WOW! REPORTS THIRD QUARTER 2024 RESULTS

In This Article:

Continued to Grow Penetration Rates in Expansion Markets

ENGLEWOOD, Colo., Nov. 4, 2024 /PRNewswire/ -- WideOpenWest, Inc. ("WOW!" or the "Company") (NYSE: WOW), one of the nation's leading broadband providers, with an efficient, high-performing network that passes nearly 2.0 million residential, business and wholesale consumers, today announced financial and operating results for the third quarter ended September 30, 2024.

WOW! (PRNewsfoto/WideOpenWest, Inc.)
WOW! (PRNewsfoto/WideOpenWest, Inc.)

Third Quarter 2024 Highlights (1)

  • Total Revenue of $158.0 million, a decrease of $15.1 million, or 8.7%, compared to the third quarter of 2023

  • HSD Revenue totaled $107.5 million, a decrease of $2.3 million, or 2.1%, compared to the third quarter of 2023

  • Net Loss was $22.4 million for the quarter ended September 30, 2024

  • Adjusted EBITDA of $77.3 million, an increase of $6.4 million, or 9.0%, compared to the third quarter of 2023

  • Net loss of 4,400 HSD RGUs for the quarter ended September 30, 2024, including 1,900 related to the discontinuation of the Affordable Connectivity Program

  • Passed approximately 1,700 new homes in Greenfield and Edge-out markets in the third quarter of 2024

  • On October 11, 2024, closed on $200.0 million new super-priority term loan

"During the third quarter we demonstrated the strength of our strategy in our expansion markets where we increased penetration rates to higher levels and grew ARPU," said Teresa Elder, WOW!'s CEO. "We continue to make progress in these new markets, especially as we added customers in Hernando County, Florida where we recently expanded our all-fiber network."

"Securing the new $200 million term loan strengthened our balance sheet and improved liquidity which has enabled us to reaccelerate our fiber expansion strategy in Greenfield markets," said John Rego, WOW!'s CFO. "We also continued to aggressively manage our expenses to drive Adjusted EBITDA higher."

Revenue
Total Revenue was $158.0 million for the quarter ended September 30, 2024, down $15.1 million, or 8.7%, as compared to the corresponding period in 2023.

Total Subscription Revenue for the quarter ended September 30, 2024 was $146.0 million, down $14.3 million, or 8.9%, as compared to the corresponding period in 2023. The decrease is primarily driven by a shift in service offering mix as we continue to experience a reduction across all RGUs, coupled with a decrease in volume across all services.  The decrease is partially offset by an increase in average revenue per unit ("ARPU") driven by rate increases issued in the first quarter and third quarter of 2024, partially offset by $0.6 million of revenue credits issued to customers in those markets impacted by Hurricane Helene.

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