Cable One (CABO) 4 May 232023 Q1 Earnings call transcript

Good afternoon and thank you for attending today's Cable One First Quarter 2023 Earnings Call. My name is Jason, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call and opportunity for questions and answers at the end. [Operator Instructions]

I'd now like to pass the conference over to our host, Jordan Morkert.

to First welcome Call. XXXX and afternoon, Cable Quarter One's Earnings Good glad us join have we We're you results. as to review our

proceed, and uncertainties. to like contains to I that events we future risks discussion relating forward-looking remind involve that today's statements Before you would

from factors in materially today's SEC and our forward-looking can earnings to find One's filings. results during recent could release that You statements Cable discussed cause actual differ the call today's in

as expressly Cable as law, required One information, except under otherwise. any is its a whether or new by and update statements, disclaims alter obligation of or future to events obligation, no forward-looking result

today's Additionally, our can of be measures directly release discussed conformity include in with measures certain of U.S. to earnings or comparable on on generally GAAP ir.cableone.net. this non-GAAP financial financial call at principles discussion the Reconciliations measures remarks accepted most found are GAAP. presented will that our not accounting website in a or

refer of first results divested exclusively IT During today's Tallahassee the are to Managed business services. quarter provided adjusted which call, quarter on second basis, Operations in and we excluding we XXXX we whenever an

website. slides For to IR posted to more the we our information, refer please have

our CEO, the call Julie let that, me Julie. President over Joining Todd Koetje, on to is turn our CFO. call Laulis; today's and With and me

from ARPU. by revenue as quarter providers, value-based is first Amidst today's ongoing you, debate customers we Thank our you our appreciate results surrounding for traditional Jordan, reliable, business product and broadband resiliency continues. growth good the prior first of challenges, ongoing in call. grew broadband where In residential evidenced well longevity demand in We quarter us for highlight afternoon, joining of face model. year everyone. as the broadband macroeconomic of the of XXXX X.X% the This a

stronger we enterprise First X.X% services an offerings. broadband service quarter our had adjusted basis, growth and revenue in growth on business where of SMB

prior margin mix year from EBITDA efficiencies XXX to XX.X%, basis up continued the and product points reflecting shift. quarter First adjusted

our EBITDA network infrastructure capital-efficient $XXX.X less quarter intensity, First year-over-year. adjusted in X.X% our building capital manner. of reduction demonstrating a first capacity, continuing to increase And quarter our CapEx was commitment increase an million, to all while in

significance keep and Our to services robust of matters our the customers the most. communities what that underscore results connected financial

Looking an a first service of at residential on quarterly sequential we broadband customers. X,XXX basis, saw approximately increase

and positive is pace slow the While to of growth continues to activity a sales ongoing home net return encouraging, impact new move growth. customer

to churn demonstrating consistently are report customer that remain rates low satisfaction. and strong We pleased retention

and foster to learn current products further base pricing our We our continue with and test insulate and to profitable growth.

residential to growth remains XXX and gig We The basis sequentially. X.X%. broadband of tiers robust service by Turning ARPU. sales speed more demand both solid XXX with year-over-year points for increasing higher than meg reported plans of

see to current the Continuing tier also We average drivers of the base, whose during below quarter primary substantial began upgrades service customer growth ARPU also expansion growth. our our there that we for addressable of investments disciplined and make term meaningful for capital We XXXX allow ARPU is market. service continue offerings sell-in our remain modem levels. the over opportunity QX speed upselling adjustment customer believe opportunity the continued and which enhanced rate are fourth long offerings a as and our will

the in all lower significantly visibility latency into our and in-home are experience, devices Wi-Fi a that more manner. energy-efficient provide today greater in upstream increase deploying We and downstream investing and network speeds,

$XXX DOCSIS per we passing. As these will our estimate upgrades network cost evolves to around X.X, network

competition, track record for competitive low. provide results. and products future unlikely data unprecedented proven with make edge meet advantages our customers and growth providing to first-mover remains competition, our we the Being customers our no with needs commitment that fixed against that relatively wireless superior believe into paired us a at services experience ongoing fierce that which wire the us and slow gives today the and local levels, increasing We it's will demand of strong Our in and accompanying expertise is soon. a it's a secret competitor anytime

network Just using of customers one a data. over five on of are our now terabyte

believe Given of many needs enormity in meet the future, data today and the needs fixed ultimately the clear data wireless that mobile we of it's cannot customers.

not mobile see our to DSL data existing premium capacity noticeable more impact from a of fixed customers service wireless and believe with from wireless and our will whole, reliable we need which small reliability DSL offer. we segment experimenting after on the to values mobile fixed a robust While the base arises. And services our win customer those switching do out from share migrate trying see the we products, we for a

Moving to growth challenges to an conditions. basis, adjusted we Services. new short-term creation X.X% due macroeconomic drove of despite business On Business revenue to year-over-year

that suite efficiencies Our white driving business with to and the offering of a focus services streamlined relentless team needs aspects customers, remains in including on existing we service. maintaining a steadfast many customer align products glove control, managing

offerings small strong As enterprise business a our both growth. continued see result, to broadband and

a during Despite Demand XX% demand, improved. XX% each has period our our nearly an more of of continues customers last of in the peak milestone grow, for increase year. to utilization also continued residential data network now from month hours exceed growth terabyte than usage as new evidenced by average a as same

first during a customer ahead our demand. stay quarter XXXX, ongoing the XX%, XX% to in our During peak investment from reflection and to of of plant downstream hours of utilization decreased upstream

activities. Transitioning integration to

come. platform Our teams continue the they multiple thoughtfully conversions execute projects as to to across larger for prepare

achieved greater for to the of even are sincere my unified express practices company fostering conversion will with platforms the a I results. confident larger the skilled gratitude in We and culture. identifying and synergies yield the our across contribution to of to their that family would exceptional best like associates delighted date brands

initiatives experiences intention the our future of needs efficiency. on digital reimagine our last roll associates Cable maintenance, year We've to for as numerous to truck modernization. a our enhanced we such on journey exceptional through engine improve the field to associates' customers Building recommendation contact and and One automated contributions company, significantly delivering with anticipate center the able been embarked and transformation of customer

will culture our this of on to benefits shareholders. a innovation that associates customers, We continue nurture journey and

now unconsolidated to our investments. Turning

to added during fourth quarter the fourth XXXX than period EBITDA quarter of fourth annualized an also of quarter XXXX. other companies ended passings of These compared million of growth the the we XXXX, approximately the on the combined XX, new companies more XXX,XXX This in certain fiber in adjusted represents For XXXX. invested December have as quarter $XXX was approximately XX% basis. fourth

where less potential by approximately business data well these as and the first This investments. highlight the grew investments. or the excellent results does Ziply of X.X%. these Metronet as management in include customers continued the of total where momentum execution quarter, of These have significant operations residential we growth teams or XX,XXX This not proven

handing Before call over a there I'm few the the to from are share. to notable events that Todd, pleased quarter

that our Our Best also third creating feel that us workplace Forbes resulted in America's Cable associates, are one inclusive in included on am and to they and as awards Newsweek Cable a list named promotes Employers. have which laser especially on valued to Workplaces workplace diversity, share of These meaningful the was associates professional focus Women their recently we row with Midsize the year speak America's of built of One. I a development. for ranking proud as in an XXXX. opportunity our One for by culture Greatest Together

Our to each we associates the table. which values bring experiences the our unique drive culture, and perspectives

our than company apparent has recent in-person this at associates our in our been footprint. more across Never which reunited rally, events

and connect of celebrate, leadership while our to the about share together senior from joined Associates hearing company. future

associates stronger were reaffirming further events, energized credo, these we Our by and are inspired together. our

of first provide quarter financial who full a Todd, now, performance. our recap And will

Thanks, impact $X.X in an the year, of voice XXXX, in the services were On Julie. quarter revenues by QX decline of $XXX.X during basis, $XXX.X second divestiture of primarily first million, X.X% collectively due a a X.X% operations decrease business revenue of quarter The was Starting noncore in video as were with to of decrease. the as revenue. down first to of adjusted revenues revenues XXXX. million contributed in low-margin XXXX year-over-year. quarter the continued total million the residential and compared Total last which well

continues our profitable highly residential and by business driven Services of to Business the be segments. growth data Our

revenues to costs. million basis $XXX.X quarter in of the XX% of the and For residential data our business comparable the QX services XXXX, expanded driven or for a $XX.X grew $XXX.X X.X% the video XXXX, million expenses XXX prior basis. revenues our decrease or comparable revenue revenues by an a QX in Operating largely in by million year, point X.X% adjusted when XX.X% of compared were on quarter XXXX to improvement of programming compared year-over-year period first

to general XX.X% were for the with million quarter offset XXXX, marketing in investments Selling, as of health $XX.X software and in by associated labor were expenses the expenses higher prior remained periods. consistent quarter administrative and of as at SG&A a percentage reductions year for million both platform costs revenue $XX.X costs. care first and compared

quarter, increase of X% Adjusted EBITDA was an first compared the to for million XXXX. quarter $XXX.X the first when of

integration our compared XX.X% delivery EBITDA the efficiencies point higher-margin time, a margin product advanced in XXXX drive to scale, at of year improvement as adjusted for model. broadband first via basis same extracting to Our growth continue support products, quarter XXX we and in while was the our and prior costs acumen

million the first quarter year XX% $XX.X of in equates or compared prior the XXXX, for to XX.X% to totaled of expenditures adjusted million $XX.X Capital which EBITDA, quarter.

as capital remain in and prioritizes balanced underserved return, aligned broadband quarter, CapEx projects During allocation or networks networks rural $X.X that initiatives of disciplined prospective market high visibility investment we expansion with to our million $XX.X the Ongoing America. new of will integration these in for expenditures invested extend our that customers million for as advanced first strategy areas high unserved well and activities. new

first and shareholders. elements $XXX.X the return in X.X% XXXX, our the expansion XXXX, $XX.X nearly repurchased Adjusted EBITDA quarter year an we stock of existing increase approximately XX,XXX common to in opportunities networks, million quarter distributed improve. inorganic was capital investments shares or shares and we balanced million. expenditures In first capital of dividends continue from both of of our important of growth of for quarter And via million of as prior metric outstanding less $XX.X to appropriately X% this the for

a through support investments markets, our backdrop, long-term capital core while rate to continuing managing challenging operate in in and order rising are we a economic environment balance As reinvest businesses. ability ensure we on sheet cycles our constrained our and squarely these interest focused our navigate to to

had flow. equivalents we on approximately XX, hand $XXX cash discretionary million our strong and business March of of generates and As cash cash

$X and was convertible unsecured lease $XXX borrowings loans, million notes, balance term $X.X million billion in million liabilities. finance in debt $X.X of of in million approximately $XXX approximately of Our $XXX billion, consisting notes, revolver

We our also revolving for $X available billion facility. under borrowings million committed credit had additional $XXX

Our weighted approximately for average was cost quarter X%. the of debt

borrowings vast net Our leverage our rates. our issuance X.Xx synthetically been was long-term interest underlying the have majority ratio mitigating rate fixed rising or considerably are either fixed contracts to and interest under exposure of

we in X-plus disclosed in we discussed and comparable funding our successfully enhanced to an arrangements. of this last Cable opportunistic quarter's flexibility flexibility, cost all previous with of financing lenders year, strategic our with provided call at XX-K, that completed maturities As years, our incremental and during February One extended transaction

next maturities and is in a remainder maturity XXXX, As of date our result, beyond. the with our years five scheduled

Poor's our both Standard also by affirmed & the issuer had long-term credit quarter. and ratings Moody's during We

ready now are we that, questions. for With

from is [Operator Cusick question Instructions] Our with first Phil JPMorgan.

is line open. Your now

Thank you. couple guys. I if Hi, can. A

First, today, rates quarter any second, can there? with in more things territories? talk M&A impact there of you that the seasonal of your as usually impacts think more here going Or in shutting year. get How slowing market And talk are any best side any the sell both about starting do very on sellers are about higher? the housing the much. you well Are as there sort then probably of to – out out broadband Thanks down? about XQ is interested from growth

are you economic know think at It's very interest any sound moving hand, cold. do don't indicate I might us the rate because Phil. So really before. customers see interesting I a like our rate, our hand, find not year. what say Julie. this on higher of rates And to Julie nasally? are right? expect – on with larger obviously other Thanks, I that more with Boy, some that But taking that tiers, I one than the which high. cost people speed are move factors issues and the just super Like ever a it

ball each having that will to is no My seem follow cycle. opposed other. crystal typical So somewhat those best two our guess, seasonality things – that seasonality

about are across pieces put low moves and moves. then you our they asked starts out the and And are And on you I think footprint. low

if area So it a heavily ILEC. than matter competitor what not that area term an is no does has we competitive might it other or an

across are down. weren't had Sparklight good proper low. So super people. out disconnect is we low – of the allowed starts The Sparklight also had COVID, a is footprint, to historic when a news churn taking course, historic the

good we indications I our they are need data reliable have that to So that customers again, and a and has because, continues throughput, happy robust our large that mean, for which is service have grow. high

good the a And it's question, on Phil, question. really M&A I think

before requirements seeing upgrade to of doing the the sell game, a capital of markets as patients play been probably little happening. those relative slow the of which overbuilders have they I or how some think at both relates as to likely, more More has as cost and to bit it what look attack impacted pace of that with and companies well value quickly of to that's changed relates and markets to will as the soon capital the in the from a it's inflation. Fed little we're too aggressiveness cost it

thing a culture and geographic lot well a aggregator, other of area of of because say we The of strategic we sellers, from we're and we be integrator our a smaller cultural how I Cable to businesses they're take they continue it as interested continually people, smaller see already the tuck-in would very care in. that know the relates to is, One some but will those preferred and

I Hargray. got on our being from coming reminder associates we the anniversary up for for a and anniversary just of one today NewWave that second seventh integrated are year

flies. So time

It does.

guys. Thanks

Our from Frank Raymond next with James. comes question Louthan

open. now is line Your

you. Thank Great.

how Were of the running taking year? Just was see what this any And curious are side. quarter? in products? on promotion you various action And promotions the at we heavier that the in looking pricing sort you should

significantly Okay. not were Thanks Frank. question, I heavier. would for promotions the that say

on our We And see widely heartened a promotions, versus I'm are when – value lower. that lot to our sell-in chain be testing the trying tends things and Frank. any to we upper is of still, product do even of end

what see – phone So as lower typically, lot to COGS of end of in our ring, I to is we make people a headway saying know, entry but we that don't we the And product I'm you my do the discount tend a offerings. promotions price taking any think promotions. the and not higher

and world testing we're trying and was things. ago. again, the different Now three even years not experimenting is The it way

to One couple Cable we one a was and and the sizes couple very fit of cookie size evolved, back. years So went a cutter all, of

levels, if deserves treating Now each penetration like things depending we flexible agile its are very and it treated being as its that. market to on size, and has be competition, it

action, Pricing let's well, see.

years eight adjustment We about in what a I a, call would haven't now. rate "naked" done

I while have high we customers up there versus again, believe pricing choice, driven a them is though do there. of happen pulled not us by higher levels service So that customer to predicting elasticity the even pushing to ARPU, being future,

So I'd say tuned. stay

Frank, only equation. what through I'll Julie said quarter Todd. the is Yes, halfway price side we The equipment thing the increase that to it's of on did the just have fourth add

going and forward. first through here that quarter the So rolled in

which own the bringing as Obviously, some drive we that how home retention pay as value our great ARPU rate increase that can So investing were lot we're pricing take think in seeing health to their even the well, associated customers, and continues we're customers of to adjustments. willingness a in that a as packaging with that. and our well our that and to be of will the as tailwind about hire technology investing the of you for

increase You baseline last a gave meg, recall same speed XXX to took the capacity $X year, we more time. XXX tier our at we did we them when meg

in But make here to point second want first in roll I but year. balance will that known. already forward, I two of five those the sure other are going of quarter out. through it just it The was not through quarter, – the this

All use right. of own and customers modems forth? so your percentage Great. their What

split. majority product. use We don't exact our disclose I the say the would

Correct.

right, much. All you it. thank Got very

Room though. to go,

Just a little.

Of course, thanks…

Williams comes Cowen. next TD Greg Our from with question

now Your open. line is

Great. questions. Thanks for taking my

questions. Just two

get plans. dovetailing two just offense maybe general Thanks. or on simply possible Just against calls trying some of in and can end us question altogether? last that's whether new maybe plans just option, years Second lot understand call but it's this generally, you your flow the is investors or buying cash or trialing way something it. that off MBI along lower on way. raising away, even testing help even know if different tackling this, put from us game And defense a give to I'm pieces the topic play on I or option, to on examples. you I debt wireless or Is fixed fiber-to-the-home what's can it's free option, a the quoting plan the if in

Thanks, Greg.

terms we mind a that in we bringing we're things in need to customers the people. In neighbors their to that sure testing, trialing we these difference value make lives. them start Remember, and our make and with of because are

do these sites, the to in looked we that things products something mentioned have potential The which them what is related our with really at matters. really are you so low-end And absolutely past. not we that plans, in

penetration cohort will And smart is specific. onboard action. out because, of competitor is defensive do sometimes, profitable their these we sort us. for doing, can that is, always competition resources of of way, cost are market But elsewhere at. even if what absolutely it If are and again, decades size service can depends this trend we it new old, the their very we open is, builds looking they it customers, way we It some the be take that. but we've It something we interesting, move in up that had in is absolutely and do what again, it and on of stop if it the a doesn't a the market, offers it We will would the they're actually happen competition. fiber how who

of slowly our of have that as in because I example thing that offering for an data offensive, thoughtfully mention to and guess, sort an there unlimited one is data been versus And plan. I you asked terms one, would we migrating

now ARPU move because, a for piece accounts somebody So – else them. the tactic from us, that market, smaller piece had want branding past it take much are we our and that offensive don't we so that if of into our it telling an is they came in than to away customers worry, or have to again, the

we I'll question MBI Greg, job. in that they've business. invested we're had, more extensively and very higher about still But reason reasons quite the rural and competitively It's you investment done amazing on with chatted that fantastic the and excited an the that all hit for this business leadership insulated growth prospects, about It's today everyone. we've model.

is the our put option not our middle variable are but for as do things valuation partner cash repeat that we an discussed, that look in very remaining initiatives. we've have of the XXXX. attractive of we're don't in But it compounding shareholder dilutive and and at in a disclosed. through We that the that dilution, also I'll as business accretion option to great do get free now. strategy returns shareholders not not we to right we're But It's that would to going call own, flow as relates the methodology more transactions, share we window a

will we to if in And events, share but also through ourselves we invest market the strategic that. to capital course, we market for that And about in for our only we to of ourselves were as of expansion, diversify repurchase we how the continue prepare an how think other mindset capital. like not our or through at investing continue can events through wait and, option return allocating look of extension, that attractive to

you. Thank it. Got

comes Craig with question next from Moffett MoffettNathanson. Our

Your now is line open.

I if really Cable Hi, thank honor. of congratulations time, could. you. being questions, is first, one the Julie, on inducted last into Fame, which a And Hall Two terrific

could about of program as of event in were customers not to just fully First, about have your thinking sense that dependent part But a those are I on exposure customers I that to you – And just of you wireless the that then yours. can do the already you And broadband. to when many bundle. ACP ACP program reauthorized. most suspect order the us sense on in keep is might customers at customers how road, the second, subscribe down potentially talk are wonder make point some wireless. update if your of

Yes. call. able I wouldn't be I Thank I script. them in the put you for this let squeak thought it – might to by

say didn't I you if definitely was. Craig, anything

I'm that pleased brought you So up. it

a It award, say, I you slide. was Thank I customers. guess, if ACP less give they have only enough, but you do ACP, gosh, you we XX,XXX nice – than have much. an we very anything long

our think funds are for is I those if, So reauthorized. not some reason, not large exposure

are of can people mobile, think more our versus too. money and higher majority they upgraded into The interesting. You right. in I They're using Again, to jump were Wireless get the offset here, you tiers. it's program. to customers, the those

want, Altice And that's have think that converged was not heard that our saying best listened I then focus that. now, need they products. our if mind. Right is something I move and on it's served. course, what towards. customer to in can Of they we our said honestly research in customers customers We that keep And we wanted

we everything to is capable a competition. defend doing share what They team. where and the in share our places they're operate can in have in market our that market to towns be know we very we and need grow We doing there

available it if and our converged our long the in to relatively a profitability will vis-a-vis product do is have low, what we I helping want run. available peers, think us, have especially to our customers Again, our that same do that mean if are as not the they're us but that options peers. options percentage is we exactly

a relates Craig, is, place economics about those to with And because And the this as reliability is their build at really just most the and element I'll the that at our is profitability on customers what that aren't making critical course, that it stage, to second of second of us want decision to the is we potentially how discounted associated terms talked something elements of want that. where question then a them be. Or co-market. that's bigger We've get it product? to is, in it converged you

Got it. Thank you.

question Wells comes Cahall from next Our Steven with Fargo.

Your line is now open.

lot you. us first, growth go Yes, just strong help Maybe just X.X% questions. think think quarter, saw to about about dictates said we in you a bit could or Julie, when tiers that thank you could have? that it. pricing that non-unlimited from Just away back go to you ultimately, Two a wondering ARPU, that whether that little you the competition came if the because

on really should about. something wondering time X.X you. line worry thanks DOCSIS then any or upgrade your not becomes Does That to and we a for growth to the to meaningful just DOCSIS $XXX X.X? color need goal to passing. get that include CPE that we headwind if ARPU And a Thank about the think for So plan.

of years. the Yes. that slowly worry couple pretty quietly unlimited. We past into and plan the wouldn't everyone's over been I about much tucking

year higher For the ARPU customer with a main smidge took adjustment migrations that quarter, of the of fourth last tiers. modem up at increase to end was of that driver the the we

drove ARPU. what that's that So

that that do we've were honestly. migrated – from folks XXX referenced, in have it we April. was XXX well, we receiving the as already It received quite meg are Todd As meg to

point. The up price $XX second $X that to them bring adjustments

well, quarter. So of only the segment a migration. those done we'll customers in about that adjustment subsegment modems, there's larger XXX,XXX And the is did that flow be was that customers – through that the of that that second seeing course, but than on for

to Yes, question. about the the very concern the ARPU data Steve, your side have will I wouldn't and data equation, continue plan to you see material be of of that decline. the side

I think the have because it. to up don't it of making noticed other people date things for

Julie much was our a monthly their previously so usage and to get customers based ideal that for where amount happier usage, of for customers better needs the talking into are that, and as good with about And them The their longer-term when continuing increase better we of loyal to capacity. a catalyst unlimited can and maybe many a had plans was upgrade on that's it they it's customer. plane for

that and that very side, but X.X million to the with On passing in the amps enhanced we're be looking need will is that terms execute period all architecture it in-home a that of for could selectively time, us that the rolling a that's for everything the we is in in-home need that we require What equipment. very will splitting all of plan number. on $XXX that's the in we've that of doing those over nodes in in not of incremental XX-month look the a basically I efficient. services the and But is network investing not deeper offerings and that be already spacing so allows and come with every number And remind in architecture X.X time, you time. fiber, what specifically staged and of the actively and we be out our if architecture, approximate that at markets have CPE, basis. on as X.X But as not and a others per necessarily. not that – included It will actual that, here including the customer been

Yes.

So they up will symmetrical step and work unless to legacy want modems higher to enhanced services.

That's correct.

we march, perceive And but a there where to the a not of variety time reasons. need is market, be line by forced market for

you. thank Yes,

You're welcome.

KeyBanc with Nispel Brandon from comes question next Our Markets. Capital

Your line is now open.

for taking down have within down, Thanks. asked. capital been should down questions. for Todd, But, expansion. at just home And of I'll if it them come this – capital Great. it was of be will I spending your how starts guess, what network Thanks for passings noticed leave much footprint? terms quarter. A that. I the are in new lot we expecting

talked building homes we've of new that X.XX% passed, expansion was Thanks the new little be talked – market some X%, cases geographies a we about of the adding we new several relates for like growth being that. impact these many development our meaningful macroeconomic in markets where to X.X% more we and there a of extending year-over-year. of – of and It's some where be the nine are live. that that was to the and anticipate around of about months question, And here temporary Brandon. a six X.X% as the on were new think to looking in always I home long-term driver I it been or are in expect will as primary where kind a amount it in we've little to The continue. calls population last what or, course, either neighborhoods, in developers a up our markets of current appreciate than people benign bit as we but in to more

we straight has, a kind year that it of line expansion per where is some little about. obviously as the of that as impact something ebb And XXX about wouldn't the a dynamic I we've then consistency in the side, of market spend we've which on talked that that. of on feel relates but it with and dollar still when we're to have flow doing integration that is, some level migrations bit associated kind talked It flight will capital will broader and call absolutely platform projects are within

The incredibly are passings cyclical. home new

they be be But have gutter right markets built, are homes. It's the the actually growing and work we markets be now, not of time. doing are planned. that But economy building Our and built. matter it – is a might when like they they will will just just and many is curb developments

could If on expect I this grow I Thanks. commented Okay, year to it. you last, that quarter it's I follow-up, sequentially? broadband adds adds expect that got – a that well. to broadband net would ask forecast but you but one is year imagine still this net to being every guess, grow you able not do

saying very with in agree that we expect broadband I to been comment adds. would fully your grow consistent We've that.

actually this as a to quarter-by-quarter follow some in to can and to XXXX, than bit is throwing predict. but even predictable headwinds kind continue again, have to things think seen early macroeconomic we challenging, through trying But you know. on was grow then to would what more that into now predict and returned environment, obviously, challenging quarter in I were that the demonstrated very year. of we think confident I seasonality basis are of it a it we've still little you're the we and competitive We've Brandon, follow different like more a

No, Yes. cyclical. agree. I again Which is

grow. will We

you. Thank

Thank you.

more closing no call are so management to remarks. team the questions, pass for the over There back I'll

Fourth We us for Thank quarter. be I'd with work you, already today's associates Jason. me associates and look call. our importantly, customers. express our you. as hard driving today, dedicated will have you for to forward company gratitude you our more everyone, and thanks, of in wished unwavering our next wish the speaking like again also and May I to commitment many And my to for their serving once joining to most

That you concludes participation. conference the your for Thank call.

lines. You disconnect may now your