WideOpenWest Q3 2022 Earnings Report
Key Takeaways
WideOpenWest (WOW!) reported a decrease in total revenue but an increase in Pro Forma Adjusted EBITDA for Q3 2022. The company is focusing on its broadband-first strategy and expanding its footprint through Greenfield expansions and edge-outs. A $50 million share repurchase program was authorized by the Board of Directors.
Total revenue from continuing operations decreased by 6% year-over-year to $173.7 million.
High-Speed Data (HSD) revenue from continuing operations totaled $102.3 million, a 1% decrease year-over-year.
Net income from continuing operations was $0.5 million.
Pro Forma Adjusted EBITDA increased by 3% year-over-year to $68.5 million, with a margin of 39.4%
WideOpenWest
WideOpenWest
WideOpenWest Revenue by Segment
Forward Guidance
WOW! provided full year 2022 guidance for HSD Revenue, Total Revenue, Adjusted EBITDA, and HSD net additions.
Positive Outlook
- HSD Revenue is expected to be between $411.0 and $414.0 million.
- Total Revenue is projected to be between $702.0 and $705.0 million.
- Adjusted EBITDA is anticipated to be between $278.0 and $281.0 million.
- HSD net additions are expected to be between (2,000) and 2,000.
- Company's broadband-first strategy shows growth in pro forma Adjusted EBITDA.
Challenges Ahead
- The company's future performance is subject to various risks and uncertainties, as detailed in their SEC filings.
- Total revenue from continuing operations decreased compared to the third quarter of 2021.
- HSD Revenue from continuing operations also saw a slight decrease compared to the third quarter of 2021.
- Capital Expenditures from continuing operations totaled $37.7 million for the quarter ended September 30, 2022, representing a $3.0 million decrease compared to the quarter ended September 30, 2021.
- Total Subscription Revenue from continuing operations for the quarter ended September 30, 2022 was down $9.9 million, or 6%, as compared to the corresponding period in 2021.