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.

 •  4/8/2025 Letter Continued (Full PDF)
 •  4/11/2023 CABO Stockholder Letter
 •  4/9/2024 CABO Stockholder Letter
 •  More "Television & Radio" Category Stockholder Letters
 •  CABO Benford's Law Stock Score = 78

CABO Shareholder/Stockholder Letter Transcript:

ANNUAL REPORT
A Year of Reinvention and Resilience


Dear Valued Cable One Shareholders,
2024 marked the beginning of a
transformative era for Cable One    
Amidst a rapidly evolving industry landscape, we focused on fortifying
our foundation to drive long-term, balanced growth while staying true
to our decades-long purpose of keeping customers connected to what
matters most.
We faced a challenging market environment while also doubling down on our
commitment to exceeding customer expectations by delivering products
and services that enrich and simplify their lives     driving innovation through
technology, data and AI, which has led to new ways of working.
As we navigate these changes, our values remain constant    Do Right by
Those We Serve, Drive Progress and Lend a Hand     guiding our approach to
business and our role in our local communities. These values remain at the
heart of everything we do, ensuring that as we evolve, we do so with intention,
responsibility and a steadfast commitment to the people and communities
who rely on us.
DO RIGHT BY THOSE
WE SERVE
Whether through providing
reliable, high-speed connectivity,
enhancing customer
experiences or pursuing
digital equity, we remain
dedicated to earning
and keeping the trust of our
customers
DRIVE PROGRESS
Fortifying Our Foundation for
Long-Term Growth
Delivering reliable, high-speed connectivity to the communities we serve
strategic foresight. In 2024, we took deliberate steps to reinforce our
Through disciplined capital management, strategic platform investments and
enhanced liquidity initiatives, we focused on strengthening our balance sheet
while continuing to deliver value to customers, associates and shareholders.


philosophy and our ability to leverage excess capacity to support growth.
on investing in future growth opportunities while remaining committed to our
debt reduction initiatives.



Our focus on continuous
improvement and innovation
fuels our ability to adapt and
thrive. From expanding our
our digital platforms, we are
always looking ahead to better
serve our customers and
associates.
LEND A HAND
Our commitment extends
beyond connectivity. We invest
in the well-being of our
communities through local
partnerships, charitable initiatives
and programs that bridge the
digital divide, seeking to
ensure everyone has access
to opportunity.

At the same time, we continued investing in broadband expansion for unserved and underserved areas    reinforcing our

on future growth opportunities.
Driving Innovation and Competitive Strength
Our story in 2024 was one of transition     marked by agility, collaboration and an unwavering commitment from our associates.
families and businesses or our technology teams and business leaders collaborating behind the scenes to reimagine the
processes and platforms that will drive future growth, our people stepped up in remarkable ways.
Their dedication and hard work helped us navigate a competitive landscape while continuing to deliver value to our customers.
Our unwavering commitment, combined with the progress of our strategic initiatives, allowed us to maintain stability amidst
heightened competition and fortify our position in the market.
designed to resonate with diverse customer segments, strengthening our customer acquisition engine and enhancing
long-term growth. Additionally, the launch of our Friends & Family Customer Referral Program empowers our associates
as brand ambassadors, fostering customer loyalty through trusted neighborly recommendations.
On the network side, we launched 2, 3 and 6 Gbps services, ensuring we stay ahead of customer demand while maintaining
multi-gig leadership in our markets. At the same time, our ongoing investments in network capacity, reliability and intelligent
Wi-Fi, powered by eero, continue to optimize in-home connectivity and improve the customer experience, contributing to
reduced churn. We also introduced Secure Plus, a premium security solution that protects connected devices from cyber
threats. Adoption of Secure Plus grew by 25% over the fourth quarter alone, underscoring the increasing importance of
cybersecurity in today   s digital world.

also played a greater role in optimizing customer service, with AI-driven sentiment analysis in our call centers, AI-enabled
reducing operational costs.
GROW CUSTOMERS TODAY

Divide
In alignment with our commitment to expand highspeed internet access in underserved communities,
network in Verde Village, Arizona. This investment,
made possible through a public-private partnership
with Yavapai County and supported by $5 million
in American Rescue Plan Act funding, will bring
Gig-speed connectivity to local residents.
With service rolling out in phases throughout 2025,
Verde Village residents will gain access to speeds ranging from 300 Mbps to 6 Gbps, enhancing opportunities
for remote work, online learning, healthcare access and economic growth. This initiative underscores
Sparklight   s dedication to bridging the digital divide and fostering stronger, more connected communities.

Looking ahead, our commitment to delivering a neighborly customer
experience, maintaining a network built for growth and evolving our
technology will continue to catalyze growth and serve as a foundation
it   s about people.
every operational improvement is designed to make life easier for
our customers. Whether it   s a family streaming their favorite show

a rural town, our investments are about keeping people connected
to what matters most.
Empowering Our Teams, Strengthening
Our Communities
local teams and increase our agility. Realigning operations around

at the local level.
We know that change isn   t always easy, but our teams embraced
it with determination and a shared commitment to making Cable
and removed barriers that slowed progress, allowing teams to
concentrate on serving customers and enhancing local market
strategies.
real-time decisions that best serve our local customers. They know
their markets, their neighborhoods and their customers better than

our people the tools and trust to create real impact, reinforcing
relationships with the communities we serve.
This deeper connection with our communities is also at the heart of
under the Sparklight brand. The transition to a single brand reinforces
our identity as a trusted neighbor and partner in the communities
we serve.
To celebrate this milestone, we hosted rebranding events across
our service areas, bringing together associates, customers and local
leaders to mark this next chapter in our journey. These gatherings
went beyond the name change     they were an opportunity to honor
to being a trusted, reliable partner in people   s lives.
we are better positioned to build lasting customer trust and
engagement, ensuring a consistent and reliable experience across
our entire footprint.
INNOVATE FOR TOMORROW
Igniting Ideas
As part of our commitment to drive
customer growth, we launched our
Friends & Family Customer Referral
Program, empowering our associates to
serve as brand ambassadors within their
communities. This initiative has already
delivered strong engagement, with
associates tapping into their personal
networks to bring in new customers.
Angela Gall, a Senior Field Technician
in Lawton, Oklahoma, leveraged her
connections at the local military base,
helping 10 service members get internet
set up in their new homes. In Grenada,
Mississippi, Advanced Technician Justin
Trunk or Treat event into an opportunity
to share referral cards, resulting in 12
new referrals. Customer Care Specialist
Regina Godette, based in Pascagoula,
Mississippi, secured 17 referrals by
engaging with friends at church, local
organizations and even birthday
gatherings.
associates are not only generating referrals
but also enhancing our connections within
the communities we serve.

OUR 2024 RESULTS
$1.6 B
Total Revenue
$854 M
Adjusted EBITDA  
78%
Residential High Speed
Data and Business Services
as a Percent of Revenue
CELEBRATE CULTURE ALWAYS
Sparklight Samaritans
Sparklight associates embody
a culture of service, care and
the job. Dwayne Dyess and
Jasson Fitzgerald, Advanced
Technicians in our Gulf Coast
values through their heroic
actions during a routine
Louisiana.
While conducting plant maintenance in a neighborhood, Dwayne
and Jasson spotted smoke and quickly rushed toward the source.
A frantic neighbor alerted them that an elderly woman and six small
children were trapped inside a burning home. Without hesitation,
they called 911 and sprang into action, safely carrying the woman
fully engulfed the house.
them true Sparklight Samaritans, and we are honored to have them
as part of our team.
1M+
Residential & Business
High Speed Data PSUs
1
Adjusted EBITDA is a non-GAAP financial
measure which is defined and reconciled to the
most comparable GAAP financial measure on
page 50 of the attached 2024 Annual Report on
Form 10-K.
Looking Ahead: Positioned for Growth
As we enter 2025, Cable One is ready to capitalize on the groundwork laid in 2024.
Our focus remains clear: expanding broadband revenue through targeted growth
strategies, optimizing operations within our organization and investing in advanced
technology to exceed customer expectations and maintain market leadership.
The hard work of 2024 wasn   t just about adapting   it set the stage for something
driven by one goal     to make life better for our customers, our associates and the
communities we serve.
We are grateful for the trust you place in us   whether you are a shareholder, an
associate or a customer who depends on us to stay connected to what matters
most. Your belief in our vision fuels our determination to keep innovating, keep
improving and keep delivering. We look forward to what we will build together in
2025 and beyond.
Julia M. Laulis




 4/8/2025 Letter Continued (Full PDF)