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WideOpenWest, Inc., commonly known as WOW!, is a leading broadband services provider in the United States. Established in 1996, the company initially offered cable TV services in Illinois, Michigan, Ohio, and Indiana. Over the years, it has expanded its portfolio to include digital cable, HDTV, DVRs, high-speed internet, and local and long-distance phone services. The company significantly broadened its reach in 2012 by acquiring Knology, Inc., thus adding markets in Tennessee, Alabama, Georgia, South Carolina, Florida, Kansas, Minnesota, and Iowa.
WOW! is privately owned by Avista Capital Partners and has its corporate offices in Denver. The company's mission is to provide reliable and affordable broadband solutions, focusing on customer satisfaction and quality service. WOW! serves nearly 2 million residential, business, and wholesale consumers across 16 markets primarily located in the Midwest and Southeast, including Michigan, Alabama, Tennessee, South Carolina, Georgia, and Florida.
The company's service portfolio includes high-speed internet, data, voice, cloud services, and cable television. WOW! has been recognized multiple times for its exceptional human resources practices, winning the National Association for Business Resources' Best & Brightest Company to Work For award ten times, including six consecutive years from 2018 to 2023.
Recent achievements include the groundbreaking of an all-fiber network in Hernando County, Florida, and Livingston County, Michigan, part of the company's largest market expansion in its 25-year history. This initiative aims to add 80,000 homes to WOW!'s Michigan footprint and 44,000 homes in Hernando County. The expansion aligns with the company's goal to provide state-of-the-art, reliable fiber networks with simplified pricing and exceptional customer service.
Financially, the company reported a total revenue of $161.5 million for Q1 2024, with a net loss of $15 million, but showed growth in high-speed data revenue and Adjusted EBITDA. WOW! continues to manage its cost base aggressively while making strides in market expansion and service improvements. With plans to introduce more innovative services in the future, WOW! remains committed to meeting the evolving needs of its customers.
On December 21, 2021, WOW! (NYSE: WOW) announced the closing of a new Credit Facility, consisting of a $730 million term loan and a $250 million revolving credit line. This facility, arranged by Morgan Stanley and other banks, matures in December 2028 and has an interest rate of SOFR plus 3.00%. The proceeds will refinance existing debt and cover expenses. WOW! serves 1.9 million customers across 14 markets, focusing on high-speed internet, cable TV, and phone services. The company emphasizes quality service at competitive prices.
On December 14, 2021, WOW! Internet, Cable & Phone (NYSE: WOW) announced the launch of WOW! tv+ in Newnan, enhancing its service offerings for high-speed data (HSD) customers. This initiative follows the company's rebranding from NuLink in November. WOW! tv+ provides curated live channels, cloud DVR storage, and extensive on-demand content. The company emphasizes improved network reliability and offers residential and commercial speeds up to 1 Gig. WOW! also contributes to the community by supporting local high schools with a scholarship fund of $13,500 for college-bound students.
WOW! Internet, Cable & Phone (NYSE: WOW) has announced a new Credit Facility totaling $730 million in term loan B and $250 million in revolving credit. The facility is expected to close next week and will mature in December 2028, with an interest rate of SOFR plus 3.00%. The funds will be used to refinance existing debts and pay associated fees. The refinancing aims to optimize the company's financial structure amidst the competitive broadband market.
WOW! Internet, Cable & Phone (NYSE: WOW) has received a credit rating upgrade to BB- from S&P Global and B1 from Moody's Investors Service. This upgrade is attributed to the company using proceeds from the divestiture of service areas, with a total of $1.8 billion raised from key sales, to pay down debt. The latest sale, finalized on November 1, 2021, included Chicago, Evansville, and Maryland areas for $661 million. The stable outlook from both agencies suggests WOW! will have financial flexibility for expansion and growth.
WOW! Internet, Cable & Phone (NYSE: WOW) announced that its 1 gigabit high-speed internet service is now available to all residential and business customers in mid-Michigan, including Lansing and Potterville. This rollout emphasizes the company's commitment to providing fast and reliable internet, especially during the COVID-19 pandemic, where 90% of adults deemed internet essential. The announcement highlights the advantages of a 1 Gig connection in supporting multiple devices and high streaming demands. WOW! serves approximately 1.9 million customers across 14 markets, delivering a range of advanced broadband services.
WOW! Internet, Cable & Phone (NYSE: WOW) will host its Investor Day on December 9, 2021, at 12:30 p.m. ET. The event will feature key speakers including CEO Teresa Elder and CFO John Rego. Investors can access the live webcast on ir.wowway.com. WOW! serves over 1.9 million customers across 14 markets, primarily in the Midwest and Southeast, offering high-speed internet, cable TV, and phone services. The company is recognized for its strong workplace culture, winning multiple awards for employee satisfaction.
WOW! Internet, Cable & Phone (NYSE: WOW) has announced a scholarship program for students at Newnan, East Coweta, and Northgate high schools, providing $13,500 for the 2022-2023 academic year. The initiative aims to support up to three students from each school with $1,500 scholarships. This program aligns with WOW!'s commitment to the Newnan community following their transition from NuLink, including significant investments to enhance local services. Applications will be available between December and January, with winners announced in the spring.
ENGLEWOOD, Colo., Nov. 10, 2021 /PRNewswire/ -- WOW! Internet, Cable & Phone (NYSE: WOW) announced participation in the RBC Global Technology, Internet, Media, and Telecom Conference. CEO Teresa Elder and CFO John Rego will engage in a fireside chat at 10:40 AM ET on November 16, 2021. A live webcast will be accessible on the company's investor relations website at ir.wowway.com. WOW! is a top broadband provider, serving 1.9 million consumers across 14 markets, including Michigan, Alabama, and Florida, with a focus on high-speed Internet, cable TV, and phone services.
WideOpenWest reported Q3 2021 results showing a total revenue of $184.0 million, up $0.9 million from Q3 2020. High-speed data (HSD) revenue rose 15% to $103.3 million. Despite these gains, the company faced a net loss of $21.2 million. The Pro Forma Adjusted EBITDA was $66.7 million, up 6%, and the Pro Forma Adjusted EBITDA margin improved to 36.3%. Free Cash Flow reached $30.7 million, contributing to a historic low leverage ratio of 2.6x. Year-to-date revenue totaled $547.4 million with a net loss of $66.4 million, highlighting ongoing challenges alongside operational growth.
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