Cable One Inc (CABO) 2015年年度报告「NYSE」.pdf

1、ANNUAL REPORTDear Valued Cable ONE Stockholders,Welcome to Cable ONE,the industrys newest cable stock.After our July 1,2015 spin-off from Graham Holdings Company,we have welcomed many new stockholders,including approximately half of our top 25 institutional stockholders.We openly acknowledge that we

2、re not your ordinary cable company,with its traditional focus on video and triple-play bundles.We have a successful history of approaching the cable business differently.We are the only 1980s mid-sized operator(of more than 30)that is still in business.We shifted primarily to non-metropolitan cable

3、markets in the 1990s,before the strategy was cool.We have guaranteed same-day service since 1997.Now,we are challenging the video-centric orthodoxy.In 2012,we concluded that video produced very little profitpredominantly a result of the shortsighted greed of content providers and the capital intensi

4、ty associated with the product.We foresaw that with the pending rise of over-the-top(OTT)video choices and the non-traditional viewing habits of millennials,the old linear TV trends might well go over a cliff,similar to landline telephones.At that time,we also determined that many of our customers n

5、ever turned a profit for us due to rapid churn,high bad debt and steep bundle discountinga result of our chasing short-term subscriber counts rather than long-term free cash flow.Fortunately,we already possessed two terrific products that were capable of carrying us forwardresidential high-speed dat

6、a(HSD)service and Business Services.Both offered high growth rates and much higher margins.While they only made up one-third of our revenues in 2012,they generated a significant majority of our profits.Today,they make up roughly half of our revenues and the vast majority of our profits.Since 2012,ou