Cable One, Inc.
154.92-7.92 (-4.86%)
Oct 29, 4:00:02 PM EDT · NYSE · CABO · USD
Key Stats
Market Cap
872.04MP/E (TTM)
-Basic EPS (TTM)
-88.12Dividend Yield
0.05%Recent Filings
10-Q
Q2 FY2025 results
Cable One's Q2 revenue dipped 3.4% y/y to $381.1M, driven by residential video and voice declines, yet residential data held steady at $229.3M while business data edged up 1.2% y/y. A $586.0M non-cash asset impairment charge—$497.2M on franchise agreements and $88.8M on goodwill—triggered by stock price weakness, flipped operating income to a $489.3M loss from $110.1M profit y/y, with net loss at $438.0M or $77.70/share versus $38.2M profit or $6.58/share y/y; diluted shares matched basic at 5.64M due to loss position. Operating cash flow came in at $144.9M for the quarter, supporting $68.4M capex, while free cash flow (derived) stood at $76.5M. Total debt fell to $3.5B with $1.02B revolver availability and no covenant issues; cash sat at $152.9M. The MBI amendment sets up a potential $460M-$510M call/put exercise post-June 2025. Rising competition from fiber overbuilders pressures market share.
8-K
Q2 revenues fall, impairments hit
Cable One reported Q2 2025 revenues of $381.1 million, down 3.4% year-over-year, driven by a 15.8% drop in residential video revenues amid its product lifecycle wind-down, while residential data revenues dipped just 0.5% to $229.3 million but rose 1.9% sequentially. A $586.0 million non-cash asset impairment on franchise agreements and goodwill, triggered by a stock price decline, flipped net income to a $438.0 million loss, yet Adjusted EBITDA held at $203.2 million with a 53.3% margin. The company repaid $70.8 million in debt, bolstering liquidity to $1.02 billion under its revolver. Broadband growth lags expectations. Impairments won't dent cash flows or strategy.
8-K
CEO Laulis retires end-2025
Cable One announced on June 3, 2025, that CEO Julia M. Laulis will retire by December 31, 2025, or upon her successor's start, transitioning to senior advisor through January 3, 2027. Her agreement secures $945,000 annual salary until retirement, halving to $472,500 thereafter, plus 2025 incentive eligibility at 125% of base and continued equity vesting. The board engages a search firm for a new leader. Transition ensures continuity, yet risks hinge on swift succession.
8-K
Annual meeting results
Cable One's stockholders convened their annual meeting on May 15, 2025, electing all eight director nominees amid a board size reduction, with each receiving strong support exceeding 85% of votes cast. They ratified PricewaterhouseCoopers as auditors for 2025 and approved executive compensation for 2024 on an advisory basis. All proposals passed decisively. Governance continuity holds firm.
10-Q
Q1 FY2025 results
Cable One's Q1 FY2025 revenues fell 5.9% y/y to $380.6M, driven by a 4.5% drop in residential data to $225.1M from subscriber losses and targeted pricing, while business data edged up 1.2% to $57.3M on modest gains; video revenues plunged 15.8% to $50.8M amid cord-cutting. Operating income declined 20.2% y/y to $95.7M, with margins squeezed to 25.1% from higher SG&A costs tied to equity comp and system conversions, yet operating cash flow held at $116.3M after $71.1M in capex. Net income tumbled 93.0% y/y to $2.6M, pressured by a $57.0M equity investment loss (derived), mainly from Clearwave Fiber impairments, while diluted EPS of $0.46 matched basic shares of 5.6M with anti-dilution from convertibles flagged. Cash dipped to $149.1M with $3.6B total debt, but $977M revolver availability supports liquidity; free cash flow not disclosed in the 10-Q. Dividend suspension frees $67M annually for debt paydown. Competition from fiber overbuilders erodes market share.
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