Cable One(CABO) - 2024 Q2 - Quarterly Report

Revenue Performance - For the first six months of 2024, total revenues decreased by 7.0% to $394.461 million compared to$424.024 million in 2023[111] - Total revenues for the three months ended June 30, 2024, were $394.5 million, a decrease of$29.6 million or 7.0% compared to $424.0 million for the same period in 2023[120] - Total revenues for the six months ended June 30, 2024, were$798.8 million, a decrease of $47.1 million or 5.6$845.9 million for the same period in 2023[129] Customer Metrics - Approximately 1,063,000 customers subscribed to data services, with a significant focus on growing higher-margin residential and business data services[98][100] - Total residential PSUs decreased by 39.3 thousand, or 3.3%, from 1,193.9 thousand in June 2023 to 1,154.7 thousand in June 2024[120] - Total customer relationships decreased by 5.3 thousand, or 0.5%, from 1,101.0 thousand in June 2023 to 1,095.7 thousand in June 2024[120] Income and Profitability - The company experienced a decline in net income by 13.8%, from $55.246 million in 2023 to$47.649 million in 2024[111] - Net income for the three months ended June 30, 2024, was $47.6 million, down from$55.2 million in the same period in 2023[127] - Net income for the six months ended June 30, 2024, was $95.0 million, down from$112.7 million in 2023[137] Expenses and Cost Management - Operating expenses (excluding depreciation and amortization) were $105.8 million, a decrease of$7.0 million, or 6.2%, compared to the same period in 2023[123] - Operating expenses (excluding depreciation and amortization) were $212.4 million, a decrease of$12.6 million or 5.6% compared to the prior year[131] - Selling, general and administrative expenses increased by $4.6 million, or 5.3$90.8 million for the three months ended June 30, 2024[124] EBITDA - Adjusted EBITDA for the first half of 2024 was $212.372 million, reflecting an 8.2$231.294 million in the same period of 2023[111] - Adjusted EBITDA for the six months ended June 30, 2024, was $212.4 million, a decrease of$18.9 million or 8.2% compared to $231.3 million in 2023[143] Capital Expenditures - Capital expenditures decreased by 12.2$71.592 million in 2024, down from $81.507 million in 2023[111] - Capital expenditures for the six months ended June 30, 2024, totaled$137.5 million, a decrease from $177.6 million in the same period of 2023[166] Debt and Financing - The company amended its Credit Agreement to increase the Revolving Credit Facility by$500 million to $1 billion and extended its maturity to February 2028[154] - As of June 30, 2024, the company had approximately$1.76 billion in outstanding term loans and $238 million in borrowings under the Revolving Credit Facility[157] - The company completed an offering of$650 million in Senior Notes due 2030, bearing interest at 4.00% per annum[158] Shareholder Returns - A quarterly dividend of $2.95 per share was approved, resulting in a total distribution of$17.1 million during the second quarter of 2024[152] - The company had $143.1 million remaining under the share repurchase authorization as of June 30, 2024, with a total of 646,244 shares repurchased at an aggregate cost of$556.9 million since going public[151]