Cable One Reveals Capex, ARPU, Revenue Growth in 2023

Cable One, a leading broadband communications provider, said its capital expenditures (Capex) for 2023 amounted to $371.0 million, compared to $414.1 million in 2022.
Cable One Sparklight jobCable One has revealed that its capital spending touched $115.6 million in Q4 2023 vs $106.843 million.

In 2023, Cable One’s capital spending was $62.066 million for Customer premise equipment, $38.893 million in Commercial, $54.097 million for Scalable infrastructure, $51.466 million for Line extensions, $60.898 million for Upgrade/rebuild, $103.608 million for Support capital.

Cable One has disclosed its financial performance for the fiscal year 2023, highlighting key achievements and metrics across the fourth quarter and full year.

Fourth Quarter 2023 Highlights:

Total revenues for the fourth quarter of 2023 amounted to $411.8 million, reflecting a slight decrease from $425.5 million in the same period of the previous year. Despite this, residential data revenues saw a 2.1 percent increase year-over-year.

Residential data primary service units (PSUs) experienced sequential growth, adding over 1,600 PSUs, a 0.2 percent increase from the third quarter of 2023.

Residential data average monthly revenue per unit (ARPU) stood at $83.95 in the fourth quarter of 2023, marking a 2.7 percent increase from the prior year quarter.

Net income reached $115.3 million in the fourth quarter of 2023, a notable improvement compared to a net loss of $77.2 million in the same quarter of 2022.

Adjusted EBITDA amounted to $226.9 million in the fourth quarter of 2023, compared to $233.2 million in the fourth quarter of 2022.

Despite a decrease in revenues primarily attributed to declines in residential video and voice segments, residential data revenues showed growth, contributing to the positive net income and Adjusted EBITDA margin.

Cable One has posted ARPU of $83.95 from Residential data, $143.78 from Residential video, $36.24 from Residential voice, $246.35 from Business services.

Full Year 2023 Highlights:

Total revenues for the full year 2023 remained consistent at $1.7 billion, matching the figures from 2022. Residential data revenues saw a 4.8 percent increase year-over-year.

Residential data ARPU for 2023 was $84.57, representing a 4.3 percent increase from the previous year.

Net income for the full year 2023 reached $267.4 million, up from $234.1 million in 2022.

Adjusted EBITDA for 2023 totaled $916.9 million, slightly higher than $911.9 million in 2022.

While overall revenues experienced a slight decrease, residential data revenues continued to grow, offsetting declines in other segments.

Adjusted EBITDA less capital expenditures for 2023 increased to $545.9 million, up from $497.8 million in the prior year.

Julie Laulis, President and CEO of Cable One, expressed optimism about the company’s performance, particularly highlighting the return to sequential residential high-speed data customer growth in the fourth quarter.

Julie Laulis emphasized the significance of residential data and business services product lines, which accounted for over 77 percent of all revenues during the quarter, as key drivers of Cable One’s business plan for 2024.