Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”)
today reported financial and operating results for the quarter
ended September 30, 2021.
Cable One contributed its Anniston, Alabama system (the
“Anniston System”) to Hargray Communications, a data, video and
voice services provider (“Hargray”), in exchange for an equity
interest in Hargray on October 1, 2020 (the “Anniston Exchange”),
and acquired the remaining equity interests in Hargray that it did
not already own (the “Hargray Acquisition”) on May 3, 2021. The
results discussed below and presented in the tables within this
press release include Hargray operations (which includes the
Anniston System) for the period since the May 3, 2021 acquisition
date and otherwise excludes the Anniston System operations for the
periods since the October 1, 2020 disposition date.
Third Quarter 2021 Highlights:
●
Total revenues were $430.2 million in the
third quarter of 2021 compared to $339.0 million in the third
quarter of 2020, an increase of 26.9%. Revenues for the third
quarter of 2021 included $78.4 million from Hargray operations and
revenues for the third quarter of 2020 included $9.4 million from
the Anniston System. Year-over-year, residential data revenues
increased 26.0% and business services revenues increased 44.2%.
Residential data and business services revenues for the third
quarter of 2021 included $27.8 million and $22.8 million,
respectively, from Hargray operations. Residential data and
business services revenues for the third quarter of 2020 included
$4.3 million and $1.4 million, respectively, from the Anniston
System.
●
Net income was $52.3 million in the third
quarter of 2021 (including $6.0 million from Hargray operations), a
decrease of 21.2% year-over-year. Adjusted EBITDA(1) was $220.5
million in the third quarter of 2021 (including $34.7 million from
Hargray operations), an increase of 26.4% year-over-year. Net
profit margin was 12.1% and Adjusted EBITDA margin(1) was
51.2%.
●
Net cash provided by operating activities
was $182.7 million in the third quarter of 2021, an increase of
44.1% year-over-year. Adjusted EBITDA less capital expenditures(1)
was $99.6 million in the third quarter of 2021 (including $12.2
million from Hargray operations), a decrease of $0.2 million, or
0.2%, compared to the third quarter of 2020.
●
Residential data primary service units
(“PSUs”) grew by approximately 13,000, or 1.4%, sequentially and
grew by approximately 151,000, or 19.2%, year-over-year.
Approximately 110,000 residential data PSUs were acquired in the
Hargray Acquisition, of which approximately 19,000 were contributed
to Hargray in the Anniston Exchange.
Other Highlight:
●
On October 8, 2021, the Company entered
into an agreement to purchase certain assets and assume certain
liabilities from CableAmerica, a data, video and voice services
provider in central Missouri, for $113.0 million in cash on a
debt-free basis, subject to customary post-closing adjustments. The
CableAmerica acquisition is expected to provide the Company
opportunities for footprint expansion in Missouri, margin growth
and potential cost synergy realization. The transaction is subject
to customary closing conditions and is expected to be financed with
cash on hand and close before the end of 2021.
(1)
Adjusted EBITDA, Adjusted EBITDA margin
and Adjusted EBITDA less capital expenditures are defined in the
section of this press release entitled “Use of Non-GAAP Financial
Measures.” Adjusted EBITDA and Adjusted EBITDA less capital
expenditures are reconciled to net income, Adjusted EBITDA margin
is reconciled to net profit margin and Adjusted EBITDA less capital
expenditures is also reconciled to net cash provided by operating
activities. Refer to the “Reconciliations of Non-GAAP Measures”
tables within this press release.
Third Quarter 2021 Financial Results Compared to Third
Quarter 2020
Revenues increased $91.3 million, or 26.9%, to $430.2 million
for the third quarter of 2021. Revenues for the third quarter of
2021 included $78.4 million from Hargray operations and revenues
for the third quarter of 2020 included $9.4 million from the
Anniston System. The year-over-year increase was driven primarily
by revenues from Hargray operations, residential data, business
services and other revenue growth, partially offset by decreases in
residential video and residential voice revenues. For the third
quarter of 2021 and 2020, residential data revenues comprised 51.1%
and 51.5% of total revenues, respectively, and business services
revenues comprised 19.9% and 17.5% of total revenues,
respectively.
Operating expenses (excluding depreciation and amortization)
were $121.7 million in the third quarter of 2021 and increased
$14.4 million, or 13.4%, compared to the third quarter of 2020. The
increase in operating expenses was primarily attributable to $22.0
million of additional expenses related to Hargray operations,
partially offset by a $6.3 million reduction in programming
expenses and a $2.1 million decrease in labor and other
compensation-related costs. Operating expenses for the three months
ended September 30, 2020 included increased labor costs and other
operating expenses as a result of the COVID-19 pandemic. Operating
expenses as a percentage of revenues were 28.3% and 31.7% for the
third quarter of 2021 and 2020, respectively.
Selling, general and administrative expenses were $95.1 million
and $62.6 million for the third quarter of 2021 and 2020,
respectively. The increase in selling, general and administrative
expenses was primarily attributable to $21.7 million of additional
expenses related to Hargray operations and increases of $3.6
million in labor and other compensation-related costs, $2.5 million
in marketing costs, $2.5 million in bad debt expense and $1.7
million in professional fees. The increase in compensation costs
was primarily due to higher equity compensation and other
performance-based compensation expenses. Bad debt expense was lower
in the three months ended September 30, 2020 as collections of
receivables during the pandemic were better than initially
estimated. Selling, general and administrative expenses as a
percentage of revenues were 22.1% and 18.5% for the third quarter
of 2021 and 2020, respectively.
Depreciation and amortization expense was $92.6 million for the
third quarter of 2021, including $24.8 million from Hargray
operations, and increased $21.2 million, or 29.7%, compared to the
third quarter of 2020. Depreciation and amortization expense as a
percentage of revenues was 21.5% and 21.1% for the third quarter of
2021 and 2020, respectively.
Interest expense increased $12.9 million, or 73.7%, to $30.5
million, driven primarily by additional outstanding debt.
Other expense, net, was $22.8 million for the third quarter of
2021 and consisted primarily of a $25.6 million non-cash loss on
fair value adjustment associated with the call and put options to
acquire the remaining equity interests in Mega Broadband
Investments Holdings LLC, partially offset by interest and
investment income. Other income, net, was $3.2 million for the
third quarter of 2020 and consisted of interest and investment
income.
Income tax provision was $13.0 million and $15.5 million for the
third quarter of 2021 and 2020, respectively, and the Company’s
effective tax rate was 20.3% and 19.0% for the third quarter of
2021 and 2020, respectively. The increase in the effective tax rate
was due primarily to a $6.2 million increase in income tax expense
related to a change in the valuation allowance associated with the
put and call options to acquire the remaining equity interests in
Mega Broadband Investments Holdings LLC and a $3.2 million income
tax benefit in the prior year attributable to the net operating
loss carryback provision of the Coronavirus Aid, Relief, and
Economic Security Act that did not recur in the current year,
partially offset by a $5.9 million favorable impact from state
taxes due to an increase in state tax credits recognized and a
lower blended effective state tax rate and a $1.8 million increase
in excess tax benefit from equity-based compensation awards.
Net income was $52.3 million in the third quarter of 2021
compared to $66.3 million in the prior year quarter.
Adjusted EBITDA was $220.5 million (including $34.7 million from
Hargray operations) and $174.4 million for the third quarter of
2021 and 2020, respectively, an increase of 26.4%. Capital
expenditures for the third quarter of 2021 totaled $120.9 million
(including $22.6 million from Hargray operations) compared to $74.6
million for the third quarter of 2020. Adjusted EBITDA less capital
expenditures for the third quarter of 2021 was $99.6 million
(including $12.2 million from Hargray operations) compared to $99.8
million in the prior year quarter, a decrease of 0.2%.
Liquidity and Capital Resources
At September 30, 2021, the Company had $489.5 million of cash
and cash equivalents on hand compared to $574.9 million at December
31, 2020. The Company’s debt balance was $3.9 billion and $2.2
billion at September 30, 2021 and December 31, 2020, respectively.
The Company had $458.6 million available for borrowing under its
revolving credit facility as of September 30, 2021.
The Company paid $16.6 million in dividends to stockholders
during the third quarter of 2021.
Conference Call
Cable One will host a conference call with the financial
community to discuss results for the third quarter of 2021 on
Thursday, November 4, 2021, at 5 p.m. Eastern Time (ET).
The conference call will be available via a live audio webcast
on the Cable One Investor Relations website at ir.cableone.net or
by dialing 1-844-200-6205 (International: 1-929-526-1599) and using
the access code 302365. Participants should register for the
webcast or dial in for the conference call shortly before 5 p.m.
ET.
A replay of the call will be available from November 4, 2021
until November 18, 2021 at ir.cableone.net.
Additional Information Available on Website
The information in this press release should be read in
conjunction with the condensed consolidated financial statements
and notes thereto contained in the Company’s Quarterly Report on
Form 10-Q for the period ended September 30, 2021 (the “Third
Quarter 2021 Form 10-Q”), which will be posted on the “SEC Filings”
section of the Cable One Investor Relations website at
ir.cableone.net when it is filed with the Securities and Exchange
Commission (the “SEC”). Investors and others interested in more
information about Cable One should consult the Company’s website,
which is regularly updated with financial and other important
information about the Company.
Use of Non-GAAP Financial Measures
The Company uses certain measures that are not defined by
generally accepted accounting principles in the United States
(“GAAP”) to evaluate various aspects of its business. Adjusted
EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital
expenditures and capital expenditures as a percentage of Adjusted
EBITDA are non-GAAP financial measures and should be considered in
addition to, not as superior to, or as a substitute for, net
income, net profit margin, net cash provided by operating
activities or capital expenditures as a percentage of net income
reported in accordance with GAAP. Adjusted EBITDA and Adjusted
EBITDA less capital expenditures are reconciled to net income,
Adjusted EBITDA margin is reconciled to net profit margin and
capital expenditures as a percentage of Adjusted EBITDA is
reconciled to capital expenditures as a percentage of net income.
Adjusted EBITDA less capital expenditures is also reconciled to net
cash provided by operating activities. These reconciliations are
included in the “Reconciliations of Non-GAAP Measures” tables
within this press release.
“Adjusted EBITDA” is defined as net income plus interest
expense, income tax provision (benefit), depreciation and
amortization, equity-based compensation, (gain) loss on deferred
compensation, acquisition-related costs, (gain) loss on asset sales
and disposals, system conversion costs, rebranding costs, equity
method investment (income) loss, other (income) expense and other
unusual items, as provided in the “Reconciliations of Non-GAAP
Measures” tables within this press release. As such, it eliminates
the significant non-cash depreciation and amortization expense that
results from the capital-intensive nature of the Company’s business
as well as other non-cash or special items and is unaffected by the
Company’s capital structure or investment activities. This measure
is limited in that it does not reflect the periodic costs of
certain capitalized tangible and intangible assets used in
generating revenues and the Company’s cash cost of debt financing.
These costs are evaluated through other financial measures.
“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided
by total revenues.
“Adjusted EBITDA less capital expenditures,” when used as a
liquidity measure, is calculated as net cash provided by operating
activities excluding the impact of capital expenditures, interest
expense, income tax provision (benefit), changes in operating
assets and liabilities, change in deferred income taxes and other
unusual items, as provided in the “Reconciliations of Non-GAAP
Measures” tables within this press release.
“Capital expenditures as a percentage of Adjusted EBITDA” is
defined as capital expenditures divided by Adjusted EBITDA.
The Company uses Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted EBITDA less capital expenditures and capital expenditures
as a percentage of Adjusted EBITDA to assess its performance, and
it also uses Adjusted EBITDA less capital expenditures as an
indicator of its ability to fund operations and make additional
investments with internally generated funds. In addition, Adjusted
EBITDA generally correlates to the measure used in the leverage
ratio calculations under the Company’s credit agreement and the
indenture governing the Company’s non-convertible senior unsecured
notes to determine compliance with the covenants contained in the
credit agreement and the ability to take certain actions under the
indenture governing the non-convertible senior unsecured notes.
Adjusted EBITDA and capital expenditures are also significant
performance measures used by the Company in its incentive
compensation programs. Adjusted EBITDA does not take into account
cash used for mandatory debt service requirements or other
non-discretionary expenditures, and thus does not represent
residual funds available for discretionary uses.
The Company believes that Adjusted EBITDA, Adjusted EBITDA
margin and capital expenditures as a percentage of Adjusted EBITDA
are useful to investors in evaluating the operating performance of
the Company. The Company believes that Adjusted EBITDA less capital
expenditures is useful to investors as it shows the Company’s
performance while taking into account cash outflows for capital
expenditures and is one of several indicators of the Company’s
ability to service debt, make investments and/or return capital to
its stockholders.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less
capital expenditures, capital expenditures as a percentage of
Adjusted EBITDA and similar measures with similar titles are common
measures used by investors, analysts and peers to compare
performance in the Company’s industry, although the Company’s
measures of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
EBITDA less capital expenditures and capital expenditures as a
percentage of Adjusted EBITDA may not be directly comparable to
similarly titled measures reported by other companies.
About Cable One
Cable One, Inc. (NYSE:CABO) is a leading broadband
communications provider committed to connecting customers and
communities to what matters most. Through Sparklight® and the
associated Cable One family of brands, the Company serves more than
1.1 million residential and business customers in 24 states. Over
its fiber-optic infrastructure, the Cable One family of brands
provide residential customers with a wide array of connectivity and
entertainment services, including Gigabit speeds, advanced WiFi and
video. For businesses ranging from small and mid-market up to
enterprise, wholesale and carrier, the Company offers scalable,
cost-effective solutions that enable businesses of all sizes to
grow, compete and succeed.
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING STATEMENTS
This communication may contain “forward-looking statements” that
involve risks and uncertainties. These statements can be identified
by the fact that they do not relate strictly to historical or
current facts, but rather are based on current expectations,
estimates, assumptions and projections about the Company’s
industry, business, strategy, acquisitions and strategic
investments, dividend policy, financial results and financial
condition as well as anticipated impacts from, and the Company’s
responses to, the COVID-19 pandemic. Forward-looking statements
often include words such as “will,” “should,” “anticipates,”
“estimates,” “expects,” “projects,” “intends,” “plans,” “believes”
and words and terms of similar substance in connection with
discussions of future operating or financial performance. As with
any projection or forecast, forward-looking statements are
inherently susceptible to uncertainty and changes in circumstances.
The Company’s actual results may vary materially from those
expressed or implied in its forward-looking statements.
Accordingly, undue reliance should not be placed on any
forward-looking statement made by the Company or on its behalf.
Important factors that could cause the Company’s actual results to
differ materially from those in its forward-looking statements
include government regulation, economic, strategic, political and
social conditions and the following factors, which are discussed in
the Company’s latest Annual Report on Form 10-K and the Third
Quarter 2021 Form 10-Q as filed with the SEC:
- the duration and severity of the COVID-19 pandemic and its
effects on the Company’s business, financial condition, results of
operations and cash flows;
- rising levels of competition from historical and new entrants
in the Company’s markets;
- recent and future changes in technology;
- the Company’s ability to continue to grow its business services
products;
- increases in programming costs and retransmission fees;
- the Company’s ability to obtain hardware, software and
operational support from vendors;
- risks that the Company may fail to realize the benefits
anticipated as a result of the Hargray Acquisition;
- risks relating to existing or future acquisitions and strategic
investments by the Company;
- risks that the implementation of the Company’s new enterprise
resource planning system disrupts business operations;
- the integrity and security of the Company’s network and
information systems;
- the impact of possible security breaches and other disruptions,
including cyber-attacks;
- the Company’s failure to obtain necessary intellectual and
proprietary rights to operate its business and the risk of
intellectual property claims and litigation against the
Company;
- legislative or regulatory efforts to impose network neutrality
and other new requirements on the Company’s data services;
- additional regulation of the Company’s video and voice
services;
- the Company’s ability to renew cable system franchises;
- increases in pole attachment costs;
- changes in local governmental franchising authority and
broadcast carriage regulations;
- the potential adverse effect of the Company’s level of
indebtedness on its business, financial condition or results of
operations and cash flows;
- the restrictions the terms of the Company’s indebtedness place
on its business and corporate actions;
- the possibility that interest rates will rise, causing the
Company’s obligations to service its variable rate indebtedness to
increase significantly;
- risks associated with the Company’s convertible
indebtedness;
- the Company’s ability to continue to pay dividends;
- provisions in the Company’s charter, by-laws and Delaware law
that could discourage takeovers and limit the judicial forum for
certain disputes;
- adverse economic conditions, labor shortages, supply chain
disruptions and changes in rates of inflation;
- fluctuations in the Company’s stock price;
- dilution from equity awards, convertible indebtedness and
potential future convertible debt and stock issuances;
- damage to the Company’s reputation or brand image;
- the Company’s ability to retain key employees;
- the Company’s ability to incur future indebtedness;
- provisions in the Company’s charter that could limit the
liabilities for directors; and
- the other risks and uncertainties detailed from time to time in
the Company’s filings with the SEC, including but not limited to
its latest Annual Report on Form 10-K and the Third Quarter 2021
Form 10-Q as filed with the SEC.
Any forward-looking statements made by the Company in this
communication speak only as of the date on which they are made. The
Company is under no obligation, and expressly disclaims any
obligation, except as required by law, to update or alter its
forward-looking statements, whether as a result of new information,
subsequent events or otherwise.
CABLE ONE, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September
30,
(dollars in
thousands, except per share data)
2021
2020
Change
% Change
Revenues:
Residential data
$
219,942
$
174,527
$
45,415
26.0
%
Residential video
89,507
83,553
5,954
7.1
%
Residential voice
12,645
11,490
1,155
10.1
%
Business services
85,728
59,441
26,287
44.2
%
Other
22,415
9,951
12,464
125.3
%
Total Revenues
430,237
338,962
91,275
26.9
%
Costs and Expenses:
Operating (excluding depreciation and
amortization)
121,657
107,303
14,354
13.4
%
Selling, general and administrative
95,103
62,596
32,507
51.9
%
Depreciation and amortization
92,600
71,421
21,179
29.7
%
(Gain) loss on asset sales and disposals,
net
3,376
1,511
1,865
123.4
%
Total Costs and Expenses
312,736
242,831
69,905
28.8
%
Income from operations
117,501
96,131
21,370
22.2
%
Interest expense
(30,495
)
(17,560
)
(12,935
)
73.7
%
Other income (expense), net
(22,833
)
3,231
(26,064
)
NM
Income before income taxes and equity
method investment income (loss), net
64,173
81,802
(17,629
)
(21.6
)%
Income tax provision
13,029
15,515
(2,486
)
(16.0
)%
Income before equity method investment
income (loss), net
51,144
66,287
(15,143
)
(22.8
)%
Equity method investment income (loss),
net
1,111
-
1,111
NM
Net income
$
52,255
$
66,287
$
(14,032
)
(21.2
)%
Net Income per Common Share:
Basic
$
8.68
$
11.04
$
(2.36
)
(21.4
)%
Diluted
$
8.33
$
10.96
$
(2.63
)
(24.0
)%
Weighted Average Common Shares
Outstanding:
Basic
6,019,517
6,001,561
17,956
0.3
%
Diluted
6,460,875
6,050,415
410,460
6.8
%
Unrealized gain (loss) on cash flow hedges
and other, net of tax
$
9,506
$
5,807
$
3,699
63.7
%
Comprehensive income
$
61,761
$
72,094
$
(10,333
)
(14.3
)%
NM = Not meaningful.
CABLE ONE, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(dollars in
thousands, except par values)
September 30, 2021
December 31, 2021
Assets
Current Assets:
Cash and cash equivalents
$
489,537
$
574,909
Accounts receivable, net
55,993
38,768
Income taxes receivable
20,226
41,245
Prepaid and other current assets
33,046
17,891
Total Current Assets
598,802
672,813
Equity investments
699,105
807,781
Property, plant and equipment, net
1,801,369
1,265,460
Intangible assets, net
2,817,446
1,278,198
Goodwill
944,871
430,543
Other noncurrent assets
39,006
33,543
Total Assets
$
6,900,599
$
4,488,338
Liabilities and Stockholders'
Equity
Current Liabilities:
Accounts payable and accrued
liabilities
$
239,107
$
174,139
Deferred revenue
23,970
21,051
Current portion of long-term debt
34,570
26,392
Total Current Liabilities
297,647
221,582
Long-term debt
3,810,324
2,148,798
Deferred income taxes
822,575
366,675
Interest rate swap liability
89,970
155,357
Other noncurrent liabilities
148,859
100,627
Total Liabilities
5,169,375
2,993,039
Stockholders' Equity
Preferred stock ($0.01 par value;
4,000,000 shares authorized; none issued or outstanding)
-
-
Common stock ($0.01 par value; 40,000,000
shares authorized; 6,175,399 shares issued; and 6,044,932 and
6,027,704 shares outstanding as of September 30, 2021
and December 31, 2020, respectively)
62
62
Additional paid-in capital
550,420
535,586
Retained earnings
1,408,346
1,228,172
Accumulated other comprehensive loss
(91,731
)
(140,683
)
Treasury stock, at cost (130,467 and
147,695 shares held as of September 30, 2021 and December 31, 2020,
respectively)
(135,873
)
(127,838
)
Total Stockholders' Equity
1,731,224
1,495,299
Total Liabilities and Stockholders'
Equity
$
6,900,599
$
4,488,338
CABLE ONE, INC.
RECONCILIATIONS OF NON-GAAP
MEASURES
(Unaudited)
Three Months Ended September
30,
(dollars in
thousands)
2021
2020
Change
% Change
Net income
$
52,255
$
66,287
$
(14,032
)
(21.2
)%
Net profit margin
12.1
%
19.6
%
Plus: Interest expense
30,495
17,560
12,935
73.7
%
Income tax provision
13,029
15,515
(2,486
)
(16.0
)%
Depreciation and amortization
92,600
71,421
21,179
29.7
%
Equity-based compensation
5,428
3,867
1,561
40.4
%
(Gain) loss on deferred compensation
-
93
(93
)
(100.0
)%
Acquisition-related costs
762
563
199
35.3
%
(Gain) loss on asset sales and disposals,
net
3,376
1,511
1,865
123.4
%
System conversion costs
797
248
549
221.4
%
Rebranding costs
-
517
(517
)
(100.0
)%
Equity method investment (income) loss,
net
(1,111
)
-
(1,111
)
NM
Other (income) expense, net
22,833
(3,231
)
26,064
NM
Adjusted EBITDA
$
220,464
$
174,351
$
46,113
26.4
%
Adjusted EBITDA margin
51.2
%
51.4
%
Less: Capital expenditures
$
120,859
$
74,578
$
46,281
62.1
%
Capital expenditures as a percentage of
net income
231.3
%
112.5
%
Capital expenditures as a percentage of
Adjusted EBITDA
54.8
%
42.8
%
Adjusted EBITDA less capital
expenditures
$
99,605
$
99,773
$
(168
)
(0.2
)%
NM = Not meaningful.
Three Months Ended September
30,
(dollars in
thousands)
2021
2020
Change
% Change
Net cash provided by operating
activities
$
182,662
$
126,785
$
55,877
44.1
%
Capital expenditures
(120,859
)
(74,578
)
(46,281
)
62.1
%
Interest expense
30,495
17,560
12,935
73.7
%
Non-cash interest expense
(2,423
)
(1,118
)
(1,305
)
116.7
%
Income tax provision (benefit)
13,029
15,515
(2,486
)
(16.0
)%
Changes in operating assets and
liabilities
10,489
34,418
(23,929
)
(69.5
)%
Change in deferred income taxes
(12,580
)
(16,999
)
4,419
(26.0
)%
(Gain) loss on deferred compensation
-
93
(93
)
(100.0
)%
Acquisition-related costs
762
563
199
35.3
%
System conversion costs
797
248
549
221.4
%
Rebranding costs
-
517
(517
)
(100.0
)%
Fair value adjustment
(25,600
)
-
(25,600
)
NM
Other (income) expense, net
22,833
(3,231
)
26,064
NM
Adjusted EBITDA less capital
expenditures
$
99,605
$
99,773
$
(168
)
(0.2
)%
NM = Not meaningful.
CABLE ONE, INC.
OPERATING STATISTICS
(Unaudited)
As of September 30,
Change
(in thousands,
except percentages and ARPU data)
2021
2020
Amount
%
Homes Passed
2,654
2,355
299
12.7
%
Residential Customers(1)
1,041
897
144
16.0
%
Data PSUs(1)
935
784
151
19.2
%
Video PSUs(1)
265
263
2
0.8
%
Voice PSUs(1)
107
96
12
12.5
%
Total residential PSUs(1)
1,308
1,143
165
14.4
%
Business Customers(1)
104
87
17
19.6
%
Data PSUs(1)
95
81
14
17.0
%
Video PSUs(1)
14
14
0
2.5
%
Voice PSUs(1)
44
36
8
21.2
%
Total business services PSUs(1)
153
131
22
16.6
%
Total Customers
1,144
984
161
16.3
%
Total non-video
869
699
169
24.2
%
Percent of total
75.9
%
71.1
%
4.8
%
Data PSUs
1,030
866
165
19.0
%
Video PSUs
279
277
2
0.8
%
Voice PSUs
151
132
20
14.9
%
Total PSUs
1,461
1,274
187
14.6
%
Penetration
Data(1)
38.8
%
36.8
%
2.1
%
Video(1)
10.5
%
11.8
%
(1.2
)%
Voice(1)
5.7
%
5.6
%
0.1
%
Share of Third Quarter Revenues
Residential data
51.1
%
51.5
%
(0.4
)%
Business services
19.9
%
17.5
%
2.4
%
Total
71.0
%
69.0
%
2.0
%
ARPU - Third Quarter
Residential data(1), (2)
$
78.53
$
74.69
$
3.84
5.1
%
Residential video(1), (2)
$
110.74
$
102.72
$
8.02
7.8
%
Residential voice(1), (2)
$
38.72
$
39.17
$
(0.45
)
(1.1
)%
Business services(1), (3)
$
277.27
$
229.10
$
48.17
21.0
%
Note:
All totals, percentages and year-over-year
changes are calculated using exact numbers. Minor differences may
exist due to rounding.
(1)
Due to the recency of the May 3, 2021
Hargray Acquisition, certain Hargray bulk accounts are counted as
business PSUs and business customer relationships, whereas Cable
One classifies such accounts as residential PSUs and residential
customer relationships. Cable One is currently in the process of
aligning Hargray’s methodology with its methodology so that future
PSU and customer relationship counts used in ARPU calculations are
determined on the same basis.
(2)
Average monthly revenue per unit (“ARPU”)
values represent the applicable quarterly residential service
revenues (excluding installation and activation fees) divided by
the corresponding average of the number of PSUs at the beginning
and end of each period, divided by three, except that for any PSUs
added or subtracted as a result of an acquisition or divestiture
occurring during the period, the associated ARPU values represent
the applicable residential service revenues (excluding installation
and activation fees) divided by the pro-rated average number of
PSUs during such period.
(3)
ARPU values represent quarterly business
services revenues divided by the average of the number of business
customer relationships at the beginning and end of each period,
divided by three, except that for any business customer
relationships added or subtracted as a result of an acquisition or
divestiture occurring during the period, the associated ARPU values
represent business services revenues divided by the pro-rated
average number of business customer relationships during such
period.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211104005946/en/
Trish Niemann Senior Director, Corporate Communications
602-364-6372 patricia.niemann@cableone.biz
Steven Cochran Chief Financial Officer
investor_relations@cableone.biz
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