10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

or

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number:001-36863

___________________

Cable One, Inc.

(Exact name of registrant as specified in its charter)

___________________

Delaware	13-3060083
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)
210 E. Earll Drive, Phoenix, Arizona	85012
(Address of Principal Executive Offices)	(Zip Code)

(602) 364-6000

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name of Each Exchange on Which Registered
Common Stock, par value $0.01	CABO	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	þ	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	o
		Emerging growth company	o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date:

Description of Class	Shares Outstanding as of April 26, 2024
Common stock, par value $0.01	5,619,075

CABLE ONE, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I: FINANCIAL INFORMATION		1
Item 1.	Condensed Consolidated Financial Statements	1
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
PART II: OTHER INFORMATION		35
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
SIGNATURES		37

References herein to “Cable One,” “us,” “our,” “we” or the “Company” refer to Cable One, Inc., together with its wholly owned subsidiaries.

i

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This document contains “forward-looking statements” that involve risks and uncertainties. These statements can be identified by the fact that they do not relate strictly to historical or current facts, but rather are based on current expectations, estimates, assumptions and projections about our industry, business, strategy, acquisitions and strategic investments, market expansion plans, dividend policy, capital allocation, financing strategy, financial results and financial condition. Forward-looking statements often include words such as “will,” “should,” “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes” and words and terms of similar substance in connection with discussions of future operating or financial performance. As with any projection or forecast, forward-looking statements are inherently susceptible to uncertainty and changes in circumstances. Our actual results may vary materially from those expressed or implied in our forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by us or on our behalf. Important factors that could cause our actual results to differ materially from those in our forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors, which are discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Form 10-K”):

•rising levels of competition from historical and new entrants in our markets;

•recent and future changes in technology, and our ability to develop, deploy and operate new technologies, service offerings and customer service platforms;

•our ability to continue to grow our residential data and business data revenues and customer base;

•increases in programming costs and retransmission fees;

•our ability to obtain hardware, software and operational support from vendors;

•risks that we may fail to realize the benefits anticipated as a result of our purchase of the remaining interests in Hargray Acquisition Holdings, LLC (“Hargray”) that we did not already own (the “Hargray Acquisition”);

•risks relating to existing or future acquisitions and strategic investments by us;

•risks that the implementation of our new enterprise resource planning system and billing systems disrupt business operations;

•the integrity and security of our network and information systems;

•the impact of possible security breaches and other disruptions, including cyber-attacks;

•our failure to obtain necessary intellectual and proprietary rights to operate our business and the risk of intellectual property claims and litigation against us;

•legislative or regulatory efforts to impose network neutrality and other new requirements on our data services;

•additional regulation of our video and voice services;

•our ability to renew cable system franchises;

•increases in pole attachment costs;

•changes in local governmental franchising authority and broadcast carriage regulations;

•changes in government subsidy programs;

•the potential adverse effect of our level of indebtedness on our business, financial condition or results of operations and cash flows;

•the restrictions the terms of our indebtedness place on our business and corporate actions;

•the possibility that interest rates will continue to rise, causing our obligations to service our variable rate indebtedness to increase significantly;

•risks associated with our convertible indebtedness;

•our ability to continue to pay dividends;

•provisions in our charter, by-laws and Delaware law that could discourage takeovers and limit the judicial forum for certain disputes;

•adverse economic conditions, labor shortages, supply chain disruptions, changes in rates of inflation and the level of move activity in the housing sector;

•pandemics, epidemics or disease outbreaks, such as the COVID-19 pandemic, have, and may in the future, disrupt our business and operations, which could materially affect our business, financial condition, results of operations and cash flows;

•lower demand for our residential data and business data products;

•fluctuations in our stock price;

•dilution from equity awards, convertible indebtedness and potential future convertible debt and stock issuances;

•damage to our reputation or brand image;

•our ability to retain key employees (whom we refer to as associates);

•our ability to incur future indebtedness;

•provisions in our charter that could limit the liabilities for directors; and

•the other risks and uncertainties detailed from time to time in our filings with the Securities and Exchange Commission (the “SEC”), including but not limited to those described under "Risk Factors" in our 2023 Form 10-K.

Any forward-looking statements made by us in this document speak only as of the date on which they are made. We are under no obligation, and expressly disclaim any obligation, except as required by law, to update or alter our forward-looking statements, whether as a result of new information, subsequent events or otherwise.

ii

PART I: FINANCIAL INFORMATION

ITEM 1.    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

CABLE ONE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(dollars in thousands, except par values)	March 31, 2024		December 31, 2023
Assets
Current Assets:
Cash and cash equivalents	$	210,733	$	190,289
Accounts receivable, net	60,530		93,973
Prepaid and other current assets	76,042		58,116
Total Current Assets	347,305		342,378
Equity investments	1,117,220		1,125,447
Property, plant and equipment, net	1,784,847		1,791,120
Intangible assets, net	2,579,969		2,595,892
Goodwill	928,947		928,947
Other noncurrent assets	81,895		63,149
Total Assets	$	6,840,183	$	6,846,933
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued liabilities	$	140,589	$	156,645
Deferred revenue	27,079		27,169
Current portion of long-term debt	19,018		19,023
Total Current Liabilities	186,686		202,837
Long-term debt	3,574,116		3,626,928
Deferred income taxes	978,032		974,467
Other noncurrent liabilities	174,608		169,556
Total Liabilities	4,913,442		4,973,788
Commitments and contingencies (refer to note 15)
Stockholders' Equity:
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding)	—		—
Common stock ($0.01 par value; 40,000,000 shares authorized; 6,175,399 shares issued; and 5,619,098 and 5,616,987 shares outstanding as of March 31, 2024 and December 31, 2023, respectively)	62		62
Additional paid-in capital	615,039		607,574
Retained earnings	1,856,054		1,825,542
Accumulated other comprehensive income (loss)	55,019		36,745
Treasury stock, at cost (556,301 and 558,412 shares held as of March 31, 2024 and December 31, 2023, respectively)	(599,433)		(596,778)
Total Stockholders' Equity	1,926,741		1,873,145
Total Liabilities and Stockholders' Equity	$	6,840,183	$	6,846,933

See accompanying notes to the condensed consolidated financial statements.

1

CABLE ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended March 31,
(dollars in thousands, except per share data)	2024		2023
Revenues	$	404,312	$	421,894
Costs and Expenses:
Operating (excluding depreciation and amortization)	106,512		112,161
Selling, general and administrative	90,390		86,745
Depreciation and amortization	85,641		85,428
(Gain) loss on asset sales and disposals, net	1,907		5,456
Total Costs and Expenses	284,450		289,790
Income from operations	119,862		132,104
Interest expense, net	(35,784)		(37,222)
Other income (expense), net	(7,115)		1,353
Income before income taxes and equity method investment income (loss), net	76,963		96,235
Income tax provision	21,108		22,295
Income before equity method investment income (loss), net	55,855		73,940
Equity method investment income (loss), net	(8,513)		(16,514)
Net income	$	47,342	$	57,426
Net Income per Common Share:
Basic	$	8.43	$	10.04
Diluted	$	8.11	$	9.62
Weighted Average Common Shares Outstanding:
Basic	5,618,745		5,718,745
Diluted	6,026,462		6,128,594
Unrealized gain (loss) on cash flow hedges and other, net of tax	$	18,274	$	(17,942)
Comprehensive income	$	65,616	$	39,484

See accompanying notes to the condensed consolidated financial statements.

2

CABLE ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

(dollars in thousands, except per share data)	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Gain (Loss)		Treasury Stock, at cost		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2023	5,616,987	$	62	$	607,574	$	1,825,542	$	36,745	$	(596,778)	$	1,873,145
Net income	—	—		—		47,342		—		—		47,342
Unrealized gain (loss) on cash flow hedges and other, net of tax	—	—		—		—		18,274		—		18,274
Equity-based compensation	—	—		7,465		—		—		—		7,465
Issuance of equity awards, net of forfeitures	4,439	—		—		—		—		—		—
Withholding tax for equity awards	(2,328)	—		—		—		—		(2,655)		(2,655)
Dividends paid to stockholders ($2.95 per common share)	—	—		—		(16,830)		—		—		(16,830)
Balance at March 31, 2024	5,619,098	$	62	$	615,039	$	1,856,054	$	55,019	$	(599,433)	$	1,926,741

(dollars in thousands, except per share data)	Common Stock			Additional Paid-In Capital		Retained Earnings		Accumulated Other Comprehensive Gain (Loss)		Treasury Stock, at cost		Total Stockholders’ Equity
	Shares	Amount
Balance at December 31, 2022	5,766,011	$	62	$	578,154	$	1,624,406	$	50,031	$	(494,680)	$	1,757,973
Net income	—	—		—		57,426		—		—		57,426
Unrealized gain (loss) on cash flow hedges and other, net of tax	—	—		—		—		(17,942)		—		(17,942)
Equity-based compensation	—	—		5,585		—		—		—		5,585
Issuance of equity awards, net of forfeitures	(6,111)	—		—		—		—		—		—
Repurchases of common stock	(56,766)	—		—		—		—		(41,751)		(41,751)
Withholding tax for equity awards	(3,132)	—		—		—		—		(2,180)		(2,180)
Dividends paid to stockholders ($2.85 per common share)	—	—		—		(16,498)		—		—		(16,498)
Balance at March 31, 2023	5,700,002	$	62	$	583,739	$	1,665,334	$	32,089	$	(538,611)	$	1,742,613

See accompanying notes to the condensed consolidated financial statements.

3

CABLE ONE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Three Months Ended March 31,
(in thousands)	2024		2023
Cash flows from operating activities:
Net income	$	47,342	$	57,426
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85,641		85,428
Non-cash interest expense, net	2,217		2,317
Equity-based compensation	7,465		5,585
Write-off of debt issuance costs	—		3,340
Change in deferred income taxes	(2,220)		3,143
(Gain) loss on asset sales and disposals, net	1,907		5,456
Equity method investment (income) loss, net	8,513		16,514
Fair value adjustments	7,154		(4,852)
Changes in operating assets and liabilities:
Accounts receivable, net	33,443		28,234
Prepaid and other current assets	(14,211)		(26,220)
Accounts payable and accrued liabilities	(9,910)		(14,004)
Deferred revenue	(90)		648
Other	(2,501)		(1,228)
Net cash provided by operating activities	164,750		161,787
Cash flows from investing activities:
Capital expenditures	(65,887)		(96,106)
Change in accrued expenses related to capital expenditures	(5,894)		(4,745)
Purchase of wireless licenses	(625)		—
Proceeds from sales of property, plant and equipment	2,434		137
Net cash used in investing activities	(69,972)		(100,714)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	—		638,000
Payment of debt issuance costs	—		(7,898)
Payments on long-term debt	(54,849)		(643,164)
Repurchases of common stock	—		(41,751)
Payment of withholding tax for equity awards	(2,655)		(2,180)
Dividends paid to stockholders	(16,830)		(16,498)
Net cash used in financing activities	(74,334)		(73,491)
Change in cash and cash equivalents	20,444		(12,418)
Cash and cash equivalents, beginning of period	190,289		215,150
Cash and cash equivalents, end of period	$	210,733	$	202,732
Supplemental cash flow disclosures:
Cash paid for interest, net of capitalized interest	$	32,842	$	33,914
Cash paid for income taxes, net of refunds received	$	26,399	$	43,386

See accompanying notes to the condensed consolidated financial statements.

4

CABLE ONE, INC.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.    DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business. Cable One is a fully integrated provider of data, video and voice services to residential and business customers in 24 Western, Midwestern and Southern U.S. states. As of March 31, 2024, Cable One provided services to approximately 1.1 million residential and business customers, of which approximately 1,066,000 subscribed to data services, 133,000 subscribed to video services and 115,000 subscribed to voice services.

Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the SEC. As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2023 Form 10-K.

The December 31, 2023 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2023 Form 10-K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results.

Certain reclassifications have been made to prior period amounts to conform to the current year presentation. Refer to note 13 for further details.

Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Segment Reporting. Accounting Standards Codification 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s review and assessment of the Company’s operating performance for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.

Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.

Recently Issued But Not Yet Adopted Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures around tax rate reconciliations, income taxes payments and other tax-related information. The ASU is effective for annual periods beginning after December 15, 2024 and can be applied on either a prospective or retrospective basis. The Company currently plans to adopt ASU 2023-09 in the first quarter of 2025 on a prospective basis and expects the adoption of the updated guidance to result in the additional disaggregation of certain tax information within the Company's income tax footnote disclosure.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting. The ASU requires additional disclosures regarding a reportable segment's financial information in which the reportable segment is regularly provided to the chief operating decision marker. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The Company currently plans to adopt ASU 2023-07 in the first quarter of 2025 on a retrospective basis and expects the adoption of the updated guidance to result in additional segment-related footnote disclosures within the notes to the consolidated financial statements.

5

2.    REVENUES

Revenues by product line and other revenue-related disclosures were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Residential:
Data	$	235,820	$	242,697
Video	60,358		70,286
Voice	8,561		9,748
Business:
Data	56,640		54,606
Other	19,185		21,654
Other	23,748		22,903
Total revenues	$	404,312	$	421,894
Franchise and other regulatory fees	$	6,391	$	7,101
Deferred commission amortization	$	1,496	$	1,303

Business other revenues include business video, voice and other ancillary service revenues. Other revenues are comprised primarily of regulatory revenues, advertising sales, late charges and reconnect fees.

Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the condensed consolidated statements of operations and comprehensive income.

Deferred commission amortization expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income.

Current deferred revenue liabilities consist of refundable customer prepayments, up-front charges and installation fees. As of March 31, 2024, the Company’s remaining performance obligations pertain to the refundable customer prepayments and consist of providing future data, video and voice services to customers. Of the $27.2 million of current deferred revenue at December 31, 2023, $21.6 million was recognized during the three months ended March 31, 2024. Noncurrent deferred revenue liabilities consist of up-front charges and installation fees from business customers.

3.    OPERATING ASSETS AND LIABILITIES

Accounts receivable consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Trade receivables	$	48,689	$	72,076
Other receivables(1)	16,283		26,006
Less: Allowance for credit losses	(4,442)		(4,109)
Total accounts receivable, net	$	60,530	$	93,973

(1)Balances include amounts due from Clearwave Fiber (as defined in note 4) for services provided under a transition services agreement of $3.8 million and $3.7 million as of March 31, 2024 and December 31, 2023, respectively. The balances also include $7.4 million and $11.4 million of receivables from the federal government under the Secure and Trusted Communications Networks Reimbursement Program as of March 31, 2024 and December 31, 2023, respectively.

6

The changes in the allowance for credit losses were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Beginning balance	$	4,109	$	3,191
Additions - charged to costs and expenses	2,652		2,491
Deductions - write-offs	(3,763)		(3,451)
Recoveries collected	1,444		1,494
Ending balance	$	4,442	$	3,725

Prepaid and other current assets consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Prepaid repairs and maintenance	$	14,084	$	2,596
Software implementation costs	2,186		1,812
Prepaid insurance	2,145		3,507
Prepaid rent	3,546		2,227
Prepaid software	10,280		9,762
Deferred commissions	5,461		5,371
Interest rate swap asset	28,226		24,511
Prepaid income tax payments	5,963		5,470
All other current assets	4,151		2,860
Total prepaid and other current assets	$	76,042	$	58,116

Other noncurrent assets consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Operating lease right-of-use assets	$	9,704	$	10,650
Deferred commissions	9,891		9,793
Software implementation costs	7,548		7,115
Debt issuance costs	2,901		3,087
Debt investment	2,261		2,228
Assets held for sale	—		889
Interest rate swap asset	44,797		24,453
All other noncurrent assets	4,793		4,934
Total other noncurrent assets	$	81,895	$	63,149

7

Accounts payable and accrued liabilities consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Accounts payable	$	37,280	$	45,025
Accrued programming costs	17,691		18,453
Accrued compensation and related benefits	19,410		20,149
Accrued sales and other operating taxes	11,764		14,518
Accrued franchise fees	2,521		2,952
Deposits	6,025		5,954
Operating lease liabilities	3,139		3,391
Accrued insurance costs	5,160		5,167
Cash overdrafts	6,542		12,058
Interest payable	12,294		6,340
Income taxes payable	—		2,579
All other accrued liabilities	18,763		20,059
Total accounts payable and accrued liabilities	$	140,589	$	156,645

Other noncurrent liabilities consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Operating lease liabilities	$	6,104	$	6,768
Accrued compensation and related benefits	8,362		8,847
Deferred revenue	13,831		15,066
MBI Net Option (as defined in note 4)(1)	143,560		136,360
All other noncurrent liabilities	2,751		2,515
Total other noncurrent liabilities	$	174,608	$	169,556

(1)Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 4), consisting of liabilities of $25.3 million and $118.3 million, respectively, as of March 31, 2024 and liabilities of $15.2 million and $121.2 million, respectively, as of December 31, 2023. Refer to notes 4 and 9 for further information on the MBI Net Option (as defined in note 4).

8

4.    EQUITY INVESTMENTS

The carrying value of the Company's equity investments consisted of the following (dollars in thousands):

	March 31, 2024			December 31, 2023
	Ownership Percentage	Carrying Value		Ownership Percentage	Carrying Value
Cost Method Investments
MetroNet(1)	<10%	$	7,000	<10%	$	7,000
Nextlink(2)	<20%	77,245		<20%	77,245
Point Broadband(3)	<10%	42,623		<10%	42,623
Visionary(4)	<10%	8,822		<10%	8,822
Ziply(5)	<10%	50,000		<10%	50,000
Others	<10%	14,212		<10%	13,926
Total cost method investments		$	199,902		$	199,616
Equity Method Investments
Clearwave Fiber(6)	~58%	$	351,678	~58%	$	359,876
MBI(7)	45%	565,640		45%	565,955
Total equity method investments		$	917,318		$	925,831
Total equity investments		$	1,117,220		$	1,125,447

(1)MetroNet Systems, LLC, a fiber internet service provider ("MetroNet").

(2)AMG Technology Investment Group, LLC, a wireless internet service provider ("Nextlink").

(3)Point Broadband Holdings, LLC, a fiber internet service provider ("Point Broadband").

(4)Visionary Communications, Inc., an internet service provider ("Visionary").

(5)Northwest Fiber Holdco., LLC, a fiber internet service provider ("Ziply").

(6)A joint venture transaction in which the Company contributed certain fiber operations (including certain fiber assets of Hargray and a majority of the operations of Delta Communications, LLC and certain unaffiliated third-party investors contributed cash to a newly formed entity, Clearwave Fiber LLC ("Clearwave Fiber").

(7)The Company holds a call option to purchase all but not less than all of the remaining equity interests in Mega Broadband Investments Holdings LLC, a data, video and voice services provider (“MBI”) that the Company does not already own between January 1, 2023 and June 30, 2024. Certain investors in MBI hold a put option to sell (and to cause all members of MBI other than the Company to sell) to the Company all but not less than all of the remaining equity interests in MBI that the Company does not already own between July 1, 2025 and September 30, 2025. The call and put options (collectively referred to as the “MBI Net Option”) are measured at fair value using Monte Carlo simulations that rely on assumptions around MBI’s equity value, MBI’s and the Company’s equity volatility, MBI’s and the Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA” and as adjusted, “Adjusted EBITDA”) volatility, risk adjusted discount rates and the Company’s cost of debt, among others. The final MBI purchase price allocation resulted in $630.7 million being allocated to the MBI equity investment and $19.7 million and $75.5 million being allocated to the call and put options, respectively. The MBI Net Option is remeasured at fair value on a quarterly basis. The carrying value of the MBI Net Option liability was $143.6 million and $136.4 million as of March 31, 2024 and December 31, 2023, respectively, and was included within other noncurrent liabilities in the condensed consolidated balance sheets. Refer to note 9 for further information on the MBI Net Option.

The carrying value of MBI exceeded the Company’s underlying equity in MBI’s net assets by $486.8 million and $487.5 million as of March 31, 2024 and December 31, 2023, respectively.

9

Equity method investment income (losses), which increase (decrease) the carrying value of the respective investment, and are recorded on a one quarter lag, along with certain other operating information, were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Equity Method Investment Income (Losses)
Clearwave Fiber	$	(8,198)	$	(14,231)
MBI(1)	(315)		(2,403)
Wisper(2)	—		120
Total	$	(8,513)	$	(16,514)
Other Income (Expense), Net
Mark-to-market adjustments(3)	$	46	$	12,833
MBI Net Option change in fair value	$	(7,200)	$	(7,980)

(1)The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s 45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. For the three months ended March 31, 2024, the Company recognized $2.2 million of its pro rata share of MBI’s net income and $2.5 million of its pro rata share of basis difference amortization. For the three months ended March 31, 2023, the Company recognized $0.8 million of its pro rata share of MBI’s net income and $3.2 million of its pro rata share of basis difference amortization.

(2)Wisper ISP, LLC, a wireless internet service provider ("Wisper"). In July 2023, the Company redeemed its equity investment in Wisper.

(3)The amount for the three months ended March 31, 2023 included a $12.3 million non-cash mark-to-market gain on the Company's investment in Point Broadband as a result of an observable market transaction in Point Broadband’s equity.

The carrying value of the Company’s equity investments without readily determinable fair values are determined based on fair valuations as of their respective acquisition dates. The Company assesses each equity investment for indicators of impairment on a quarterly basis. No impairments were recorded for any of the periods presented.

5.    PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Cable distribution systems	$	2,522,275	$	2,491,903
Customer premise equipment	393,625		380,820
Other equipment and fixtures	375,261		376,847
Buildings and improvements	139,993		140,063
Capitalized software	74,470		70,928
Construction in progress	170,219		188,774
Land	16,564		13,641
Right-of-use assets	10,599		10,789
Property, plant and equipment, gross	3,703,006		3,673,765
Less: Accumulated depreciation and amortization	(1,918,159)		(1,882,645)
Property, plant and equipment, net	$	1,784,847	$	1,791,120

The Company classified $0.9 million of property, plant and equipment as held for sale as of December 31, 2023. Such assets are included within other noncurrent assets in the condensed consolidated balance sheet. These assets were sold during the three months ended March 31, 2024 for total proceeds of $2.3 million, resulting in the recognition of a $1.4 million gain on the sale.

Depreciation and amortization expense for property, plant and equipment was $69.1 million and $67.3 million for the three months ended March 31, 2024 and 2023, respectively.

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6.    GOODWILL AND INTANGIBLE ASSETS

The carrying amount of goodwill was $928.9 million as of both March 31, 2024 and December 31, 2023. The Company has not historically recorded any impairment of goodwill.

Intangible assets consisted of the following (dollars in thousands):

		March 31, 2024						December 31, 2023
	Useful Life Range (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Customer relationships	13.5 – 17	$	784,381	$	311,717	$	472,664	$	784,381	$	295,817	$	488,564
Trademarks and trade names	2.7 – 4.2	11,846		9,309		2,537		11,846		8,782		3,064
Wireless licenses	10 – 15	4,794		572		4,222		4,169		451		3,718
Total finite-lived intangible assets		$	801,021	$	321,598	$	479,423	$	800,396	$	305,050	$	495,346
Indefinite-Lived Intangible Assets
Franchise agreements						$	2,100,546					$	2,100,546
Total intangible assets, net						$	2,579,969					$	2,595,892

Intangible asset amortization expense was $16.5 million and $18.2 million for the three months ended March 31, 2024 and 2023, respectively.

The future amortization of existing finite-lived intangible assets as of March 31, 2024 was as follows (in thousands):

Year Ending December 31,	Amount
2024 (remaining nine months)	$	49,628
2025	61,182
2026	55,668
2027	51,787
2028	48,188
Thereafter	212,970
Total	$	479,423

Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.

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7.    DEBT

The carrying amount of long-term debt consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Senior Credit Facilities (as defined below)	$	2,050,787	$	2,105,348
Senior Notes (as defined below)	650,000		650,000
Convertible Notes (as defined below)	920,000		920,000
Finance lease liabilities	4,873		5,160
Total debt	3,625,660		3,680,508
Less: Unamortized debt discount	(10,956)		(12,025)
Less: Unamortized debt issuance costs	(21,570)		(22,532)
Less: Current portion of long-term debt	(19,018)		(19,023)
Total long-term debt	$	3,574,116	$	3,626,928

Senior Credit Facilities. Prior to February 22, 2023, the Company had in place the third amended and restated credit agreement among the Company and its lenders, dated as of October 30, 2020 (as amended prior to February 22, 2023, the "Credit Agreement") that provided for senior secured term loans in original aggregate principal amounts of $700.0 million maturing in 2025 (the “Term Loan A-2”), $250.0 million maturing in 2027 (the “Term Loan B-2”), $625.0 million maturing in 2027 (the “Term Loan B-3”) and $800.0 million maturing in 2028 (the "Term Loan B-4"), as well as a $500.0 million revolving credit facility maturing in 2025 (the “Revolving Credit Facility” and, together with the Term Loan A-2, the Term Loan B-2, the Term Loan B-3 and the Term Loan B-4, the “Senior Credit Facilities”). The Revolving Credit Facility also gives the Company the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility.

On February 22, 2023, the Company entered into the fourth amended and restated credit agreement with its lenders to amend and restate the Credit Agreement (as amended and restated, the "New Credit Agreement") to, among other things, (i) increase the aggregate principal amount of commitments under the Revolving Credit Facility by $500.0 million to $1.0 billion; (ii) extend the scheduled maturity of the Revolving Credit Facility from October 2025 to February 2028; (iii) upsize the outstanding principal amount under the Term Loan B-3 by $150.0 million to $757.0 million (the "TLB-3 Upsize"); (iv) extend the scheduled maturities of the Term Loan B-2 and the Term Loan B-3 from October 2027 to October 2029 (subject to adjustment as described in the notes to the table below summarizing the Company's outstanding term loans as of March 31, 2024); (v) increase the fixed spreads on the Term Loan B-2 and the Term Loan B-3 from 2.00% to 2.25%; and (vi) transition the benchmark interest rate for the Revolving Credit Facility, the Term Loan B-2 and the Term Loan B-3 from LIBOR to SOFR plus a 10 basis point credit spread adjustment. Except as described above, the New Credit Agreement did not make any material changes to the principal terms of the Term Loan B-2, the Term Loan B-3, the Term Loan B-4 or the Revolving Credit Facility. Upon the effectiveness of the New Credit Agreement, the Company drew $488.0 million under the Revolving Credit Facility and, together with the net proceeds from the TLB-3 Upsize, repaid all $638.3 million aggregate principal amount of its outstanding Term Loan A-2. In July 2023, the Company transitioned the benchmark interest rate for the Term Loan B-4 from LIBOR to SOFR plus a credit spread adjustment that ranges from approximately 11.4 basis points to 42.8 basis points based on the interest period elected.

As of March 31, 2024, the interest margins applicable to the Senior Credit Facilities are, at the Company’s option, equal to either SOFR or a base rate, plus an applicable margin equal to, (i) with respect to the Revolving Credit Facility, 1.25% to 1.75% plus a 10 basis point credit spread adjustment for SOFR loans and 0.25% to 0.75% for base rate loans, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the New Credit Agreement), (ii) with respect to the Term Loan B-2 and the Term Loan B-3, 2.25% plus a 10 basis point credit spread adjustment for SOFR loans and 1.25% for base rate loans and (iii) with respect to the Term Loan B-4, 2.0% plus an approximately 11.4 to 42.8 basis point credit spread adjustment based on the interest period elected for SOFR loans and 1.0% for base rate loans.

The Company repaid $150.0 million of the outstanding Revolving Credit Facility borrowings during 2023. In February 2024, the Company repaid an additional $50.0 million of the outstanding Revolving Credit Facility borrowings, reducing the outstanding balance to $288.0 million as of March 31, 2024.

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Refer to the table below summarizing the Company’s outstanding term loans as of March 31, 2024 and note 10 to the Company’s audited consolidated financial statements included in the 2023 Form 10-K for further details on the Senior Credit Facilities.

As of March 31, 2024, the Company had approximately $1.8 billion of aggregate outstanding term loans and $288.0 million of borrowings and $712.0 million available for borrowing under the Revolving Credit Facility. A summary of the Company’s outstanding term loans as of March 31, 2024 is as follows (dollars in thousands):

Instrument	Draw Date(s)	Original Principal		Amortization Per Annum(1)	Outstanding Principal		Final Scheduled Maturity Date	Final Scheduled Principal Payment		Benchmark Rate	Fixed Margin	Interest Rate
Term Loan B-2	1/7/2019	$	250,000	1.0%	$	237,500	10/30/2029(2)	$	223,750	SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-3	6/14/2019 10/30/2020 2/22/2023	325,000 300,000 150,000		1.0%	747,287		10/30/2029(2)	704,695		SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-4	5/3/2021	800,000		1.0%	778,000		5/3/2028	746,000		SOFR + 11.4 bps	2.00%	7.44%
Total		$	1,825,000		$	1,762,787		$	1,674,445

(1)Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).

(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.

Senior Notes. In November 2020, the Company issued $650.0 million aggregate principal amount of 4.00% senior notes due 2030 (the “Senior Notes”). The Senior Notes bear interest at a rate of 4.00% per annum payable semi-annually in arrears on May 15th and November 15th of each year. The terms of the Senior Notes are governed by an indenture dated as of November 9, 2020 (the “Senior Notes Indenture”), among the Company, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (“BNY”), as trustee.

At any time and from time to time prior to November 15, 2025, the Company may redeem some or all of the Senior Notes for cash at a redemption price equal to 100% of their principal amount, plus the “make-whole” premium described in the Senior Notes Indenture and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Beginning on November 15, 2025, the Company may redeem some or all of the Senior Notes at any time and from time to time at the applicable redemption prices listed in the Senior Notes Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time and from time to time prior to November 15, 2023, the Company may redeem up to 40% of the aggregate principal amount of Senior Notes with funds in an aggregate amount not exceeding the net cash proceeds from one or more equity offerings at a redemption price equal to 104% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

Upon the occurrence of a Change of Control and a Below Investment Grade Rating Event (each as defined in the Senior Notes Indenture), the Company is required to offer to repurchase the Senior Notes at 101% of the principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

Convertible Notes. In March 2021, the Company issued $575.0 million aggregate principal amount of 0.000% convertible senior notes due 2026 (the “2026 Notes”) and $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2028 (the “2028 Notes” and, together with the 2026 Notes, the “Convertible Notes,” and the Convertible Notes collectively with the Senior Notes, the “Notes”). The terms of the 2026 Notes and the 2028 Notes are each governed by a separate indenture dated as of March 5, 2021 (collectively, the “Convertible Notes Indentures” and together with the Senior Notes Indenture, the “Indentures”), in each case, among the Company, the guarantors party thereto and BNY, as trustee.

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The 2026 Notes do not bear regular interest, and the principal amount of the 2026 Notes does not accrete. The 2028 Notes bear interest at a rate of 1.125% per annum. Interest on the 2028 Notes is payable semiannually in arrears on March 15th and September 15th of each year, unless earlier repurchased, converted or redeemed. The 2026 Notes are scheduled to mature on March 15, 2026, and the 2028 Notes are scheduled to mature on March 15, 2028. The initial conversion rate for each of the 2026 Notes and the 2028 Notes is 0.4394 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes and 2028 Notes, as applicable (equivalent to an initial conversion price of $2,275.83 per share of common stock).

The Convertible Notes are convertible at the option of the holders. The method of conversion into cash, shares of the Company’s common stock or a combination thereof is at the election of the Company. Prior to the close of business on the business day immediately preceding December 15, 2025, the 2026 Notes will be convertible at the option of the holders only upon the satisfaction of specified conditions and during certain periods. On or after December 15, 2025, holders may convert their 2026 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the relevant maturity date. Prior to the close of business on the business day immediately preceding December 15, 2027, the 2028 Notes will be convertible at the option of the holders only upon the satisfaction of specified conditions and during certain periods. On or after December 15, 2027, holders may convert their 2028 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the relevant maturity date. If the Company undergoes a “fundamental change” (as defined in the applicable Convertible Notes Indenture), holders of the applicable series of Convertible Notes may require the Company to repurchase for cash all or part of their Convertible Notes of such series at a purchase price equal to 100% of the principal amount of the Convertible Notes of such series to be repurchased, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

The Company may not redeem the 2026 Notes prior to March 20, 2024 and it may not redeem the 2028 Notes prior to March 20, 2025. No “sinking fund” is provided for the Convertible Notes. On or after March 20, 2024 and prior to December 15, 2025, the Company may redeem for cash all or any portion of the 2026 Notes, at its option, and on or after March 20, 2025 and prior to December 15, 2027, the Company may redeem for cash all or any portion of the 2028 Notes, at its option, in each case, if the last reported sale price per share of common stock has been at least 130% of the conversion price for such series of Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes of such series to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.

In addition, following a “make-whole fundamental change” (as defined in the applicable Convertible Notes Indenture) or if the Company delivers a notice of redemption in respect of any Convertible Notes of a series, in certain circumstances, the conversion rate applicable to such series of Convertible Notes will be increased for a holder who elects to convert any of such Convertible Notes in connection with such a make-whole fundamental change or convert any of such Convertible Notes called (or deemed called) for redemption during the related redemption period, as the case may be.

The carrying amounts of the Convertible Notes consisted of the following (in thousands):

	March 31, 2024						December 31, 2023
	2026 Notes		2028 Notes		Total		2026 Notes		2028 Notes		Total
Gross carrying amount	$	575,000	$	345,000	$	920,000	$	575,000	$	345,000	$	920,000
Less: Unamortized discount	(5,862)		(5,094)		(10,956)		(6,610)		(5,415)		(12,025)
Less: Unamortized debt issuance costs	(160)		(144)		(304)		(180)		(153)		(333)
Net carrying amount	$	568,978	$	339,762	$	908,740	$	568,210	$	339,432	$	907,642

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Interest expense on the Convertible Notes consisted of the following (dollars in thousands):

	Three Months Ended March 31,
	2024								2023
	2026 Notes			2028 Notes			Total		2026 Notes			2028 Notes			Total
Contractual interest expense	$	—		$	970		$	970	$	—		$	970		$	970
Amortization of discount	748			321			1,069		740			318			1,058
Amortization of debt issuance costs	20			9			29		20			9			29
Total interest expense	$	768		$	1,300		$	2,068	$	760		$	1,297		$	2,057
Effective interest rate	0.5		%	1.5		%			0.5		%	1.5		%

General. The Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities or that guarantee certain capital market debt of the Company in an aggregate principal amount in excess of $250.0 million.

Each Indenture contains covenants that, among other things and subject to certain exceptions, limit (i) the Company’s ability to consolidate or merge with or into another person or sell or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole) and (ii) the ability of the guarantors to consolidate with or merge with or into another person. The Senior Notes Indenture also contains a covenant that, subject to certain exceptions, limits the Company’s ability and the ability of its subsidiaries to incur any liens securing indebtedness for borrowed money.

Each Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, default in payment of principal or interest, breach of other agreements or covenants in respect of the relevant Notes by the Company or any guarantors, failure to pay certain other indebtedness at final maturity, acceleration of certain indebtedness prior to final maturity, failure to pay certain final judgments, failure of certain guarantees to be enforceable and certain events of bankruptcy, insolvency or reorganization; and, in the case of each Convertible Notes Indenture, failure to comply with the Company’s obligation to convert the relevant Convertible Notes under the applicable Convertible Notes Indenture and failure to give a fundamental change notice or a notice of a make-whole fundamental change under the applicable Convertible Notes Indenture.

Unamortized debt issuance costs consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Revolving Credit Facility portion:
Other noncurrent assets	$	2,901	$	3,087
Term loans and Notes portion:
Long-term debt (contra account)	21,570		22,532
Total	$	24,471	$	25,619

The Company recorded debt issuance cost amortization of $1.1 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively, within interest expense in the condensed consolidated statements of operations and comprehensive income. The Company capitalized $7.7 million and wrote-off $3.3 million of debt issuance costs during the three months ended March 31, 2023 in connection with the entry into the New Credit Agreement.

15

The future maturities of outstanding borrowings as of March 31, 2024 were as follows (in thousands):

Year Ending December 31,	Amount
2024 (remaining nine months)	$	13,683
2025	18,244
2026	593,244
2027	18,244
2028	1,391,244
Thereafter	1,586,128
Total	$	3,620,787

The Company has entered into a letter of credit agreement with MUFG Bank, Ltd. ("MUFG") which provides for an additional $75.0 million letter of credit issuing capacity. As of March 31, 2024, $10.5 million of letters of credit issuances were held for the benefit of performance obligations under government grant programs and certain general and liability insurance matters and bore interest at a rate of 1.00% per annum.

The Company was in compliance with all debt covenants as of March 31, 2024.

8.    INTEREST RATE SWAPS

The Company is party to two interest rate swap agreements, designated as cash flow hedges, to manage the risk of fluctuations in interest rates on its variable rate SOFR debt. Changes in the fair values of the interest rate swaps are reported through other comprehensive income until the underlying hedged debt’s interest expense impacts net income, at which point the corresponding change in fair value is reclassified from accumulated other comprehensive income to interest expense.

A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):

	Entry Date	Effective Date	Maturity Date(1)	Notional Amount		Settlement Type	Settlement Frequency	Fixed Base Rate
Swap A(2)	3/7/2019	3/11/2019	3/11/2029	$	850,000	Receive one-month SOFR, pay fixed	Monthly	2.595%
Swap B(3)	3/6/2019	6/15/2020	2/28/2029	350,000		Receive one-month SOFR, pay fixed	Monthly	2.691%
Total				$	1,200,000

(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.

(2)Swap A was amended effective February 28, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.653% to 2.595%.

(3)Swap B was amended effective March 1, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.739% to 2.691%.

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The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):

	March 31, 2024		December 31, 2023
Assets:
Current portion:
Prepaid and other current assets	$	28,226	$	24,511
Noncurrent portion:
Other noncurrent assets	44,797		24,453
Total interest rate swap asset	$	73,023	$	48,964
Stockholders’ Equity:
Accumulated other comprehensive income	$	55,210	$	36,936

The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Interest (income) expense	$	(8,243)	$	(5,644)
Unrealized gain (loss) on cash flow hedges, gross	$	24,059	$	(23,352)
Less: Tax effect	(5,785)		5,410
Unrealized gain (loss) on cash flow hedges, net of tax	$	18,274	$	(17,942)

The Company does not hold any derivative instruments for speculative trading purposes.

9.    FAIR VALUE MEASUREMENTS

Financial Assets and Liabilities. The Company has estimated the fair values of its financial instruments as of March 31, 2024 using available market information or other appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the following fair value estimates are not necessarily indicative of the amounts the Company would realize in an actual market exchange.

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The carrying amounts, fair values and related fair value hierarchy levels of the Company’s financial assets and liabilities as of March 31, 2024 were as follows (in thousands):

	March 31, 2024
	Carrying Amount		Fair Value		Fair Value Hierarchy
Assets:
Cash and cash equivalents:
Money market investments	$	126,317	$	126,317	Level 1
Other noncurrent assets (including current portion):
Interest rate swap asset	$	73,023	$	73,023	Level 2
Liabilities:
Long-term debt (including current portion):
Term loans	$	1,762,787	$	1,749,566	Level 2
Revolving Credit Facility	$	288,000	$	285,120	Level 2
Senior Notes	$	650,000	$	505,375	Level 2
Convertible Notes	$	920,000	$	763,600	Level 2
Other noncurrent liabilities:
MBI Net Option	$	143,560	$	143,560	Level 3

Money market investments are held primarily in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (level 1). Money market investments with original maturities of three months or less are included within cash and cash equivalents in the condensed consolidated balance sheets. Interest rate swaps are measured at fair value within the condensed consolidated balance sheets on a recurring basis, with fair value determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (level 2). The fair value of the term loans, Revolving Credit Facility, Senior Notes and Convertible Notes are estimated based on market prices for similar instruments in active markets (level 2). The fair value of the MBI Net Option is measured using Monte Carlo simulations that use inputs considered unobservable and significant to the fair value measurement (level 3).

The assumptions used to determine the fair value of the MBI Net Option consisted of the following:

	March 31, 2024				December 31, 2023
	Cable One		MBI		Cable One		MBI
Equity volatility	41.0	%	29.0	%	40.0	%	30.0	%
EBITDA volatility	10.0	%	10.0	%	10.0	%	10.0	%
EBITDA risk-adjusted discount rate	8.0	%	8.5	%	7.5	%	8.5	%
Cost of debt	9.5	%			8.5	%

The Company regularly evaluates each of the assumptions used in establishing the fair value of the MBI Net Option. Significant changes in any of these assumptions could result in a significantly lower or higher fair value measurement. A change in one of these assumptions is not necessarily accompanied by a change in another assumption. Refer to note 4 for further information on the MBI Net Option.

The carrying amounts of accounts receivable, accounts payable and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments.

Nonfinancial Assets and Liabilities. The Company’s nonfinancial assets, such as property, plant and equipment, intangible assets and goodwill, are not measured at fair value on a recurring basis. Assets acquired, including identifiable intangible assets and goodwill, and liabilities assumed in acquisitions are recorded at fair value on the respective acquisition dates, subject to potential future measurement period adjustments. Nonfinancial assets are subject to fair value adjustments when there is evidence that impairment may exist. No material impairments were recorded during the three months ended March 31, 2024 or 2023.

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10.    STOCKHOLDERS’ EQUITY

Treasury Stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Treasury shares of 556,301 held at March 31, 2024 include shares repurchased under the Company’s share repurchase programs and shares withheld for withholding tax, as described below.

Share Repurchase Program. On May 20, 2022, the Company's board of directors (the "Board") authorized up to $450.0 million of share repurchases (with no cap as to the number of shares of common stock) (the "Share Repurchase Program"). The Company had $143.1 million of remaining share repurchase authorization under the Share Repurchase Program as of March 31, 2024. Additional purchases under the Share Repurchase Program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions. Since the Company first became publicly traded in 2015 through March 31, 2024, the Company has repurchased 646,244 shares of its common stock at an aggregate cost of $556.9 million. The Company did not repurchase any of its common stock during the three months ended March 31, 2024.

Tax Withholding for Equity Awards. At the employee’s option, shares of common stock are withheld by the Company upon the vesting of restricted stock and exercise of stock appreciation rights (“SARs”) to cover the applicable statutory minimum amount of employee withholding taxes, which the Company then pays to the taxing authorities in cash. The amounts remitted during the three months ended March 31, 2024 and 2023 were $2.7 million and $2.2 million, for which the Company withheld 2,328 and 3,132 shares of common stock, respectively.

11.    EQUITY-BASED COMPENSATION

Our stockholders approved the Cable One, Inc. 2022 Omnibus Incentive Compensation Plan (the “2022 Plan”) at the annual meeting of stockholders held May 20, 2022. The 2022 Plan provides for grants of incentive stock options, non-qualified stock options, restricted stock awards, SARs, restricted stock units (“RSUs”), performance restricted stock units ("PRSUs"), cash-based awards, performance-based awards, dividend equivalent units (“DEUs” and, together with restricted stock awards, RSUs and PRSUs, “Restricted Stock”) and other stock-based awards, including deferred stock units and superseded and replaced the Amended and Restated Cable One, Inc. 2015 Omnibus Incentive Compensation Plan. Directors, officers, employees and consultants of the Company are eligible for grants under the 2022 Plan as part of the Company’s long-term incentive compensation programs. At March 31, 2024, 334,922 shares were available for issuance under the 2022 Plan.

Compensation expense associated with equity-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award, with forfeitures recognized as incurred. The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income, was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Restricted Stock	$	7,303	$	5,210
SARs	162		375
Total	$	7,465	$	5,585

The Company recognized excess tax shortfalls of $1.5 million and $1.2 million during the three months ended March 31, 2024 and 2023, respectively. The deferred tax asset related to all outstanding equity-based awards was $5.0 million and $7.4 million as of March 31, 2024 and December 31, 2023, respectively.

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Restricted Stock. A summary of Restricted Stock activity during the three months ended March 31, 2024 is as follows:

	Restricted Stock	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023	91,432	$	952.33
Granted	89,108	$	578.96
Forfeited	(3,545)	$	868.74
Vested and issued	(14,806)	$	1,378.88
Outstanding as of March 31, 2024	162,189	$	710.09
Vested and deferred as of March 31, 2024	5,781	$	861.58

At March 31, 2024, there was $59.7 million of unrecognized compensation expense related to Restricted Stock, which is expected to be recognized over a weighted average period of 2.0 years.

The significant inputs and resulting weighted average grant date fair value for market-based award grants were as follows:

	2024			2023
Risk-free interest rate	4.0		%	4.1		%
Expected volatility	35.4		%	39.1		%
Simulation term (in years)	2.99 years			2.99 years
Weighted average grant date fair value	$	603.73		$	774.30

Stock Appreciation Rights. A summary of SARs activity during the three months ended March 31, 2024 is as follows:

	Stock Appreciation Rights	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2023	35,491	$	1,093.30	$	269.69	$	—	5.1
Forfeited	(500)	$	1,540.92	$	373.12
Outstanding as of March 31, 2024	34,991	$	1,086.91	$	268.22	$	—	4.8
Exercisable as of March 31, 2024	31,491	$	1,000.62	$	243.29	$	—	4.6

At March 31, 2024, there was $1.0 million of unrecognized compensation expense related to SARs, which is expected to be recognized over a weighted average period of 0.7 years.

12.    INCOME TAXES

The Company’s effective tax rate was 27.4% and 23.2% for the three months ended March 31, 2024 and 2023, respectively. The increase in the effective tax rate was due primarily to a decrease in income tax benefits of $2.1 million resulting from lower equity method investment net losses in the current quarter.

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13.    OTHER INCOME AND EXPENSE

The reclassification of interest and investment income from other income to interest expense, net, in the condensed consolidated statement of operations and comprehensive income has been reflected in prior period amounts to conform to the current year presentation.

Other income (expense) consisted of the following (in thousands):

	Three Months Ended March 31,
	2024		2023
MBI Net Option fair value adjustment	$	(7,200)	$	(7,980)
Write-off of debt issuance costs	—		(3,340)
Mark-to-market adjustments and other(1)	85		12,673
Other income (expense), net	$	(7,115)	$	1,353

(1)Amount for the three months ended March 31, 2023 includes a $12.3 million non-cash mark-to-market gain on the Company's investment in Point Broadband as a result of an observable market transaction in Point Broadband’s equity.

14.    NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation awards if such inclusion would be dilutive, calculated using the treasury stock method, and any common shares to be issued upon conversion of the Convertible Notes, calculated using the if-converted method.

The computation of basic and diluted net income per common share was as follows (dollars in thousands, except per share amounts):

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income - basic	$	47,342	$	57,426
Add: Convertible Notes interest expense, net of tax	1,551		1,543
Net income - diluted	$	48,893	$	58,969
Denominator:
Weighted average common shares outstanding - basic	5,618,745		5,718,745
Effect of dilutive equity-based compensation awards(1)	3,469		5,601
Effect of dilution from if-converted Convertible Notes(2)	404,248		404,248
Weighted average common shares outstanding - diluted	6,026,462		6,128,594
Net Income per Common Share:
Basic	$	8.43	$	10.04
Diluted	$	8.11	$	9.62
Supplemental Net Income per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards(1)	64,541		25,313

(1)Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation.

(2)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding during all periods presented.

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15.    COMMITMENTS AND CONTINGENCIES

Contractual Obligations. The Company has obligations to make future payments for goods and services under certain contractual arrangements. These contractual obligations secure the future rights to various goods and services to be used in the normal course of the Company’s operations. In accordance with applicable accounting rules, the future rights and obligations pertaining to firm commitments, such as certain purchase obligations under contracts, are not reflected as assets or liabilities in the condensed consolidated balance sheets.

As of March 31, 2024, with the exception of debt payments (refer to note 7 for the updated future maturities of outstanding borrowings table), there have been no material changes to the contractual obligations previously disclosed in the 2023 Form 10-K.

In addition, the Company incurs recurring utility pole rental costs and fees imposed by various governmental authorities, including franchise fees, as part of its operations. However, these costs are not included in the Company’s contractual obligations as they are cancellable on short notice, in the case of pole rental costs, or are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities, in the case of fees imposed by governmental authorities. The Company also has franchise agreements requiring plant construction and the provision of services to customers within the franchise areas. In connection with these obligations under existing franchise agreements, the Company obtains surety bonds or letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments under these arrangements are required only in the remote event of nonperformance.

Litigation and Legal Matters. The Company is subject to complaints and administrative proceedings and has been a defendant in various civil lawsuits that have arisen in the ordinary course of its business. Such matters include contract disputes; actions alleging negligence, invasion of privacy, trademark, copyright and patent infringement, and violations of applicable wage and hour laws; statutory or common law claims involving current and former employees; and other matters. Although the outcomes of any legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, the Company believes that there are no existing claims or proceedings that are likely to have a material adverse effect on its business, financial condition, results of operations or cash flows.

Regulation in the Company’s Industry. The Company’s operations are extensively regulated by the Federal Communications Commission (the "FCC"), some state governments and most local governments. The FCC has the authority to enforce its regulations through the imposition of substantial fines, the issuance of cease-and-desist orders and/or the imposition of other administrative sanctions, such as the revocation of FCC licenses needed to operate certain transmission facilities used in connection with cable operations. Future legislative and regulatory changes could adversely affect the Company’s operations.

Equity Investments. The Company has certain obligations with respect to certain of its equity investments. Refer to note 4 for further information.

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ITEM 2.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 and the related “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” both of which are contained in our 2023 Form 10-K. Our results of operations and financial condition discussed herein may not be indicative of our future results and trends.

Throughout this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” all totals, percentages and year-over-year changes are calculated using exact numbers. Minor differences may exist due to rounding.

Overview

We are a leading broadband communications provider committed to connecting customers and communities to what matters most. We strive to deliver an effortless experience by offering solutions that make our customers’ lives easier, and by relating to them personally as our neighbors and local business partners. Powered by our fiber-rich infrastructure, the Cable One family of brands provides residential customers with a wide array of connectivity and entertainment services, including Gigabit speeds, advanced Wi-Fi and video. For businesses ranging from small and mid-market up to enterprise, wholesale and carrier, we offer scalable, cost-effective solutions that enable businesses of all sizes to grow, compete and succeed. We believe the services we provide are critical to the development of new businesses and drive economic growth in the non-metropolitan, secondary and tertiary markets that we serve in 24 Western, Midwestern and Southern states. As of March 31, 2024, approximately 74% of our customers were located in seven states: Arizona, Idaho, Mississippi, Missouri, Oklahoma, South Carolina and Texas. We provided services to approximately 1.1 million residential and business customers out of approximately 2.8 million homes passed as of March 31, 2024. Of these customers, approximately 1,066,000 subscribed to data services, 133,000 subscribed to video services and 115,000 subscribed to voice services.

We generate substantially all of our revenues through three primary product lines. Ranked by share of our total revenues through the first three months of 2024, they are residential data (58.3%), business data (14.0%) and residential video (14.9%). The profit margins, growth rates and/or capital intensity of these three primary product lines vary significantly due to competition, product maturity and relative costs.

We focus on growing our higher margin businesses, namely residential data and business data services. Our strategy acknowledges the industry-wide trends of declining profitability of video services and declining revenues from residential voice services. The declining profitability of video services is due primarily to increasing programming costs and retransmission fees and competition from other streaming content providers, and the declining revenues from residential voice services are due primarily to the increasing use of wireless voice services instead of residential voice services. Separately, we have also historically focused on retaining customers who are likely to produce higher relative value over the life of their service relationships with us, are less attracted by discounting, require less support and churn less. This strategy has focused on increasing Adjusted EBITDA, driving higher margins and delivering attractive levels of Adjusted EBITDA less capital expenditures over the long-term.

Excluding the effects of our recently completed and any potential future acquisitions and divestitures, the trends described above have impacted, and are expected to further impact, our three primary product lines in the following ways:

•Residential data. We have experienced significant growth in residential data customers and revenues since 2013 and we expect growth for this product line to continue over the long-term. We believe upgrades made in our broadband capacity, our ability to offer higher access speeds than many of our competitors, the reliability and flexibility of our data service offerings, our Wi-Fi support service and continuously growing data usage by consumers and their demand for higher speeds will enable us to continue to grow average monthly revenue per unit ("ARPU") from our existing customers over the long-term and capture additional market share. Our broadband plant generally consists of a fiber-to-the-premises or hybrid fiber-coaxial network with ample unused capacity, and we offer our data customers internet products at some of the fastest speeds available in our markets. We believe that the capacity and reliability of our networks exceeds that of our competitors in most of our markets and best positions us to meet the continuously increasing consumption demands of customers. We experienced elevated growth in residential data revenues during the first two years of the COVID-19 pandemic, which has subsided in recent quarters due in part to macroeconomic headwinds and competition in certain areas of our footprint.

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•Business data. We have experienced significant growth in business data customers and revenues since 2013. We attribute this growth to our strategic focus on increasing sales to business customers and our efforts to attract enterprise business customers. We expect to experience continued growth in business data customers and revenues over the long-term. Margins for products sold to business customers have remained attractive, which we expect will continue.

•Residential video. Residential video service is an increasingly fragmented business, with programming costs and retransmission fees continuing to escalate in the face of a proliferation of streaming content alternatives. We intend to continue our strategy of focusing on the higher-margin businesses of residential data and business data while de-emphasizing our video business. As a result of our video strategy, we expect that residential video customers and revenues will continue to decline. We offer Sparklight® TV, an internet protocol-based ("IPTV") video service that allows customers with our Sparklight TV app to stream our video channels from the cloud. This transition from linear to IPTV video service enables us to reclaim bandwidth, freeing up network capacity to increase data speeds and capacity across our network.

We continue to experience increased competition, particularly from telephone companies; fiber, municipal and cooperative overbuilders; fixed wireless access data providers; and over-the-top video providers. Because of the levels of competition we face, we believe it is important to make investments in our infrastructure. In addition, a key objective of our capital allocation process is to invest in initiatives designed to drive revenue and Adjusted EBITDA expansion. We continue to invest capital to, among other things, increase fiber density and coverage, expand our footprint, increase plant and data capacity, enhance network reliability and improve the customer experience. We have rolled out multi-Gigabit download data service to certain markets and currently offer Gigabit download data service to nearly all of our homes passed. We have deployed DOCSIS 3.1, which, together with Sparklight TV, further increases our network capacity and enables future growth in our residential data and business data product lines.

We expect to continue to devote financial resources to infrastructure improvements in existing and newly acquired markets as well as to expand high-speed data service in areas adjacent to our existing network. We believe these investments are necessary to continually meet our customers’ needs and remain competitive. The capital enhancements associated with acquisitions include rebuilding low-capacity markets; reclaiming bandwidth from analog video services; implementing 32-channel bonding; deploying DOCSIS 4.0; consolidating back office functions such as billing, accounting and service provisioning; migrating products to Cable One platforms; and expanding our high-capacity fiber network.

Our primary goals are to continue growing residential data and business data revenues, to increase profit margins and to deliver strong Adjusted EBITDA and Adjusted EBITDA less capital expenditures over the long-term. To achieve these goals, we intend to continue our disciplined cost management approach, remain focused on customers with expected higher relative value, supplement our growth by targeting a broader scope of incremental customers, including those who are more value-conscious, combat competitive threats in our markets through more targeted pricing and product offerings and follow through with further planned investments in broadband plant upgrades, including the deployment of DOCSIS 4.0 capabilities and new data service offerings for residential and business customers. We also plan to seek broadband-related acquisition and strategic investment opportunities in rural markets in addition to the pursuit of organic growth through market expansion projects. Given our strategic focus on our higher margin residential data and business data product lines, we assess our level of capital expenditures relative to Adjusted EBITDA, unlike others in our industry who may compare their capital expenditures to revenues due to their much larger video customer bases.

In recent years, we have made investments in several broadband-centric providers serving non-urban markets that follow various strategies similar to our own. Such strategic investments capitalize on opportunities that may not have existed under a full ownership model, allow us to participate more aggressively in the fiber expansion business and may potentially provide future acquisition or investment opportunities, while allowing our management team to focus on our core business and without burdening our cash flow.

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Results of Operations

Key Performance Measures Summary

The following table summarizes certain key measures of our results of operations (dollars in thousands):

	Three Months Ended March 31,
	2024		2023		$ Change		% Change
Revenues	$	404,312	$	421,894	$	(17,582)	(4.2)	%
Total costs and expenses	$	284,450	$	289,790	$	(5,340)	(1.8)	%
Income from operations	$	119,862	$	132,104	$	(12,242)	(9.3)	%
Net income	$	47,342	$	57,426	$	(10,084)	(17.6)	%
Cash flows from operating activities	$	164,750	$	161,787	$	2,963	1.8	%
Cash flows from investing activities	$	(69,972)	$	(100,714)	$	30,742	(30.5)	%
Cash flows from financing activities	$	(74,334)	$	(73,491)	$	(843)	1.1	%
Adjusted EBITDA(1)	$	217,052	$	228,774	$	(11,722)	(5.1)	%
Capital expenditures	$	65,887	$	96,106	$	(30,219)	(31.4)	%

(1)Adjusted EBITDA is a non-GAAP measure. See "Use of Adjusted EBITDA" below for a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net income.

Primary Service Units ("PSUs") and Customer Counts

Selected subscriber data for the periods presented was as follows (in thousands, except percentages):

	As of March 31,		Annual Net Gain (Loss)
	2024	2023	Change	% Change
Residential data PSUs	967.4	966.0	1.4	0.1	%
Residential video PSUs	125.6	157.6	(31.9)	(20.3)	%
Residential voice PSUs	76.0	87.7	(11.7)	(13.4)	%
Total residential PSUs	1,168.9	1,211.2	(42.3)	(3.5)	%
Business data PSUs	99.1	97.5	1.6	1.6	%
Business video PSUs	7.7	9.5	(1.8)	(19.0)	%
Business voice PSUs	39.2	40.6	(1.4)	(3.4)	%
Total business services PSUs	146.0	147.6	(1.6)	(1.1)	%
Total data PSUs	1,066.4	1,063.5	2.9	0.3	%
Total video PSUs	133.3	167.0	(33.7)	(20.2)	%
Total voice PSUs	115.2	128.3	(13.1)	(10.2)	%
Total PSUs	1,314.9	1,358.8	(43.9)	(3.2)	%
Residential customer relationships	999.8	1,007.4	(7.6)	(0.8)	%
Business customer relationships	102.6	101.8	0.8	0.8	%
Total customer relationships	1,102.4	1,109.2	(6.8)	(0.6)	%
Homes passed	2,794.9	2,719.7	75.3	2.8	%

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In recent years, our customer mix has shifted away from double- and triple-play packages combining data, video and/or voice services, which is in line with our strategy of focusing on our higher margin residential data and business data product lines. This is largely because some video customers have defected to direct broadcast satellite services and over-the-top offerings and households continue to discontinue residential voice services. In addition, we have focused on selling data-only packages to new customers rather than cross-selling video to these customers.

Use of Nonfinancial Metrics and ARPU

We use various nonfinancial metrics to measure, manage and monitor our operating performance on an ongoing basis. Such metrics include homes passed, PSUs and customer relationships. Homes passed represents the number of serviceable and marketable homes and businesses passed by our active plant. A PSU represents a single subscription to a particular service offering. Residential bulk multi-dwelling PSUs are generally classified as residential and are counted at the individual unit level. Business voice customers who have multiple voice lines are counted as a single PSU. A customer relationship represents a single customer who subscribes to one or more PSUs.

We believe homes passed, PSUs and customer relationship counts are useful to investors in evaluating our operating performance. Similar measures with similar titles are common measures used by investors, analysts and peers to compare performance in our industry, although our measures of homes passed, PSUs and customer relationships may not be directly comparable to similarly titled measures reported by other companies.

We use ARPU to evaluate and monitor the amount of revenue generated by each type of service subscribed to by customers and the contribution to total revenues as well as to analyze and compare growth patterns. Residential ARPU values represent the applicable residential service revenues (excluding installation and activation fees) divided by the corresponding average of the number of PSUs at the beginning and end of each period, divided by the number of months in the period, except that for any PSUs added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent the applicable residential service revenues (excluding installation and activation fees) divided by the pro-rated average number of PSUs during such period. Business services ARPU values represent business services revenues divided by the average of the number of business customer relationships at the beginning and end of each period, divided by the number of months in the period, except that for any business customer relationships added or subtracted as a result of an acquisition or divestiture occurring during the period, the associated ARPU values represent business services revenues divided by the pro-rated average number of business customer relationships during such period.

We believe ARPU is useful to investors in evaluating our operating performance. ARPU and similar measures with similar titles are common measures used by investors, analysts and peers to compare performance in our industry, although our measure of ARPU may not be directly comparable to similarly titled measures reported by other companies.

Comparison of Three Months Ended March 31, 2024 to Three Months Ended March 31, 2023

Revenues

Revenues by service offering for the three months ended March 31, 2024 and 2023, together with the percentages of total revenues that each item represented for the periods presented, were as follows (dollars in thousands):

	Three Months Ended March 31,
	2024				2023				2024 vs. 2023
	Revenues		% of Total		Revenues		% of Total		$ Change		% Change
Residential data	$	235,820	58.3	%	$	242,697	57.5	%	$	(6,877)	(2.8)	%
Residential video	60,358		14.9	%	70,286		16.7	%	(9,928)		(14.1)	%
Residential voice	8,561		2.1	%	9,748		2.3	%	(1,187)		(12.2)	%
Business data	56,640		14.0	%	54,606		12.9	%	2,034		3.7	%
Business other	19,185		4.7	%	21,654		5.1	%	(2,469)		(11.4)	%
Other	23,748		5.9	%	22,903		5.4	%	845		3.7	%
Total revenues	$	404,312	100.0	%	$	421,894	100.0	%	$	(17,582)	(4.2)	%

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Residential data service revenues decreased $6.9 million, or 2.8%, due primarily to a 2.7% decrease in ARPU as a result of the implementation of targeted pricing and product offerings in certain markets, including amongst value-conscious customers, partially offset by an increase in residential data subscribers.

Residential video service revenues decreased $9.9 million, or 14.1%, due primarily to a decrease in residential video subscribers, partially offset by a rate adjustment enacted during the three months ended March 31, 2024.

Residential voice service revenues decreased $1.2 million, or 12.2%, due primarily to a decrease in residential voice subscribers.

Business data revenues increased $2.0 million, or 3.7%, due primarily to an increase in business data subscribers.

Business other revenues decreased $2.5 million, or 11.4%, due primarily to a decrease in business video subscribers.

ARPU for the indicated service offerings for the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,				2024 vs. 2023
	2024		2023		$ Change		% Change
Residential data	$	81.33	$	83.58	$	(2.25)	(2.7)	%
Residential video	$	154.86	$	142.29	$	12.57	8.8	%
Residential voice	$	36.75	$	36.23	$	0.52	1.4	%
Business services	$	246.28	$	250.01	$	(3.73)	(1.5)	%

Costs and Expenses

Operating expenses (excluding depreciation and amortization) were $106.5 million for the three months ended March 31, 2024 and decreased $5.6 million, or 5.0%, compared to the three months ended March 31, 2023. The decrease in operating expenses was primarily attributable to $9.2 million of lower programming costs as a result of video customer losses, partially offset by higher rent expense of $1.2 million, network backbone costs of $1.0 million and software costs of $0.9 million. Operating expenses as a percentage of revenues were 26.3% and 26.6% for the three months ended March 31, 2024 and 2023, respectively.

Selling, general and administrative expenses were $90.4 million for the three months ended March 31, 2024 and increased $3.6 million, or 4.2%, compared to the three months ended March 31, 2023. The increase in selling, general and administrative expenses was primarily attributable to $3.4 million of higher marketing costs. Selling, general and administrative expenses as a percentage of revenues were 22.4% and 20.6% for the three months ended March 31, 2024 and 2023, respectively.

Depreciation and amortization expense was $85.6 million for the three months ended March 31, 2024 and increased $0.2 million, or 0.2%, compared to the three months ended March 31, 2023. Depreciation and amortization expense as a percentage of revenues was 21.2% and 20.2% for the three months ended March 31, 2024 and 2023, respectively.

Interest Expense, Net

Interest expense, net, was $35.8 million for the three months ended March 31, 2024 and decreased $1.4 million, or 3.9%, compared to the three months ended March 31, 2023. The decrease in net interest expense was due primarily to higher interest and investment income.

Other Income (Expense), Net

Other expense, net, was $7.1 million for the three months ended March 31, 2024 and consisted primarily of a $7.2 million non-cash loss on fair value adjustment associated with the MBI Net Option. Other income, net, was $1.4 million for the three months ended March 31, 2023 and consisted primarily of a $12.3 million non-cash mark-to-market gain on the investment in Point Broadband, partially offset by a $8.0 million non-cash loss on fair value adjustment associated with the MBI Net Option and $3.3 million of debt issuance costs written off in connection with the entry into the New Credit Agreement.

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Income Tax Provision

Income tax provision was $21.1 million and $22.3 million for the three months ended March 31, 2024 and 2023, respectively, and our effective tax rate was 27.4% and 23.2% for the three months ended March 31, 2024 and 2023, respectively. The increase in the effective tax rate was due primarily to a decrease in income tax benefits of $2.1 million resulting from lower equity method investment net losses in the current quarter.

Equity Method Investment Income (Loss), Net

Equity method investment loss, net, was $8.5 million for the three months ended March 31, 2024 and consisted of our $8.2 million and $0.3 million pro rata share of net losses from our Clearwave Fiber and MBI investments, respectively. Equity method investment loss, net, was $16.5 million for the three months ended March 31, 2023 and consisted primarily of our $14.2 million and $2.4 million pro rata share of net losses from our Clearwave Fiber and MBI investments, respectively.

Net Income

Net income was $47.3 million for the three months ended March 31, 2024 compared to $57.4 million for the three months ended March 31, 2023.

Unrealized Gain (Loss) on Cash Flow Hedges and Other, Net of Tax

Unrealized gain on cash flow hedges and other, net of tax was $18.3 million for the three months ended March 31, 2024 compared to a $17.9 million unrealized loss for the three months ended March 31, 2023. The $36.2 million change was due to smaller increases in forward interest rates for the three months ended March 31, 2024 compared to the prior year period.

Use of Adjusted EBITDA

We use certain measures that are not defined by GAAP to evaluate various aspects of our business. Adjusted EBITDA is a non-GAAP financial measure and should be considered in addition to, not as superior to, or as a substitute for, net income reported in accordance with GAAP. Adjusted EBITDA is reconciled to net income below, the most directly comparable GAAP financial measure.

Adjusted EBITDA is defined as net income plus net interest expense, income tax provision, depreciation and amortization, equity-based compensation, severance and contract termination costs, acquisition-related costs, net (gain) loss on asset sales and disposals, system conversion costs, net equity method investment (income) loss, net other (income) expense and other unusual items, as provided in the reconciliation tables below. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business as well as other non-cash or special items and is unaffected by our capital structure or investment activities. This measure is limited in that it does not reflect the periodic costs of certain capitalized tangible and intangible assets used in generating revenues and our cash cost of debt financing. These costs are evaluated through other financial measures.

We use Adjusted EBITDA to assess our performance. In addition, Adjusted EBITDA generally correlates to the measure used in the leverage ratio calculations under the New Credit Agreement and the Senior Notes Indenture to determine compliance with the covenants contained in the New Credit Agreement and the ability to take certain actions under the Senior Notes Indenture. Adjusted EBITDA is also a significant performance measure that we have used in connection with our incentive compensation programs. Adjusted EBITDA does not take into account cash used for mandatory debt service requirements or other non-discretionary expenditures, and thus does not represent residual funds available for discretionary uses.

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	Three Months Ended March 31,				2024 vs. 2023
(dollars in thousands)	2024		2023		$ Change		% Change
Net income	$	47,342	$	57,426	$	(10,084)	(17.6)	%
Plus: Interest expense, net	35,784		37,222		(1,438)		(3.9)	%
Income tax provision	21,108		22,295		(1,187)		(5.3)	%
Depreciation and amortization	85,641		85,428		213		0.2	%
Equity-based compensation	7,465		5,585		1,880		33.7	%
Severance and contract termination costs	1,103		—		1,103		NM
Acquisition-related costs	389		201		188		93.5	%
(Gain) loss on asset sales and disposals, net	1,907		5,456		(3,549)		(65.0)	%
System conversion costs	685		—		685		NM
Equity method investment (income) loss, net	8,513		16,514		(8,001)		(48.4)	%
Other (income) expense, net	7,115		(1,353)		8,468		NM
Adjusted EBITDA	$	217,052	$	228,774	$	(11,722)	(5.1)	%

NM = Not meaningful.

Financial Condition: Liquidity and Capital Resources

Liquidity

Our primary funding requirements are for our ongoing operations, capital expenditures, potential acquisitions and strategic investments, payments of quarterly dividends and share repurchases. We believe that existing cash balances, our Senior Credit Facilities and operating cash flows will provide adequate support for these funding requirements over the next 12 months. However, our ability to fund operations, make capital expenditures, make future acquisitions and strategic investments, pay quarterly dividends and make share repurchases depends on future operating performance and cash flows, which, in turn, are subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control.

As part of our 45% minority equity interest in MBI, we acquired the right, but not the obligation, to purchase all but not less than all of the remaining equity interests in MBI that we do not already own between January 1, 2023 and June 30, 2024 (the "Call Option"). Investors affiliated with GTCR LLC, a private equity firm based in Chicago, have the right, but not the obligation, to sell (and to cause all members of MBI other than us to sell) to us and, in such case, we are obligated to purchase all but not less than all of the direct and indirect equity interests in MBI that we do not already own between July 1, 2025 through September 30, 2025 (the "Put Option"). The purchase price payable upon the exercise of the Call Option or the Put Option, as applicable, will be calculated under a formula based on a multiple of MBI’s adjusted EBITDA as specified in the definitive documentation governing our investment in MBI. We have not yet obtained the capital that we believe will be necessary to pay the purchase price if either the Call Option or the Put Option are exercised. At this time, we do not expect to exercise the Call Option.

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The following table shows a summary of our net cash flows for the periods indicated (dollars in thousands):

	Three Months Ended March 31,				2024 vs. 2023
	2024		2023		$ Change		% Change
Net cash provided by operating activities	$	164,750	$	161,787	$	2,963	1.8	%
Net cash used in investing activities	(69,972)		(100,714)		30,742		(30.5)	%
Net cash used in financing activities	(74,334)		(73,491)		(843)		1.1	%
Change in cash and cash equivalents	$	20,444	$	(12,418)	$	32,862	NM
Cash and cash equivalents, beginning of period	190,289		215,150		(24,861)		(11.6)	%
Cash and cash equivalents, end of period	$	210,733	$	202,732	$	8,001	3.9	%

NM = Not meaningful.

The $3.0 million year-over-year increase in net cash provided by operating activities was primarily attributable to favorable changes in working capital, partially offset by a decrease in Adjusted EBITDA.

The $30.7 million decrease in net cash used in investing activities from the prior year period was due primarily to a $29.1 million decrease in cash paid for capital expenditures and $2.3 million of proceeds from the sale of certain buildings held for sale during the first quarter of 2024.

The $0.8 million increase in net cash used in financing activities from the prior year period was due primarily to a $41.8 million increase in net debt repayments, and higher withholding taxes for equity awards, partially offset by $41.8 million of share repurchases during the first quarter of 2023 that did not recur.

On May 20, 2022, our Board authorized up to $450.0 million of share repurchases (with no cap as to the number of shares of common stock). We had $143.1 million of remaining share repurchase authorization under the Share Repurchase Program as of March 31, 2024. Additional purchases under the Share Repurchase Program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions. Since we first became publicly traded in 2015 through March 31, 2024, we have repurchased 646,244 shares of our common stock at an aggregate cost of $556.9 million. We may, from time to time, continue to opportunistically repurchase shares depending on the trading price of our common stock, market conditions and other factors. We did not repurchase any shares during the three months ended March 31, 2024.

We currently expect to continue to pay comparable quarterly cash dividends on shares of our common stock, subject to approval of the Board. During the first quarter of 2024, the Board approved a quarterly dividend of $2.95 per share of common stock, which was paid on March 8, 2024, resulting in a total dividend distribution of $16.8 million.

Financing Activity

Senior Credit Facilities

Prior to February 22, 2023, the Credit Agreement provided for the Term Loan A-2, the Term Loan B-2, the Term Loan B-3, the Term Loan B-4 and the Revolving Credit Facility. The Revolving Credit Facility gives us the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility.

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On February 22, 2023, we amended and restated the Credit Agreement to, among other things, (i) increase the aggregate principal amount of commitments under the Revolving Credit Facility by $500.0 million to $1.0 billion; (ii) extend the scheduled maturity of the Revolving Credit Facility from October 2025 to February 2028; (iii) upsize the outstanding principal amount under the Term Loan B-3 by $150.0 million to $757.0 million; (iv) extend the scheduled maturities of the Term Loan B-2 and the Term Loan B-3 from October 2027 to October 2029 (subject to adjustment as described in the notes to the table below summarizing our outstanding term loans as of March 31, 2024); (v) increase the fixed spreads on the Term Loan B-2 and the Term Loan B-3 from 2.00% to 2.25%; and (vi) transition the benchmark interest rate for the Revolving Credit Facility, the Term Loan B-2 and the Term Loan B-3 from LIBOR to SOFR plus a 10 basis point credit spread adjustment. Except as described above, the New Credit Agreement did not make any material changes to the principal terms of the Term Loan B-2, the Term Loan B-3, the Term Loan B-4 or the Revolving Credit Facility. Upon the effectiveness of the New Credit Agreement, we drew $488.0 million under the Revolving Credit Facility and, together with the net proceeds from the TLB-3 Upsize, repaid all $638.3 million aggregate principal amount of our outstanding Term Loan A-2. In July 2023, we transitioned the benchmark interest rate for the Term Loan B-4 from LIBOR to SOFR plus a credit spread adjustment that ranges from approximately 11.4 basis points to 42.8 basis points based on the interest period elected.

As of March 31, 2024, the interest margins applicable to the Senior Credit Facilities are, at our option, equal to either SOFR or a base rate, plus an applicable margin equal to, (i) with respect to the Revolving Credit Facility, 1.25% to 1.75% plus a 10 basis point credit spread adjustment for SOFR loans and 0.25% to 0.75% for base rate loans, determined on a quarterly basis by reference to a pricing grid based on our Total Net Leverage Ratio (as defined in the New Credit Agreement), (ii) with respect to the Term Loan B-2 and the Term Loan B-3, 2.25% plus a 10 basis point credit spread adjustment for SOFR loans and 1.25% for base rate loans and (iii) with respect to the Term Loan B-4, 2.0% plus an approximately 11.4 to 42.8 basis point credit spread adjustment based on the interest period elected for SOFR loans and 1.0% for base rate loans.

We repaid $150.0 million of the outstanding Revolving Credit Facility borrowings during 2023. In February 2024, we repaid an additional $50.0 million of the outstanding Revolving Credit Facility borrowings, reducing the outstanding balance to $288.0 million as of March 31, 2024. In April 2024, we repaid another $50.0 million of the outstanding Revolving Credit Facility borrowings, further reducing the outstanding balance to $238.0 million.

As of March 31, 2024, we had approximately $1.8 billion of aggregate outstanding term loans and $288.0 million of borrowings and $712.0 million available for borrowing under the Revolving Credit Facility. A summary of our outstanding term loans as of March 31, 2024 is as follows (dollars in thousands):

Instrument	Draw Date(s)	Original Principal		Amortization Per Annum(1)	Outstanding Principal		Final Scheduled Maturity Date	Final Scheduled Principal Payment		Benchmark Rate	Fixed Margin	Interest Rate
Term Loan B-2	1/7/2019	$	250,000	1.0%	$	237,500	10/30/2029(2)	$	223,750	SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-3	6/14/2019 10/30/2020 2/22/2023	325,000 300,000 150,000		1.0%	747,287		10/30/2029(2)	704,695		SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-4	5/3/2021	800,000		1.0%	778,000		5/3/2028	746,000		SOFR + 11.4 bps	2.00%	7.44%
Total		$	1,825,000		$	1,762,787		$	1,674,445

(1)Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).

(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.

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Senior Notes

In November 2020, we completed the offering of $650.0 million aggregate principal amount of Senior Notes due 2030. The Senior Notes bear interest at a rate of 4.00% per annum payable semi-annually in arrears on May 15th and November 15th of each year. The Senior Notes are required to be guaranteed on a senior unsecured basis by each of our existing and future wholly owned domestic subsidiaries that guarantees our obligations under our New Credit Agreement or that guarantees certain capital markets debt of ours or a guarantor in an aggregate principal amount in excess of $250.0 million.

Convertible Notes

In March 2021, we completed the Convertible Notes offering of $575.0 million aggregate principal amount of 2026 Notes and $345.0 million aggregate principal amount of 2028 Notes. The Convertible Notes are senior unsecured obligations of ours and are guaranteed by our wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities or that guarantee certain of our Notes in an aggregate principal amount in excess of $250.0 million. The 2026 Notes do not bear regular interest, and the principal amount of the 2026 Notes do not accrete. The 2028 Notes bear interest at a rate of 1.125% per annum. Interest on the 2028 Notes is payable semiannually in arrears on March 15th and September 15th of each year, unless earlier repurchased, converted or redeemed. The 2026 Notes are scheduled to mature on March 15, 2026, and the 2028 Notes are scheduled to mature on March 15, 2028. The initial conversion rate for each of the 2026 Notes and the 2028 Notes is 0.4394 shares of our common stock per $1,000 principal amount of 2026 Notes and 2028 Notes, as applicable (equivalent to an initial conversion price of $2,275.83 per share of common stock). The initial conversion price of each of the 2026 Notes and the 2028 Notes represents a premium of 25.0% over the last reported sale price of $1,820.83 per share of our common stock on March 2, 2021. The Convertible Notes are convertible at the option of the holders. The method of conversion into cash, shares of our common stock or a combination thereof is at our election.

Other Debt-Related Information

Unamortized debt issuance costs consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Revolving Credit Facility portion:
Other noncurrent assets	$	2,901	$	3,087
Term loans and Notes portion:
Long-term debt (contra account)	21,570		22,532
Total	$	24,471	$	25,619

We recorded debt issuance cost amortization of $1.1 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively, within interest expense in the condensed consolidated statements of operations and comprehensive income. During 2023, we capitalized $7.7 million and wrote-off $3.3 million of debt issuance costs during the three months ended March 31, 2023 in connection with the entry into the New Credit Agreement.

The unamortized debt discount associated with the Convertible Notes was $11.0 million and $12.0 million as of March 31, 2024 and December 31, 2023, respectively. We recorded debt discount amortization of $1.1 million for both the three months ended March 31, 2024 and 2023 within interest expense in the condensed consolidated statements of operations and comprehensive income.

We have entered into a letter of credit agreement with MUFG which provides for an additional $75.0 million of letter of credit issuing capacity, of which $10.5 million was utilized as of March 31, 2024.

We were in compliance with all debt covenants as of March 31, 2024.

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We are party to two interest rate swap agreements to convert our interest payment obligations with respect to an aggregate of $1.2 billion of our variable rate SOFR indebtedness to a fixed rate. Under the first swap agreement, with respect to a notional amount of $850.0 million, our monthly payment obligation is determined at a fixed base rate of 2.595%. Under the second swap agreement, with respect to a notional amount of $350.0 million, our monthly payment obligation is determined at a fixed base rate of 2.691%. Both interest rate swap agreements are scheduled to mature in the first quarter of 2029 but each may be terminated prior to the scheduled maturity at our election or that of the financial institution counterparty under the terms provided in each swap agreement. We recognized income of $8.2 million and $5.6 million on interest rate swaps during the three months ended March 31, 2024 and 2023, respectively, which were reflected within interest expense in the condensed consolidated statements of operations and comprehensive income.

Refer to notes 10 and 12 to our audited consolidated financial statements included in the 2023 Form 10-K and notes 7 and 8 to the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for further details regarding our financing activity, outstanding debt and interest rate swaps.

Capital Expenditures

We have significant ongoing capital expenditure requirements as well as capital enhancements associated with acquired operations and the expansion of our high-capacity network. We are entering the final year of capital enhancements associated with acquired operations, which has been focused on upgrading any remaining low-capacity markets and migrating products and billing systems to Cable One platforms. Capital expenditures are funded primarily by cash on hand and cash flows from operating activities.

Our capital expenditures by category for the three months ended March 31, 2024 and 2023 were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Customer premise equipment(1)	$	3,629	$	21,325
Commercial(2)	8,235		7,227
Scalable infrastructure(3)	8,534		15,859
Line extensions(4)	15,262		9,707
Upgrade/rebuild(5)	8,231		21,815
Support capital(6)	21,995		20,173
Total	$	65,887	$	96,106

(1)Customer premise equipment includes costs incurred at customer locations, including installation costs and customer premise equipment (e.g., modems and set-top boxes).

(2)Commercial includes costs related to securing business services customers and PSUs, including small and medium-sized businesses and enterprise customers.

(3)Scalable infrastructure includes costs not related to customer premise equipment to secure growth of new customers and PSUs or provide service enhancements (e.g., headend equipment).

(4)Line extensions include network costs associated with entering new service areas (e.g., fiber/coaxial cable, amplifiers, electronic equipment, make-ready and design engineering).

(5)Upgrade/rebuild includes costs to modify or replace existing fiber/coaxial cable networks, including betterments.

(6)Support capital includes costs associated with the replacement or enhancement of non-network assets due to technological and physical obsolescence (e.g., non-network equipment, land, buildings and vehicles) and capitalized internal labor costs not associated with customer installation activities.

Contractual Obligations and Contingent Commitments

As of March 31, 2024, with the exception of debt payments (refer to note 7 of the condensed consolidated financial statements in this Quarterly Report on Form 10-Q for the updated future maturities of outstanding borrowings table), there have been no material changes to the contractual obligations and contingent commitments previously disclosed in the 2023 Form 10-K.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements or financing arrangements with special-purpose entities.

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Critical Accounting Policies and Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the amounts reported in the consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions. We base our estimates on historical experience and other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

An accounting policy is considered to be critical if it is important to our results of operations and financial condition and if it requires management’s most difficult, subjective and complex judgments in its application.

There have been no material changes to our critical accounting policy and estimate disclosures described in our 2023 Form 10-K.

ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Market risk is the potential loss arising from changes in market rates and prices. There have been no material changes to the market risk disclosures described in the 2023 Form 10-K other than as set forth below.

As of March 31, 2024, we had $650.0 million, $575.0 million and $345.0 million aggregate principal amount of the Senior Notes, 2026 Notes and 2028 Notes, respectively, outstanding. Although the Senior Notes and 2028 Notes are based on fixed rates and the 2026 Notes do not bear interest, changes in interest rates could impact the fair market value of such notes. As of March 31, 2024, the fair market values of the Senior Notes, 2026 Notes and 2028 Notes were $505.4 million, $503.1 million and $260.5 million, respectively.

ITEM 4.    CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management is responsible for establishing and maintaining adequate disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act). Disclosure controls and procedures are those controls and procedures that are designed to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is accumulated and communicated to management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, the Company carried out an evaluation as of March 31, 2024 of the effectiveness of the design and operation of the Company’s disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(b) and 15d-15(b). Based on the Company’s evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2024.

Changes in Internal Control Over Financial Reporting

There has been no change in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II: OTHER INFORMATION

ITEM 1.    LEGAL PROCEEDINGS

None.

ITEM 1A.    RISK FACTORS

There have been no material changes to the risk factors previously disclosed in the 2023 Form 10-K.

ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Certain information relating to common stock repurchases by the Company and any affiliated purchasers within the meaning of Rule 10b-18(a)(3) under the Exchange Act during the three months ended March 31, 2024 were as follows (dollars in thousands, except per share data):

Period	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)	Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
January 1 to 31, 2024(2)	2,328	$	541.35	—	$	143,104
February 1 to 29, 2024	—	$	—	—	$	143,104
March 1 to 31, 2024	—	$	—	—	$	143,104
Total	2,328	$	541.35	—

(1)On May 20, 2022, the Company's Board authorized up to $450.0 million of share repurchases (with no cap as to the number of shares of common stock), which was announced on May 23, 2022 (the "Share Repurchase Program"). The authorization does not have an expiration date. The Company had $143.1 million of remaining share repurchase authorization under the Share Repurchase Program as of March 31, 2024. Additional purchases under the Share Repurchase Program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions.

(2)Includes shares withheld from associates to satisfy estimated tax withholding obligations in connection with the vesting of restricted stock and/or exercises of SARs under the Company's incentive compensation plans. The average price paid per share for the common stock withheld was based on the closing price of the Company’s common stock on the applicable vesting or exercise measurement date.

ITEM 3.    DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.    MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5.    OTHER INFORMATION

Rule 10b5-1 Trading Plans

During the three months ended March 31, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act or any "non-Rule 10b5-1 trading arrangement" (as defined in Item 408(c) of Regulation S-K).

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ITEM 6.    EXHIBITS

Exhibit Number	Description
31.1	Principal Executive Officer Certification required by Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Principal Financial Officer Certification required by Rules 13a-14 and 15d-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32	Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
101.INS	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH	Inline XBRL Taxonomy Extension Schema Document.*
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.*
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.*
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.*
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.*
104	The cover page of this Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, formatted in Inline XBRL (included within the Exhibit 101 attachments).

* Filed herewith.

** Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Cable One, Inc. (Registrant)
By:	/s/ Julia M. Laulis
	Name:	Julia M. Laulis
	Title:	Chair of the Board, President and Chief Executive Officer

Date: May 2, 2024

By:	/s/ Todd M. Koetje
	Name:	Todd M. Koetje
	Title:	Chief Financial Officer

Date: May 2, 2024

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Julia M. Laulis, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 of Cable One, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 2, 2024

/s/ Julia M. Laulis

Julia M. Laulis

Chair of the Board, President and Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Todd M. Koetje, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024 of Cable One, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 2, 2024

/s/ Todd M. Koetje

Todd M. Koetje

Chief Financial Officer

(Principal Financial Officer)

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Cable One, Inc. (the “Company”), for the quarterly period ended March 31, 2024, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), each of the undersigned, Julia M. Laulis, principal executive officer of the Company, and Todd M. Koetje, principal financial officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his or her knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

By:	/s/ Julia M. Laulis
	Julia M. Laulis
	Chair of the Board, President and Chief Executive Officer
	(Principal Executive Officer)
Date: May 2, 2024

By:	/s/ Todd M. Koetje
	Todd M. Koetje
	Chief Financial Officer
	(Principal Financial Officer)
Date: May 2, 2024

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COVER PAGE - shares	3 Months Ended
	Mar. 31, 2024	Apr. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-36863
Entity Registrant Name	Cable One, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3060083
Entity Address, Address Line One	210 E. Earll Drive
Entity Address, City or Town	Phoenix
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85012
City Area Code	602
Local Phone Number	364-6000
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	CABO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		5,619,075
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Entity Central Index Key	0001632127
Amendment Flag	false
Document Fiscal Period Focus	Q1

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets:
Cash and cash equivalents	$ 210,733	$ 190,289
Accounts receivable, net	60,530	93,973
Prepaid and other current assets	76,042	58,116
Total Current Assets	347,305	342,378
Equity investments	1,117,220	1,125,447
Property, plant and equipment, net	1,784,847	1,791,120
Intangible assets, net	2,579,969	2,595,892
Goodwill	928,947	928,947
Other noncurrent assets	81,895	63,149
Total Assets	6,840,183	6,846,933
Current Liabilities:
Accounts payable and accrued liabilities	140,589	156,645
Deferred revenue	27,079	27,169
Current portion of long-term debt	19,018	19,023
Total Current Liabilities	186,686	202,837
Long-term debt	3,574,116	3,626,928
Deferred income taxes	978,032	974,467
Other noncurrent liabilities	174,608	169,556
Total Liabilities	4,913,442	4,973,788
Commitments and contingencies (refer to note 15)
Stockholders' Equity:
Preferred stock ($0.01 par value; 4,000,000 shares authorized; none issued or outstanding)	0	0
Common stock ($0.01 par value; 40,000,000 shares authorized; 6,175,399 shares issued; and 5,619,098 and 5,616,987 shares outstanding as of March 31, 2024 and December 31, 2023, respectively)	62	62
Additional paid-in capital	615,039	607,574
Retained earnings	1,856,054	1,825,542
Accumulated other comprehensive income (loss)	55,019	36,745
Treasury stock, at cost (556,301 and 558,412 shares held as of March 31, 2024 and December 31, 2023, respectively)	(599,433)	(596,778)
Total Stockholders' Equity	1,926,741	1,873,145
Total Liabilities and Stockholders' Equity	$ 6,840,183	$ 6,846,933

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CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	4,000,000	4,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	6,175,399	6,175,399
Common stock, shares outstanding (in shares)	5,619,098	5,616,987
Treasury stock, shares (in shares)	556,301	558,412

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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 404,312	$ 421,894
Costs and Expenses:
Operating (excluding depreciation and amortization)	106,512	112,161
Selling, general and administrative	90,390	86,745
Depreciation and amortization	85,641	85,428
(Gain) loss on asset sales and disposals, net	1,907	5,456
Total Costs and Expenses	284,450	289,790
Income from operations	119,862	132,104
Interest expense, net	(35,784)	(37,222)
Other income (expense), net	(7,115)	1,353
Income before income taxes and equity method investment income (loss), net	76,963	96,235
Income tax provision	21,108	22,295
Income before equity method investment income (loss), net	55,855	73,940
Equity method investment income (loss), net	(8,513)	(16,514)
Net income	$ 47,342	$ 57,426
Net Income per Common Share:
Basic (in dollars per share)	$ 8.43	$ 10.04
Diluted (in dollars per share)	$ 8.11	$ 9.62
Weighted Average Common Shares Outstanding:
Basic (in shares)	5,618,745	5,718,745
Diluted (in shares)	6,026,462	6,128,594
Unrealized gain (loss) on cash flow hedges and other, net of tax	$ 18,274	$ (17,942)
Comprehensive income	$ 65,616	$ 39,484

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Gain (Loss)	Treasury Stock, at cost
Beginning balance (in shares) at Dec. 31, 2022		5,766,011
Beginning balance at Dec. 31, 2022	$ 1,757,973	$ 62	$ 578,154	$ 1,624,406	$ 50,031	$ (494,680)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	57,426			57,426
Unrealized gain (loss) on cash flow hedges and other, net of tax	(17,942)				(17,942)
Equity-based compensation	5,585		5,585
Issuance of equity awards, net of forfeitures (in shares)		(6,111)
Repurchases of common stock (in shares)		(56,766)
Repurchases of common stock	$ (41,751)					(41,751)
Withholding tax for equity awards (in shares)	(3,132)	(3,132)
Withholding tax for equity awards	$ (2,180)					(2,180)
Dividends paid to stockholders	(16,498)			(16,498)
Ending balance (in shares) at Mar. 31, 2023		5,700,002
Ending balance at Mar. 31, 2023	$ 1,742,613	$ 62	583,739	1,665,334	32,089	(538,611)
Beginning balance (in shares) at Dec. 31, 2023	5,616,987	5,616,987
Beginning balance at Dec. 31, 2023	$ 1,873,145	$ 62	607,574	1,825,542	36,745	(596,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	47,342			47,342
Unrealized gain (loss) on cash flow hedges and other, net of tax	18,274				18,274
Equity-based compensation	$ 7,465		7,465
Issuance of equity awards, net of forfeitures (in shares)		4,439
Repurchases of common stock (in shares)	0
Withholding tax for equity awards (in shares)	(2,328)	(2,328)
Withholding tax for equity awards	$ (2,655)					(2,655)
Dividends paid to stockholders	$ (16,830)			(16,830)
Ending balance (in shares) at Mar. 31, 2024	5,619,098	5,619,098
Ending balance at Mar. 31, 2024	$ 1,926,741	$ 62	$ 615,039	$ 1,856,054	$ 55,019	$ (599,433)

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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends, per share (in dollars per share)	$ 2.95	$ 2.85

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income	$ 47,342	$ 57,426
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	85,641	85,428
Non-cash interest expense, net	2,217	2,317
Equity-based compensation	7,465	5,585
Write-off of debt issuance costs	0	3,340
Change in deferred income taxes	(2,220)	3,143
(Gain) loss on asset sales and disposals, net	1,907	5,456
Equity method investment (income) loss, net	8,513	16,514
Fair value adjustments	7,154	(4,852)
Changes in operating assets and liabilities:
Accounts receivable, net	33,443	28,234
Prepaid and other current assets	(14,211)	(26,220)
Accounts payable and accrued liabilities	(9,910)	(14,004)
Deferred revenue	(90)	648
Other	(2,501)	(1,228)
Net cash provided by operating activities	164,750	161,787
Cash flows from investing activities:
Capital expenditures	(65,887)	(96,106)
Change in accrued expenses related to capital expenditures	(5,894)	(4,745)
Purchase of wireless licenses	(625)	0
Proceeds from sales of property, plant and equipment	2,434	137
Net cash used in investing activities	(69,972)	(100,714)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	0	638,000
Payment of debt issuance costs	0	(7,898)
Payments on long-term debt	(54,849)	(643,164)
Repurchases of common stock	0	(41,751)
Payment of withholding tax for equity awards	(2,655)	(2,180)
Dividends paid to stockholders	(16,830)	(16,498)
Net cash used in financing activities	(74,334)	(73,491)
Change in cash and cash equivalents	20,444	(12,418)
Cash and cash equivalents, beginning of period	190,289	215,150
Cash and cash equivalents, end of period	210,733	202,732
Supplemental cash flow disclosures:
Cash paid for interest, net of capitalized interest	32,842	33,914
Cash paid for income taxes, net of refunds received	$ 26,399	$ 43,386

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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Description of Business. Cable One is a fully integrated provider of data, video and voice services to residential and business customers in 24 Western, Midwestern and Southern U.S. states. As of March 31, 2024, Cable One provided services to approximately 1.1 million residential and business customers, of which approximately 1,066,000 subscribed to data services, 133,000 subscribed to video services and 115,000 subscribed to voice services.

Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the SEC. As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2023 Form 10-K.

The December 31, 2023 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2023 Form 10-K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results.

Certain reclassifications have been made to prior period amounts to conform to the current year presentation. Refer to note 13 for further details.

Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Segment Reporting. Accounting Standards Codification 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s review and assessment of the Company’s operating performance for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.

Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.

Recently Issued But Not Yet Adopted Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures around tax rate reconciliations, income taxes payments and other tax-related information. The ASU is effective for annual periods beginning after December 15, 2024 and can be applied on either a prospective or retrospective basis. The Company currently plans to adopt ASU 2023-09 in the first quarter of 2025 on a prospective basis and expects the adoption of the updated guidance to result in the additional disaggregation of certain tax information within the Company's income tax footnote disclosure.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting. The ASU requires additional disclosures regarding a reportable segment's financial information in which the reportable segment is regularly provided to the chief operating decision marker. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The Company currently plans to adopt ASU 2023-07 in the first quarter of 2025 on a retrospective basis and expects the adoption of the updated guidance to result in additional segment-related footnote disclosures within the notes to the consolidated financial statements.

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REVENUES

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

REVENUES

REVENUES

Revenues by product line and other revenue-related disclosures were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Residential:
Data	$	235,820	$	242,697
Video	60,358		70,286
Voice	8,561		9,748
Business:
Data	56,640		54,606
Other	19,185		21,654
Other	23,748		22,903
Total revenues	$	404,312	$	421,894
Franchise and other regulatory fees	$	6,391	$	7,101
Deferred commission amortization	$	1,496	$	1,303

Business other revenues include business video, voice and other ancillary service revenues. Other revenues are comprised primarily of regulatory revenues, advertising sales, late charges and reconnect fees.

Fees imposed on the Company by various governmental authorities, including franchise fees, are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities. As the Company acts as principal, these fees are reported in video and voice revenues on a gross basis with corresponding expenses included within operating expenses in the condensed consolidated statements of operations and comprehensive income.

Deferred commission amortization expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income.

Current deferred revenue liabilities consist of refundable customer prepayments, up-front charges and installation fees. As of March 31, 2024, the Company’s remaining performance obligations pertain to the refundable customer prepayments and consist of providing future data, video and voice services to customers. Of the $27.2 million of current deferred revenue at December 31, 2023, $21.6 million was recognized during the three months ended March 31, 2024. Noncurrent deferred revenue liabilities consist of up-front charges and installation fees from business customers.

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OPERATING ASSETS AND LIABILITIES

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

OPERATING ASSETS AND LIABILITIES

OPERATING ASSETS AND LIABILITIES

Accounts receivable consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Trade receivables	$	48,689	$	72,076
Other receivables(1)	16,283		26,006
Less: Allowance for credit losses	(4,442)		(4,109)
Total accounts receivable, net	$	60,530	$	93,973

(1)Balances include amounts due from Clearwave Fiber (as defined in note 4) for services provided under a transition services agreement of $3.8 million and $3.7 million as of March 31, 2024 and December 31, 2023, respectively. The balances also include $7.4 million and $11.4 million of receivables from the federal government under the Secure and Trusted Communications Networks Reimbursement Program as of March 31, 2024 and December 31, 2023, respectively.

The changes in the allowance for credit losses were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Beginning balance	$	4,109	$	3,191
Additions - charged to costs and expenses	2,652		2,491
Deductions - write-offs	(3,763)		(3,451)
Recoveries collected	1,444		1,494
Ending balance	$	4,442	$	3,725

Prepaid and other current assets consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Prepaid repairs and maintenance	$	14,084	$	2,596
Software implementation costs	2,186		1,812
Prepaid insurance	2,145		3,507
Prepaid rent	3,546		2,227
Prepaid software	10,280		9,762
Deferred commissions	5,461		5,371
Interest rate swap asset	28,226		24,511
Prepaid income tax payments	5,963		5,470
All other current assets	4,151		2,860
Total prepaid and other current assets	$	76,042	$	58,116

Other noncurrent assets consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Operating lease right-of-use assets	$	9,704	$	10,650
Deferred commissions	9,891		9,793
Software implementation costs	7,548		7,115
Debt issuance costs	2,901		3,087
Debt investment	2,261		2,228
Assets held for sale	—		889
Interest rate swap asset	44,797		24,453
All other noncurrent assets	4,793		4,934
Total other noncurrent assets	$	81,895	$	63,149

Accounts payable and accrued liabilities consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Accounts payable	$	37,280	$	45,025
Accrued programming costs	17,691		18,453
Accrued compensation and related benefits	19,410		20,149
Accrued sales and other operating taxes	11,764		14,518
Accrued franchise fees	2,521		2,952
Deposits	6,025		5,954
Operating lease liabilities	3,139		3,391
Accrued insurance costs	5,160		5,167
Cash overdrafts	6,542		12,058
Interest payable	12,294		6,340
Income taxes payable	—		2,579
All other accrued liabilities	18,763		20,059
Total accounts payable and accrued liabilities	$	140,589	$	156,645

Other noncurrent liabilities consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Operating lease liabilities	$	6,104	$	6,768
Accrued compensation and related benefits	8,362		8,847
Deferred revenue	13,831		15,066
MBI Net Option (as defined in note 4)(1)	143,560		136,360
All other noncurrent liabilities	2,751		2,515
Total other noncurrent liabilities	$	174,608	$	169,556

(1)Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 4), consisting of liabilities of $25.3 million and $118.3 million, respectively, as of March 31, 2024 and liabilities of $15.2 million and $121.2 million, respectively, as of December 31, 2023. Refer to notes 4 and 9 for further information on the MBI Net Option (as defined in note 4).

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EQUITY INVESTMENTS

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

EQUITY INVESTMENTS

EQUITY INVESTMENTS

The carrying value of the Company's equity investments consisted of the following (dollars in thousands):

	March 31, 2024			December 31, 2023
	Ownership Percentage	Carrying Value		Ownership Percentage	Carrying Value
Cost Method Investments
MetroNet(1)	<10%	$	7,000	<10%	$	7,000
Nextlink(2)	<20%	77,245		<20%	77,245
Point Broadband(3)	<10%	42,623		<10%	42,623
Visionary(4)	<10%	8,822		<10%	8,822
Ziply(5)	<10%	50,000		<10%	50,000
Others	<10%	14,212		<10%	13,926
Total cost method investments		$	199,902		$	199,616
Equity Method Investments
Clearwave Fiber(6)	~58%	$	351,678	~58%	$	359,876
MBI(7)	45%	565,640		45%	565,955
Total equity method investments		$	917,318		$	925,831
Total equity investments		$	1,117,220		$	1,125,447

(1)MetroNet Systems, LLC, a fiber internet service provider ("MetroNet").

(2)AMG Technology Investment Group, LLC, a wireless internet service provider ("Nextlink").

(3)Point Broadband Holdings, LLC, a fiber internet service provider ("Point Broadband").

(4)Visionary Communications, Inc., an internet service provider ("Visionary").

(5)Northwest Fiber Holdco., LLC, a fiber internet service provider ("Ziply").

(6)A joint venture transaction in which the Company contributed certain fiber operations (including certain fiber assets of Hargray and a majority of the operations of Delta Communications, LLC and certain unaffiliated third-party investors contributed cash to a newly formed entity, Clearwave Fiber LLC ("Clearwave Fiber").

(7)The Company holds a call option to purchase all but not less than all of the remaining equity interests in Mega Broadband Investments Holdings LLC, a data, video and voice services provider (“MBI”) that the Company does not already own between January 1, 2023 and June 30, 2024. Certain investors in MBI hold a put option to sell (and to cause all members of MBI other than the Company to sell) to the Company all but not less than all of the remaining equity interests in MBI that the Company does not already own between July 1, 2025 and September 30, 2025. The call and put options (collectively referred to as the “MBI Net Option”) are measured at fair value using Monte Carlo simulations that rely on assumptions around MBI’s equity value, MBI’s and the Company’s equity volatility, MBI’s and the Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA” and as adjusted, “Adjusted EBITDA”) volatility, risk adjusted discount rates and the Company’s cost of debt, among others. The final MBI purchase price allocation resulted in $630.7 million being allocated to the MBI equity investment and $19.7 million and $75.5 million being allocated to the call and put options, respectively. The MBI Net Option is remeasured at fair value on a quarterly basis. The carrying value of the MBI Net Option liability was $143.6 million and $136.4 million as of March 31, 2024 and December 31, 2023, respectively, and was included within other noncurrent liabilities in the condensed consolidated balance sheets. Refer to note 9 for further information on the MBI Net Option.

The carrying value of MBI exceeded the Company’s underlying equity in MBI’s net assets by $486.8 million and $487.5 million as of March 31, 2024 and December 31, 2023, respectively.

Equity method investment income (losses), which increase (decrease) the carrying value of the respective investment, and are recorded on a one quarter lag, along with certain other operating information, were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Equity Method Investment Income (Losses)
Clearwave Fiber	$	(8,198)	$	(14,231)
MBI(1)	(315)		(2,403)
Wisper(2)	—		120
Total	$	(8,513)	$	(16,514)
Other Income (Expense), Net
Mark-to-market adjustments(3)	$	46	$	12,833
MBI Net Option change in fair value	$	(7,200)	$	(7,980)

(1)The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s 45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. For the three months ended March 31, 2024, the Company recognized $2.2 million of its pro rata share of MBI’s net income and $2.5 million of its pro rata share of basis difference amortization. For the three months ended March 31, 2023, the Company recognized $0.8 million of its pro rata share of MBI’s net income and $3.2 million of its pro rata share of basis difference amortization.

(2)Wisper ISP, LLC, a wireless internet service provider ("Wisper"). In July 2023, the Company redeemed its equity investment in Wisper.

(3)The amount for the three months ended March 31, 2023 included a $12.3 million non-cash mark-to-market gain on the Company's investment in Point Broadband as a result of an observable market transaction in Point Broadband’s equity.

The carrying value of the Company’s equity investments without readily determinable fair values are determined based on fair valuations as of their respective acquisition dates. The Company assesses each equity investment for indicators of impairment on a quarterly basis. No impairments were recorded for any of the periods presented.

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PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Cable distribution systems	$	2,522,275	$	2,491,903
Customer premise equipment	393,625		380,820
Other equipment and fixtures	375,261		376,847
Buildings and improvements	139,993		140,063
Capitalized software	74,470		70,928
Construction in progress	170,219		188,774
Land	16,564		13,641
Right-of-use assets	10,599		10,789
Property, plant and equipment, gross	3,703,006		3,673,765
Less: Accumulated depreciation and amortization	(1,918,159)		(1,882,645)
Property, plant and equipment, net	$	1,784,847	$	1,791,120

The Company classified $0.9 million of property, plant and equipment as held for sale as of December 31, 2023. Such assets are included within other noncurrent assets in the condensed consolidated balance sheet. These assets were sold during the three months ended March 31, 2024 for total proceeds of $2.3 million, resulting in the recognition of a $1.4 million gain on the sale.

Depreciation and amortization expense for property, plant and equipment was $69.1 million and $67.3 million for the three months ended March 31, 2024 and 2023, respectively

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GOODWILL AND INTANGIBLE ASSETS

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

The carrying amount of goodwill was $928.9 million as of both March 31, 2024 and December 31, 2023. The Company has not historically recorded any impairment of goodwill.

Intangible assets consisted of the following (dollars in thousands):

		March 31, 2024						December 31, 2023
	Useful Life Range (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Customer relationships	13.5 – 17	$	784,381	$	311,717	$	472,664	$	784,381	$	295,817	$	488,564
Trademarks and trade names	2.7 – 4.2	11,846		9,309		2,537		11,846		8,782		3,064
Wireless licenses	10 – 15	4,794		572		4,222		4,169		451		3,718
Total finite-lived intangible assets		$	801,021	$	321,598	$	479,423	$	800,396	$	305,050	$	495,346
Indefinite-Lived Intangible Assets
Franchise agreements						$	2,100,546					$	2,100,546
Total intangible assets, net						$	2,579,969					$	2,595,892

Intangible asset amortization expense was $16.5 million and $18.2 million for the three months ended March 31, 2024 and 2023, respectively.

The future amortization of existing finite-lived intangible assets as of March 31, 2024 was as follows (in thousands):

Year Ending December 31,	Amount
2024 (remaining nine months)	$	49,628
2025	61,182
2026	55,668
2027	51,787
2028	48,188
Thereafter	212,970
Total	$	479,423

Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.

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DEBT

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

DEBT

DEBT

The carrying amount of long-term debt consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Senior Credit Facilities (as defined below)	$	2,050,787	$	2,105,348
Senior Notes (as defined below)	650,000		650,000
Convertible Notes (as defined below)	920,000		920,000
Finance lease liabilities	4,873		5,160
Total debt	3,625,660		3,680,508
Less: Unamortized debt discount	(10,956)		(12,025)
Less: Unamortized debt issuance costs	(21,570)		(22,532)
Less: Current portion of long-term debt	(19,018)		(19,023)
Total long-term debt	$	3,574,116	$	3,626,928

Senior Credit Facilities. Prior to February 22, 2023, the Company had in place the third amended and restated credit agreement among the Company and its lenders, dated as of October 30, 2020 (as amended prior to February 22, 2023, the "Credit Agreement") that provided for senior secured term loans in original aggregate principal amounts of $700.0 million maturing in 2025 (the “Term Loan A-2”), $250.0 million maturing in 2027 (the “Term Loan B-2”), $625.0 million maturing in 2027 (the “Term Loan B-3”) and $800.0 million maturing in 2028 (the "Term Loan B-4"), as well as a $500.0 million revolving credit facility maturing in 2025 (the “Revolving Credit Facility” and, together with the Term Loan A-2, the Term Loan B-2, the Term Loan B-3 and the Term Loan B-4, the “Senior Credit Facilities”). The Revolving Credit Facility also gives the Company the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility.

On February 22, 2023, the Company entered into the fourth amended and restated credit agreement with its lenders to amend and restate the Credit Agreement (as amended and restated, the "New Credit Agreement") to, among other things, (i) increase the aggregate principal amount of commitments under the Revolving Credit Facility by $500.0 million to $1.0 billion; (ii) extend the scheduled maturity of the Revolving Credit Facility from October 2025 to February 2028; (iii) upsize the outstanding principal amount under the Term Loan B-3 by $150.0 million to $757.0 million (the "TLB-3 Upsize"); (iv) extend the scheduled maturities of the Term Loan B-2 and the Term Loan B-3 from October 2027 to October 2029 (subject to adjustment as described in the notes to the table below summarizing the Company's outstanding term loans as of March 31, 2024); (v) increase the fixed spreads on the Term Loan B-2 and the Term Loan B-3 from 2.00% to 2.25%; and (vi) transition the benchmark interest rate for the Revolving Credit Facility, the Term Loan B-2 and the Term Loan B-3 from LIBOR to SOFR plus a 10 basis point credit spread adjustment. Except as described above, the New Credit Agreement did not make any material changes to the principal terms of the Term Loan B-2, the Term Loan B-3, the Term Loan B-4 or the Revolving Credit Facility. Upon the effectiveness of the New Credit Agreement, the Company drew $488.0 million under the Revolving Credit Facility and, together with the net proceeds from the TLB-3 Upsize, repaid all $638.3 million aggregate principal amount of its outstanding Term Loan A-2. In July 2023, the Company transitioned the benchmark interest rate for the Term Loan B-4 from LIBOR to SOFR plus a credit spread adjustment that ranges from approximately 11.4 basis points to 42.8 basis points based on the interest period elected.

As of March 31, 2024, the interest margins applicable to the Senior Credit Facilities are, at the Company’s option, equal to either SOFR or a base rate, plus an applicable margin equal to, (i) with respect to the Revolving Credit Facility, 1.25% to 1.75% plus a 10 basis point credit spread adjustment for SOFR loans and 0.25% to 0.75% for base rate loans, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the New Credit Agreement), (ii) with respect to the Term Loan B-2 and the Term Loan B-3, 2.25% plus a 10 basis point credit spread adjustment for SOFR loans and 1.25% for base rate loans and (iii) with respect to the Term Loan B-4, 2.0% plus an approximately 11.4 to 42.8 basis point credit spread adjustment based on the interest period elected for SOFR loans and 1.0% for base rate loans.

The Company repaid $150.0 million of the outstanding Revolving Credit Facility borrowings during 2023. In February 2024, the Company repaid an additional $50.0 million of the outstanding Revolving Credit Facility borrowings, reducing the outstanding balance to $288.0 million as of March 31, 2024.

Refer to the table below summarizing the Company’s outstanding term loans as of March 31, 2024 and note 10 to the Company’s audited consolidated financial statements included in the 2023 Form 10-K for further details on the Senior Credit Facilities.

As of March 31, 2024, the Company had approximately $1.8 billion of aggregate outstanding term loans and $288.0 million of borrowings and $712.0 million available for borrowing under the Revolving Credit Facility. A summary of the Company’s outstanding term loans as of March 31, 2024 is as follows (dollars in thousands):

Instrument	Draw Date(s)	Original Principal		Amortization Per Annum(1)	Outstanding Principal		Final Scheduled Maturity Date	Final Scheduled Principal Payment		Benchmark Rate	Fixed Margin	Interest Rate
Term Loan B-2	1/7/2019	$	250,000	1.0%	$	237,500	10/30/2029(2)	$	223,750	SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-3	6/14/2019 10/30/2020 2/22/2023	325,000 300,000 150,000		1.0%	747,287		10/30/2029(2)	704,695		SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-4	5/3/2021	800,000		1.0%	778,000		5/3/2028	746,000		SOFR + 11.4 bps	2.00%	7.44%
Total		$	1,825,000		$	1,762,787		$	1,674,445

(1)Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).

(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.

Senior Notes. In November 2020, the Company issued $650.0 million aggregate principal amount of 4.00% senior notes due 2030 (the “Senior Notes”). The Senior Notes bear interest at a rate of 4.00% per annum payable semi-annually in arrears on May 15th and November 15th of each year. The terms of the Senior Notes are governed by an indenture dated as of November 9, 2020 (the “Senior Notes Indenture”), among the Company, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (“BNY”), as trustee.

At any time and from time to time prior to November 15, 2025, the Company may redeem some or all of the Senior Notes for cash at a redemption price equal to 100% of their principal amount, plus the “make-whole” premium described in the Senior Notes Indenture and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Beginning on November 15, 2025, the Company may redeem some or all of the Senior Notes at any time and from time to time at the applicable redemption prices listed in the Senior Notes Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. In addition, at any time and from time to time prior to November 15, 2023, the Company may redeem up to 40% of the aggregate principal amount of Senior Notes with funds in an aggregate amount not exceeding the net cash proceeds from one or more equity offerings at a redemption price equal to 104% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.

Upon the occurrence of a Change of Control and a Below Investment Grade Rating Event (each as defined in the Senior Notes Indenture), the Company is required to offer to repurchase the Senior Notes at 101% of the principal amount of such Senior Notes, plus accrued and unpaid interest, if any, to, but excluding, the date of repurchase.

Convertible Notes. In March 2021, the Company issued $575.0 million aggregate principal amount of 0.000% convertible senior notes due 2026 (the “2026 Notes”) and $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2028 (the “2028 Notes” and, together with the 2026 Notes, the “Convertible Notes,” and the Convertible Notes collectively with the Senior Notes, the “Notes”). The terms of the 2026 Notes and the 2028 Notes are each governed by a separate indenture dated as of March 5, 2021 (collectively, the “Convertible Notes Indentures” and together with the Senior Notes Indenture, the “Indentures”), in each case, among the Company, the guarantors party thereto and BNY, as trustee.

The 2026 Notes do not bear regular interest, and the principal amount of the 2026 Notes does not accrete. The 2028 Notes bear interest at a rate of 1.125% per annum. Interest on the 2028 Notes is payable semiannually in arrears on March 15th and September 15th of each year, unless earlier repurchased, converted or redeemed. The 2026 Notes are scheduled to mature on March 15, 2026, and the 2028 Notes are scheduled to mature on March 15, 2028. The initial conversion rate for each of the 2026 Notes and the 2028 Notes is 0.4394 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes and 2028 Notes, as applicable (equivalent to an initial conversion price of $2,275.83 per share of common stock).

The Convertible Notes are convertible at the option of the holders. The method of conversion into cash, shares of the Company’s common stock or a combination thereof is at the election of the Company. Prior to the close of business on the business day immediately preceding December 15, 2025, the 2026 Notes will be convertible at the option of the holders only upon the satisfaction of specified conditions and during certain periods. On or after December 15, 2025, holders may convert their 2026 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the relevant maturity date. Prior to the close of business on the business day immediately preceding December 15, 2027, the 2028 Notes will be convertible at the option of the holders only upon the satisfaction of specified conditions and during certain periods. On or after December 15, 2027, holders may convert their 2028 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the relevant maturity date. If the Company undergoes a “fundamental change” (as defined in the applicable Convertible Notes Indenture), holders of the applicable series of Convertible Notes may require the Company to repurchase for cash all or part of their Convertible Notes of such series at a purchase price equal to 100% of the principal amount of the Convertible Notes of such series to be repurchased, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

The Company may not redeem the 2026 Notes prior to March 20, 2024 and it may not redeem the 2028 Notes prior to March 20, 2025. No “sinking fund” is provided for the Convertible Notes. On or after March 20, 2024 and prior to December 15, 2025, the Company may redeem for cash all or any portion of the 2026 Notes, at its option, and on or after March 20, 2025 and prior to December 15, 2027, the Company may redeem for cash all or any portion of the 2028 Notes, at its option, in each case, if the last reported sale price per share of common stock has been at least 130% of the conversion price for such series of Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes of such series to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.

In addition, following a “make-whole fundamental change” (as defined in the applicable Convertible Notes Indenture) or if the Company delivers a notice of redemption in respect of any Convertible Notes of a series, in certain circumstances, the conversion rate applicable to such series of Convertible Notes will be increased for a holder who elects to convert any of such Convertible Notes in connection with such a make-whole fundamental change or convert any of such Convertible Notes called (or deemed called) for redemption during the related redemption period, as the case may be.

The carrying amounts of the Convertible Notes consisted of the following (in thousands):

	March 31, 2024						December 31, 2023
	2026 Notes		2028 Notes		Total		2026 Notes		2028 Notes		Total
Gross carrying amount	$	575,000	$	345,000	$	920,000	$	575,000	$	345,000	$	920,000
Less: Unamortized discount	(5,862)		(5,094)		(10,956)		(6,610)		(5,415)		(12,025)
Less: Unamortized debt issuance costs	(160)		(144)		(304)		(180)		(153)		(333)
Net carrying amount	$	568,978	$	339,762	$	908,740	$	568,210	$	339,432	$	907,642

Interest expense on the Convertible Notes consisted of the following (dollars in thousands):

	Three Months Ended March 31,
	2024								2023
	2026 Notes			2028 Notes			Total		2026 Notes			2028 Notes			Total
Contractual interest expense	$	—		$	970		$	970	$	—		$	970		$	970
Amortization of discount	748			321			1,069		740			318			1,058
Amortization of debt issuance costs	20			9			29		20			9			29
Total interest expense	$	768		$	1,300		$	2,068	$	760		$	1,297		$	2,057
Effective interest rate	0.5		%	1.5		%			0.5		%	1.5		%

General. The Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities or that guarantee certain capital market debt of the Company in an aggregate principal amount in excess of $250.0 million.

Each Indenture contains covenants that, among other things and subject to certain exceptions, limit (i) the Company’s ability to consolidate or merge with or into another person or sell or otherwise dispose of all or substantially all of the assets of the Company and its subsidiaries (taken as a whole) and (ii) the ability of the guarantors to consolidate with or merge with or into another person. The Senior Notes Indenture also contains a covenant that, subject to certain exceptions, limits the Company’s ability and the ability of its subsidiaries to incur any liens securing indebtedness for borrowed money.

Each Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among others, default in payment of principal or interest, breach of other agreements or covenants in respect of the relevant Notes by the Company or any guarantors, failure to pay certain other indebtedness at final maturity, acceleration of certain indebtedness prior to final maturity, failure to pay certain final judgments, failure of certain guarantees to be enforceable and certain events of bankruptcy, insolvency or reorganization; and, in the case of each Convertible Notes Indenture, failure to comply with the Company’s obligation to convert the relevant Convertible Notes under the applicable Convertible Notes Indenture and failure to give a fundamental change notice or a notice of a make-whole fundamental change under the applicable Convertible Notes Indenture.

Unamortized debt issuance costs consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Revolving Credit Facility portion:
Other noncurrent assets	$	2,901	$	3,087
Term loans and Notes portion:
Long-term debt (contra account)	21,570		22,532
Total	$	24,471	$	25,619

The Company recorded debt issuance cost amortization of $1.1 million and $1.3 million for the three months ended March 31, 2024 and 2023, respectively, within interest expense in the condensed consolidated statements of operations and comprehensive income. The Company capitalized $7.7 million and wrote-off $3.3 million of debt issuance costs during the three months ended March 31, 2023 in connection with the entry into the New Credit Agreement.

The future maturities of outstanding borrowings as of March 31, 2024 were as follows (in thousands):

Year Ending December 31,	Amount
2024 (remaining nine months)	$	13,683
2025	18,244
2026	593,244
2027	18,244
2028	1,391,244
Thereafter	1,586,128
Total	$	3,620,787

The Company has entered into a letter of credit agreement with MUFG Bank, Ltd. ("MUFG") which provides for an additional $75.0 million letter of credit issuing capacity. As of March 31, 2024, $10.5 million of letters of credit issuances were held for the benefit of performance obligations under government grant programs and certain general and liability insurance matters and bore interest at a rate of 1.00% per annum.

The Company was in compliance with all debt covenants as of March 31, 2024.

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INTEREST RATE SWAPS

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

INTEREST RATE SWAPS

INTEREST RATE SWAPS

The Company is party to two interest rate swap agreements, designated as cash flow hedges, to manage the risk of fluctuations in interest rates on its variable rate SOFR debt. Changes in the fair values of the interest rate swaps are reported through other comprehensive income until the underlying hedged debt’s interest expense impacts net income, at which point the corresponding change in fair value is reclassified from accumulated other comprehensive income to interest expense.

A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):

	Entry Date	Effective Date	Maturity Date(1)	Notional Amount		Settlement Type	Settlement Frequency	Fixed Base Rate
Swap A(2)	3/7/2019	3/11/2019	3/11/2029	$	850,000	Receive one-month SOFR, pay fixed	Monthly	2.595%
Swap B(3)	3/6/2019	6/15/2020	2/28/2029	350,000		Receive one-month SOFR, pay fixed	Monthly	2.691%
Total				$	1,200,000

(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.

(2)Swap A was amended effective February 28, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.653% to 2.595%.

(3)Swap B was amended effective March 1, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.739% to 2.691%.

The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):

	March 31, 2024		December 31, 2023
Assets:
Current portion:
Prepaid and other current assets	$	28,226	$	24,511
Noncurrent portion:
Other noncurrent assets	44,797		24,453
Total interest rate swap asset	$	73,023	$	48,964
Stockholders’ Equity:
Accumulated other comprehensive income	$	55,210	$	36,936

The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Interest (income) expense	$	(8,243)	$	(5,644)
Unrealized gain (loss) on cash flow hedges, gross	$	24,059	$	(23,352)
Less: Tax effect	(5,785)		5,410
Unrealized gain (loss) on cash flow hedges, net of tax	$	18,274	$	(17,942)

The Company does not hold any derivative instruments for speculative trading purposes.

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FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

Financial Assets and Liabilities. The Company has estimated the fair values of its financial instruments as of March 31, 2024 using available market information or other appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the following fair value estimates are not necessarily indicative of the amounts the Company would realize in an actual market exchange.

The carrying amounts, fair values and related fair value hierarchy levels of the Company’s financial assets and liabilities as of March 31, 2024 were as follows (in thousands):

	March 31, 2024
	Carrying Amount		Fair Value		Fair Value Hierarchy
Assets:
Cash and cash equivalents:
Money market investments	$	126,317	$	126,317	Level 1
Other noncurrent assets (including current portion):
Interest rate swap asset	$	73,023	$	73,023	Level 2
Liabilities:
Long-term debt (including current portion):
Term loans	$	1,762,787	$	1,749,566	Level 2
Revolving Credit Facility	$	288,000	$	285,120	Level 2
Senior Notes	$	650,000	$	505,375	Level 2
Convertible Notes	$	920,000	$	763,600	Level 2
Other noncurrent liabilities:
MBI Net Option	$	143,560	$	143,560	Level 3

Money market investments are held primarily in U.S. Treasury securities and registered money market funds and are valued using a market approach based on quoted market prices (level 1). Money market investments with original maturities of three months or less are included within cash and cash equivalents in the condensed consolidated balance sheets. Interest rate swaps are measured at fair value within the condensed consolidated balance sheets on a recurring basis, with fair value determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (level 2). The fair value of the term loans, Revolving Credit Facility, Senior Notes and Convertible Notes are estimated based on market prices for similar instruments in active markets (level 2). The fair value of the MBI Net Option is measured using Monte Carlo simulations that use inputs considered unobservable and significant to the fair value measurement (level 3).

The assumptions used to determine the fair value of the MBI Net Option consisted of the following:

	March 31, 2024				December 31, 2023
	Cable One		MBI		Cable One		MBI
Equity volatility	41.0	%	29.0	%	40.0	%	30.0	%
EBITDA volatility	10.0	%	10.0	%	10.0	%	10.0	%
EBITDA risk-adjusted discount rate	8.0	%	8.5	%	7.5	%	8.5	%
Cost of debt	9.5	%			8.5	%

The Company regularly evaluates each of the assumptions used in establishing the fair value of the MBI Net Option. Significant changes in any of these assumptions could result in a significantly lower or higher fair value measurement. A change in one of these assumptions is not necessarily accompanied by a change in another assumption. Refer to note 4 for further information on the MBI Net Option.

The carrying amounts of accounts receivable, accounts payable and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments.

Nonfinancial Assets and Liabilities. The Company’s nonfinancial assets, such as property, plant and equipment, intangible assets and goodwill, are not measured at fair value on a recurring basis. Assets acquired, including identifiable intangible assets and goodwill, and liabilities assumed in acquisitions are recorded at fair value on the respective acquisition dates, subject to potential future measurement period adjustments. Nonfinancial assets are subject to fair value adjustments when there is evidence that impairment may exist. No material impairments were recorded during the three months ended March 31, 2024 or 2023.

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STOCKHOLDERS’ EQUITY

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

STOCKHOLDERS’ EQUITY

STOCKHOLDERS’ EQUITY

Treasury Stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Treasury shares of 556,301 held at March 31, 2024 include shares repurchased under the Company’s share repurchase programs and shares withheld for withholding tax, as described below.

Share Repurchase Program. On May 20, 2022, the Company's board of directors (the "Board") authorized up to $450.0 million of share repurchases (with no cap as to the number of shares of common stock) (the "Share Repurchase Program"). The Company had $143.1 million of remaining share repurchase authorization under the Share Repurchase Program as of March 31, 2024. Additional purchases under the Share Repurchase Program may be made from time to time on the open market and in privately negotiated transactions. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions. Since the Company first became publicly traded in 2015 through March 31, 2024, the Company has repurchased 646,244 shares of its common stock at an aggregate cost of $556.9 million. The Company did not repurchase any of its common stock during the three months ended March 31, 2024.

Tax Withholding for Equity Awards. At the employee’s option, shares of common stock are withheld by the Company upon the vesting of restricted stock and exercise of stock appreciation rights (“SARs”) to cover the applicable statutory minimum amount of employee withholding taxes, which the Company then pays to the taxing authorities in cash. The amounts remitted during the three months ended March 31, 2024 and 2023 were $2.7 million and $2.2 million, for which the Company withheld 2,328 and 3,132 shares of common stock, respectively.

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EQUITY-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

EQUITY-BASED COMPENSATION

Our stockholders approved the Cable One, Inc. 2022 Omnibus Incentive Compensation Plan (the “2022 Plan”) at the annual meeting of stockholders held May 20, 2022. The 2022 Plan provides for grants of incentive stock options, non-qualified stock options, restricted stock awards, SARs, restricted stock units (“RSUs”), performance restricted stock units ("PRSUs"), cash-based awards, performance-based awards, dividend equivalent units (“DEUs” and, together with restricted stock awards, RSUs and PRSUs, “Restricted Stock”) and other stock-based awards, including deferred stock units and superseded and replaced the Amended and Restated Cable One, Inc. 2015 Omnibus Incentive Compensation Plan. Directors, officers, employees and consultants of the Company are eligible for grants under the 2022 Plan as part of the Company’s long-term incentive compensation programs. At March 31, 2024, 334,922 shares were available for issuance under the 2022 Plan.

Compensation expense associated with equity-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the award, with forfeitures recognized as incurred. The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income, was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Restricted Stock	$	7,303	$	5,210
SARs	162		375
Total	$	7,465	$	5,585

The Company recognized excess tax shortfalls of $1.5 million and $1.2 million during the three months ended March 31, 2024 and 2023, respectively. The deferred tax asset related to all outstanding equity-based awards was $5.0 million and $7.4 million as of March 31, 2024 and December 31, 2023, respectively.

Restricted Stock. A summary of Restricted Stock activity during the three months ended March 31, 2024 is as follows:

	Restricted Stock	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023	91,432	$	952.33
Granted	89,108	$	578.96
Forfeited	(3,545)	$	868.74
Vested and issued	(14,806)	$	1,378.88
Outstanding as of March 31, 2024	162,189	$	710.09
Vested and deferred as of March 31, 2024	5,781	$	861.58

At March 31, 2024, there was $59.7 million of unrecognized compensation expense related to Restricted Stock, which is expected to be recognized over a weighted average period of 2.0 years.

The significant inputs and resulting weighted average grant date fair value for market-based award grants were as follows:

	2024			2023
Risk-free interest rate	4.0		%	4.1		%
Expected volatility	35.4		%	39.1		%
Simulation term (in years)	2.99 years			2.99 years
Weighted average grant date fair value	$	603.73		$	774.30

Stock Appreciation Rights. A summary of SARs activity during the three months ended March 31, 2024 is as follows:

	Stock Appreciation Rights	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2023	35,491	$	1,093.30	$	269.69	$	—	5.1
Forfeited	(500)	$	1,540.92	$	373.12
Outstanding as of March 31, 2024	34,991	$	1,086.91	$	268.22	$	—	4.8
Exercisable as of March 31, 2024	31,491	$	1,000.62	$	243.29	$	—	4.6

At March 31, 2024, there was $1.0 million of unrecognized compensation expense related to SARs, which is expected to be recognized over a weighted average period of 0.7 years.

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INCOME TAXES	3 Months Ended
	Mar. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXESThe Company’s effective tax rate was 27.4% and 23.2% for the three months ended March 31, 2024 and 2023, respectively. The increase in the effective tax rate was due primarily to a decrease in income tax benefits of $2.1 million resulting from lower equity method investment net losses in the current quarter

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OTHER INCOME AND EXPENSE

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

OTHER INCOME AND EXPENSE

OTHER INCOME AND EXPENSE

The reclassification of interest and investment income from other income to interest expense, net, in the condensed consolidated statement of operations and comprehensive income has been reflected in prior period amounts to conform to the current year presentation.

Other income (expense) consisted of the following (in thousands):

	Three Months Ended March 31,
	2024		2023
MBI Net Option fair value adjustment	$	(7,200)	$	(7,980)
Write-off of debt issuance costs	—		(3,340)
Mark-to-market adjustments and other(1)	85		12,673
Other income (expense), net	$	(7,115)	$	1,353

(1)Amount for the three months ended March 31, 2023 includes a $12.3 million non-cash mark-to-market gain on the Company's investment in Point Broadband as a result of an observable market transaction in Point Broadband’s equity.

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NET INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE

Basic net income per common share is computed by dividing net income by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income per common share further includes any common shares available to be issued upon vesting or exercise of outstanding equity-based compensation awards if such inclusion would be dilutive, calculated using the treasury stock method, and any common shares to be issued upon conversion of the Convertible Notes, calculated using the if-converted method.

The computation of basic and diluted net income per common share was as follows (dollars in thousands, except per share amounts):

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income - basic	$	47,342	$	57,426
Add: Convertible Notes interest expense, net of tax	1,551		1,543
Net income - diluted	$	48,893	$	58,969
Denominator:
Weighted average common shares outstanding - basic	5,618,745		5,718,745
Effect of dilutive equity-based compensation awards(1)	3,469		5,601
Effect of dilution from if-converted Convertible Notes(2)	404,248		404,248
Weighted average common shares outstanding - diluted	6,026,462		6,128,594
Net Income per Common Share:
Basic	$	8.43	$	10.04
Diluted	$	8.11	$	9.62
Supplemental Net Income per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards(1)	64,541		25,313

(1)Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation.

(2)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding during all periods presented.

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COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

Contractual Obligations. The Company has obligations to make future payments for goods and services under certain contractual arrangements. These contractual obligations secure the future rights to various goods and services to be used in the normal course of the Company’s operations. In accordance with applicable accounting rules, the future rights and obligations pertaining to firm commitments, such as certain purchase obligations under contracts, are not reflected as assets or liabilities in the condensed consolidated balance sheets.

As of March 31, 2024, with the exception of debt payments (refer to note 7 for the updated future maturities of outstanding borrowings table), there have been no material changes to the contractual obligations previously disclosed in the 2023 Form 10-K.

In addition, the Company incurs recurring utility pole rental costs and fees imposed by various governmental authorities, including franchise fees, as part of its operations. However, these costs are not included in the Company’s contractual obligations as they are cancellable on short notice, in the case of pole rental costs, or are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities, in the case of fees imposed by governmental authorities. The Company also has franchise agreements requiring plant construction and the provision of services to customers within the franchise areas. In connection with these obligations under existing franchise agreements, the Company obtains surety bonds or letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments under these arrangements are required only in the remote event of nonperformance.

Litigation and Legal Matters. The Company is subject to complaints and administrative proceedings and has been a defendant in various civil lawsuits that have arisen in the ordinary course of its business. Such matters include contract disputes; actions alleging negligence, invasion of privacy, trademark, copyright and patent infringement, and violations of applicable wage and hour laws; statutory or common law claims involving current and former employees; and other matters. Although the outcomes of any legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, the Company believes that there are no existing claims or proceedings that are likely to have a material adverse effect on its business, financial condition, results of operations or cash flows.

Regulation in the Company’s Industry. The Company’s operations are extensively regulated by the Federal Communications Commission (the "FCC"), some state governments and most local governments. The FCC has the authority to enforce its regulations through the imposition of substantial fines, the issuance of cease-and-desist orders and/or the imposition of other administrative sanctions, such as the revocation of FCC licenses needed to operate certain transmission facilities used in connection with cable operations. Future legislative and regulatory changes could adversely affect the Company’s operations.

Equity Investments. The Company has certain obligations with respect to certain of its equity investments. Refer to note 4 for further information.

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Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 47,342	$ 57,426

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Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the SEC. As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein. These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2023 Form 10-K.

The December 31, 2023 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2023 Form 10-K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results.

Reclassification

Certain reclassifications have been made to prior period amounts to conform to the current year presentation.

Principles of Consolidation

Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

Segment Reporting

Segment Reporting. Accounting Standards Codification 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s review and assessment of the Company’s operating performance for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.

Use of Estimates

Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.

Recently Issued But Not Yet Adopted Accounting Pronouncements

Recently Issued But Not Yet Adopted Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional disclosures around tax rate reconciliations, income taxes payments and other tax-related information. The ASU is effective for annual periods beginning after December 15, 2024 and can be applied on either a prospective or retrospective basis. The Company currently plans to adopt ASU 2023-09 in the first quarter of 2025 on a prospective basis and expects the adoption of the updated guidance to result in the additional disaggregation of certain tax information within the Company's income tax footnote disclosure.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting. The ASU requires additional disclosures regarding a reportable segment's financial information in which the reportable segment is regularly provided to the chief operating decision marker. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. The Company currently plans to adopt ASU 2023-07 in the first quarter of 2025 on a retrospective basis and expects the adoption of the updated guidance to result in additional segment-related footnote disclosures within the notes to the consolidated financial statements.

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REVENUES (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenues by Product Line and Other Revenue

Revenues by product line and other revenue-related disclosures were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Residential:
Data	$	235,820	$	242,697
Video	60,358		70,286
Voice	8,561		9,748
Business:
Data	56,640		54,606
Other	19,185		21,654
Other	23,748		22,903
Total revenues	$	404,312	$	421,894
Franchise and other regulatory fees	$	6,391	$	7,101
Deferred commission amortization	$	1,496	$	1,303

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OPERATING ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2024

Receivables [Abstract]

Schedule of Accounts Receivable

Accounts receivable consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Trade receivables	$	48,689	$	72,076
Other receivables(1)	16,283		26,006
Less: Allowance for credit losses	(4,442)		(4,109)
Total accounts receivable, net	$	60,530	$	93,973

(1)Balances include amounts due from Clearwave Fiber (as defined in note 4) for services provided under a transition services agreement of $3.8 million and $3.7 million as of March 31, 2024 and December 31, 2023, respectively. The balances also include $7.4 million and $11.4 million of receivables from the federal government under the Secure and Trusted Communications Networks Reimbursement Program as of March 31, 2024 and December 31, 2023, respectively.

Schedule of Allowance for Doubtful Accounts

The changes in the allowance for credit losses were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Beginning balance	$	4,109	$	3,191
Additions - charged to costs and expenses	2,652		2,491
Deductions - write-offs	(3,763)		(3,451)
Recoveries collected	1,444		1,494
Ending balance	$	4,442	$	3,725

Schedule of Prepaid and Other Current Assets

Prepaid and other current assets consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Prepaid repairs and maintenance	$	14,084	$	2,596
Software implementation costs	2,186		1,812
Prepaid insurance	2,145		3,507
Prepaid rent	3,546		2,227
Prepaid software	10,280		9,762
Deferred commissions	5,461		5,371
Interest rate swap asset	28,226		24,511
Prepaid income tax payments	5,963		5,470
All other current assets	4,151		2,860
Total prepaid and other current assets	$	76,042	$	58,116

Schedule of Other Assets, Noncurrent

Other noncurrent assets consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Operating lease right-of-use assets	$	9,704	$	10,650
Deferred commissions	9,891		9,793
Software implementation costs	7,548		7,115
Debt issuance costs	2,901		3,087
Debt investment	2,261		2,228
Assets held for sale	—		889
Interest rate swap asset	44,797		24,453
All other noncurrent assets	4,793		4,934
Total other noncurrent assets	$	81,895	$	63,149

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Accounts payable	$	37,280	$	45,025
Accrued programming costs	17,691		18,453
Accrued compensation and related benefits	19,410		20,149
Accrued sales and other operating taxes	11,764		14,518
Accrued franchise fees	2,521		2,952
Deposits	6,025		5,954
Operating lease liabilities	3,139		3,391
Accrued insurance costs	5,160		5,167
Cash overdrafts	6,542		12,058
Interest payable	12,294		6,340
Income taxes payable	—		2,579
All other accrued liabilities	18,763		20,059
Total accounts payable and accrued liabilities	$	140,589	$	156,645

Schedule of Other Noncurrent Liabilities

Other noncurrent liabilities consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Operating lease liabilities	$	6,104	$	6,768
Accrued compensation and related benefits	8,362		8,847
Deferred revenue	13,831		15,066
MBI Net Option (as defined in note 4)(1)	143,560		136,360
All other noncurrent liabilities	2,751		2,515
Total other noncurrent liabilities	$	174,608	$	169,556

(1)Represents the net value of the Company’s call and put options associated with the remaining equity interests in MBI (as defined in note 4), consisting of liabilities of $25.3 million and $118.3 million, respectively, as of March 31, 2024 and liabilities of $15.2 million and $121.2 million, respectively, as of December 31, 2023. Refer to notes 4 and 9 for further information on the MBI Net Option (as defined in note 4).

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EQUITY INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Investments, All Other Investments [Abstract]

Schedule of Carrying Value of the Company's Equity Investments

The carrying value of the Company's equity investments consisted of the following (dollars in thousands):

	March 31, 2024			December 31, 2023
	Ownership Percentage	Carrying Value		Ownership Percentage	Carrying Value
Cost Method Investments
MetroNet(1)	<10%	$	7,000	<10%	$	7,000
Nextlink(2)	<20%	77,245		<20%	77,245
Point Broadband(3)	<10%	42,623		<10%	42,623
Visionary(4)	<10%	8,822		<10%	8,822
Ziply(5)	<10%	50,000		<10%	50,000
Others	<10%	14,212		<10%	13,926
Total cost method investments		$	199,902		$	199,616
Equity Method Investments
Clearwave Fiber(6)	~58%	$	351,678	~58%	$	359,876
MBI(7)	45%	565,640		45%	565,955
Total equity method investments		$	917,318		$	925,831
Total equity investments		$	1,117,220		$	1,125,447

(1)MetroNet Systems, LLC, a fiber internet service provider ("MetroNet").

(2)AMG Technology Investment Group, LLC, a wireless internet service provider ("Nextlink").

(3)Point Broadband Holdings, LLC, a fiber internet service provider ("Point Broadband").

(4)Visionary Communications, Inc., an internet service provider ("Visionary").

(5)Northwest Fiber Holdco., LLC, a fiber internet service provider ("Ziply").

(6)A joint venture transaction in which the Company contributed certain fiber operations (including certain fiber assets of Hargray and a majority of the operations of Delta Communications, LLC and certain unaffiliated third-party investors contributed cash to a newly formed entity, Clearwave Fiber LLC ("Clearwave Fiber").

(7)The Company holds a call option to purchase all but not less than all of the remaining equity interests in Mega Broadband Investments Holdings LLC, a data, video and voice services provider (“MBI”) that the Company does not already own between January 1, 2023 and June 30, 2024. Certain investors in MBI hold a put option to sell (and to cause all members of MBI other than the Company to sell) to the Company all but not less than all of the remaining equity interests in MBI that the Company does not already own between July 1, 2025 and September 30, 2025. The call and put options (collectively referred to as the “MBI Net Option”) are measured at fair value using Monte Carlo simulations that rely on assumptions around MBI’s equity value, MBI’s and the Company’s equity volatility, MBI’s and the Company’s earnings before interest, taxes, depreciation and amortization (“EBITDA” and as adjusted, “Adjusted EBITDA”) volatility, risk adjusted discount rates and the Company’s cost of debt, among others. The final MBI purchase price allocation resulted in $630.7 million being allocated to the MBI equity investment and $19.7 million and $75.5 million being allocated to the call and put options, respectively. The MBI Net Option is remeasured at fair value on a quarterly basis. The carrying value of the MBI Net Option liability was $143.6 million and $136.4 million as of March 31, 2024 and December 31, 2023, respectively, and was included within other noncurrent liabilities in the condensed consolidated balance sheets. Refer to note 9 for further information on the MBI Net Option.

Schedule of Equity Method Investments

Equity method investment income (losses), which increase (decrease) the carrying value of the respective investment, and are recorded on a one quarter lag, along with certain other operating information, were as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Equity Method Investment Income (Losses)
Clearwave Fiber	$	(8,198)	$	(14,231)
MBI(1)	(315)		(2,403)
Wisper(2)	—		120
Total	$	(8,513)	$	(16,514)
Other Income (Expense), Net
Mark-to-market adjustments(3)	$	46	$	12,833
MBI Net Option change in fair value	$	(7,200)	$	(7,980)

(1)The Company identified a $186.6 million difference between the fair values of certain of MBI’s finite-lived intangible assets and the respective carrying values recorded by MBI, of which $84.0 million was attributable to the Company’s 45% pro rata portion. The Company is amortizing its share on an accelerated basis over the lives of the respective assets. For the three months ended March 31, 2024, the Company recognized $2.2 million of its pro rata share of MBI’s net income and $2.5 million of its pro rata share of basis difference amortization. For the three months ended March 31, 2023, the Company recognized $0.8 million of its pro rata share of MBI’s net income and $3.2 million of its pro rata share of basis difference amortization.

(2)Wisper ISP, LLC, a wireless internet service provider ("Wisper"). In July 2023, the Company redeemed its equity investment in Wisper.

(3)The amount for the three months ended March 31, 2023 included a $12.3 million non-cash mark-to-market gain on the Company's investment in Point Broadband as a result of an observable market transaction in Point Broadband’s equity.

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PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property, plant and equipment consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Cable distribution systems	$	2,522,275	$	2,491,903
Customer premise equipment	393,625		380,820
Other equipment and fixtures	375,261		376,847
Buildings and improvements	139,993		140,063
Capitalized software	74,470		70,928
Construction in progress	170,219		188,774
Land	16,564		13,641
Right-of-use assets	10,599		10,789
Property, plant and equipment, gross	3,703,006		3,673,765
Less: Accumulated depreciation and amortization	(1,918,159)		(1,882,645)
Property, plant and equipment, net	$	1,784,847	$	1,791,120

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GOODWILL AND INTANGIBLE ASSETS (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

Intangible assets consisted of the following (dollars in thousands):

		March 31, 2024						December 31, 2023
	Useful Life Range (in years)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-Lived Intangible Assets
Customer relationships	13.5 – 17	$	784,381	$	311,717	$	472,664	$	784,381	$	295,817	$	488,564
Trademarks and trade names	2.7 – 4.2	11,846		9,309		2,537		11,846		8,782		3,064
Wireless licenses	10 – 15	4,794		572		4,222		4,169		451		3,718
Total finite-lived intangible assets		$	801,021	$	321,598	$	479,423	$	800,396	$	305,050	$	495,346
Indefinite-Lived Intangible Assets
Franchise agreements						$	2,100,546					$	2,100,546
Total intangible assets, net						$	2,579,969					$	2,595,892

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The future amortization of existing finite-lived intangible assets as of March 31, 2024 was as follows (in thousands):

Year Ending December 31,	Amount
2024 (remaining nine months)	$	49,628
2025	61,182
2026	55,668
2027	51,787
2028	48,188
Thereafter	212,970
Total	$	479,423

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DEBT (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments

The carrying amount of long-term debt consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Senior Credit Facilities (as defined below)	$	2,050,787	$	2,105,348
Senior Notes (as defined below)	650,000		650,000
Convertible Notes (as defined below)	920,000		920,000
Finance lease liabilities	4,873		5,160
Total debt	3,625,660		3,680,508
Less: Unamortized debt discount	(10,956)		(12,025)
Less: Unamortized debt issuance costs	(21,570)		(22,532)
Less: Current portion of long-term debt	(19,018)		(19,023)
Total long-term debt	$	3,574,116	$	3,626,928

Schedule of Term Loans

A summary of the Company’s outstanding term loans as of March 31, 2024 is as follows (dollars in thousands):

Instrument	Draw Date(s)	Original Principal		Amortization Per Annum(1)	Outstanding Principal		Final Scheduled Maturity Date	Final Scheduled Principal Payment		Benchmark Rate	Fixed Margin	Interest Rate
Term Loan B-2	1/7/2019	$	250,000	1.0%	$	237,500	10/30/2029(2)	$	223,750	SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-3	6/14/2019 10/30/2020 2/22/2023	325,000 300,000 150,000		1.0%	747,287		10/30/2029(2)	704,695		SOFR + 10.0 bps	2.25%	7.68%
Term Loan B-4	5/3/2021	800,000		1.0%	778,000		5/3/2028	746,000		SOFR + 11.4 bps	2.00%	7.44%
Total		$	1,825,000		$	1,762,787		$	1,674,445

(1)Payable in equal quarterly installments (expressed as a percentage of the original principal amount and subject to customary adjustments in the event of any prepayment). All loans may be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).

(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.

Schedule of Convertible Debt

The carrying amounts of the Convertible Notes consisted of the following (in thousands):

	March 31, 2024						December 31, 2023
	2026 Notes		2028 Notes		Total		2026 Notes		2028 Notes		Total
Gross carrying amount	$	575,000	$	345,000	$	920,000	$	575,000	$	345,000	$	920,000
Less: Unamortized discount	(5,862)		(5,094)		(10,956)		(6,610)		(5,415)		(12,025)
Less: Unamortized debt issuance costs	(160)		(144)		(304)		(180)		(153)		(333)
Net carrying amount	$	568,978	$	339,762	$	908,740	$	568,210	$	339,432	$	907,642

Interest expense on the Convertible Notes consisted of the following (dollars in thousands):

	Three Months Ended March 31,
	2024								2023
	2026 Notes			2028 Notes			Total		2026 Notes			2028 Notes			Total
Contractual interest expense	$	—		$	970		$	970	$	—		$	970		$	970
Amortization of discount	748			321			1,069		740			318			1,058
Amortization of debt issuance costs	20			9			29		20			9			29
Total interest expense	$	768		$	1,300		$	2,068	$	760		$	1,297		$	2,057
Effective interest rate	0.5		%	1.5		%			0.5		%	1.5		%

Schedule of Unamortized Debt Issuance Costs

Unamortized debt issuance costs consisted of the following (in thousands):

	March 31, 2024		December 31, 2023
Revolving Credit Facility portion:
Other noncurrent assets	$	2,901	$	3,087
Term loans and Notes portion:
Long-term debt (contra account)	21,570		22,532
Total	$	24,471	$	25,619

Schedule of Maturities of Long-Term Debt

The future maturities of outstanding borrowings as of March 31, 2024 were as follows (in thousands):

Year Ending December 31,	Amount
2024 (remaining nine months)	$	13,683
2025	18,244
2026	593,244
2027	18,244
2028	1,391,244
Thereafter	1,586,128
Total	$	3,620,787

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INTEREST RATE SWAPS (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):

	Entry Date	Effective Date	Maturity Date(1)	Notional Amount		Settlement Type	Settlement Frequency	Fixed Base Rate
Swap A(2)	3/7/2019	3/11/2019	3/11/2029	$	850,000	Receive one-month SOFR, pay fixed	Monthly	2.595%
Swap B(3)	3/6/2019	6/15/2020	2/28/2029	350,000		Receive one-month SOFR, pay fixed	Monthly	2.691%
Total				$	1,200,000

(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.

(2)Swap A was amended effective February 28, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.653% to 2.595%.

(3)Swap B was amended effective March 1, 2023 to transition the reference rate from LIBOR to SOFR, resulting in the fixed base rate changing from 2.739% to 2.691%.

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):

	March 31, 2024		December 31, 2023
Assets:
Current portion:
Prepaid and other current assets	$	28,226	$	24,511
Noncurrent portion:
Other noncurrent assets	44,797		24,453
Total interest rate swap asset	$	73,023	$	48,964
Stockholders’ Equity:
Accumulated other comprehensive income	$	55,210	$	36,936

The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Interest (income) expense	$	(8,243)	$	(5,644)
Unrealized gain (loss) on cash flow hedges, gross	$	24,059	$	(23,352)
Less: Tax effect	(5,785)		5,410
Unrealized gain (loss) on cash flow hedges, net of tax	$	18,274	$	(17,942)

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FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The carrying amounts, fair values and related fair value hierarchy levels of the Company’s financial assets and liabilities as of March 31, 2024 were as follows (in thousands):

	March 31, 2024
	Carrying Amount		Fair Value		Fair Value Hierarchy
Assets:
Cash and cash equivalents:
Money market investments	$	126,317	$	126,317	Level 1
Other noncurrent assets (including current portion):
Interest rate swap asset	$	73,023	$	73,023	Level 2
Liabilities:
Long-term debt (including current portion):
Term loans	$	1,762,787	$	1,749,566	Level 2
Revolving Credit Facility	$	288,000	$	285,120	Level 2
Senior Notes	$	650,000	$	505,375	Level 2
Convertible Notes	$	920,000	$	763,600	Level 2
Other noncurrent liabilities:
MBI Net Option	$	143,560	$	143,560	Level 3

Schedule of Assumptions Used to Determine the Fair Value of the MBI Net Option

The assumptions used to determine the fair value of the MBI Net Option consisted of the following:

	March 31, 2024				December 31, 2023
	Cable One		MBI		Cable One		MBI
Equity volatility	41.0	%	29.0	%	40.0	%	30.0	%
EBITDA volatility	10.0	%	10.0	%	10.0	%	10.0	%
EBITDA risk-adjusted discount rate	8.0	%	8.5	%	7.5	%	8.5	%
Cost of debt	9.5	%			8.5	%

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EQUITY-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income, was as follows (in thousands):

	Three Months Ended March 31,
	2024		2023
Restricted Stock	$	7,303	$	5,210
SARs	162		375
Total	$	7,465	$	5,585

Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity

A summary of Restricted Stock activity during the three months ended March 31, 2024 is as follows:

	Restricted Stock	Weighted Average Grant Date Fair Value Per Share
Outstanding as of December 31, 2023	91,432	$	952.33
Granted	89,108	$	578.96
Forfeited	(3,545)	$	868.74
Vested and issued	(14,806)	$	1,378.88
Outstanding as of March 31, 2024	162,189	$	710.09
Vested and deferred as of March 31, 2024	5,781	$	861.58

Schedule of Share-Based Payment Award, Restricted Stock Valuation Assumptions

The significant inputs and resulting weighted average grant date fair value for market-based award grants were as follows:

	2024			2023
Risk-free interest rate	4.0		%	4.1		%
Expected volatility	35.4		%	39.1		%
Simulation term (in years)	2.99 years			2.99 years
Weighted average grant date fair value	$	603.73		$	774.30

Schedule of Share-Based Payment Arrangement, Stock Appreciation Right, Activity

A summary of SARs activity during the three months ended March 31, 2024 is as follows:

	Stock Appreciation Rights	Weighted Average Exercise Price		Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value (in thousands)		Weighted Average Remaining Contractual Term (in years)
Outstanding as of December 31, 2023	35,491	$	1,093.30	$	269.69	$	—	5.1
Forfeited	(500)	$	1,540.92	$	373.12
Outstanding as of March 31, 2024	34,991	$	1,086.91	$	268.22	$	—	4.8
Exercisable as of March 31, 2024	31,491	$	1,000.62	$	243.29	$	—	4.6

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OTHER INCOME AND EXPENSE (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

Other income (expense) consisted of the following (in thousands):

	Three Months Ended March 31,
	2024		2023
MBI Net Option fair value adjustment	$	(7,200)	$	(7,980)
Write-off of debt issuance costs	—		(3,340)
Mark-to-market adjustments and other(1)	85		12,673
Other income (expense), net	$	(7,115)	$	1,353

(1)Amount for the three months ended March 31, 2023 includes a $12.3 million non-cash mark-to-market gain on the Company's investment in Point Broadband as a result of an observable market transaction in Point Broadband’s equity.

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NET INCOME PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The computation of basic and diluted net income per common share was as follows (dollars in thousands, except per share amounts):

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income - basic	$	47,342	$	57,426
Add: Convertible Notes interest expense, net of tax	1,551		1,543
Net income - diluted	$	48,893	$	58,969
Denominator:
Weighted average common shares outstanding - basic	5,618,745		5,718,745
Effect of dilutive equity-based compensation awards(1)	3,469		5,601
Effect of dilution from if-converted Convertible Notes(2)	404,248		404,248
Weighted average common shares outstanding - diluted	6,026,462		6,128,594
Net Income per Common Share:
Basic	$	8.43	$	10.04
Diluted	$	8.11	$	9.62
Supplemental Net Income per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards(1)	64,541		25,313

(1)Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per common share calculation.

(2)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding during all periods presented.

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DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details) customer in Thousands	3 Months Ended
	Mar. 31, 2024 customer state segment
Number of states in which entity operates | state	24
Number of customers	1,100
Number of operating segments | segment	1
Data
Number of customers	1,066
Video
Number of customers	133
Voice
Number of customers	115

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REVENUES - Revenues by Product Line (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Revenues	$ 404,312	$ 421,894
Deferred commission amortization	1,496	1,303
Data
Disaggregation of Revenue [Line Items]
Revenues	235,820	242,697
Video
Disaggregation of Revenue [Line Items]
Revenues	60,358	70,286
Voice
Disaggregation of Revenue [Line Items]
Revenues	8,561	9,748
Data
Disaggregation of Revenue [Line Items]
Revenues	56,640	54,606
Other
Disaggregation of Revenue [Line Items]
Revenues	19,185	21,654
Other
Disaggregation of Revenue [Line Items]
Revenues	23,748	22,903
Franchise and other regulatory fees
Disaggregation of Revenue [Line Items]
Revenues	$ 6,391	$ 7,101

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REVENUES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, liability, current	$ 27,079	$ 27,169
Contract with customer, liability, revenue recognized	$ 21,600

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OPERATING ASSETS AND LIABILITIES - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Trade receivables	$ 48,689	$ 72,076
Other receivables	16,283	26,006
Less: Allowance for credit losses	(4,442)	(4,109)
Total accounts receivable, net	60,530	93,973
Clearwave Fiber
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables	3,800	3,700
Federal government
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other receivables	$ 7,400	$ 11,400

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OPERATING ASSETS AND LIABILITIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 4,109	$ 3,191
Additions - charged to costs and expenses	2,652	2,491
Deductions - write-offs	(3,763)	(3,451)
Recoveries collected	1,444	1,494
Ending balance	$ 4,442	$ 3,725

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OPERATING ASSETS AND LIABILITIES - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Offsetting Assets [Line Items]
Prepaid repairs and maintenance	$ 14,084	$ 2,596
Software implementation costs	2,186	1,812
Prepaid insurance	2,145	3,507
Prepaid rent	3,546	2,227
Prepaid software	10,280	9,762
Deferred commissions	5,461	5,371
Prepaid income tax payments	5,963	5,470
All other current assets	4,151	2,860
Total prepaid and other current assets	76,042	58,116
Interest Rate Swap
Offsetting Assets [Line Items]
Interest rate swap asset	$ 28,226	$ 24,511

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OPERATING ASSETS AND LIABILITIES - Other Noncurrent Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Transfer of Financial Assets Accounted for as Sales [Line Items]
Operating lease right-of-use assets	$ 9,704	$ 10,650
Deferred commissions	9,891	9,793
Software implementation costs	7,548	7,115
Debt issuance costs	2,901	3,087
Debt investment	2,261	2,228
Assets held for sale	0	889
All other noncurrent assets	4,793	4,934
Total other noncurrent assets	81,895	63,149
Interest Rate Swap
Transfer of Financial Assets Accounted for as Sales [Line Items]
Interest rate swap asset	$ 44,797	$ 24,453

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OPERATING ASSETS AND LIABILITIES - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Receivables [Abstract]
Accounts payable	$ 37,280	$ 45,025
Accrued programming costs	17,691	18,453
Accrued compensation and related benefits	19,410	20,149
Accrued sales and other operating taxes	11,764	14,518
Accrued franchise fees	2,521	2,952
Deposits	6,025	5,954
Operating lease liabilities	3,139	3,391
Accrued insurance costs	5,160	5,167
Cash overdrafts	6,542	12,058
Interest payable	12,294	6,340
Income taxes payable	0	2,579
All other accrued liabilities	18,763	20,059
Total accounts payable and accrued liabilities	$ 140,589	$ 156,645

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OPERATING ASSETS AND LIABILITIES - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Operating lease liabilities	$ 6,104	$ 6,768
Accrued compensation and related benefits	8,362	8,847
Deferred revenue	13,831	15,066
MBI net option (as defined in note 4)	143,560	136,360
All other noncurrent liabilities	2,751	2,515
Total other noncurrent liabilities	174,608	169,556
MBI
Accounts, Notes, Loans and Financing Receivable [Line Items]
MBI net option (as defined in note 4)	143,600	136,400
MBI | Call Option
Accounts, Notes, Loans and Financing Receivable [Line Items]
Derivative liability	25,300	15,200
MBI | Put Option
Accounts, Notes, Loans and Financing Receivable [Line Items]
Derivative liability	$ 118,300	$ 121,200

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EQUITY INVESTMENTS - Carrying Value of Equity Method Investments Without Determinable Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Nov. 12, 2020
Net Investment Income [Line Items]
Total cost method investments	$ 199,902	$ 199,616
Total equity method investments	917,318	925,831
Total equity investments	1,117,220	1,125,447
MBI net option	143,560	136,360
MBI
Net Investment Income [Line Items]
MBI net option	$ 143,600	$ 136,400
MetroNet
Net Investment Income [Line Items]
Cost method investment, ownership percentage (in percent)	10.00%	10.00%
Total cost method investments	$ 7,000	$ 7,000
Nextlink
Net Investment Income [Line Items]
Cost method investment, ownership percentage (in percent)	20.00%	20.00%
Total cost method investments	$ 77,245	$ 77,245
Point Broadband
Net Investment Income [Line Items]
Cost method investment, ownership percentage (in percent)	10.00%	10.00%
Total cost method investments	$ 42,623	$ 42,623
Visionary
Net Investment Income [Line Items]
Cost method investment, ownership percentage (in percent)	10.00%	10.00%
Total cost method investments	$ 8,822	$ 8,822
Ziply
Net Investment Income [Line Items]
Cost method investment, ownership percentage (in percent)	10.00%	10.00%
Total cost method investments	$ 50,000	$ 50,000
Others
Net Investment Income [Line Items]
Cost method investment, ownership percentage (in percent)	10.00%	10.00%
Total cost method investments	$ 14,212	$ 13,926
Clearwave Fiber
Net Investment Income [Line Items]
Equity method investment, ownership percentage (in percent)	58.00%	58.00%
Total equity method investments	$ 351,678	$ 359,876
MBI
Net Investment Income [Line Items]
Equity method investment, ownership percentage (in percent)	45.00%	45.00%
Total equity method investments	$ 565,640	$ 565,955	$ 630,700
MBI | Call Option
Net Investment Income [Line Items]
Interest rate swap asset			19,700
MBI | Put Option
Net Investment Income [Line Items]
MBI net option			$ 75,500

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EQUITY INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
MBI
Net Investment Income [Line Items]
Equity method investment, difference between carrying amount and underlying equity	$ 486.8	$ 487.5

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EQUITY INVESTMENTS - Equity Method Investment Income (Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Equity method investment income (loss), net	$ (8,513)	$ (16,514)
Mark-to-market adjustments	46	12,833
MBI
Gain (Loss) on Securities [Line Items]
Finite-lived intangible assets, basis difference between fair value and carrying value	186,600
MBI
Gain (Loss) on Securities [Line Items]
MBI Net Option change in fair value	(7,200)	(7,980)
Clearwave Fiber
Gain (Loss) on Securities [Line Items]
Equity method investment income (loss), net	(8,198)	(14,231)
MBI
Gain (Loss) on Securities [Line Items]
Equity method investment income (loss), net	(315)	(2,403)
Finite-lived intangible assets, basis difference between fair value and carrying value	$ 84,000
Equity method investment, ownership percentage (in percent)	45.00%		45.00%
Income (loss) from equity method investments before amortization	$ 2,200	800
Amortization of basis difference	2,500	3,200
MBI | MBI
Gain (Loss) on Securities [Line Items]
MBI Net Option change in fair value	(7,200)	(7,980)
Wisper(2)
Gain (Loss) on Securities [Line Items]
Equity method investment income (loss), net	$ 0	120
Point Broadband
Gain (Loss) on Securities [Line Items]
Mark-to-market adjustments		$ 12,300

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PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Right-of-use assets	$ 10,599	$ 10,789
Property, plant and equipment, gross	3,703,006	3,673,765
Less: Accumulated depreciation and amortization	(1,918,159)	(1,882,645)
Property, plant and equipment, net	1,784,847	1,791,120
Cable distribution systems
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,522,275	2,491,903
Customer premise equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	393,625	380,820
Other equipment and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	375,261	376,847
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	139,993	140,063
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	74,470	70,928
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	170,219	188,774
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 16,564	$ 13,641

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PROPERTY, PLANT AND EQUIPMENT - Narrative (Details ) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Long-Lived Assets Held-for-sale [Line Items]
Proceeds from sale of property	$ 2,300
Gain on sale of property, plant and equipment	1,400
Depreciation and amortization	85,641	$ 85,428
Property, Plant and Equipment
Long-Lived Assets Held-for-sale [Line Items]
Depreciation and amortization	$ 69,100	$ 67,300
Other noncurrent assets
Long-Lived Assets Held-for-sale [Line Items]
Disposal group, including discontinued operation, property, plant and equipment, noncurrent			$ 900

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GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 928,947,000		$ 928,947,000
Goodwill, impairment loss	0		$ 0
Amortization of intangible assets	$ 16,500,000	$ 18,200,000

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GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Acquired Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 801,021	$ 800,396
Accumulated Amortization	321,598	305,050
Total	479,423	495,346
Intangible assets, net	2,579,969	2,595,892
Franchise agreements
Acquired Indefinite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets	2,100,546	2,100,546
Customer relationships
Acquired Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	784,381	784,381
Accumulated Amortization	311,717	295,817
Total	$ 472,664	488,564
Customer relationships | Minimum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Useful Life Range (in years)	13 years 6 months
Customer relationships | Maximum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Useful Life Range (in years)	17 years
Trademarks and trade names
Acquired Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 11,846	11,846
Accumulated Amortization	9,309	8,782
Total	$ 2,537	3,064
Trademarks and trade names | Minimum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Useful Life Range (in years)	2 years 8 months 12 days
Trademarks and trade names | Maximum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Useful Life Range (in years)	4 years 2 months 12 days
Wireless licenses
Acquired Indefinite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,794	4,169
Accumulated Amortization	572	451
Total	$ 4,222	$ 3,718
Wireless licenses | Minimum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Useful Life Range (in years)	10 years
Wireless licenses | Maximum
Acquired Indefinite-Lived Intangible Assets [Line Items]
Useful Life Range (in years)	15 years

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GOODWILL AND INTANGIBLE ASSETS - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (remaining nine months)	$ 49,628
2025	61,182
2026	55,668
2027	51,787
2028	48,188
Thereafter	212,970
Total	$ 479,423	$ 495,346

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DEBT - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease liabilities	$ 4,873	$ 5,160
Total debt	3,625,660	3,680,508
Less: Unamortized debt discount	(10,956)	(12,025)
Less: Unamortized debt issuance costs	(24,471)	(25,619)
Less: Current portion of long-term debt	(19,018)	(19,023)
Long-term debt	3,574,116	3,626,928
Senior Credit Facilities
Debt Instrument [Line Items]
Gross carrying amount	2,050,787	2,105,348
Senior Credit Facilities And Convertible Notes
Debt Instrument [Line Items]
Less: Unamortized debt issuance costs	(21,570)	(22,532)
Senior Notes
Debt Instrument [Line Items]
Gross carrying amount	650,000	650,000
Convertible Debt
Debt Instrument [Line Items]
Gross carrying amount	$ 920,000	$ 920,000

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DEBT - Senior Credit Facilities (Details) - USD ($)			1 Months Ended		3 Months Ended	12 Months Ended
	Feb. 22, 2023	Feb. 21, 2023	Feb. 29, 2024	Jul. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					0.10%
Revolving Credit Facility | SOFR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					1.25%
Revolving Credit Facility | SOFR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					1.75%
Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					0.25%
Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					0.75%
Term loans
Debt Instrument [Line Items]
Debt instrument, face amount					$ 1,825,000,000
Gross carrying amount					1,762,787,000
Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,000,000,000	$ 500,000,000
Draws on lines of credit	488,000,000
Extinguishment of debt			$ 50,000,000			$ 150,000,000
Debt outstanding					288,000,000
Line of credit facility, remaining borrowing capacity					712,000,000
Term Loan A-2 | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount		700,000,000
Extinguishment of debt	638,300,000
Term Loan B-2 | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount		250,000,000			250,000,000
Gross carrying amount					$ 237,500,000
Debt instrument, basis spread on variable rate (in percent)					2.25%
Term Loan B-2 | Term loans | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					0.10%
Term Loan B-3 | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount		625,000,000
Gross carrying amount	$ 757,000,000	150,000,000			$ 747,287,000
Debt instrument, basis spread on variable rate (in percent)					2.25%
Term Loan B-3 | Term loans | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					0.10%
Term Loan B-4 | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount		$ 800,000,000			$ 800,000,000
Gross carrying amount					$ 778,000,000
Debt instrument, basis spread on variable rate (in percent)					2.00%
Fixed Margin					2.00%
Term Loan B-4 | Term loans | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					0.114%
Term Loan B-4 | Term loans | SOFR | Minimum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)				0.114%	0.114%
Term Loan B-4 | Term loans | SOFR | Maximum
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)				0.428%	0.428%
Term Loan B-4 | Term loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					1.00%
Term Loan B-2 and the Term Loan B-3 | Term loans
Debt Instrument [Line Items]
Debt instrument, face amount					$ 150,000,000
Debt instrument, basis spread on variable rate (in percent)	2.25%	2.00%
Fixed Margin					2.25%
Term Loan B-2 and the Term Loan B-3 | Term loans | SOFR
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)	0.10%				0.10%
Term Loan B-2 and the Term Loan B-3 | Term loans | Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate (in percent)					1.25%

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DEBT - Summary of Term Loans (Details) - USD ($)			3 Months Ended
	Feb. 22, 2023	Feb. 21, 2023	Mar. 31, 2024
Debt Instrument [Line Items]
Final Scheduled Principal Payment			$ 3,620,787,000
SOFR
Debt Instrument [Line Items]
Benchmark Rate			0.10%
Term loans
Debt Instrument [Line Items]
Original Principal			$ 1,825,000,000
Outstanding Principal			1,762,787,000
Final Scheduled Principal Payment			1,674,445,000
Term loans | Term Loan B-2
Debt Instrument [Line Items]
Original Principal		$ 250,000,000	$ 250,000,000
Amortization per annum			1.00%
Outstanding Principal			$ 237,500,000
Final Scheduled Principal Payment			$ 223,750,000
Benchmark Rate			2.25%
Interest Rate			7.68%
Term loans | Term Loan B-2 | SOFR
Debt Instrument [Line Items]
Benchmark Rate			0.10%
Term loans | Term Loan B-3
Debt Instrument [Line Items]
Original Principal		625,000,000
Amortization per annum			1.00%
Outstanding Principal	$ 757,000,000	150,000,000	$ 747,287,000
Final Scheduled Principal Payment			$ 704,695,000
Benchmark Rate			2.25%
Interest Rate			7.68%
Term loans | Term Loan B-3 | SOFR
Debt Instrument [Line Items]
Benchmark Rate			0.10%
Term loans | Term Loan B-3, 1
Debt Instrument [Line Items]
Original Principal			$ 325,000,000
Term loans | Term Loan B-3, 2
Debt Instrument [Line Items]
Original Principal			300,000,000
Term loans | Term Loan B-3, 3
Debt Instrument [Line Items]
Original Principal			150,000,000
Term loans | Term Loan B-4
Debt Instrument [Line Items]
Original Principal		$ 800,000,000	$ 800,000,000
Amortization per annum			1.00%
Outstanding Principal			$ 778,000,000
Final Scheduled Principal Payment			$ 746,000,000
Benchmark Rate			2.00%
Interest Rate			7.44%
Term loans | Term Loan B-4 | SOFR
Debt Instrument [Line Items]
Benchmark Rate			0.114%
Term loans | Term Loan B-2 and the Term Loan B-3
Debt Instrument [Line Items]
Original Principal			$ 150,000,000
Benchmark Rate	2.25%	2.00%
Term loans | Term Loan B-2 and the Term Loan B-3 | SOFR
Debt Instrument [Line Items]
Benchmark Rate	0.10%		0.10%

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DEBT - Senior Notes (Details) - USD ($)	1 Months Ended
	Nov. 30, 2020	Mar. 31, 2024
Debt Instrument [Line Items]
Debt guarantee		$ 250,000,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650,000,000
Stated percentage (in percent)	4.00%
Senior Notes | Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed (in percent)	100.00%
Senior Notes | Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed (in percent)	40.00%
Senior Notes | Debt Instrument, Redemption, Period Three
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed (in percent)	104.00%
Senior Notes | Debt Instrument, Redemption, Period Four
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage of principal amount redeemed (in percent)	101.00%

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DEBT - Convertible Notes (Details)	1 Months Ended	3 Months Ended
	Mar. 31, 2021 USD ($) d $ / shares	Mar. 31, 2024
2026 Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount | $	$ 575,000,000
Stated percentage (in percent)	0.00%
2028 Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, face amount | $	$ 345,000,000
Stated percentage (in percent)	1.125%
The 2026 Notes and the 2028 Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio		0.4394
The 2026 Notes and the 2028 Notes | Convertible Debt
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	0.4394
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares	$ 2,275.83
Debt instrument, redemption price, percentage (in percent)	100.00%
Debt instrument, convertible, threshold percentage of stock price trigger (in percent)	130.00%
Debt instrument, convertible, threshold trading days | d	20
Debt instrument, convertible, threshold consecutive trading days | d	30
The 2026 Notes and the 2028 Notes | Convertible Debt | Company Undergoes a Fundamental Change
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage (in percent)	100.00%

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DEBT - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Less: Unamortized discount	$ (10,956)		$ (12,025)
Less: Unamortized debt issuance costs	(24,471)		(25,619)
Total	3,620,787
Amortization of debt issuance costs	1,100	$ 1,300
Convertible Debt
Debt Instrument, Redemption [Line Items]
Gross carrying amount	920,000		920,000
Convertible Debt | The 2026 Notes and the 2028 Notes
Debt Instrument, Redemption [Line Items]
Gross carrying amount	920,000		920,000
Less: Unamortized discount	(10,956)		(12,025)
Less: Unamortized debt issuance costs	(304)		(333)
Total	908,740		907,642
Contractual interest expense	970	970
Amortization of discount	1,069	1,058
Amortization of debt issuance costs	29	29
Total interest expense	2,068	2,057
Convertible Debt | 2026 Notes
Debt Instrument, Redemption [Line Items]
Gross carrying amount	575,000		575,000
Less: Unamortized discount	(5,862)		(6,610)
Less: Unamortized debt issuance costs	(160)		(180)
Total	568,978		568,210
Contractual interest expense	0	0
Amortization of discount	748	740
Amortization of debt issuance costs	20	20
Total interest expense	$ 768	$ 760
Debt instrument, effective interest rate (in percent)	0.50%	0.50%
Convertible Debt | 2028 Notes
Debt Instrument, Redemption [Line Items]
Gross carrying amount	$ 345,000		345,000
Less: Unamortized discount	(5,094)		(5,415)
Less: Unamortized debt issuance costs	(144)		(153)
Total	339,762		$ 339,432
Contractual interest expense	970	$ 970
Amortization of discount	321	318
Amortization of debt issuance costs	9	9
Total interest expense	$ 1,300	$ 1,297
Debt instrument, effective interest rate (in percent)	1.50%	1.50%

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DEBT - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Debt guarantee	$ 250,000,000
Amortization of debt issuance costs	1,100,000	$ 1,300,000
Capitalized costs		7,700,000
Write-off of debt issuance costs	0	$ 3,340,000
MUFG Bank
Debt Instrument [Line Items]
Letter of credit, maximum borrowing capacity	75,000,000
MUFG Bank | Letter of Credit
Debt Instrument [Line Items]
Debt outstanding	$ 10,500,000
Line of credit facility, interest rate at period end (in percent)	1.00%

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DEBT - Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Instrument, Redemption [Line Items]
Debt issuance costs	$ 24,471	$ 25,619
Other noncurrent assets
Debt Instrument, Redemption [Line Items]
Debt issuance costs	2,901	3,087
Long-term debt (contra account)
Debt Instrument, Redemption [Line Items]
Debt issuance costs	$ 21,570	$ 22,532

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DEBT - Future Maturities (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024 (remaining nine months)	$ 13,683
2025	18,244
2026	593,244
2027	18,244
2028	1,391,244
Thereafter	1,586,128
Total	$ 3,620,787

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INTEREST RATE SWAPS - Interest Rate Swap Agreements (Details)	Mar. 31, 2024 USD ($) derivative_instrument	Mar. 01, 2023	Feb. 28, 2023	Feb. 27, 2023
Interest Rate Swap | Cash Flow Hedging
Credit Derivatives [Line Items]
Number of derivative agreements | derivative_instrument	2
Notional Amount	$ 1,200,000,000
Swap A | LIBOR
Credit Derivatives [Line Items]
Derivative, fixed interest rate (in percent)				2.653%
Swap A | SOFR
Credit Derivatives [Line Items]
Derivative, fixed interest rate (in percent)			2.595%
Swap A | Cash Flow Hedging
Credit Derivatives [Line Items]
Notional Amount	$ 850,000,000
Derivative, fixed interest rate (in percent)	2.595%
Swap B | LIBOR
Credit Derivatives [Line Items]
Derivative, fixed interest rate (in percent)			2.739%
Swap B | SOFR
Credit Derivatives [Line Items]
Derivative, fixed interest rate (in percent)		2.691%
Swap B | Cash Flow Hedging
Credit Derivatives [Line Items]
Notional Amount	$ 350,000,000
Derivative, fixed interest rate (in percent)	2.691%

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INTEREST RATE SWAPS - Interest Rate Swaps on the Condensed Consolidated Balance Sheets and Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Stockholders' Equity:
Accumulated other comprehensive income	$ 55,019		$ 36,745
Interest (income) expense	(8,243)	$ (5,644)
Unrealized gain (loss) on cash flow hedges, gross	24,059	(23,352)
Less: Tax effect	(5,785)	5,410
Unrealized gain (loss) on cash flow hedges, net of tax	18,274	$ (17,942)
Accumulated other comprehensive income
Stockholders' Equity:
Accumulated other comprehensive income	55,210		36,936
Interest Rate Swap
Current portion:
Prepaid and other current assets	28,226		24,511
Noncurrent portion:
Other noncurrent assets	44,797		24,453
Total interest rate swap asset	$ 73,023		$ 48,964

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FAIR VALUE MEASUREMENTS - Carrying Amounts and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Interest rate swap asset
Other noncurrent assets (including current portion):
Derivative asset	$ 73,023	$ 48,964
Level 1 | Carrying Amount | Money market investments
Cash and cash equivalents:
Money market investments	126,317
Level 1 | Fair Value | Money market investments
Cash and cash equivalents:
Money market investments	126,317
Level 2 | Carrying Amount | Term loans
Long-term debt (including current portion):
Long-term debt, fair value	1,762,787
Level 2 | Carrying Amount | Revolving Credit Facility | Revolving Credit Facility
Long-term debt (including current portion):
Long-term debt, fair value	288,000
Level 2 | Carrying Amount | Senior Notes
Long-term debt (including current portion):
Long-term debt, fair value	650,000
Level 2 | Carrying Amount | Convertible Notes
Long-term debt (including current portion):
Long-term debt, fair value	920,000
Level 2 | Carrying Amount | Interest rate swap asset
Other noncurrent assets (including current portion):
Derivative asset	73,023
Level 2 | Fair Value | Term loans
Long-term debt (including current portion):
Long-term debt, fair value	1,749,566
Level 2 | Fair Value | Revolving Credit Facility | Revolving Credit Facility
Long-term debt (including current portion):
Long-term debt, fair value	285,120
Level 2 | Fair Value | Senior Notes
Long-term debt (including current portion):
Long-term debt, fair value	505,375
Level 2 | Fair Value | Convertible Notes
Long-term debt (including current portion):
Long-term debt, fair value	763,600
Level 2 | Fair Value | Interest rate swap asset
Other noncurrent assets (including current portion):
Derivative asset	73,023
Level 3 | Carrying Amount | MBI Net Option
Other noncurrent liabilities:
Derivative liability	143,560
Level 3 | Fair Value | MBI Net Option
Other noncurrent liabilities:
Derivative liability	$ 143,560

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FAIR VALUE MEASUREMENTS - Assumptions Used to Determine the Fair Value of the Net Options (Details)	Mar. 31, 2024	Dec. 31, 2023
Equity volatility | Cable One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.410	0.400
Equity volatility | MBI
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.290	0.300
EBITDA volatility | Cable One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.100	0.100
EBITDA volatility | MBI
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.100	0.100
EBITDA risk-adjusted discount rate | Cable One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.080	0.075
EBITDA risk-adjusted discount rate | MBI
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.085	0.085
Cost of debt | Cable One
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative liability, measurement input	0.095	0.085

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STOCKHOLDERS’ EQUITY (Details) - USD ($) $ in Thousands	3 Months Ended		105 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	May 20, 2022
Equity [Abstract]
Treasury stock, total (in shares)	556,301		556,301	558,412
Stock repurchase program, authorized amount					$ 450,000
Remaining amount authorized	$ 143,100		$ 143,100
Treasury stock, shares, acquired (in shares)	0		646,244
Treasury stock, value, acquired, cost method		$ 41,751	$ 556,900
Payment of withholding tax for equity awards	$ 2,655	$ 2,180
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares)	2,328	3,132

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EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares)	334,922
Share-based payment arrangement, tax shortfalls	$ (1.5)	$ (1.2)
Deferred tax assets, tax deferred expense, compensation and benefits, share-based compensation cost	5.0		$ 7.4
Restricted Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 59.7
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)	2 years
SARs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount	$ 1.0
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)	8 months 12 days

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EQUITY-BASED COMPENSATION - Compensation Expense (Details) - Selling, General and Administrative Expenses - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 7,465	$ 5,585
Restricted Stock
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	7,303	5,210
SARs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based payment arrangement, expense	$ 162	$ 375

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EQUITY-BASED COMPENSATION - Restricted Stock (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted Stock
Beginning balance (in shares) | shares	91,432
Granted (in shares) | shares	89,108
Forfeited (in shares) | shares	(3,545)
Vested and issued (in shares) | shares	(14,806)
Ending balance (in shares) | shares	162,189
Vested and deferred (in shares) | shares	5,781
Weighted Average Grant Date Fair Value Per Share
Beginning balance (in dollars per share) | $ / shares	$ 952.33
Granted (in dollars per share) | $ / shares	578.96
Forfeited (in dollars per share) | $ / shares	868.74
Vested and issued (in dollars per share) | $ / shares	1,378.88
Ending balance (in dollars per share) | $ / shares	710.09
Vested and deferred (in dollars per share) | $ / shares	$ 861.58

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EQUITY-BASED COMPENSATION - Valuation Assumptions (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate (in percent)	4.00%	4.10%
Expected volatility	35.40%	39.10%
Simulation term (in years)	2 years 11 months 26 days	2 years 11 months 26 days
Weighted average grant date fair value (in dollars per share)	$ 603.73	$ 774.30

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EQUITY-BASED COMPENSATION - Stock Appreciation Rights (Details) - SARs - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Stock Appreciation Rights
Beginning balance (in shares)	35,491
Forfeited (in shares)	(500)
Ending balance (in shares)	34,991	35,491
Exercisable, stock appreciation rights (in shares)	31,491
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 1,093.3
Forfeited (in dollars per share)	1,540.92
Ending balance (in dollars per share)	1,086.91	$ 1,093.3
Exercisable (in dollars per share)	1,000.62
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	269.69
Forfeited (in dollars per share)	373.12
Ending balance (in dollars per share)	268.22	$ 269.69
Exercisable (in dollars per share)	$ 243.29
Aggregate Intrinsic Value
Aggregate intrinsic value, outstanding	$ 0	$ 0
Aggregate intrinsic value, exercisable	$ 0
Weighted Average Remaining Contractual Term (in years)
Weighted average remaining contractual term, outstanding (in years)	4 years 9 months 18 days	5 years 1 month 6 days
Weighted average remaining contractual term, vested and exercisable (in years)	4 years 7 months 6 days

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INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate (in percent)	27.40%	23.20%
Decrease in expense related to equity method investment net losses	$ 2.1

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OTHER INCOME AND EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Offsetting Assets [Line Items]
Write-off of debt issuance costs	$ 0	$ (3,340)
Mark-to-market adjustments and other	85	12,673
Other income (expense), net	(7,115)	1,353
Gain on investment, mark to market	46	12,833
Point Broadband
Offsetting Assets [Line Items]
Gain on investment, mark to market		12,300
MBI
Offsetting Assets [Line Items]
MBI Net Option fair value adjustment	$ (7,200)	$ (7,980)

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NET INCOME PER COMMON SHARE (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) $ / shares shares
Numerator:
Net income - basic | $	$ 47,342	$ 57,426
Add: Convertible Notes interest expense, net of tax | $	1,551	1,543
Net income - diluted | $	$ 48,893	$ 58,969
Denominator:
Weighted average common shares outstanding - basic (in shares)	5,618,745	5,718,745
Effect of dilutive equity-based compensation awards (in shares)	3,469	5,601
Effect of dilution from if-converted Convertible Notes (in shares)	404,248	404,248
Weighted average common shares outstanding - diluted (in shares)	6,026,462	6,128,594
Net Income per Common Share:
Basic (in dollars per share) | $ / shares	$ 8.43	$ 10.04
Diluted (in dollars per share) | $ / shares	$ 8.11	$ 9.62
Supplemental Net Income per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards (in shares)	64,541	25,313
The 2026 Notes and the 2028 Notes
Short-Term Debt [Line Items]
Debt instrument, convertible, conversion ratio	0.4394