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Windstream's Q2 Shows Broadband Growth

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8/9/2018
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LITTLE ROCK, Ark -- Windstream Holdings, Inc. a provider of advanced network communications and technology solutions, today reported strong second-quarter results, including net growth in broadband subscribers for the first time in three years.

"Our Consumer segment delivered a successful quarter, adding 2,300 broadband subscribers," said Tony Thomas, president and chief executive officer. "This continued an upward trend that we have experienced for the past several quarters and was driven by both strong sales and lower churn. It demonstrates that our network investments are paying off and enables us to say with confidence that we expect to grow our consumer broadband base in 2018.

"Our Enterprise segment continues to see improved results as our focus on SD-WAN, Unified Communications as a Service and on-net sales have driven improving revenue trends and margins. Windstream is now the largest SD-WAN provider in the country with more than 1,000 customers in over 12,000 locations nationwide. Sales of strategic products accelerated to over 50 percent of Enterprise sales for the quarter.

"Reflecting these strong segment results, Windstream delivered sequential and year-over-year growth in Adjusted OIBDAR that came on the back of both improved revenue trends and lower cash costs," Thomas said.

Total revenues and sales were $1.44 billion, a decrease of 3 percent from the same period a year ago, and total service revenues were $1.42 billion, a decrease of 3 percent year-over-year. Operating income was $88 million compared to $103 million in the same period a year ago. The company reported a net loss of $94 million, or $2.30 per share, compared to a net loss of $68 million, or $1.83 per share, a year ago.

ILEC consumer and small business service revenues were $466 million, a decrease of 6 percent from the same period a year ago, and segment income was $274 million compared to $289 million year-over-year.

Enterprise service revenues were $730 million, a 1 percent increase from the same period a year ago, and segment income was $161 million compared to $142 million year-over-year.

Wholesale service revenues were $182 million, a 7 percent decrease from the same period a year ago, and segment income was $129 million compared to $135 million year-over-year.

CLEC consumer services revenues were $46 million, a decrease of 10 percent from the same period a year ago, and segment income was $27 million compared to $26 million year-over-year.

Adjusted total revenues and sales were $1.44 billion compared to $1.49 billion in the same period a year ago. Adjusted total service revenues were $1.42 billion compared to $1.47 billion year-over-year. Adjusted OIBDAR was $507 million compared to $501 million in the same period a year ago.

Adjusted capital expenditures were $181 million compared to $232 million in the same period a year ago.

ILEC consumer and small business service revenues were $466 million, a 6 percent decrease from the same period a year ago, and contribution margin was $274 million compared to $289 million a year ago.

Enterprise service revenues were $730 million, a 1 percent increase from the same period a year ago, and contribution margin was $161 million compared to $142 million a year ago, an increase of 13.8 percent year-over-year.

Wholesale service revenues were $182 million, a decrease of 7 percent from the same period a year ago, and contribution margin was $129 million compared to $135 million a year ago.

CLEC consumer service revenues were $46 million, a 10 percent decrease from the same period a year ago, and contribution margin was $27 million compared to $26 million a year ago.

Windstream Communications Inc. (Nasdaq: WIN)

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