Q1 2024 WideOpenWest Inc Earnings Call Transcript
Key Points
- WideOpenWest Inc reported a 1% year-over-year increase in high-speed data revenue, reaching $106.2 million.
- Adjusted EBITDA rose by 3.4% year-over-year to $67.4 million, with an improved EBITDA margin of 41.7%.
- The company successfully passed 18,100 new homes in greenfield and edge-out markets, showing strong expansion efforts.
- Penetration rates in greenfield markets increased to 12.5%, demonstrating effective market entry and customer acquisition strategies.
- WideOpenWest Inc is transitioning to YouTube TV, aiming to capitalize on the shift to video streaming and potentially enhancing content delivery and value.
- Total revenue declined by 6.2% from the previous year to $161.5 million, due to significant drops in video and telephony revenue.
- The company reported a net loss of 400 high-speed data (HSD) subscribers, indicating challenges in subscriber retention.
- Unlevered adjusted free cash flow was negative $5.1 million, primarily due to higher expansion expenditures.
- The ending of the ACP program introduces uncertainty, affecting subscriber net adds guidance for the upcoming quarter.
- WideOpenWest Inc faces ongoing cost pressures, necessitating further headcount reductions primarily in corporate and administrative areas.
Thank you for standing by. My name is Dee and I will be your conference operator today. At this time, I would like to welcome everyone to the Wide Open West first quarter 2024 earnings call.
I would now like to turn the call over to Andrew Posen, Vice President, Head of Investor Relations. Please go ahead.
Good morning, everyone, and thank you for joining our first-quarter 2024 earnings call. With me today is Teresa Elder, Chief Executive Officer; and John Rego, 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. It may cause our actual operating results, financial position or
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