On this page of StockholderLetter.com we present the latest annual shareholder letter from Cable One, Inc. — ticker symbol CABO. Reading current and past CABO letters to shareholders can bring important insights into the investment thesis.

 •  4/9/2024 Letter Continued (Full PDF)
 •  4/11/2023 CABO Stockholder Letter
 •  More "Television & Radio" Category Stockholder Letters
 •  CABO Benford's Law Stock Score = 96

CABO Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT 2023
Connecting
our customers
and communities to
what matters most

Letter from the
President & CEO
Dear Valued Cable One Shareholders,
Cable One   s Purpose of connecting customers
and communities to what matters most has been our
north star, lending clarity to how we best deliver long-term value.
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in our ability to seize the growth opportunities before us.
BROADBAND IN OUR COMMUNITIES
Our customers    need for fast, reliable and secure internet service is steadily
rising, permeating every facet of life, both at home and at work. In 2023,
we saw data usage increase by 17%, with nearly a quarter of our customers
now using more than a terabyte monthly. Additionally, last year more than
one-third of new customers opted for Gig service for their connectivity
needs, indicating a growing desire for increased speed. Anticipating this trend,
our technology and operations teams have worked tirelessly over the years
to ensure our network capacity stays well ahead of customer demand,
especially during peak utilization hours for both upstream and downstream
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customers    needs today and in the future.
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balanced growth over time, in the latter part of 2023 we concentrated our
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positive growth momentum as we targeted new customer segments,
deployed competitive countermeasures and expanded our footprint.
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anticipate some short-term pressure on ARPU as we concentrate on
customer growth in 2024, we believe this is the right strategic move as we
focus on creating additional scale for the future. By utilizing traditional tactics
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we can pull over time that will fuel long-term unit and revenue growth.
We believe this is How We Win: Grow Customers Today, Innovate for
Tomorrow, Celebrate Culture Always.
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GROW CUSTOMERS TODAY
by focusing on connectivity
products that residential and
business customers need,
with an unmatched experience
that creates goodness for all
INNOVATE FOR TOMORROW
by transforming how we operate
to make every customer and
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CELEBRATE CULTURE ALWAYS
by living our values, caring for,
and empowering our associates
to create goodness for each
other and the customers and
communities we serve

We strive to be
the most trusted
broadband
provider for
America   s small
cities and large
towns, and we
are fiercely
committed to
meeting the
needs of our
diverse base of
customers and
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HOW WE WIN
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of customers and communities. More than 80% of our associates live in the markets
we serve, making us not just providers, but also neighbors to our customers, volunteers
in our communities and partners with our local municipalities.
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introduce customers to new services that make their lives easier and enhance how
they connect with their world.
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deploying marketing and operational plans designed to broaden our reach and focus on
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Over the years we have established a reputation for operational excellence, and
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transformation work, we are continuously innovating in ways both big and small, some
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this past year involved consolidating all of our call centers onto a new cloud-based
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improved analytics for optimal service delivery and a foundation for providing
frictionless self-service in the future. Currently, we are implementing an enterprise
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GROW CUSTOMERS TODAY
Bridging the Digital Divide
In pursuit of our commitment to bridging the digital divide
in unserved and underserved areas, Sparklight Business
completed a $29 million expansion project in Gila County,
Arizona which brought high-speed internet to 10 schools
and eight libraries in the area.
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Arizona to provide high-speed internet to communities
across the county. At more than 200 route miles and nearly
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it is the ideas contributed by our associates that truly inspire
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associates constantly uncover opportunities for continuous
improvement. Some of the associate-generated ideas we have
brought to life include incorporating QR codes on our bills
to enable quick access to online payment and piloting a program
that empowers technicians to surprise and delight customers
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that innovation is about more than technology, and I am
immensely proud of the ingenuity our associates demonstrate
in their desire to compete and win.
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about fostering a culture in which    Happy Associates Make
Happy Customers    and believe that investing in our associates
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incentive program, we ensure all associates can share in the
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Further, we are committed to the professional growth of our
associates, recognizing that as our customers    needs evolve,
so do the demands on the workforce of tomorrow. As we move
along our digital evolution path, we are providing the necessary
training and development and more than 80% of our associates
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also revamped our leadership development approach and are
devising plans to cultivate a talent pool ready to embrace new
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Countless stories highlight how our team lives these values,
making a tangible impact on our customers and communities,
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demonstrating acts of heroism. Our people are the heart of
what sets Cable One apart.
INNOVATE FOR TOMORROW
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experiences for our customers and associates.
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our associates to generate ideas and initiatives
that anticipate customer needs and deliver
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Manager Sharon Ross seized this opportunity to
enhance our customers    bill payment process. Her
proposal, which was quickly implemented, involved
integrating a QR code into customers    monthly
bills, enabling easy access to our online portal
for payments, along with the option to subscribe
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more. Sharon   s dedication to creating customer
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solution is just one example of the innovative
thinking that is elevating Cable One   s customer
experience.
CELEBRATE CULTURE ALWAYS
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Cable One fosters a culture of care, prioritizing the well-being and
satisfaction of both customers and associates. Laron Johnson, a Hargray
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during a recent service call. Upon reaching a customer   s residence, Laron
discovered the customer experiencing a health crisis. Leveraging his past police
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He quickly dialed 911 and remained by the customer   s side, providing aid and assistance
until the paramedics arrived. Laron   s demonstration of compassion and care embodies
Cable One   s culture, and we are honored to have him as a member of our team.

OUR 2023 RESULTS
1.7bn

Total Revenue
4.8%
Year-over-Year
Residential High-Speed
Data Revenue Growth

917mm
Adj. EBITDA1
1.1mm
LOOKING TO THE FUTURE
Our focus has always been on operating a company that delivers
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the support of our investors and our Board of Directors, we manage
our business with a long-term view to achieve sustainable, balanced
growth over time. 7R FRQWLQXH GRLQJ VR  ZH DUH FDSLWDOL]LQJ RQ 
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share in new ways that we believe further strengthen our competitive
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adapting and innovating to meet their evolving needs, while remaining
steadfast in fostering a culture in which we are stronger together.
I am excited by the positive momentum we have seen, but I am not
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and traditional bundling, we had the foresight over a decade ago to
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Moving forward, we will continue to draw upon our contrarian roots
to act in the best interests of our associates, our customers and
our shareholders.
On behalf of all of us at Cable One, thank you for your trust and support.
Residential & Business
High-Speed Data PSUs
77

Residential High-Speed
Data and Business
Services as a percent
of Revenue
Julia M. Laulis
Chair of the Board
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Our people are the heart of what sets Cable One apart.



 4/9/2024 Letter Continued (Full PDF)