WOW(US:WOW)2024-05-07 11:00Financial Performance - Total Revenue for Q1 2024 was $161.5 million, a decrease of $10.7 million, or 6.2%, compared to Q1 2023[4] - Total Subscription Revenue decreased by 7% to $149.0 million, primarily due to a reduction in Video and Telephony RGUs[5] - Adjusted EBITDA for Q1 2024 was $67.4 million, an increase of $2.2 million, or 3.4%, compared to Q1 2023, with an Adjusted EBITDA margin of 41.7%[10] - Net Loss for Q1 2024 was $15.0 million, an improvement from a net loss of $38.0 million in Q1 2023[9] - For the three months ended March 31, 2024, the net loss was $15.0 million, an improvement from a net loss of $38.0 million in the same period of 2023[24] - Adjusted EBITDA for the same period was $67.4 million, with an Adjusted EBITDA margin of 41.7%, compared to $65.2 million and 37.9% in 2023[35] Subscriber Metrics - Total Subscribers as of March 31, 2024, were 500,700, a decrease of 26,600, or 5%, compared to the previous year[11] - Total subscribers decreased to 500,700 as of March 31, 2024, down from 504,100 in the previous quarter[37] - High-Speed Data (HSD) Revenue Generating Units (RGUs) decreased to 489,700, while Video RGUs fell to 79,300 and Telephony RGUs to 77,700[37] Revenue Streams - High-Speed Data Revenue increased by 1% year-over-year to $106.2 million[7] - Q2 2024 guidance for HSD Revenue is projected between $104.0 million and $107.0 million[16] Capital Expenditures - Capital Expenditures totaled $72.5 million, a $12.3 million increase compared to Q1 2023, driven by market expansion initiatives[14] - Total capital expenditures for Q1 2024 were $72.5 million, up from $60.2 million in Q1 2023, with significant investments in scalable infrastructure and greenfields[37] - The company reported capital expenditures related to greenfields of $43.1 million, significantly higher than $20.2 million in the same period last year[37] Market Expansion - Market Expansion projects added 18,100 new homes passed, with a 12.5% penetration rate in Greenfield markets[12] - The number of homes passed increased to 1,948,500 as of March 31, 2024, up from 1,932,200 at the end of 2023[37] Cash Flow and Liquidity - Cash flows from operating activities provided $33.2 million, slightly up from $32.6 million in Q1 2023[24] - Cash and cash equivalents at the end of the period were $19.2 million, down from $21.2 million at the end of Q1 2023[24] Strategic Focus - The company anticipates continued focus on expanding its broadband network and enhancing service offerings in its key markets[27] Debt and Leverage - Total outstanding long-term debt was $969.9 million, with a total net leverage of 3.4x on a LTM Adjusted EBITDA basis[15]