CABLE ONE, INC., 10-Q filed on 8/1/2025
Quarterly Report
v3.25.2
COVER PAGE - shares
 6 Months Ended
Jun. 30, 2025
Jul. 25, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 001-36863  
Entity Registrant Name Cable One, Inc.  
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 $0.01  
Trading Symbol CABO  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   5,628,990
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Entity Central Index Key 0001632127  
Amendment Flag false  
Document Fiscal Period Focus Q2  
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current Assets:    
Cash and cash equivalents $ 152,876 $ 153,631
Accounts receivable, net 57,526 57,742
Prepaid and other current assets 76,976 67,862
Total Current Assets 287,378 279,235
Equity investments 730,713 815,812
Property, plant and equipment, net 1,780,169 1,789,955
Intangible assets, net 2,004,503 2,532,855
Goodwill 840,826 929,609
Other noncurrent assets 129,995 178,429
Total Assets 5,773,584 6,525,895
Current Liabilities:    
Accounts payable and accrued liabilities 156,894 167,271
Deferred revenue 26,440 27,889
Current portion of long-term debt 593,573 18,712
Total Current Liabilities 776,907 213,872
Long-term debt 2,883,909 3,571,536
Deferred income taxes 747,484 914,042
Other noncurrent liabilities 27,890 30,413
Total Liabilities 4,436,190 4,729,863
Commitments and contingencies (refer to note 16)
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 5,628,764 and 5,619,365 shares outstanding as of June 30, 2025 and December 31, 2024, respectively) 62 62
Additional paid-in capital 660,647 639,288
Retained earnings 1,255,643 1,708,244
Accumulated other comprehensive income (loss) 23,006 48,100
Treasury stock, at cost (546,635 and 556,034 shares held as of June 30, 2025 and December 31, 2024, respectively) (601,964) (599,662)
Total Stockholders' Equity 1,337,394 1,796,032
Total Liabilities and Stockholders' Equity $ 5,773,584 $ 6,525,895
v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
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) 5,628,764 5,619,365
Treasury stock, shares (in shares) 546,635 556,034
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Statement [Abstract]        
Revenues $ 381,072 $ 394,461 $ 761,673 $ 798,774
Costs and Expenses:        
Operating (excluding depreciation and amortization) 102,356 105,845 202,207 212,357
Selling, general and administrative 91,996 90,770 187,410 181,160
Depreciation and amortization 86,118 85,314 171,583 170,955
(Gain) loss on asset sales and disposals, net 3,908 2,395 8,104 4,303
Asset impairments 586,017 0 586,017 0
Total Costs and Expenses 870,395 284,324 1,155,321 568,775
Income (loss) from operations (489,323) 110,137 (393,648) 229,999
Interest expense, net (33,905) (34,964) (68,368) (70,748)
Other income (expense), net (11,372) (641) (12,784) (7,756)
Income (loss) before income taxes and equity method investment income (loss), net (534,600) 74,532 (474,800) 151,495
Income tax (provision) benefit 117,575 (14,069) 117,372 (31,646)
Income (loss) before equity method investment income (loss), net (417,025) 60,463 (357,428) 119,849
Equity method investment income (loss), net (20,951) (22,311) (77,941) (44,347)
Net income (loss) $ (437,976) $ 38,152 $ (435,369) $ 75,502
Net Income (Loss) per Common Share:        
Basic (in dollars per share) $ (77.70) $ 6.79 $ (77.26) $ 13.44
Diluted (in dollars per share) $ (77.70) $ 6.58 $ (77.26) $ 13.04
Weighted Average Common Shares Outstanding:        
Basic (in shares) 5,636,683 5,620,592 5,635,255 5,619,669
Diluted (in shares) 5,636,683 6,029,382 5,635,255 6,027,923
Unrealized gain (loss) on cash flow hedges and other, net of tax $ (10,108) $ (693) $ (25,094) $ 17,581
Comprehensive income (loss) $ (448,084) $ 37,459 $ (460,463) $ 93,083
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive Gain (Loss)
Treasury Stock, at cost
Beginning balance (in shares) at Dec. 31, 2023   5,616,987        
Beginning balance at Dec. 31, 2023 $ 1,809,270 $ 62 $ 607,574 $ 1,761,667 $ 36,745 $ (596,778)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 75,502     75,502    
Unrealized gain (loss) on cash flow hedges and other, net of tax 17,581       17,581  
Equity-based compensation $ 14,576   14,576      
Issuance of equity awards, net of forfeitures (in shares)   4,617        
Withholding tax for equity awards (in shares) (2,404) (2,404)        
Withholding tax for equity awards $ (2,732)         (2,732)
Dividends paid to stockholders (33,937)     (33,937)    
Ending balance (in shares) at Jun. 30, 2024   5,619,200        
Ending balance at Jun. 30, 2024 1,880,260 $ 62 622,150 1,803,232 54,326 (599,510)
Beginning balance (in shares) at Mar. 31, 2024   5,619,098        
Beginning balance at Mar. 31, 2024 1,852,874 $ 62 615,039 1,782,187 55,019 (599,433)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 38,152     38,152    
Unrealized gain (loss) on cash flow hedges and other, net of tax (693)       (693)  
Equity-based compensation $ 7,111   7,111      
Issuance of equity awards, net of forfeitures (in shares)   178        
Withholding tax for equity awards (in shares) (76) (76)        
Withholding tax for equity awards $ (77)         (77)
Dividends paid to stockholders (17,107)     (17,107)    
Ending balance (in shares) at Jun. 30, 2024   5,619,200        
Ending balance at Jun. 30, 2024 $ 1,880,260 $ 62 622,150 1,803,232 54,326 (599,510)
Beginning balance (in shares) at Dec. 31, 2024 5,619,365 5,619,365        
Beginning balance at Dec. 31, 2024 $ 1,796,032 $ 62 639,288 1,708,244 48,100 (599,662)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (435,369)     (435,369)    
Unrealized gain (loss) on cash flow hedges and other, net of tax (25,094)       (25,094)  
Equity-based compensation $ 21,359   21,359      
Issuance of equity awards, net of forfeitures (in shares)   10,922        
Withholding tax for equity awards (in shares) (1,523) (1,523)        
Withholding tax for equity awards $ (2,302)         (2,302)
Dividends paid to stockholders $ (17,232)     (17,232)    
Ending balance (in shares) at Jun. 30, 2025 5,628,764 5,628,764        
Ending balance at Jun. 30, 2025 $ 1,337,394 $ 62 660,647 1,255,643 23,006 (601,964)
Beginning balance (in shares) at Mar. 31, 2025   5,627,527        
Beginning balance at Mar. 31, 2025 1,775,460 $ 62 650,599 1,693,619 33,114 (601,934)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (437,976)     (437,976)    
Unrealized gain (loss) on cash flow hedges and other, net of tax (10,108)       (10,108)  
Equity-based compensation $ 10,048   10,048      
Issuance of equity awards, net of forfeitures (in shares)   1,239        
Withholding tax for equity awards (in shares) (2) (2)        
Withholding tax for equity awards $ (30)         (30)
Ending balance (in shares) at Jun. 30, 2025 5,628,764 5,628,764        
Ending balance at Jun. 30, 2025 $ 1,337,394 $ 62 $ 660,647 $ 1,255,643 $ 23,006 $ (601,964)
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Statement of Stockholders' Equity [Abstract]      
Dividends, per share (in dollars per share) $ 2.95 $ 2.95 $ 5.90
v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income (loss) $ (435,369) $ 75,502
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 171,583 170,955
Amortization of debt discount and issuance costs 4,728 4,406
Equity-based compensation 21,359 14,576
Gain on extinguishments of debt (3,856) 0
Change in deferred income taxes (158,788) (15,084)
(Gain) loss on asset sales and disposals, net 8,104 4,303
Equity method investment (income) loss, net 77,941 44,347
Fair value adjustments 19,946 15,514
Asset impairments 586,017 0
Changes in operating assets and liabilities:    
Accounts receivable, net 216 27,922
Prepaid and other current assets (12,603) (10,130)
Accounts payable and accrued liabilities (7,921) (6,350)
Deferred revenue (1,449) (899)
Other (8,634) (4,764)
Net cash provided by operating activities 261,274 320,298
Cash flows from investing activities:    
Cash paid for debt and equity investments 0 (20,000)
Capital expenditures (139,504) (137,479)
Change in accrued expenses related to capital expenditures (2,273) (7,643)
Purchase of wireless licenses 0 (625)
Proceeds from sales of property, plant and equipment 482 3,009
Proceeds from sale of equity investment 10,702 0
Net cash used in investing activities (130,593) (162,738)
Cash flows from financing activities:    
Payments on long-term debt (111,902) (109,662)
Payment of withholding tax for equity awards (2,302) (2,732)
Dividends paid to stockholders (17,232) (33,937)
Net cash used in financing activities (131,436) (146,331)
Change in cash and cash equivalents (755) 11,229
Cash and cash equivalents, beginning of period 153,631 190,289
Cash and cash equivalents, end of period 152,876 201,518
Supplemental cash flow disclosures:    
Cash paid for interest, net of capitalized interest 71,851 76,447
Cash paid for income taxes, net of refunds received $ 44,415 $ 52,748
v3.25.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
Description of Business. Cable One, Inc., together with its wholly owned subsidiaries (collectively, “Cable One” or the “Company”), is a fully integrated provider of data, video and voice services to residential and business customers in 24 Western, Midwestern and Southern U.S. states. As of June 30, 2025, Cable One provided services to approximately 1.1 million residential and business customers, of which approximately 1,031,000 subscribed to data services, 102,000 subscribed to video services and 99,000 subscribed to voice services.
Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the SEC. As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein.
These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2024 Form 10-K.
The December 31, 2024 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2024 Form 10-K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results.
Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting. Accounting Standards Codification 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s (“CODM”) review and assessment of the Company’s operating performance for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.
Recently Adopted Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional annual disclosures around tax rate reconciliations, income tax payments and other tax-related information. The Company adopted ASU 2023-09 in 2025. The additional disaggregation of certain tax information will be disclosed beginning with the Company's Annual Report on Form 10-K for the year ending December 31, 2025.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires additional disclosures regarding the significant expenses incurred by a reportable segment that are regularly provided to the CODM. The Company adopted ASU 2023-07 in the fourth quarter of 2024 on a retrospective basis. Refer to note 3 for these additional segment disclosures.
Recently Issued But Not Yet Adopted Accounting Pronouncements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses. ASU 2024-03 requires more granular information about certain types of expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, to be disclosed in addition to certain qualitative descriptions of relevant expense captions that are not separately disclosed. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company plans to adopt ASU 2024-03 beginning in the 2027 annual reporting period on a prospective basis. The adoption of ASU 2024-03 will result in additional expense disclosures within the notes to the Company's consolidated financial statements.
v3.25.2
REVENUES
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
REVENUES REVENUES
Revenues by product line and other revenue-related disclosures were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Residential:
Data$229,336 $230,404 $454,457 $466,223 
Video48,158 57,178 98,962 117,536 
Voice6,733 8,203 13,777 16,763 
Business:
Data57,385 56,687 114,678 113,328 
Other16,515 18,663 33,399 37,849 
Other22,945 23,326 46,400 47,075 
Total revenues$381,072 $394,461 $761,673 $798,774 
Franchise and other regulatory fees$5,374 $6,150 $10,942 $12,541 
Deferred commission amortization$1,730 $1,538 $3,434 $3,033 
Business other revenues include business video, voice and other ancillary service revenues. Other revenues are comprised primarily of regulatory revenues, advertising sales, 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 (loss).
Deferred commission amortization expense is included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss).
Current deferred revenue liabilities consist of refundable customer prepayments, up-front charges and installation fees. As of June 30, 2025, the Company’s remaining performance obligations pertain to the refundable customer prepayments and consist of providing future data, video and voice services to customers. Of the $27.9 million of current deferred revenue at December 31, 2024, $24.7 million was recognized during the six months ended June 30, 2025. Of the $27.2 million of current deferred revenue at December 31, 2023, $23.6 million was recognized during the six months ended June 30, 2024. Noncurrent deferred revenue liabilities consist of up-front charges and installation fees from business customers.
v3.25.2
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Based on the way the Company’s CODM, who is the Company's CEO, reviews and assesses the Company’s operations for purposes of performance monitoring and resource allocation, the Company determined that its operations and the decisions to allocate resources and deploy capital are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.
The Company's consolidated net income (loss) is the GAAP measure of profit or loss which is used by the CODM to allocate resources and assess performance on a monthly basis. Such measure is compared against prior periods to identify, assess and respond to trends.
The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues$381,072 $394,461 $761,673 $798,774 
Less: Significant expenses:
Direct product costs(46,473)(51,349)(94,910)(104,270)
Labor costs(61,382)(63,580)(122,487)(127,141)
Other items(1)
(711,193)(241,380)(979,645)(491,861)
Net income (loss)
$(437,976)$38,152 $(435,369)$75,502 
(1)Includes other operating costs (such as marketing, software and maintenance expenses), depreciation and amortization, net gain (loss) on asset sales and disposals, asset impairments, net interest expense, net other income (expense), income tax (provision) benefit, net equity method investment income (loss) and certain other non-cash, non-core and/or non-recurring costs. Refer to note 7 for further information regarding the asset impairments. Amounts for the three months ended June 30, 2025 and 2024 include interest expense of $37.8 million and $39.9 million, respectively, and interest and investment income of $3.9 million and $5.0 million, respectively. Amounts for the six months ended June 30, 2025 and 2024 include interest expense of $76.3 million and $81.0 million, respectively, and interest and investment income of $7.9 million and $10.2 million, respectively.
Given the Company operates as a single reportable segment, segment assets are equal to total assets within the Company's condensed consolidated balance sheets.
v3.25.2
OPERATING ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
OPERATING ASSETS AND LIABILITIES OPERATING ASSETS AND LIABILITIES
Accounts receivable, net, consisted of the following (in thousands):
June 30, 2025December 31, 2024
Trade receivables$46,432 $43,352 
Other receivables(1)
13,982 17,310 
Less: Allowance for credit losses(2,888)(2,920)
Total accounts receivable, net$57,526 $57,742 
(1)Balances include amounts due from Clearwave Fiber LLC, a joint venture transaction in which the Company contributed certain fiber operations and certain unaffiliated third-party investors contributed cash to a newly formed entity ("Clearwave Fiber"), for services provided under a transition services agreement of $1.9 million and $1.8 million as of June 30, 2025 and December 31, 2024, respectively. The balances also include $4.2 million and $4.7 million of receivables from the federal government under the Secure and Trusted Communications Networks Reimbursement Program as of June 30, 2025 and December 31, 2024, respectively.
The changes in the allowance for credit losses were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Beginning balance$2,717 $4,442 $2,920 $4,109 
Additions - charged to costs and expenses1,700 1,402 2,915 4,054 
Deductions - write-offs(2,651)(4,240)(5,328)(8,003)
Recoveries collected1,122 1,120 2,381 2,564 
Ending balance$2,888 $2,724 $2,888 $2,724 
Prepaid and other current assets consisted of the following (in thousands):
June 30, 2025December 31, 2024
Prepaid repairs and maintenance$14,934 $4,801 
Software implementation costs3,606 2,893 
Prepaid insurance150 3,418 
Prepaid rent3,123 2,006 
Prepaid software10,393 8,524 
Deferred commissions6,339 6,072 
Interest rate swap asset14,170 17,659 
Prepaid income tax payments21,061 20,535 
All other current assets3,200 1,954 
Total prepaid and other current assets$76,976 $67,862 
Other noncurrent assets consisted of the following (in thousands):
June 30, 2025December 31, 2024
Operating lease right-of-use assets$7,348 $8,052 
Deferred commissions12,914 11,685 
Software implementation costs12,721 11,089 
Debt issuance costs3,050 3,754 
Debt investment2,432 2,362 
Interest rate swap asset16,825 46,200 
New MBI Net Option(1)
64,180 84,120 
All other noncurrent assets10,525 11,167 
Total other noncurrent assets$129,995 $178,429 
(1)Balance as of June 30, 2025 represents the value of the Company's Call Option associated with the remaining equity interests in MBI. Balance as of December 31, 2024 represents the net value of the Company's Call Option and Put Option associated with the remaining equity interest in MBI, consisting of an asset of $114.2 million and a liability of $30.1 million, respectively. Refer to notes 5 and 10 for definitions of all capitalized terms and further information on these instruments.
Accounts payable and accrued liabilities consisted of the following (in thousands):
June 30, 2025December 31, 2024
Accounts payable$29,987 $31,868 
Accrued programming costs17,070 16,473 
Accrued compensation and related benefits23,373 27,757 
Accrued sales and other operating taxes20,074 18,605 
Accrued franchise fees2,285 2,944 
Deposits5,552 6,010 
Operating lease liabilities2,622 2,805 
Accrued insurance costs4,430 5,195 
Cash overdrafts16,036 19,467 
Interest payable5,723 6,046 
Income taxes payable— 1,682 
All other accrued liabilities29,742 28,419 
Total accounts payable and accrued liabilities$156,894 $167,271 
Other noncurrent liabilities consisted of the following (in thousands):
June 30, 2025December 31, 2024
Operating lease liabilities$4,403 $4,871 
Accrued compensation and related benefits7,983 8,067 
Deferred revenue11,901 13,820 
All other noncurrent liabilities3,603 3,655 
Total other noncurrent liabilities$27,890 $30,413 
v3.25.2
EQUITY INVESTMENTS
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
EQUITY INVESTMENTS EQUITY INVESTMENTS
In June 2024, the Company invested an additional $20.0 million in AMG Technology Holdings, LLC, a wireless internet service provider ("Nextlink"), increasing its equity interest to approximately 22%. Prior to this additional investment, Nextlink was accounted for as a cost method investment. After the investment, Nextlink is accounted for as an equity method investment with a one quarter reporting lag. In March 2025, the Company divested an equity investment for $10.7 million of cash proceeds and recognized a $3.2 million gain.
Prior to June 30, 2024, the Company held a call option to purchase all but not less than all of the remaining equity interests in MBI, in which the Company owns an approximately 45% equity interest, that the Company does not already own between January 1, 2023 and June 30, 2024. The call option expired unexercised on June 30, 2024. Further, certain investors in MBI held 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 (these call and put options are collectively referred to as the "Old MBI Net Option").
In December 2024, the Company amended its agreement with MBI, to, among other things, (i) reinstate the Company's expired call option to acquire the remaining equity interests in MBI, exercisable any time after the availability of MBI's June 30, 2025 financial statements (unless the Put Option (as defined below) has already been exercised) (the "Call Option"); (ii) amend the put option held by certain other investors in MBI to sell (and to cause all members of MBI other than the Company to sell) to the Company all membership interests not held by the Company such that the exercise can occur no earlier than January 1, 2026 (unless a change of control of the Company occurs prior to that date), and the closing can occur no earlier than October 1, 2026 (unless the Company elects to cause the closing to occur earlier) (the "Put Option," and together with the Call Option, the "New MBI Net Option"); (iii) require the Company to make a $250 million net upfront cash payment to the other members of MBI (the "Upfront Payment"), which was paid on December 20, 2024; and (iv) provide for the other members of MBI to immediately receive, indirectly, the proceeds from $100 million of new indebtedness recently incurred by a subsidiary of MBI (the "New MBI Debt") (collectively, the "MBI Amendment"). The purchase price payable by the Company upon the exercise of the Call Option or Put Option, as applicable, is to be calculated under a formula based on a multiple of MBI’s adjusted earnings before interest, taxes, depreciation and amortization for the twelve-month period ended June 30, 2025, and MBI’s total net indebtedness. The aggregate amount of the Upfront Payment and the New MBI Debt will reduce the Call Price or Put Price payable upon the exercise of the Call Option or Put Option, as applicable, and the impact of the New MBI Debt (and the associated interest and fees) will be excluded from the calculation of MBI's total net indebtedness for purposes of determining such purchase price. Further, if the closing of the Put Option or Call Option occurs prior to October 1, 2026, the Call Price or Put Price payable will be discounted, from October 1, 2026 to the closing, at a per annum rate of 12%.
The New MBI Net Option is measured at fair value on a quarterly basis using Monte Carlo simulations that rely on assumptions around MBI’s equity value and volatility (refer to note 10 for further information).
The carrying value of the Company's equity investments consisted of the following (dollars in thousands):
June 30, 2025December 31, 2024
Ownership PercentageCarrying ValueOwnership PercentageCarrying Value
Cost Method Investments
MetroNet(1)
<10%$7,000 <10%$7,000 
Point(2)
<10%42,623 <10%42,623 
Visionary(3)
<10%8,822 <10%8,822 
Ziply(4)
<10%50,000 <10%50,000 
Others<10%7,808 <10%14,967 
Total cost method investments$116,253 $123,412 
Equity Method Investments
Clearwave Fiber(5)
~57%(6)
$103,410 
~57%(6)
$180,882 
MBI
~45%402,490 ~45%405,810 
Nextlink~22%108,560 ~22%105,708 
Total equity method investments$614,460 $692,400 
Total equity investments$730,713 $815,812 
(1)MetroNet Systems, LLC, a fiber internet service provider ("MetroNet").
(2)Point Broadband Holdings, LLC, a fiber internet service provider ("Point").
(3)Visionary Communications, Inc., an internet service provider ("Visionary").
(4)Northwest Fiber Holdco., LLC, a fiber internet service provider ("Ziply").
(5)The Company does not have a controlling financial interest and does not consolidate Clearwave Fiber for financial reporting purposes but accounts for its interest under the equity method of accounting as the entity’s governance arrangements require certain of the designees of the other unit holders to consent to all significant decisions.
(6)Represents the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber. The Company's ownership interest in Clearwave Fiber is in the form of common equity units and the ownership interest in Clearwave Fiber of the unaffiliated third-party investors is in the form of convertible preferred equity units. The convertible preferred equity units held by the unaffiliated third-party investors are subject to a specified preferred return in relation to the common equity units held by the Company. As a result of the economic and other attributes of the various classes of equity units in Clearwave Fiber, the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber may differ from its economic interest in Clearwave Fiber.
The carrying value of MBI exceeded the Company’s underlying equity in MBI’s net assets by $360.6 million and $365.7 million as of June 30, 2025 and December 31, 2024, respectively.
Equity method investment income (loss), which increase (decrease) the carrying value of the respective investment, and which are recorded on a one quarter lag, along with other equity investment activity reflected in the condensed consolidated statements of operations and comprehensive income (loss), were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Equity Method Investment Income (Loss)
Clearwave Fiber(1)
$(22,621)$(21,059)$(77,472)$(42,780)
MBI(2)
224 (1,252)(3,320)(1,567)
Nextlink
1,446 — 2,851 — 
Total$(20,951)$(22,311)$(77,941)$(44,347)
Other Income (Expense), Net
Old MBI Net Option fair value adjustment
$— $(8,410)$— $(15,610)
New MBI Net Option fair value adjustment
$(15,270)$— $(19,940)$— 
Gain on sale of equity investment
$— $— $3,199 $— 
Mark-to-market adjustments
$(64)$50 $(5)$95 
(1)The amount for the six months ended June 30, 2025 includes $28.0 million related to non-cash impairment charges recorded by Clearwave Fiber.
(2)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 months ended June 30, 2025, the Company recognized $1.9 million of its proportionate share of MBI’s net income and $1.7 million of its proportionate share of basis difference amortization. For the three months ended June 30, 2024, the Company recognized $0.8 million of its proportionate share of MBI's net income and $2.1 million of its proportionate share of basis difference amortization. For the six months ended June 30, 2025, the Company recognized $0.4 million of its proportionate share of MBI’s net income and $3.7 million of its proportionate share of basis difference amortization. For the six months ended June 30, 2024, the Company recognized $3.0 million of its proportionate share of MBI's net income and $4.6 million of its proportionate share of basis difference amortization.
The carrying value of the Company’s equity investments without readily determinable fair values are determined based on the fair value as of their respective acquisition dates. The Company assesses each equity investment for indicators of impairment on a quarterly basis. No impairments were recorded for any of the periods presented.
v3.25.2
PROPERTY, PLANT AND EQUIPMENT
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment consisted of the following (in thousands):
June 30, 2025December 31, 2024
Cable distribution systems$2,691,228 $2,618,096 
Customer premise equipment381,000 366,636 
Other equipment and fixtures304,846 367,168 
Buildings and improvements147,000 141,286 
Capitalized software65,404 61,533 
Construction in progress132,757 138,064 
Land16,387 16,387 
Right-of-use assets10,041 10,773 
Property, plant and equipment, gross3,748,663 3,719,943 
Less: Accumulated depreciation and amortization(1,968,494)(1,929,988)
Property, plant and equipment, net$1,780,169 $1,789,955 
Depreciation and amortization expense for property, plant and equipment was $70.6 million and $68.8 million for the three months ended June 30, 2025 and 2024, respectively, and $140.5 million and $137.9 million for the six months ended June 30, 2025 and 2024, respectively.
v3.25.2
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
During the second quarter of 2025, the Company determined that a triggering event had occurred that required interim impairment assessments of its indefinite-lived intangible assets and goodwill as a result of the decline in the price of the Company's common stock subsequent to its first quarter 2025 earnings release through June 30, 2025.
Based on qualitative assessments of its finite-lived intangible assets, no impairments of such assets were identified. Using the multi-period excess earnings method of the income approach, whose significant inputs and assumptions include forecasted revenues, subscriber attrition rates, margins, capital expenditures, contributory asset charges, income tax rates, long-term growth rates and a discount rate, to determine fair value, the Company's franchise agreements asset was determined to be impaired by $497.2 million. Using the discounted cash flow method of the income approach, whose significant inputs and assumptions include forecasted revenues, margins, capital expenditures, working capital levels, income tax rates, long-term growth rates and a discount rate, and the guideline public company method of the market approach, whose significant inputs and assumptions include the identification of appropriate market participants; consensus earnings before interest, taxes, depreciation and amortization estimates; and the selection of enterprise value multiples, the Company's goodwill was determined to be impaired by $88.8 million. These non-cash charges are included within asset impairments in the condensed consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2025.
The change in the Company's goodwill balance was as follows (dollars in thousands):
Goodwill
Balance at December 31, 2024$929,609 
Impairment charge
(88,783)
Balance at June 30, 2025
$840,826 
Intangible assets consisted of the following (dollars in thousands):
June 30, 2025December 31, 2024
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
$785,203 $389,331 $395,872 $785,203 $359,432 $425,771 
Trademarks and trade names
2.0 - 4.2
8,389 8,381 8 8,389 7,400 989 
Wireless licenses
10
4,794 1,171 3,623 4,793 931 3,862 
Total finite-lived intangible assets$798,386 $398,883 $399,503 $798,385 $367,763 $430,622 
Indefinite-Lived Intangible Assets
Franchise agreements$1,605,000 $2,102,233 
Total intangible assets, net$2,004,503 $2,532,855 
Intangible asset amortization expense was $15.6 million and $16.5 million for the three months ended June 30, 2025 and 2024, respectively, and $31.1 million and $33.1 million for the six months ended June 30, 2025 and 2024, respectively.
The future amortization of existing finite-lived intangible assets as of June 30, 2025 was as follows (in thousands):
Year Ending December 31,Amount
2025 (remaining six months)$30,139 
202655,733 
202751,841 
202848,242 
202947,038 
Thereafter166,510 
Total$399,503 
Actual amortization expense in future periods may differ from the amounts above as a result of intangible asset acquisitions or divestitures, changes in useful life estimates, impairments or other relevant factors.
v3.25.2
DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
The carrying amount of long-term debt consisted of the following (in thousands):
June 30, 2025December 31, 2024
Senior Credit Facilities (as defined below)$1,943,808 $2,042,221 
Senior Notes (as defined below)633,107 650,000 
Convertible Notes (as defined below)920,000 920,000 
Finance lease liabilities3,108 4,443 
Total debt3,500,023 3,616,664 
Less: Unamortized debt discount(5,598)(7,725)
Less: Unamortized debt issuance costs(16,943)(18,691)
Less: Current portion of long-term debt(1)
(593,573)(18,712)
Total long-term debt$2,883,909 $3,571,536 
(1)The 2026 Notes (as defined and described below), which mature in March 2026, are classified within the current portion of long-term debt as of June 30, 2025.
Senior Credit Facilities. The fourth amended and restated credit agreement among the Company and its lenders, dated as of February 22, 2023 (as amended and restated, the "Credit Agreement"), provides for senior secured term loans in original aggregate principal amounts of (i) $250.0 million maturing in 2029 (subject to adjustment as described in the footnotes to the table below summarizing the Company's outstanding term loans as of June 30, 2025) (the “Term Loan B-2”), (ii) $775.0 million maturing in 2029 (subject to adjustment as described in the footnotes to the table below summarizing the Company's outstanding term loans as of June 30, 2025) (the “Term Loan B-3”) and (iii) $800.0 million maturing in 2028 (the "Term Loan B-4"), as well as a $1.25 billion revolving credit facility maturing in 2028 (the “Revolving Credit Facility” and, together with the Term Loan B-2, the Term Loan B-3 and the Term Loan B-4, the “Senior Credit Facilities”). The Revolving Credit Facility also gives the Company the ability to issue letters of credit, which reduce the amount available for borrowing under the Revolving Credit Facility. No letters of credit were issued under the Revolving Credit Facility as of June 30, 2025.
Under the Credit Agreement, the interest margins applicable to the Senior Credit Facilities are, at the Company’s option, equal to either the Secured Overnight Financing Rate ("SOFR") or a base rate, plus an applicable margin equal to, (i) with respect to the Revolving Credit Facility, 1.25% to 1.75% plus a 10 basis point credit spread adjustment for SOFR loans and 0.25% to 0.75% for base rate loans, determined on a quarterly basis by reference to a pricing grid based on the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement), (ii) with respect to the Term Loan B-2 and the Term Loan B-3, 2.25% plus a 10 basis point credit spread adjustment for SOFR loans and 1.25% for base rate loans and (iii) with respect to the Term Loan B-4, 2.0% plus an approximately 11.4 to 42.8 basis point credit spread adjustment based on the interest period elected for SOFR loans and 1.0% for base rate loans.
The Company repaid $85.0 million of outstanding Revolving Credit Facility borrowings and voluntarily prepaid $4.4 million of the outstanding principal of the Term Loan B-4 during the six months ended June 30, 2025. As of June 30, 2025, the Company had $228.0 million of borrowings under the Revolving Credit Facility that bore interest at an average rate of 6.2% per annum, and had $1.02 billion of available borrowing capacity under the Revolving Credit Facility. A summary of the Company’s outstanding term loans as of June 30, 2025 is as follows (dollars in thousands):
Instrument
Draw Date(s)
Original Principal
Amortization
Per Annum(1)
Outstanding Principal
Final Scheduled
Maturity Date
Final Scheduled
Principal Payment
Benchmark Rate
Fixed Margin
Interest Rate
Term Loan B-21/7/2019$250,000 1.0%$234,375 
10/30/2029(2)
$223,750 SOFR + 10.0 bps2.25%6.68%
Term Loan B-3
6/14/2019
10/30/2020
2/22/2023
325,000
300,000
150,000
1.0%737,607 
10/30/2029(2)
704,695 SOFR + 10.0 bps2.25%6.68%
Term Loan B-45/3/2021800,000 1.0%743,826 5/3/2028722,518 SOFR + 11.4 bps2.00%6.44%
Total$1,825,000 $1,715,808 $1,650,963 
(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 be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).
(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.
Refer to note 10 to the Company’s audited consolidated financial statements included in the 2024 Form 10-K for further details on the Senior Credit Facilities.
Senior Notes. In November 2020, the Company issued $650.0 million aggregate principal amount of 4.00% senior notes due 2030 (the “Senior Notes”). The Senior Notes bear interest at a rate of 4.00% per annum payable semiannually in arrears on May 15th and November 15th of each year, beginning on May 15, 2021. The terms of the Senior Notes are governed by an indenture dated as of November 9, 2020 (the “Senior Notes Indenture”), among the Company, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (“BNY”), as trustee.
At any time and from time to time prior to November 15, 2025, the Company may redeem some or all of the Senior Notes for cash at a redemption price equal to 100% of their principal amount, plus the “make-whole” premium described in the Senior Notes Indenture and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. Beginning on November 15, 2025, the Company may redeem some or all of the Senior Notes at any time and from time to time at the applicable redemption prices listed in the Senior Notes Indenture, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date.
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.
The Company paid $13.0 million to repurchase $16.9 million of outstanding Senior Notes during the three months ended June 30, 2025 and recognized a $3.9 million gain within other income in the condensed consolidated statements of operations and comprehensive income (loss).
Convertible Notes. In March 2021, the Company issued $575.0 million aggregate principal amount of 0.000% convertible senior notes due 2026 (the “2026 Notes”) and $345.0 million aggregate principal amount of 1.125% convertible senior notes due 2028 (the “2028 Notes” and, together with the 2026 Notes, the “Convertible Notes,” and the Convertible Notes collectively with the Senior Notes, the “Notes”). The terms of the 2026 Notes and the 2028 Notes are each governed by a separate indenture dated as of March 5, 2021 (collectively, the “Convertible Notes Indentures” and together with the Senior Notes Indenture, the “Indentures”), in each case, among the Company, the guarantors party thereto and BNY, as trustee.
The 2026 Notes do not bear regular interest, and the principal amount of the 2026 Notes does not accrete. The 2028 Notes bear interest at a rate of 1.125% per annum. Interest on the 2028 Notes is payable semiannually in arrears on March 15th and September 15th of each year, beginning on September 15, 2021, unless earlier repurchased, converted or redeemed. The 2026 Notes are scheduled to mature on March 15, 2026, and the 2028 Notes are scheduled to mature on March 15, 2028. The initial conversion rate for each of the 2026 Notes and the 2028 Notes is 0.4394 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes and 2028 Notes, as applicable (equivalent to an initial conversion price of $2,275.83 per share of common stock).
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, the 2026 Notes will be convertible at the option of the holders only upon the satisfaction of specified conditions and during certain periods. On or after December 15, 2025, holders may convert their 2026 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the relevant maturity date. Prior to the close of business on the business day immediately preceding December 15, 2027, the 2028 Notes will be convertible at the option of the holders only upon the satisfaction of specified conditions and during certain periods. On or after December 15, 2027, holders may convert their 2028 Notes at any time prior to the close of business on the second scheduled trading day immediately preceding the relevant maturity date. If the Company undergoes a “fundamental change” (as defined in the applicable Convertible Notes Indenture), holders of the applicable series of Convertible Notes may require the Company to repurchase for cash all or part of their Convertible Notes of such series at a purchase price equal to 100% of the principal amount of the Convertible Notes of such series to be repurchased, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.
No “sinking fund” is provided for the Convertible Notes. Prior to December 15, 2025, the Company may redeem for cash all or any portion of the 2026 Notes, at its option, and on or after March 20, 2025 and prior to December 15, 2027, the Company may redeem for cash all or any portion of the 2028 Notes, at its option, in each case, if the last reported sale price per share of common stock has been at least 130% of the conversion price for such series of Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100% of the principal amount of the Convertible Notes of such series to be redeemed, plus accrued and unpaid interest to, but not including, the redemption date.
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 be.
The carrying amounts of the Convertible Notes consisted of the following (in thousands):
June 30, 2025December 31, 2024
2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal
Gross carrying amount$575,000 $345,000 $920,000 $575,000 $345,000 $920,000 
Less: Unamortized discount(2,113)(3,485)(5,598)(3,601)(4,124)(7,725)
Less: Unamortized debt issuance costs(58)(98)(156)(98)(116)(214)
Net carrying amount$572,829 $341,417 $914,246 $571,301 $340,760 $912,061 
Interest expense on the Convertible Notes consisted of the following (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal
Contractual interest expense$—$970$970 $—$970$970 $—$1,941$1,941 $—$1,941$1,941 
Amortization of discount7483211,069 7483211,069 1,4886392,127 1,4966422,138 
Amortization of debt issuance costs20929 20929 401858 401858 
Total interest expense$768$1,300 $2,068 $768$1,300$2,068 $1,528$2,598$4,126 $1,536$2,601$4,137 
Effective interest rate0.5 %1.5 %0.5 %1.5 %0.5 %1.5 %0.5 %1.5 %
General. The Notes are senior unsecured obligations of the Company and are guaranteed by the Company’s wholly owned domestic subsidiaries that guarantee the Senior Credit Facilities or that guarantee certain capital market debt of the Company in an aggregate principal amount in excess of $250.0 million.
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):
June 30, 2025December 31, 2024
Revolving Credit Facility portion:
Other noncurrent assets$3,050 $3,754 
Term loans and Notes portion:
Long-term debt (contra account)16,943 18,691 
Total$19,993 $22,445 
The Company recorded debt issuance cost amortization of $1.2 million and $1.1 million for the three months ended June 30, 2025 and 2024, respectively, and $2.5 million and $2.2 million for the six months ended June 30, 2025 and 2024, respectively, within net interest expense in the condensed consolidated statements of operations and comprehensive income (loss).
The future maturities of outstanding borrowings as of June 30, 2025 were as follows (in thousands):
Year Ending December 31,Amount
2025 (remaining six months)$8,996 
2026592,992 
202717,992 
20281,307,700 
2029936,128 
Thereafter633,107 
Total$3,496,915 
The Company has entered into a separate letter of credit agreement which provides for an additional $75.0 million letter of credit issuing capacity. As of June 30, 2025, $9.1 million of letters of credit issuances under said agreement were held for the benefit of performance obligations under government grant programs and certain general and liability insurance matters and bore interest at a rate of 1.00% per annum.
The Company was in compliance with all debt covenants as of June 30, 2025.
v3.25.2
INTEREST RATE SWAPS
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
INTEREST RATE SWAPS INTEREST RATE SWAPS
The Company is party to two interest rate swap agreements, designated as cash flow hedges, to manage the risk of fluctuations in interest rates on its variable rate SOFR debt. Changes in the fair values of the interest rate swaps are reported through other comprehensive income until the underlying hedged debt’s interest expense impacts net income (loss), at which point the corresponding change in fair value is reclassified from accumulated other comprehensive income to net interest expense. Proceeds or payments from the interest rate swaps are included within cash flows from operating activities in the condensed consolidated statements of cash flows.
A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):
Entry DateEffective Date
Maturity Date(1)
Notional AmountSettlement TypeSettlement FrequencyFixed Base Rate
Swap A
3/7/20193/11/20193/11/2029$850,000 Receive one-month SOFR, pay fixedMonthly2.595%
Swap B
3/6/20196/15/20202/28/2029350,000 Receive one-month SOFR, pay fixedMonthly2.691%
Total$1,200,000 
(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.
The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):
June 30, 2025December 31, 2024
Assets:
Current portion:
Prepaid and other current assets$14,170 $17,659 
Noncurrent portion:
Other noncurrent assets16,825 46,200 
Total interest rate swap asset$30,995 $63,859 
Stockholders’ Equity:
Accumulated other comprehensive income$23,197 $48,291 
The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest (income) expense$(5,166)$(8,195)$(10,296)$(16,438)
Unrealized gain (loss) on cash flow hedges, gross$(13,238)$(953)$(32,864)$72,070 
Less: Tax effect3,130 260 7,770 (17,553)
Unrealized gain (loss) on cash flow hedges, net of tax$(10,108)$(693)$(25,094)$54,517 
The Company does not hold any derivative instruments for speculative trading purposes.
v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Financial Assets and Liabilities. The Company has estimated the fair values of its financial instruments as of June 30, 2025 using available market information or other appropriate valuation methodologies. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the following fair value estimates are not necessarily indicative of the amounts the Company would realize in an actual market exchange.
The fair value hierarchy levels, carrying amounts and related fair value of the Company’s financial assets and liabilities as of June 30, 2025 were as follows (in thousands):
June 30, 2025December 31, 2024
Fair Value Hierarchy
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Assets:
Cash and cash equivalents:
Money market investmentsLevel 1$68,137 $68,137 $67,998 $67,998 
Other noncurrent assets (including current portion):
Interest rate swap assetLevel 2$30,995 $30,995 $63,859 $63,859 
New MBI Net Option
Level 3$64,180 $64,180 $84,120 $84,120 
Liabilities:
Long-term debt (including current portion):
Term loansLevel 2$1,715,808 $1,661,099 $1,729,221 $1,698,873 
Revolving Credit FacilityLevel 2$228,000 $223,440 $313,000 $309,870 
Senior NotesLevel 2$633,107 $497,939 $650,000 $542,750 
Convertible NotesLevel 2$920,000 $810,808 $920,000 $821,342 
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). Money market investments with original maturities of three months or less are included within cash and cash equivalents in the condensed consolidated balance sheets. Interest rate swaps are measured at fair value within the condensed consolidated balance sheets on a recurring basis, with fair value determined using standard valuation models with assumptions about interest rates being based on those observed in underlying markets (level 2). The fair value of the New MBI Net Option is measured using Monte Carlo simulations that use inputs considered unobservable and significant to the fair value measurement (level 3). The fair value of the term loans, Revolving Credit Facility, Senior Notes and Convertible Notes are estimated based on market prices for similar instruments in active markets (level 2).
The assumptions used to determine the fair value of the New MBI Net Option consisted of the following:
June 30, 2025December 31, 2024
MBI's equity volatility
40.0 %51.0 %
MBI's adjusted EBITDA volatility(1)
N/A20.0 %
MBI's adjusted EBITDA risk-adjusted discount rate(1)
N/A8.0 %
(1)The purchase price payable by the Company upon the exercise of the Call Option or Put Option, as applicable, is calculated under a formula based on a multiple of MBI’s adjusted earnings before interest, taxes, depreciation and amortization ("MBI's adjusted EBITDA") for the twelve-month period ended June 30, 2025, and MBI’s total net indebtedness. As this twelve-month measurement period ended on June 30, 2025, assumptions regarding MBI's adjusted EBITDA volatility and MBI's risk-adjusted discount rate assumptions are no longer applicable when calculating the fair value of the New MBI Net Option.
The Company regularly evaluates each of the assumptions used in establishing the fair value of the New 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 of these assumptions is not necessarily accompanied by a change in another assumption. Refer to note 5 for further information on the New MBI Net Option.
The carrying amounts of accounts receivable, prepaid and other current assets, accounts payable and accrued liabilities and other financial assets and liabilities approximate fair value because of the short-term nature of these instruments.
Nonfinancial Assets and Liabilities. The Company’s nonfinancial assets, such as property, plant and equipment, intangible assets and goodwill, are not measured at fair value on a recurring basis. Assets acquired, including identifiable intangible assets and goodwill, and liabilities assumed in acquisitions are recorded at fair value on the respective acquisition dates, subject to potential future measurement period adjustments. Nonfinancial assets are subject to fair value adjustments when there is evidence that impairment may exist. Other than the impairment of the Company's franchise agreements and goodwill recognized in the second quarter of 2025 (refer to note 7), no other impairments were recorded during the six months ended June 30, 2025 or 2024.
v3.25.2
STOCKHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
STOCKHOLDERS’ EQUITY STOCKHOLDERS’ EQUITY
Treasury Stock. Treasury stock is recorded at cost and is presented as a reduction of stockholders’ equity in the condensed consolidated financial statements. Treasury shares of 546,635 held at June 30, 2025 include shares repurchased under the Company’s share repurchase programs and shares withheld for withholding tax, as described below.
Share Repurchase Program. On May 20, 2022, the Company's board of directors (the "Board") authorized up to $450.0 million of share repurchases (with no cap as to the number of shares of common stock) (the "Share Repurchase Program"). The Company had $143.1 million of remaining share repurchase authorization under the Share Repurchase Program as of June 30, 2025. Additional purchases under the Share Repurchase Program may be made from time to time on the open market and in privately negotiated transactions, and we may opportunistically and prudently consider buying back shares under our remaining share repurchase authorization, depending on the trading level of our common stock, market conditions and other factors. The size and timing of these purchases are based on a number of factors, including share price and business and market conditions. Since the Company first became publicly traded in 2015 through June 30, 2025, the Company has repurchased 646,244 shares of its common stock at an aggregate cost of $556.9 million. The Company did not repurchase any of its common stock during the six months ended June 30, 2025 or 2024.
Tax Withholding for Equity Awards. At the employee’s option, shares of common stock are withheld by the Company upon the vesting of restricted stock awards, restricted stock units ("RSUs"), dividend equivalent units (together with restricted stock awards and RSUs, "Restricted Stock") and the exercise of stock appreciation rights (“SARs”) to cover the applicable statutory minimum amount of employee withholding taxes, which the Company then pays to the taxing authorities in cash. The amounts remitted during each of the three months ended June 30, 2025 and 2024 was less than $0.1 million, for which the Company withheld 2 and 76 shares of common stock, respectively. The amounts remitted during the six months ended June 30, 2025 and 2024 were $2.3 million and $2.7 million, for which the Company withheld 1,523 and 2,404 shares of common stock, respectively.
v3.25.2
EQUITY-BASED COMPENSATION
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
The Company's stockholders approved the Cable One, Inc. 2022 Omnibus Incentive Compensation Plan (the “2022 Plan”) at the annual meeting of stockholders held on May 20, 2022. The 2022 Plan provides for grants of incentive stock options, non-qualified stock options, Restricted Stock, SARs, cash-based awards, performance-based awards and other stock-based awards, including deferred stock units, and superseded and replaced the Amended and Restated Cable One, Inc. 2015 Omnibus Incentive Compensation Plan. Directors, officers, employees and consultants of the Company are eligible for grants under the 2022 Plan as part of the Company’s long-term incentive compensation programs. At June 30, 2025, 235,503 shares were available for issuance under the 2022 Plan.
Beginning in 2025, new RSU grants contain retirement eligibility provisions that result in accelerated expensing of awards granted to associates that satisfy certain age and service conditions.
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 (unless any retirement eligibility provisions are satisfied earlier), 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 (loss), was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Restricted Stock$9,921 $6,866 $21,106 $14,169 
SARs127 245 253 407 
Total$10,048 $7,111 $21,359 $14,576 
The Company recognized excess tax shortfalls of $0.5 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively, and excess tax shortfalls of $2.0 million and $1.7 million during the six months ended June 30, 2025 and 2024, respectively. The deferred tax asset related to all outstanding equity-based awards was $9.3 million and $8.6 million as of June 30, 2025 and December 31, 2024, respectively.
Restricted Stock. A summary of Restricted Stock activity during the six months ended June 30, 2025 is as follows:
Restricted Stock
Weighted Average Grant Date
Fair Value Per Share
Outstanding as of December 31, 2024158,665$660.77 
Granted129,458$383.66 
Forfeited(9,730)$558.69 
Vested and issued(20,850)$880.24 
Outstanding as of June 30, 2025257,543$507.57 
Vested and deferred as of June 30, 202510,845$688.55 
At June 30, 2025, there was $44.0 million of unrecognized compensation expense related to Restricted Stock, which is expected to be recognized over a weighted average period of 1.5 years.
The significant inputs and resulting weighted average grant date fair value for market-based award grants were as follows:
20252024
Risk-free interest rate4.2 %4.0 %
Expected volatility40.6 %35.4 %
Simulation term2.99 years2.99 years
Weighted average grant date fair value$417.46$603.73
Stock Appreciation Rights. A summary of SARs activity during the six months ended June 30, 2025 is as follows:
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, 202428,366$1,028.73 $253.47 $— 3.94
Expired(11,375)$748.71 $173.65 
Outstanding as of June 30, 202516,991$1,216.20 $306.91 $— 4.00
Exercisable as of June 30, 202515,991$1,175.08$294.23$— 3.87
At June 30, 2025, there was no significant unrecognized compensation expense related to SARs
v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s effective tax rate was (22.0)% and 18.9% for the three months ended June 30, 2025 and 2024, respectively, and (24.7)% and 20.9% for the six months ended June 30, 2025 and 2024, respectively. The decreases in the effective tax rates were due primarily to decreases in income tax expense of $129.8 million resulting from the asset impairments recognized in the second quarter of 2025.
v3.25.2
OTHER INCOME AND EXPENSE
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
OTHER INCOME AND EXPENSE OTHER INCOME AND EXPENSE
Other income (expense), net, consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Old MBI Net Option fair value adjustment
$— $(8,410)$— $(15,610)
New MBI Net Option fair value adjustment
(15,270)— (19,940)— 
C-band spectrum relocation funding(1)
— 7,669 — 7,669 
Gain on sale of equity investment
— — 3,199 — 
Gain on extinguishments of debt
3,856 — 3,856 — 
Other
42 100 101 185 
Other income (expense), net$(11,372)$(641)$(12,784)$(7,756)
(1)Represents a gain related to C-band spectrum relocation funding received from the federal government.
v3.25.2
NET INCOME (LOSS) PER COMMON SHARE
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
NET INCOME (LOSS) PER COMMON SHARE NET INCOME (LOSS) PER COMMON SHARE
Basic net income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The denominator used in calculating diluted net income (loss) 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 (loss) per common share was as follows (dollars in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2025(1)
2024
2025(1)
2024
Numerator:
Net income (loss) - basic
$(437,976)$38,152 $(435,369)$75,502 
Add: Convertible Notes interest expense, net of tax
— 

1,551 — 

3,103 
Net income (loss) - diluted
$(437,976)$39,703 $(435,369)$78,605 
Denominator:
Weighted average common shares outstanding - basic5,636,683

5,620,5925,635,255

5,619,669
Effect of dilutive equity-based compensation awards(2)
— 

4,542— 

4,006
Effect of dilution from if-converted Convertible Notes(3)
— 

404,248— 

404,248
Weighted average common shares outstanding - diluted5,636,6836,029,3825,635,2556,027,923
Net Income (Loss) per Common Share:
Basic$(77.70)$6.79 $(77.26)$13.44 
Diluted$(77.70)$6.58 $(77.26)$13.04 
Supplemental Net Income (Loss) per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards(2)
126,36182,363126,36182,363
(1)Because the Company incurred net losses for the three and six months ended June 30, 2025, diluted net loss per share is equal to basic net loss per share for each period. Therefore, no adjustments are shown to the respective numerators or denominators within the table.
(2)Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income (loss) per common share calculation.
(3)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding for all periods presented.
During the first quarter of 2025, the Company identified an immaterial error in its diluted earnings per share calculation for the year ended December 31, 2024. The if-converted method for the Convertible Notes was incorrectly applied during the period, as its effect was anti-dilutive. Diluted earnings per share for the year ended December 31, 2024 should have been $2.57 instead of the $3.43 reported. The Company plans to revise the disclosure in its Annual Report on Form 10-K for the year ending December 31, 2025. No other periods were impacted.
v3.25.2
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contractual Obligations. The Company has obligations to make future payments for goods and services under certain contractual arrangements. These contractual obligations secure the future rights to various goods and services to be used in the normal course of the Company’s operations. In accordance with applicable accounting rules, the future rights and obligations pertaining to firm commitments, such as certain purchase obligations under contracts, are not reflected as assets or liabilities in the condensed consolidated balance sheets.
As of June 30, 2025, with the exception of debt payments (refer to note 8 for the updated future maturities of outstanding borrowings table), there have been no material changes to the contractual obligations previously disclosed in the 2024 Form 10-K.
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 included in the Company’s contractual obligations as they are cancellable on short notice, in the case of pole rental costs, or are passed through on a monthly basis to the Company’s customers and are periodically remitted to authorities, in the case of fees imposed by governmental authorities. The Company also has franchise agreements requiring plant construction and the provision of services to customers within the franchise areas. In connection with these obligations under existing franchise agreements, the Company obtains surety bonds or letters of credit guaranteeing performance to municipalities and public utilities and payment of insurance premiums. Payments under these arrangements are required only in the remote event of nonperformance.
Litigation and Legal Matters. The Company is subject to complaints and administrative proceedings and has been a defendant in various civil lawsuits that have arisen in the ordinary course of its business. Such matters include contract disputes; actions alleging negligence, invasion of privacy, trademark, copyright and patent infringement, and violations of applicable wage and hour laws; statutory or common law claims involving current and former employees; and other matters. Although the outcomes of any legal claims and proceedings against the Company cannot be predicted with certainty, based on currently available information, the Company believes that there are no existing claims or proceedings that are likely to have a material adverse effect on its business, financial condition, results of operations or cash flows.
Regulation in the Company’s Industry. The Company’s operations are extensively regulated by the Federal Communications Commission (the "FCC"), some state governments and most local governments. The FCC has the authority to enforce its regulations through the imposition of substantial fines, the issuance of cease-and-desist orders and/or the imposition of other administrative sanctions, such as the revocation of FCC licenses needed to operate certain transmission facilities used in connection with cable operations. Future legislative and regulatory changes could adversely affect the Company’s operations.
Equity Investments. The Company has certain obligations with respect to certain of its equity investments. Refer to note 5 for further information.
v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure        
Net income (loss) $ (437,976) $ 38,152 $ (435,369) $ 75,502
v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation. The condensed consolidated financial statements and accompanying notes thereto have been prepared in accordance with: (i) generally accepted accounting principles in the United States (“GAAP”) for interim financial information; and (ii) the guidance of Rule 10-01 of Regulation S-X under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), for financial statements required to be filed with the SEC. As permitted under such guidance, certain notes and other financial information normally required by GAAP have been omitted. Management believes the condensed consolidated financial statements reflect all normal and recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations and cash flows as of and for the periods presented herein.
These condensed consolidated financial statements are unaudited and should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto included in the 2024 Form 10-K.
The December 31, 2024 year-end balance sheet data presented herein was derived from the Company’s audited consolidated financial statements included in the 2024 Form 10-K, but does not include all disclosures required by GAAP. The Company’s interim results of operations may not be indicative of its future results.
Principles of Consolidation
Principles of Consolidation. The accompanying condensed consolidated financial statements include the accounts of the Company, including its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting
Segment Reporting. Accounting Standards Codification 280 - Segment Reporting requires the disclosure of factors used to identify an entity’s reportable segments. Based on the Company’s chief operating decision maker’s (“CODM”) review and assessment of the Company’s operating performance for purposes of performance monitoring and resource allocation, the Company determined that its operations, including the decisions to allocate resources and deploy capital, are organized and managed on a consolidated basis. Accordingly, management has identified one operating segment, which is its reportable segment, under this organizational and reporting structure.
Use of Estimates
Use of Estimates. The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported herein. Management bases its estimates and assumptions on historical experience and on various other factors that are believed to be reasonable under the circumstances. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be affected by changes in those estimates and underlying assumptions.
Recently Adopted Accounting Pronouncements and Recently Issued But Not Yet Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements. In December 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires additional annual disclosures around tax rate reconciliations, income tax payments and other tax-related information. The Company adopted ASU 2023-09 in 2025. The additional disaggregation of certain tax information will be disclosed beginning with the Company's Annual Report on Form 10-K for the year ending December 31, 2025.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU requires additional disclosures regarding the significant expenses incurred by a reportable segment that are regularly provided to the CODM. The Company adopted ASU 2023-07 in the fourth quarter of 2024 on a retrospective basis. Refer to note 3 for these additional segment disclosures.
Recently Issued But Not Yet Adopted Accounting Pronouncements. In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income (Topic 220): Disaggregation of Income Statement Expenses. ASU 2024-03 requires more granular information about certain types of expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, to be disclosed in addition to certain qualitative descriptions of relevant expense captions that are not separately disclosed. The ASU is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 on either a prospective or retrospective basis, with early adoption permitted. The Company plans to adopt ASU 2024-03 beginning in the 2027 annual reporting period on a prospective basis. The adoption of ASU 2024-03 will result in additional expense disclosures within the notes to the Company's consolidated financial statements.
v3.25.2
REVENUES (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Revenues by Product Line and Other Revenue
Revenues by product line and other revenue-related disclosures were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Residential:
Data$229,336 $230,404 $454,457 $466,223 
Video48,158 57,178 98,962 117,536 
Voice6,733 8,203 13,777 16,763 
Business:
Data57,385 56,687 114,678 113,328 
Other16,515 18,663 33,399 37,849 
Other22,945 23,326 46,400 47,075 
Total revenues$381,072 $394,461 $761,673 $798,774 
Franchise and other regulatory fees$5,374 $6,150 $10,942 $12,541 
Deferred commission amortization$1,730 $1,538 $3,434 $3,033 
v3.25.2
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table includes the significant expense categories and amounts that are regularly provided to the CODM (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Revenues$381,072 $394,461 $761,673 $798,774 
Less: Significant expenses:
Direct product costs(46,473)(51,349)(94,910)(104,270)
Labor costs(61,382)(63,580)(122,487)(127,141)
Other items(1)
(711,193)(241,380)(979,645)(491,861)
Net income (loss)
$(437,976)$38,152 $(435,369)$75,502 
(1)Includes other operating costs (such as marketing, software and maintenance expenses), depreciation and amortization, net gain (loss) on asset sales and disposals, asset impairments, net interest expense, net other income (expense), income tax (provision) benefit, net equity method investment income (loss) and certain other non-cash, non-core and/or non-recurring costs. Refer to note 7 for further information regarding the asset impairments. Amounts for the three months ended June 30, 2025 and 2024 include interest expense of $37.8 million and $39.9 million, respectively, and interest and investment income of $3.9 million and $5.0 million, respectively. Amounts for the six months ended June 30, 2025 and 2024 include interest expense of $76.3 million and $81.0 million, respectively, and interest and investment income of $7.9 million and $10.2 million, respectively.
v3.25.2
OPERATING ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net, consisted of the following (in thousands):
June 30, 2025December 31, 2024
Trade receivables$46,432 $43,352 
Other receivables(1)
13,982 17,310 
Less: Allowance for credit losses(2,888)(2,920)
Total accounts receivable, net$57,526 $57,742 
(1)Balances include amounts due from Clearwave Fiber LLC, a joint venture transaction in which the Company contributed certain fiber operations and certain unaffiliated third-party investors contributed cash to a newly formed entity ("Clearwave Fiber"), for services provided under a transition services agreement of $1.9 million and $1.8 million as of June 30, 2025 and December 31, 2024, respectively. The balances also include $4.2 million and $4.7 million of receivables from the federal government under the Secure and Trusted Communications Networks Reimbursement Program as of June 30, 2025 and December 31, 2024, respectively.
Schedule of Allowance for Doubtful Accounts
The changes in the allowance for credit losses were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Beginning balance$2,717 $4,442 $2,920 $4,109 
Additions - charged to costs and expenses1,700 1,402 2,915 4,054 
Deductions - write-offs(2,651)(4,240)(5,328)(8,003)
Recoveries collected1,122 1,120 2,381 2,564 
Ending balance$2,888 $2,724 $2,888 $2,724 
Schedule of Prepaid and Other Current Assets
Prepaid and other current assets consisted of the following (in thousands):
June 30, 2025December 31, 2024
Prepaid repairs and maintenance$14,934 $4,801 
Software implementation costs3,606 2,893 
Prepaid insurance150 3,418 
Prepaid rent3,123 2,006 
Prepaid software10,393 8,524 
Deferred commissions6,339 6,072 
Interest rate swap asset14,170 17,659 
Prepaid income tax payments21,061 20,535 
All other current assets3,200 1,954 
Total prepaid and other current assets$76,976 $67,862 
Schedule of Other Assets, Noncurrent
Other noncurrent assets consisted of the following (in thousands):
June 30, 2025December 31, 2024
Operating lease right-of-use assets$7,348 $8,052 
Deferred commissions12,914 11,685 
Software implementation costs12,721 11,089 
Debt issuance costs3,050 3,754 
Debt investment2,432 2,362 
Interest rate swap asset16,825 46,200 
New MBI Net Option(1)
64,180 84,120 
All other noncurrent assets10,525 11,167 
Total other noncurrent assets$129,995 $178,429 
(1)Balance as of June 30, 2025 represents the value of the Company's Call Option associated with the remaining equity interests in MBI. Balance as of December 31, 2024 represents the net value of the Company's Call Option and Put Option associated with the remaining equity interest in MBI, consisting of an asset of $114.2 million and a liability of $30.1 million, respectively. Refer to notes 5 and 10 for definitions of all capitalized terms and further information on these instruments.
Schedule of Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following (in thousands):
June 30, 2025December 31, 2024
Accounts payable$29,987 $31,868 
Accrued programming costs17,070 16,473 
Accrued compensation and related benefits23,373 27,757 
Accrued sales and other operating taxes20,074 18,605 
Accrued franchise fees2,285 2,944 
Deposits5,552 6,010 
Operating lease liabilities2,622 2,805 
Accrued insurance costs4,430 5,195 
Cash overdrafts16,036 19,467 
Interest payable5,723 6,046 
Income taxes payable— 1,682 
All other accrued liabilities29,742 28,419 
Total accounts payable and accrued liabilities$156,894 $167,271 
Schedule of Other Noncurrent Liabilities
Other noncurrent liabilities consisted of the following (in thousands):
June 30, 2025December 31, 2024
Operating lease liabilities$4,403 $4,871 
Accrued compensation and related benefits7,983 8,067 
Deferred revenue11,901 13,820 
All other noncurrent liabilities3,603 3,655 
Total other noncurrent liabilities$27,890 $30,413 
v3.25.2
EQUITY INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, All Other Investments [Abstract]  
Schedule of Carrying Value of the Company's Equity Investments
The carrying value of the Company's equity investments consisted of the following (dollars in thousands):
June 30, 2025December 31, 2024
Ownership PercentageCarrying ValueOwnership PercentageCarrying Value
Cost Method Investments
MetroNet(1)
<10%$7,000 <10%$7,000 
Point(2)
<10%42,623 <10%42,623 
Visionary(3)
<10%8,822 <10%8,822 
Ziply(4)
<10%50,000 <10%50,000 
Others<10%7,808 <10%14,967 
Total cost method investments$116,253 $123,412 
Equity Method Investments
Clearwave Fiber(5)
~57%(6)
$103,410 
~57%(6)
$180,882 
MBI
~45%402,490 ~45%405,810 
Nextlink~22%108,560 ~22%105,708 
Total equity method investments$614,460 $692,400 
Total equity investments$730,713 $815,812 
(1)MetroNet Systems, LLC, a fiber internet service provider ("MetroNet").
(2)Point Broadband Holdings, LLC, a fiber internet service provider ("Point").
(3)Visionary Communications, Inc., an internet service provider ("Visionary").
(4)Northwest Fiber Holdco., LLC, a fiber internet service provider ("Ziply").
(5)The Company does not have a controlling financial interest and does not consolidate Clearwave Fiber for financial reporting purposes but accounts for its interest under the equity method of accounting as the entity’s governance arrangements require certain of the designees of the other unit holders to consent to all significant decisions.
(6)Represents the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber. The Company's ownership interest in Clearwave Fiber is in the form of common equity units and the ownership interest in Clearwave Fiber of the unaffiliated third-party investors is in the form of convertible preferred equity units. The convertible preferred equity units held by the unaffiliated third-party investors are subject to a specified preferred return in relation to the common equity units held by the Company. As a result of the economic and other attributes of the various classes of equity units in Clearwave Fiber, the Company's percentage ownership of the total outstanding equity units in Clearwave Fiber may differ from its economic interest in Clearwave Fiber.
Schedule of Equity Method Investments
Equity method investment income (loss), which increase (decrease) the carrying value of the respective investment, and which are recorded on a one quarter lag, along with other equity investment activity reflected in the condensed consolidated statements of operations and comprehensive income (loss), were as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Equity Method Investment Income (Loss)
Clearwave Fiber(1)
$(22,621)$(21,059)$(77,472)$(42,780)
MBI(2)
224 (1,252)(3,320)(1,567)
Nextlink
1,446 — 2,851 — 
Total$(20,951)$(22,311)$(77,941)$(44,347)
Other Income (Expense), Net
Old MBI Net Option fair value adjustment
$— $(8,410)$— $(15,610)
New MBI Net Option fair value adjustment
$(15,270)$— $(19,940)$— 
Gain on sale of equity investment
$— $— $3,199 $— 
Mark-to-market adjustments
$(64)$50 $(5)$95 
(1)The amount for the six months ended June 30, 2025 includes $28.0 million related to non-cash impairment charges recorded by Clearwave Fiber.
(2)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 months ended June 30, 2025, the Company recognized $1.9 million of its proportionate share of MBI’s net income and $1.7 million of its proportionate share of basis difference amortization. For the three months ended June 30, 2024, the Company recognized $0.8 million of its proportionate share of MBI's net income and $2.1 million of its proportionate share of basis difference amortization. For the six months ended June 30, 2025, the Company recognized $0.4 million of its proportionate share of MBI’s net income and $3.7 million of its proportionate share of basis difference amortization. For the six months ended June 30, 2024, the Company recognized $3.0 million of its proportionate share of MBI's net income and $4.6 million of its proportionate share of basis difference amortization.
v3.25.2
PROPERTY, PLANT AND EQUIPMENT (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment consisted of the following (in thousands):
June 30, 2025December 31, 2024
Cable distribution systems$2,691,228 $2,618,096 
Customer premise equipment381,000 366,636 
Other equipment and fixtures304,846 367,168 
Buildings and improvements147,000 141,286 
Capitalized software65,404 61,533 
Construction in progress132,757 138,064 
Land16,387 16,387 
Right-of-use assets10,041 10,773 
Property, plant and equipment, gross3,748,663 3,719,943 
Less: Accumulated depreciation and amortization(1,968,494)(1,929,988)
Property, plant and equipment, net$1,780,169 $1,789,955 
v3.25.2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in the Company's goodwill balance was as follows (dollars in thousands):
Goodwill
Balance at December 31, 2024$929,609 
Impairment charge
(88,783)
Balance at June 30, 2025
$840,826 
Schedule of Intangible Assets
Intangible assets consisted of the following (dollars in thousands):
June 30, 2025December 31, 2024
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
$785,203 $389,331 $395,872 $785,203 $359,432 $425,771 
Trademarks and trade names
2.0 - 4.2
8,389 8,381 8 8,389 7,400 989 
Wireless licenses
10
4,794 1,171 3,623 4,793 931 3,862 
Total finite-lived intangible assets$798,386 $398,883 $399,503 $798,385 $367,763 $430,622 
Indefinite-Lived Intangible Assets
Franchise agreements$1,605,000 $2,102,233 
Total intangible assets, net$2,004,503 $2,532,855 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The future amortization of existing finite-lived intangible assets as of June 30, 2025 was as follows (in thousands):
Year Ending December 31,Amount
2025 (remaining six months)$30,139 
202655,733 
202751,841 
202848,242 
202947,038 
Thereafter166,510 
Total$399,503 
v3.25.2
DEBT (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
The carrying amount of long-term debt consisted of the following (in thousands):
June 30, 2025December 31, 2024
Senior Credit Facilities (as defined below)$1,943,808 $2,042,221 
Senior Notes (as defined below)633,107 650,000 
Convertible Notes (as defined below)920,000 920,000 
Finance lease liabilities3,108 4,443 
Total debt3,500,023 3,616,664 
Less: Unamortized debt discount(5,598)(7,725)
Less: Unamortized debt issuance costs(16,943)(18,691)
Less: Current portion of long-term debt(1)
(593,573)(18,712)
Total long-term debt$2,883,909 $3,571,536 
(1)The 2026 Notes (as defined and described below), which mature in March 2026, are classified within the current portion of long-term debt as of June 30, 2025.
Schedule of Term Loans A summary of the Company’s outstanding term loans as of June 30, 2025 is as follows (dollars in thousands):
Instrument
Draw Date(s)
Original Principal
Amortization
Per Annum(1)
Outstanding Principal
Final Scheduled
Maturity Date
Final Scheduled
Principal Payment
Benchmark Rate
Fixed Margin
Interest Rate
Term Loan B-21/7/2019$250,000 1.0%$234,375 
10/30/2029(2)
$223,750 SOFR + 10.0 bps2.25%6.68%
Term Loan B-3
6/14/2019
10/30/2020
2/22/2023
325,000
300,000
150,000
1.0%737,607 
10/30/2029(2)
704,695 SOFR + 10.0 bps2.25%6.68%
Term Loan B-45/3/2021800,000 1.0%743,826 5/3/2028722,518 SOFR + 11.4 bps2.00%6.44%
Total$1,825,000 $1,715,808 $1,650,963 
(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 be prepaid at any time without penalty or premium (subject to customary SOFR breakage provisions).
(2)The final maturity date of the Term Loan B-2 and the Term Loan B-3, in each case, will adjust to May 3, 2028 if greater than $150.0 million aggregate principal amount of the Term Loan B-4 (together with any refinancing indebtedness in respect of the Term Loan B-4 with a final maturity date prior to the date that is 91 days after October 30, 2029) remains outstanding on May 3, 2028.
Schedule of Convertible Debt
The carrying amounts of the Convertible Notes consisted of the following (in thousands):
June 30, 2025December 31, 2024
2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal
Gross carrying amount$575,000 $345,000 $920,000 $575,000 $345,000 $920,000 
Less: Unamortized discount(2,113)(3,485)(5,598)(3,601)(4,124)(7,725)
Less: Unamortized debt issuance costs(58)(98)(156)(98)(116)(214)
Net carrying amount$572,829 $341,417 $914,246 $571,301 $340,760 $912,061 
Interest expense on the Convertible Notes consisted of the following (dollars in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal2026 Notes2028 NotesTotal
Contractual interest expense$—$970$970 $—$970$970 $—$1,941$1,941 $—$1,941$1,941 
Amortization of discount7483211,069 7483211,069 1,4886392,127 1,4966422,138 
Amortization of debt issuance costs20929 20929 401858 401858 
Total interest expense$768$1,300 $2,068 $768$1,300$2,068 $1,528$2,598$4,126 $1,536$2,601$4,137 
Effective interest rate0.5 %1.5 %0.5 %1.5 %0.5 %1.5 %0.5 %1.5 %
Schedule of Unamortized Debt Issuance Costs
Unamortized debt issuance costs consisted of the following (in thousands):
June 30, 2025December 31, 2024
Revolving Credit Facility portion:
Other noncurrent assets$3,050 $3,754 
Term loans and Notes portion:
Long-term debt (contra account)16,943 18,691 
Total$19,993 $22,445 
Schedule of Maturities of Long-Term Debt
The future maturities of outstanding borrowings as of June 30, 2025 were as follows (in thousands):
Year Ending December 31,Amount
2025 (remaining six months)$8,996 
2026592,992 
202717,992 
20281,307,700 
2029936,128 
Thereafter633,107 
Total$3,496,915 
v3.25.2
INTEREST RATE SWAPS (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments
A summary of the significant terms of the Company’s interest rate swap agreements is as follows (dollars in thousands):
Entry DateEffective Date
Maturity Date(1)
Notional AmountSettlement TypeSettlement FrequencyFixed Base Rate
Swap A
3/7/20193/11/20193/11/2029$850,000 Receive one-month SOFR, pay fixedMonthly2.595%
Swap B
3/6/20196/15/20202/28/2029350,000 Receive one-month SOFR, pay fixedMonthly2.691%
Total$1,200,000 
(1)Each swap may be terminated prior to the scheduled maturity at the election of the Company or the financial institution counterparty under the terms provided in each swap agreement.
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The combined fair values of the Company’s interest rate swaps are reflected within the condensed consolidated balance sheets as follows (in thousands):
June 30, 2025December 31, 2024
Assets:
Current portion:
Prepaid and other current assets$14,170 $17,659 
Noncurrent portion:
Other noncurrent assets16,825 46,200 
Total interest rate swap asset$30,995 $63,859 
Stockholders’ Equity:
Accumulated other comprehensive income$23,197 $48,291 
The combined effect of the Company’s interest rate swaps on the condensed consolidated statements of operations and comprehensive income (loss) was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Interest (income) expense$(5,166)$(8,195)$(10,296)$(16,438)
Unrealized gain (loss) on cash flow hedges, gross$(13,238)$(953)$(32,864)$72,070 
Less: Tax effect3,130 260 7,770 (17,553)
Unrealized gain (loss) on cash flow hedges, net of tax$(10,108)$(693)$(25,094)$54,517 
v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The fair value hierarchy levels, carrying amounts and related fair value of the Company’s financial assets and liabilities as of June 30, 2025 were as follows (in thousands):
June 30, 2025December 31, 2024
Fair Value Hierarchy
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Assets:
Cash and cash equivalents:
Money market investmentsLevel 1$68,137 $68,137 $67,998 $67,998 
Other noncurrent assets (including current portion):
Interest rate swap assetLevel 2$30,995 $30,995 $63,859 $63,859 
New MBI Net Option
Level 3$64,180 $64,180 $84,120 $84,120 
Liabilities:
Long-term debt (including current portion):
Term loansLevel 2$1,715,808 $1,661,099 $1,729,221 $1,698,873 
Revolving Credit FacilityLevel 2$228,000 $223,440 $313,000 $309,870 
Senior NotesLevel 2$633,107 $497,939 $650,000 $542,750 
Convertible NotesLevel 2$920,000 $810,808 $920,000 $821,342 
Schedule of Assumptions Used to Determine the Fair Value of the MBI Net Option
The assumptions used to determine the fair value of the New MBI Net Option consisted of the following:
June 30, 2025December 31, 2024
MBI's equity volatility
40.0 %51.0 %
MBI's adjusted EBITDA volatility(1)
N/A20.0 %
MBI's adjusted EBITDA risk-adjusted discount rate(1)
N/A8.0 %
(1)The purchase price payable by the Company upon the exercise of the Call Option or Put Option, as applicable, is calculated under a formula based on a multiple of MBI’s adjusted earnings before interest, taxes, depreciation and amortization ("MBI's adjusted EBITDA") for the twelve-month period ended June 30, 2025, and MBI’s total net indebtedness. As this twelve-month measurement period ended on June 30, 2025, assumptions regarding MBI's adjusted EBITDA volatility and MBI's risk-adjusted discount rate assumptions are no longer applicable when calculating the fair value of the New MBI Net Option.
v3.25.2
EQUITY-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Payment Arrangement, Expensed and Capitalized, Amount The Company’s equity-based compensation expense, included within selling, general and administrative expenses in the condensed consolidated statements of operations and comprehensive income (loss), was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Restricted Stock$9,921 $6,866 $21,106 $14,169 
SARs127 245 253 407 
Total$10,048 $7,111 $21,359 $14,576 
Schedule of Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity A summary of Restricted Stock activity during the six months ended June 30, 2025 is as follows:
Restricted Stock
Weighted Average Grant Date
Fair Value Per Share
Outstanding as of December 31, 2024158,665$660.77 
Granted129,458$383.66 
Forfeited(9,730)$558.69 
Vested and issued(20,850)$880.24 
Outstanding as of June 30, 2025257,543$507.57 
Vested and deferred as of June 30, 202510,845$688.55 
Schedule of Share-Based Payment Award, Restricted Stock Valuation Assumptions
The significant inputs and resulting weighted average grant date fair value for market-based award grants were as follows:
20252024
Risk-free interest rate4.2 %4.0 %
Expected volatility40.6 %35.4 %
Simulation term2.99 years2.99 years
Weighted average grant date fair value$417.46$603.73
Schedule of Share-Based Payment Arrangement, Stock Appreciation Right, Activity A summary of SARs activity during the six months ended June 30, 2025 is as follows:
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, 202428,366$1,028.73 $253.47 $— 3.94
Expired(11,375)$748.71 $173.65 
Outstanding as of June 30, 202516,991$1,216.20 $306.91 $— 4.00
Exercisable as of June 30, 202515,991$1,175.08$294.23$— 3.87
v3.25.2
OTHER INCOME AND EXPENSE (Tables)
 6 Months Ended
Jun. 30, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Nonoperating Income (Expense)
Other income (expense), net, consisted of the following (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Old MBI Net Option fair value adjustment
$— $(8,410)$— $(15,610)
New MBI Net Option fair value adjustment
(15,270)— (19,940)— 
C-band spectrum relocation funding(1)
— 7,669 — 7,669 
Gain on sale of equity investment
— — 3,199 — 
Gain on extinguishments of debt
3,856 — 3,856 — 
Other
42 100 101 185 
Other income (expense), net$(11,372)$(641)$(12,784)$(7,756)
(1)Represents a gain related to C-band spectrum relocation funding received from the federal government.
v3.25.2
NET INCOME (LOSS) PER COMMON SHARE (Tables)
 6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The computation of basic and diluted net income (loss) per common share was as follows (dollars in thousands, except per share amounts):
Three Months Ended June 30,Six Months Ended June 30,
2025(1)
2024
2025(1)
2024
Numerator:
Net income (loss) - basic
$(437,976)$38,152 $(435,369)$75,502 
Add: Convertible Notes interest expense, net of tax
— 

1,551 — 

3,103 
Net income (loss) - diluted
$(437,976)$39,703 $(435,369)$78,605 
Denominator:
Weighted average common shares outstanding - basic5,636,683

5,620,5925,635,255

5,619,669
Effect of dilutive equity-based compensation awards(2)
— 

4,542— 

4,006
Effect of dilution from if-converted Convertible Notes(3)
— 

404,248— 

404,248
Weighted average common shares outstanding - diluted5,636,6836,029,3825,635,2556,027,923
Net Income (Loss) per Common Share:
Basic$(77.70)$6.79 $(77.26)$13.44 
Diluted$(77.70)$6.58 $(77.26)$13.04 
Supplemental Net Income (Loss) per Common Share Disclosure:
Anti-dilutive shares from equity-based compensation awards(2)
126,36182,363126,36182,363
(1)Because the Company incurred net losses for the three and six months ended June 30, 2025, diluted net loss per share is equal to basic net loss per share for each period. Therefore, no adjustments are shown to the respective numerators or denominators within the table.
(2)Equity-based compensation awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income (loss) per common share calculation.
(3)Based on a conversion rate of 0.4394 shares of common stock per weighted $1,000 principal amount of Convertible Notes outstanding for all periods presented.
v3.25.2
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)
customer in Thousands
 6 Months Ended
Jun. 30, 2025
customer
segment
state
Segment Reporting Information [Line Items]  
Number of states in which entity operates | state 24
Number of customers 1,100
Number of operating segments | segment 1
Number of reportable segments | segment 1
Data  
Segment Reporting Information [Line Items]  
Number of customers 1,031
Video  
Segment Reporting Information [Line Items]  
Number of customers 102
Voice  
Segment Reporting Information [Line Items]  
Number of customers 99
v3.25.2
REVENUES - Revenues by Product Line (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenues $ 381,072 $ 394,461 $ 761,673 $ 798,774
Deferred commission amortization 1,730 1,538 3,434 3,033
Data        
Disaggregation of Revenue [Line Items]        
Revenues 229,336 230,404 454,457 466,223
Video        
Disaggregation of Revenue [Line Items]        
Revenues 48,158 57,178 98,962 117,536
Voice        
Disaggregation of Revenue [Line Items]        
Revenues 6,733 8,203 13,777 16,763
Data        
Disaggregation of Revenue [Line Items]        
Revenues 57,385 56,687 114,678 113,328
Other        
Disaggregation of Revenue [Line Items]        
Revenues 16,515 18,663 33,399 37,849
Other        
Disaggregation of Revenue [Line Items]        
Revenues 22,945 23,326 46,400 47,075
Franchise and other regulatory fees        
Disaggregation of Revenue [Line Items]        
Revenues $ 5,374 $ 6,150 $ 10,942 $ 12,541
v3.25.2
REVENUES - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]        
Contract with customer, liability, current $ 26,440   $ 27,889 $ 27,200
Contract with customer, liability, revenue recognized $ 24,700 $ 23,600    
v3.25.2
SEGMENT REPORTING - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1
v3.25.2
SEGMENT REPORTING - Schedule of Significant Expense Categories and Amounts (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]        
Revenues $ 381,072 $ 394,461 $ 761,673 $ 798,774
Less: Significant expenses:        
Direct product costs (46,473) (51,349) (94,910) (104,270)
Labor costs (61,382) (63,580) (122,487) (127,141)
Other items (711,193) (241,380) (979,645) (491,861)
Net income (loss) (437,976) 38,152 (435,369) 75,502
Interest expense 37,800 39,900 76,300 81,000
Interest and investment income $ 3,900 $ 5,000 $ 7,900 $ 10,200
v3.25.2
OPERATING ASSETS AND LIABILITIES - Summary of Accounts Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Trade receivables $ 46,432 $ 43,352
Other receivables 13,982 17,310
Less: Allowance for credit losses (2,888) (2,920)
Total accounts receivable, net 57,526 57,742
Clearwave Fiber    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Other receivables 1,900 1,800
Federal government    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Other receivables $ 4,200 $ 4,700
v3.25.2
OPERATING ASSETS AND LIABILITIES - Allowance for Doubtful Accounts (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Accounts Receivable, Allowance for Credit Loss [Roll Forward]        
Beginning balance $ 2,717 $ 4,442 $ 2,920 $ 4,109
Additions - charged to costs and expenses 1,700 1,402 2,915 4,054
Deductions - write-offs (2,651) (4,240) (5,328) (8,003)
Recoveries collected 1,122 1,120 2,381 2,564
Ending balance $ 2,888 $ 2,724 $ 2,888 $ 2,724
v3.25.2
OPERATING ASSETS AND LIABILITIES - Prepaid and Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Offsetting Assets [Line Items]    
Prepaid repairs and maintenance $ 14,934 $ 4,801
Software implementation costs 3,606 2,893
Prepaid insurance 150 3,418
Prepaid rent 3,123 2,006
Prepaid software 10,393 8,524
Deferred commissions 6,339 6,072
Prepaid income tax payments 21,061 20,535
All other current assets 3,200 1,954
Total prepaid and other current assets 76,976 67,862
Interest Rate Swap    
Offsetting Assets [Line Items]    
Interest rate swap asset $ 14,170 $ 17,659
v3.25.2
OPERATING ASSETS AND LIABILITIES - Other Noncurrent Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Transfer of Financial Assets Accounted for as Sales [Line Items]    
Operating lease right-of-use assets $ 7,348 $ 8,052
Deferred commissions 12,914 11,685
Software implementation costs 12,721 11,089
Debt issuance costs 3,050 3,754
Debt investment 2,432 2,362
All other noncurrent assets 10,525 11,167
Total other noncurrent assets 129,995 178,429
Interest Rate Swap    
Transfer of Financial Assets Accounted for as Sales [Line Items]    
Other noncurrent assets 16,825 46,200
MBI Net Option    
Transfer of Financial Assets Accounted for as Sales [Line Items]    
Other noncurrent assets $ 64,180 84,120
MBI Net Option | Net Call And Put Option    
Transfer of Financial Assets Accounted for as Sales [Line Items]    
Derivative asset   114,200
Derivative liability   $ 30,100
v3.25.2
OPERATING ASSETS AND LIABILITIES - Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Accounts payable $ 29,987 $ 31,868
Accrued programming costs 17,070 16,473
Accrued compensation and related benefits 23,373 27,757
Accrued sales and other operating taxes 20,074 18,605
Accrued franchise fees 2,285 2,944
Deposits 5,552 6,010
Operating lease liabilities 2,622 2,805
Accrued insurance costs 4,430 5,195
Cash overdrafts 16,036 19,467
Interest payable 5,723 6,046
Income taxes payable 0 1,682
All other accrued liabilities 29,742 28,419
Total accounts payable and accrued liabilities $ 156,894 $ 167,271
v3.25.2
OPERATING ASSETS AND LIABILITIES - Other Noncurrent Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Receivables [Abstract]    
Operating lease liabilities $ 4,403 $ 4,871
Accrued compensation and related benefits 7,983 8,067
Deferred revenue 11,901 13,820
All other noncurrent liabilities 3,603 3,655
Total other noncurrent liabilities $ 27,890 $ 30,413
v3.25.2
EQUITY INVESTMENTS - Narrative (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Dec. 20, 2024
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Net Investment Income [Line Items]                
Proceeds from sale of equity investment             $ 10,702 $ 0
Gain on sale of equity investment         $ 0 $ 0 3,199 0
Additional purchase of common units             $ 0 $ 20,000
Subsidiary Of MBI                
Net Investment Income [Line Items]                
Proceeds from debt     $ 100,000          
Nextlink                
Net Investment Income [Line Items]                
Additional purchase of common units       $ 20,000        
Equity method investment, ownership percentage (in percent)     22.00% 22.00% 22.00% 22.00% 22.00% 22.00%
MBI                
Net Investment Income [Line Items]                
Equity method investment, ownership percentage (in percent)     45.00% 45.00% 45.00% 45.00% 45.00% 45.00%
Additional purchase of common units $ 250,000              
Discount rate         12.00%   12.00%  
Equity method investment, difference between carrying amount and underlying equity     $ 365,700   $ 360,600   $ 360,600  
CTI Investment                
Net Investment Income [Line Items]                
Proceeds from sale of equity investment   $ 10,700            
Gain on sale of equity investment   $ 3,200            
v3.25.2
EQUITY INVESTMENTS - Carrying Value of Equity Method Investments Without Determinable Fair Values (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Net Investment Income [Line Items]      
Total cost method investments $ 116,253 $ 123,412  
Total equity method investments 614,460 692,400  
Equity investments 730,713 815,812  
MBI Net Option      
Net Investment Income [Line Items]      
Other noncurrent assets $ 64,180 $ 84,120  
MetroNet      
Net Investment Income [Line Items]      
Cost method investment, ownership percentage (in percent) 10.00% 10.00%  
Total cost method investments $ 7,000 $ 7,000  
Point Broadband      
Net Investment Income [Line Items]      
Cost method investment, ownership percentage (in percent) 10.00% 10.00%  
Total cost method investments $ 42,623 $ 42,623  
Visionary      
Net Investment Income [Line Items]      
Cost method investment, ownership percentage (in percent) 10.00% 10.00%  
Total cost method investments $ 8,822 $ 8,822  
Ziply      
Net Investment Income [Line Items]      
Cost method investment, ownership percentage (in percent) 10.00% 10.00%  
Total cost method investments $ 50,000 $ 50,000  
Others      
Net Investment Income [Line Items]      
Cost method investment, ownership percentage (in percent) 10.00% 10.00%  
Total cost method investments $ 7,808 $ 14,967  
Clearwave Fiber      
Net Investment Income [Line Items]      
Equity method investment, ownership percentage (in percent) 57.00% 57.00%  
Total equity method investments $ 103,410 $ 180,882  
MBI      
Net Investment Income [Line Items]      
Equity method investment, ownership percentage (in percent) 45.00% 45.00% 45.00%
Total equity method investments $ 402,490 $ 405,810  
Nextlink      
Net Investment Income [Line Items]      
Equity method investment, ownership percentage (in percent) 22.00% 22.00% 22.00%
Total equity method investments $ 108,560 $ 105,708  
v3.25.2
EQUITY INVESTMENTS - Equity Method Investment Income (Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Gain (Loss) on Securities [Line Items]          
Equity method investment income (loss), net $ (20,951) $ (22,311) $ (77,941) $ (44,347)  
Gain on sale of equity investment 0 0 3,199 0  
MBI          
Gain (Loss) on Securities [Line Items]          
Finite-lived intangible assets, basis difference between fair value and carrying value 186,600   186,600    
Equity Method Investments          
Gain (Loss) on Securities [Line Items]          
Mark-to-market adjustments (64) 50 (5) 95  
MBI Net Option          
Gain (Loss) on Securities [Line Items]          
MBI Net Option fair value adjustment 0 (8,410) 0 (15,610)  
MBI Net Option, New MBI          
Gain (Loss) on Securities [Line Items]          
MBI Net Option fair value adjustment (15,270) 0 (19,940) 0  
Clearwave Fiber          
Gain (Loss) on Securities [Line Items]          
Equity method investment income (loss), net (22,621) (21,059) (77,472) (42,780)  
Non-cash impairment charge     28,000    
MBI          
Gain (Loss) on Securities [Line Items]          
Equity method investment income (loss), net 224 $ (1,252) (3,320) $ (1,567)  
Finite-lived intangible assets, basis difference between fair value and carrying value $ 84,000   $ 84,000    
Equity method investment, ownership percentage (in percent) 45.00% 45.00% 45.00% 45.00% 45.00%
Income from equity method investments before amortization $ 1,900 $ 800 $ 400 $ 3,000  
Amortization of basis difference 1,700 2,100 3,700 4,600  
MBI | MBI Net Option          
Gain (Loss) on Securities [Line Items]          
MBI Net Option fair value adjustment 0 (8,410) 0 (15,610)  
MBI | MBI Net Option, New MBI          
Gain (Loss) on Securities [Line Items]          
MBI Net Option fair value adjustment (15,270) 0 (19,940) 0  
Nextlink          
Gain (Loss) on Securities [Line Items]          
Equity method investment income (loss), net $ 1,446 $ 0 $ 2,851 $ 0  
Equity method investment, ownership percentage (in percent) 22.00% 22.00% 22.00% 22.00% 22.00%
v3.25.2
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Right-of-use assets $ 10,041 $ 10,773
Property, plant and equipment, gross 3,748,663 3,719,943
Less: Accumulated depreciation and amortization (1,968,494) (1,929,988)
Property, plant and equipment, net 1,780,169 1,789,955
Cable distribution systems    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 2,691,228 2,618,096
Customer premise equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 381,000 366,636
Other equipment and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 304,846 367,168
Buildings and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 147,000 141,286
Capitalized software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 65,404 61,533
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 132,757 138,064
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 16,387 $ 16,387
v3.25.2
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Long-Lived Assets Held-for-sale [Line Items]        
Depreciation and amortization     $ 171,583 $ 170,955
Property, Plant and Equipment        
Long-Lived Assets Held-for-sale [Line Items]        
Depreciation and amortization $ 70,600 $ 68,800 $ 140,500 $ 137,900
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Change in Goodwill (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Goodwill [Roll Forward]    
Beginning balance   $ 929,609
Impairment charge $ (88,800) (88,783)
Ending balance $ 840,826 $ 840,826
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]        
Asset impairments $ 497,200   $ 497,200  
Amortization of intangible assets 15,600 $ 16,500 31,100 $ 33,100
Goodwill impairment $ 88,800   $ 88,783  
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Gross Carrying Amount $ 798,386 $ 798,385
Accumulated Amortization 398,883 367,763
Total 399,503 430,622
Intangible assets, net 2,004,503 2,532,855
Franchise agreements    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Indefinite-Lived Intangible Assets 1,605,000 2,102,233
Customer relationships    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Gross Carrying Amount 785,203 785,203
Accumulated Amortization 389,331 359,432
Total $ 395,872 425,771
Customer relationships | Minimum    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Useful Life Range (in years) 13 years 6 months  
Customer relationships | Maximum    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Useful Life Range (in years) 17 years  
Trademarks and trade names    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Gross Carrying Amount $ 8,389 8,389
Accumulated Amortization 8,381 7,400
Total $ 8 989
Trademarks and trade names | Minimum    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Useful Life Range (in years) 2 years  
Trademarks and trade names | Maximum    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Useful Life Range (in years) 4 years 2 months 12 days  
Wireless licenses    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Gross Carrying Amount $ 4,794 4,793
Accumulated Amortization 1,171 931
Total $ 3,623 $ 3,862
Wireless licenses | Minimum    
Intangible Asset, Acquired, Indefinite-Lived [Line Items]    
Useful Life Range (in years) 10 years  
v3.25.2
GOODWILL AND INTANGIBLE ASSETS - Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 (remaining six months) $ 30,139  
2026 55,733  
2027 51,841  
2028 48,242  
2029 47,038  
Thereafter 166,510  
Total $ 399,503 $ 430,622
v3.25.2
DEBT - Schedule of Long-term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Finance lease liabilities $ 3,108 $ 4,443
Total debt 3,500,023 3,616,664
Less: Unamortized debt discount (5,598) (7,725)
Less: Unamortized debt issuance costs (19,993) (22,445)
Less: Current portion of long-term debt (593,573) (18,712)
Total long-term debt 2,883,909 3,571,536
Senior Credit Facilities    
Debt Instrument [Line Items]    
Gross carrying amount 1,943,808 2,042,221
Senior Credit Facilities And Convertible Notes    
Debt Instrument [Line Items]    
Less: Unamortized debt issuance costs (16,943) (18,691)
Senior Notes    
Debt Instrument [Line Items]    
Gross carrying amount 633,107 650,000
Convertible Debt    
Debt Instrument [Line Items]    
Gross carrying amount $ 920,000 $ 920,000
v3.25.2
DEBT - Senior Credit Facilities (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Feb. 22, 2023
Term loans    
Debt Instrument [Line Items]    
Debt instrument, face amount $ 1,825,000,000  
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 1,250,000,000
Fixed Margin 6.20%  
Extinguishment of debt $ 85,000,000.0  
Debt outstanding 228,000,000.0  
Line of credit facility, remaining borrowing capacity $ 1,020,000,000.00  
Line of Credit | Revolving Credit Facility | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.10%  
Line of Credit | Revolving Credit Facility | Minimum | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 1.25%  
Line of Credit | Revolving Credit Facility | Minimum | Base Rate    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.25%  
Line of Credit | Revolving Credit Facility | Maximum | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 1.75%  
Line of Credit | Revolving Credit Facility | Maximum | Base Rate    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.75%  
Term Loan B-2 | Term loans    
Debt Instrument [Line Items]    
Debt instrument, face amount $ 250,000,000 250,000,000
Debt instrument, basis spread on variable rate (in percent) 2.25%  
Term Loan B-2 | Term loans | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.10%  
Term Loan B-3 | Term loans    
Debt Instrument [Line Items]    
Debt instrument, face amount   775,000,000
Debt instrument, basis spread on variable rate (in percent) 2.25%  
Term Loan B-3 | Term loans | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.10%  
Term Loan B-4 | Term loans    
Debt Instrument [Line Items]    
Debt instrument, face amount $ 800,000,000 $ 800,000,000
Debt instrument, basis spread on variable rate (in percent) 2.00%  
Fixed Margin 2.00%  
Debt prepayment cost $ 4,400,000  
Term Loan B-4 | Term loans | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.114%  
Term Loan B-4 | Term loans | Base Rate    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 1.00%  
Term Loan B-4 | Term loans | Minimum | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.114%  
Term Loan B-4 | Term loans | Maximum | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.428%  
Term Loan B-2 and the Term Loan B-3 | Term loans    
Debt Instrument [Line Items]    
Debt instrument, face amount $ 150,000,000  
Fixed Margin 2.25%  
Term Loan B-2 and the Term Loan B-3 | Term loans | SOFR    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 0.10%  
Term Loan B-2 and the Term Loan B-3 | Term loans | Base Rate    
Debt Instrument [Line Items]    
Debt instrument, basis spread on variable rate (in percent) 1.25%  
v3.25.2
DEBT - Summary of Term Loans (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Feb. 22, 2023
Debt Instrument [Line Items]    
Final Scheduled Principal Payment $ 3,496,915,000  
Term loans    
Debt Instrument [Line Items]    
Original Principal 1,825,000,000  
Outstanding Principal 1,715,808,000  
Final Scheduled Principal Payment 1,650,963,000  
Term loans | Term Loan B-2    
Debt Instrument [Line Items]    
Original Principal $ 250,000,000 $ 250,000,000
Amortization per annum 1.00%  
Outstanding Principal $ 234,375,000  
Final Scheduled Principal Payment $ 223,750,000  
Benchmark Rate 2.25%  
Interest Rate 6.68%  
Term loans | Term Loan B-2 | SOFR    
Debt Instrument [Line Items]    
Benchmark Rate 0.10%  
Term loans | Term Loan B-3    
Debt Instrument [Line Items]    
Original Principal   775,000,000
Amortization per annum 1.00%  
Outstanding Principal $ 737,607,000  
Final Scheduled Principal Payment $ 704,695,000  
Benchmark Rate 2.25%  
Interest Rate 6.68%  
Term loans | Term Loan B-3 | SOFR    
Debt Instrument [Line Items]    
Benchmark Rate 0.10%  
Term loans | Term Loan B-3, 1    
Debt Instrument [Line Items]    
Original Principal $ 325,000,000  
Term loans | Term Loan B-3, 2    
Debt Instrument [Line Items]    
Original Principal 300,000,000  
Term loans | Term Loan B-3, 3    
Debt Instrument [Line Items]    
Original Principal 150,000,000  
Term loans | Term Loan B-4    
Debt Instrument [Line Items]    
Original Principal $ 800,000,000 $ 800,000,000
Amortization per annum 1.00%  
Outstanding Principal $ 743,826,000  
Final Scheduled Principal Payment $ 722,518,000  
Benchmark Rate 2.00%  
Interest Rate 6.44%  
Term loans | Term Loan B-4 | SOFR    
Debt Instrument [Line Items]    
Benchmark Rate 0.114%  
Term loans | Term Loan B-4 | Base Rate    
Debt Instrument [Line Items]    
Benchmark Rate 1.00%  
Term loans | Term Loan B-2 and the Term Loan B-3    
Debt Instrument [Line Items]    
Original Principal $ 150,000,000  
Term loans | Term Loan B-2 and the Term Loan B-3 | SOFR    
Debt Instrument [Line Items]    
Benchmark Rate 0.10%  
Term loans | Term Loan B-2 and the Term Loan B-3 | Base Rate    
Debt Instrument [Line Items]    
Benchmark Rate 1.25%  
v3.25.2
DEBT - Senior Notes (Details) - USD ($)
 1 Months Ended 3 Months Ended 6 Months Ended
Nov. 30, 2020
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]          
Gain on extinguishments of debt   $ 3,856,000 $ 0 $ 3,856,000 $ 0
Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, face amount $ 650,000,000.0        
Stated percentage (in percent) 4.00%        
Debt prepayment cost   13,000,000      
Debt instrument, repurchase amount   16,900,000   $ 16,900,000  
Gain on extinguishments of debt   $ 3,900,000      
Senior Notes | Debt Instrument, Redemption, Period One          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage of principal amount redeemed (in percent) 100.00%        
Senior Notes | Debt Instrument, Redemption, Period Two          
Debt Instrument [Line Items]          
Debt instrument, redemption price, percentage of principal amount redeemed (in percent) 101.00%        
v3.25.2
DEBT - Convertible Notes (Details)
 1 Months Ended 6 Months Ended
Mar. 31, 2021
USD ($)
d
$ / shares
Jun. 30, 2025
2026 Notes | Convertible Debt    
Debt Instrument [Line Items]    
Debt instrument, face amount | $ $ 575,000,000  
Stated percentage (in percent) 0.00%  
2028 Notes | Convertible Debt    
Debt Instrument [Line Items]    
Debt instrument, face amount | $ $ 345,000,000  
Stated percentage (in percent) 1.125%  
The 2026 Notes and the 2028 Notes    
Debt Instrument [Line Items]    
Debt instrument, convertible, conversion ratio   0.4394
The 2026 Notes and the 2028 Notes | Convertible Debt    
Debt Instrument [Line Items]    
Debt instrument, convertible, conversion ratio 0.4394  
Debt instrument, convertible, conversion price (in dollars per share) | $ / shares $ 2,275.83  
Debt instrument, redemption price, percentage (in percent) 100.00%  
Debt instrument, convertible, threshold percentage of stock price trigger (in percent) 130.00%  
Debt instrument, convertible, threshold trading days | d 20  
Debt instrument, convertible, threshold consecutive trading days | d 30  
The 2026 Notes and the 2028 Notes | Convertible Debt | Company Undergoes a Fundamental Change    
Debt Instrument [Line Items]    
Debt instrument, redemption price, percentage (in percent) 100.00%  
v3.25.2
DEBT - Schedule of Convertible Notes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Debt Instrument, Redemption [Line Items]          
Less: Unamortized discount $ (5,598)   $ (5,598)   $ (7,725)
Less: Unamortized debt issuance costs (19,993)   (19,993)   (22,445)
Total 3,496,915   3,496,915    
Amortization of debt issuance costs 1,200 $ 1,100 2,500 $ 2,200  
Convertible Debt          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount 920,000   920,000   920,000
Convertible Debt | The 2026 Notes and the 2028 Notes          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount 920,000   920,000   920,000
Less: Unamortized discount (5,598)   (5,598)   (7,725)
Less: Unamortized debt issuance costs (156)   (156)   (214)
Total 914,246   914,246   912,061
Contractual interest expense 970 970 1,941 1,941  
Amortization of discount 1,069 1,069 2,127 2,138  
Amortization of debt issuance costs 29 29 58 58  
Total interest expense 2,068 2,068 4,126 4,137  
Convertible Debt | 2026 Notes          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount 575,000   575,000   575,000
Less: Unamortized discount (2,113)   (2,113)   (3,601)
Less: Unamortized debt issuance costs (58)   (58)   (98)
Total 572,829   572,829   571,301
Contractual interest expense 0 0 0 0  
Amortization of discount 748 748 1,488 1,496  
Amortization of debt issuance costs 20 20 40 40  
Total interest expense $ 768 $ 768 $ 1,528 $ 1,536  
Debt instrument, effective interest rate (in percent) 0.50% 0.50% 0.50% 0.50%  
Convertible Debt | 2028 Notes          
Debt Instrument, Redemption [Line Items]          
Gross carrying amount $ 345,000   $ 345,000   345,000
Less: Unamortized discount (3,485)   (3,485)   (4,124)
Less: Unamortized debt issuance costs (98)   (98)   (116)
Total 341,417   341,417   $ 340,760
Contractual interest expense 970 $ 970 1,941 $ 1,941  
Amortization of discount 321 321 639 642  
Amortization of debt issuance costs 9 9 18 18  
Total interest expense $ 1,300 $ 1,300 $ 2,598 $ 2,601  
Debt instrument, effective interest rate (in percent) 1.50% 1.50% 1.50% 1.50%  
v3.25.2
DEBT - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Debt Instrument [Line Items]        
Debt guarantee $ 250,000,000   $ 250,000,000  
Amortization of debt issuance costs 1,200,000 $ 1,100,000 2,500,000 $ 2,200,000
MUFG Bank        
Debt Instrument [Line Items]        
Letter of credit, maximum borrowing capacity 75,000,000   75,000,000  
MUFG Bank | Letter of Credit        
Debt Instrument [Line Items]        
Debt outstanding $ 9,100,000   $ 9,100,000  
Line of credit facility, interest rate at period end (in percent) 1.00%   1.00%  
v3.25.2
DEBT - Unamortized Debt Issuance Costs (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Debt Instrument, Redemption [Line Items]    
Debt issuance costs $ 19,993 $ 22,445
Other noncurrent assets    
Debt Instrument, Redemption [Line Items]    
Debt issuance costs 3,050 3,754
Long-term debt (contra account)    
Debt Instrument, Redemption [Line Items]    
Debt issuance costs $ 16,943 $ 18,691
v3.25.2
DEBT - Future Maturities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Disclosure [Abstract]  
2025 (remaining six months) $ 8,996
2026 592,992
2027 17,992
2028 1,307,700
2029 936,128
Thereafter 633,107
Total $ 3,496,915
v3.25.2
INTEREST RATE SWAPS - Interest Rate Swap Agreements (Details) - Cash Flow Hedging
Jun. 30, 2025
USD ($)
derivative_instrument
Interest Rate Swap  
Credit Derivatives [Line Items]  
Number of derivative agreements | derivative_instrument 2
Notional Amount $ 1,200,000,000
Swap A  
Credit Derivatives [Line Items]  
Notional Amount $ 850,000,000
Derivative, fixed interest rate (in percent) 2.595%
Swap B  
Credit Derivatives [Line Items]  
Notional Amount $ 350,000,000
Derivative, fixed interest rate (in percent) 2.691%
v3.25.2
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 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Stockholders' Equity:          
Accumulated other comprehensive income $ 23,006   $ 23,006   $ 48,100
Interest (income) expense (5,166) $ (8,195) (10,296) $ (16,438)  
Unrealized gain (loss) on cash flow hedges, gross (13,238) (953) (32,864) 72,070  
Less: Tax effect 3,130 260 7,770 (17,553)  
Unrealized gain (loss) on cash flow hedges, net of tax (10,108) $ (693) (25,094) $ 54,517  
Interest Rate Swap          
Current portion:          
Prepaid and other current assets 14,170   14,170   17,659
Noncurrent portion:          
Other noncurrent assets 16,825   16,825   46,200
Total interest rate swap asset 30,995   30,995   63,859
Stockholders' Equity:          
Accumulated other comprehensive income $ 23,197   $ 23,197   $ 48,291
v3.25.2
FAIR VALUE MEASUREMENTS - Carrying Amounts and Fair Values (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Interest rate swap asset    
Other noncurrent assets (including current portion):    
Interest rate swap asset $ 30,995 $ 63,859
Level 1 | Carrying Amount | Money market investments    
Cash and cash equivalents:    
Money market investments 68,137 67,998
Level 1 | Fair Value | Money market investments    
Cash and cash equivalents:    
Money market investments 68,137 67,998
Level 2 | Carrying Amount | Term loans    
Long-term debt (including current portion):    
Long-term debt, fair value 1,715,808 1,729,221
Level 2 | Carrying Amount | Line of Credit | Revolving Credit Facility    
Long-term debt (including current portion):    
Long-term debt, fair value 228,000 313,000
Level 2 | Carrying Amount | Senior Notes    
Long-term debt (including current portion):    
Long-term debt, fair value 633,107 650,000
Level 2 | Carrying Amount | Convertible Notes    
Long-term debt (including current portion):    
Long-term debt, fair value 920,000 920,000
Level 2 | Carrying Amount | Interest rate swap asset    
Other noncurrent assets (including current portion):    
Interest rate swap asset 30,995 63,859
Level 2 | Fair Value | Term loans    
Long-term debt (including current portion):    
Long-term debt, fair value 1,661,099 1,698,873
Level 2 | Fair Value | Line of Credit | Revolving Credit Facility    
Long-term debt (including current portion):    
Long-term debt, fair value 223,440 309,870
Level 2 | Fair Value | Senior Notes    
Long-term debt (including current portion):    
Long-term debt, fair value 497,939 542,750
Level 2 | Fair Value | Convertible Notes    
Long-term debt (including current portion):    
Long-term debt, fair value 810,808 821,342
Level 2 | Fair Value | Interest rate swap asset    
Other noncurrent assets (including current portion):    
Interest rate swap asset 30,995 63,859
Level 3 | Carrying Amount | MBI Net Option, New MBI    
Other noncurrent assets (including current portion):    
Interest rate swap asset 64,180 84,120
Level 3 | Fair Value | MBI Net Option, New MBI    
Other noncurrent assets (including current portion):    
Interest rate swap asset $ 64,180 $ 84,120
v3.25.2
FAIR VALUE MEASUREMENTS - Assumptions Used to Determine the Fair Value of the Net Options (Details) - MBI Net Option
Jun. 30, 2025
Dec. 31, 2024
MBI's equity volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input 0.400 0.510
MBI's adjusted EBITDA volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.200
MBI's adjusted EBITDA risk-adjusted discount rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative liability, measurement input   0.080
v3.25.2
STOCKHOLDERS’ EQUITY (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 120 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
May 20, 2022
Equity [Abstract]              
Treasury stock, total (in shares) 546,635   546,635   546,635 556,034  
Stock repurchase program, authorized amount             $ 450,000
Remaining amount authorized $ 143,100   $ 143,100   $ 143,100    
Treasury stock, shares, acquired (in shares)     0 0 646,244    
Treasury stock, value, acquired, cost method         $ 556,900    
Payment of withholding tax for equity awards $ 100 $ 100 $ 2,302 $ 2,732      
Share-based payment arrangement, shares withheld for tax withholding obligation (in shares) 2 76 1,523 2,404      
v3.25.2
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) 235,503   235,503    
Share-based payment arrangement, tax $ (500,000) $ (200,000) $ (2,000,000.0) $ (1,700,000)  
Deferred tax assets, tax deferred expense, compensation and benefits, share-based compensation cost 9,300,000   9,300,000   $ 8,600,000
Restricted Stock          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount 44,000,000.0   $ 44,000,000.0    
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (in years)     1 year 6 months    
SARs          
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]          
Share-based payment arrangement, nonvested award, excluding option, cost not yet recognized, amount $ 0   $ 0    
v3.25.2
EQUITY-BASED COMPENSATION - Compensation Expense (Details) - Selling, General and Administrative Expenses - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based payment arrangement, expense $ 10,048 $ 7,111 $ 21,359 $ 14,576
Restricted Stock        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based payment arrangement, expense 9,921 6,866 21,106 14,169
SARs        
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Share-based payment arrangement, expense $ 127 $ 245 $ 253 $ 407
v3.25.2
EQUITY-BASED COMPENSATION - Restricted Stock (Details) - Restricted Stock
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Restricted Stock  
Beginning balance (in shares) | shares 158,665
Granted (in shares) | shares 129,458
Forfeited (in shares) | shares (9,730)
Vested and issued (in shares) | shares (20,850)
Ending balance (in shares) | shares 257,543
Vested and deferred (in shares) | shares 10,845
Weighted Average Grant Date Fair Value Per Share  
Beginning balance (in dollars per share) | $ / shares $ 660.77
Granted (in dollars per share) | $ / shares 383.66
Forfeited (in dollars per share) | $ / shares 558.69
Vested and issued (in dollars per share) | $ / shares 880.24
Ending balance (in dollars per share) | $ / shares 507.57
Vested and deferred (in dollars per share) | $ / shares $ 688.55
v3.25.2
EQUITY-BASED COMPENSATION - Valuation Assumptions (Details) - Restricted Stock - $ / shares
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Risk-free interest rate (in percent) 4.20% 4.00%
Expected volatility 40.60% 35.40%
Simulation term 2 years 11 months 26 days 2 years 11 months 26 days
Weighted average grant date fair value (in dollars per share) $ 417.46 $ 603.73
v3.25.2
EQUITY-BASED COMPENSATION - Stock Appreciation Rights (Details) - SARs - USD ($)
$ / shares in Units, $ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Stock Appreciation Rights    
Beginning balance (in shares) 28,366  
Expired (in shares) (11,375)  
Ending balance (in shares) 16,991 28,366
Exercisable, stock appreciation rights (in shares) 15,991  
Weighted Average Exercise Price    
Beginning balance (in dollars per share) $ 1,028.73  
Expired (in dollars per share) 748.71  
Ending balance (in dollars per share) 1,216.2 $ 1,028.73
Exercisable (in dollars per share) 1,175.08  
Weighted Average Grant Date Fair Value    
Beginning balance (in dollars per share) 253.47  
Expired (in dollars per share) 173.65  
Ending balance (in dollars per share) 306.91 $ 253.47
Exercisable (in dollars per share) $ 294.23  
Aggregate Intrinsic Value    
Aggregate intrinsic value, outstanding $ 0 $ 0
Aggregate intrinsic value, exercisable $ 0  
Weighted Average Remaining Contractual Term (in years)    
Weighted average remaining contractual term, outstanding (in years) 4 years 3 years 11 months 8 days
Weighted average remaining contractual term, vested and exercisable (in years) 3 years 10 months 13 days  
v3.25.2
INCOME TAXES (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate (in percent) 22.00% 18.90% 24.70% 20.90%
Intangible asset impairment losses $ 129,800      
v3.25.2
OTHER INCOME AND EXPENSE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Offsetting Assets [Line Items]        
C-band spectrum relocation funding $ 0 $ 7,669 $ 0 $ 7,669
Gain on sale of equity investment 0 0 3,199 0
Gain on extinguishments of debt 3,856 0 3,856 0
Other 42 100 101 185
Other income (expense), net (11,372) (641) (12,784) (7,756)
MBI Net Option        
Offsetting Assets [Line Items]        
Old MBI Net Option fair value adjustment 0 (8,410) 0 (15,610)
MBI Net Option, New MBI        
Offsetting Assets [Line Items]        
Old MBI Net Option fair value adjustment $ (15,270) $ 0 $ (19,940) $ 0
v3.25.2
NET INCOME (LOSS) PER COMMON SHARE (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2024
$ / shares
Numerator:          
Net Income (Loss) Attributable to Parent | $ $ (437,976) $ 38,152 $ (435,369) $ 75,502  
Add: Convertible Notes interest expense, net of tax | $ 0 1,551 0 3,103  
Net income (loss) - diluted | $ $ (437,976) $ 39,703 $ (435,369) $ 78,605  
Denominator:          
Weighted average common shares outstanding - basic (in shares) | shares 5,636,683 5,620,592 5,635,255 5,619,669  
Effect of dilutive equity-based compensation awards (in shares) | shares 0 4,542 0 4,006  
Effect of dilution from if-converted Convertible Notes (in shares) | shares 0 404,248 0 404,248  
Weighted average common shares outstanding - diluted (in shares) | shares 5,636,683 6,029,382 5,635,255 6,027,923  
Net Income (Loss) per Common Share:          
Basic (in dollars per share) | $ / shares $ (77.70) $ 6.79 $ (77.26) $ 13.44  
Diluted (in dollars per share) | $ / shares $ (77.70) $ 6.58 $ (77.26) $ 13.04 $ 2.57
Supplemental Net Income (Loss) per Common Share Disclosure:          
Anti-dilutive shares from equity-based compensation awards (in shares) | shares 126,361 82,363 126,361 82,363  
Short-Term Debt [Line Items]          
Diluted (in dollars per share) | $ / shares $ (77.70) $ 6.58 $ (77.26) $ 13.04 2.57
Previously Reported          
Net Income (Loss) per Common Share:          
Diluted (in dollars per share) | $ / shares         3.43
Short-Term Debt [Line Items]          
Diluted (in dollars per share) | $ / shares         $ 3.43
The 2026 Notes and the 2028 Notes          
Short-Term Debt [Line Items]          
Debt instrument, convertible, conversion ratio     0.4394