WOW revenues drop 2.7% in Q2 2020
ENGLEWOOD, Colo. – WideOpenWest, Inc. ("WOW!" or the "Company") (NYSE: WOW), a leading, fully integrated provider of residential and commercial broadband, video and telephony services to customers in the United States, today announced financial and operating results for the second quarter ended June 30, 2020.
Second Quarter 2020 Highlights
- Total Subscribers of 844,500, representing 4.3% growth in subscribers compared to the prior-year period
- Total HSD RGUs of 805,600, representing 5.5% growth in HSD RGUs compared to the prior-year period
- Total Revenue of $282.0 million; Net Income of $2.2 million; Diluted Earnings Per Share of $0.03
- HSD Revenue totaled $137.3 million, an increase of $6.9 million or 5.3% compared to the prior-year period
- Adjusted EBITDA was $101.3 million
- Free Cash Flow in the second quarter totaled $17.7 million
- Adjusted Diluted Earnings Per Share was $0.12
- Business Services Subscription Revenue grew 3.5% compared to the second quarter of 2019
- John Rego joined as Chief Financial Officer and Shannon Campain joined as Chief Commercial Officer
- Gunjan Bhow, Global Chief Digital Officer of Walgreens Boots Alliance, was elected to the Board of Directors
- WOW! named "MSO of the Year" by Cablefax
For the quarter ended June 30, 2020, Total Revenue decreased 2.7% to $282.0 million compared to the quarter ended June 30, 2019, which was driven primarily by lower advertising revenue and a shift in service offering mix as the Company continues to experience an expected 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 June 30, 2020, was $263.9 million, down $2.5 million, or 0.9%, compared to the quarter ended June 30, 2019. Residential Subscription Revenue was $228.4 million, down $3.7 million, or 1.6%, compared to the quarter ended June 30, 2019. Business Services Subscription Revenue, totaled $35.5 million, up $1.2 million, or 3.5%, compared to the quarter ended June 30, 2019.
Other Business Services Revenue totaled $6.4 million for the quarter ended June 30, 2020, down $0.7 million compared to the quarter ended June 30, 2019. Other Revenue totaled $11.7 million for the quarter ended June 30, 2020, down $4.5 million compared to the quarter ended June 30, 2019, primarily due to a decrease in advertising, and late fee revenue attributable to our participation in the "FCC" pledge to stop charging late fees to customers affected by the global health crisis.
WOW! reported Total Subscribers of 844,500 as of June 30, 2020, an increase of 34,700, or 4.3%, compared to June 30, 2019, up 6,500 compared to March 31, 2020. HSD RGUs totaled 805,600 as of June 30, 2020, an increase of 41,900, or 5.5%, compared to June 30, 2019, up 8,000 compared to March 31, 2020.
Edge-Out Projects reached a total of 189,700 homes passed and 45,200 Subscribers since inception.
The 2018 Edge-Out projects include 5,600 Customers, which represents 18.5% penetration on such nodes. The 2019 Edge-Out projects include 6,600 Customers, which represents 13.6% penetration on such nodes. The 2020 Edge-Out projects now reach 2,400 homes passed.
Read the full announcement here.