PHOENIX--(BUSINESS WIRE)--
Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable ONE”) today
reported financial and operating results for the quarter ended September
30, 2018.
Third Quarter 2018 Highlights:
-
Residential data and business services data PSUs totaled 660,799 at
September 30, 2018 compared to 653,876 at June 30, 2018, an increase
of 6,923, or 1.1%. Combined residential data and business services
data PSUs increased 23,146, or 3.6%, year-over-year.
-
Total revenues were $268.3 million in the third quarter of 2018
compared to $253.8 million in the third quarter of 2017, an increase
of 5.7%. Residential data revenues increased 13.0% and business
services revenues increased 12.6% year-over-year.
-
Net income was $38.3 million in the third quarter of 2018, an increase
of 24.0% year-over-year. Adjusted EBITDA(1) was $122.7
million, an increase of 6.1% year-over-year. Net profit margin was
14.3% and Adjusted EBITDA margin(1) was 45.7%.
-
Net cash provided by operating activities was $111.0 million in the
third quarter of 2018, an increase of 24.8% year-over-year. Adjusted
EBITDA less capital expenditures(1) was $54.4 million in
the third quarter of 2018 compared to $63.2 million in the third
quarter of 2017, with the decrease due primarily to the timing of
capital spending.
(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.
Third Quarter 2018 Financial Results Compared to Third Quarter 2017
Revenues increased $14.4 million, or 5.7%, to $268.3 million for the
third quarter of 2018, driven primarily by residential data and business
services revenue growth, partially offset by decreases in residential
video and voice revenues. For the third quarter of 2018 and 2017,
residential data revenues comprised 46.3% and 43.2% of total revenues
and business services revenues comprised 14.8% and 13.9% of total
revenues, respectively.
Operating expenses (excluding depreciation and amortization) were $92.0
million in the third quarter of 2018 compared to $91.9 million the third
quarter of 2017. As a percentage of revenues, operating expenses were
34.3% for the third quarter of 2018 compared to 36.2% for the year-ago
quarter.
Selling, general and administrative expenses were $59.4 million for the
third quarter of 2018 and increased $7.6 million, or 14.7%, compared to
the third quarter of 2017. Selling, general and administrative expenses
as a percentage of revenues were 22.2% and 20.4% for the third quarter
of 2018 and 2017, respectively. The increase was primarily attributable
to higher marketing expenses of $3.9 million, system conversion costs of
$1.7 million, higher net compensation expenses of $0.8 million and
higher insurance expenses of $0.8 million.
Depreciation and amortization expense was $50.4 million for the third
quarter of 2018 and increased $3.7 million, or 7.9%, compared to the
third quarter of 2017. The increase was due primarily to new assets
placed in service since the third quarter of 2017, partially offset by
assets that became fully depreciated since the third quarter of 2017. We
recognized $3.1 million and $2.5 million of net loss on asset disposals
during the third quarter of 2018 and 2017, respectively.
Interest expense increased $1.4 million, or 10.3%, to $15.5 million,
driven by an increase in interest rates year-over-year.
Income tax provision decreased $5.2 million, or 32.1%, to $11.0 million
in the third quarter of 2018 primarily as a result of the 2017 Federal
tax reform legislation.
Net income increased $7.4 million, or 24.0%, to $38.3 million in the
third quarter of 2018 compared to $30.9 million in the prior year
quarter.
Adjusted EBITDA was $122.7 million and $115.6 million for the third
quarter of 2018 and 2017, respectively, an increase of 6.1%. Capital
expenditures totaled $68.3 million and $52.4 million for the third
quarter of 2018 and 2017, respectively. Adjusted EBITDA less capital
expenditures for the third quarter of 2018 was $54.4 million, a decrease
of $8.8 million, or 14.0%, from the prior year quarter. The decrease in
Adjusted EBITDA less capital expenditures was due primarily to the
timing of capital spending in the current year.
Liquidity and Capital Resources
At September 30, 2018, the Company had $236.9 million of cash and cash
equivalents on hand, compared to $161.8 million at December 31, 2017.
The Company’s debt balance was approximately $1.2 billion at both
September 30, 2018 and December 31, 2017. The Company also had $195.9
million available for borrowing under its revolving credit facility as
of September 30, 2018.
Conference Call
Cable ONE will host a conference call with the financial community to
discuss results for the third quarter of 2018 on Wednesday, November 7,
2018, at 5 p.m. Eastern Time (ET).
Shareholders, analysts and other interested parties may register for the
conference in advance at http://dpregister.com/10125489.
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 Wednesday, November 7, 2018,
until Wednesday, November 21, 2018, 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 Company’s Quarterly Report on Form 10-Q for the period
ended September 30, 2018, 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 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
and Adjusted EBITDA less capital expenditures are non-GAAP financial
measures and should be considered in addition to, not as superior to, or
as a substitute for, net income, net profit margin or net cash provided
by operating activities reported in accordance with GAAP. Adjusted
EBITDA and Adjusted EBITDA less capital expenditures are reconciled to
net income, and Adjusted EBITDA margin is reconciled to net profit
margin, in the “Reconciliations of Non-GAAP Measures” tables
within this press release. Adjusted EBITDA less capital expenditures is
also reconciled to net cash provided by operating activities in the “Reconciliations
of Non-GAAP Measures” tables within this press release.
“Adjusted EBITDA” is defined as net income plus interest expense, income
tax provision, depreciation and amortization, equity-based compensation,
severance expense, (gain) loss on deferred compensation,
acquisition-related costs, (gain) loss on asset disposals, system
conversion costs, rebranding costs, other (income) expense and other
unusual operating expenses, as provided in the “Reconciliations of
Non-GAAP Measures” tables within this press release. As such, it
eliminates the significant non-cash depreciation and amortization
expense that results from the capital-intensive nature of the Company’s
business as well as other non-cash or special items and is unaffected by
the Company’s capital structure or investment activities. This measure
is limited in that it does not reflect the periodic costs of certain
capitalized tangible and intangible assets used in generating revenues
and the Company’s cash cost of 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, the change
in deferred income taxes and other unusual operating expenses, as
provided in the “Reconciliations of Non-GAAP Measures” tables
within this press release.
The Company uses Adjusted EBITDA, Adjusted EBITDA margin and Adjusted
EBITDA less capital expenditures to assess its performance, and it also
uses Adjusted EBITDA less capital expenditures as an indicator of its
ability to fund operations and make additional investments with
internally-generated funds. In addition, Adjusted EBITDA generally
correlates to the measure used in the leverage ratio calculations under
the Company’s credit facilities and senior unsecured notes to determine
compliance with the covenants contained in the credit facilities and
ability to take certain actions under the indenture governing the notes.
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 (NYSE: CABO) is among the 10 largest cable companies in the
United States and a leading broadband communications provider. Serving
residential and business customers in 21 states, Cable ONE provides
consumers with a wide array of communications and entertainment
services, including high-speed internet and advanced Wi-Fi solutions,
cable television and phone service. Cable ONE Business provides 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 cable industry and our business, 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. 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:
-
uncertainties as to our ability and the amount of time necessary to
realize the expected synergies and other benefits of the acquisition
of NewWave Communications (“NewWave”);
-
our ability to integrate NewWave’s operations into our own in an
efficient and effective manner;
-
rising levels of competition from historical and new entrants in our
markets;
-
recent and future changes in technology;
-
our ability to continue to grow our business services products;
-
increases in programming costs and retransmission fees;
-
our ability to obtain hardware, software and operational support from
vendors;
-
the effects of any new significant acquisitions by us;
-
adverse economic conditions;
-
the integrity and security of our network and information systems;
-
the impact of possible security breaches and other disruptions,
including cyber-attacks;
-
our failure to obtain necessary intellectual and proprietary rights to
operate our business and the risk of intellectual property claims and
litigation against us;
-
our ability to retain key employees;
-
changing and additional regulation of our data, video and voice
services, including legislative and regulatory efforts to impose new
legal requirements on our data services;
-
our ability to renew cable system franchises;
-
increases in pole attachment costs;
-
changes in local government franchising authority and broadcast
carriage regulations;
-
the potential adverse effect of our indebtedness on our business,
financial condition or results of operations and cash flows;
-
the possibility that interest rates will rise, causing our obligations
to service our variable rate indebtedness to increase significantly;
-
our ability to incur future indebtedness;
-
fluctuations in our stock price;
-
our ability to continue to pay dividends;
-
dilution from equity awards and potential stock issuances in
connection with acquisitions;
-
provisions in our charter, by-laws and Delaware law that could
discourage takeovers;
-
changes in our estimates of the impact of the 2017 Federal tax reform
legislation;
-
changes in GAAP or other applicable accounting policies;
-
the outcome of our efforts to complete the remediation of the material
weakness in our internal control over financial reporting related to
the NewWave billing system by the end of 2018; and
-
the other risks and uncertainties detailed in the section titled “Risk
Factors” in our latest Annual Report on Form 10-K as filed with
the SEC.
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,
and expressly disclaim any obligation, except as required by law, to
update or alter our forward-looking statements, whether as a result of
new information, subsequent events or otherwise.
|
|
| CABLE ONE, INC. |
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME |
| (Unaudited) |
|
|
|
| Three Months Ended September 30, | |
|
(dollars in thousands, except per share and share data)
| | 2018 |
| 2017 |
| $ Change |
| % Change |
|
Revenues
|
|
Residential data
| |
$
|
124,089
| |
$
|
109,781
| |
$
|
14,308
| |
13.0%
|
|
Residential video
| | |
84,570
| | |
88,601
| | |
(4,031)
| |
(4.5)%
|
|
Residential voice
| | |
10,169
| | |
11,265
| | |
(1,096)
| |
(9.7)%
|
|
Business services
| | |
39,581
| | |
35,156
| | |
4,425
| |
12.6%
|
|
Advertising sales
| | |
6,288
| | |
5,885
| | |
403
| |
6.8%
|
|
Other
| |
|
3,571
| |
|
3,145
| |
|
426
| |
13.5%
|
|
Total Revenues
| | |
268,268
| | |
253,833
| | |
14,435
| |
5.7%
|
|
Costs and Expenses
| | | | | | | | | | | |
|
Operating (excluding depreciation and amortization)
| | |
91,956
| | |
91,894
| | |
62
| |
0.1%
|
|
Selling, general and administrative
| | |
59,439
| | |
51,806
| | |
7,633
| |
14.7%
|
|
Depreciation and amortization
| | |
50,414
| | |
46,712
| | |
3,702
| |
7.9%
|
|
Loss on asset disposals, net
| |
|
3,140
| |
|
2,506
| |
|
634
| |
25.3%
|
|
Total costs and expenses
| |
|
204,949
| |
|
192,918
| |
|
12,031
| |
6.2%
|
|
Income from operations
| | |
63,319
| | |
60,915
| | |
2,404
| |
3.9%
|
|
Interest expense
| | |
(15,460)
| | |
(14,019)
| | |
(1,441)
| |
10.3%
|
|
Other income, net
| |
|
1,503
| |
|
278
| |
|
1,225
| |
NM
|
|
Income before income taxes
| | |
49,362
| | |
47,174
| | |
2,188
| |
4.6%
|
|
Income tax provision
| |
|
11,048
| |
|
16,269
| |
|
(5,221)
| |
(32.1)%
|
|
Net income
| |
$
|
38,314
| |
$
|
30,905
| |
$
|
7,409
| |
24.0%
|
|
|
|
Net income per common share:
|
|
Basic
| |
$
|
6.75
| |
$
|
5.44
| |
$
|
1.31
| |
24.1%
|
|
Diluted
| |
$
|
6.70
| |
$
|
5.37
| |
$
|
1.33
| |
24.8%
|
|
Weighted average common shares outstanding:
|
|
Basic
| |
5,674,224
| |
5,680,600
| |
(6,376)
| |
(0.1)%
|
|
Diluted
| |
5,717,575
| |
5,753,910
| |
(36,335)
| |
(0.6)%
|
|
|
|
Other comprehensive income, net of tax
| |
$
|
1
| |
$
|
1
| |
$
|
-
| |
0.0%
|
|
Comprehensive income
| |
$
|
38,315
| |
$
|
30,906
| |
$
|
7,409
| |
24.0%
|
|
|
|
Dividends declared per common share
| |
$
|
2.00
| |
$
|
1.75
| |
$
|
0.25
| |
14.3%
|
____
|
|
NM = Not meaningful.
|
|
|
|
|
| CABLE ONE, INC. |
| CONDENSED CONSOLIDATED BALANCE SHEETS |
| (Unaudited) |
|
|
|
(in thousands, except par value and share data)
|
| September 30, 2018 |
| December 31, 2017 |
| Assets |
|
Current Assets:
|
|
Cash and cash equivalents
| |
$
|
236,901
| |
$
|
161,752
|
|
Accounts receivable, net
| | |
28,168
| | |
29,930
|
|
Income taxes receivable
| | |
8,566
| | |
21,331
|
|
Prepaid and other current assets
| |
|
16,694
| |
|
10,898
|
|
Total Current Assets
| | |
290,329
| | |
223,911
|
|
Property, plant and equipment, net
| | |
837,206
| | |
831,892
|
|
Intangible assets, net
| | |
956,832
| | |
965,745
|
| Goodwill | | |
172,129
| | |
172,129
|
|
Other noncurrent assets
| |
|
11,452
| |
|
10,955
|
|
Total Assets
| |
$
|
2,267,948
| |
$
|
2,204,632
|
|
|
| Liabilities and Stockholders' Equity |
|
Current Liabilities:
|
|
Accounts payable and accrued liabilities
| |
$
|
101,565
| |
$
|
117,855
|
|
Deferred revenue
| | |
18,681
| | |
15,008
|
|
Current portion of long-term debt
| |
|
19,063
| |
|
14,375
|
|
Total Current Liabilities
| | |
139,309
| | |
147,238
|
|
Long-term debt
| | |
1,147,048
| | |
1,160,682
|
|
Deferred income taxes
| | |
225,780
| | |
207,154
|
|
Other noncurrent liabilities
| |
|
10,476
| |
|
13,111
|
|
Total Liabilities
| |
|
1,522,613
| |
|
1,528,185
|
|
|
|
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 5,705,059 and 5,731,442 shares
outstanding as of September 30, 2018 and December 31, 2017,
respectively)
| | |
59
| | |
59
|
|
Additional paid-in capital
| | |
35,674
| | |
28,412
|
|
Retained earnings
| | |
819,687
| | |
728,386
|
|
Accumulated other comprehensive loss
| | |
(350)
| | |
(352)
|
| Treasury stock, at cost (182,840 and 156,457 shares held as of
September 30, 2018 and December 31, 2017, respectively)
| |
|
(109,735)
| |
|
(80,058)
|
|
Total Stockholders' Equity
| |
|
745,335
| |
|
676,447
|
|
Total Liabilities and Stockholders' Equity
| |
$
|
2,267,948
| |
$
|
2,204,632
|
| | | | | |
|
|
|
| CABLE ONE, INC. |
| RECONCILIATIONS OF NON-GAAP MEASURES |
| (Unaudited) |
|
|
|
| Three Months Ended September 30, | | |
|
(dollars in thousands)
| | 2018 |
| 2017 |
| $ Change |
|
| % Change |
|
Net income
| |
$
|
38,314
| |
$
|
30,905
| |
$
|
7,409
|
| |
24.0%
|
|
|
| Net profit margin | | | 14.3% | | | 12.2% | | | | | | |
|
|
|
Plus:
|
Interest expense
| | |
15,460
| | |
14,019
| | |
1,441
| |
10.3%
|
|
Income tax provision
| | |
11,048
| | |
16,269
| | |
(5,221)
| |
(32.1)%
|
|
Depreciation and amortization
| | |
50,414
| | |
46,712
| | |
3,702
| |
7.9%
|
|
Equity-based compensation
| | |
2,418
| | |
3,076
| | |
(658)
| |
(21.4)%
|
|
Severance expense
| | |
1,111
| | |
350
| | |
761
| |
217.4%
|
|
Loss on deferred compensation
| | |
100
| | |
1,485
| | |
(1,385)
| |
(93.3)%
|
|
Acquisition-related costs
| | |
10
| | |
557
| | |
(547)
| |
(98.2)%
|
|
Loss on asset disposals, net
| | |
3,140
| | |
2,506
| | |
634
| |
25.3%
|
|
System conversion costs
| | |
1,735
| | |
-
| | |
1,735
| |
NM
|
|
Rebranding costs
| | |
423
| | |
-
| | |
423
| |
NM
|
|
Other income, net
| | |
(1,503)
| | |
(278)
| | |
(1,225)
| |
NM
|
|
Adjusted EBITDA
| |
$
|
122,670
| |
$
|
115,601
| |
$
|
7,069
| | |
6.1%
|
|
|
| Adjusted EBITDA margin | | | 45.7% | | | 45.5% | | | | | | |
|
|
|
Less:
|
Capital expenditures
| | |
68,302
| | |
52,400
| | |
15,902
| |
30.3%
|
|
Adjusted EBITDA less capital expenditures
| |
$
|
54,368
| |
$
|
63,201
| |
$
|
(8,833)
| | |
(14.0)%
|
____
| |
|
NM = Not meaningful.
| |
|
|
| | Three Months Ended September 30, | | |
|
(dollars in thousands)
| | 2018 | | 2017 | | $ Change |
| | % Change |
|
Net cash provided by operating activities
| |
$
|
111,015
| |
$
|
88,929
| |
$
|
22,086
| | |
24.8%
|
|
Capital expenditures
| | |
(68,302)
| | |
(52,400)
| | |
(15,902)
| |
30.3%
|
|
Interest expense
| | |
15,460
| | |
14,019
| | |
1,441
| |
10.3%
|
|
Amortization of debt issuance cost
| | |
(1,076)
| | |
(992)
| | |
(84)
| |
8.5%
|
|
Income tax provision
| | |
11,048
| | |
16,269
| | |
(5,221)
| |
(32.1)%
|
|
Changes in operating assets and liabilities
| | |
(6,586)
| | |
(1,637)
| | |
(4,949)
| |
NM
|
|
Increase in deferred income taxes
| | |
(9,067)
| | |
(3,101)
| | |
(5,966)
| |
192.4%
|
|
Loss on deferred compensation
| | |
100
| | |
1,485
| | |
(1,385)
| |
(93.3)%
|
|
Acquisition-related costs
| | |
10
| | |
557
| | |
(547)
| |
(98.2)%
|
|
Severance expense
| | |
1,111
| | |
350
| | |
761
| |
217.4%
|
|
System conversion costs
| | |
1,735
| | |
-
| | |
1,735
| |
NM
|
|
Rebranding costs
| | |
423
| | |
-
| | |
423
| |
NM
|
|
Other income, net
| | |
(1,503)
| | |
(278)
| | |
(1,225)
| |
NM
|
|
Adjusted EBITDA less capital expenditures
| |
$
|
54,368
| |
$
|
63,201
| |
$
|
(8,833)
| | |
(14.0)%
|
____
| |
|
NM = Not meaningful.
| |
|
|
| CABLE ONE, INC. |
| OPERATING STATISTICS |
| (Unaudited) |
|
|
| As of September 30, |
| Year-Over-Year Change |
| 2018 |
| 2017 | | Amount |
| % |
| Homes Passed (1) | 2,089,306 | | 2,136,836 | | (47,530) | | (2.2)% |
|
|
| Residential Customers | 730,252 | | 731,099 | | (847) | | (0.1)% |
|
| | | | | | | | |
|
Data PSUs
|
598,001
| |
581,510
| |
16,491
| |
2.8%
|
|
Video PSUs
|
312,564
| |
353,860
| |
(41,296)
| |
(11.7)%
|
|
Voice PSUs
|
101,443
| |
111,295
| |
(9,852)
| |
(8.9)%
|
|
Total residential PSUs
|
1,012,008
| |
1,046,665
| |
(34,657)
| |
(3.3)%
|
|
|
| Business Customers | 70,927 | | 65,011 | | 5,916 | | 9.1% |
|
|
|
Data PSUs
|
62,798
| |
56,143
| |
6,655
| |
11.9%
|
|
Video PSUs
|
16,357
| |
16,853
| |
(496)
| |
(2.9)%
|
|
Voice PSUs
|
26,529
| |
24,220
| |
2,309
| |
9.5%
|
|
Total business services PSUs
|
105,684
| |
97,216
| |
8,468
| |
8.7%
|
|
|
| Total Customers | 801,179 | | 796,110 | | 5,069 | | 0.6% |
|
Total non-video
|
472,367
| |
N/A
| |
N/A
| |
N/A
|
|
Percent of total
|
59.0%
| |
N/A
| |
N/A
| |
N/A
|
|
|
|
Data PSUs
|
660,799
| |
637,653
| |
23,146
| |
3.6%
|
|
Video PSUs
|
328,921
| |
370,713
| |
(41,792)
| |
(11.3)%
|
|
Voice PSUs
|
127,972
| |
135,515
| |
(7,543)
| |
(5.6)%
|
|
Total PSUs
|
1,117,692
| |
1,143,881
| |
(26,189)
| |
(2.3)%
|
|
|
| Penetration |
|
Data
|
31.6%
| |
29.8%
| | | |
1.8%
|
|
Video
|
15.7%
| |
17.3%
| | | |
(1.6)%
|
|
Voice
|
6.1%
| |
6.3%
| | | |
(0.2)%
|
|
|
| Share of Third Quarter Revenues |
|
Residential data
|
46.3%
| |
43.2%
| | | |
3.1%
|
|
Business services
|
14.8%
| |
13.9%
| | | |
0.9%
|
|
Total
|
61.1%
| |
57.1%
| | | |
4.0%
|
|
|
| ARPU - Third Quarter |
|
Residential data (2) |
$
|
68.83
| |
$
|
62.49
| |
$
|
6.34
| |
10.1%
|
|
Residential video (2) |
$
|
88.44
| |
$
|
81.96
| |
$
|
6.48
| |
7.9%
|
|
Residential voice (2) |
$
|
32.95
| |
$
|
33.26
| |
$
|
(0.31)
| |
(0.9)%
|
|
Business services (3) |
$
|
185.32
| |
$
|
180.13
| |
$
|
5.20
| |
2.9%
|
|
|
| Number of Employees | 2,249 | | 2,312 | | (63) | | (2.7)% |
| |
|
(1)
|
|
Homes passed represents the number of residential and business
serviceable addresses within our footprint. During the first quarter
of 2018, the number of Legacy CABO homes passed was reduced by
approximately 74,000 to adjust for duplicate and non-serviceable
addresses.
|
|
(2)
| |
Average monthly revenue per unit 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.
|
|
(3)
| |
Average monthly revenue per unit values represent quarterly business
services revenues (excluding installation and activation fees)
divided by the average of the number of business customer
relationships at the beginning and end of each period, divided by
three.
|
|
N/A
| |
Information not available.
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181107005262/en/
Cable One, Inc.
Trish Niemann
Corporate Communications Director
602-364-6372
or
Steven
Cochran
Chief Financial Officer
602-364-6210
Source: Cable One, Inc.