PHOENIX – Cable One today reported financial and operating results for the quarter ended March 31, 2020. 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.
First Quarter 2020 Highlights:
- Total revenues were $321.2 million in the first quarter of 2020 compared to $278.6 million in the first quarter of 2019, an increase of 15.3%. Residential data revenues increased 19.4% and business services revenues increased 22.7% year-over-year.
- Net income was $69.3 million in the first quarter of 2020, an increase of 79.0% year-over-year. Adjusted EBITDA(1) was $157.7 million, an increase of 18.5% year-over-year. Net profit margin was 21.6% and Adjusted EBITDA margin(1) was 49.1%.
- Net cash provided by operating activities was $118.5 million in the first quarter of 2020, an increase of 13.5% year-over-year. Adjusted EBITDA less capital expenditures(1) was $93.0 million in the first quarter of 2020 compared to $86.5 million in the first quarter of 2019.
- Residential data primary service units ("PSUs") grew by over 102,000, or 16.7%, year-over-year and by nearly 19,000, or 2.7%, sequentially. Business services PSUs grew by nearly 18,000, or 16.1%, year-over-year.
Liquidity and Capital Resources
At March 31, 2020, the Company had $241.9 million of cash and cash equivalents on hand compared to $125.3 million at December 31, 2019. The Company's debt balance was $1.9 billion and $1.8 billion at March 31, 2020 and December 31, 2019, respectively. The Company borrowed $100.0 million under its revolving credit facility during the first quarter of 2020 for general corporate purposes, including for potential and completed small acquisitions and investments, with $221.3 million remaining available for borrowing as of March 31, 2020. The Company paid $12.8 million in dividends to stockholders during the first quarter of 2020.
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