Cable One, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cable One, Inc. (CABO) has submitted its 2023 10-K filing, detailing financial performance and position for the fiscal year ending December 31, 2023.</b>

AI Summary

Cable One, Inc. (CABO) filed a Annual Report (10-K) with the SEC on February 23, 2024. Cable One, Inc. (CABO) filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Cable & Other Pay Television Services. The filing includes financial data for the fiscal years 2023, 2022, and 2021. Key financial statement items such as retained earnings, additional paid-in capital, and treasury stock are detailed for multiple periods.

Why It Matters

For investors and stakeholders tracking Cable One, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cable One's financial health and operational results for the past fiscal year, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including historical comparisons, allows stakeholders to track trends in revenue, equity, and debt, informing investment decisions.

Risk Assessment

Risk Level: medium — Cable One, Inc. shows moderate risk based on this filing. The filing is a standard annual report (10-K), which typically contains a broad range of financial and operational information. Specific risks are detailed within the report itself, but the nature of a 10-K suggests a medium level of inherent risk due to the complexity and scope of information disclosed.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Cable One's performance and potential challenges in the cable and pay television services industry.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date the 10-K was filed)
• 2023 — Fiscal Year (Year covered by the report)
• 2022 — Prior Fiscal Year (Comparative financial data year)
• 2021 — Prior Fiscal Year (Comparative financial data year)

Key Players & Entities

• Cable One, Inc. (company) — Filer name
• CABO (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-23 (date) — Filing date
• 4841 (industry_code) — Standard Industrial Classification for Cable & Other Pay Television Services
• DE (location) — State of incorporation
• 602-364-6000 (phone) — Business phone number

FAQ

Industry Context

Cable One operates in the Cable & Other Pay Television Services industry, providing broadband, cable television, and phone services.

Regulatory Implications

As a publicly traded company, Cable One is subject to SEC regulations, including the requirement to file annual reports (10-K) detailing its financial condition and operations.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key metrics for FY2023.
2. Review any disclosed risk factors to understand potential challenges facing Cable One.
3. Compare key financial figures with prior years (2022, 2021) to identify trends.

Key Dates

• 2024-02-23: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing the most recent annual financial and operational data for Cable One, Inc.

Key Financial Figures

• $0.01 — h Registered Common Stock, par value $0.01 CABO New York Stock Exchange Securiti
• $740.2 million — cquired RBI Holding LLC ("NewWave") for $740.2 million. In 2019, we acquired Delta Communicati
• $358.8 million — ommunications, L.L.C. ("Clearwave") for $358.8 million and Fidelity Communications Co. ("Fidel
• $531.4 million — ity Communications Co. ("Fidelity") for $531.4 million. In 2020, we acquired Valu-Net LLC ("Va
• $38.9 million — acquired Valu-Net LLC ("Valu-Net") for $38.9 million. In 2020, we contributed the assets of
• $2.0 billion — uity interest in 2021 for approximately $2.0 billion. We also acquired certain assets and as
• $113.1 million — rica Missouri, LLC ("CableAmerica") for $113.1 million in late 2021. 6 Table of Contents
• $634.9 million — h flow. In 2020, we invested a combined $634.9 million in CTI Towers, Inc. ("CTI"), AMG Techno
• $95.8 million — terest. In 2021, we invested a combined $95.8 million in Point Broadband Holdings, LLC ("Poin
• $440.0 million — y interest in Clearwave Fiber valued at $440.0 million as of the closing date and invested a c
• $41.8 million — he closing date and invested a combined $41.8 million (including $7.0 million of the fair val
• $7.0 million — ted a combined $41.8 million (including $7.0 million of the fair value of our Tallahassee, F
• $1.6 million — e following: We invested an additional $1.6 million in Visionary. We invested an additiona
• $27.8 million — n Visionary. We invested an additional $27.8 million in Ziply. In July 2023, we redeemed ou
• $35.9 m — nt in Wisper for total cash proceeds of $35.9 million, which resulted in the recognitio

Filing Documents

• cabo-20231231.htm (10-K) — 2506KB
• a2023q4-exhibit211.htm (EX-21.1) — 11KB
• a2023q4-exhibit231.htm (EX-23.1) — 2KB
• a2023q4-exhibit311.htm (EX-31.1) — 10KB
• a2023q4-exhibit312.htm (EX-31.2) — 10KB
• a2023q4-exhibit32.htm (EX-32) — 8KB
• a2023q4-exhibit97.htm (EX-97) — 36KB
• cabo-20231231_g1.jpg (GRAPHIC) — 6KB
• cabo-20231231_g2.jpg (GRAPHIC) — 88KB
• cabo-20231231_g3.jpg (GRAPHIC) — 46KB
• cabo-20231231_g4.jpg (GRAPHIC) — 33KB
• cabo-20231231_g5.jpg (GRAPHIC) — 100KB
• 0001632127-24-000027.txt (&nbsp;) — 15022KB
• cabo-20231231.xsd (EX-101.SCH) — 91KB
• cabo-20231231_cal.xml (EX-101.CAL) — 177KB
• cabo-20231231_def.xml (EX-101.DEF) — 522KB
• cabo-20231231_lab.xml (EX-101.LAB) — 1220KB
• cabo-20231231_pre.xml (EX-101.PRE) — 866KB
• cabo-20231231_htm.xml (XML) — 2331KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 25 Item 1B. Unresolved Staff Comments 39

Cybersecurity 38

Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 41 Item 3.

Legal Proceedings

Legal Proceedings 41 Item 4. Mine Safety Disclosures 41 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 Item 6. [Reserved] 43 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 60 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 60 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60 Item 9A.

Controls and Procedures

Controls and Procedures 61 Item 9B. Other Information 61 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III Item 10. Directors, Executive Officers and Corporate Governance 62 Item 11.

Executive Compensation

Executive Compensation 62 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 62 Item 13. Certain Relationships and Related Transactions, and Director Independence 62 Item 14. Principal Accountant Fees and Services 62 PART IV Item 15. Exhibits and Financial Statement Schedules 63 Item 16. Form 10-K Summary 67

Signatures

Signatures S- 1 Index to Consolidated Financial Statements F- 1 1 Table of Contents CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This document contains "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 our industry, business, strategy, acquisitions and strategic investments, dividend policy, financial results and financial condition. 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. Our actual results may vary materially from those expressed or implied in our forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by us or on our behalf. Important factors that could cause our actual results to differ materially from those in our forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors: rising levels of competition from historical and new entrants in our markets; recent and future changes in technology, and our ability to develop, deploy and operate new technologies, service offerings and customer service platforms; our ability to continue to grow our residential data and business services revenues and customer base; increases in programming costs and retransmission fees; our ability to obtain hardware, software and operational support from vendors; risks that we may fail to realize the benefits anticipated as a result of our purchase

BUSINESS

ITEM 1 BUSINESS Overview Cable One, Inc. ("Cable One," "us," "our," "we" or the "Company") is a leading broadband communications provider committed to connecting customers and communities to what matters most. We strive to deliver an effortless experience by offering solutions that make our customers' lives easier, and by relating to them personally as our neighbors and local business partners. Powered by our fiber-rich infrastructure, the Cable One family of brands provides residential customers with a wide array of connectivity and entertainment services, including Gigabit speeds, advanced Wi-Fi and video. For businesses ranging from small and mid-market up to enterprise, wholesale and carrier, we offer scalable, cost-effective solutions that enable businesses of all sizes to grow, compete and succeed. We believe the services we provide are critical to the development of new businesses and drive economic growth in the non-metropolitan, secondary and tertiary markets that we serve in 24 Western, Midwestern and Southern states. As of December 31, 2023, approximately 74% of our customers were located in seven states: Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas. We provided services to approximately 1.1 million residential and business customers out of approximately 2.8 million homes passed as of December 31, 2023. Of these customers, approximately 1,059,000 subscribed to data services, 142,000 subscribed to video services and 119,000 subscribed to voice services as of December 31, 2023. The following map shows the locations of our consolidated markets as of December 31, 2023: We generate substantially all of our revenues through three primary product lines. Ranked by share of our total revenues during 2023, they are residential data (58.4%), business services (data, voice and video provided to businesses: 18.1%) and residential video (15.4%). The profit margins, growth rates and/or capital intensity of these three primary product l

View Full Filing

View this 10-K filing on SEC EDGAR