Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001632127 | |
Entity Registrant Name | CABLE ONE, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36863 | |
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 $0.01 | |
Trading Symbol | CABO | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 6,035,204 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 1,537,298 | $ 574,909 |
Accounts receivable, net | 30,352 | 38,768 |
Income taxes receivable | 15,113 | 41,245 |
Prepaid and other current assets | 30,239 | 17,891 |
Total Current Assets | 1,613,002 | 672,813 |
Equity investments | 807,093 | 807,781 |
Property, plant and equipment, net | 1,278,972 | 1,265,460 |
Intangible assets, net | 1,267,702 | 1,278,198 |
Goodwill | 430,543 | 430,543 |
Other noncurrent assets | 34,953 | 33,543 |
Total Assets | 5,432,265 | 4,488,338 |
Current Liabilities: | ||
Accounts payable and accrued liabilities | 175,281 | 174,139 |
Deferred revenue | 23,619 | 21,051 |
Current portion of long-term debt | 26,500 | 26,392 |
Total Current Liabilities | 225,400 | 221,582 |
Long-term debt | 3,038,754 | 2,148,798 |
Deferred income taxes | 391,921 | 366,675 |
Interest rate swap liability | 81,917 | 155,357 |
Other noncurrent liabilities | 93,626 | 100,627 |
Total Liabilities | 3,831,618 | 2,993,039 |
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 6,034,609 and 6,027,704 shares outstanding as of March 31, 2021 and December 31, 2020, respectively) | 62 | 62 |
Additional paid-in capital | 539,713 | 535,586 |
Retained earnings | 1,281,667 | 1,228,172 |
Accumulated other comprehensive loss | (85,216) | (140,683) |
Treasury stock, at cost (140,790 and 147,695 shares held as of March 31, 2021 and December 31, 2020, respectively) | (135,579) | (127,838) |
Total Stockholders' Equity | 1,600,647 | 1,495,299 |
Total Liabilities and Stockholders' Equity | $ 5,432,265 | $ 4,488,338 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
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) | 6,034,609 | 6,027,704 |
Treasury stock, shares (in shares) | 140,790 | 147,695 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 341,262 | $ 321,196 |
Costs and Expenses: | ||
Operating (excluding depreciation and amortization) | 101,464 | 105,928 |
Selling, general and administrative | 69,042 | 62,884 |
Depreciation and amortization | 68,530 | 65,279 |
(Gain) loss on asset sales and disposals, net | (120) | (5,621) |
Total Costs and Expenses | 238,916 | 228,470 |
Income from operations | 102,346 | 92,726 |
Interest expense | (23,581) | (18,674) |
Other income (expense), net | 8,100 | 1,734 |
Income before income taxes and equity method investment income (loss), net | 86,865 | 75,786 |
Income tax provision | 17,715 | 6,460 |
Income before equity method investment income (loss), net | 69,150 | 69,326 |
Equity method investment income (loss), net | (568) | 0 |
Net income | $ 68,582 | $ 69,326 |
Net income per common share: | ||
Basic (in dollars per share) | $ 11.41 | $ 12.17 |
Diluted (in dollars per share) | $ 11.19 | $ 12.05 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 6,012,402 | 5,697,904 |
Diluted (in shares) | 6,168,261 | 5,755,059 |
Unrealized gain (loss) on cash flow hedges and other, net of tax | $ 55,467 | $ (84,625) |
Comprehensive income (loss) | $ 124,049 | $ (15,299) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock Outstanding [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Treasury Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 5,715,377 | |||||||||||
Balance at Dec. 31, 2019 | $ 59 | $ 51,198 | $ 980,355 | $ (68,158) | $ (121,885) | $ 841,569 | ||||||
Net income | 0 | 0 | 69,326 | 0 | 0 | 69,326 | ||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax | 0 | 0 | 0 | (84,625) | 0 | (84,625) | ||||||
Equity-based compensation | $ 0 | 3,221 | 0 | 0 | 0 | 3,221 | ||||||
Issuance of equity awards, net of forfeitures (in shares) | 13,252 | |||||||||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||
Withholding tax for equity awards (in shares) | (3,772) | (3,772) | ||||||||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (5,796) | $ (5,796) | ||||||
Dividends paid to stockholders | $ 0 | 0 | (12,804) | 0 | 0 | (12,804) | ||||||
Balance (in shares) at Mar. 31, 2020 | 5,724,857 | |||||||||||
Balance at Mar. 31, 2020 | $ 59 | 54,419 | 1,036,877 | (152,783) | (127,681) | 810,891 | ||||||
Balance (in shares) at Dec. 31, 2020 | 6,027,704 | |||||||||||
Balance at Dec. 31, 2020 | $ 62 | 535,586 | 1,228,172 | (140,683) | (127,838) | 1,495,299 | ||||||
Net income | 0 | 0 | 68,582 | 0 | 0 | 68,582 | ||||||
Unrealized gain (loss) on cash flow hedges and other, net of tax | $ 0 | $ 0 | $ 0 | $ 55,467 | $ 0 | $ 55,467 | 55,467 | |||||
Equity-based compensation | $ 0 | 4,127 | 0 | 0 | 0 | 4,127 | ||||||
Issuance of equity awards, net of forfeitures (in shares) | 10,398 | |||||||||||
Issuance of equity awards, net of forfeitures | $ 0 | 0 | 0 | 0 | 0 | $ 0 | ||||||
Withholding tax for equity awards (in shares) | (3,493) | (3,493) | ||||||||||
Withholding tax for equity awards | $ 0 | 0 | 0 | 0 | (7,741) | $ (7,741) | ||||||
Dividends paid to stockholders | $ 0 | 0 | (15,087) | 0 | 0 | (15,087) | ||||||
Balance (in shares) at Mar. 31, 2021 | 6,034,609 | |||||||||||
Balance at Mar. 31, 2021 | $ 62 | $ 539,713 | $ 1,281,667 | $ (85,216) | $ (135,579) | $ 1,600,647 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Retained Earnings [Member] | ||
Dividends, per share (in dollars per share) | $ 2.50 | $ 2.25 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 68,582 | $ 69,326 |
Depreciation and amortization | 68,530 | 65,279 |
Non-cash interest expense | 1,432 | 1,106 |
Equity-based compensation | 4,127 | 3,221 |
Write-off of debt issuance costs | 487 | 0 |
Change in deferred income taxes | (7,131) | (20,108) |
(Gain) loss on asset sales and disposals, net | (120) | (5,621) |
Equity method investment (income) loss, net | 568 | 0 |
Fair value adjustment | (5,560) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 8,416 | 3,066 |
Income taxes receivable | 26,132 | (13,882) |
Prepaid and other current assets | (12,348) | (8,857) |
Accounts payable and accrued liabilities | (3,042) | (13,789) |
Deferred revenue | 2,568 | 1,246 |
Other | (2,910) | (2,703) |
Net cash provided by operating activities | 163,993 | 118,500 |
Cash flows from investing activities: | ||
Capital expenditures | (71,853) | (64,757) |
Change in accrued expenses related to capital expenditures | 5,004 | (8,238) |
Proceeds from sales of property, plant and equipment | 151 | 518 |
Issuance of note receivable | 0 | (3,540) |
Net cash used in investing activities | (66,698) | (76,017) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 895,850 | 100,000 |
Payment of debt issuance costs | (1,291) | 0 |
Payments on long-term debt | (6,637) | (7,260) |
Payment of withholding tax for equity awards | (7,741) | (5,796) |
Dividends paid to stockholders | (15,087) | (12,804) |
Net cash provided by financing activities | 865,094 | 74,140 |
Change in cash and cash equivalents | 962,389 | 116,623 |
Cash and cash equivalents, beginning of period | 574,909 | 125,271 |
Cash and cash equivalents, end of period | 1,537,298 | 241,894 |
Supplemental cash flow disclosures: | ||
Cash paid for interest, net of capitalized interest | 15,118 | 17,152 |
Cash paid for income taxes, net of refunds received | $ (15,586) | $ (930) |
Note 1 - Description of Busines
Note 1 - Description of Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Description of Business. March 31, 2021. March 31, 2021. On July 1, 2020, 2 5 2020. On February 12, 2021, one February 12, 2021, not May 3, 2021, 16 Basis of Presentation. 10 01 X 1934, 2020 10 The December 31, 2020 2020 10 not may not Principles of Consolidation. Segment Reporting. 280 Segment Reporting one Use of Estimates. may Recently Adopted Accounting Pronouncements. August 2020, No. 2020 06, Debt-Debt with Conversion and Other Options (Subtopic 470 20 s Own Equity (Subtopic 815 40 s Own Equity 2020 06 2020 06 January 1, 2021 8 first 2021 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 2019 12 may 2019 12 January 1, 2021 not Recently Issued But Not March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 2021. may December 31, 2022. 2020 04 |
Note 2 - Valu-Net Acquisition
Note 2 - Valu-Net Acquisition | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. VALU-NET ACQUISITION On July 1, 2020, Acquired identifiable intangible assets associated with the Valu-Net acquisition consisted of the following (dollars in thousands): Fair Value Useful Life (in years) Customer relationships $ 7,700 13.5 Trademark and trade name $ 800 Indefinite Franchise agreements $ 11,200 Indefinite Customer relationships and franchise agreements were valued using the multi-period excess earnings method of the income approach. Significant assumptions used in the valuations include projected revenue growth rates, future earnings before interest, taxes, depreciation and amortization (“EBITDA” and as adjusted, “Adjusted EBITDA”) margins, future capital expenditures and an appropriate discount rate. No |
Note 3 - Revenues
Note 3 - Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. REVENUES Revenues by product line and other revenue-related disclosures were as follows (in thousands): Three Months Ended March 31, 2021 2020 Residential Data $ 183,605 $ 154,990 Video 76,017 85,322 Voice 10,477 12,427 Business services 60,362 57,862 Other 10,801 10,595 Total revenues $ 341,262 $ 321,196 Franchise and other regulatory fees $ 6,152 $ 6,348 Deferred commission amortization $ 1,468 $ 1,355 Other revenues are comprised primarily of advertising sales, customer 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. 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, 2021, December 31, 2020, three March 31, 2021. |
Note 4 - Operating Assets and L
Note 4 - Operating Assets and Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Operating Assets and Liabilities [Text Block] | 4. OPERATING ASSETS AND LIABILITIES Accounts receivable consisted of the following (in thousands): March 31, 2021 December 31, 2020 Trade receivables $ 27,342 $ 32,795 Other receivables 4,384 7,225 Less: Allowance for credit losses (1,374 ) (1,252 ) Total accounts receivable, net $ 30,352 $ 38,768 The changes in the allowance for credit losses were as follows (in thousands): Three Months Ended March 31, 2021 2020 Beginning balance $ 1,252 $ 1,201 Additions - charged to costs and expenses 643 2,118 Deductions - write-offs (2,451 ) (2,271 ) Recoveries collected 1,930 1,949 Ending balance $ 1,374 $ 2,997 Prepaid and other current assets consisted of the following (in thousands): March 31, 2021 December 31, 2020 Prepaid repairs and maintenance $ 9,517 $ 1,013 Software implementation costs 1,199 1,035 Prepaid insurance 1,350 2,200 Prepaid rent 2,830 1,471 Prepaid software 5,921 4,544 Deferred commissions 3,997 4,026 All other current assets 5,425 3,602 Total prepaid and other current assets $ 30,239 $ 17,891 Other noncurrent assets consisted of the following (in thousands): March 31, 2021 December 31, 2020 Operating lease right-of-use assets $ 14,890 $ 13,408 Deferred commissions 5,958 5,798 Software implementation costs 7,785 6,879 Debt issuance costs 3,083 3,249 All other noncurrent assets 3,237 4,209 Total other noncurrent assets $ 34,953 $ 33,543 Accounts payable and accrued liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Accounts payable $ 26,588 $ 22,686 Accrued programming costs 21,330 20,279 Accrued compensation and related benefits 18,698 26,467 Accrued sales and other operating taxes 6,767 7,425 Accrued franchise fees 3,243 4,021 Deposits 6,441 6,300 Operating lease liabilities 4,473 3,772 Interest rate swap liability 30,504 30,646 Accrued insurance costs 7,148 7,292 Cash overdrafts 6,279 8,847 Equity investment payable (1) 13,387 13,387 Interest payable 11,096 4,128 Amount due to Hargray (2) 3,454 6,822 All other accrued liabilities 15,873 12,067 Total accounts payable and accrued liabilities $ 175,281 $ 174,139 ( 1 Consists of the unfunded portion of the Company’s equity investment in Wisper ISP, LLC (“Wisper”). Refer to note 5 ( 2 Consists of amounts due to Hargray in connection with transition services provided as part of the Anniston Exchange (as defined in note 5 5 Other noncurrent liabilities consisted of the following (in thousands): March 31, 2021 December 31, 2020 Operating lease liabilities $ 9,541 $ 8,701 Accrued compensation and related benefits 8,715 10,086 Deferred revenue 4,654 4,981 MBI Net Option (as defined in note 5) (1) 67,750 73,310 All other noncurrent liabilities 2,966 3,549 Total other noncurrent liabilities $ 93,626 $ 100,627 ( 1 Consists of the net value of the Company’s call and put options associated with the remaining equity interests in MBI, valued at $7.4 million and $75.2 million, respectively, as of March 31, 2021 December 31, 2020. 5 10 |
Note 5 - Equity Investments
Note 5 - Equity Investments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investment [Text Block] | 5. EQUITY INVESTMENTS On May 4, 2020, July 10, 2020, 2020 2021. October 1, 2020, $82.6 November 12, 2020, The carrying value of the Company’s equity investments without readily determinable fair values were determined based on fair valuations as of their respective acquisition dates, and consisted of the following (dollars in thousands): Ownership Percentage March 31, 2021 December 31, 2020 Cost Method Investments Hargray (1) ~15% $ 113,165 $ 113,165 Nextlink <10% 27,245 27,245 Others <10% 9,947 10,066 Total cost method investments $ 150,357 $ 150,476 Equity Method Investments MBI (2) 45.0% $ 629,464 $ 630,679 Wisper 40.4% 27,272 26,626 Total equity method investments $ 656,736 $ 657,305 Total equity investments $ 807,093 $ 807,781 ( 1 The Company calculated the fair value of Hargray’s total enterprise value using a hybrid of both the discounted cash flow method of the income approach and the guideline public company method of the market approach. Significant assumptions used in the valuation include projected revenue growth rates, future EBITDA margins, future capital expenditures and an appropriate discount rate. The enterprise value less Hargray’s debt and unamortized debt issuance costs was multiplied by Cable One’s minority equity interest percentage to determine the Hargray investment’s carrying value. The resulting non-cash gain was calculated as the difference between this carrying value and the book value of the Anniston System’s net assets, including its proportionate share of the Company’s franchise agreement and goodwill assets. The approximately 15% equity interest in Hargray is on a fully diluted basis. ( 2 The Company holds a call option to purchase all but not not January 1, 2023 June 30, 2024. not not not July 1, 2025 September 30, 2025. March 31, 2021 December 31, 2020, 10 The carrying value of MBI exceeded the Company’s underlying equity in MBI’s net assets by approximately $526.8 million and $529.7 million as of March 31, 2021 December 31, 2020, Equity method investment income (losses), which increase (decrease) the carrying value of the respective investment, and the change in fair value of the MBI Net Option were as follows (in thousands): Three Months Ended March 31, 2021 2020 Equity Method Investment Income (Loss) MBI (1) $ (1,214 ) $ - Wisper 646 - Total $ (568 ) $ - Other Income (Expense), Net MBI Net Option change in fair value $ 5,560 $ - ( 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 March 31, 2021, The Company assesses each equity investment for indicators of impairment on a quarterly basis. No |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following (in thousands): March 31, 2021 December 31, 2020 Cable distribution systems $ 1,955,364 $ 1,916,048 Customer premise equipment 288,966 283,831 Other equipment and fixtures 467,685 463,469 Buildings and improvements 118,896 117,367 Capitalized software 112,635 107,107 Construction in progress 98,663 89,488 Land 13,411 13,293 Right-of-use assets 10,703 10,314 Property, plant and equipment, gross 3,066,323 3,000,917 Less: Accumulated depreciation and amortization (1,787,351 ) (1,735,457 ) Property, plant and equipment, net $ 1,278,972 $ 1,265,460 Depreciation and amortization expense for property, plant and equipment was $58.0 million and $54.1 million for the three March 31, 2021 2020, |
Note 7 - Goodwill and Intangibl
Note 7 - Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7. GOODWILL AND INTANGIBLE ASSETS The carrying amount of goodwill was $430.5 million at both March 31, 2021 December 31, 2020. not Intangible assets consisted of the following (dollars in thousands): March 31, 2021 December 31, 2020 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 $ 369,700 $ 92,096 $ 277,604 $ 369,700 $ 81,865 $ 287,835 Trademarks and trade names 2.7 – 3 4,300 2,802 1,498 4,300 2,552 1,748 Wireless licenses 10 – 15 1,418 30 1,388 1,418 15 1,403 Total finite-lived intangible assets $ 375,418 $ 94,928 $ 280,490 $ 375,418 $ 84,432 $ 290,986 Indefinite-Lived Intangible Assets Franchise agreements $ 979,712 $ 979,712 Trade names 7,500 7,500 Total indefinite-lived intangible assets $ 987,212 $ 987,212 Total intangible assets, net $ 1,267,702 $ 1,278,198 Intangible asset amortization expense was $10.5 million and $11.2 million for the three March 31, 2021 2020, The future amortization of existing finite-lived intangible assets as of March 31, 2021 Year Ending December 31, Amount 2021 (remaining nine months) $ 29,999 2022 35,528 2023 28,816 2024 23,886 2025 21,962 Thereafter 140,299 Total $ 280,490 Actual amortization expense in future periods may |
Note 8 - Debt
Note 8 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 8. DEBT The carrying amount of long-term debt consisted of the following (in thousands): March 31, 2021 December 31, 2020 Senior Credit Facilities (as defined below) $ 1,535,189 $ 1,541,621 Senior Notes (as defined below) 650,000 650,000 Convertible Notes (as defined below) 920,000 - Finance lease liabilities 5,651 5,466 Total debt 3,110,840 2,197,087 Less: Unamortized debt discount (23,833 ) - Less: Unamortized debt issuance costs (21,753 ) (21,897 ) Less: Current portion of long-term debt (26,500 ) (26,392 ) Total long-term debt $ 3,038,754 $ 2,148,798 Senior Credit Facilities. third October 30, 2020 ( 2025 2” 2027 2” 2027 3” 2025 2, 2 3, March 31, 2021, 10 2020 10 16 10 The Company has issued letters of credit totaling $33.0 million under the Revolving Credit Facility on behalf of Wisper to guarantee its performance obligations under a Federal Communications Commission (“FCC”) broadband funding program. The fair value of the letters of credit approximates face value based on the short-term nature of the agreements. The Company would be liable for up to the total amount outstanding under the letters of credit if Wisper were to fail to satisfy all or some of its performance obligations under the FCC program. Wisper pledged certain assets in favor of the Company as collateral for issuing the letters of credit, which pledge was terminated in the third 2020 March 31, 2021, March 31, 2021 As of March 31, 2021, March 31, 2021 Instrument Draw Date Original Principal Amortization Per Annum (1) Outstanding Principal Final Maturity Date Balance Due Upon Maturity Benchmark Rate Applicable Margin (2) Interest Rate Term Loan A-2 5/8/2019 (3) $ 700,000 Varies (4) $ 672,356 10/30/2025 $ 476,607 LIBOR 1.50 % 1.61 % 10/1/2019 (3) Term Loan B-2 1/7/2019 250,000 1.0 % 245,000 10/30/2027 228,750 LIBOR 2.00 % 2.11 % Term Loan B-3 6/14/2019 (5) 625,000 1.0 % 617,833 10/30/2027 577,472 LIBOR 2.00 % 2.11 % 10/30/2020 (5) Total $ 1,575,000 $ 1,535,189 $ 1,282,829 ( 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 ( 2 The Term Loan A- 2 ( 3 On May 8, 2019, October 1, 2019, October 30, 2020, ( 4 Per annum amortization rates for years one five October 30, 2020 ( 5 On June 14, 2019, October 30, 2020, Senior Notes. November 2020, 2030 4.00% May 15th November 15th May 15, 2021. November 9, 2020 ( At any time and from time to time prior to November 15, 2025, may November 15, 2025, may November 15, 2023, may not one 104% 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. March 2021, 2026 “2026 2028 “2028 2026 2026 2028 March 5, 2021 ( The 2026 not 2026 not 2028 2028 March 15th September 15th September 15, 2021, 2026 March 15, 2026, 2028 March 15, 2028. 2026 2028 $1,000 2026 2028 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, 2026 December 15, 2025, may 2026 second December 15, 2027, 2028 December 15, 2027, may 2028 second may not The Company may not 2026 March 20, 2024 may not 2028 March 20, 2025. No March 20, 2024 December 15, 2025, may 2026 March 20, 2025 December 15, 2027, may 2028 not not 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 The carrying amounts of the Convertible Notes consisted of the following (in thousands): March 31, 2021 2026 Notes 2028 Notes Total Gross carrying amount $ 575,000 $ 345,000 $ 920,000 Less: Unamortized discount (14,872 ) (8,961 ) (23,833 ) Less: Unamortized debt issuance costs (385 ) (232 ) (617 ) Net carrying amount $ 559,743 $ 335,807 $ 895,550 Interest expense on the Convertible Notes consisted of the following (dollars in thousands): Three Months Ended March 31, 2021 2026 Notes 2028 Notes Total Contractual interest expense $ - $ 291 $ 291 Amortization of discount 222 95 317 Amortization of debt issuance costs 6 2 8 Total interest expense $ 228 $ 388 $ 616 Effective interest rate 0.5 % 1.5 % General. $250.0 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, 2021 December 31, 2020 Revolving Credit Facility portion: Other noncurrent assets $ 3,083 $ 3,249 Term loans and Notes portion: Long-term debt (contra account) 21,753 21,897 Total $ 24,836 $ 25,146 The Company recorded debt issuance cost amortization of $1.1 million for both the three March 31, 2021 2020 The future maturities of outstanding borrowings as of March 31, 2021 Year Ending December 31, Amount 2021 (remaining nine months) $ 19,298 2022 29,986 2023 47,008 2024 68,285 2025 549,147 Thereafter 2,391,465 Total $ 3,105,189 The Company was in compliance with all debt covenants as of March 31, 2021. In March 2021, |
Note 9 - Interest Rate Swaps
Note 9 - Interest Rate Swaps | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. INTEREST RATE SWAPS The Company is party to two 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 3/7/2019 3/11/2019 3/11/2029 $ 850,000 Receive one-month LIBOR, pay fixed Monthly 2.653 % Swap B 3/6/2019 6/15/2020 2/28/2029 350,000 Receive one-month LIBOR, pay fixed Monthly 2.739 % Total $ 1,200,000 ( 1 Each swap may 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, 2021 December 31, 2020 Liabilities: Current portion: Accounts payable and accrued liabilities $ 30,504 $ 30,646 Noncurrent portion: Interest rate swap liability $ 81,917 $ 155,357 Total $ 112,421 $ 186,003 Stockholders Equity: Accumulated other comprehensive loss $ 84,626 $ 140,090 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, 2021 2020 Interest expense $ 7,649 $ 2,084 Unrealized (gain) loss on cash flow hedges, gross $ (73,582 ) $ 112,314 Less: Tax effect 18,118 (27,686 ) Unrealized (gain) loss on cash flow hedges, net of tax $ (55,464 ) $ 84,628 The Company does not |
Note 10 - Fair Value Measuremen
Note 10 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 10. FAIR VALUE MEASUREMENTS Financial Assets and Liabilities. March 31, 2021 not The carrying amounts, fair values and related fair value hierarchy levels of the Company’s financial assets and liabilities as of March 31, 2021 March 31, 2021 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 1,489,709 $ 1,489,709 Level 1 Liabilities: Long-term debt (including current portion): Term loans $ 1,535,189 $ 1,527,513 Level 2 Senior Notes $ 650,000 $ 640,835 Level 2 Convertible Notes $ 920,000 $ 922,162 Level 2 Interest rate swap liability (including current portion): Interest rate swaps $ 112,421 $ 112,421 Level 2 Other noncurrent liabilities: MBI Net Option $ 67,750 $ 67,750 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 three 2 2 3 The assumptions used to determine the fair value of the MBI Net Option consisted of the following: March 31, 2021 December 31, 2020 Cable One MBI Cable One MBI Equity volatility 29.0 % 30.0 % 28.0 % 30.0 % EBITDA volatility 10.0 % 10.0 % 10.0 % 10.0 % EBITDA risk-adjusted discount rate 5.5 % 7.0 % 5.0 % 6.5 % Cost of debt 4.0 % 4.0 % 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 not 5 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. not may No three March 31, 2021 2020. |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 11. STOCKHOLDERS EQUITY Equity Offering. May 2020, May 2020 Treasury Stock. March 31, 2021 Share Repurchase Program. July 1, 2015, may March 31, 2021, No three March 31, 2021. Tax Withholding for Equity Awards. three March 31, 2021 2020 |
Note 12 - Equity-based Compensa
Note 12 - Equity-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. EQUITY-BASED COMPENSATION The Amended and Restated Cable One, Inc. 2015 “2015 2015 March 31, 2021, 2015 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, 2021 2020 Restricted Stock $ 3,424 $ 2,506 SARs 703 715 Total $ 4,127 $ 3,221 The Company recognized income tax benefits of $3.6 million and $5.2 million during the three March 31, 2021 2020, March 31, 2021. Restricted Stock. three March 31, 2021 Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2020 34,944 $ 1,037.83 Granted 9,763 $ 2,227.72 Forfeited (780 ) $ 1,268.13 Vested and issued (10,561 ) $ 829.79 Outstanding as of March 31, 2021 33,366 $ 1,446.46 Vested and deferred as of March 31, 2021 5,338 $ 626.73 At March 31, 2021, Stock Appreciation Rights. three March 31, 2021 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, 2020 58,365 $ 866.54 $ 204.29 $ 79,446 7.3 Granted 1,500 $ 2,227.72 $ 584.38 $ - 9.8 Exercised - $ - $ - $ - - Forfeited (1,601 ) $ 834.92 $ 201.50 Outstanding as of March 31, 2021 58,264 $ 902.45 $ 214.15 $ 54,615 7.1 Exercisable as of March 31, 2021 32,187 $ 650.86 $ 148.65 $ 37,900 6.2 At March 31, 2021, The grant date fair value of the SARs is measured using the Black-Scholes valuation model. The weighted average inputs used in the model for grants awarded during the three March 31, 2021 Inputs Expected volatility 27.37 % Risk-free interest rate 0.54 % Expected term (in years) 6.25 Expected dividend yield 0.45 % |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. INCOME TAXES The Company’s effective tax rate was 20.4% and 8.5% for the three March 31, 2021 2020, three March 31, 2021 first 2020 not 100% 2021. 2018, 2019 2020 five |
Note 14 - Net Income Per Common
Note 14 - Net Income Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 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, 2021 2020 Numerator: Net income - basic $ 68,582 $ 69,326 Add: Convertible Notes interest expense, net of tax 462 - Net income - diluted $ 69,044 $ 69,326 Denominator: Weighted average common shares outstanding - basic 6,012,402 5,697,904 Effect of dilutive equity-based compensation awards (1) 40,443 57,155 Effect of dilution from if-converted Convertible Notes (2) 115,416 - Weighted average common shares outstanding - diluted 6,168,261 5,755,059 Net Income per Common Share: Basic $ 11.41 $ 12.17 Diluted $ 11.19 $ 12.05 Supplemental Net Income per Common Share Disclosure: Anti-dilutive shares from equity-based compensation awards (1) 7,232 - ( 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 three March 31, 2021. |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. COMMITMENTS AND CONTINGENCIES Contractual Obligations. not March 31, 2021, no 2020 10 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 March 31, 2021, no 8 Litigation and Legal Matters. no Regulation in the Company s Industry. |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. SUBSEQUENT EVENTS On May 3, 2021, seven 4” 4 The Term Loan B- 4 4 The interest margin applicable to the Term Loan B- 4 4 may six 4 not 4 4 may 4 2 3. On May 3, 2021, not $2.2 4 10 June 30, 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 10 01 X 1934, 2020 10 The December 31, 2020 2020 10 not may not |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation. |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. 280 Segment Reporting one |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. may |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements. August 2020, No. 2020 06, Debt-Debt with Conversion and Other Options (Subtopic 470 20 s Own Equity (Subtopic 815 40 s Own Equity 2020 06 2020 06 January 1, 2021 8 first 2021 In December 2019, No. 2019 12, Income Taxes (Topic 740 2019 12 2019 12 may 2019 12 January 1, 2021 not Recently Issued But Not March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04 2021. may December 31, 2022. 2020 04 |
Note 2 - Valu-Net Acquisition (
Note 2 - Valu-Net Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Fair Value Useful Life (in years) Customer relationships $ 7,700 13.5 Trademark and trade name $ 800 Indefinite Franchise agreements $ 11,200 Indefinite |
Note 3 - Revenues (Tables)
Note 3 - Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2021 2020 Residential Data $ 183,605 $ 154,990 Video 76,017 85,322 Voice 10,477 12,427 Business services 60,362 57,862 Other 10,801 10,595 Total revenues $ 341,262 $ 321,196 Franchise and other regulatory fees $ 6,152 $ 6,348 Deferred commission amortization $ 1,468 $ 1,355 |
Note 4 - Operating Assets and_2
Note 4 - Operating Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2021 December 31, 2020 Trade receivables $ 27,342 $ 32,795 Other receivables 4,384 7,225 Less: Allowance for credit losses (1,374 ) (1,252 ) Total accounts receivable, net $ 30,352 $ 38,768 |
Schedule of Allowance for Doubtful Accounts [Table Text Block] | Three Months Ended March 31, 2021 2020 Beginning balance $ 1,252 $ 1,201 Additions - charged to costs and expenses 643 2,118 Deductions - write-offs (2,451 ) (2,271 ) Recoveries collected 1,930 1,949 Ending balance $ 1,374 $ 2,997 |
Prepaid and Other Current Assets [Table Text Block] | March 31, 2021 December 31, 2020 Prepaid repairs and maintenance $ 9,517 $ 1,013 Software implementation costs 1,199 1,035 Prepaid insurance 1,350 2,200 Prepaid rent 2,830 1,471 Prepaid software 5,921 4,544 Deferred commissions 3,997 4,026 All other current assets 5,425 3,602 Total prepaid and other current assets $ 30,239 $ 17,891 |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, 2021 December 31, 2020 Operating lease right-of-use assets $ 14,890 $ 13,408 Deferred commissions 5,958 5,798 Software implementation costs 7,785 6,879 Debt issuance costs 3,083 3,249 All other noncurrent assets 3,237 4,209 Total other noncurrent assets $ 34,953 $ 33,543 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Accounts payable $ 26,588 $ 22,686 Accrued programming costs 21,330 20,279 Accrued compensation and related benefits 18,698 26,467 Accrued sales and other operating taxes 6,767 7,425 Accrued franchise fees 3,243 4,021 Deposits 6,441 6,300 Operating lease liabilities 4,473 3,772 Interest rate swap liability 30,504 30,646 Accrued insurance costs 7,148 7,292 Cash overdrafts 6,279 8,847 Equity investment payable (1) 13,387 13,387 Interest payable 11,096 4,128 Amount due to Hargray (2) 3,454 6,822 All other accrued liabilities 15,873 12,067 Total accounts payable and accrued liabilities $ 175,281 $ 174,139 |
Other Noncurrent Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Operating lease liabilities $ 9,541 $ 8,701 Accrued compensation and related benefits 8,715 10,086 Deferred revenue 4,654 4,981 MBI Net Option (as defined in note 5) (1) 67,750 73,310 All other noncurrent liabilities 2,966 3,549 Total other noncurrent liabilities $ 93,626 $ 100,627 |
Note 5 - Equity Investments (Ta
Note 5 - Equity Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Equity Securities without Readily Determinable Fair Value [Table Text Block] | Ownership Percentage March 31, 2021 December 31, 2020 Cost Method Investments Hargray (1) ~15% $ 113,165 $ 113,165 Nextlink <10% 27,245 27,245 Others <10% 9,947 10,066 Total cost method investments $ 150,357 $ 150,476 Equity Method Investments MBI (2) 45.0% $ 629,464 $ 630,679 Wisper 40.4% 27,272 26,626 Total equity method investments $ 656,736 $ 657,305 Total equity investments $ 807,093 $ 807,781 |
Equity Method Investments [Table Text Block] | Three Months Ended March 31, 2021 2020 Equity Method Investment Income (Loss) MBI (1) $ (1,214 ) $ - Wisper 646 - Total $ (568 ) $ - Other Income (Expense), Net MBI Net Option change in fair value $ 5,560 $ - |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2021 December 31, 2020 Cable distribution systems $ 1,955,364 $ 1,916,048 Customer premise equipment 288,966 283,831 Other equipment and fixtures 467,685 463,469 Buildings and improvements 118,896 117,367 Capitalized software 112,635 107,107 Construction in progress 98,663 89,488 Land 13,411 13,293 Right-of-use assets 10,703 10,314 Property, plant and equipment, gross 3,066,323 3,000,917 Less: Accumulated depreciation and amortization (1,787,351 ) (1,735,457 ) Property, plant and equipment, net $ 1,278,972 $ 1,265,460 |
Note 7 - Goodwill and Intangi_2
Note 7 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Intangible Assets and Goodwill [Table Text Block] | March 31, 2021 December 31, 2020 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 $ 369,700 $ 92,096 $ 277,604 $ 369,700 $ 81,865 $ 287,835 Trademarks and trade names 2.7 – 3 4,300 2,802 1,498 4,300 2,552 1,748 Wireless licenses 10 – 15 1,418 30 1,388 1,418 15 1,403 Total finite-lived intangible assets $ 375,418 $ 94,928 $ 280,490 $ 375,418 $ 84,432 $ 290,986 Indefinite-Lived Intangible Assets Franchise agreements $ 979,712 $ 979,712 Trade names 7,500 7,500 Total indefinite-lived intangible assets $ 987,212 $ 987,212 Total intangible assets, net $ 1,267,702 $ 1,278,198 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Amount 2021 (remaining nine months) $ 29,999 2022 35,528 2023 28,816 2024 23,886 2025 21,962 Thereafter 140,299 Total $ 280,490 |
Note 8 - Debt (Tables)
Note 8 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, 2021 December 31, 2020 Senior Credit Facilities (as defined below) $ 1,535,189 $ 1,541,621 Senior Notes (as defined below) 650,000 650,000 Convertible Notes (as defined below) 920,000 - Finance lease liabilities 5,651 5,466 Total debt 3,110,840 2,197,087 Less: Unamortized debt discount (23,833 ) - Less: Unamortized debt issuance costs (21,753 ) (21,897 ) Less: Current portion of long-term debt (26,500 ) (26,392 ) Total long-term debt $ 3,038,754 $ 2,148,798 |
Summary of Term Loans [Table Text Block] | Instrument Draw Date Original Principal Amortization Per Annum (1) Outstanding Principal Final Maturity Date Balance Due Upon Maturity Benchmark Rate Applicable Margin (2) Interest Rate Term Loan A-2 5/8/2019 (3) $ 700,000 Varies (4) $ 672,356 10/30/2025 $ 476,607 LIBOR 1.50 % 1.61 % 10/1/2019 (3) Term Loan B-2 1/7/2019 250,000 1.0 % 245,000 10/30/2027 228,750 LIBOR 2.00 % 2.11 % Term Loan B-3 6/14/2019 (5) 625,000 1.0 % 617,833 10/30/2027 577,472 LIBOR 2.00 % 2.11 % 10/30/2020 (5) Total $ 1,575,000 $ 1,535,189 $ 1,282,829 |
Convertible Debt [Table Text Block] | March 31, 2021 2026 Notes 2028 Notes Total Gross carrying amount $ 575,000 $ 345,000 $ 920,000 Less: Unamortized discount (14,872 ) (8,961 ) (23,833 ) Less: Unamortized debt issuance costs (385 ) (232 ) (617 ) Net carrying amount $ 559,743 $ 335,807 $ 895,550 Three Months Ended March 31, 2021 2026 Notes 2028 Notes Total Contractual interest expense $ - $ 291 $ 291 Amortization of discount 222 95 317 Amortization of debt issuance costs 6 2 8 Total interest expense $ 228 $ 388 $ 616 Effective interest rate 0.5 % 1.5 % |
Unamortized Debt Issuance Costs [Table Text Block] | March 31, 2021 December 31, 2020 Revolving Credit Facility portion: Other noncurrent assets $ 3,083 $ 3,249 Term loans and Notes portion: Long-term debt (contra account) 21,753 21,897 Total $ 24,836 $ 25,146 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2021 (remaining nine months) $ 19,298 2022 29,986 2023 47,008 2024 68,285 2025 549,147 Thereafter 2,391,465 Total $ 3,105,189 |
Note 9 - Interest Rate Swaps (T
Note 9 - Interest Rate Swaps (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Derivative Instruments [Table Text Block] | Entry Date Effective Date Maturity Date (1) Notional Amount Settlement Type Settlement Frequency Fixed Base Rate Swap A 3/7/2019 3/11/2019 3/11/2029 $ 850,000 Receive one-month LIBOR, pay fixed Monthly 2.653 % Swap B 3/6/2019 6/15/2020 2/28/2029 350,000 Receive one-month LIBOR, pay fixed Monthly 2.739 % Total $ 1,200,000 |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | March 31, 2021 December 31, 2020 Liabilities: Current portion: Accounts payable and accrued liabilities $ 30,504 $ 30,646 Noncurrent portion: Interest rate swap liability $ 81,917 $ 155,357 Total $ 112,421 $ 186,003 Stockholders Equity: Accumulated other comprehensive loss $ 84,626 $ 140,090 Three Months Ended March 31, 2021 2020 Interest expense $ 7,649 $ 2,084 Unrealized (gain) loss on cash flow hedges, gross $ (73,582 ) $ 112,314 Less: Tax effect 18,118 (27,686 ) Unrealized (gain) loss on cash flow hedges, net of tax $ (55,464 ) $ 84,628 |
Note 10 - Fair Value Measurem_2
Note 10 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | March 31, 2021 Carrying Fair Fair Value Amount Value Hierarchy Assets: Cash and cash equivalents: Money market investments $ 1,489,709 $ 1,489,709 Level 1 Liabilities: Long-term debt (including current portion): Term loans $ 1,535,189 $ 1,527,513 Level 2 Senior Notes $ 650,000 $ 640,835 Level 2 Convertible Notes $ 920,000 $ 922,162 Level 2 Interest rate swap liability (including current portion): Interest rate swaps $ 112,421 $ 112,421 Level 2 Other noncurrent liabilities: MBI Net Option $ 67,750 $ 67,750 Level 3 |
MBI Net Option [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | March 31, 2021 December 31, 2020 Cable One MBI Cable One MBI Equity volatility 29.0 % 30.0 % 28.0 % 30.0 % EBITDA volatility 10.0 % 10.0 % 10.0 % 10.0 % EBITDA risk-adjusted discount rate 5.5 % 7.0 % 5.0 % 6.5 % Cost of debt 4.0 % 4.0 % |
Note 12 - Equity-based Compen_2
Note 12 - Equity-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Restricted Stock $ 3,424 $ 2,506 SARs 703 715 Total $ 4,127 $ 3,221 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Weighted Average Grant Date Fair Value Per Share Outstanding as of December 31, 2020 34,944 $ 1,037.83 Granted 9,763 $ 2,227.72 Forfeited (780 ) $ 1,268.13 Vested and issued (10,561 ) $ 829.79 Outstanding as of March 31, 2021 33,366 $ 1,446.46 Vested and deferred as of March 31, 2021 5,338 $ 626.73 |
Share-based Payment Arrangement, Stock Appreciation Right, Activity [Table Text Block] | 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, 2020 58,365 $ 866.54 $ 204.29 $ 79,446 7.3 Granted 1,500 $ 2,227.72 $ 584.38 $ - 9.8 Exercised - $ - $ - $ - - Forfeited (1,601 ) $ 834.92 $ 201.50 Outstanding as of March 31, 2021 58,264 $ 902.45 $ 214.15 $ 54,615 7.1 Exercisable as of March 31, 2021 32,187 $ 650.86 $ 148.65 $ 37,900 6.2 |
Schedule of Share-based Payment Award, Other than Options, Valuation Assumptions [Table Text Block] | Inputs Expected volatility 27.37 % Risk-free interest rate 0.54 % Expected term (in years) 6.25 Expected dividend yield 0.45 % |
Note 14 - Net Income Per Comm_2
Note 14 - Net Income Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 2020 Numerator: Net income - basic $ 68,582 $ 69,326 Add: Convertible Notes interest expense, net of tax 462 - Net income - diluted $ 69,044 $ 69,326 Denominator: Weighted average common shares outstanding - basic 6,012,402 5,697,904 Effect of dilutive equity-based compensation awards (1) 40,443 57,155 Effect of dilution from if-converted Convertible Notes (2) 115,416 - Weighted average common shares outstanding - diluted 6,168,261 5,755,059 Net Income per Common Share: Basic $ 11.41 $ 12.17 Diluted $ 11.19 $ 12.05 Supplemental Net Income per Common Share Disclosure: Anti-dilutive shares from equity-based compensation awards (1) 7,232 - |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Basis of Presentation (Details Textual) $ in Millions | May 03, 2021USD ($) | Jul. 01, 2020USD ($) | Mar. 31, 2021 |
Number of States in which Entity Operates | 21 | ||
Number of Customers | 988,000 | ||
Number of Operating Segments | 1 | ||
Valu-Net [Member] | |||
Payments to Acquire Businesses, Gross | $ 38.9 | ||
Hargray [Member] | Subsequent Event [Member] | |||
Payments to Acquire Businesses, Gross | $ 2,200 | ||
Business Acquisition, Percentage of Voting Interests Acquired | 85.00% | ||
Data [Member] | |||
Number of Customers | 880,000 | ||
Video [Member] | |||
Number of Customers | 252,000 | ||
Voice [Member] | |||
Number of Customers | 122,000 |
Note 2 - Valu-Net Acquisition_2
Note 2 - Valu-Net Acquisition (Details Textual) $ in Millions | Jul. 01, 2020USD ($) |
Valu-Net [Member] | |
Payments to Acquire Businesses, Gross | $ 38.9 |
Note 2 - Valu-Net Acquisition -
Note 2 - Valu-Net Acquisition - Identifiable Intangible Assets Acquired (Details) - Valu-Net [Member] $ in Millions | Jul. 01, 2020USD ($) |
Trademarks and Trade Names [Member] | |
Fair Value | $ 0.8 |
Franchise Rights [Member] | |
Fair Value | 11.2 |
Customer Relationships [Member] | |
Fair Value | $ 7.7 |
Useful Life (Year) | 13 years 6 months |
Note 3 - Revenues (Details Text
Note 3 - Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Liability, Current | $ 23,619 | $ 21,051 |
Contract with Customer, Liability, Revenue Recognized | $ 16,900 |
Note 3 - Revenues - Revenues by
Note 3 - Revenues - Revenues by Product Line (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 341,262 | $ 321,196 |
Deferred commission amortization | 1,468 | 1,355 |
Data [Member] | ||
Revenues | 183,605 | 154,990 |
Video [Member] | ||
Revenues | 76,017 | 85,322 |
Voice [Member] | ||
Revenues | 10,477 | 12,427 |
Business Services [Member] | ||
Revenues | 60,362 | 57,862 |
Product and Service, Other [Member] | ||
Revenues | 10,801 | 10,595 |
Fees Imposed by Various Governmental Authorities Passed Through to Customer [Member] | ||
Revenues | $ 6,152 | $ 6,348 |
Note 4 - Operating Assets and_3
Note 4 - Operating Assets and Liabilities (Details Textual) - MBI Net Option [Member] - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Call Option [Member] | ||
Derivative Asset, Fair Value, Gross Asset, Total | $ 7.4 | $ 0.7 |
Put Option [Member] | ||
Derivative Asset, Fair Value, Gross Liability | $ 75.2 | $ 74 |
Note 4 - Operating Assets and_4
Note 4 - Operating Assets and Liabilities - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Trade receivables | $ 27,342 | $ 32,795 |
Other receivables | 4,384 | 7,225 |
Less: Allowance for credit losses | (1,374) | (1,252) |
Total accounts receivable, net | $ 30,352 | $ 38,768 |
Note 4 - Operating Assets and_5
Note 4 - Operating Assets and Liabilities - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Beginning balance | $ 1,252 | $ 1,201 |
Additions - charged to costs and expenses | 643 | 2,118 |
Deductions - write-offs | (2,451) | (2,271) |
Recoveries collected | 1,930 | 1,949 |
Ending balance | $ 1,374 | $ 2,997 |
Note 4 - Operating Assets and_6
Note 4 - Operating Assets and Liabilities - Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid repairs and maintenance | $ 9,517 | $ 1,013 |
Software implementation costs | 1,199 | 1,035 |
Prepaid insurance | 1,350 | 2,200 |
Prepaid rent | 2,830 | 1,471 |
Prepaid software | 5,921 | 4,544 |
Deferred commissions | 3,997 | 4,026 |
All other current assets | 5,425 | 3,602 |
Total prepaid and other current assets | $ 30,239 | $ 17,891 |
Note 4 - Operating Assets and_7
Note 4 - Operating Assets and Liabilities - Other Noncurrent Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Operating lease right-of-use assets | $ 14,890 | $ 13,408 |
Deferred commissions | 5,958 | 5,798 |
Software implementation costs | 7,785 | 6,879 |
Debt issuance costs | 3,083 | 3,249 |
All other noncurrent assets | 3,237 | 4,209 |
Total other noncurrent assets | $ 34,953 | $ 33,543 |
Note 4 - Operating Assets and_8
Note 4 - Operating Assets and Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Interest payable | $ 11,096 | $ 4,128 | |
Amount due to Hargray(2) | [1] | 3,454 | 6,822 |
Total accounts payable and accrued liabilities | 175,281 | 174,139 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Accounts payable | 26,588 | 22,686 | |
Accrued programming costs | 21,330 | 20,279 | |
Accrued compensation and related benefits | 18,698 | 26,467 | |
Accrued sales and other operating taxes | 6,767 | 7,425 | |
Accrued franchise fees | 3,243 | 4,021 | |
Deposits | 6,441 | 6,300 | |
Operating lease liabilities | 4,473 | 3,772 | |
Interest rate swap liability | 30,504 | 30,646 | |
Accrued insurance costs | 7,148 | 7,292 | |
Cash overdrafts | 6,279 | 8,847 | |
Equity investment payable(1) | [2] | 13,387 | 13,387 |
All other accrued liabilities | $ 15,873 | $ 12,067 | |
[1] | Consists of amounts due to Hargray in connection with transition services provided as part of the Anniston Exchange (as defined in note 5). Refer to note 5 for details on this transaction. | ||
[2] | Consists of the unfunded portion of the Company’s equity investment in Wisper ISP, LLC (“Wisper”). Refer to note 5 for details on this transaction. |
Note 4 - Operating Assets and_9
Note 4 - Operating Assets and Liabilities - Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
MBI Net Option (as defined in note 5)(1) | $ 81,917 | $ 155,357 | |
Total other noncurrent liabilities | 93,626 | 100,627 | |
Other Noncurrent Liabilities [Member] | |||
Operating lease liabilities | 9,541 | 8,701 | |
Accrued compensation and related benefits | 8,715 | 10,086 | |
Deferred revenue | 4,654 | 4,981 | |
All other noncurrent liabilities | 2,966 | 3,549 | |
Other Noncurrent Liabilities [Member] | MBI Net Option [Member] | |||
MBI Net Option (as defined in note 5)(1) | [1] | $ 67,750 | $ 73,310 |
[1] | Consists of the net value of the Company’s call and put options associated with the remaining equity interests in MBI, valued at $7.4 million and $75.2 million, respectively, as of March 31, 2021 and $0.7 million and $74.0 million, respectively, as of December 31, 2020. Refer to notes 5 and 10 for further information on the MBI Net Option. |
Note 5 - Equity Investments (De
Note 5 - Equity Investments (Details Textual) - USD ($) $ in Thousands | Nov. 12, 2020 | Oct. 01, 2020 | May 04, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jul. 10, 2020 | |||
Gain (Loss) on Disposition of Business | $ (568) | $ 0 | ||||||||
Equity Method Investments | 656,736 | $ 657,305 | ||||||||
Derivative Liability, Noncurrent | 81,917 | 155,357 | ||||||||
Income (Loss) from Equity Method Investments, Total | (568) | $ 0 | ||||||||
MBI [Member] | ||||||||||
Finite-lived Intangible Assets, Basis Difference Between Fair Value and Carrying Value | 186,600 | |||||||||
MBI Net Option [Member] | Other Noncurrent Liabilities [Member] | ||||||||||
Derivative Liability, Noncurrent | [1] | $ 67,750 | 73,310 | |||||||
Hargray [Member] | ||||||||||
Ownership Percentage | 15.00% | |||||||||
MBI [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | [2] | 45.00% | ||||||||
Equity Method Investments | $ 630,700 | $ 629,464 | [2] | 630,679 | [2] | |||||
Equity Method Investment, Difference Between Carrying Amount and Underlying Equity, Total | 526,800 | 529,700 | ||||||||
Finite-lived Intangible Assets, Basis Difference Between Fair Value and Carrying Value | 84,000 | |||||||||
Income (Loss) from Equity Method Investments, Total | 1,400 | |||||||||
Amortization, Total | $ 2,700 | |||||||||
MBI [Member] | Call Option [Member] | ||||||||||
Derivative Assets, Noncurrent, Total | 19,700 | |||||||||
MBI [Member] | Put Option [Member] | ||||||||||
Derivative Liability, Noncurrent | $ 75,500 | |||||||||
Disposition of the Anniston Exchange [Member] | ||||||||||
Gain (Loss) on Disposition of Business | $ 82,600 | |||||||||
Wisper ISP, LLC [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 40.40% | |||||||||
Equity Method Investment, Aggregate Cost | $ 25,300 | |||||||||
Payments to Acquire Equity Method Investments | $ 11,900 | |||||||||
Mega Broadband Investments Holdings [Member] | ||||||||||
Equity Method Investment, Ownership Percentage | 45.00% | |||||||||
Payments to Acquire Equity Method Investments | $ 574,900 | |||||||||
AMG Technology [Member] | ||||||||||
Payments to Acquire Investments, Total | $ 27,200 | |||||||||
AMG Technology [Member] | Maximum [Member] | ||||||||||
Ownership Percentage | 10.00% | |||||||||
Hargray [Member] | ||||||||||
Ownership Percentage | 15.00% | 15.00% | [3] | |||||||
[1] | Consists of the net value of the Company’s call and put options associated with the remaining equity interests in MBI, valued at $7.4 million and $75.2 million, respectively, as of March 31, 2021 and $0.7 million and $74.0 million, respectively, as of December 31, 2020. Refer to notes 5 and 10 for further information on the MBI Net Option. | |||||||||
[2] | The Company holds a call option to purchase all but not less than all of the remaining equity interests in MBI that the Company does not already own between January 1, 2023 and June 30, 2024. If the call option is not exercised, 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 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 $67.8 million and $73.3 million as of March 31, 2021 and December 31, 2020, respectively, and was included within other noncurrent liabilities in the condensed consolidated balance sheets. Refer to note 10 for further information on the MBI Net Option. | |||||||||
[3] | The Company calculated the fair value of Hargray's total enterprise value using a hybrid of both the discounted cash flow method of the income approach and the guideline public company method of the market approach. Significant assumptions used in the valuation include projected revenue growth rates, future EBITDA margins, future capital expenditures and an appropriate discount rate. The enterprise value less Hargray’s debt and unamortized debt issuance costs was multiplied by Cable One's minority equity interest percentage to determine the Hargray investment's carrying value. The resulting non-cash gain was calculated as the difference between this carrying value and the book value of the Anniston System's net assets, including its proportionate share of the Company's franchise agreement and goodwill assets. The approximately 15% equity interest in Hargray is on a fully diluted basis. |
Note 5 - Equity Investments - C
Note 5 - Equity Investments - Carrying Value of Equity Method Investments Without Determinable Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Nov. 12, 2020 | Oct. 01, 2020 | |||
Cost Method Investment | $ 150,357 | $ 150,476 | |||||
Total equity method investments | 656,736 | 657,305 | |||||
Equity investments | $ 807,093 | 807,781 | |||||
MBI [Member] | |||||||
Equity method investments, ownership | [1] | 45.00% | |||||
Total equity method investments | $ 629,464 | [1] | 630,679 | [1] | $ 630,700 | ||
Wisper [Member] | |||||||
Equity method investments, ownership | 40.40% | ||||||
Total equity method investments | $ 27,272 | 26,626 | |||||
Hargray [Member] | |||||||
Cost method investments, ownership | 15.00% | [2] | 15.00% | ||||
Cost Method Investment | [2] | $ 113,165 | 113,165 | ||||
Nextlink [Member] | |||||||
Cost Method Investment | $ 27,245 | 27,245 | |||||
Nextlink [Member] | Maximum [Member] | |||||||
Cost method investments, ownership | 10.00% | ||||||
Other Cost Method Investment [Member] | |||||||
Cost Method Investment | $ 9,947 | $ 10,066 | |||||
Other Cost Method Investment [Member] | Maximum [Member] | |||||||
Cost method investments, ownership | 10.00% | ||||||
[1] | The Company holds a call option to purchase all but not less than all of the remaining equity interests in MBI that the Company does not already own between January 1, 2023 and June 30, 2024. If the call option is not exercised, 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 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 $67.8 million and $73.3 million as of March 31, 2021 and December 31, 2020, respectively, and was included within other noncurrent liabilities in the condensed consolidated balance sheets. Refer to note 10 for further information on the MBI Net Option. | ||||||
[2] | The Company calculated the fair value of Hargray's total enterprise value using a hybrid of both the discounted cash flow method of the income approach and the guideline public company method of the market approach. Significant assumptions used in the valuation include projected revenue growth rates, future EBITDA margins, future capital expenditures and an appropriate discount rate. The enterprise value less Hargray’s debt and unamortized debt issuance costs was multiplied by Cable One's minority equity interest percentage to determine the Hargray investment's carrying value. The resulting non-cash gain was calculated as the difference between this carrying value and the book value of the Anniston System's net assets, including its proportionate share of the Company's franchise agreement and goodwill assets. The approximately 15% equity interest in Hargray is on a fully diluted basis. |
Note 5 - Equity Investments - E
Note 5 - Equity Investments - Equity Method Investment Income (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Equity method investment income (loss), net | $ (568) | $ 0 |
MBI [Member] | ||
Equity method investment income (loss), net | (1,214) | 0 |
MBI [Member] | MBI Net Option [Member] | ||
MBI Net Option change in fair value | 5,560 | 0 |
Wisper [Member] | ||
Equity method investment income (loss), net | $ 646 | $ 0 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation, Total | $ 58 | $ 54.1 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Right-of-use assets | $ 10,703 | $ 10,314 |
Property, plant and equipment, gross | 3,066,323 | 3,000,917 |
Less: Accumulated depreciation and amortization | (1,787,351) | (1,735,457) |
Property, plant and equipment, net | 1,278,972 | 1,265,460 |
Other Capitalized Property Plant and Equipment [Member] | ||
Property, plant and equipment, gross | 1,955,364 | 1,916,048 |
Equipment [Member] | ||
Property, plant and equipment, gross | 288,966 | 283,831 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 467,685 | 463,469 |
Building and Leasehold Improvements[Member] | ||
Property, plant and equipment, gross | 118,896 | 117,367 |
Software and Software Development Costs [Member] | ||
Property, plant and equipment, gross | 112,635 | 107,107 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | 98,663 | 89,488 |
Land [Member] | ||
Property, plant and equipment, gross | $ 13,411 | $ 13,293 |
Note 7 - Goodwill and Intangi_3
Note 7 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Goodwill, Ending Balance | $ 430,543 | $ 430,543 | |
Goodwill, Impairment Loss | 0 | ||
Amortization of Intangible Assets, Total | $ 10,500 | $ 11,200 |
Note 7 - Goodwill and Intangi_4
Note 7 - Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Gross carrying amount, amortized intangible assets | $ 375,418 | $ 375,418 |
Accumulated amortization, amortized intangible assets | 94,928 | 84,432 |
Net carrying amount | 280,490 | 290,986 |
Indefinite-Lived Intangible Assets | 987,212 | 987,212 |
Intangible assets, net | 1,267,702 | 1,278,198 |
Franchise Rights [Member] | ||
Indefinite-Lived Intangible Assets | 979,712 | 979,712 |
Trade Names [Member] | ||
Indefinite-Lived Intangible Assets | 7,500 | 7,500 |
Customer Relationships [Member] | ||
Gross carrying amount, amortized intangible assets | 369,700 | 369,700 |
Accumulated amortization, amortized intangible assets | 92,096 | 81,865 |
Net carrying amount | $ 277,604 | 287,835 |
Customer Relationships [Member] | Minimum [Member] | ||
Useful life (Year) | 13 years 6 months | |
Customer Relationships [Member] | Maximum [Member] | ||
Useful life (Year) | 17 years | |
Trademarks and Trade Names [Member] | ||
Gross carrying amount, amortized intangible assets | $ 4,300 | 4,300 |
Accumulated amortization, amortized intangible assets | 2,802 | 2,552 |
Net carrying amount | $ 1,498 | 1,748 |
Trademarks and Trade Names [Member] | Minimum [Member] | ||
Useful life (Year) | 2 years 8 months 12 days | |
Trademarks and Trade Names [Member] | Maximum [Member] | ||
Useful life (Year) | 3 years | |
Wireless Spectrum Licenses [Member] | ||
Gross carrying amount, amortized intangible assets | $ 1,418 | 1,418 |
Accumulated amortization, amortized intangible assets | 30 | 15 |
Net carrying amount | $ 1,388 | $ 1,403 |
Wireless Spectrum Licenses [Member] | Minimum [Member] | ||
Useful life (Year) | 10 years | |
Wireless Spectrum Licenses [Member] | Maximum [Member] | ||
Useful life (Year) | 15 years |
Note 7 - Goodwill and Intangi_5
Note 7 - Goodwill and Intangible Assets - Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
2021 (remaining nine months) | $ 29,999 | |
2022 | 35,528 | |
2023 | 28,816 | |
2024 | 23,886 | |
2025 | 21,962 | |
Thereafter | 140,299 | |
Total | $ 280,490 | $ 290,986 |
Note 8 - Debt (Details Textual)
Note 8 - Debt (Details Textual) $ / shares in Units, $ in Thousands | Mar. 05, 2021USD ($)$ / shares | Nov. 09, 2020USD ($) | Oct. 01, 2019USD ($) | Jun. 14, 2019USD ($) | May 08, 2019USD ($) | Mar. 31, 2021USD ($) | Oct. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Proceeds from Issuance of Long-term Debt, Total | $ 895,850 | $ 100,000 | |||||||||
Amortization of Debt Issuance Costs | 1,100 | $ 1,100 | |||||||||
Senior Unsecured Notes Due 2030 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 650,000 | ||||||||||
Long-term Debt, Gross | $ 650,000 | 650,000 | $ 650,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed | 100.00% | ||||||||||
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed not Exceeding the Net Cash Proceeds from One or More Equity Offerings at a Redemption Price Equal to 104% of the Principal Amount | 40.00% | ||||||||||
Debt Instrument, Covenant Repurchase, Percentage of Principle | 101.00% | ||||||||||
The 2026 Notes [Member] | |||||||||||
Debt Instrument, Face Amount | $ 575,000 | ||||||||||
Long-term Debt, Gross | 575,000 | 575,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | ||||||||||
Amortization of Debt Issuance Costs | 6 | ||||||||||
The 2028 Notes [Member] | |||||||||||
Debt Instrument, Face Amount | $ 345,000 | ||||||||||
Long-term Debt, Gross | 345,000 | 345,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.125% | ||||||||||
Amortization of Debt Issuance Costs | 2 | ||||||||||
The 2026 Notes and the 2028 Notes [Member] | |||||||||||
Long-term Debt, Gross | 920,000 | $ 920,000 | $ 0 | ||||||||
Debt Instrument, Convertible, Conversion Ratio | 0.4394 | 0.4394 | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2,275.83 | ||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||
Amortization of Debt Issuance Costs | $ 8 | ||||||||||
The 2026 Notes and the 2028 Notes [Member] | Company Undergoes a Fundamental Change [Member] | |||||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||||
Financial Standby Letter of Credit [Member] | |||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 33,000 | $ 33,000 | 33,000 | ||||||||
JPMorgan Chase Bank [Member] | Bridge Loan [Member] | Hargray [Member] | |||||||||||
Loan Commitment, Termination Amount | 900,000 | ||||||||||
Secured Debt [Member] | |||||||||||
Debt Instrument, Face Amount | 1,575,000 | 1,575,000 | |||||||||
Long-term Debt, Gross | 1,535,189 | 1,535,189 | |||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | |||||||||||
Debt Instrument, Face Amount | 700,000 | 700,000 | |||||||||
Long-term Debt, Gross | 672,356 | $ 672,356 | |||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 450,000 | $ 250,000 | |||||||||
Long Term Debt, Amortization Rate, First Twelve Months | 2.50% | ||||||||||
Long Term Debt, Amortization Rate, Year Two | 2.50% | ||||||||||
Long Term Debt, Amortization Rate, Year Three | 5.00% | ||||||||||
Long Term Debt, Amortization Rate, Year Four | 7.50% | ||||||||||
Long Term Debt, Amortization Rate, Year Five | 12.50% | ||||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 1.50% | |||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ||||||||||
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||||
Secured Debt [Member] | Term B-2 Loan [Member] | |||||||||||
Debt Instrument, Face Amount | 250,000 | $ 250,000 | |||||||||
Long-term Debt, Gross | 245,000 | $ 245,000 | |||||||||
Secured Debt [Member] | Term B-2 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.00% | |||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | |||||||||||
Debt Instrument, Face Amount | 625,000 | $ 625,000 | |||||||||
Long-term Debt, Gross | 617,833 | $ 617,833 | |||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 325,000 | $ 300,000 | |||||||||
Secured Debt [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | [1] | 2.00% | |||||||||
Secured Debt [Member] | Term Loan Borrowings [Member] | |||||||||||
Long-term Debt, Gross | 1,500,000 | $ 1,500,000 | |||||||||
Secured Debt [Member] | CoBank, ACB [Member] | Term Loan A-2 [Member] | |||||||||||
Debt Instrument, Face Amount | 700,000 | ||||||||||
Secured Debt [Member] | CoBank, ACB [Member] | Term B-2 Loan [Member] | |||||||||||
Debt Instrument, Face Amount | 250,000 | ||||||||||
Secured Debt [Member] | CoBank, ACB [Member] | Term B-3 Loan [Member] | |||||||||||
Debt Instrument, Face Amount | 625,000 | ||||||||||
Revolving Credit Facility [Member] | JPMorgan Chase Bank [Member] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000 | ||||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 459,000 | 459,000 | |||||||||
Letter of Credit [Member] | JPMorgan Chase Bank [Member] | |||||||||||
Letters of Credit Outstanding, Amount | $ 41,000 | $ 41,000 | |||||||||
Line of Credit Facility, Interest Rate at Period End | 1.63% | 1.63% | |||||||||
Letter of Credit [Member] | JPMorgan Chase Bank [Member] | Letter of Credit Issued to Third Party for FCC Performance Obligations with Offseting Collateral [Member] | |||||||||||
Letters of Credit Outstanding, Amount | $ 0 | $ 0 | |||||||||
[1] | The Term Loan A-2 interest rate spread can vary between 1.25% and 1.75%, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the Third Amended and Restated Credit Agreement). All other applicable margins are fixed. |
Note 8 - Debt - Schedule of Lon
Note 8 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Finance lease liabilities | $ 5,651 | $ 5,466 |
Total debt | 3,110,840 | 2,197,087 |
Less: Unamortized debt discount | (23,833) | 0 |
Less: Unamortized debt issuance costs | (24,836) | (25,146) |
Less: Current portion of long-term debt | (26,500) | (26,392) |
Total long-term debt | 3,038,754 | 2,148,798 |
Senior Credit Facilities Due 2020 [Member] | Term Loan [Member] | ||
Long-term Debt, Gross | 1,535,189 | 1,541,621 |
Long-term Debt, Gross | 1,535,189 | 1,541,621 |
Senior Unsecured Notes Due 2030 [Member] | ||
Long-term Debt, Gross | 650,000 | 650,000 |
Long-term Debt, Gross | 650,000 | 650,000 |
The 2026 Notes and the 2028 Notes [Member] | ||
Long-term Debt, Gross | 920,000 | 0 |
Long-term Debt, Gross | 920,000 | 0 |
Less: Unamortized debt discount | (23,833) | |
Less: Unamortized debt issuance costs | (617) | |
Term Loan [Member] | ||
Less: Unamortized debt issuance costs | $ (21,753) | $ (21,897) |
Note 8 - Debt - Summary of Term
Note 8 - Debt - Summary of Term Loans (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | ||
Balance Due Upon Maturity | $ 3,105,189 | |
Secured Debt [Member] | ||
Original Principal | 1,575,000 | |
Long-term Debt, Gross | 1,535,189 | |
Balance Due Upon Maturity | 1,282,829 | |
Secured Debt [Member] | Term Loan A-2 [Member] | ||
Original Principal | 700,000 | |
Long-term Debt, Gross | 672,356 | |
Balance Due Upon Maturity | $ 476,607 | |
Interest Rate | 1.61% | |
Secured Debt [Member] | Term Loan A-2 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Applicable Margin | 1.50% | [1] |
Secured Debt [Member] | Term B-2 Loan [Member] | ||
Original Principal | $ 250,000 | |
Long-term Debt, Gross | 245,000 | |
Balance Due Upon Maturity | $ 228,750 | |
Interest Rate | 2.11% | |
Amortization Per Annum | 1.00% | [2] |
Secured Debt [Member] | Term B-2 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Applicable Margin | 2.00% | [1] |
Secured Debt [Member] | Term B-3 Loan [Member] | ||
Original Principal | $ 625,000 | |
Long-term Debt, Gross | 617,833 | |
Balance Due Upon Maturity | $ 577,472 | |
Interest Rate | 2.11% | |
Amortization Per Annum | 1.00% | [2] |
Secured Debt [Member] | Term B-3 Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Applicable Margin | 2.00% | [1] |
[1] | The Term Loan A-2 interest rate spread can vary between 1.25% and 1.75%, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the Third Amended and Restated Credit Agreement). All other applicable margins are fixed. | |
[2] | 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 LIBOR breakage provisions). |
Note 8 - Debt - Schedule of Con
Note 8 - Debt - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Less: Unamortized discount | $ (23,833) | $ 0 | |
Less: Unamortized debt issuance costs | (24,836) | (25,146) | |
Total | 3,105,189 | ||
Amortization of debt issuance costs | 1,100 | $ 1,100 | |
The 2026 Notes [Member] | |||
Long-term Debt, Gross | 575,000 | ||
Less: Unamortized discount | (14,872) | ||
Less: Unamortized debt issuance costs | (385) | ||
Total | 559,743 | ||
Contractual interest expense | 0 | ||
Amortization of discount | 222 | ||
Amortization of debt issuance costs | 6 | ||
Total interest expense | $ 228 | ||
Effective interest rate | 0.50% | ||
The 2028 Notes [Member] | |||
Long-term Debt, Gross | $ 345,000 | ||
Less: Unamortized discount | (8,961) | ||
Less: Unamortized debt issuance costs | (232) | ||
Total | 335,807 | ||
Contractual interest expense | 291 | ||
Amortization of discount | 95 | ||
Amortization of debt issuance costs | 2 | ||
Total interest expense | $ 388 | ||
Effective interest rate | 1.50% | ||
The 2026 Notes and the 2028 Notes [Member] | |||
Long-term Debt, Gross | $ 920,000 | $ 0 | |
Less: Unamortized discount | (23,833) | ||
Less: Unamortized debt issuance costs | (617) | ||
Total | 895,550 | ||
Contractual interest expense | 291 | ||
Amortization of discount | 317 | ||
Amortization of debt issuance costs | 8 | ||
Total interest expense | $ 616 | ||
Effective interest rate |
Note 8 - Debt - Unamortized Deb
Note 8 - Debt - Unamortized Debt Issuance Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt issuance costs | $ 24,836 | $ 25,146 |
Term Loan [Member] | ||
Debt issuance costs | 21,753 | 21,897 |
Other Noncurrent Assets [Member] | Revolving Credit Facility [Member] | ||
Debt issuance costs | 3,083 | 3,249 |
Long-term Debt [Member] | Term Loan [Member] | ||
Debt issuance costs | $ 21,753 | $ 21,897 |
Note 8 - Debt - Future Maturiti
Note 8 - Debt - Future Maturities (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 (remaining nine months) | $ 19,298 |
2022 | 29,986 |
2023 | 47,008 |
2024 | 68,285 |
2025 | 549,147 |
Thereafter | 2,391,465 |
Total | $ 3,105,189 |
Note 9 - Interest Rate Swaps -
Note 9 - Interest Rate Swaps - Interest Rate Swap Agreements (Details) - Cash Flow Hedging [Member] $ in Millions | Mar. 31, 2021USD ($) |
First Interest Rate Swap Agreement [Member] | |
Derivative, Notional Amount | $ 850 |
Derivative, Fixed Interest Rate | 2.653% |
Second Interest Rate Swap Agreement [Member] | |
Derivative, Notional Amount | $ 350 |
Derivative, Fixed Interest Rate | 2.739% |
Interest Rate Swap [Member] | |
Derivative, Notional Amount | $ 1,200 |
Note 9 - Interest Rate Swaps _2
Note 9 - 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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Interest rate swap liability | $ 81,917 | $ 155,357 | |
Accumulated other comprehensive loss | 85,216 | 140,683 | |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||
Accumulated other comprehensive loss | 84,626 | 140,090 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Derivative liability | 30,504 | 30,646 | |
Interest Rate Swap [Member] | |||
Unrealized (gain) loss on cash flow hedges, gross | (73,582) | $ 112,314 | |
Less: Tax effect | 18,118 | (27,686) | |
Unrealized (gain) loss on cash flow hedges, net of tax | (55,464) | 84,628 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Interest rate swap liability | 81,917 | 155,357 | |
Total | 112,421 | 186,003 | |
Interest Rate Swap [Member] | Accounts Payable and Accrued Liabilities [Member] | Cash Flow Hedging [Member] | |||
Derivative liability | 30,504 | $ 30,646 | |
Interest Expense [Member] | Interest Rate Swap [Member] | |||
Interest expense | $ 7,649 | $ 2,084 |
Note 10 - Fair Value Measurem_3
Note 10 - Fair Value Measurements - Carrying Amounts and Fair Values (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | $ 112,421 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt (including current portion) | 1,535,189 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | New Notes [Member] | |
Long-term debt (including current portion) | 650,000 |
Fair Value, Inputs, Level 2 [Member] | Reported Value Measurement [Member] | The 2026 Notes and the 2028 Notes [Member] | |
Long-term debt (including current portion) | 920,000 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Interest Rate Swap [Member] | |
Derivative liabilities | 112,421 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | Senior Credit Facilities [Member] | |
Long-term debt (including current portion) | 1,527,513 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | New Notes [Member] | |
Long-term debt (including current portion) | 640,835 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | The 2026 Notes and the 2028 Notes [Member] | |
Long-term debt (including current portion) | 922,162 |
Fair Value, Inputs, Level 3 [Member] | Reported Value Measurement [Member] | MBI Net Option [Member] | |
Derivative liabilities | 67,750 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | MBI Net Option [Member] | |
Derivative liabilities | 67,750 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Reported Value Measurement [Member] | |
Cash and cash equivalents | 1,489,709 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | |
Cash and cash equivalents | $ 1,489,709 |
Note 10 - Fair Value Measurem_4
Note 10 - Fair Value Measurements - Assumptions Used to Determine the Fair Value of the Net Options (Details) | Mar. 31, 2021 | Dec. 31, 2020 |
Measurement Input, Option Volatility [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.290 | 0.280 |
Measurement Input, Option Volatility [Member] | MBI Net Option [Member] | ||
Derivative liability, measurement input | 0.300 | 0.300 |
Measurement Input, EBITDA Multiple [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.100 | 0.100 |
Measurement Input, EBITDA Multiple [Member] | MBI Net Option [Member] | ||
Derivative liability, measurement input | 0.100 | 0.100 |
Measurement Input, Risk Free Interest Rate [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.055 | 0.050 |
Measurement Input, Risk Free Interest Rate [Member] | MBI Net Option [Member] | ||
Derivative liability, measurement input | 0.070 | 0.065 |
Measurement Input, Cost of Debt [Member] | Cable One Option [Member] | ||
Derivative liability, measurement input | 0.040 | 0.040 |
Measurement Input, Cost of Debt [Member] | MBI Net Option [Member] | ||
Derivative liability, measurement input |
Note 11 - Stockholders' Equity
Note 11 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 69 Months Ended | |||
May 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Jul. 01, 2015 | |
Stock Issued During Period, Shares, New Issues (in shares) | 287,500 | |||||
Proceeds from Issuance of Common Stock, Net | $ 469,800 | |||||
Treasury Stock, Shares, Ending Balance (in shares) | 140,790 | 140,790 | 147,695 | |||
Stock Repurchase Program, Authorized Amount | $ 250,000 | |||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 600,000 | |||||
Treasury Stock, Shares, Acquired (in shares) | 0 | 210,631 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 104,900 | |||||
Payment, Tax Withholding, Share-based Payment Arrangement | $ 7,741 | $ 5,796 | ||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 3,493 | 3,772 | ||||
Revolving Credit Facility [Member] | ||||||
Repayments of Debt | $ 100,000 |
Note 12 - Equity-based Compen_3
Note 12 - Equity-based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Payment Arrangement, Expense, Tax Benefit | $ 3.6 | $ 5.2 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 3.2 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 28.9 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days | |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6.3 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | |
The 2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 106,986 |
Note 12 - Equity-based Compen_4
Note 12 - Equity-based Compensation - Compensation Expense (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based compensation expense | $ 4,127 | $ 3,221 |
Restricted Stock [Member] | ||
Share-based compensation expense | 3,424 | 2,506 |
Stock Appreciation Rights (SARs) [Member] | ||
Share-based compensation expense | $ 703 | $ 715 |
Note 12 - Equity-based Compen_5
Note 12 - Equity-based Compensation - Restricted Stock (Details) - Restricted Stock and Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Unvested, restricted stock (in shares) | shares | 34,944 |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 1,037.83 |
Granted, restricted stock (in shares) | shares | 9,763 |
Granted, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 2,227.72 |
Forfeited, restricted stock (in shares) | shares | (780) |
Forfeited, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1,268.13 |
Vested and issued, restricted stock (in shares) | shares | (10,561) |
Vested and issued, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 829.79 |
Unvested, restricted stock (in shares) | shares | 33,366 |
Unvested, restricted stock, weighted avergae grant date fair value (in dollars per share) | $ / shares | $ 1,446.46 |
Vested and unissued, restricted stock (in shares) | shares | 5,338 |
Vested and unissued, restricted stock, weighted average grant date fair value (in dollars per share) | $ / shares | $ 626.73 |
Note 12 - Equity-based Compen_6
Note 12 - Equity-based Compensation - Stock Appreciation Rights (Details) - Stock Appreciation Rights (SARs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Outstanding, stock appreciation rights (in shares) | 58,365 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 866.54 | |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 204.29 | |
Outstanding, aggregate intrinsic value | $ 54,615 | $ 79,446 |
Weighted average remaining contractual term, outstanding (Year) | 7 years 1 month 6 days | 7 years 3 months 18 days |
Granted, stock appreciation rights (in shares) | 1,500 | |
Granted, weighted average exercise price (in dollars per share) | $ 2,227.72 | |
Granted, weighted average fair value (in dollars per share) | $ 584.38 | |
Weighted average remaining contractual term, granted (Year) | 9 years 9 months 18 days | |
Exercised, stock appreciation rights (in shares) | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | |
Exercised, weighted average fair value (in dollars per share) | $ 0 | |
Exercised, aggregate intrinsic value | $ 0 | |
Forfeited, stock appreciation rights (in shares) | (1,601) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 834.92 | |
Forfeited, weighted average fair value (in dollars per share) | $ 201.50 | |
Outstanding, stock appreciation rights (in shares) | 58,264 | 58,365 |
Outstanding, weighted average exercise price (in dollars per share) | $ 902.45 | $ 866.54 |
Outstanding, beginning balance, weighted average fair value (in dollars per share) | $ 214.15 | $ 204.29 |
Vested and exercisable, stock appreciation rights (in shares) | 32,187 | |
Vested and exercisable, weighted average exercise price (in dollars per share) | $ 650.86 | |
Vested and exercisable, weighted average fair value (in dollars per share) | $ 148.65 | |
Vested and exercisable, aggregate intrinsic value | $ 37,900 | |
Weighted average remaining contractual term, vested and exercisable (Year) | 6 years 2 months 12 days |
Note 12 - Equity-based Compen_7
Note 12 - Equity-based Compensation - Stock Appreciation Rights, Fair Value Assumptions (Details) - Stock Appreciation Rights (SARs) [Member] | 3 Months Ended |
Mar. 31, 2021 | |
Expected volatility | 27.37% |
Risk-free interest rate | 0.54% |
Expected term (Year) | 6 years 3 months |
Expected dividend yield | 0.45% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 20.40% | 8.50% |
Income Tax Benefit Cares Act | $ 7 |
Note 14 - Net Income Per Comm_3
Note 14 - Net Income Per Common Share (Details Textual) | Mar. 05, 2021 | Mar. 31, 2021 |
The 2026 Notes and the 2028 Notes [Member] | ||
Debt Instrument, Convertible, Conversion Ratio | 0.4394 | 0.4394 |
Note 14 - Net Income Per Comm_4
Note 14 - Net Income Per Common Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Net income | $ 68,582 | $ 69,326 | |
Add: Convertible Notes interest expense, net of tax | 462 | 0 | |
Net income - diluted | $ 69,044 | $ 69,326 | |
Basic (in shares) | 6,012,402 | 5,697,904 | |
Effect of dilutive equity-based compensation awards(1) (in shares) | [1] | 40,443 | 57,155 |
Effect of dilution from if-converted Convertible Notes(2) (in shares) | [2] | 115,416 | 0 |
Weighted average common shares outstanding - diluted (in shares) | 6,168,261 | 5,755,059 | |
Basic (in dollars per share) | $ 11.41 | $ 12.17 | |
Diluted (in dollars per share) | $ 11.19 | $ 12.05 | |
Anti-dilutive shares from equity-based compensation awards(1) (in shares) | [2] | 7,232 | 0 |
[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 $1,000 principal amount of Convertible Notes outstanding during the three months ended March 31, 2021. |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Oct. 30, 2020 |
Financial Standby Letter of Credit [Member] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 33 | $ 33 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) $ in Millions | May 03, 2021 | Mar. 31, 2021 |
Secured Debt [Member] | ||
Debt Instrument, Face Amount | $ 1,575 | |
Subsequent Event [Member] | Hargray [Member] | ||
Payments to Acquire Businesses, Gross | $ 2,200 | |
Subsequent Event [Member] | Secured Debt [Member] | Term Loan B-4 [Member] | ||
Debt Instrument, Term (Year) | 7 years | |
Debt Instrument, Face Amount | $ 800 | |
Debt Instrument, Prepayment Penalty, Prepaid within Six Months, Percent | 1.00% | |
Long Term Debt, Amortization Rate | 1.00% | |
Subsequent Event [Member] | Secured Debt [Member] | Term Loan B-4 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Subsequent Event [Member] | Secured Debt [Member] | Term Loan B-4 [Member] | Base Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |