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Cable op adds 94,000 residential broadband subs in period, a 15.7% year-on-year increase.
February 27, 2020
2 Min Read
PHOENIX – Cable One today reported financial and operating results for the quarter and year ended December 31, 2019. Cable One completed the acquisition of Clearwave Communications ("Clearwave") on January 8, 2019 and the acquisition of Fidelity Communications Co.'s data, video and voice business and certain related assets (collectively, "Fidelity") on October 1, 2019. The results discussed below and presented in the tables within this press release include Clearwave and Fidelity operations for the periods since the completion of their respective acquisitions.
Fourth Quarter 2019 Highlights:
Total revenues were $318.8 million in the fourth quarter of 2019 compared to $269.9 million in the fourth quarter of 2018, an increase of 18.1%. Residential data revenues increased 18.9% and business services revenues increased 41.6% year-over-year.
Net income was $53.6 million in the fourth quarter of 2019, an increase of 27.6% year-over-year. Adjusted EBITDA(1) was $158.3 million, an increase of 24.0% year-over-year. Net profit margin was 16.8% and Adjusted EBITDA margin(1) was 49.7%.
Net cash provided by operating activities was $156.6 million in the fourth quarter of 2019, an increase of 56.3% year-over-year. Adjusted EBITDA less capital expenditures(1) was $72.3 million in the fourth quarter of 2019 compared to $69.0 million in the fourth quarter of 2018.
Residential data primary service units ("PSUs") grew by over 94,000, or 15.7%, year-over-year and by nearly 76,000, or 12.3%, sequentially. Business services PSUs grew by nearly 24,000, or 22.4%, year-over-year and by nearly 14,000, or 12.0%, sequentially.
Fourth Quarter 2019 Financial Results Compared to Fourth Quarter 2018
Revenues increased $48.9 million, or 18.1%, to $318.8 million for the fourth quarter of 2019, including $39.4 million from Clearwave and Fidelity operations. The remaining increase was driven primarily by organic residential data and business services revenue growth. For the fourth quarter of 2019 and 2018, residential data revenues comprised 47.1% and 46.8% of total revenues and business services revenues comprised 17.9% and 14.9% of total revenues, respectively.
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