Washington, D.C. 20549
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
On June 13, 2024, Cable One, Inc. (the “Company”) announced to its employees that it is implementing certain organizational
changes intended to enhance the Company’s ability to grow, retain and serve customers and streamline its operations. The organizational changes include (i) restructuring how the Company’s systems are managed geographically to help facilitate
operational focus on customer growth and experience, market expansion and service delivery, network reliability and performance, brand awareness, and local presence in each of the Company’s regions; and (ii) streamlining the Company’s customer
service organization to optimize functional management and better align with the Company’s service delivery model.
In connection with the announced changes, the Company expects to
reduce its total employee headcount by approximately 4% and expects to incur aggregate pre-tax charges of approximately $7 million related to the headcount reduction, which are expected to constitute cash expenditures consisting of employee severance and other one-time termination benefits. Substantially all of the charges are expected to be incurred in the second quarter of 2024. Once the
organizational changes are fully implemented, the Company expects to achieve approximately $14 million of annual run-rate cost savings.
The implementation of the organizational changes, the planned headcount reductions, the timing and estimated charges associated with the changes,
and the estimated future cost savings in each case as noted above are subject to certain assumptions and risks. Should underlying assumptions prove incorrect or risks materialize, actual amounts and timing may differ materially from those
expected.
The information furnished in this Item 7.01 shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by
specific reference in such filing.
Cautionary Statement Regarding Forward-Looking Statements
This current report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those expressed or implied by these statements. You can generally identify forward-looking statements by the words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,”
“intend,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “projection,” “seek,” “should,” “target,” “trend,” “will,” “would” or the negative version of these words or other comparable words. Any statements in this current
report regarding the announced organizational changes, including the planned headcount reductions, the timing and estimated charges associated with the changes, expected benefits from the changes, and estimated future cost savings, and any other
statements that are not historical facts are forward-looking statements. Such forward-looking statements are subject to various risks, uncertainties, assumptions, or changes in circumstances that are difficult to predict or quantify. Accordingly,
there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors include, but are not limited to, the risk that the Company may not be able to
implement the organizational changes as currently planned or within the time periods currently anticipated, the impact of the headcount reduction on the Company’s business, the risk that the Company’s cost saving efforts may not be successful,
the risk of unanticipated charges not currently contemplated that may occur as a result of the organizational changes, and other factors described under “Risk Factors” in the Company’s annual report on Form 10-K for the period ended December 31,
2023 and the Company’s other filings with the Securities and Exchange Commission. Each forward-looking statement contained herein speaks only as of the date of this current report, and the Company undertakes no obligation to update or revise any
forward-looking statements whether as a result of new information, future developments or otherwise, except as required by law.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.