Cable One Inc

Latest Results (07.08.2024):

Revenue Decline

Cable One Inc. reported a decrease in revenues for the fourth quarter of 2023, totaling $411.8 million, down from $425.5 million in the same quarter of 2022. This represents a decline of $13.7 million or 3.2%, primarily due to decreases in residential video, residential voice, and other revenues, partially offset by an increase in residential data revenues.

Net Income Improvement

For the fourth quarter of 2023, Cable One Inc. achieved a net income of $115.3 million, a significant improvement compared to a net loss of $77.2 million in the fourth quarter of 2022. This turnaround was influenced by a $66.6 million non-cash gain on fair value adjustment associated with the call and put options to acquire the remaining equity interests in Mega Broadband Investments Holdings LLC.

Adjusted EBITDA

Adjusted EBITDA for Cable One Inc. in the fourth quarter of 2023 was $226.9 million, slightly down from $233.2 million in the same period of the previous year. Despite the decrease, the Adjusted EBITDA margin increased to 55.1% from 54.8% in the fourth quarter of 2022.

Capital Expenditures

Cable One Inc. reported capital expenditures of $115.6 million for the fourth quarter of 2023, up from $106.8 million in the fourth quarter of 2022. Adjusted EBITDA less capital expenditures for the fourth quarter of 2023 was $111.3 million, compared to $126.4 million in the prior year quarter.

Dividends and Share Repurchases

During the fourth quarter of 2023, Cable One Inc. paid $16.8 million in dividends to its stockholders. For the full year 2023, the company paid $66.3 million in dividends and repurchased 141,551 shares of its common stock at an aggregate cost of $99.6 million. Additionally, the company repaid $50.0 million under its revolving credit facility during the fourth quarter of 2023.