News

Jul 29, 2023

Cable One Reports Revenues of $424 mn powered by Residential Data Business

Cable One, a leading provider of residential and business connectivity services, has released its financial results for the second quarter of 2023. Despite challenges posed by the macroeconomic

Cable One, a leading provider of residential and business connectivity services, has released its financial results for the second quarter of 2023. Despite challenges posed by the macroeconomic environment, the company reported revenues of $424 million for the quarter, slightly down from $429 million in the same quarter of the previous year.A bright spot in the report was the impressive growth in residential data revenues, which increased by 5.8 percent year-over-year. Additionally, business services revenues showed a slight increase, indicating steady growth in this segment.

Cable One reported Capital expenditure (Capex) of $81.50 million during the second quarter of 2023 as compared with $107.28 million in Q2 2022. Cable One’s fiber network serves approximately 1.1 million residential and business customers in 24 states through Sparklight and the associated Cable One family of brands.

Julie Laulis, President, and CEO of Cable One, expressed satisfaction with the company’s ability to generate robust cash flows from operating activities during the second quarter of 2023. She emphasized the strategic focus on investing in a future-proof network and delivering superior local service to customers, particularly in mostly rural communities. This strategic approach has instilled confidence in Cable One’s long-term growth prospects.

However, net income for the second quarter of 2023 was reported at $55.2 million, down from $69.2 million in the same quarter of 2022. While this decline presents a challenge, Cable One remains committed to its strategic vision and investment in a reliable network.

A notable highlight in the report was the increase in Residential data average monthly revenue per unit (ARPU). The ARPU reached $85.20 for the second quarter of 2023, representing a significant increase of $4.76 or 5.9 percent compared to the same period last year. This growth in ARPU indicates an increasing trend in customer spending on residential data services.

As Cable One continues to navigate the current economic landscape, the company remains confident in its long-term growth opportunities. By prioritizing investments in a future-proof network and focusing on providing exceptional service to customers, Cable One aims to overcome challenges and position itself for sustained success in the dynamic connectivity market.