SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

WOW! Reports Third Quarter 2018 Results
[November 08, 2018]

WOW! Reports Third Quarter 2018 Results


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 third quarter ended September 30, 2018.

Third Quarter 2018 Highlights (1)

  • Total Subscriber net additions of 5,200, the best net subscriber metrics for a third quarter in the last four years
  • Third quarter and year-to-date subscriber churn was the best subscriber churn for a third quarter and the year-to-date period in at least two years
  • HSD RGU net additions of 7,300, representing the best net subscriber metrics for the third quarter in the last four years; organic HSD RGU net additions, which exclude net additions from Edge-Outs, totaled 4,500
  • Total Revenue of $291.6 million, up 0.1% compared to the quarter ended June 30, 2018
  • Net Income of $30.5 million, up 21.0% sequentially; Diluted Earnings Per Share of $0.37
  • Adjusted EBITDA of $106.7 million, up 4.4% sequentially, reflecting a margin of 36.6%, a 150 basis point improvement; Adjusted Diluted Earnings Per Share of $0.40
  • Business Services Subscription Revenue, Including Acquisitions and Dispositions, grew 13.4% over the third quarter of 2017
  • Total Edge-Out projects have extended the network to 122,200 homes passed; 2017 Edge-Out Nodes have achieved 26.7% penetration and 2016 Edge-Out Nodes have achieved 32.9% penetration
  • The successful launch of Whole Home WiFi and wowway.com have begun contributing to subscriber growth

Financial Highlights

For the quarter ended September 30, 2018, WOW! reported Total Revenue of $291.6 million, down $6.2 million, or 2.1%, compared to the quarter ended September 30, 2017. The Company reported third quarter 2018 Net Income of $30.5 million and Adjusted EBITDA of $106.7 million.

"I am so proud of our people and their accomplishments through the first three quarters of 2018," said Teresa Elder, chief executive officer of WOW! "We achieved our third consecutive quarter of growth in organic HSD RGUs, combined with continued improvement across all customer metrics. These were the best third quarter RGU results in years. The investments we have made throughout the year are contributing to the overall results and are expected to continue to have a favorable impact going forward."

"Adjusted EBITDA for the third quarter of $107 million continued the trend of sequential growth," said Rich Fish, chief financial officer of WOW! "We continue to demonstrate the ability to grow customer relationships through record low churn levels, and the Company is positioned to achieve its Adjusted EBITDA goals for the year."

(1) Refer to "Non-GAAP Financial Measures and Operating Metrics," "Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures," and "Unaudited Transaction Adjusted Condensed Consolidated Financial and Subscriber Information" in this Press Release for definitions and information related to Adjusted EBITDA and Transaction Adjusted financial information, reconciliation of such non-GAAP measures to the closest comparable GAAP measures and why our management thinks it is beneficial to present such non-GAAP measures.

Revenue

On a reported basis, for the quarter ended September 30, 2018, Total Revenue was $291.6 million, an increase of 0.1% on a sequential basis compared to the quarter ended June 30, 2018, driven primarily by HSD RGU net additions.

Total subscription revenue for the quarter ended September 30, 2018, was $267.3 million. Residential Subscription Revenue was $234.3 million, and Business Services Subscription totaled $33.0 million for the quarter ended September 30, 2018. Business Services Subscription Revenue, including the impact of Acquisitions and Dispositions, increased $3.9 million, or 13.4%, compared with the quarter ended September 30, 2017.

Other business services revenue totaled $6.6 million for the quarter ended September 30, 2018, down $3.0 million compared to the quarter ended September 30, 2017, primarily due to decreased revenue generated by network construction activities associated with the Chicago network sale to a subsidiary of Verizon.

Other revenue totaled $17.7 million for the quarter ended September 30, 2018, down $9.0 million compared to the quarter ended September 30, 2017, primarily due to the reclassification of franchise fees to residential video subscription revenue.

Costs and Expenses

Operating expenses (excluding depreciation and amortization) totaled $152.7 million for the quarter ended September 30, 2018. Selling, general, and administrative expenses were $37.0 million for the quarter ended September 30, 2018.

Net Income (loss) and Earnings (loss) per Share

Net Income for the quarter ended September 30, 2018, was $30.5 million, compared to a Net loss of $(2.1) million for the quarter ended September 30, 2017. Diluted earnings per share for the quarter ended September 30, 2018, was $0.37, compared to a loss per share of $(0.02) for the quarter ended September 30, 2017. The year-over-year improvement in Net Income is attributable to a loss on extinguishment of debt in the third quarter of 2017 due to the redemption of 10.25% senior notes, the refinancing of the Company's Term B Loan, and an income tax benefit due to a change in the valuation allowance. Adjusted Diluted Earnings per share for the quarter ended September 30, 2018, was $0.40.

Adjusted EBITDA

Adjusted EBITDA for the quarter ended September 30, 2018, was $106.7 million, an increase of $4.5 million, or 4.4%, on a sequential basis compared to Adjusted EBITDA for the quarter ended June 30, 2018. Adjusted EBITDA margin was 36.6% in the quarter ended September 30, 2018, an increase of over 150 basis points on a sequential basis.

Customers

WOW! reported Total Subscribers of 805,300 as of September 30, 2018. Total Subscribers increased by 5,200, or 0.6%, compared to June 30, 2018, which was the best third quarter result in the last four years. HSD RGUs totaled 755,100 as of September 30, 2018, representing an increase of 7,300, or 1.0%, compared to June 30, 2018, also the best third quarter result in the last four years. Excluding net additions from Edge-Outs, HSD RGU net additions were 4,500.

Video RGUs totaled 412,800 as of September 30, 2018, representing a decrease of 7,100 compared to June 30, 2018, which represents an improvement in the rate of video losses of 8,600, or 54.8%, as compared to the third quarter of 2017.

Edge-Outs

As of September 30, 2018, Edge-Out projects reached 122,200 homes passed as part of the Company's Edge-Out growth efforts started in 2016.

Edge-Out projects begun in 2016 ("2016 Edge-Out Nodes") include 13,700 customers on such nodes, which represents 32.9% penetration with an average of 761 days in active service. The Edge-Out projects begun in 2017 ("2017 Edge-Out Nodes") include 17,700 customers on such nodes, which represents 26.7% penetration with an average of 466 days in active service. The Edge-Out projects begun in 2018 ("2018 Edge-Out Nodes") now reach 14,200 homes passed. The 2018 Edge-Out projects now include 2,300 customers on such nodes, which represents 16.2% penetration with an average of 87 days in active service.

Capital Expenditures

Capital Expenditures totaled $80.3 million for the quarter ended September 30, 2018, representing an $8.0 million increase compared to the quarter ended September 30, 2017, on a reported basis. Transaction Adjusted Capital Expenditures totaled $73.6 million for the quarter ended September 30, 2018, an increase of $7.9 million, or 12.0%, compared to the quarter ended September 30, 2017. Transaction Adjusted Strategic Capital Expenditures, defined as Edge-Out Capital Expenditures and Business Services Capital Expenditures dedicated to expansion of the Company's network, were $16.6 million for the quarter ended September 30, 2018, which represented a decrease of $1.2 million over the Transaction Adjusted Strategic Capital Expenditures in the quarter ended September 30, 2017. Excluding Transaction Adjusted Strategic Capital Expenditures, Transaction Adjusted Capital Expenditures for the quarter ended September 30, 2018, totaled $57.0 million, which equates to 19.5% of Total Revenue for the quarter ended September 30, 2018.

Liquidity and Leverage

As of September 30, 2018, the total outstanding amount of long term debt and capital lease obligations was $2.322 billion, and cash and cash equivalents were $27.3 million. Total Net Leverage as of September 30, 2018, was 5.6x, on a LTM Transaction Adjusted EBITDA basis, and undrawn revolver capacity totaled $234.6 million.

Conference Call

WOW! will host a conference call on Thursday, November 8, 2018, at 5:00 p.m. Eastern to discuss the operating and financial results contained in this press release. The conference call will be broadcast live on the Company's investor relations website at ir.wowway.com. Those parties interested in participating via telephone can use the conference call information as follows:





       
Call Date: Thursday, November 8, 2018 Call Time: 5:00 p.m. Eastern
Dial In: (877) 541-5069 International: (443) 842-7607
Conf. ID: 3663509
 

A recording of the conference call will be available approximately two hours after the completion of the call until December 8, 2018. The dial-in number for this replay is (855) 859-2056.

The following unaudited condensed consolidated statements of operations summarizes information in the Company's Form 10-Q for the periods indicated, as filed on November 8, 2018, with the United States Securities and Exchange Commission ("SEC"). For ease of use, references in this release to "WOW!" means WideOpenWest, Inc. and its subsidiaries:

       

WideOpenWest, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

($ in millions, except for per share data)

 
Three months ended Nine months ended
September 30, September 30,
  2018       2017     2018       2017  

Revenue

   
Residential subscription $ 234.3 $ 231.9 $ 703.6 $ 695.6
Business services subscription   33.0       29.6     97.0       86.4  
Total subscription 267.3 261.5 800.6 782.0
Other business services 6.6 9.6 20.6 31.3
Other   17.7       26.7     47.2       82.0  
Total Revenue $ 291.6     $ 297.8   $ 868.4     $ 895.3  
 

Costs and expenses

Operating (excluding depreciation and amortization)

$ 152.7 $ 153.2 $ 467.9 $ 470.4
Selling, general and administrative 37.0 38.1 116.4 100.9
Depreciation and amortization 46.3 49.0 139.0 150.1
Impairment loss on intangibles and goodwill - - 256.4 -
Gain on sale of assets (1.5 ) - (1.5 ) -
Management fee to related party   -       -     -       1.0  
$ 234.5     $ 240.3   $ 978.2     $ 722.4  
 
Income (loss) from operations $ 57.1 $ 57.5 $ (109.8 ) $ 172.9
Other income (expense)
Interest expense (35.0 ) (32.2 ) (96.8 ) (122.0 )
Gain on sale of system dispositions - - - 38.4
Loss on early extinguishment of debt - (26.1 ) - (32.1 )
Other income, net 0.5 0.3 1.7 1.7

Income tax benefit (expense)

  7.9       (1.6 )   57.9       16.4  
Net income (loss) $ 30.5     $ (2.1 ) $ (147.0 )   $ 75.3  
 
Basic and diluted earnings (loss) per common shares
Basic $ 0.38     $ (0.02 ) $ (1.79 )   $ 0.99  
Diluted $ 0.37     $ (0.02 ) $ (1.79 )   $ 0.99  
Weighted-average common shares outstanding
Basic   80,663,128       86,973,345     82,319,223       76,014,568  
Diluted   81,569,173       86,973,345     82,319,223       76,096,401  
 

About WOW!

WOW! is one of the nation's leading providers of high-speed internet, cable TV and phone serving communities in the U.S. Our vision is connecting people to their world through the WOW! experience: reliable, easy, and pleasantly surprising, every time. For more information, please visit www.wowway.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words "may," "will," "should," "expect," "anticipate," "estimate," "believe," "intend," "project," "continue," or the negative of these words, or other similar words or terms. The forward-looking statements included in this release are made as of the date hereof. We assume no obligation to publicly update any forward-looking statement, even if new information becomes available in the future or if experience or future changes make it clear that any projected results expressed or implied in such statements will not be realized. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. Actual results may differ materially from those expected because of various risks and uncertainties, many of which are beyond our control, including the wide range of competition we face in our business; competitors that are larger and possess more resources; dependence upon a business services strategy; conditions in the economy, including potentially uncertain economic conditions; our ability to secure new businesses as customers; demand for our bundled broadband communications services may be lower than we expect; our ability to respond to rapid technological change; increases in programming and retransmission costs; a decline in advertising revenues; the effects of regulatory changes in our business; our substantial level of indebtedness; certain covenants in our debt documents; programming exclusivity in favor of our competitors; inability to obtain necessary hardware, software and operational support; strain on business and resources from future acquisitions, or the inability to identify suitable acquisitions; and other factors that are described from time to time in our filings with the SEC. All forward-looking statements are expressly qualified in their entirety by these cautionary statements.

Non-GAAP Financial Measures and Operating Metrics

We have included certain non-GAAP financial measures in this release, including Revenue Including Acquisitions and Dispositions, Residential Subscription Revenue Including Acquisitions and Dispositions, Business Services Subscription Revenue Including Acquisitions and Dispositions, Adjusted EBITDA, Transaction Adjusted EBITDA, Transaction Adjusted Capital Expenditures, and Adjusted Diluted EPS. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP").

We believe that these non-GAAP measures enhance an investor's understanding of our financial performance. We believe that these non-GAAP measures are useful financial metrics to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business. We believe that these non-GAAP measures provide investors with useful information for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures. We use these non-GAAP measures for business planning purposes and in measuring our performance relative to that of our competitors. We believe these non-GAAP measures are measures commonly used by investors to evaluate our performance and that of our competitors.

Revenue Including Acquisitions and Dispositions, Residential Subscription Revenue Including Acquisitions and Dispositions, Business Services Subscription Revenue Including Acquisitions and Dispositions, and Transaction Adjusted Capital Expenditures give effect to certain acquisitions and divestitures made by WOW! and are included herein because they are key metrics used by management and our Board of Directors to assess our financial performance. We believe that these non-GAAP measures are appropriate measures of operating performance because they are meaningful to investors by showing how certain acquisitions and divestitures might have affected our historical financial statements. The presentation of these measures is not made in accordance with GAAP and our use of these terms herein varies from the use of similar terms by other companies in our industry due to different methods of calculation and therefore are not necessarily comparable. These non-GAAP measures should not be considered as an alternative to revenue, capital expenditures or any other performance measures derived in accordance with GAAP as measures of operating performance.

Adjusted EBITDA is included herein because it is a key metric used by management and our Board of Directors to assess our financial performance. We believe that Adjusted EBITDA is an appropriate measure of operating performance because it eliminates the impact of expenses that do not relate to business performance, and that the presentation of this measure enhances an investor's understanding of our financial performance. Transaction Adjusted EBITDA makes certain additional adjustments to the historical financial information that WOW! believes is meaningful to investors by showing how certain acquisitions and divestitures might have affected WOW!'s historical financial statements.

Adjusted EBITDA is defined by WOW! as net income (loss) before net interest expense, income taxes, depreciation and amortization (including impairments), impairment losses on intangibles and goodwill, management fees to related party, the write-up or write-off of any asset, loss on early extinguishment of debt, integration and restructuring expenses and all non-cash charges and expenses (including equity based compensation expense) and certain other income and expenses. Transaction Adjusted EBITDA represents Adjusted EBITDA after giving effect to the impact of acquisitions and dispositions that were completed during the relevant periods as if they occurred at the beginning of the period presented. The presentation of Adjusted EBITDA and Transaction Adjusted EBITDA is not made in accordance with GAAP and our use of the terms Adjusted EBITDA and Transaction Adjusted EBITDA may vary from others in our industry. Adjusted EBITDA and Transaction Adjusted EBITDA should not be considered as an alternative to net income (loss), operating income or any other performance measures derived in accordance with GAAP as measures of operating performance, operating cash flows or liquidity.

Adjusted EBITDA and Transaction Adjusted EBITDA have important limitations as analytical tools. For example, Adjusted EBITDA and Transaction Adjusted EBITDA:

  • exclude certain tax payments that may represent a reduction in cash available to us;
  • do not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future;
  • do not reflect changes in, or cash requirements for, our working capital needs; and
  • do not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt.

Adjusted Diluted Earnings per Share (EPS) is included herein because it is a key metric used by management and our Board of Directors to assess our financial performance. Adjusted Diluted EPS is a non-GAAP financial measure that eliminates the effect of management fees to related party, loss on early extinguishment of debt, gain (loss) on sale of assets, impairment losses on intangibles and goodwill, non-recurring professional fees, M&A integration and restructuring expense, non-cash stock compensation, and other (income) and expenses. We then add or subtract an estimated incremental income tax effect applicable to those items. We believe that this measurement is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented.

The presentation of Adjusted Diluted EPS is not made in accordance with GAAP and our use of the term Adjusted Diluted EPS herein varies from the use of similar terms by other companies in our industry due to different methods of calculation and is not necessarily comparable. Adjusted Diluted EPS should not be considered as an alternative to Diluted EPS or any other performance measures derived in accordance with GAAP as measures of operating performance.

See "Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures" and the accompanying tables below for a reconciliation of Adjusted EBITDA to our net income (loss), which is the most directly comparable GAAP financial measure and a reconciliation of Adjusted EPS to Diluted Earnings Per Share, which is the most directly comparable GAAP financial measure.

In addition, we use the following subscriber information in this release:

  • Homes Passed - We report homes passed as the number of serviceable addresses, such as single residence homes, apartments and condominium units, and businesses passed by our broadband network and listed in our database.
  • Subscribers - Because we deliver multiple services to our customers, we report Total Subscribers as the number of subscribers who receive at least one of our HSD, Video or Telephony services, without regard to which or how many services they subscribe. We define each of the individual HSD subscribers, Video subscribers and Telephony subscribers as a revenue generating unit ("RGU").

While we take appropriate steps to ensure subscriber information is presented on a consistent and accurate basis at any given balance sheet date, we periodically review our policies in light of the variability we may encounter across our different markets due to the nature and pricing of products and services and billing systems. Accordingly, we may from time to time make appropriate adjustments to our subscriber information based on such reviews.

Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures

The following table provides unaudited reconciliations of GAAP measures to non-GAAP measures used herein for the periods indicated:

               

WideOpenWest, Inc.

Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited)

($ in millions, except for per share data)

 
Three months ended Nine months ended
September 30, September 30,
  2018       2017     2018       2017  
 
Net income (loss) $ 30.5 $ (2.1 ) $ (147.0 ) $ 75.3
Depreciation and amortization 46.3 49.0 139.0 150.1
Impairment losses on intangibles and goodwill - - 256.4 -
Gain on sale of assets (1.5 ) - (1.5 ) -
Management fee to related party - - - 1.0
Interest expense 35.0 32.2 96.8 122.0
Loss on early extinguishment of debt - 26.1 - 32.1

Gain on sale of system dispositions

- - - (38.4 )

Non-recurring professional fees, M&A Integration and restructuring expense

2.7 3.1 10.1 7.0
Non-cash stock compensation 2.1 5.2 11.0 8.3
Other income, net (0.5 ) (0.3 ) (1.7 ) (1.7 )
Income tax (benefit) expense   (7.9 )     1.6     (57.9 )   (16.4 )
Adjusted EBITDA (1) $ 106.7     $ 114.8   $ 305.2     $ 339.3  
 
Three months Nine months
ended ended
September 30, September 30,
  2018     2018  
Per Share Per Share
Diluted earnings per share $ 0.37 $ (1.79 )
Impairment losses on intangibles and goodwill - 3.11
Gain on sale of assets (0.02 ) (0.02 )

Non-recurring professional fees, M&A integration and restructuring expense

0.03 0.12
Non-cash stock compensation 0.03 0.13
Income tax applicable to adjustments, net(2)   (0.01 )   (0.61 )
Adjusted Diluted Earnings Per Share $ 0.40   $ 0.94  
 

(1) See "Unaudited Transaction Adjusted Condensed Consolidated Financial and Subscriber Information" below for a reconciliation of Adjusted EBITDA to Transaction Adjusted EBITDA for the respective quarters giving effect the divestiture of a portion of our Chicago Fiber Network in December 2017, and our divestiture of the Lawrence, Kansas, system in January 2017, as if such transactions had been completed at the beginning of the respective periods presented.

 

(2) The income tax impacts are determined using the applicable rates in the taxing jurisdictions in which expense or income occurred and includes both current and deferred income tax expense (benefit) based on the nature of the non-GAAP performance measure.

 

Unaudited Transaction Adjusted Condensed Consolidated Financial and Subscriber Information

The SEC requires that pro forma financial information be presented in a registrant's periodic filings when events occur for which disclosure would be material to investors, including significant business combinations or the disposition of a significant portion of the business. The significance of an acquired or disposed business is determined based on the "significant subsidiary" tests specified in Regulation S-X, Article 11, Rule 1-02(w). Although the Company has made certain acquisitions and divestitures, such transactions do not meet the "significant subsidiary" tests and, accordingly, the Company's historical financial information as filed with the SEC does not contain pro forma financial information relating to those transactions.

Nevertheless, we make certain adjustments in this release to the historical financial and subscriber information of the Company as filed with the SEC ("Transaction Adjusted") because we believe such information would be meaningful to investors by showing how such transactions might have affected the Company's historical financial statements. The unaudited Transaction Adjusted financial and subscriber information in this release has been prepared giving effect to the divestiture of a portion of our Chicago Fiber Network in December 2017, and our divestiture of the Lawrence, Kansas, system in 2017, as if such transactions had been completed at the beginning of the respective periods presented. The unaudited Transaction Adjusted financial and subscriber information is for informational purposes only and does not purport to represent what our results of operations, financial or subscriber information would have been if such transactions had occurred at any date, nor does such information purport to project the results of operations for any future period.

The unaudited Transaction Adjusted condensed consolidated financial and subscriber information in this release was prepared based on our books and records for the respective periods presented for the Lawrence, Kansas system and the portion of the Chicago Fiber Network that was divested. Such historical unaudited financial and subscriber information has been adjusted to give a Transaction Adjusted effect to events that are directly attributable to such transactions, factually supportable and expected to have a continuing impact on the results. The unaudited Transaction Adjusted financial information herein does not reflect non-recurring charges that have been incurred in connection with the transaction including legal fees, broker fees and accounting fees.

The following table provides an unaudited reconciliation of our residential subscription revenue to residential subscription revenue including Acquisitions and Dispositions, business services subscription revenue to business services subscription revenue including Acquisitions and Dispositions, Total Revenue to Total Revenue including Acquisitions and Dispositions, Adjusted EBITDA to Transaction Adjusted EBITDA and Capital Expenditures to Transaction Adjusted Capital Expenditures for the periods indicated:

             

WideOpenWest, Inc.

Transaction Adjusted Condensed Consolidated Financial Information (Unaudited)

($ in millions)

 
Three months ended Nine months ended
September 30, September 30,
  2018       2017     2018       2017  
 
Residential Subscription Revenue $ 234.3 $ 231.9 $ 703.6 $ 695.6

Acquisitions and Dispositions:

Residential Subscription Revenue related to the Lawrence system   -       -     -       (1.1 )
Residential Subscription Revenue Including Acquisitions and Dispositions $ 234.3     $ 231.9   $ 703.6     $ 694.5  
 
Business Services Subscription Revenue $ 33.0 $ 29.6 $ 97.0 $ 86.4

Acquisitions and Dispositions:

Business Services Subscription Revenue related to the Lawrence system - - - (0.3 )
Business Services Subscription Revenue related to the Chicago fiber network   -       (0.5 )   -       (1.4 )
Business Services Subscription Including Acquisitions and Dispositions $ 33.0     $ 29.1   $ 97.0     $ 84.7  
 
Total Revenue $ 291.6 $ 297.8 $ 868.4 $ 895.3

Acquisitions and Dispositions:

Total Revenue related to the Lawrence system - - - (1.5 )
Total Revenue related to the Chicago fiber network   -       (3.3 )   -       (10.4 )
Total Revenue Including Acquisitions and Dispositions $ 291.6     $ 294.5   $ 868.4     $ 883.4  
 
Adjusted EBITDA $ 106.7 $ 114.8 $ 305.2 $ 339.3

Transaction Adjustments:

Adjusted EBITDA related to the Lawrence system - - - (1.0 )
Adjusted EBITDA related to the Chicago fiber network   -       (1.8 )   -       (6.0 )
Transaction Adjusted EBITDA $ 106.7     $ 113.0   $ 305.2     $ 332.3  
 
Capital Expenditures $ 80.3 $ 72.3 $ 213.8 $ 224.3

Transaction Adjustments:

Capital Expenditures related to the Lawrence system - - - (0.1 )
Capital Expenditures related to the Chicago fiber network   (6.7 )     (6.6 )   (19.0 )     (38.2 )
Transaction Adjusted Capital Expenditures $ 73.6     $ 65.7   $ 194.8     $ 186.0  
 

The following table provides an unaudited summary of our subscriber information:

           
September 30, June 30, March 31, December 31,
2018 2018 2018

2017(1)

 
Homes Passed 3,160,400 3,149,200

 

3,129,300 3,108,500
 
Total Subscribers 805,300 800,100

 

798,500 791,500
 
HSD RGUs 755,100 747,800

 

743,900 735,200
 
Video RGUs 412,800 419,900

 

429,000 436,700
 
Telephony RGUs 209,300 214,000

 

218,300 222,600
       
Total RGUs 1,377,200 1,381,700

 

1,391,200 1,394,500
 

 

(1) Statistical reporting was standardized to a single reporting methodology beginning in the first quarter of 2018. Previously, the data was maintained and accumulated separately through independent processes and procedures. The standardized reporting had the following increase/(decrease) on December 31, 2017 homes passed and subscriber numbers: homes passed (700); total subscribers 14,200; HSD RGUs 2,500; Video RGUs 4,100; Telephony RGUs 2,700; and Total RGUs 9,300.


[ Back To TMCnet.com's Homepage ]







Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy