Cable One, Inc. (NYSE: CABO) has reported financial and operating results for the quarter ended June 30, 2018, the company said.
Net income was USD 43.8 million in the second quarter of 2018, an increase of 57.2% year-over-year. Adjusted EBITDA(1) was USD 127.1 million, an increase of 12.2% year-over-year. Net profit margin was 16.3% and Adjusted EBITDA margin(1) was 47.4%.
Net income and Adjusted EBITDA results for the second quarter of 2018 include a full quarter of NewWave Communications (“NewWave”) operations, while the comparable results for the second quarter of 2017 include only two months of NewWave operations. Excluding the contributions from NewWave operations, net income would have increased 57.1% year-over-year to USD 40.5 million and Adjusted EBITDA would have increased 6.2% to USD 108.4 million year-over-year. In addition, net profit margin would have been 18.4% and Adjusted EBITDA margin would have been 49.4%.
Net cash provided by operating activities was USD 101.9 million, an increase of 93.7% year-over-year. Adjusted EBITDA less capital expenditures was USD 77.3 million, an increase of 6.1% compared to the second quarter of 2017.
Total revenues were USD 268.4 million in the second quarter of 2018 compared to USD 241.0 million in the second quarter of 2017. Excluding the USD 49.0 million and USD 32.2 million contributions from NewWave operations in the second quarter of 2018 and 2017, respectively, total revenues would have been USD 219.4 million and USD 208.8 million, an increase of 5.1% year-over-year.
Residential data revenues increased 18.3% and business services revenues increased 18.4% year-over-year.
Cable ONE is among the 10 largest cable companies in the United States and a broadband communications provider. Serving residential and business customers in 21 states, Cable ONE provides consumers with a wide array of communications and entertainment services, including high-speed Internet and advanced Wi-Fi solutions, cable television and phone service. Cable ONE Business provides scalable and cost-effective products for businesses ranging in size from small to mid-market, in addition to enterprise, wholesale and carrier customers.