WOW Adds 3,900 Net Subs in Q2 as Revenues Decline 2.1%
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 second quarter ended June 30, 2018.
Second Quarter 2018 Highlights (1)
- Total Subscriber net additions of 1,600 were the best net subscriber metrics for a second quarter in the last four years
- Second quarter subscriber churn was the best subscriber churn for a second quarter in at least two years
- Achieved HSD RGU net additions of 3,900, representing the best net subscriber metrics for the second quarter in the last four years, and organic HSD RGU net additions, which exclude net additions from Edge-Outs, were 1,600
- Total Revenue of $291.3 million; Net Income of $25.2 million; and Diluted Earnings Per Share of $0.31
- Adjusted EBITDA of $102.2 million, up 6.1% sequentially; Adjusted Diluted Earnings Per Share of $0.39
- Business Services Subscription Revenue, Including Acquisitions and Dispositions, grew 15.6% over the second quarter of 2017
- Total Edge-Out projects have extended the network to 116,600 homes passed; 2017 Edge-Out Nodes have achieved 25.3% penetration and 2016 Edge-Out Nodes have achieved 32.5% penetration
- Launched Whole Home WiFi offering across the majority of WOW!’s footprint in July
- Launched first phase of new wowway.com website in July
- Completed previously announced $25.0 million common stock buyback, acquiring almost 2.5 million shares
For the quarter ended June 30, 2018, WOW! reported Total Revenue of $291.3 million, down $6.2 million, or 2.1%, compared to the quarter ended June 30, 2017. The Company reported second quarter 2018 Net Income of $25.2 million and Adjusted EBITDA of $102.2 million.
“I am heartened by the continued efforts throughout the Company to execute on our vision,” said Teresa Elder, chief executive officer of WOW! “WOW! achieved its second consecutive quarter of positive organic HSD RGU growth in the face of second quarter seasonality and our rate increase which was implemented at the beginning of the quarter. The impact of our investments in customer care are showing in continued churn improvement. The launch of Whole Home WiFi and the re-release of our wowway.com website are substantial milestones to drive the growth trajectory of our business.”