WOW Revenues Dip 2.9% to $1.15B for 2018
ENGLEWOOD, Colo. -- WideOpenWest, Inc. (“WOW!” or the “Company”) (NYSE: WOW), a leading, fully integrated provider of residential and commercial high-speed data, video and telephony services to customers in the United States, today announced financial and operating results for the fourth quarter and year ended December 31, 2018.
Year End 2018 Highlights
- Full year Total Revenue of $1.154 billion; Net Loss of $(90.6) million; Net Loss Per Share of $(1.11)
- Full year Adjusted EBITDA of $409.7 million; Adjusted Diluted Earnings Per Share of $1.31
- Impact of Hurricane Michael resulted in Revenue credits of $5.4 million, EBITDA impact of $6.1 million, Subscriber impact of 2,600, and RGU impact of 4,400
- HSD RGU net additions totaled 27,000 for 2018, excluding the impact from Hurricane Michael, representing a 95.7% increase in net additions over 2017 and 3.7% annual increase in total HSD RGUs
- HSD RGU net additions totaled 7,100 for the quarter ended December 31, 2018, excluding the impact from Hurricane Michael, representing the best HSD RGU net subscriber additions for the fourth quarter in the last four years; organic HSD RGU net additions, which exclude net additions from Edge-Outs, totaled 5,200, excluding the impact of Hurricane Michael
- Business Services Subscription Revenue, Including Acquisitions and Dispositions, grew 12.7% over the fourth quarter of 2017, and grew 14.0% annually over 2017
On a reported basis, for the year ended December 31, 2018, Total Revenue decreased 2.9% to $1.154 billion compared to the year ended December 31, 2017. Total Revenue Including Acquisitions and Dispositions decreased 1.2% to $1.159 billion compared to the year ended 2017, which was driven primarily by Video and Telephony RGU losses, partially offset by increases in ARPU, HSD RGU growth and Business Services Subscription Revenue growth.
WOW! reported Total Subscribers of 807,900 as of December 31, 2018. Excluding the impact from Hurricane Michael, Total Subscribers increased by 19,000, or 2.4%, compared to December 31, 2017, which was the best yearly result in at least the last four years. HSD RGUs totaled 759,600 as of December 31, 2018, excluding the impact from Hurricane Michael, HSD RGU’s increased 27,000, or 3.7%, compared to December 31, 2017.
As of December 31, 2018, Edge-Out projects reached 138,100 homes passed as part of the Company’s Edge-Out growth efforts started in 2016.
Capital Expenditures, on a reported basis, totaled $314.1 million for the year ended December 31, 2018, representing a $12.8 million, or 4.2%, increase compared to the year ended December 31, 2017.