Wed, Oct 2, 10:40 AM (80 days ago)
Cable One, Inc. has amended its quarterly report for Q1 2024 due to a material restatement of financials linked to equity method accounting errors related to its investment in Clearwave Fiber. The restatement resulted in an overstated net income and income tax provision, while cash flow remained unaffected. For Q1 2024, revenues decreased by 4.2% to $404,312, primarily due to declines in residential video and voice services, partially offset by growth in business data. Net income fell 19.8% to $37,350. Adjusted EBITDA also dropped by 5.1% to $217,052. Operating cash flow increased slightly, while capital expenditures declined significantly, down 31.4% to $65,887. The company maintains a focus on higher-margin residential and business data services amidst competitive pressures and rising costs in video services. The liquidity position appears stable with adequate cash flow for upcoming obligations, though uncertainties persist regarding future acquisitions and market conditions.