Financial Data and Key Metrics Changes - Total revenues for Q1 2024 were $404.3 million, down from $421.9 million in Q1 2023, primarily due to losses in video subscribers [50] - Net income decreased to $47.3 million in Q1 2024 from $57.4 million in Q1 2023, with the prior year benefiting from a non-cash gain [30] - Adjusted EBITDA for Q1 2024 was $217.1 million, representing a 53.7% margin compared to $228.8 million and a 54.2% margin in the prior year [30] - Adjusted EBITDA less capital expenditures increased by $18.5 million or 13.9% to $151.2 million in Q1 2024 [11] Business Line Data and Key Metrics Changes - Residential data revenues decreased by $6.9 million or 2.8% year-over-year, driven by a 2.7% decrease in average revenue per unit [29] - Business data revenues grew by over $2 million or 3.7% compared to Q1 2023 [68] - Selling, general and administrative expenses increased to $90.4 million in Q1 2024 from $86.7 million in the prior year, with SG&A as a percentage of revenue rising to 22.4% [51] Market Data and Key Metrics Changes - The company added approximately 6,900 new residential subscribers sequentially, marking eight consecutive months of growth [24] - The aggregate fourth quarter annualized 2023 adjusted EBITDA of select companies in the investment portfolio was $613 million, representing a 24% growth compared to the previous year [7] Company Strategy and Development Direction - The company is focusing on enhancing network infrastructure and capitalizing on organic growth opportunities while also exploring strategic acquisitions [52] - The strategy includes targeting value-conscious customers and responding aggressively to competition, which has led to increased customer connects and reduced churn [46][24] - Investments of over $1 billion in network infrastructure over the last three years are aimed at exceeding customer needs for reliability and performance [6] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the trajectory moving forward despite ARPU declines, anticipating improvements as promotional pricing rolls off [65][82] - The company is optimistic about sustaining momentum in residential broadband customer growth and generating strong free cash flow [49] - Management acknowledged the competitive pressures but highlighted the effectiveness of their strategies in maintaining customer satisfaction and growth [24][46] Other Important Information - The company distributed $16.8 million in dividends and repaid $54.8 million of debt in Q1 2024 [31] - Capital expenditures for Q1 were $65.9 million, significantly lower than the previous year, with expectations to keep total CapEx below $300 million for the year [69] Q&A Session Summary Question: What is the outlook for ARPU declines? - Management indicated that ARPU declines are expected to ameliorate as promotional pricing rolls off and customer upgrades occur [65][82] Question: How are subscriber trends developing? - Subscriber growth is attributed to increased connects and reduced churn, with significant growth in competitive markets [93][24] Question: What are the implications of the new strategy on ARPU? - The new strategy targeting value-conscious customers has led to lower initial ARPU, but management believes these customers will be long-term value-accretive [105][106] Question: When will residential revenues stabilize? - Management did not provide specific guidance but expressed confidence that current strategies will lead to positive revenue growth in the future [97][98]

U N C O N S O L I D A T E D I N V E S T M E N T S S U M M A R Y ( M AY 2 , 2 0 2 4 ) | --- | --- | --- | --- | --- | |---------|--------------------------------------------------------------------------------|----------------------------|---------------------------------------------------------------|----------------------------------------| | Company | March 31, 2024 Book Value ($mm) | March 31, 2024 % Ownership | Investment Month(s) | $1,331mm (3) | | | | $566 45% | November 2020 | LQA Q4 2023 Revenue | | ...

The Company classified $0.9 million of property, plant and equipment as held for sale as of December 31, 2023. Such assets are included within other noncurrent assets in the condensed consolidated balance sheet. These assets were sold during the three months ended March 31, 2024 for total proceeds of $2.3 million, resulting in the recognition of a $1.4 million gain on the sale. 6. GOODWILL AND INTANGIBLE ASSETS | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

May 2, 2024 – 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, 2024. "The first quarter of 2024 was our second straight quarter of sequential residential data customer growth," said Julie Laulis, Cable One President and CEO. "Our use of targeted pricing and product offerings in certain markets helped contribute to this growth and we believe our revenues will ultimately benefit from such pric ...

Andy Parrott promoted to the role of MBI CEO Phil Spencer to continue to serve on the Board of Directors and as a Senior Advisor to MBI SHAWNEE, Okla., April 29, 2024 /PRNewswire/ -- Mega Broadband Investments LLC ("MBI"), a leading provider of broadband services across the Southeast, Northwest, and Mid-South United States that goes to market under the Vyve Broadband brand ("Vyve"), today announced that Andy Parrott has been promoted to the role of CEO, effective May 1st, 2024. Current CEO Phil Spencer will ...

NEW YORK, April 17, 2024 /PRNewswire/ -- Duolingo Inc. (NASD:DUOL) will replace Cable One Inc. (NYSE:CABO) in the S&P MidCap 400, and Cable One will replace MDC Holdings Inc. (NYSE:MDC) in the S&P SmallCap 600 effective prior to the opening of trading Monday, April 22. Sekisui House Ltd. is acquiring MDC Holdings in a transaction expected to be completed on April 19, pending final conditions. Following is a summary of the changes that will take place prior to the open of trading on the effective date: Ef ...

If there’s one thing I’ve learned about retail do-it-yourself investors, they love to hear about Wall Street whispers. These are upgrades or new coverage of stocks by analysts with a buy rating. Nothing moves the markets quite like the prognostications of sell-side analysts. The challenge in tracking analysts’ moves is that they are human, which means they sometimes get it wrong. I remember one analyst covering Lululemon (NASDAQ:LULU), who was bearish about the athletic apparel brand for years, despite its ...

PHOENIX--(BUSINESS WIRE)--Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”) today announced that Ken Johnson has been appointed Chief Operating Officer by its Board of Directors. Johnson, who previously served as the Company’s Chief Technology & Innovation Officer, has more than 25 years of industry experience, having held executive leadership positions over technology and operations for companies of considerable size and complexity. Since joining Cable One in 2018 upon the Company’s acquisitio ...

Financial Data and Key Metrics Changes - For Q4 2023, total revenues were $411.8 million, a 3.2% decrease from Q4 2022, primarily due to a 21.3% decrease in residential video revenues [20] - Net income for Q4 2023 was $115.3 million compared to a net loss of $77.2 million in Q4 2022 [21] - Adjusted EBITDA for 2023 was $916.9 million, a 0.6% increase from $911.9 million in 2022, with an adjusted EBITDA margin of 54.6%, representing a 120 basis point improvement [39] Business Line Data and Key Metrics Changes - Residential data revenues increased by 2.1% year-over-year, with over 1,600 new PSUs added in Q4 2023 [20] - Business services revenues declined by 0.5% year-over-year, but data services within business offerings exceeded residential data revenue growth rates [20] - Operating expenses for 2023 were $440.9 million, or 26.3% of revenues, down from $470.9 million or 27.6% in the prior year, indicating improved cost management [36] Market Data and Key Metrics Changes - The company expanded its residential broadband base by more than 1,600 customers in Q4 2023, driven by improved new connects and sustained low churn rates [81] - Approximately 9,800 residential and business data customers grew sequentially in Q4, totaling over 83,600 for the full year 2023 [46] Company Strategy and Development Direction - The company is focusing on balanced growth, targeting value-conscious customers while maintaining a robust infrastructure to support increasing bandwidth needs [61] - The strategy includes aggressive responses to competition, particularly in markets with new entrants, and a commitment to enhancing customer experience through investments in technology [51][53] - The company plans to moderate capital expenditures in 2024, aiming for a range in the low 300s million, reflecting a disciplined approach to long-term investments [40][49] Management's Comments on Operating Environment and Future Outlook - Management acknowledged near-term pressures on ARPU due to promotional offers aimed at value-conscious customers, viewing this as an acceptable trade-off for long-term growth [54][55] - The company achieved its highest level of free cash flow in 2023, indicating strong financial performance despite competitive challenges [56] - Management expressed confidence in the ability to manage ARPU effectively while expanding the customer base and enhancing long-term value [55] Other Important Information - The company distributed $66.3 million in dividends and repurchased over 141,000 shares for $99.6 million in 2023, alongside repaying $163.7 million of debt [42] - As of December 31, the company had approximately $190 million in cash and cash equivalents, with a total debt balance of approximately $3.7 billion [43] Q&A Session Summary Question: What is the impact of existing subscriber base on ARPU? - Management noted that promotional and discounted offers targeted at value-conscious segments have impacted ARPU, with a shift from focusing solely on high LTV customers [6][11] Question: What is the target leverage for the company? - The company operates within a leverage range of 2.5 to 4.5 times, currently at 3.85 times, and is focused on disciplined debt repayment [27][28] Question: How does the company view ARPU pressures in the near term? - Management anticipates continued ARPU pressure due to targeting lower-end offers but believes this is necessary for defending market share and expanding the customer base [54][55] Question: What are the company's plans regarding buybacks? - Management indicated that buybacks are currently deprioritized in favor of balance sheet management and debt repayment, reflecting a conservative approach [68][69] Question: How is the company addressing competition from new entrants? - The company is prepared to respond aggressively to new competitors with a comprehensive strategy, including competitive pricing and enhanced service offerings [51][52]

Cable One (CABO) reported $411.82 million in revenue for the quarter ended December 2023, representing a year-over-year decline of 3.2%. EPS of $10.66 for the same period compares to $8.94 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $417.66 million, representing a surprise of -1.40%. The company delivered an EPS surprise of -17.11%, with the consensus EPS estimate being $12.86.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wal ...