Cable One Inc

ITEM 1A. RISK FACTORS

Other than the additional risk factors set forth below, there have been no material changes to the risk factors previously disclosed in the 2024 Form 10-K.

Our intangible assets and goodwill have been subject to impairment, which has adversely affected our results of operations and assets. If intangible assets or goodwill are subject to further impairment in the future, our results of operations and total assets could be adversely impacted even further.

Our intangible assets and goodwill represent a substantial amount of our total assets. During the three months ended June 30, 2025, due to a decline in our stock price, we identified an intangible asset and goodwill impairment assessment triggering event. As a result of the ensuing assessments, we recognized asset impairments totaling $586.0 million consisting of $497.2 million and $88.8 million of non-cash impairments associated with our indefinite-lived franchise agreements intangible asset and goodwill, respectively, reducing the franchise agreements' carrying value from $2.1 billion to $1.6 billion and the goodwill carrying value from $929.6 million to $840.8 million. As of June 30, 2025, after the recognition of these asset impairments, the fair values of our franchise agreements and goodwill awere equal to their respective carrying values. No additional impairments were recognized during the three months ended September 30, 2025. Various estimates and assumptions requiring management's judgment were utilized to determine the fair values for these assets, but future events and changes in circumstances could result in changes to these estimates and assumptions. We cannot accurately predict the likelihood or potential amount and timing of any further impairments of intangible assets or goodwill. Should the fair values of our intangible assets or goodwill decline further in future periods, additional impairment charges may be recognized. Such charges could be material, adversely impacting our earnings and total assets.

Our ability to identify, hire and transition to a new CEO is critical to our business, financial condition and results of operations.

On June 3, 2025, we announced that our current CEO will be retiring as the Chair of our Board, President and CEO on the earlier of December 31, 2025 or the date her successor commences employment as our new CEO. Our current CEO is expected to remain as a senior advisor thereafter through January 3, 2027 to facilitate an orderly leadership transition. Our Board is actively working with a global executive search firm to hire our next CEO. The successful hiring of the appropriate person to be our next CEO is critical to the success of the business. Hiring a person with the requisite skill set, experience and expertise in our industry can be difficult and time-consuming. The subsequent onboarding and transition process will take time and could result in changes in business strategies, operations and processes, which could negatively impact our business, financial condition and results of operations.

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