Cable One(CABO)2025-05-01 20:15Financial Performance - Total revenues for the first quarter of 2025 were $380.6 million, a decrease of $23.7 million or 5.9% compared to $404.3 million in the first quarter of 2024[3]. - Net income for the first quarter of 2025 was $2.6 million, down 93.0% from $37.4 million in the prior year quarter, resulting in a net profit margin of 0.7%[3][8]. - Adjusted EBITDA for the first quarter of 2025 was $202.7 million, a decrease of $14.3 million or 6.6% from $217.1 million in the first quarter of 2024, with an Adjusted EBITDA margin of 53.3%[3][9]. - The company reported a comprehensive loss of $12.4 million for Q1 2025, compared to a comprehensive income of $55.6 million in Q1 2024, marking a decline of 122.3%[31]. - Basic net income per share decreased to $0.46, a decline of 93.1% from $6.65 in the same period last year[31]. - The net profit margin for Q1 2025 was 0.7%, down from 9.2% in Q1 2024[38]. Revenue Breakdown - Residential data revenues decreased by $10.7 million or 4.5% year-over-year to $225.1 million, primarily due to a reduction in subscribers and a 3.1% decrease in average revenue per unit (ARPU)[6][7]. - Residential video revenue fell by 15.8% to $50.8 million[31]. - Business data revenues grew by 1.2% year-over-year, indicating durable growth in the carrier and enterprise fiber segments[6]. - Average Revenue Per User (ARPU) for residential data decreased by 3.1% to $78.84 from $81.33[41]. - The percentage of total non-video services increased to 89.7% from 87.6% year-over-year[41]. Cash Flow and Debt Management - Cash flows from operating activities were $116.3 million in the first quarter of 2025, down 29.4% from $164.8 million in the first quarter of 2024[3][10]. - The company repaid $40.0 million under its revolving credit facility during the first quarter of 2025, with total net debt paydowns since March 31, 2023, amounting to $271.3 million[6][12]. - The company plans to suspend the quarterly cash dividend, which represents approximately $67 million annually, to allocate funds for debt repayment and organic growth initiatives[14]. - As of March 31, 2025, the company had $149.1 million in cash and cash equivalents and a debt balance of $3.57 billion[11]. - Long-term debt decreased to $2.95 billion from $3.57 billion at the end of 2024[34]. Customer Metrics - Total residential customers decreased by 3.0% to 970.1 thousand from 999.8 thousand year-over-year[41]. - Total customers declined by 2.5% to 1,075.1 thousand from 1,102.4 thousand in the previous year[41]. Operating Expenses - Operating expenses (excluding depreciation and amortization) decreased by 6.3% to $99.9 million[31]. - Capital expenditures for the first quarter of 2025 totaled $71.1 million, an increase of 8.0% from $65.9 million in the first quarter of 2024[3][10]. - Capital expenditures increased by 8.0% to $71,130 compared to $65,887 in Q1 2024[39]. Investment Income - Equity method investment income (loss) showed a significant decline, with a loss of $57.0 million compared to a loss of $22.0 million in Q1 2024, representing a 158.6% increase in losses[31]. - Equity method investment income increased significantly by 158.6% to $56,990 from $22,036 year-over-year[38]. Asset Overview - Total assets as of March 31, 2025, were $6.42 billion, down from $6.53 billion at the end of 2024[34]. - Cash and cash equivalents were $149.1 million, slightly down from $153.6 million at the end of 2024[34].