2nd Quarter 2024 Handed Roughly 8,900 Unused Properties in Greenfield and Edge-out Markets

ENGLEWOOD, Colo., Aug. 8, 2024 /PRNewswire/ — WideOpenWest, Inc. (“WOW!” or the “Company”) (NYSE: WOW), some of the society’s chief broadband suppliers, with an effective, high-performing community that passes just about 2.0 million residential, industry and wholesale shoppers, these days introduced monetary and running effects for the second one quarter ended June 30, 2024.

2nd Quarter 2024 Highlights ⁽¹⁾

• General Income of $158.8 million, a shorten of $13.8 million, or 8.0%, in comparison to the second one quarter of 2023
• HSD Income totaled $105.0 million, a shorten of $1.7 million, or 1.6%, in comparison to the second one quarter of 2023
• Internet Loss used to be $10.8 million for the quarter ended June 30, 2024
• Adjusted EBITDA of $70.0 million, an build up of $1.9 million, or 2.8%, in comparison to the second one quarter of 2023
• Internet lack of 4,700 HSD RGUs for the quarter ended June 30, 2024, together with 5,000 similar to the discontinuation of the Inexpensive Connectivity Program
• Handed roughly 8,900 unutilized houses in Greenfield and Edge-out markets in the second one quarter of 2024

“We made substantial progress throughout the quarter, growing our presence in Greenfield markets while continuing to stabilize our subscriber numbers in our legacy footprint,” mentioned Teresa Elder, WOW!’s CEO. “The rising penetration rates in our expansion markets gives me further confidence in our strategy and ability to grow our business while building on our momentum.”

“Our results this quarter include strong adjusted EBITDA growth and effective cost management through a challenging cycle in our industry,” mentioned John Rego, WOW!’s CFO. “Our Adjusted EBITDA increased to $70 million with an Adjusted EBITDA margin of 44.1%.”

Income
General Income used to be $158.8 million for the quarter ended June 30, 2024, ailing $13.8 million, or 8.0%, as in comparison to the corresponding length in 2023.

General Subscription Income for the quarter ended June 30, 2024 used to be $146.5 million, ailing $13.9 million, or 8.7%, as in comparison to the corresponding length in 2023. The shorten is basically pushed via a shift in provider providing combine as we proceed to enjoy a discount in Video and HSD RGUs, coupled with a shorten in quantity throughout all products and services.  The shorten is partly offset via an build up in common earnings consistent with unit (“ARPU”) pushed via price will increase issued within the 3rd quarter of 2023 and primary quarter of 2024.

Alternative Trade Services and products Income totaled $5.0 million for the quarter ended June 30, 2024, ailing $0.1 million, or 2.0%, as when compared with the corresponding length in 2023.

Alternative Income totaled $7.3 million for the quarter ended June 30, 2024, up $0.2 million, or 2.8%, as in comparison to the corresponding length in 2023 basically to will increase in paper observation charges and streaming spouse earnings, partly offset via a shorten in buying groceries earnings and series contract earnings.

Prices and Bills
Working Bills (except Depreciation and Amortization) totaled $64.6 million for the quarter ended June 30, 2024, ailing $11.0 million, or 15%, in comparison to the corresponding length in 2023. The shorten used to be basically pushed via decreases in direct running expense, in particular programming expense, which aligns with the aid in Video RGUs between sessions, in addition to will increase in capitalizable bills, decreases in sinister debt expense and make contact with heart prices, partly offset via will increase in fees for repayment similar bills, instrument and {hardware} similar prices, and community expense. Promoting, Basic, and Administrative bills totaled $37.8 million for the quarter ended June 30, 2024, ailing $5.8 million, or 13%, in comparison to the corresponding length in 2023. The shorten is basically as a consequence of decreases in restructuring prices related to worker severance fees, in addition to discounts in advertising and marketing bills, reserve repayment bills, and transition provider oath bills, partly offset via will increase in felony {and professional} charges.  

Internet Loss
Internet Loss for the quarter ended June 30, 2024 used to be $10.8 million as in comparison to web lack of $101.7 million for the quarter ended June 30, 2023. Internet Benefit Margin used to be (6.8)% for the quarter ended June 30, 2024 as in comparison to (58.9)% for the quarter ended June 30, 2023.

Adjusted EBITDA
Adjusted EBITDA for the quarter ended June 30, 2024, used to be $70.0 million, an build up of $1.9 million, in comparison to the corresponding length in 2023. Adjusted EBITDA margin used to be 44.1% for the quarter ended June 30, 2024, as in comparison to 39.5% for the quarter ended June 30, 2023.

Subscribers
WOW! reported General Subscribers of 495,200 as of June 30, 2024, a shorten of 27,200, or 5%, in comparison to June 30, 2023, ailing 5,500 in comparison to March 31, 2024. HSD RGUs totaled 485,000 as of June 30, 2024, a shorten of twenty-two,800, or 4%, in comparison to June 30, 2023, and ailing 4,700 in comparison to March 31, 2024.

Marketplace Growth
Marketplace Growth tasks handed an supplementary 8,900 houses for the quarter ended June 30, 2024, together with 7,000 supplementary houses in Greenfield markets and 1,900 supplementary houses in Edge-out tasks. As of June 30, 2024, Greenfield projects handed a complete of 52,500 houses and eight,100 subscribers, representing a fifteen.4% penetration price.

At June 30, 2024, the 2024 Edge-out tasks handed 4,400 unutilized houses and 1,700 subscribers, representing a 38.6% penetration price. The 2023 Edge-out tasks handed 18,500 unutilized houses and 5,300 subscribers, which represents 28.6% penetration on such nodes. The 2022 Edge-out tasks handed 2,900 unutilized houses and 900 subscribers, which represents 31.0% on such nodes.

Capital Expenditures
Capital Expenditures totaled $51.1 million for the quarter ended June 30, 2024, representing a $12.5 million shorten in comparison to the quarter ended June 30, 2023. The shorten is basically similar to decreases in series extensions because of decrease spending on marketplace growth projects. Core Capital Expenditures, or overall capital expenditures except growth capital expenditures, equated to 21% of General Income for the quarter ended June 30, 2024.

Liquidity and Leverage
As of June 30, 2024, the entire exceptional quantity of long-term debt and finance rent duties used to be $974.5 million, and coins and coins equivalents had been $20.7 million. General Internet Leverage as of June 30, 2024, used to be 3.4x on a LTM Adjusted EBITDA foundation and undrawn revolver capability totaled $0.4 million.

Acquisition Proposal Replace
On Would possibly 2, 2024, the WOW! Board of Administrators won an unsolicited non-binding initial acquisition proposal from DigitalBridge Investments, LLC and numerous Crestview entities. A different committee of sovereign administrators has been shaped to guage the Proposal. The Particular Committee has retained Centerview Companions and Wachtell, Lipton, Rosen & Katz as its monetary and felony advisors. The paintings of the Particular Committee is ongoing. WOW! does now not adopt any legal responsibility to construct any longer population remark or disclosure on issues similar to the proposal or similar issues except and till WOW! determines that supplementary disclosure is acceptable or required via regulation.

3rd Quarter 2024 Steering 

Webcast
WOW! will host a webcast and convention name on Thursday, August 8, 2024 at 4:30 p.m. ET to speak about the monetary and running effects contained on this press leave. The convention name and webcast might be broadcast live to tell the tale the Corporate’s investor family members web page at ir.wowway.com. The ones events enthusiastic about collaborating can importance the guidelines as follows:

A replay of the decision might be to be had on Thursday, August 8, 2024 at the investor family members web page.

About WOW!
WOW! is among the society’s chief broadband suppliers, with an effective, high-performing community that passes just about 2.0 million residential, industry and wholesale shoppers. WOW! supplies products and services in 16 markets, basically within the Midwest and Southeast, together with Michigan, Alabama, Tennessee, South Carolina, Florida and Georgia. With an expansive portfolio of complicated products and services, together with high-speed Web products and services, cable TV, telephone, industry information, accentuation, and cloud products and services, the corporate is devoted to offering exceptional provider at inexpensive costs. WOW! additionally serves as a pacesetter in remarkable human assets practices, having been identified 9 instances via the Nationwide Affiliation for Trade Assets as a Absolute best & Brightest Corporate to Paintings For within the Crowd® for the tenth pace and via the Nationwide Affiliation for Trade Assets (NABR) for the 6th consecutive age.  Seek advice from www.wowway.com for more info.

Cautionary Commentary Relating to Ahead-Taking a look Statements
Sure statements on this press leave, together with statements similar to any era occasions or attainable transactions, that aren’t ancient details comprise “forward-looking statements” inside the that means of Division 27A of the Securities Operate of 1933, as amended, and Division 21E of the Securities Change Operate of 1934, as amended.  Those forward-looking statements constitute our targets, ideals, plans and expectancies about our potentialities for the era and alternative era occasions. Ahead-looking statements come with all statements that aren’t ancient reality and may also be recognized via phrases comparable to “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “anticipate,” “expect,” “believe,” “estimate,” “plan,” “project,” “predict,” “potential,” or the unfavorable of those phrases. Despite the fact that those forward-looking statements replicate our good-faith trust and affordable judgment in response to latest knowledge, those statements are certified via noteceable components, a lot of which can be past our keep an eye on that might purpose our original effects to range materially from the ones within the forward-looking statements. Those components and alternative dangers that might purpose our original effects to range materially come with all issues in the case of the purchase proposal (together with any reaction via the Corporate to such proposal, any longer movements that can be taken via Crestview, DigitalBridge or any 3rd birthday party, any transaction that can outcome from the proposal or differently, the likelihood that disagree transaction would possibly outcome from the proposal or any have an effect on on our industry or operations because of the proposal) and the alternative issues eager forth within the division entitled “Risk Factors” in our Annual File filed on Mode 10-Okay with the Securities and Change Fee (“SEC”) and alternative experiences due to this fact filed with the SEC. Given those uncertainties, you must now not playground undue reliance on this kind of forward-looking statements. The forward-looking statements incorporated on this record are made as of the generation hereof or the generation specified herein, in response to knowledge to be had to us as of such generation. Apart from as required via regulation, we think disagree legal responsibility to replace those forward-looking statements, although unutilized knowledge turns into to be had going forward.

Non-GAAP Monetary Measures
The Corporate has incorporated sure non-GAAP monetary measures on this leave, together with Adjusted EBITDA and Adjusted EBITDA margin. Those phrases, as outlined herein, aren’t supposed to be thought to be in isolation, as an alternative to, or stunning to, the monetary knowledge ready and introduced in line with typically approved accounting rules in the USA of The usa (“GAAP”). Those phrases would possibly range from the importance of matching phrases via alternative firms in our trade because of other forms of calculation and subsequently aren’t essentially similar.

We consider that those non-GAAP measures give a boost to an investor’s figuring out of our monetary efficiency. We consider that those non-GAAP measures are helpful monetary metrics to evaluate our running efficiency from length to length via except sure pieces that we consider aren’t consultant of our core industry. We consider that those non-GAAP measures lend traders with helpful knowledge for assessing the comparison between sessions of our skill to generate coins from operations enough to pay taxes, to provider debt and to adopt Capital Expenditures. We importance those non-GAAP measures for industry making plans functions and in measuring our efficiency relative to that of our competition. We consider those non-GAAP measures are measures recurrently worn via traders to guage our efficiency and that of our competition.

Adjusted EBITDA removes the have an effect on of bills that don’t relate to general industry efficiency and is outlined via WOW! as web source of revenue (loss) ahead of pastime expense, source of revenue taxes, depreciation and amortization (together with impairments), impairment losses on intangibles and esteem, write-off of any asset, loss on early extinguishment of debt, integration and restructuring bills and all non‑coins fees and bills (together with reserve repayment expense) and sure alternative source of revenue and bills. Adjusted EBITDA must now not be thought to be as an backup to web source of revenue (loss), running source of revenue or any alternative efficiency measures derived in line with GAAP as measures of running efficiency, running coins flows or liquidity.

Please see “Reconciliations of GAAP Measures to Non-GAAP Measures” and the accompanying tables underneath for a reconciliation of Adjusted EBITDA to Internet Source of revenue and Adjusted EBITDA margin to Internet Benefit margin which can be probably the most immediately similar corresponding GAAP monetary measures.

Subscriber Knowledge
The Corporate makes use of the phrases outlined underneath all over this leave.

Properties handed are reported because the selection of serviceable addresses, comparable to unmarried place of dwelling houses, residences and rental devices, and companies handed via our broadband community and indexed in our database.

We ship a couple of products and services to our consumers, as such we record General Subscribers because the selection of Subscribers who obtain a minimum of certainly one of our HSD, Video or Telephony products and services, with out regard to which or what number of products and services they subscribe. We outline every of the person HSD Subscribers, Video Subscribers and Telephony Subscribers as a Income Producing Unit (“RGU”).

Generation we whisk suitable steps to safeguard subscriber knowledge is gifted on a constant and correct foundation at any given steadiness sheet generation, we periodically evaluate our insurance policies in brightness of the range we would possibly come across throughout our other markets because of the character and pricing of services and billing methods. Accordingly, we would possibly from pace to pace construct suitable changes to our subscriber knowledge in response to such evaluations.

Extra Knowledge To be had on Web site:
The ideas on this press leave must be learn together with the monetary statements and footnotes contained within the Corporate’s Quarterly File on Mode 10-Q for the quarter ended June 30, 2024, which might be posted on of our investor family members web page at ir.wowway.com, when it’s filed with the Securities and Change Fee. A slide presentation to accompany the convention name and a trending agenda containing ancient buyer and fiscal information can be to be had on our web page.

SOURCE WideOpenWest, Inc.