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WOW Q4 revenues drop 0.7%, to $1.14 billion
Says small drop driven by reduction in residential video and phone subs, partially offset by growth of residential high-speed Internet adds and business services revenues.
March 4, 2020
3 Min Read
ENGLEWOOD, Colo. – WideOpenWest (WOW), a leading, fully integrated provider of residential and commercial high-speed data, video and telephony services to customers in the United States, today announced financial and operating results for the fourth quarter and year ended December 31, 2019.
Year End 2019 Highlights
Full year Total Subscriber net additions of 17,000
Full year HSD RGU net additions of 23,700 and HSD RGU net additions of 16,700, excluding net additions from Edge-Outs
HSD RGU net additions totaled 7,600 for the quarter ended December 31, 2019, representing the best HSD RGU net subscriber additions for the fourth quarter in five years; organic HSD RGU net additions, which exclude net addition from Edge-Outs, totaled 4,500 in the quarter
Full year Total Revenue of $1.146 billion; Net Income of $36.4 million; Diluted Earnings Per Share of $0.45
Full year Transaction Adjusted EBITDA was $431.5 million, up 3.8%, compared to the year ended December 31, 2018
Full year Transaction Adjusted Diluted Earnings Per Share was $0.77; Fourth quarter Transaction Adjusted Diluted Earnings Per Share was $0.14
Full year Transaction Adjusted EBITDA margin of 37.7% represents annual expansion of 162 basis points compared to the year ended December 31, 2018
Full year Transaction Adjusted Free Cash Flow was positive at $29.4 million, representing a $5.1 million increase over the full year 2018
Business Services Subscription Revenue grew 6.3% annually over 2018
For the full year 2019, we grew Edge-Outs by 48,800 homes passed, including 20,300 homes passed in the fourth quarter of 2019
Revenue
For the year ended December 31, 2019, Total Revenue decreased 0.7% to $1.146 billion compared to the year ended December 31, 2018, which was driven primarily by a reduction in residential Video and Telephony RGUs, partially offset by growth in residential HSD RGU's and ARPU, as well as Business Services Subscription Revenue growth.
Total Subscription Revenue for the year ended December 31, 2019 was $1.056 billion, down $7.1 million, or 0.7%, compared to the year ended December 31, 2018. Residential Subscription Revenue was $918.0 million, down $15.3 million, or 1.6%, compared to the year ended December 31, 2018. Business Services Subscription Revenue totaled $137.7 million, up $8.2 million, or 6.3%, compared to the year ended December 31, 2018.
Other Business Services Revenue totaled $27.4 million for the year ended December 31, 2019, down $0.7 million compared to the year ended December 31, 2018.
Other Revenue totaled $62.7 million for the year ended December 31, 2019, down $0.2 million compared to the year ended December 31, 2018.
Edge-Outs
WOW! added 48,800 homes passed through Edge-Out projects in 2019.
The Edge-Out projects begun in 2016 ("2016 Edge-Out nodes") include 14,300 Customers on such nodes, which represents 34.1% penetration. The Edge-Out projects begun in 2017 ("2017 Edge-Out nodes") include 18,600 Customers on such nodes, which represents 28.0% penetration. The Edge-Out projects begun in 2018 now include 5,200 Customers on such nodes, which represents 17.3% penetration. The Edge-Out projects begun in 2019 ("2019 Edge-Out nodes") now reach 48,400 homes passed.
Capital Expenditures
Capital Expenditures, on a reported basis, totaled $247.5 million for the year ended December 31, 2019, representing a $66.6 million, or 21.2%, decrease compared to the year ended December 31, 2018.
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