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Cable/Video

WOW revenues drop 0.9% to $284.5M

ENGLEWOOD, Colo. – WideOpenWest, 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 first quarter ended March 31, 2020.

First Quarter 2020 Highlights

  • Total Subscriber net additions of 14,600, which equates to 1.8% growth over December 31, 2019, Total Subscribers
  • HSD RGU net additions of 16,100, representing 2.1% growth in HSD RGUs from the December 31, 2019, HSD RGUs, and HSD RGU net additions of 14,400, excluding net additions from Edge-Outs
  • Total Revenue of $284.5 million; Net Income of $0.1 million; Diluted Earnings Per Share of $0.00
  • Adjusted EBITDA was $99.1 million, representing a decrease of 3.9% over the first quarter of 2019, affected by COVID-19 associated bad debt reserves of an estimated $3.2 million
  • Adjusted Diluted Earnings Per Share was $0.08
  • Business Services Subscription Revenue grew 6.2% compared to the first quarter of 2019
  • Total Edge-Out projects have extended the network to 187,700 homes passed since inception. First quarter 2020 Edge-Out customer additions equated to 1,800
  • WOW! Honored as Best and Brightest Company to Work For in the Nation for Sixth Time

Revenue
For the quarter ended March 31, 2020, Total Revenue decreased 0.9% to $284.5 million compared to the quarter ended March 31, 2019, which was driven primarily by a shift in the service offering mix as the Company continues to experience a reduction in Video and Telephony RGUs, partially offset by growth in residential HSD RGUs and ARPU, as well as Business Services Subscription Revenue growth.

Total Subscription Revenue for the quarter ended March 31, 2020, was $264.6 million, down $0.6 million, or 0.2%, compared to the quarter ended March 31, 2019. Residential Subscription Revenue was $228.8 million, down $2.7 million, or 1.2%, compared to the quarter ended March 31, 2019. Business Services Subscription Revenue, totaled $35.8 million, up $2.1 million, or 6.2%, compared to the quarter ended March 31, 2019.

Other Business Services Revenue totaled $6.5 million for the quarter ended March 31, 2020, down $0.6 million compared to the quarter ended March 31, 2019.

Customers
WOW! reported Total Subscribers of 838,000 as of March 31, 2020, an increase of 25,500, or 3.1%, compared to March 31, 2019. HSD RGUs totaled 797,600 as of March 31, 2020, an increase of 31,700, or 4.1%, compared to March 31, 2019.

Edge-Outs
Edge-Out Projects reached a total of 187,700 homes passed and 44,300 Subscribers since inception.

The 2018 Edge-Out projects include 5,400 Customers, which represents 17.9% penetration on such nodes. The 2019 Edge-Out projects include 6,000 Customers, which represents 12.3% penetration on such nodes. The 2020 Edge-Out projects now reach 600 homes passed.

Capital Expenditures
Capital Expenditures, on a reported basis, totaled $58.0 million for the quarter ended March 31, 2020, representing an $8.0 million, or 12.1%, decrease compared to the quarter ended March 31, 2019.

Due to economic uncertainties arising from the duration and impact of the COVID-19 pandemic, WOW! is withdrawing its previously announced outlook for 2020.

Read the full announcement here.

WideOpenWest

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