Exhibit 99.1

Cable One Reports Fourth Quarter and Full Year 2021 Results

February 24, 2022 – PHOENIX – (BUSINESS WIRE) – Cable One, Inc. (NYSE: CABO) (the “Company” or “Cable One”) today reported financial and operating results for the quarter and year ended December 31, 2021.

Cable One (i) completed the acquisition of Valu-Net LLC (“Valu-Net”) on July 1, 2020; (ii) contributed its Anniston, Alabama system (the “Anniston System”) to Hargray Communications, a data, video and voice services provider (“Hargray”), in exchange for an equity interest in Hargray on October 1, 2020 (the “Anniston Exchange”); (iii) acquired the remaining equity interests in Hargray that it did not already own (the “Hargray Acquisition”) on May 3, 2021; and (iv) completed the acquisition of CableAmerica (as defined below) on December 30, 2021. The results discussed below and presented in the tables within this press release include Valu-Net operations for the period since the July 1, 2020 acquisition date and Hargray operations (which includes the Anniston System) for the period since the May 3, 2021 acquisition date and excludes the Anniston System operations for the period from the October 1, 2020 disposition date until it was reacquired with the Hargray Acquisition. Measures as of December 31, 2021 also include CableAmerica.

Fourth Quarter 2021 Highlights:

Full Year 2021 Highlights:

Fourth Quarter 2021 Financial Results Compared to Fourth Quarter 2020

Revenues increased $95.8 million, or 28.5%, to $432.6 million for the fourth quarter of 2021. Revenues for the fourth quarter of 2021 included $77.8 million from Hargray operations. The year-over-year increase was driven primarily by revenues from Hargray operations and residential data and business services revenue growth, partially offset by decreases in residential video, residential voice and other revenues. For the fourth quarter of 2021 and 2020, residential data revenues comprised 51.9% and 52.3% of total revenues and business services revenues comprised 19.9% and 17.5% of total revenues, respectively.

Operating expenses (excluding depreciation and amortization) were $119.9 million in the fourth quarter of 2021 and increased $20.4 million, or 20.5%, compared to the fourth quarter of 2020. The increase in operating expenses was primarily attributable to $22.1 million of additional expenses related to Hargray operations, partially offset by a $3.7 million reduction in programming expenses. Operating expenses as a percentage of revenues were 27.7% and 29.5% for the fourth quarter of 2021 and 2020, respectively.

Selling, general and administrative expenses were $94.9 million and $64.7 million for the fourth quarter of 2021 and 2020, respectively. The increase in selling, general and administrative expenses was primarily attributable to $22.0 million of additional expenses related to Hargray operations and increases of $4.2 million in labor and other compensation-related costs, $1.0 million in bad debt expense, $1.0 million in system conversion costs, $0.8 million in acquisition-related costs, $0.8 million in health insurance costs and $0.7 million in software maintenance costs, partially offset by $1.6 million of rebranding costs in the prior year that did not recur. The increase in compensation costs was partially due to higher equity compensation and other performance-based compensation expenses. Selling, general and administrative expenses as a percentage of revenues were 21.9% and 19.2% for the fourth quarter of 2021 and 2020, respectively.

Depreciation and amortization expense was $93.0 million for the fourth quarter of 2021, including $25.5 million from Hargray operations, and increased $29.6 million, or 46.7%, compared to the fourth quarter of 2020. Depreciation and amortization expense as a percentage of revenues was 21.5% and 18.8% for the fourth quarter of 2021 and 2020, respectively.

The Company recognized an $82.6 million non-cash gain on sale of business in the fourth quarter of 2020 in connection with the Anniston Exchange.

Interest expense increased $9.7 million, or 46.6%, to $30.4 million, driven primarily by additional outstanding debt.

Other expense, net, was $3.4 million for the fourth quarter of 2021 and consisted primarily of an $8.9 million non-cash loss on fair value adjustment associated with the call and put options to acquire the remaining equity interests in Mega Broadband Investments Holdings LLC ("MBI"), partially offset by interest and investment income of $2.8 million and a $2.3 million non-cash mark-to-market investment gain. Other expense, net, of $23.0 million for the fourth quarter of 2020 consisted of a $17.5 million non-cash loss on fair value adjustment associated with the call and put options to acquire the remaining equity interests in MBI, $6.2 million of debt issuance cost write-offs and $1.2 million of financing-related fees, partially offset by $1.9 million of investment and interest income.

Income tax provision was $23.6 million and $41.1 million for the fourth quarter of 2021 and 2020, respectively, and the Company's effective tax rate was 27.0% and 28.2% for the fourth quarter of 2021 and 2020, respectively. The decrease in the effective tax rate was due primarily to a $2.1 million decrease in income tax expense related to a change in valuation allowance.

Net income was $64.8 million in the fourth quarter of 2021 compared to $106.2 million in the prior year quarter. The fourth quarter of 2020 included the $82.6 million pre-tax non-cash gain on sale of the Anniston System.

Adjusted EBITDA was $225.3 million (including $33.8 million from Hargray operations) and $178.9 million for the fourth quarter of 2021 and 2020, respectively, an increase of 25.9%. Capital expenditures for the fourth quarter of 2021 totaled $109.9 million (including $22.7 million from Hargray operations) compared to $75.2 million for the fourth quarter of 2020. Adjusted EBITDA less capital expenditures for the fourth quarter of 2021 was $115.4 million (including $11.1 million from Hargray operations) compared to $103.7 million in the prior year quarter, an increase of $11.7 million, or 11.3%.

Full Year 2021 Financial Results Compared to Full Year 2020

Revenues increased $280.6 million, or 21.2%, to $1.6 billion for 2021. Revenues for 2021 included $206.9 million from Hargray operations. The year-over-year increase was driven primarily by revenues from Hargray operations, residential data, business services and other revenue growth, partially offset by decreases in residential video and residential voice revenues. For 2021 and 2020, residential data revenues comprised 52.0% and 50.5% of total revenues, respectively, and business services revenues comprised 19.2% and 17.7% of total revenues, respectively.

Operating expenses (excluding depreciation and amortization) were $455.4 million for 2021 and increased $36.6 million, or 8.8%, compared to 2020. The increase in operating expenses was primarily attributable to $58.8 million of additional expenses related to Hargray operations and a $2.2 million increase in network backbone costs, partially offset by decreases of $22.7 million in programming expenses and $4.7 million in labor and other compensation-related costs. Operating expenses for 2020 included $5.3 million of higher labor costs and other operating expenses, partially offset by lower travel costs, as a result of actions we took in response to the COVID-19 pandemic. Operating expenses as a percentage of revenues were 28.4% for 2021 compared to 31.6% for 2020.

Selling, general and administrative expenses were $347.1 million and $255.2 million for 2021 and 2020, respectively. The increase in selling, general and administrative expenses was primarily attributable to $57.2 million of additional expenses related to Hargray operations and increases of $14.3 million in labor and other compensation-related costs, $6.9 million in acquisition-related costs, $6.1 million in health insurance costs, $4.2 million in marketing costs, $4.1 million in professional fees and $3.5 million in system conversion costs, partially offset by a $3.6 million decrease in bad debt expense. The increase in labor and other compensation-related costs was due to higher stock-based compensation and performance-based compensation, increased headcount and higher average salary rates. The increase in acquisition-related costs was primarily due to expenses related to the Hargray and CableAmerica acquisitions. The increase in health insurance costs was the result of lower-than-normal costs in the prior year from reduced claims activity in connection with stay-at-home orders issued during the pandemic. Selling, general and administrative expenses as a percentage of revenues were 21.6% and 19.3% for 2021 and 2020, respectively.

Depreciation and amortization expense was $339.0 million for 2021, including $66.1 million from Hargray operations, and increased $73.4 million, or 27.6%, compared to 2020. Depreciation and amortization expense as a percentage of revenues was 21.1% and 20.0% for 2021 and 2020, respectively.

The Company recognized a net loss on asset sales and disposals of $7.8 million in 2021 and a net gain on asset sales and disposals of $1.1 million in 2020 that included a $6.6 million non-cash gain on the sale of certain tower properties. 

The Company recognized an $82.6 million non-cash gain on sale of business in 2020 in connection with the Anniston Exchange.

Interest expense increased $39.8 million, or 54.1%, to $113.4 million, driven primarily by additional outstanding debt and higher interest rate swap settlement expense.

Other expense, net, was $6.0 million for 2021 and consisted primarily of a $50.3 million non-cash loss on fair value adjustment associated with the call and put options to acquire the remaining equity interests in MBI and $2.1 million of debt issuance cost write-offs, partially offset by a $33.4 million non-cash gain on fair value adjustment associated with the existing investment in Hargray upon the Hargray Acquisition, $11.6 million of investment and interest income and a $2.3 million non-cash mark-to-market investment gain. Other expense, net, was $16.4 million for 2020 and consisted primarily of a $17.5 million non-cash loss on fair value adjustment associated with the call and put options to acquire the remaining equity interests in MBI, $6.2 million of debt issuance cost write-offs and $1.2 million of financing-related fees, partially offset by $8.5 million of investment and interest income.

Income tax provision was $45.8 million and $76.3 million for 2021 and 2020, respectively, and the Company's effective tax rate was 13.6% and 20.1% for 2021 and 2020, respectively. The decrease in the effective tax rate was due primarily to a $35.4 million income tax benefit from the reversal of a pre-existing deferred tax liability on the investment in Hargray, partially offset by a $13.0 million income tax benefit attributable to the net operating loss carryback provision of the Coronavirus Aid, Relief, and Economic Security Act in the prior year period that did not recur in 2021 and an $8.0 million increase in income tax expense related to a change in the valuation allowance associated with the call and put options to acquire the remaining equity interests in MBI.

Net income was $291.8 million for 2021 compared to $304.4 million for 2020. The prior year's net income included the $82.6 million pre-tax non-cash gain on sale of the Anniston System.

Adjusted EBITDA was $839.3 million (including $90.8 million from Hargray operations) and $674.1 million for 2021 and 2020, respectively, an increase of 24.5%. Capital expenditures for 2021 totaled $391.9 million (including $63.8 million from Hargray operations) compared to $293.2 million for 2020. Adjusted EBITDA less capital expenditures for 2021 was $447.4 million (including $27.1 million from Hargray operations) compared to $380.9 million in  2020, an increase of $66.5 million or 17.5%.

Liquidity and Capital Resources

At December 31, 2021, the Company had $388.8 million of cash and cash equivalents on hand compared to $574.9 million at December 31, 2020. The Company’s debt balance was $3.9 billion and $2.2 billion at December 31, 2021 and 2020, respectively. The Company had $459.8 million available for borrowing under its revolving credit facility as of December 31, 2021.

The Company paid $16.6 million and $63.5 million in dividends to stockholders during the fourth quarter and full-year 2021, respectively.

Conference Call

Cable One will host a conference call with the financial community to discuss results for the fourth quarter and full year 2021 on Thursday, February 24, 2022, at 5 p.m. Eastern Time (ET).

The conference call will be available via a live audio webcast on the Cable One Investor Relations website at ir.cableone.net or by dialing 1-844-200-6205 (International: 1-646-904-5544) and using the access code 268589. Participants should register for the webcast or dial in for the conference call shortly before 5 p.m. ET.

A replay of the call will be available from February 24, 2022 until March 10, 2022 at ir.cableone.net.

Additional Information Available on Website

The information in this press release should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the period ended December 31, 2021 (the "2021 Form 10-K"), which will be posted on the “SEC Filings” section of the Cable One Investor Relations website at ir.cableone.net when it is filed with the Securities and Exchange Commission (the "SEC"). Investors and others interested in more information about Cable One should consult the Company’s website, which is regularly updated with financial and other important information about the Company.

Use of Non-GAAP Financial Measures

The Company uses certain measures that are not defined by generally accepted accounting principles in the United States (“GAAP”) to evaluate various aspects of its business. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA are non-GAAP financial measures and should be considered in addition to, not as superior to, or as a substitute for, net income, net profit margin, net cash provided by operating activities or capital expenditures as a percentage of net income reported in accordance with GAAP. Adjusted EBITDA and Adjusted EBITDA less capital expenditures are reconciled to net income, Adjusted EBITDA margin is reconciled to net profit margin and capital expenditures as a percentage of Adjusted EBITDA is reconciled to capital expenditures as a percentage of net income. Adjusted EBITDA less capital expenditures is also reconciled to net cash provided by operating activities. These reconciliations are included in the “Reconciliations of Non-GAAP Measures” tables within this press release.

“Adjusted EBITDA” is defined as net income plus interest expense, income tax provision, depreciation and amortization, equity-based compensation, (gain) loss on deferred compensation, acquisition-related costs, (gain) loss on asset sales and disposals, system conversion costs, rebranding costs, (gain) loss on sale of business, equity method investment (income) loss, other (income) expense and other unusual items, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release. As such, it eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of the Company’s business as well as other non-cash or special items and is unaffected by the Company’s 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 the Company’s cash cost of debt financing. These costs are evaluated through other financial measures.

“Adjusted EBITDA margin” is defined as Adjusted EBITDA divided by total revenues.

“Adjusted EBITDA less capital expenditures,” when used as a liquidity measure, is calculated as net cash provided by operating activities excluding the impact of capital expenditures, interest expense, income tax provision, changes in operating assets and liabilities, change in deferred income taxes and other unusual items, as provided in the “Reconciliations of Non-GAAP Measures” tables within this press release.

“Capital expenditures as a percentage of Adjusted EBITDA” is defined as capital expenditures divided by Adjusted EBITDA.

The Company uses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA to assess its performance, and it also uses Adjusted EBITDA less capital expenditures as an indicator of its ability to fund operations and make additional investments with internally generated funds. In addition, Adjusted EBITDA generally correlates to the measure used in the leverage ratio calculations under the Company’s credit agreement and the indenture governing the Company’s non-convertible senior unsecured notes to determine compliance with the covenants contained in the credit agreement and the ability to take certain actions under the indenture governing the non-convertible senior unsecured notes. Adjusted EBITDA and capital expenditures are also significant performance measures used by the Company in its 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.

The Company believes that Adjusted EBITDA, Adjusted EBITDA margin and capital expenditures as a percentage of Adjusted EBITDA are useful to investors in evaluating the operating performance of the Company. The Company believes that Adjusted EBITDA less capital expenditures is useful to investors as it shows the Company’s performance while taking into account cash outflows for capital expenditures and is one of several indicators of the Company’s ability to service debt, make investments and/or return capital to its stockholders.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures, capital expenditures as a percentage of Adjusted EBITDA and similar measures with similar titles are common measures used by investors, analysts and peers to compare performance in the Company’s industry, although the Company’s measures of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures and capital expenditures as a percentage of Adjusted EBITDA may not be directly comparable to similarly titled measures reported by other companies.

About Cable One

Cable One, Inc. (NYSE: CABO) is a leading broadband communications provider committed to connecting customers and communities to what matters most. Through Sparklight® and the associated Cable One family of brands, the Company serves more than 1.1 million residential and business customers in 24 states. Over its fiber-optic infrastructure, the Cable One family of brands provide residential customers with a wide array of connectivity and entertainment services, including Gigabit speeds, advanced WiFi and video. For businesses ranging from small and mid-market up to enterprise, wholesale and carrier, the Company offers scalable, cost-effective solutions that enable businesses of all sizes to grow, compete and succeed.

Contacts

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain “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 the Company’s industry, business, strategy, acquisitions and strategic investments, dividend policy, financial results and financial condition as well as anticipated impacts from, and the Company’s responses to, the COVID-19 pandemic. 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. The Company’s actual results may vary materially from those expressed or implied in its forward-looking statements. Accordingly, undue reliance should not be placed on any forward-looking statement made by the Company or on its behalf. Important factors that could cause the Company’s actual results to differ materially from those in its forward-looking statements include government regulation, economic, strategic, political and social conditions and the following factors, which are discussed in the 2021 Form 10-K to be filed with the SEC:

Any forward-looking statements made by the Company in this communication speak only as of the date on which they are made. The Company is under no obligation, and expressly disclaims any obligation, except as required by law, to update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.

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