Q2 2024 WideOpenWest Inc Earnings Call Transcript
Key Points
- WideOpenWest Inc (WOW) achieved a 2.8% year-over-year increase in adjusted EBITDA, reaching $70 million, with an improved margin of 44.1%.
- The company successfully realized $35.5 million in cost savings more than a year ahead of schedule, contributing to EBITDA growth.
- WOW's fiber expansion is progressing well, with 7,000 new homes passed in greenfield markets and 1,900 through edge-outs, totaling 52,500 homes.
- Penetration rates in greenfield markets increased to 15.4%, and edge-outs, particularly the 2024 vintage, saw significant growth to 38.6%.
- The partnership with YouTube TV is contributing to low churn rates and offers a strategic advantage in transitioning customers to streaming services.
- High-speed data (HSD) revenue decreased by 1.6% year over year, largely due to the loss of subscribers from the ending of the ACP program.
- Total revenue for the second quarter fell by 8% to $158.8 million, with significant declines in video and telephony revenue.
- The company experienced a net loss of 4,700 high-speed data subscribers, primarily due to the ACP program's conclusion.
- WOW's leverage ratio stands at 3.4 times, with total outstanding debt of $974.5 million, indicating a significant debt burden.
- The company anticipates further negative impacts on HSD subscriber numbers in the third quarter due to ongoing ACP effects and reduced capital spend on expansion initiatives.
Ladies and gentlemen, thank you for standing by. My name is Desiree and I will be your conference operator today. At this time, I would like to welcome everyone to the WideOpenWest second-quarter 2024 earnings call. (Operator Instructions) I would now like to turn the conference over to Andrew Posen, Vice President, Head of Investor Relations. Please go ahead.
Good afternoon, everyone, and thank you for joining our second-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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
