Cable One, Inc. reported a decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $1.58 billion, a decrease of 5.9% from $1.68 billion in 2023. The company's net income fell significantly by 93.6% to $14.5 million, compared to $224.6 million in the previous year. This decline was attributed to reduced revenues across several service lines, particularly in residential video and voice services, which saw decreases of 13.9% and 13.8%, respectively. In contrast, business data revenues increased by 2.6%, reflecting a strategic focus on higher-margin services.
The company experienced a notable shift in its customer base, with total residential data customers decreasing by 0.6% to 955,000, while business data customers grew by 1.4% to 100,200. The overall customer relationships declined slightly to 1.09 million, down from 1.1 million in 2023. The average revenue per user (ARPU) for residential data services decreased by 4.9% to $80.39, primarily due to targeted pricing strategies aimed at value-conscious customers. The company also reported a significant reduction in residential video subscribers, which fell by 20% year-over-year.
Strategically, Cable One has continued to prioritize its higher-margin residential data and business data services, which accounted for 73.1% of total revenues in 2024, up from 71.6% in 2023. The company has made substantial investments in infrastructure, with capital expenditures totaling $286.4 million, a decrease of 22.8% from the previous year. These investments are aimed at enhancing broadband capacity and expanding service offerings, including the rollout of multi-Gigabit download services to over 40% of its markets.
Looking ahead, Cable One remains focused on its strategic initiatives to drive growth in residential and business data services while de-emphasizing its video offerings. The company plans to continue investing in infrastructure improvements and exploring acquisition opportunities in rural markets. However, it faces ongoing challenges from increased competition, particularly from over-the-top (OTT) video providers and other broadband service competitors. The company’s outlook suggests a commitment to maintaining operational efficiency and enhancing customer experience, despite the pressures from market dynamics and regulatory changes.
About Cable One, Inc.
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