Cable One to restate 2022/2023 annual and 2024 quarterly financials due to equity method error on Clearwave Fiber

Cable One, Inc.

Net income overstated by $21.1M in FY2022, $42.8M in FY2023, and $19.5M in H1 2024; EPS adjusted down accordingly.
Equity method investment loss understated; cumulative adjustment reduced equity investments by $114.1M as of June 30, 2024.
Revenues, capex, operating cash flows, and Adjusted EBITDA are unaffected by the restatement.
Material weakness in internal controls over equity method accounting identified; controls not effective as of Dec 31, 2023 and subsequent periods.
Company to file Form 10-K/A and 10-Q/A amendments as soon as reasonably practicable.

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