financial Results Compared to First
Quarter 2022
Revenues decreased $4.8 million, or 1.1%, to $421.9 million for
the first quarter of 2023 due primarily to decreases in residential
video and residential voice revenues, partially offset by an
increase in residential data revenues. Year-over-year business
services revenues were essentially flat. Business services revenues
for the first quarter of 2022 included $2.4 million from the
Divested Operations.
Net income was $57.4 million in the first quarter of 2023
compared to $171.5 million in the prior year quarter. Net income
for the first quarter of 2023 reflected interest expense of $41.2
million, an $11.1 million increase year-over-year, and income tax
expense of $22.3 million, a $19.2 million decrease year-over-year.
Net income for the first quarter of 2023 also included a $12.3
million non-cash mark-to-market gain on the investment in Point
Broadband Holdings, LLC and an $8.0 million non-cash loss on fair
value adjustment associated with the call and put options to
acquire the remaining equity interests in Mega Broadband
Investments Holdings LLC (the "MBI Net Option"). Net income for the
first quarter of 2022 included an $84.6 million non-cash gain on
fair value adjustment associated with the MBI Net Option fair value
adjustment and a $22.1 million non-cash gain associated with the
Company's contribution of certain fiber operations to Clearwave
Fiber LLC, a joint venture amongst the Company and certain
unaffiliated third-party investors. Net profit margin was 13.6% in
the first quarter of 2023 compared to 40.2% in the prior year
quarter.
Adjusted EBITDA was $228.8 million and $226.5 million for the
first quarter of 2023 and 2022, respectively. Adjusted EBITDA for
the first quarter of 2023 reflected lower programming expenses as a
result of video customer losses, and decreased marketing and health
insurance costs. The decrease is partially offset by higher labor
and other compensation- related expenses, software costs and
property taxes. Adjusted EBITDA margin increased to 54.2% in the
first quarter of 2023 from 53.1% in the prior year quarter.
Net cash provided by operating activities was $161.8 million in
the first quarter of 2023 compared to $188.7 million in the first
quarter of 2022, driven by higher interest and tax payments and the
timing of working capital changes. Capital expenditures for the
first quarter of 2023 totaled $96.1 million compared to $99.4
million for the first quarter of 2022. Adjusted EBITDA less capital
expenditures for the first quarter of 2023 was $132.7 million
compared to $127.1 million in the prior year quarter.
Liquidity and Capital Resources
At March 31, 2023, the Company had $202.7 million of cash and
cash equivalents on hand compared to $215.2 million at December 31,
2022. The Company’s debt balance was approximately $3.8 billion at
both March 31, 2023 and December 31, 2022. The Company had $488.0
million of borrowings and $512.0 million available for borrowing
under its revolving credit facility as of March 31, 2023.
On February 22, 2023, the Company amended and restated its
credit agreement (the "New Credit Agreement") to, among other
things, (i) increase the aggregate principal amount of commitments
under its revolving credit facility by $500.0 million to $1.0
billion; (ii) extend the scheduled maturity of its revolving credit
facility from October 2025 to February 2028; (iii) upsize the
outstanding principal amount under its $625.0 million original
principal term loan maturing in 2027 (the "Term Loan B-3") by
$150.0 million to $757.0 million; (iv) extend the scheduled
maturities of its $250.0 million term loan maturing in 2027 (the
"Term Loan B-2") and the Term Loan B-3 from October 2027 to October
2029 (subject to certain adjustments); and (v) transition the
benchmark interest rate for its revolving credit facility, the Term
Loan B-2 and the Term Loan B-3 from the London Interbank Offered
Rate ("LIBOR") to the Secured Overnight Financing Rate plus a 10
basis point credit spread adjustment. The variable interest rate
spread on the Company's revolving credit facility remained
unchanged while the fixed spreads on the Term Loan B-2 and the Term
Loan B-3 increased from 2.00% to 2.25%. Except as described above,
the New Credit Agreement did not make any material changes to the
principal terms of its revolving credit facility or its term loans.
Upon the effectiveness of the New Credit Agreement, the Company
drew $488.0 million under its revolving credit facility and,
together with the net proceeds from the upsized Term Loan B-3,
repaid all $638.3 million aggregate principal amount of its
outstanding term "A-2" loan tranche that was scheduled to mature on
October 30, 2025.
Conference Call
Cable One will host a conference call with the financial
community to discuss results for the first quarter of 2023 on
Thursday, May 4, 2023, 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 1-833-470-1428 (International: 1-404-662-2808) and using
the access code 995399. Participants should register for the
webcast or dial in for the conference call shortly before 5 p.m.
ET.
A replay of the call will be available from May 4, 2023 until
May 18, 2023 at ir.cableone.net.
Additional Information Available on Website
The information in this press release should be read in
conjunction with the condensed consolidated financial statements
and notes thereto contained in the Company’s Quarterly Report on
Form 10-Q for the period ended March 31, 2023, which will be posted
on the “SEC Filings” section of the Cable One Investor Relations
website at ir.cableone.net when it is filed with the Securities and
Exchange Commission (the “SEC”). Investors and others interested in
more information about Cable One should consult the Company’s
website, which is regularly updated with financial and other
important information about the Company.
Use of Non-GAAP Financial Measures
The Company uses certain measures that are not defined by
generally accepted accounting principles in the United States
(“GAAP”) to evaluate various aspects of its business. Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital
expenditures and capital expenditures as a percentage of Adjusted
EBITDA are non-GAAP financial measures and should be considered in
addition to, not as superior to, or as a substitute for, net
income, net profit margin, net cash provided by operating
activities or capital expenditures as a percentage of net income
reported in accordance with GAAP. Adjusted EBITDA and Adjusted
EBITDA less capital expenditures are reconciled to net income,
Adjusted EBITDA margin is reconciled to net profit margin and
capital expenditures as a percentage of Adjusted EBITDA is
reconciled to capital expenditures as a percentage of net income.
Adjusted EBITDA less capital expenditures is also reconciled to net
cash provided by operating activities. These reconciliations are
included in the “Reconciliations of Non-GAAP Measures” tables
within this press release.
“Adjusted EBITDA” is defined as net income plus interest
expense, income tax provision, depreciation and amortization,
equity-based compensation, (gain) loss on deferred compensation,
acquisition-related costs, (gain) loss on asset sales and
disposals, system conversion costs, (gain) loss on sale of
business, equity method investment (income) loss, other (income)
expense and other unusual items, as provided in the
“Reconciliations of Non-GAAP Measures” tables within this press
release. As such, it eliminates the significant non-cash
depreciation and amortization expense that results from the
capital- intensive nature of the Company’s business as well as
other non-cash or special items and is unaffected by the Company’s
capital structure or investment activities. This measure is limited
in that it does not reflect the periodic costs of certain
capitalized tangible and intangible assets used in generating
revenues and the Company’s cash cost of debt financing. These costs
are evaluated through other financial measures.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided
by total revenues.
“Adjusted EBITDA less capital expenditures,” when used as a
liquidity measure, is calculated as net cash provided by operating
activities excluding the impact of capital expenditures, interest
expense, income tax provision, changes in operating assets and
liabilities, change in deferred income taxes and other unusual
items, as provided in the “Reconciliations of Non-GAAP Measures”
tables within this press release.
“Capital expenditures as a percentage of Adjusted EBITDA” is
defined as capital expenditures divided by Adjusted EBITDA.
The Company uses Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted EBITDA less capital expenditures and capital expenditures
as a percentage of Adjusted EBITDA to assess its performance, and
it also uses Adjusted EBITDA less capital expenditures as an
indicator of its ability to fund operations and make additional
investments with internally generated funds. In addition, Adjusted
EBITDA generally correlates to the measure used in the leverage
ratio calculations under the Company’s credit agreement and the
indenture governing the Company’s non-convertible senior unsecured
notes to determine compliance with the covenants contained in the
credit agreement and the ability to take certain actions under the
indenture governing the non-convertible senior unsecured notes.
Adjusted EBITDA and capital expenditures as a percentage of
Adjusted EBITDA are also significant performance measures 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
1.1 million residential and business customers in 24 states as of
March 31, 2023. 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 Company’s latest Annual Report
on Form 10-K as 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 system disrupts business operations;
- the integrity and security of the Company’s network and
information systems;
- the impact of possible security breaches and other disruptions,
including cyber-attacks;
- the Company’s failure to obtain necessary intellectual and
proprietary rights to operate its business and the risk of
intellectual property claims and litigation against the
Company;
- legislative or regulatory efforts to impose network neutrality
and other new requirements on the Company’s data services;
- additional regulation of the Company’s video and voice
services;
- the Company’s ability to renew cable system franchises;
- increases in pole attachment costs;
- changes in local governmental franchising authority and
broadcast carriage regulations;
- the potential adverse effect of the Company’s level of
indebtedness on its business, financial condition or results of
operations and cash flows;
- the restrictions the terms of the Company’s indebtedness place
on its business and corporate actions;
- the possibility that interest rates will continue to rise,
causing the Company’s obligations to service its variable rate
indebtedness to increase significantly;
- the transition away from LIBOR and the adoption of alternative
reference rates;
- 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 continue to, 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;
- 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 we refer 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 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)
2023
2022
Change
% Change
Revenues
Residential data
$
242,697
$
230,153
$
12,544
5.5
%
Residential video
70,286
84,658
(14,372
)
(17.0
)%
Residential voice
9,748
11,896
(2,148
)
(18.1
)%
Business services
76,260
76,498
(238
)
(0.3
)%
Other
22,903
23,521
(618
)
(2.6
)%
Total Revenues
421,894
426,726
(4,832
)
(1.1
)%
Costs and Expenses:
Operating (excluding depreciation and
amortization)
112,161
119,421
(7,260
)
(6.1
)%
Selling, general and administrative
86,745
87,766
(1,021
)
(1.2
)%
Depreciation and amortization
85,428
87,919
(2,491
)
(2.8
)%
(Gain) loss on asset sales and disposals,
net
5,456
2,490
2,966
119.1
%
(Gain) loss on sale of business
—
(22,087
)
22,087
(100.0
)%
Total Costs and Expenses
289,790
275,509
14,281
5.2
%
Income from operations
132,104
151,217
(19,113
)
(12.6
)%
Interest expense
(41,163
)
(30,080
)
(11,083
)
36.8
%
Other income (expense), net
5,294
88,060
(82,766
)
(94.0
)%
Income before income taxes and equity
method investment income (loss), net
96,235
209,197
(112,962
)
(54.0
)%
Income tax provision
22,295
41,501
(19,206
)
(46.3
)%
Income before equity method investment
income (loss), net
73,940
167,696
(93,756
)
(55.9
)%
Equity method investment income (loss),
net
(16,514
)
3,780
(20,294
)
NM
Net income
$
57,426
$
171,476
$
(114,050
)
(66.5
)%
Net Income per Common Share:
Basic
$
10.04
$
28.49
$
(18.45
)
(64.8
)%
Diluted
$
9.62
$
26.85
$
(17.23
)
(64.2
)%
Weighted Average Common Shares
Outstanding:
Basic
5,718,745
6,018,881
(300,136
)
(5.0
)%
Diluted
6,128,594
6,444,963
(316,369
)
(4.9
)%
Unrealized gain (loss) on cash flow hedges
and other, net of tax
$
(17,942
)
$
57,404
$
(75,346
)
(131.3
)%
Comprehensive income
$
39,484
$
228,880
$
(189,396
)
(82.7
)%
_____________________
NM = Not meaningful.
CABLE ONE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
March 31,
December 31,
(dollars in
thousands, except par values)
2023
2022
Assets
Current Assets:
Cash and cash equivalents
$
202,732
$
215,150
Accounts receivable, net
46,149
74,383
Prepaid and other current assets
81,305
57,172
Total Current Assets
330,186
346,705
Equity investments
1,191,217
1,195,221
Property, plant and equipment, net
1,724,660
1,701,755
Intangible assets, net
2,648,431
2,666,585
Goodwill
928,947
928,947
Other noncurrent assets
55,906
74,677
Total Assets
$
6,879,347
$
6,913,890
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued
liabilities
$
145,855
$
164,518
Deferred revenue
24,354
23,706
Current portion of long-term debt
18,919
55,931
Total Current Liabilities
189,128
244,155
Long-term debt
3,784,250
3,752,591
Deferred income taxes
964,553
966,821
Other noncurrent liabilities
198,803
192,350
Total Liabilities
5,136,734
5,155,917
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; 6,175,399 shares issued; and 5,700,002 and
5,766,011 shares outstanding as of March 31, 2023 and December 31,
2022, respectively)
62
62
Additional paid-in capital
583,739
578,154
Retained earnings
1,665,334
1,624,406
Accumulated other comprehensive income
(loss)
32,089
50,031
Treasury stock, at cost (475,397 and
409,388 shares held as of March 31, 2023 and December 31, 2022,
respectively)
(538,611
)
(494,680
)
Total Stockholders' Equity
1,742,613
1,757,973
Total Liabilities and Stockholders'
Equity
$
6,879,347
$
6,913,890
CABLE ONE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Three Months Ended March
31,
(in
thousands)
2023
2022
Cash flows from operating
activities:
Net income
$
57,426
$
171,476
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
85,428
87,919
Non-cash interest expense, net
2,317
2,373
Equity-based compensation
5,585
5,205
Write-off of debt issuance costs
3,340
—
Change in deferred income taxes
3,143
23,788
(Gain) loss on asset sales and disposals,
net
5,456
2,490
(Gain) loss on sale of business
—
(22,087
)
Equity method investment (income) loss,
net
16,514
(3,780
)
Fair value adjustments
(4,852
)
(84,735
)
Changes in operating assets and
liabilities:
Accounts receivable, net
28,234
19,431
Prepaid and other current assets
(26,220
)
(13,408
)
Accounts payable and accrued
liabilities
(14,004
)
(447
)
Deferred revenue
648
(115
)
Other
(1,228
)
609
Net cash provided by operating
activities
161,787
188,719
Cash flows from investing
activities:
Cash paid for debt and equity
investments
—
(10,673
)
Capital expenditures
(96,106
)
(99,448
)
Change in accrued expenses related to
capital expenditures
(4,745
)
225
Proceeds from sales of property, plant and
equipment
137
250
Net cash used in investing activities
(100,714
)
(109,646
)
Cash flows from financing
activities:
Proceeds from long-term debt
borrowings
638,000
—
Payment of debt issuance costs
(7,898
)
—
Payments on long-term debt
(643,164
)
(8,676
)
Repurchases of common stock
(41,751
)
(69,695
)
Payment of withholding tax for equity
awards
(2,180
)
(4,676
)
Dividends paid to stockholders
(16,498
)
(16,662
)
Net cash used in financing activities
(73,491
)
(99,709
)
Change in cash and cash equivalents
(12,418
)
(20,636
)
Cash and cash equivalents, beginning of
period
215,150
388,802
Cash and cash equivalents, end of
period
$
202,732
$
368,166
Supplemental cash flow
disclosures:
Cash paid for interest, net of capitalized
interest
$
33,914
$
22,393
Cash paid for income taxes, net of refunds
received
$
43,386
$
(42
)
CABLE ONE, INC.
RECONCILIATIONS OF NON-GAAP
MEASURES
(Unaudited)
Three Months Ended March
31,
(dollars in
thousands)
2023
2022
$ Change
% Change
Net income
$
57,426
$
171,476
$
(114,050
)
(66.5
)%
Net profit margin
13.6
%
40.2
%
Plus: Interest expense
41,163
30,080
11,083
36.8
%
Income tax provision
22,295
41,501
(19,206
)
(46.3
)%
Depreciation and amortization
85,428
87,919
(2,491
)
(2.8
)%
Equity-based compensation
5,585
5,205
380
7.3
%
(Gain) loss on deferred compensation
—
(65
)
65
(100.0
)%
Acquisition-related costs
201
1,282
(1,081
)
(84.3
)%
(Gain) loss on asset sales and disposals,
net
5,456
2,490
2,966
119.1
%
System conversion costs
—
573
(573
)
(100.0
)%
(Gain) loss on sale of business
—
(22,087
)
22,087
(100.0
)%
Equity method investment (income) loss,
net
16,514
(3,780
)
20,294
NM
Other (income) expense, net
(5,294
)
(88,060
)
82,766
(94.0
)%
Adjusted EBITDA
$
228,774
$
226,534
$
2,240
1.0
%
Adjusted EBITDA margin
54.2
%
53.1
%
Less: Capital expenditures
$
96,106
$
99,448
$
(3,342
)
(3.4
)%
Capital expenditures as a percentage of
net income
167.4
%
58.0
%
Capital expenditures as a percentage of
Adjusted EBITDA
42.0
%
43.9
%
Adjusted EBITDA less capital
expenditures
$
132,668
$
127,086
$
5,582
4.4
%
_____________________
NM = Not meaningful.
Three Months Ended March
31,
(dollars in
thousands)
2023
2022
$ Change
% Change
Net cash provided by operating
activities
$
161,787
$
188,719
$
(26,932
)
(14.3
)%
Capital expenditures
(96,106
)
(99,448
)
3,342
(3.4
)%
Interest expense
41,163
30,080
11,083
36.8
%
Non-cash interest expense
(2,317
)
(2,373
)
56
(2.4
)%
Income tax provision
22,295
41,501
(19,206
)
(46.3
)%
Changes in operating assets and
liabilities
12,570
(6,070
)
18,640
NM
Write-off of debt issuance costs
(3,340
)
—
(3,340
)
NM
Change in deferred income taxes
(3,143
)
(23,788
)
20,645
(86.8
)%
(Gain) loss on deferred compensation
—
(65
)
65
(100.0
)%
Acquisition-related costs
201
1,282
(1,081
)
(84.3
)%
System conversion costs
—
573
(573
)
(100.0
)%
Fair value adjustments
4,852
84,735
(79,883
)
(94.3
)%
Other (income) expense, net
(5,294
)
(88,060
)
82,766
(94.0
)%
Adjusted EBITDA less capital
expenditures
$
132,668
$
127,086
$
5,582
4.4
%
_____________________
NM = Not meaningful.
CABLE ONE, INC.
OPERATING STATISTICS
(Unaudited)
As of March 31,
(in
thousands, except percentages and ARPU data)
2023
2022
Change
% Change
Homes Passed
2,720
2,672
48
1.8
%
Residential Customers
1,007
1,033
(26
)
(2.5
)%
Data PSUs
966
962
4
0.4
%
Video PSUs
158
225
(67
)
(29.9
)%
Voice PSUs
88
102
(14
)
(14.1
)%
Total residential PSUs
1,211
1,289
(78
)
(6.0
)%
Business Customers
102
101
1
0.7
%
Data PSUs
98
95
3
2.8
%
Video PSUs
9
13
(4
)
(27.5
)%
Voice PSUs
41
41
(1
)
(1.5
)%
Total business services PSUs
148
149
(2
)
(1.0
)%
Total Customers
1,109
1,134
(25
)
(2.2
)%
Total non-video
940
894
46
5.1
%
Percent of total
84.7
%
78.8
%
5.9
%
Data PSUs
1,063
1,057
6
0.6
%
Video PSUs
167
238
(71
)
(29.8
)%
Voice PSUs
128
143
(15
)
(10.4
)%
Total PSUs
1,359
1,438
(79
)
(5.5
)%
Penetration
Data
39.1
%
39.6
%
(0.5
)%
Video
6.1
%
8.9
%
(2.8
)%
Voice
4.7
%
5.4
%
(0.6
)%
Share of First Quarter Revenues
Residential data
57.5
%
53.9
%
3.6
%
Business services
18.1
%
17.9
%
0.1
%
Total
75.6
%
71.9
%
3.7
%
ARPU - First Quarter
Residential data(1)
$
83.58
$
79.96
$
3.62
4.5
%
Residential video(1)
$
142.29
$
119.91
$
22.38
18.7
%
Residential voice(1)
$
36.23
$
38.33
$
(2.10
)
(5.5
)%
Business services(2)
$
250.01
$
253.33
$
(3.32
)
(1.3
)%
_____________________
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/20230504005255/en/
Trish Niemann Vice President, Communications Strategy
602-364-6372 patricia.niemann@cableone.biz
Todd Koetje Chief Financial Officer
investor_relations@cableone.biz
Cable One (NYSE:CABO)
過去 株価チャート
から 4 2024 まで 5 2024
Cable One (NYSE:CABO)
過去 株価チャート
から 5 2023 まで 5 2024