<SEC-DOCUMENT>0001437749-18-003012.txt : 20180326
<SEC-HEADER>0001437749-18-003012.hdr.sgml : 20180326
<ACCEPTANCE-DATETIME>20180221214127
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001437749-18-003012
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20180221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cable One, Inc.
		CENTRAL INDEX KEY:			0001632127
		STANDARD INDUSTRIAL CLASSIFICATION:	CABLE & OTHER PAY TELEVISION SERVICES [4841]
		IRS NUMBER:				133060083
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		210 E. EARLL DRIVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85012
		BUSINESS PHONE:		602-364-6000

	MAIL ADDRESS:	
		STREET 1:		210 E. EARLL DRIVE
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85012
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<html>
<head>
	<title>cabo20180221_corresp.htm</title>
	<!-- Created by RDG HTML Converter v1.1.0.0 2/21/2018 11:24:44 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no"/>
</head>
<body style="font-family: Times\ New\ Roman, Times, serif; font-size: 10pt; margin-left: 10px; margin-right: 10px; cursor: auto;">
<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:55%;">
			<div><img src="cblone.jpg"></div>
			</td>
			<td style="vertical-align:middle;width:45%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:right;">210 East Earll Drive</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:right;">Phoenix, AZ 85012</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;font-variant:small-caps;margin:0pt;text-align:right;">Ph:&nbsp; 602-364-6000</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:right;">February <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">21, 2018</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><u>VIA EDGAR</u></b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Mr. <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Larry Spirgel</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">U.S. Secu<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">rities and Exchange Commission</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Division of Corporation Finance</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">100 F Street N.E<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Washington, D.C. 20549-3628</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Re:<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp; &nbsp; &nbsp;&nbsp; <u>Cable One, Inc., File No. 001-36863</u></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">Dear Mr. <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Spirgel, </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">We refer to your letter dated <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">January 10, 2018 (the &ldquo;<u>Comment Letter</u>&rdquo;) from the staff of the Division of Corporation Finance (the &ldquo;<u>Staff</u>&rdquo;) of the U.S. Securities and Exchange Commission (the &ldquo;<u>C</u><u>ommission</u>&rdquo;) to Cable One, Inc. (&ldquo;<u>our</u>,&rdquo; &ldquo;<u>we</u>&rdquo; or the &ldquo;<u>Company</u>&rdquo;) setting forth the Staff&rsquo;s comments on the Company&rsquo;s Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2016, filed March 1, 2017 (the &ldquo;<u>Form </u><u>10-K</u>&rdquo;), File No. 001-36863. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">We respectfully submit the fol<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">lowing response to the comment contained in the Comment Letter. The Staff&rsquo;s comment is set forth in bold, followed by the Company&rsquo;s response to the comment. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;"><b><u>Form 10-K</u></b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b><u> </u></b><b><u>for the fiscal year ended December 31, 201</u></b><b><u>6</u></b></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;"><b><u>Critical Accounting Policies and Estimates</u></b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b><u> &ndash; Page 46</u></b></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;"><b>&nbsp;</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;"><b><u>Property, Plant and Equipment, </u></b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b><u>P</u></b><b><u>ages 48 - 49</u></b></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 18pt;">
			<p style="margin: 0pt; text-align: left; font-size: 10pt; font-family: Times\ New\ Roman, Times, serif;"><b>1. </b></p>
			</td>
			<td>
			<p style="margin: 0pt; text-align: left; font-size: 10pt; font-family: Times\ New\ Roman, Times, serif;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>Refer to your correspondence letters dated June 14, 2017, September 19, 2017, and November 29, 2017. We do not believe the company&rsquo;s conclusion is consistent with the definition of a change in accounting estimate in ASC 250. Please provide us with your revised analysis.</b></font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;"><i>&nbsp;</i></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;"><i>Response: </i><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> In response to the comment above and in accordance with our discussions with the Staff, we have revised the analysis of our accounting changes related to labor capitalization. Based on our revised analysis of the changes under the guidance of ASC 250, we determined that: (i) certain of the changes, where we identified additional time from our improved systems and processes, continue to be changes in estimates; (ii) other changes, where we changed our policy from one acceptable accounting method to another acceptable method, represent changes in accounting principle; and (iii) the remaining changes, where additional positions or activities were identified, are corrections of errors. Each of these categories is discussed below.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;"><i>Changes in </i><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><i>E</i><i>stimates</i></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">The Company <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">continues to believe that a portion of the change is a change in estimate. The change in estimate is the result of changes in our payroll system and process which determine the estimates of the percentage of time that positions devote to capital projects. For categories and activities where the Company capitalized amounts in prior years and increased the capitalization in 2017 as a result of information from its improved systems and processes, the increases are classified as a change in estimate.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;"><i>Changes in Accounting Principle</i></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;"><u>Discussion of Principle Changes</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">In its revised analysis, the Company has <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">determined that two categories of activities should be classified as changes in accounting principle. These categories are:</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 63pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Labor costs related to t<font style="font-size:10pt;font-family:Times New Roman, Times, serif;">he provision of service to a new customer relationship in an existing geographic location and upgrades to individual services at an existing geographic location (&ldquo;<u>New Customer Installation Costs</u>&rdquo;).</font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;">

		<tr style="vertical-align: top;">
			<td style="width: 63pt;">&nbsp;</td>
			<td style="width: 18pt;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td>
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">L<font style="font-size:10pt;font-family:Times New Roman, Times, serif;">abor costs for supervisory activities performed by management positions, including field management and corporate engineering and other management positions (&ldquo;<u>Capital Project Management Costs</u>&rdquo;).</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">Under the Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s previous policies which were established by its former parent company prior to the Company&rsquo;s spin-off as a separate public company, installation costs were capitalized only when incurred to connect businesses or residences that had not been previously connected to the cable infrastructure or digital platform (a &ldquo;<u>drop</u>&rdquo;). Also under those policies, costs for supervisory positions were expensed as incurred. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">The Company believes that the changes<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> are voluntary changes from one acceptable accounting method to another acceptable accounting method. Authoritative guidance in ASC 360, Property, Plant and Equipment and in ASC 922, Entertainment &ndash; Cable Television provides general guidelines regarding capitalization of costs, but does not include guidance on the nature of specific activities or costs associated with the construction of assets that are considered capitalizable. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: Times\ New\ Roman; font-size: 10pt;">2</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">Specifically<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, as it relates to installation costs, the Company believes that the change to capitalization of installation labor for new customers is a change in principle because ASC 922 does not explicitly define which activities, other than the cost of the drop, are considered &ldquo;Initial subscriber installation costs.&rdquo; That is, the guidance is not specific in ASC 922 or 360 as to whether the costs incurred inside the home like adding cable outlets, additional lines, etc. should be capitalized. The Company&rsquo;s historical policy was to capitalize all material and labor for the initial drop to a business or residence (i.e., the connection of the business or residence to the cable infrastructure), and to expense all future installation labor of customer premise equipment (CPE) after the original drop to a business or residence. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">The <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Company further believes that labor related to supervision of capital projects is a change in principle because ASC 360 provides limited guidance on the nature of the costs intended to get property, plant and equipment ready for its intended use. As such, the Company&rsquo;s historical policy was to treat supervisory labor as general and administrative in nature and to expense these costs in operating expense. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">We believe the lack of specific guidance in GAAP can result in different companies coming to different conclusions on whether or not to capitalize the labor related to these activities<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, and we are aware of diversity in practice as a result of discussions with peers, a 2007 installation capitalization study performed by the National Cable &amp; Telecommunications Association and disclosures in SEC filings by other cable operators subsequent to acquisition transactions in the cable industry. In those filings, the acquiring company disclosed proforma adjustments or changes to policies of the acquired company to conform to the acquiring company&rsquo;s policies. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">It should also be noted that the <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">AICPA Financial Reporting Executive Committee-proposed Statement of Position on property, plant and equipment from 2001 observed diversity in practice around types of expenditures capitalized, but it was never issued. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">Given the limited guidance, the <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Company believes positions to capitalize or expense (as was the Company&rsquo;s prior policy) the costs for a new customer in an existing home and the costs for supervisory activities are both supportable under GAAP.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: Times\ New\ Roman; font-size: 10pt;">3</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;"><u>Preferability</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">According t<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">o ASC 250-10-45-12, &ldquo;An entity may change an accounting principle only if it justifies the use of an allowable alternative accounting principle on the basis that it is preferable.&rdquo; The Company believes that new method used to account for capitalized labor for New Customer Installation Costs and Capital Project Management Costs is preferable for the following reasons:</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">&nbsp;<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:72pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">The new accounting method is a recognized and prevalent practice in the industry in which the Company operates. The Company has evaluated the following sources of information when concluding that the new accounting policy is a recognized and prevalent practice:</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:108pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9675;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Examination of accounting policy disclosures in publicly available filings<font style="font-size:10pt;font-family:Times New Roman, Times, serif;"> by other cable operators;</font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:108pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9675;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Discussions with industry peers;<font style="font-size:10pt;font-family:Times New Roman, Times, serif;"> and</font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:108pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9675;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Corroboration through recent acquisitions and due diligence<font style="font-size:10pt;font-family:Times New Roman, Times, serif;"> which provided insight into the accounting policies of potential acquisition targets. </font></p>
			</td>
		</tr>

</table>

<p style="font-size: 10pt; margin: 0pt 0pt 0pt 90pt; text-align: left; text-indent: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">Through these sources, the Company has determined that industry peers capitalize costs related to the initial installation including both new geographic locations and new customer installations. In addition, others within the industry capitalize a portion of the labor costs of field management and corporate engineering and other management based on the extent to which they supervised work performed on capital projects. <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Therefore, this change will result in improved usefulness of the Company&rsquo;s financial statements as the Company&rsquo;s disclosure will be more consistent with industry peers.</font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:72pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">The application of the new policies provides a better matching of costs and revenues, as the cost of depreciating the assets is recognized in the periods for which related revenue is expected to be generated.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:72pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">The change also improves internal reporting and enhances management<font style="font-size:10pt;font-family:Times New Roman, Times, serif;">&rsquo;s decision making, as additions put in place will reflect the total cost to acquire and deploy the assets.</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:90pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;"><u>Presentation and Disclosure</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">According t<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">o ASC 250-10-45-5, &ldquo;An entity shall report a change in accounting principle through retrospective application of the new accounting principle to all prior periods, unless it is impracticable to do so.&rdquo;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">Also according to ASC 250-10-45-9<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, &ldquo;It shall be deemed impracticable to apply the effects of a change in accounting principle retrospectively only if any of the following conditions exist: </font></p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:76pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">a.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">After making every reasonable effort to do so, the entity is unable to apply the requirement.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:76pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">b.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Retrospective application requires assumptions about management&#39;s intent in a prior period that cannot be independently substantiated.</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:76pt;">&nbsp;</td>
			<td style="width:18pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">c.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Retrospective application requires significant estimates of amounts, and it is impossible to distinguish objectively information about those estimates that both:</p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:108pt;">&nbsp;</td>
			<td style="width:27pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">1.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Provides evidence of circumstances that existed on the date(s) at which those amounts would be recognized, measured, or disclosed <font style="font-size:10pt;font-family:Times New Roman, Times, serif;">under retrospective application</font></p>
			</td>
		</tr>

</table>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:108pt;">&nbsp;</td>
			<td style="width:27pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">2.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">Would have been available when the financial statements for that prior period were issued.&rdquo;</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: Times\ New\ Roman; font-size: 10pt;">4</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">The Company has evaluated the guidance above and concluded that retrospective application of the proposed change in accounting <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">principle is impracticable for all prior periods for the reasons described below.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">T<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">he Company&rsquo;s previous billing system did not capture the data necessary to calculate New Customer Installation Costs as the previous policy did not require it. As such, the Company would have to make significant estimates as to the amount of installer time that related to repairs and maintenance versus an installation to a new customer in an existing location.&nbsp;Additionally, for the supervisory costs of capital projects, time surveys were not performed for hours spent on these capital projects by field management, corporate engineering and other management personnel because it was not required by the policy. If management were to revise historical numbers, significant estimates would be required as the time-tracking data does not exist. In order to develop the capitalized balances and related annual depreciation amounts, estimates would need to go back eight to twelve years and cover hundreds of employees. In addition, the Company&rsquo;s business has changed over the last five to seven years with an increasing focus on high speed data and business services revenue streams and a lesser focus on video. That has had an impact on the types and mix of activities performed by employees. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">Given t<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">he significance of the assumptions required, along with the limitation of historical records and changes in the Company&#39;s business over the years</font>, the Company believes that it meets the criteria defined in the impracticability exception in accordance with ASC 250-10-45-9 and proposes to apply the<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> new capitalization policies for New Customer Installation Costs and Capital Project Management Costs prospectively beginning in the 2017 fiscal year. The Company will continue to disclose, as it has in each of its filings in 2017, the impact of the change on its reported results. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;"><u>Letter from Independent Accountant Regarding Change in Accounting Principle</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">A draft of the letter from the Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s independent accountant, PricewaterhouseCoopers LLP, for inclusion as an exhibit to the Company&rsquo;s Form 10-K filing for the year ended December 31, 2017 pursuant to Item 601(b)(18) of Regulation S-K is attached hereto as <u>Exhibit A</u>.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:58.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: Times\ New\ Roman; font-size: 10pt;">5</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;"><i>Error Corrections</i></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;"><u>Discussion of </u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>Error Corrections</u></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:31.5pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">In its revised analysis, the Company has classified a portion of the accounting change as <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">an error correction. The glossary in ASC 250-10-20 defines an error in previously issued financial statements as &ldquo;An error in recognition, measurement, presentation, or disclosure in financial statements resulting from mathematical mistakes, mistakes in the application of generally accepted accounting principles (GAAP), or oversight or misuse of facts that existed at the time the financial statements were prepared.&rdquo; There were several categories for which additional capitalizable positions or activities were identified for capitalization in 2017 that were not capitalized in prior periods. The Company considers these positions and activities an oversight of facts that existed in prior periods. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;"><u>Materiality A</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u>nalysis</u></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">In accordance with our conversation with the Staff on <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">February 20, 2018, the Company is concurrently making a supplemental submission of its assessment of the materiality of the misstatements to the financial statements taken as a whole based on the total mix of information available and considering both quantitative and qualitative factors utilizing the guidance in ASC-250-10-S99-1.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i>&nbsp;</i></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;"><u>Method for Correction</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:45pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">The misstatements have been determined <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">not to be material for the previously issued annual and quarterly financial statements, but would be material to correct through an out of period adjustment to the current year financial statements. Therefore, the Company will correct the error through a revision to the previously issued financial statements included in the Form 10-K filing for the year ended December 31, 2017.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:54pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-top:0pt;text-align:left;">If you need additional information, please feel free to call me at (602) 364-6<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">505. </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="text-indent: 0; width: 100%;FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">

		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td colspan="2" valign="top" width="38%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Sincerely, </font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" valign="top" width="38%">&nbsp;</td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">&nbsp;</td>
			<td colspan="2" valign="top" width="38%"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">CABLE ONE, INC.</font></td>
			<td valign="top" width="12%">&nbsp;</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td align="left" nowrap="nowrap" valign="bottom" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td align="left" style="text-align: left;" valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td style="text-align: left" valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">By: </font></p>
			</td>
			<td align="left" nowrap="nowrap" style="BORDER-BOTTOM: #000000 1px solid" valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">/s/&nbsp;</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Kevin P. Coyle</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Name: Kevin P. Coyle</font></p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
		</tr>
		<tr>
			<td valign="top" width="50%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="3%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
			<td valign="top" width="35%">
			<p style="margin-top: 0; margin-bottom: 0;">Title: Chief Financial Officer</p>
			</td>
			<td valign="top" width="12%">
			<p style="margin-top: 0; margin-bottom: 0;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&nbsp;</font></p>
			</td>
		</tr>

</table>

<p style="font-family: Times\ New\ Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: Times\ New\ Roman; font-size: 10pt;">6</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">With a c<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">opy to: </font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Mr. <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Robert S. Littlepage, Accounting Branch Chief</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Mr. <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Joseph Cascarano, Senior Staff Accountant</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%; font-family: Times\ New\ Roman; font-size: 10pt;">7</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;"><u>Exhibit A</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>DRAFT</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">[<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">March 1, 2018]</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Board of Directors</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Cable One Inc.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">210 E. Earll Drive</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Phoenix, AZ 85012</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Dear Directors:</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">We are providing this letter to you for inclusion as an exhibit to <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">Cable One Inc.&rsquo;s<b> </b>(the &ldquo;Company&rdquo;)<b> </b>Annual Report on Form 10-K for the year ended December 31, 2017<b> </b>(the &ldquo;Form 10-K&rdquo;)<b> </b>pursuant to Item 601 of Regulation S-K.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">We have audited the consolidated financial statements included in the Form 10-K and issued our <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">report thereon dated [March 1, 2018]. Note [X]<b> </b>to the financial statements describes a change in accounting principle from recognizing certain internal labor costs for installation activities and supervisory activities related to capital projects as Operating expenses to capitalizing these internal labor costs as additions to Property, plant and equipment. It should be understood that the preferability of one acceptable method of accounting over another for the capitalization of these internal labor costs has not been addressed in any authoritative accounting literature, and in expressing our concurrence below we have relied on management&rsquo;s determination that this change in accounting principle is preferable. Based on our reading of management&rsquo;s stated reasons and justification for this change in accounting principle in the Form 10-K, and our discussions with management as to their judgment about the relevant business planning factors relating to the change, we concur with management that such change represents, in the Company&rsquo;s circumstances, a change to a preferable accounting principle in conformity with Accounting Standards Codification 250, <i>Accounting Changes and Error Corrections</i></font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Very truly yours,</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">PricewaterhouseCoopers LLP</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Phoenix, Arizona</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family: Times\ New\ Roman, Times, serif; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>cblone.jpg
<TEXT>
begin 644 cblone.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  (! 0(! 0(" @(" @(" P4# P,#
M P8$! ,%!P8'!P<&!P<("0L)" @*" <'"@T*"@L,# P,!PD.#PT,#@L,# S_
MVP!# 0(" @,# P8# P8," <(# P,# P,# P,# P,# P,# P,# P,# P,# P,
M# P,# P,# P,# P,# P,# P,# P,# S_P  1" !! 54# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#]_*0]*6O+
M_P!M7X[/^S'^R3\1?'\*J]UX5T"ZO[56&5:=8R(@1Z>84S[5I2IRJ35.&[=E
M\Q2DHKF9\>?\%9_^"\6B?L0:]>?#_P"'MEI_B[XE6Z?\3"6Y<_V9X<+#*K-M
M(,LV"#Y2D!01N8?=/QY\(?V5?V[/^"LNFIXJ\4_$;7?!/@G5AYUM)J-]-I5K
M=1GHUOI]J%9D(QAI-H8=&/6O&O\ @AS^RM;?MX?\%"_M_CS/B'3/#-O-XPUM
M+L^9_:]V9E$2RYSN5IY/,8'AA'@\&OZ.(8EAB54 55   &  .PK[_-*^'X?Y
M<'@X*5:R<IR5[7Z)/;_*V[/(H1GB[U*CM'HD?CL/^#5#4I+,W<GQXE.M_?$O
M_".L4W^N_P"T[_QZUS7B3]A/]O\ _P"";\1UGX;_ !&U/XD^'=-'F/86%_)J
M/R#L=.O,EN.T+,WI7[8TA&:\9<8YA+W<3RU(]I15OP2.G^S:*UA>+\FS\V/^
M"9'_  <$:%^T_P"-K+X;_%S2[3P!\1;B;[%9W*%H]-U:X!V^05D.^VN"1@1N
M2&/ ;.%K]**\O\8_L4?!_P"(7B^Y\0:Y\+_ 6K:[>2K/<:A=Z%;2W,TBXVNT
MA3<6&!SG/ KTY0(TP. !@5X^:5\'6J^TP=-TT]U>ZOY>1T4(U(QY:CN<;^T1
M\>/#W[,?P1\2^/?%5T+30O"]B][<M_%)CA(T'=W<JBCNS 5_.1\2?VZ?VF?B
MAXEUC]H2U\5>.]'\,+XPCM[<6NK7"Z-IEYM\^WL! 'V,@A158%<-_%R]?7/_
M  <%_ME:Q^U;^TCX:_9A^&WF:I_9NJ6\>K16S9&IZS*0L%J2/X( ^Y^P=SG_
M %=?H3X/_P""5G@K0_\ @F5_PSE=)%+8WFDLE[J:QCS'U5L2F_'?<MP R_[*
M*O2OK\JEALEPE/$XR"E.NUHU?EI]7ZO\?O/.Q'/B:CA3=E'\ST3]@;]L31/V
MZ_V6O#7Q%T?RX)-2A\C5+(-DZ9?QX6> _1N5)ZHR'O7LM?@+_P $8_VKM<_X
M)C?M^^(/@K\27.F:#XFU;^P=525L0:9JT;;+:[4G@1S JA;H5DB8\+7[\@U\
M[Q'E'U#%N-/6G+WHONG_ )?\'J=N"Q'MJ=WNM&?D/_P=!?&GQE\)/%7P<7PK
MXN\3^&$O;756N5TC59[(7!5K7;O$;+NQDXSTR?6N4_9R_P"".O[1_P"T;\!/
M!WCVS_:L\3Z9:^,-(MM7BM);_5))+59HPX1F%R Q&<9 %3?\'88W>+/@F/6T
MU?\ ]"M*](_8K_X."?V>?@!^R+\-O!&OW7C0:YX4\.V6EWXM]":6(310JC[6
MW?,,@X/>OL</]>IY%AIY=3YI-RO[JEI=]TSS9^R>+FJSLM.MCR3]H_\ X)P?
MMK?L)?#/4_B%X5_:&\3>-=.\.0M?:E:V>L7RW4-N@W22_9[AI(IE0 LRYS@'
M .*^FO\ @A+_ ,%<_$7[?%IX@\"?$2.RF\<^%;)-2@U:TA$$>M69<1LTD8^5
M)D=D!V *P<$ $'/D_P"VO_P<A>!/BG\%->\#_!SPSXHUGQ+XPL9M&BO]8MH[
M&TL1.IB9PI<M(X5CM!"KG!)P,'L_^#>__@E5XH_9!AUGXI^/6L;37/%6EII>
MDZ5:W<=W]BLBZRO+++&6C,CLD8"JQVA3DY.!S9@IRRBI/.*<85;KV>BC)]]%
MT_KL72LL2EAFW'KV/#_^#E3XZ^.?A9^VE\-['POXT\6^&K*[\+1S3VVE:Q<6
M<,S_ &^5=[)&Z@M@ 9(S@ 5^T6B,7T:T8DDF%"2>I^45^&G_  =(?\GS_"__
M +%*/_TXS5^Y6A?\@2S_ .N"?^@BO&SV$5E.!E%:M3_-'1A6WB*J]"W7Y)_\
M'0_QE\7_  CE^#)\*^+/$WA@7O\ :YNO[(U2>R^T[1:;=_ELN[&3C/3)]:_6
MROQN_P"#LE=TGP/'K_;(_2SK#@V$9YQ1C)76O_I+-,R;6'DUY?F<Q\#O^".O
M[6?QY^#'A3QMIW[35W96'BW2;;6+:WN?$6LF:".>)9%1]IQN 8 XXR*ZK_AP
MY^U__P!'2-_X46M_XUZS^QY_P7O_ &;O@S^R?\-?".N>(O$4.M>&?#&GZ7?Q
MQ^'[F1(YX;:..0!E4A@&4X(X->D'_@XZ_9:Q_P C/XF_\)N[_P#B:]ZOC>(E
M4DH4-+NW[I;?^ G)"E@W%-R_\F9W?_!)_P#8I^*O[%7@'QAIOQ5^))^)-_KN
MIQ7FGW)O[R[^Q0K"$:/-SR,L,X7BOK*O._V6_P!J'PC^V+\&=.\>^!KN[O?#
MFJ2316\US:O;2,T4C1OE' 8893]:]$S7PV/K5JN(G/$*T[ZJUM5IMT/5I1C&
M"4-@HI,UD^)/B#H/@Q<ZQK>D:2.N;R\C@_\ 0B*XFTM6;0A*;Y8*[->BN-T[
M]HOX?:Q<B&T\=^#;J8\!(=:MG8_@'S776UW%>VZRPR)+$XRKHP96'L10I)[,
MNKAZM/\ B1:]58DHHS36D6-<D@#U/%,R'45%]NA_Y[1?]]"GK(KKD$$>HH'9
MK<=12 YILDZ0_>95^IQ0+<?140O86.!+&?\ @0J0.",YXH'9K<6BFB53_$/S
MH\Q?4?G0(=13?,7U'YT>8OJ/SH =131(">HJK<>(+"SU.&REO;2*\N!NBMWF
M5991ZJI.3^ HN-1;T2+E% .110(*\N_;8^ S_M0?LD?$3X?Q.L5SXKT*ZL;5
MV.%6=D)B)/IY@3/M7J-(>16E*K*G-5(;IW7R%)*2LS^=/_@A3^TW:_L*_P#!
M1.XT3X@#_A'+7Q3:S>#]5>]_=#2+]9U:(2D_='FQF,D\#S 3QS7]%:-N%?GY
M_P %9?\ @A3X>_;NU6Y\=^![VR\'_$YX@MVT\9.F^(0HPOV@*-R2@  3*#D
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MR*\; TX5JRA6GRQ[W/U_C/'XO*\KEB\JP?UFM=)04;WN]6[*]DK_ #L?)?\
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MA)\;=*D4Y,EUX,,>/^!%_P"M<Y)_P<1_ BW.V?3?B';OW231XU(_\C5NP_\
M!PA^RC/$#_PL6Z7(^ZWA_4,C_P @UA>)?^"VG[%'C)"-8\1:1JJOU%YX0NI\
M_P#?5N:YI\-Y]]F$OG3?^9]1A.(N#ML5@9^L<1;\'3?YCD_X.(?@,XRMA\0#
M]-(C_P#CU3+_ ,'"_P  R/\ CW^( ]O[$3_X[7E_BG]MO_@FI\0%+ZE:>"0[
M]3%X0OK5_P XH%/ZUYGXO\6_\$P/%.3#XCU#16;OIR:U'CZ*T;+^E<<^'^)U
M\-*__;DO\CZC"9OX5U-,31Q4/2=.2_1_@?3P_P"#A;X!$_\ 'OX__P#!(O\
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(4 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
