PHOENIX -- Cable One today reported financial and operating results for the quarter ended June 30, 2020. Cable One completed the acquisition of Fidelity Communications Co.'s data, video and voice business and certain related assets (collectively, "Fidelity") on October 1, 2019. The results for the three months ended June 30, 2020 discussed below and presented in the tables within this press release include Fidelity operations, while the results for the comparable prior year period do not, including any discussion of consolidated results or performance.
Second Quarter 2020 Highlights:
- Total revenues were $328.3 million in the second quarter of 2020 compared to $285.7 million in the second quarter of 2019, an increase of 14.9%. Residential data revenues increased 23.5% and business services revenues increased 17.5% year-over-year.
- Net income was $62.5 million in the second quarter of 2020, an increase of 71.8% year-over-year. Adjusted EBITDA(1) was $163.2 million, an increase of 18.6% year-over-year. Net profit margin was 19.0% and Adjusted EBITDA margin(1) was 49.7%.
- Net cash provided by operating activities was $153.7 million in the second quarter of 2020, an increase of 42.2% year-over-year. Adjusted EBITDA less capital expenditures(1) was $84.5 million in the second quarter of 2020 compared to $73.7 million in the second quarter of 2019.
- Residential data primary service units ("PSUs") grew by over 145,000, or 23.7%, year-over-year and by over 44,000, or 6.2%, sequentially, which excluded approximately 2,000 residential data PSUs that were considered to be high risk for disconnection. Business services PSUs grew by nearly 15,000, or 13.0%, year-over-year.
- In May 2020, the Company completed a public offering of its common stock and received total net proceeds of $469.8 million.
- In an effort to help ease the financial burden and provide continued connectivity for its customers and communities impacted by the COVID-19 pandemic, beginning in March 2020, the Company initially committed to do the following for 60 days under the Federal Communication Commission's Keep Americans Connected Pledge: waive late charges and suspend disconnection of data services for residential and business customers who are unable to pay their bill due to disruptions caused by the pandemic and open free public Wi-Fi hotspots in local office parking lots and other public areas across its footprint, which are in place at nearly 140 locations. These commitments were scheduled to conclude on June 30, 2020; however, the Company continued to waive late charges for residential and small business data and voice customers through July 31, 2020 and has extended access to its free public Wi-Fi hotspots through the end of 2020.
Read the full announcement here.