PHOENIX--(BUSINESS WIRE)--
Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable ONE”) today
reported financial and operating results for the quarter ended March 31,
2017.
First quarter 2017 highlights:
-
Net income was $33.2 million in the first quarter of 2017, an increase
of 22.8% year-over-year. Adjusted EBITDA1 was $97.9
million, an increase of 14.6% year-over-year. Net profit margin was
16.0% and Adjusted EBITDA margin1 was 47.2%.
-
Net income and Adjusted EBITDA results include the favorable impact of
a reduction in expense of $5.9 million due to a change in accounting
estimate related to capitalized labor costs in the first quarter of
2017. Excluding the impact of this change in estimate, net income
growth would have been 9.1% year-over-year and Adjusted EBITDA growth
would have been 7.7% year-over-year. In addition, net profit margin
would have been 14.2% and Adjusted EBITDA margin would have been 44.3%.
-
Net cash provided by operating activities was $78.3 million, an
increase of 0.9% year-over-year. Adjusted EBITDA less capital
expenditures1 was $61.9 million, an increase of 6.8%
compared to the first quarter of 2016.
-
Total revenues were $207.4 million compared to $202.8 million in the
first quarter of 2016.
-
Residential data revenues increased 8.1% year-over-year to $90.2
million.
-
Business services revenues increased 13.2% year-over-year to $27.0
million.
-
Residential data and business services combined revenues grew to 56.5%
of total revenues from 52.8% in the first quarter of 2016.
1 Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA
less capital expenditures are defined in the section of this press
release entitled “Use of Non-GAAP Financial Metrics.” Adjusted
EBITDA and Adjusted EBITDA less capital expenditures are reconciled to
net income, Adjusted EBITDA margin is reconciled to net profit margin
and Adjusted EBITDA less capital expenditures is reconciled to net cash
provided by operating activities. Refer to the “Reconciliations of
Non-GAAP Measures” tables within this press release.
“Our strong results over the past two years continued in the first
quarter of 2017,” said Julie Laulis, President and CEO of Cable ONE. “We
believe our acquisition of NewWave Communications, which closed on May
1, 2017, will provide an opportunity for additional growth in the
future.”
First Quarter 2017 Financial Results Compared to First Quarter 2016
Revenues increased $4.6 million, or 2.3%, due primarily to increases in
residential data and business services revenues of $6.8 million and $3.1
million, respectively. For the first quarter of 2017 and 2016,
residential data revenues comprised 43.5% and 41.1% of total revenues
and business services revenues comprised 13.0% and 11.7% of total
revenues, respectively. Residential video and voice revenues decreased
$2.4 million and $1.4 million year-over-year, with the impact of
customer losses partially offset by a rate adjustment for video
customers implemented during the first quarter of 2017.
Operating expenses (excluding depreciation and amortization) decreased
$7.3 million, or 9.6%, year-over-year and improved as a percentage of
revenues to 33.3% compared to 37.7% for the first quarter of 2016. The
improvement in operating expenses was driven by a $4.7 million reduction
in labor costs resulting from the change in accounting estimate
associated with capitalized labor costs in the first quarter of 2017
noted above, lower programming costs of $1.2 million associated with the
reduction in residential video customers, lower backbone and internet
connectivity fees of $0.8 million and lower repair and maintenance costs
of $0.5 million. Excluding the favorable impact of the change in
accounting estimate, operating expenses would have been $73.8 million in
the first quarter of 2017, a decrease of $2.7 million, or 3.5%,
year-over-year. Operating expenses as a percentage of revenues,
excluding the impact of the change in accounting estimate, would have
been 35.6% in the first quarter of 2017 compared to 37.7% in the first
quarter of 2016.
Selling, general and administrative expenses increased $1.8 million, or
4.2%, year-over-year and were 22.0% and 21.6% as a percentage of
revenues in the first quarter of 2017 and 2016, respectively. The higher
selling, general and administrative expenses in the first quarter of
2017 were primarily attributable to increases in acquisition-related
costs of $1.4 million, compensation costs of $1.2 million, marketing
expenses of $0.8 million and repair and maintenance costs of $0.4
million, partially offset by a reduction in labor costs of $1.2 million
resulting from the change in accounting estimate and lower group
insurance costs of $0.9 million. Excluding the favorable impact of the
change in accounting estimate, selling, general and administrative
expenses would have increased $3.1 million, or 7.0%, year-over-year.
Selling, general and administrative expenses as a percentage of
revenues, excluding the impact of the change in accounting estimate,
would have been 22.6% in the first quarter of 2017 compared to 21.6% in
the first quarter of 2016.
The Company recognized a net gain on disposal of assets of $6.1 million
in the first quarter of 2017, primarily associated with the sale of a
portion of our former headquarters property, which was held as a
non-operating asset during the period.
Net income increased $6.2 million, or 22.8%, to $33.2 million in the
first quarter of 2017 compared to $27.0 million in the prior year
period. Excluding the impact of the change in accounting estimate
related to capitalized labor discussed above, net income would have
increased $2.5 million, or 9.1%, to $29.5 million in the first quarter
of 2017 compared to the prior year period.
Adjusted EBITDA was $97.9 million and $85.4 million for the first
quarter of 2017 and 2016, respectively. The Adjusted EBITDA growth of
14.6% in the first quarter of 2017 includes the positive impact of the
aforementioned capitalized labor costs. The Company’s current treatment
of capitalized labor costs is consistent with industry practice.
Excluding the impact of these costs, Adjusted EBITDA would have been
$92.0 million and Adjusted EBITDA growth would have been 7.7% for the
first quarter of 2017.
Capital expenditures totaled $35.9 million and $27.4 million for the
first quarter of 2017 and 2016, respectively. Adjusted EBITDA less
capital expenditures for the first quarter of 2017 was $61.9 million, an
increase of $3.9 million, or 6.8%, from the prior year period. Excluding
the capitalized labor costs, capital expenditures would have been $30.0
million.
Liquidity and Capital Resources
At March 31, 2017, the Company had $173.5 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 $544.0 million and $545.3 million at March 31, 2017 and December 31,
2016, respectively. The Company also had $197.2 million available for
borrowing under its revolving credit facility as of March 31, 2017.
On May 1, 2017, the Company completed the acquisition of NewWave
Communications (“NewWave”) and concurrently modified the Company’s
existing credit agreement to borrow $250 million of Term “A” Loans and
$500 million of Term “B” Loans. Proceeds from the term loan borrowings
and existing cash on hand were used to fund the acquisition, repay the
Company’s existing term loan of $93.8 million and pay the related fees
and expenses.
Conference Call
Cable ONE will host a conference call with the financial community to
discuss results for the first quarter of the 2017 fiscal year on
Thursday, May 4, 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/10104664.
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 Friday, May 5, 2017, until
Friday, May 19, 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 March 31, 2017, which
will be posted on the “SEC Filings” section of the Cable ONE Investor
Relations website at ir.cableone.net
when it is filed with the U.S. Securities and Exchange Commission (the
“SEC”). Investors and others interested in more information about Cable
ONE should consult our website, which is regularly updated with
financial and other important information about the Company.
Use of Non-GAAP Financial Metrics
The Company uses certain measures that are not defined by generally
accepted accounting principles in the United States (“GAAP”) to evaluate
various aspects of its business. Adjusted EBITDA, Adjusted EBITDA margin
and Adjusted EBITDA less capital expenditures are non-GAAP financial
measures and should be considered in addition to, not as a substitute
for, net income, net profit margin or net cash provided by operating
activities reported in accordance with GAAP. These terms, as defined by
Cable ONE, may not be comparable to similarly titled measures reported
by other companies. Adjusted EBITDA and Adjusted EBITDA less capital
expenditures are reconciled to net income, and Adjusted EBITDA margin is
reconciled to net profit margin, in the “Reconciliations of Non-GAAP
Measures” tables within this press release. Adjusted EBITDA less
capital expenditures is also reconciled to net cash provided by
operating activities in the “Reconciliations of Non-GAAP Measures”
tables within this press release.
“Adjusted EBITDA” is defined as net income plus interest expense,
provision for income taxes, depreciation and amortization, equity-based
compensation expense, severance expense, (gain) loss on deferred
compensation, acquisition-related costs, (gain) loss on disposal of
assets and other (income) expense, net. As such, it eliminates the
significant non-cash depreciation and amortization expense that results
from the capital-intensive nature of the Company’s business as well as
other non-cash or special items and is unaffected by the Company’s
capital structure or investment activities. This measure is limited in
that it does not reflect the periodic costs of certain capitalized
tangible and intangible assets used in generating revenues and the
Company’s cash cost of financing. These costs are evaluated through
other financial metrics.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by total
revenues.
“Adjusted EBITDA less capital expenditures,” when used as a liquidity
measure, is calculated as net cash provided by operating activities
excluding the impact of capital expenditures, interest expense,
provision for income taxes, changes in operating assets and liabilities
and other unusual operating expenses, as 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 leverage ratio calculation under the Company’s credit
facilities and outstanding 5.75% senior unsecured notes due 2022 to
determine compliance with the covenants contained in the facilities and
notes. For the purpose of calculating compliance with leverage
covenants, the Company uses a measure similar to Adjusted EBITDA, as
presented. Adjusted EBITDA and capital expenditures are also significant
performance measures used by the Company in its annual incentive
compensation program. Adjusted EBITDA does not take into account cash
used for mandatory debt service requirements or other non-discretionary
expenditures, and thus does not represent residual funds available for
discretionary uses.
The Company believes Adjusted EBITDA and Adjusted EBITDA margin are
useful to investors in evaluating the operating performance of the
Company. The Company believes that Adjusted EBITDA less capital
expenditures is useful to investors as it shows the Company’s
performance while taking into account cash outflows for capital
expenditures and is one of several indicators of the Company’s ability
to service debt, make investments and/or return capital to its
shareholders.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital
expenditures and similar measures with similar titles are common
measures used by investors, analysts and peers to compare performance in
the Company’s industry, although the Company’s measures of Adjusted
EBITDA, Adjusted EBITDA margin and Adjusted EBITDA less capital
expenditures may not be directly comparable to similarly titled measures
reported by other companies.
About Cable ONE
Cable One, Inc. (NYSE: CABO) is the seventh-largest cable company in the
United States. Serving more than 800,000 customers in 21 states with
high-speed internet, cable television and telephone service, Cable ONE
provides consumers with a wide range of the latest products and
services, including wireless internet service, high-definition
programming and phone service with free, unlimited long-distance calling
in the continental U.S.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This communication contains “forward-looking statements” that involve
risks and uncertainties. These statements can be identified by the fact
that they do not relate strictly to historical or current facts, but
rather are based on current expectations, estimates, assumptions and
projections about the cable industry and our business and financial
results. Forward-looking statements often include words such as
“anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,”
“believes” and words and terms of similar substance in connection with
discussions of future operating or financial performance. As with any
projection or forecast, forward-looking statements are inherently
susceptible to uncertainty and changes in circumstances. Our actual
results may vary materially from those expressed or implied in our
forward-looking statements. Accordingly, undue reliance should not be
placed on any forward-looking statement made by us or on our behalf.
Important factors that could cause our actual results to differ
materially from those in our forward-looking statements include
government regulation, economic, strategic, political and social
conditions and the following factors:
-
the effect of our acquisition of NewWave on our ability to retain and
hire key personnel and to maintain relationships with customers,
suppliers and other business partners;
-
the potential diversion of senior management’s attention from our
ongoing operations due to the acquisition of NewWave;
-
uncertainties as to our ability and the amount of time necessary to
realize the expected synergies and other benefits of the NewWave
transaction;
-
our ability to integrate NewWave’s operations into our own in an
efficient and effective manner;
-
rising levels of competition from historical and new entrants in our
markets;
-
recent and future changes in technology;
-
our ability to continue to grow our business services product;
-
increases in programming costs and retransmission fees;
-
our ability to obtain support from vendors;
-
the effects of any significant acquisitions by us;
-
adverse economic conditions;
-
the integrity and security of our network and information systems;
-
legislative and regulatory efforts to impose new legal requirements on
our data services;
-
changing and additional regulation of our data, video and voice
services;
-
our ability to renew cable system franchises;
-
increases in pole attachment costs;
-
the failure to meet earnings expectations;
-
the adequacy of our risk management framework;
-
changes in tax and other laws and regulations;
-
changes in GAAP or other applicable accounting policies; and
-
the other risks and uncertainties detailed in the section titled “Risk
Factors” in our Annual Report on Form 10-K as filed with the SEC on
March 1, 2017.
Any forward-looking statements made by us in this communication speak
only as of the date on which they are made. We are under no obligation
to, and expressly disclaim any obligation to, update or alter our
forward-looking statements, whether as a result of new information,
subsequent events or otherwise.
|
| |
|
|
| |
| |
CABLE ONE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME |
(Unaudited) |
| | | | | | | |
|
| | Three Months Ended
March 31, | | | | | | |
|
(dollars in thousands, except per share and share data)
| | 2017 | |
|
| 2016 | | | | | $ Change | |
| | % Change |
|
Revenues
| | | | | | | | | | | | | | | | | |
|
Residential data
| |
$
|
90,201
| | | |
$
|
83,439
| | | |
$
|
6,762
| | | |
8.1%
|
|
Residential video
| | |
72,454
| | | | |
74,853
| | | | |
(2,399
|
)
| | |
(3.2)%
|
|
Residential voice
| | |
9,867
| | | | |
11,314
| | | | |
(1,447
|
)
| | |
(12.8)%
|
|
Business services
| | |
26,961
| | | | |
23,827
| | | | |
3,134
| | | |
13.2%
|
|
Advertising sales
| | |
5,622
| | | | |
7,003
| | | | |
(1,381
|
)
| | |
(19.7)%
|
|
Other
| |
|
2,322
| | | |
|
2,369
| | | |
|
(47
|
)
| | |
(2.0)%
|
|
Total Revenues
| | |
207,427
| | | | |
202,805
| | | | |
4,622
| | | |
2.3%
|
|
Costs and Expenses
| | | | | | | | | | | | | | | | | |
|
Operating (excluding depreciation and amortization)
| | |
69,083
| | | | |
76,428
| | | | |
(7,345
|
)
| | |
(9.6)%
|
|
Selling, general and administrative
| | |
45,733
| | | | |
43,893
| | | | |
1,840
| | | |
4.2%
|
|
Depreciation and amortization
| | |
38,404
| | | | |
34,693
| | | | |
3,711
| | | |
10.7%
|
|
(Gain) loss on disposal of assets
| |
|
(6,146
|
)
| | |
|
408
| | | |
|
(6,554
|
)
| | |
NM
|
|
Total operating costs and expenses
| |
|
147,074
| | | |
|
155,422
| | | |
|
(8,348
|
)
| | |
(5.4)%
|
|
Income from operations
| | |
60,353
| | | | |
47,383
| | | | |
12,970
| | | |
27.4%
|
|
Interest expense
| | |
(7,606
|
)
| | | |
(7,555
|
)
| | | |
(51
|
)
| | |
0.7%
|
|
Other income (expense), net
| |
|
287
| | | |
|
510
| | | |
|
(223
|
)
| | |
(43.7)%
|
|
Income before income taxes
| | |
53,034
| | | | |
40,338
| | | | |
12,696
| | | |
31.5%
|
|
Provision for income taxes
| |
|
19,819
| | | |
|
13,294
| | | |
|
6,525
| | | |
49.1%
|
|
Net income
| |
$
|
33,215
| | | |
$
|
27,044
| | | |
$
|
6,171
| | | |
22.8%
|
| | | | | | | | | | | | | | | | |
|
|
Other comprehensive gain (loss), net of tax
| |
|
2
| | | |
|
(27
|
)
| | | | | | | | |
|
Comprehensive income
| |
$
|
33,217
| | | |
$
|
27,017
| | | | | | | | | |
| | | | | | | | | | | | | | | | |
|
|
Net income per common share:
| | | | | | | | | | | | | | | | | |
|
Basic
| |
$
|
5.86
| | | |
$
|
4.67
| | | | | | | | | |
|
Diluted
| |
$
|
5.80
| | | |
$
|
4.65
| | | | | | | | | |
|
Weighted average common shares outstanding:
| | | | | | | | | | | | | | | | | |
|
Basic
| | |
5,671,838
| | | | |
5,796,252
| | | | | | | | | |
|
Diluted
| | |
5,730,901
| | | | |
5,810,639
| | | | | | | | | |
|
| | | | |
|
NM = Not meaningful
| | | |
| | |
|
|
| | | |
| | | |
CABLE ONE, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
| | | | | | | |
|
| | (Unaudited) | | | | | |
(in thousands, except par value and share
data) | | March 31, 2017 | | |
| December 31, 2016 | |
Assets | | | | | | | | |
|
Current Assets:
| | | | | | | | |
|
Cash and cash equivalents
| |
$
|
173,467
| | |
$
|
138,040
| |
|
Accounts receivable, net
| | |
31,039
| | | |
37,073
| |
|
Prepaid assets
| |
|
14,160
| | |
|
10,824
| |
|
Total Current Assets
| | |
218,666
| | | |
185,937
| |
|
Property, plant and equipment, net
| | |
616,739
| | | |
619,621
| |
|
Intangibles, net
| | |
497,460
| | | |
497,480
| |
| Goodwill | | |
84,928
| | | |
84,928
| |
|
Other assets
| |
|
5,701
| | |
|
9,305
| |
|
Total Assets
| |
$
|
1,423,494
| | |
$
|
1,397,271
| |
| | | | | | | |
|
| Liabilities and Stockholders' Equity | | | | | | | | |
|
Current Liabilities:
| | | | | | | | |
|
Accounts payable and accrued liabilities
| |
$
|
68,298
| | |
$
|
82,703
| |
|
Deferred revenue
| | |
22,614
| | | |
22,190
| |
|
Income taxes payable
| | |
14,758
| | | |
-
| |
|
Long-term debt - current portion
| |
|
6,875
| | |
|
6,250
| |
|
Total Current Liabilities
| | |
112,545
| | | |
111,143
| |
|
Long-term debt
| | |
529,407
| | | |
530,886
| |
|
Deferred income taxes
| | |
276,770
| | | |
276,297
| |
|
Accrued compensation and other liabilities
| |
|
23,926
| | | |
24,434
| |
|
Total Liabilities
| |
|
942,648
| | | |
942,760
| |
| | | | | | | |
|
|
Stockholders' Equity
| | | | | | | | |
|
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none
issued or outstanding)
| | |
-
| | | |
-
| |
Common stock ($0.01 par value; 40,000,000 shares authorized;
5,887,899 shares issued; and 5,723,775 and 5,708,223 shares
outstanding as of March 31, 2017 and December 31, 2016,
respectively)
| | |
59
| | | |
59
| |
|
Additional paid-in capital
| | |
20,096
| | | |
17,669
| |
|
Retained earnings
| | |
536,412
| | | |
511,776
| |
|
Accumulated other comprehensive loss
| | |
(444
|
)
| | |
(446
|
)
|
| Treasury stock, at cost (164,124 and 179,676 shares held as of
March 31, 2017 and December 31, 2016, respectively)
| |
|
(75,277
|
)
| |
|
(74,547
|
)
|
|
Total Stockholders’ Equity
| |
|
480,846
| | |
|
454,511
| |
|
Total Liabilities and Stockholders' Equity
| |
$
|
1,423,494
| | |
$
|
1,397,271
| |
| | | | | | | |
|
|
| |
|
| | |
| |
CABLE ONE, INC. |
RECONCILIATIONS OF NON-GAAP MEASURES |
(Unaudited) |
| | | | | | | |
|
| | Three Months Ended
March 31, | | | | | | |
(dollars in thousands) | | 2017 |
|
| 2016 | | | $ Change | | % Change |
|
Net income (1) | |
$
|
33,215
| | | |
$
|
27,044
| | | |
$
|
6,171
| | |
22.8
|
%
|
| Net profit margin | | | 16.0 | % | | | | 13.3 | % | | | | | | |
|
Plus:
|
Interest expense
| | |
7,606
| | | | |
7,555
| | | | |
51
| | |
0.7
|
%
|
|
Provision for income taxes
| | |
19,819
| | | | |
13,294
| | | | |
6,525
| | |
49.1
|
%
|
|
Depreciation and amortization
| | |
38,404
| | | | |
34,693
| | | | |
3,711
| | |
10.7
|
%
|
|
Equity-based compensation expense
| | |
2,427
| | | | |
3,046
| | | | |
(619
|
)
| |
(20.3
|
)%
|
|
Severance expense
| | |
1,254
| | | | |
-
| | | | |
1,254
| | |
NM
| |
|
(Gain) loss on deferred compensation
| | |
90
| | | | |
(220
|
)
|
| | |
310
| | |
NM
| |
|
Acquisition-related costs
| | |
1,482
| | | | |
98
| | | | |
1,384
| | |
NM
| |
|
(Gain) loss on disposal of assets
| | |
(6,146
|
)
|
| | |
408
| | | | |
(6,554
|
)
| |
NM
| |
|
Other (income) expense, net
| |
|
(287
|
)
|
| |
|
(510
|
)
|
| |
|
223
| | |
(43.7
|
)%
|
|
Adjusted EBITDA (1) | |
$
|
97,864
| | | |
$
|
85,408
| | | |
$
|
12,456
| | |
14.6
|
%
|
| Adjusted EBITDA margin | | | 47.2 | % | | | | 42.1 | % | | | | | | |
Less:
|
Capital expenditures (1) | |
|
35,917
|
| | |
|
27,395
|
| | |
|
8,522
| | |
31.1
|
%
|
|
Adjusted EBITDA less capital expenditures
| |
$
|
61,947
|
| | |
$
|
58,013
|
| | |
$
|
3,934
| | |
6.8
|
%
|
|
|
| | | | | | | | | | | | |
|
NM = Not meaningful
| | | | | | | | | | | | |
| |
1) Net income and Adjusted EBITDA results include the
favorable impact of a reduction in expense, and capital expenditures
include the unfavorable impact in additional expenditures, of $5.9
million due to a change in accounting estimate related to capitalized
labor costs in the first quarter of 2017. Excluding the impact of this
change in estimate, net income growth would have been 9.1%, Adjusted
EBITDA growth would have been 7.7% and capital expenditures growth would
have been 9.5%.
|
| |
|
| | |
|
| |
| | Three Months Ended
March 31, | | | | | | | |
(dollars in thousands) | | 2017 |
|
| 2016 | | | $ Change | | | % Change |
| | | | | | | | | | | | | |
|
|
Net cash provided by operating activities
| |
$
|
78,260
| | | | $ 77,539 | | | |
$
|
721
| | | |
0.9
|
%
|
|
Amortization of financing costs
| | |
(400
|
)
| | |
(404
|
)
| | | |
4
| | | |
(1.0
|
)%
|
|
Benefit (provision) for deferred income taxes
| | |
(472
|
)
| | |
2,670
| | | | |
(3,142
|
)
| | |
(117.7
|
)%
|
|
Changes in operating assets and liabilities
| | |
(9,488
|
)
| | |
(14,614
|
)
| | | |
5,126
| | | |
(35.1
|
)%
|
|
Interest expense
| | |
7,606
| | | |
7,555
| | | | |
51
| | | |
0.7
|
%
|
|
Provision for income taxes
| | |
19,819
| | | |
13,294
| | | | |
6,525
| | | |
49.1
|
%
|
|
Severance expense
| | |
1,254
| | | |
-
| | | | |
1,254
| | | |
NM
| |
|
(Gain) loss on deferred compensation
| | |
90
| | | |
(220
|
)
| | | |
310
| | | |
NM
| |
|
Acquisition-related costs
| | |
1,482
| | | |
98
| | | | |
1,384
| | | |
NM
| |
|
Other (income) expense, net
| | |
(287
|
)
| | |
(510
|
)
| | | |
223
| | | |
(43.7
|
)%
|
|
Capital expenditures
| |
|
(35,917
|
)
| | |
(27,395
|
)
| | |
|
(8,522
|
)
| | |
31.1
|
%
|
|
Adjusted EBITDA less capital expenditures
| |
$
|
61,947
| | | | $ 58,013 | | | |
$
|
3,934
| | | |
6.8
|
%
|
|
|
| | | | | |
| | | | | | |
|
NM = Not meaningful
| | | | | | | | | | | |
| | | | | | | | | | |
|
| |
| | |
|
| | |
CABLE ONE, INC. |
OPERATING STATISTICS |
(Unaudited) |
| | | | | | | | |
| | | | As of March 31, | | | | Year-Over-Year Change |
| | | | 2017 |
|
| | 2016 | | | | Amount |
|
| % |
| | | | | | | | | | | | | | | |
|
| Homes Passed | | | |
1,674,919
| | | | |
1,648,441
| | | | |
26,478
| | | |
1.6
|
%
|
| | | | | | | | | | | | | | |
|
| Total Customers | | | | 660,968 | | | | | 665,574 | | | | | (4,606 | ) | | | (0.7 | )% |
|
Non-video
| | | |
353,205
| | | | |
310,747
| | | | |
42,458
| | | |
13.7
|
%
|
|
Percent of total
| | | |
53
|
%
| | | |
47
|
%
| | | | | | | | |
| | | | | | | | | | | | | | | |
|
| Residential Customers | 608,515 | | | | | 617,225 | | | | | (8,710 | ) | | | (1.4 | )% |
| | | | | | | | | | | | |
|
|
Data PSUs
| | | |
477,439
| | | | |
467,077
| | | | |
10,362
| | | |
2.2
|
%
|
|
Video PSUs
| | | |
293,726
| | | | |
336,524
| | | | |
(42,798
|
)
| | |
(12.7
|
)%
|
|
Voice PSUs
| | | |
94,741
|
| | | |
107,349
|
| | | |
(12,608
|
)
| | |
(11.7
|
)%
|
|
Total residential PSUs
| | | |
865,906
| | | | |
910,950
| | | | |
(45,044
|
)
| | |
(4.9
|
)%
|
| | | | | | | | | | | | | | | |
|
| Business Customers | | | | 52,453 | | | | | 48,349 | | | | | 4,104 | | | | 8.5 | % |
| | | | | | | | | | | | | | | |
|
|
Data PSUs
| | | |
45,888
| | | | |
41,347
| | | | |
4,541
| | | |
11.0
|
%
|
|
Video PSUs
| | | |
13,461
| | | | |
14,052
| | | | |
(591
|
)
| | |
(4.2
|
)%
|
|
Voice PSUs
| | | |
18,627
|
| | | |
16,561
|
| | | |
2,066
| | | |
12.5
|
%
|
|
Total business PSUs
| | | |
77,976
| | | | |
71,960
| | | | |
6,016
| | | |
8.4
|
%
|
| | | | | | | | | | | | | | | |
|
| Penetration | | | | | | | | | | | | | | | | |
|
Data
| | | |
31.2
|
%
| | | |
30.8
|
%
| | | | | | | |
0.4
|
%
|
|
Video
| | | |
18.3
|
%
| | | |
21.3
|
%
| | | | | | | |
(3.0
|
)%
|
|
Voice
| | | |
6.8
|
%
| | | |
7.5
|
%
| | | | | | | |
(0.7
|
)%
|
| | | | | | | | | | | | | | | |
|
| Share of First Quarter Revenues | | | | | | | | | | | | | |
|
Residential data
| | | |
43.5
|
%
| | | |
41.1
|
%
| | | | | | | |
2.4
|
%
|
|
Business services
| | | |
13.0
|
%
| | | |
11.7
|
%
| | | | | | | |
1.3
|
%
|
|
Total
| | | |
56.5
|
%
| | | |
52.8
|
%
| | | | | | | |
3.7
|
%
|
| | | | | | | | | | | | | | | |
|
| ARPUs – First Quarter | | | | | | | | | | | | | | | |
|
Residential data 1 | | |
$
|
63.53
| | | |
$
|
59.94
| | | |
$
|
3.59
| | | |
6.0
|
%
|
|
Residential video 1 | | |
$
|
80.47
| | | |
$
|
72.70
| | | |
$
|
7.77
| | | |
10.7
|
%
|
|
Residential voice 1 | | |
$
|
34.18
| | | |
$
|
34.54
| | | |
$
|
(0.36
|
)
| | |
(1.0
|
)%
|
|
Business services 2 | | |
$
|
172.87
| | | |
$
|
165.93
| | | |
$
|
6.94
| | | |
4.2
|
%
|
| | | | | | | | | | | | | | | |
|
| Number of Associates | | | |
1,881
| | | | |
1,948
| | | | |
(67
|
)
| | |
(3.4
|
)%
|
|
| |
1 Average monthly per unit values represent the applicable
residential service revenues divided by the corresponding average 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 number of business customer
relationships at the beginning and end of each period.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170504005256/en/
Cable One, Inc.
Trish Niemann, 602-364-6372
Public Relations
Director
or
Kevin Coyle, 602-364-6505
Chief Financial
Officer
Source: Cable One, Inc.