Q3 2024 WideOpenWest Inc Earnings Call Transcript
Key Points
- WideOpenWest Inc (WOW) achieved record adjusted EBITDA of $77.3 million, marking a 9% increase year over year with a margin of 48.9%.
- The company successfully closed a $200 million super priority term loan, enhancing liquidity and supporting the reacceleration of its Greenfield fiber expansion strategy.
- Penetration rates in Greenfield fiber markets increased to 17.5%, with residential business penetration rates exceeding 20%.
- WOW's simplified pricing strategy and complementary speed upgrades have contributed to increased ARPU and reduced churn.
- The company has begun adding customers in its newest Greenfield fiber market, Hernando County, Florida, indicating successful market expansion.
- High-speed data revenue decreased by 2.1% year over year, reflecting a decline in HSD subscribers.
- Total revenue for the third quarter decreased by 8.7% due to significant drops in video and telephony revenue.
- WOW lost a total of 4,400 HSD subscribers during the quarter, with 1,900 losses attributed to the ending of the ACP program.
- The traditional video business continues to decline, with a 34% decrease in subscribers from the same period last year.
- The company faces uncertainties related to the impact of hurricanes and the discontinuation of the ACP program, affecting subscriber numbers.
Hello and welcome to the WideOpenWest third-quarter 2024 earnings call. (Operator Instructions)
I would now like to turn the conference over to Andrew Posen, Vice President, Head of Investor Relations. You may begin.
Good afternoon, everyone, and thank you for joining our third-quarter 2024 earnings call. With me today is Teresa Elder, WOW's Chief Executive Officer; and John Rego, WOW's Chief Financial Officer. Before we get started, I would like to remind everyone that during our call, we will make some forward-looking statements about our expected operating results, our business strategy, and other matters relating to our business. These forward-looking statements are made in reliance on the Safe Harbor provisions of the federal securities laws and are subject to known and unknown risks, uncertainties, and other factors that may cause our actual operating results, financial position, or performance to be materially different from those expressed or implied in our
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