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Cable One ™ Cable One Reports First Quarter 2021 Results Exhibit 99.1 May 6 , 2021 - PHOENIX – ( BUSINESS WIRE ) results for the quarter ended March 31 , 2021 . - Cable One , Inc. ( NYSE : CABO ) ( the “ Company ” or “ Cable One " ) today reported financial and operating Cable One completed the acquisition of Valu - Net LLC ( “ Valu - Net ” ) on July 1 , 2020 and the contribution of its Anniston , Alabama system ( the " Anniston System " ) to Hargray Communications , a data , video and voice services provider ( " Hargray " ) , on October 1 , 2020. The results discussed below and presented in the tables within this press release include Valu - Net operations and exclude Anniston System operations for the periods since the completion of their respective acquisition and disposition . First Quarter 2021 Highlights : • • • . • Total revenues were $ 341.3 million in the first quarter of 2021 compared to $ 321.2 million in the first quarter of 2020 , an increase of 6.2 % . Residential data revenues increased 18.5 % and business services revenues increased 4.3 % year - over - year . Net income was $ 68.6 million in the first quarter of 2021 , a decrease of 1.1 % year - over - year . Adjusted EBITDA ( 1 ) was $ 180.4 million , an increase of 14.4 % year - over - year . Net profit margin was 20.1 % and Adjusted EBITDA margin ( 1 ) was 52.9 % . Net cash provided by operating activities was $ 164.0 million in the first quarter of 2021 , an increase of 38.4 % year - over - year . Adjusted EBITDA less capital expenditures ( 1 ) was $ 108.5 million in the first quarter of 2021 compared to $ 93.0 million in the first quarter of 2020 . Residential data primary service units ( " PSUs " ) grew by approximately 22,000 , or 2.8 % , sequentially . Residential data PSUs grew by approximately 86,000 , or 12.0 % , year - over - year , which excludes approximately 17,000 prior year residential data PSUs from the Anniston System that were contributed to Hargray and includes approximately 5,000 residential data PSUs acquired in the Valu - Net acquisition . Business services PSUs grew by approximately 1,000 , or 0.8 % , sequentially and were flat compared to the prior year . In March 2021 , the Company completed a private offering ( the " Convertible Notes Offering " ) of $ 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 ( together with the 2026 Notes , the " Convertible Notes " ) . Other Highlights • • On May 3 , 2021 , the Company obtained a new senior secured term loan facility in an aggregate principal amount of $ 800.0 million ( the " Term Loan B - 4 ” ) in connection with the closing of the acquisition of the remaining equity interests in Hargray that it did not already own ( the " Hargray Acquisition " ) . On May 3 , 2021 , the Company completed the Hargray Acquisition , which represented the purchase of approximately 85 % of Hargray on a fully diluted basis . The transaction implied a $ 2.2 billion total enterprise value for 100 % of Hargray on a cash - free and debt - free basis . The Company financed the Hargray Acquisition with cash on hand and proceeds from indebtedness , including the net proceeds from the Convertible Notes Offering and the Term Loan B - 4 . ( 1 ) Adjusted EBITDA , Adjusted EBITDA margin and Adjusted EBITDA less capital expenditures are defined in the section of this press release entitled " Use of Non - GAAP Financial Measures . " Adjusted EBITDA and Adjusted EBITDA less capital expenditures are reconciled to net income , Adjusted EBITDA margin is reconciled to net profit margin and Adjusted EBITDA less capital expenditures is also reconciled to net cash provided by operating activities . Refer to the " Reconciliations of Non - GAAP Measures " tables within this press release . 1