Todd Koetje
Chief Financial Officer at Cable One
In 2024, adjusted EBITDA was $212,400,000 or 53.8% of revenues. Capital expenditures were $68,400,000 in Q2, a decrease of $3,200,000 or 4.5% year over year. During the quarter, we invested $8,700,000 of CapEx for new market expansion projects and $2,200,000 for integration activities. Adjusted EBITDA less capital expenditures or free cash flow was $134,800,000 in the 2025, representing 66.4% of adjusted EBITDA compared to $140,800,000 and 66.3% in the prior year. We will continue to evaluate how best to deploy the meaningful free cash flow generated by our business with a steady focus on long term growth and disciplined conservative balance sheet management. With the passage of the tax bill earlier this month, we expect to realize approximately $40,000,000 of cash tax savings in 2025 and approximately $120,000,000 of aggregate cash tax savings through 2027 based on our preliminary estimates and available information. We used a portion of our substantial free cash flow in addition to cash savings from our dividend suspension to pay down over $70,000,000 of debt during the quarter. On top of nearly $5,000,000 of scheduled term loan amortization payments, we voluntarily paid down $45,000,000 of revolver borrowings and opportunistically repurchased over $21,000,000 of senior notes and term loan borrowings at attractive discounts to face value. This brings our gross debt repayment during the last two years to well over $05,000,000,000 excluding the $175,000,000 revolver draw related to the amendment to our MBI strategic partnership late last year. In addition, we repaid another $25,000,000 of revolver borrowings earlier today.
