Financial Data and Key Metrics Changes - Revenues for Q1 2020 were $231.2 million, a 15.3% increase compared to $278.6 million in the prior year quarter, driven by a 19.4% increase in residential HST revenue and a 22.7% increase in business services revenue [36] - Net income for Q1 2020 was $69.3 million, with a net income per share of $12.05 [37] - Adjusted EBITDA was $157.7 million, an 18.5% increase year-over-year, with an adjusted EBITDA margin increase of 130 basis points from 47.8% to 49.1% [38] Business Line Data and Key Metrics Changes - Residential agency sales saw an uptick, adding more than 18,000 customers in Q1 2020, with a year-over-year growth rate of 4.2% [24] - Business services revenue grew by 22.7% year-over-year, but faced pressure from the COVID-19 pandemic, particularly affecting small business customers [29] - The average data consumption per customer increased by more than 34% year-over-year, reaching nearly 390 gigabits per month [26] Market Data and Key Metrics Changes - The company experienced a significant increase in demand for reliable high-speed data connections due to the pandemic, with residential agency sales continuing to grow into Q2 2020 [24] - The company added more residential agency customers in the first month of Q2 than in the entire first quarter [24] - Monthly recurring revenue for commercial customers decreased by approximately 1% due to paused or downgraded services [29] Company Strategy and Development Direction - The company has shifted its strategic focus to prioritize residential agency and business services while deemphasizing video, which has proven beneficial during the pandemic [22] - The company is committed to maintaining connectivity for customers during the pandemic, implementing various initiatives to support communities [13][19] - The company plans to continue pursuing acquisitions and investments in broadband-related opportunities, particularly in rural markets [45] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the uncertainty of the current environment but expressed confidence in the company's ability to weather the storm and emerge stronger [21] - The company anticipates negative impacts in Q2 2020 from lower data overage fees, late charges, and increased expenses due to COVID-19 [43] - Management believes that the critical importance of high-speed internet will continue to grow, positioning the company well for future growth [33] Other Important Information - The company has invested over $600 million in the past three years to enhance its infrastructure and support increased data consumption [27] - The company has implemented a 25% premium pay for hourly associates required to work during the pandemic [9] - The company has opened over 140 free Wi-Fi hotspots for public use during the crisis [15] Q&A Session Summary Question: Can you quantify the number of subscribers on the FCC pledge or the $15 megabit offer? - The company reported that less than 2% of customers are on the $15 megabit plan, while all customers are covered under the FCC pledge [48] Question: How many accounts are in arrears? - The company indicated that there are about 10,000 more accounts past due than usual [50] Question: What is the impact of M&A in the current environment? - The company is making joint venture investments in two fixed wireless companies, with no immediate new opportunities arising due to market conditions [52] Question: What is the status of the SMB business? - SMB represents about half of business services revenues, with 1% of recurring revenues paused or downgraded [78] Question: What is the interest level from private equity in acquisitions? - Private equity and infrastructure funds remain interested in the telecommunications space, with ongoing discussions about potential opportunities [71]

Table of Contents Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, par value $0.01 CABO New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36863 Cab ...

Cable One, Inc. (NYSE:CABO) Q4 2019 Earnings Conference Call February 27, 2020 5:00 PM ET Company Participants Steven Cochran – Senior Vice President and Chief Financial Officer Julia Laulis – President and Chief Executive Officer Conference Call Participants Philip Cusick – JPMorgan Brandon Nispel – KeyBanc Capital Markets Stephan Bisson – Wolfe Research Clay Griffin – MoffettNathanson John Kornreich – JK Media Robert Majek – Raymond James Operator Good day, and welcome to the Cable One Earnings Report Q4 ...

Table of Contents Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered Common Stock, par value $0.01 CABO New York Stock Exchange UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 Commission File Number: 001-36863 Cable One, Inc. (Exact name of registrant as specified in its charter) Delaware 13-3060083 (State or Other J ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2019 were $285 million, a 6.2% increase from $268.3 million in Q3 2018 [14] - Adjusted EBITDA was $140 million, up 14.1% from $122.7 million in the prior year quarter, with adjusted EBITDA margins increasing 340 basis points to 49.1% [16] - Net income for the quarter was $49.8 million, with a fully diluted net income per share of $8.68 [15] - Operating expenses were $94.9 million, representing 33.3% of revenues, an improvement from 34.3% in the prior year [15] - Capital expenditures totaled $55.8 million, down from $68.3 million in Q3 2018 [16] Business Line Data and Key Metrics Changes - Residential high-speed data (HSD) revenues increased by 8.2%, driven by a 3.5% increase in residential HSD units and a 4.7% rise in residential HSD ARPU [6] - Business services revenue surged by 28% year-over-year, or 10.3% excluding Clearwave operations [14] Market Data and Key Metrics Changes - The company reported a 73% positive consumer sentiment regarding the rebranding to Sparklight, indicating strong market acceptance [10] Company Strategy and Development Direction - The company is focused on integrating the recently acquired Fidelity operations, with an integration timeline of approximately three years [52] - The strategy includes aligning Fidelity's revenues, ARPUs, and margins with those of legacy Cable One [52] - The company plans to realize approximately $15 million in estimated run rate cost synergies from the Fidelity acquisition over the next three years [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued margin expansion and strong performance, despite challenges in customer acquisition comparisons due to prior marketing spend [29] - The management team is optimistic about the integration of Fidelity and the potential for future acquisitions, emphasizing the importance of maintaining a flexible balance sheet [39][44] Other Important Information - The company paid $12.8 million in dividends to shareholders during the quarter [17] - As of September 30, the company had approximately $146 million in cash and a debt balance of about $1.3 billion, with a net debt to adjusted EBITDA leverage ratio of 2.1 times [17][21] Q&A Session Summary Question: Rebranding costs and impact on subscriber numbers - Management confirmed that the $3 million spent on rebranding was incremental to the typical marketing run rate and is expected to be completed in early 2020 [23][24] Question: ARPU trajectory with NewWave usage-based billing - Management indicated that the rollout of usage-based billing would start showing results in Q4, with expectations for ARPU to align more closely with Cable One's [31] Question: Future acquisition plans and cash usage - Management stated they are always looking for acquisition opportunities and emphasized the importance of maintaining a flexible balance sheet for potential future deals [38][39] Question: Customer growth rates from Fidelity - Management did not provide specific customer growth rates for Fidelity but reiterated the focus on integration and aligning operations [52] Question: Synergies from NewWave programming and Fidelity - Management mentioned that synergies from NewWave programming were in line with expectations and that Fidelity synergies would be realized over three years, with some immediate savings already identified [53][54]

Table of Contents Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, par value $0.01 CABO New York Stock Exchange Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR ...

Cable One, Inc. (NYSE:CABO) Q2 2019 Results Conference Call August 7, 2019 5:00 PM ET Company Participants Steven Cochran - CFO Julie Laulis - President and CEO Conference Call Participants Zack Silver - B. Riley FBR Craig Moffett - MoffettNathanson Philip Cusick - JPMorgan Brandon Nispel - KeyBanc Stephan Bisson - Wolfe Research Operator Good afternoon and welcome to the Cable One CABO Earnings Report Q2 2019 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now li ...

PART I: FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Cable One, Inc.'s unaudited condensed consolidated financial statements as of June 30, 2019, including balance sheets, statements of operations, cash flows, and accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total Assets increased to **$2.55 billion** from **$2.30 billion** at year-end 2018, driven by acquisitions, while Cash and cash equivalents decreased significantly to **$102.3 million** | Balance Sheet Items (in thousands) | June 30, 2019 | Dec 31, 2018 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $102,283 | $264,113 | | Total Current Assets | $155,716 | $317,863 | | Property, plant and equipment, net | $977,398 | $847,979 | | Intangible assets, net | $1,035,210 | $953,851 | | Goodwill | $355,347 | $172,129 | | **Total Assets** | **$2,549,452** | **$2,303,234** | | **Liabilities & Equity** | | | | Total Current Liabilities | $143,048 | $133,713 | | Long-term debt | $1,280,637 | $1,142,056 | | **Total Liabilities** | **$1,786,544** | **$1,527,876** | | **Total Stockholders' Equity** | **$762,908** | **$775,358** | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Revenues increased for both three and six-month periods ended June 30, 2019, while net income decreased due to higher operating and interest expenses | Income Statement (in thousands) | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | | :--- | :--- | :--- | | Revenues | $285,650 | $268,414 | | Total operating expenses | $211,536 | $197,746 | | Operating income | $74,114 | $70,668 | | Net income | $36,395 | $43,785 | | Diluted EPS | $6.35 | $7.65 | | Income Statement (in thousands) | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | Revenues | $564,255 | $534,175 | | Total operating expenses | $422,444 | $398,846 | | Operating income | $141,811 | $135,329 | | Net income | $75,134 | $84,438 | | Diluted EPS | $13.13 | $14.73 | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities increased, but significant cash was used in investing activities, primarily for the **Clearwave acquisition**, resulting in a net decrease in cash | Cash Flows (in thousands) | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | | :--- | :--- | :--- | | Net cash provided by operating activities | $212,494 | $196,602 | | Net cash used in investing activities | ($465,817) | ($91,816) | | Net cash provided by (used in) financing activities | $91,493 | ($63,016) | | **Increase (decrease) in cash** | **($161,830)** | **$41,770** | - The primary use of cash in investing activities was the purchase of a business (Clearwave) for **$356.9 million**, net of cash acquired[20](index=20&type=chunk) [Notes to the Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Notes detail significant events including the **Clearwave** and planned **Fidelity acquisitions**, adoption of new lease accounting standards, and debt refinancing activities - On January 8, 2019, the Company acquired Delta Communications, L.L.C. ("Clearwave") for a purchase price of **$358.8 million** in cash[25](index=25&type=chunk) - On March 31, 2019, the Company entered into a definitive agreement to acquire Fidelity Communications Co. for **$525.9 million** in cash, with the transaction expected to close in Q4 2019[26](index=26&type=chunk) - The company adopted the new lease accounting standard ASU 2016-02 on January 1, 2019, recording right-of-use (ROU) assets of **$14.9 million** and lease liabilities of **$13.3 million** upon adoption[35](index=35&type=chunk)[36](index=36&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the strategic shift towards higher-margin services, the impact of acquisitions on financial performance, and details liquidity, capital resources, and financing activities - The company's strategy has shifted away from maximizing primary service units (PSUs) towards growing higher-margin businesses, specifically residential data and business services[130](index=130&type=chunk) - Residential data and business services are expected to continue growing, while residential video and voice revenues are expected to continue declining due to industry trends and strategic de-emphasis[132](index=132&type=chunk)[134](index=134&type=chunk)[135](index=135&type=chunk)[136](index=136&type=chunk) [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Revenues grew for both periods, driven by **Business services** and **Residential data**, offsetting declines in **Residential video**, while expenses increased due to acquisitions and rebranding Revenues by Service Offering (Three Months Ended June 30) | Service | 2019 Revenue (in thousands) | % of Total | 2018 Revenue (in thousands) | % of Total | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Residential data | $132,824 | 46.5% | $122,471 | 45.6% | 8.5% | | Residential video | $84,033 | 29.4% | $87,462 | 32.6% | (3.9)% | | Business services | $49,759 | 17.4% | $38,485 | 14.3% | 29.3% | | **Total revenues** | **$285,650** | **100.0%** | **$268,414** | **100.0%** | **6.4%** | Revenues by Service Offering (Six Months Ended June 30) | Service | 2019 Revenue (in thousands) | % of Total | 2018 Revenue (in thousands) | % of Total | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Residential data | $262,635 | 46.5% | $242,330 | 45.4% | 8.4% | | Residential video | $167,836 | 29.7% | $176,219 | 33.0% | (4.8)% | | Business services | $96,903 | 17.2% | $76,177 | 14.3% | 27.2% | | **Total revenues** | **$564,255** | **100.0%** | **$534,175** | **100.0%** | **5.6%** | [Use of Adjusted EBITDA](index=32&type=section&id=Use%20of%20Adjusted%20EBITDA) Adjusted EBITDA, a non-GAAP measure, increased **8.1%** for both the three and six-month periods ended June 30, 2019, reflecting core operational profitability Adjusted EBITDA Reconciliation (in thousands) | Metric | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | % Change | | :--- | :--- | :--- | :--- | | Net income | $36,395 | $43,785 | (16.9)% | | **Adjusted EBITDA** | **$137,584** | **$127,245** | **8.1%** | Adjusted EBITDA Reconciliation (in thousands) | Metric | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | % Change | | :--- | :--- | :--- | :--- | | Net income | $75,134 | $84,438 | (11.0)% | | **Adjusted EBITDA** | **$270,716** | **$250,543** | **8.1%** | [Financial Condition: Liquidity and Capital Resources](index=33&type=section&id=Financial%20Condition%3A%20Liquidity%20and%20Capital%20Resources) Liquidity was impacted by the **Clearwave acquisition**, with significant debt refinancing activities including the redemption of **$450 million** senior notes and new term loan issuances - On June 15, 2019, the company redeemed all **$450 million** of its outstanding 5.75% senior unsecured notes due 2022, incurring a **$6.5 million** call premium[78](index=78&type=chunk)[191](index=191&type=chunk) - The company entered into new credit agreements and amendments in 2019, incurring a **$250 million** Term Loan B-2, a **$325 million** Term Loan B-3, and establishing a new **$250 million** Term Loan A-2 and a **$450 million** Delayed Draw Term Loan A-2 to fund acquisitions and refinance existing debt[81](index=81&type=chunk)[82](index=82&type=chunk)[84](index=84&type=chunk) Capital Expenditures (Six Months Ended June 30, in thousands) | Category | 2019 | 2018 | | :--- | :--- | :--- | | Customer premise equipment | $24,854 | $26,275 | | Commercial | $11,519 | $3,750 | | Scalable infrastructure | $21,715 | $18,880 | | Support capital | $27,042 | $24,798 | | **Total** | **$110,488** | **$90,868** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate risk on its **$1.3 billion** variable-rate debt, mitigated by interest rate swap agreements covering **$850 million** - The company's main market risk is from interest rate fluctuations on its **$1.3 billion** of variable-rate Senior Credit Facilities[220](index=220&type=chunk)[221](index=221&type=chunk) - To manage interest rate risk, the company uses interest rate swaps, effectively fixing the rate on **$850 million** of its variable-rate debt[221](index=221&type=chunk) [Item 4. Controls and Procedures](index=37&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2019, with no material changes to internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective as of June 30, 2019[224](index=224&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter ended June 30, 2019, that materially affected, or are reasonably likely to materially affect, internal controls[225](index=225&type=chunk) PART II: OTHER INFORMATION [Item 1. Legal Proceedings](index=38&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings - The company states "None" for legal proceedings[226](index=226&type=chunk) [Item 1A. Risk Factors](index=38&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's 2018 Form 10-K - There have been no material changes to the risk factors previously disclosed in the 2018 Form 10-K[227](index=227&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its plan during Q2 2019, with **$145.1 million** remaining available for repurchases Share Repurchases (Q2 2019) | Period | Total Shares Purchased | Avg. Price Per Share | Purchased as Part of Plan | Approx. Value Remaining in Plan | | :--- | :--- | :--- | :--- | :--- | | April 2019 | 11 | $996.24 | 0 | $145,081,000 | | May 2019 | 2 | $1,080.75 | 0 | $145,081,000 | | June 2019 | 0 | - | 0 | $145,081,000 | | **Total** | **13** | **$1,009.24** | **0** | **$145,081,000** | [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including credit agreement amendments, officer certifications, and XBRL data files

Cable One, Inc. (NYSE:CABO) Q1 2019 Earnings Conference Call May 9, 2019 5:00 PM ET Company Participants Steven Cochran - SVP & CFO Julia Laulis - President & CEO Conference Call Participants Stephan Bisson - Wolfe Research Craig Moffett - Moffettnathanson Philip Cusick - JPMorgan Zack Silver - B. Riley FBR Operator Good day, and welcome to the Cable One Q1 2019 Fiscal Earnings Report. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would no ...

Table of Contents Emerging growth company ☐ UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 001-36863 Cable One, Inc. (Exact name of registrant as specified in its charter) Delaware 13-3060083 (State or Other Juri ...