[10-Q] WideOpenWest, Inc. Quarterly Earnings Report
WideOpenWest reported weaker operating results for the quarter and six-month periods ended June 30, 2025. Revenue for the quarter was $144.2 million versus $158.8 million a year earlier and revenue for the six months was $294.2 million versus $320.3 million prior-year. The company recorded a quarterly net loss of $17.8 million (basic and diluted loss per share $0.22) and a six-month net loss of $31.7 million (loss per share $0.38), driven in part by higher interest expense.
On the balance sheet, cash was $31.8 million, total assets $1,501.5 million, total liabilities $1,320.6 million and stockholders’ equity $180.9 million. Long-term debt, net of current portion, was $1,032.7 million and total long-term debt outstanding was $1,042.2 million. Operating cash flow for six months was $52.8 million, capital expenditures were $86.8 million, and net cash from financing was $25.7 million. Subsequent events include a merger agreement to be acquired for $5.20 per share and a revolver amendment extending availability and changing pricing.
WideOpenWest ha registrato risultati operativi più deboli nel trimestre e nel periodo di sei mesi chiusi il 30 giugno 2025. I ricavi del trimestre sono stati $144.2 million rispetto a $158.8 million dell'anno precedente, e i ricavi per i sei mesi sono stati $294.2 million rispetto a $320.3 million dell'anno precedente. La società ha contabilizzato una perdita netta trimestrale di $17.8 million (perdita base e diluita per azione $0.22) e una perdita netta semestrale di $31.7 million (perdita per azione $0.38), in parte attribuibile a oneri per interessi più elevati.
Nel bilancio, la liquidità era di $31.8 million, le attività totali $1,501.5 million, le passività totali $1,320.6 million e il patrimonio netto $180.9 million. Il debito a lungo termine, al netto della parte corrente, ammontava a $1,032.7 million e il debito a lungo termine complessivo a $1,042.2 million. Il flusso di cassa operativo per i sei mesi è stato $52.8 million, gli investimenti in capitale sono stati $86.8 million e il flusso di cassa netto dalle attività di finanziamento è stato $25.7 million. Tra gli eventi successivi figurano un accordo di fusione per un'acquisizione a $5.20 per azione e una modifica della linea di credito che ne amplia la disponibilità e ne modifica i tassi.
WideOpenWest informó resultados operativos más débiles para el trimestre y el período de seis meses que finalizaron el 30 de junio de 2025. Los ingresos del trimestre fueron de $144.2 million frente a $158.8 million un año antes, y los ingresos de los seis meses fueron de $294.2 million frente a $320.3 million en el año anterior. La empresa registró una pérdida neta trimestral de $17.8 million (pérdida básica y diluida por acción $0.22) y una pérdida neta de seis meses de $31.7 million (pérdida por acción $0.38), impulsada en parte por mayores gastos por intereses.
En el balance, el efectivo era de $31.8 million, los activos totales $1,501.5 million, los pasivos totales $1,320.6 million y el patrimonio neto $180.9 million. La deuda a largo plazo, neta de la porción corriente, fue de $1,032.7 million y la deuda a largo plazo total fue de $1,042.2 million. El flujo de caja operativo en seis meses fue de $52.8 million, las inversiones de capital fueron $86.8 million y el efectivo neto procedente de la financiación fue de $25.7 million. Entre los eventos posteriores se incluye un acuerdo de fusión para ser adquirida por $5.20 por acción y una enmienda a la línea de crédito que amplía la disponibilidad y modifica la fijación de precios.
WideOpenWest는 2025년 6월 30일 종료된 분기 및 반기 기간에 대해 영업 실적이 악화되었다고 보고했습니다. 분기 매출은 $144.2 million으로 전년의 $158.8 million에 비해 감소했으며, 반기 매출은 $294.2 million으로 전년의 $320.3 million보다 줄었습니다. 회사는 분기 순손실 $17.8 million을 기록했으며(주당 기본 및 희석 손실 $0.22), 반기 순손실은 $31.7 million(주당 손실 $0.38)으로 이자비용 증가가 일부 원인으로 작용했습니다.
대차대조표상 현금은 $31.8 million, 총자산은 $1,501.5 million, 총부채는 $1,320.6 million, 자본총계는 $180.9 million였습니다. 유동성 제외 장기부채는 $1,032.7 million, 총 장기부채 잔액은 $1,042.2 million였습니다. 6개월 영업현금흐름은 $52.8 million, 자본적지출은 $86.8 million, 자금조달으로 인한 순현금유입은 $25.7 million이었습니다. 그 이후의 주요 사건으로는 주당 $5.20에 인수되는 합병계약과 가용성을 연장하고 가격책정을 변경하는 회전신용합의 수정이 포함됩니다.
WideOpenWest a déclaré des résultats opérationnels plus faibles pour le trimestre et la période de six mois clos le 30 juin 2025. Le chiffre d'affaires du trimestre s'est élevé à $144.2 million contre $158.8 million un an plus tôt, et le chiffre d'affaires des six mois à $294.2 million contre $320.3 million l'année précédente. La société a enregistré une perte nette trimestrielle de $17.8 million (perte de base et diluée par action $0.22) et une perte nette semestrielle de $31.7 million (perte par action $0.38), en partie en raison d'une hausse des charges d'intérêts.
Au bilan, la trésorerie s'établissait à $31.8 million, l'actif total à $1,501.5 million, le total des passifs à $1,320.6 million et les capitaux propres à $180.9 million. La dette à long terme nette de la portion courante était de $1,032.7 million et la dette à long terme totale en circulation de $1,042.2 million. Les flux de trésorerie d'exploitation pour six mois ont été de $52.8 million, les dépenses en capital de $86.8 million et les flux nets de trésorerie provenant des financements de $25.7 million. Parmi les événements postérieurs figurent un accord de fusion prévoyant une acquisition à $5.20 par action et un avenant à la ligne de crédit renouvelable prolongeant sa disponibilité et modifiant sa tarification.
WideOpenWest meldete schwächere operative Ergebnisse für das Quartal und den Sechsmonatszeitraum zum 30. Juni 2025. Der Quartalsumsatz belief sich auf $144.2 million gegenüber $158.8 million im Vorjahr, und der Umsatz für die sechs Monate lag bei $294.2 million gegenüber $320.3 million im Vorjahr. Das Unternehmen verzeichnete einen Quartalsverlust von $17.8 million (Grund- und verwässerter Verlust je Aktie $0.22) und einen Halbjahresverlust von $31.7 million (Verlust je Aktie $0.38), teilweise bedingt durch höhere Zinsaufwendungen.
In der Bilanz beliefen sich die liquiden Mittel auf $31.8 million, die Gesamtvermögenswerte auf $1,501.5 million, die Gesamtverbindlichkeiten auf $1,320.6 million und das Eigenkapital auf $180.9 million. Die langfristigen Schulden abzüglich des kurzfristigen Anteils betrugen $1,032.7 million, die gesamte ausstehende langfristige Verschuldung $1,042.2 million. Der operative Cashflow für sechs Monate betrug $52.8 million, die Investitionsausgaben $86.8 million und der Nettozufluss aus Finanzierungstätigkeiten $25.7 million. Nachtragsereignisse umfassen eine Fusionsvereinbarung zur Übernahme für $5.20 pro Aktie sowie eine Änderung des revolvierenden Kredits, die die Verfügbarkeit verlängert und die Konditionen ändert.
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Insights
TL;DR: Results show lower revenue, wider losses and rising interest costs; liquidity and heavy leverage are key investor concerns.
The quarter reflected a meaningful revenue decline to $144.2M from $158.8M and an increased quarterly net loss of $17.8M. Interest expense rose to $25.6M for the quarter, pressuring pre-tax results. Operating cash flow of $52.8M for six months partly offset investing of $86.8M in capex, but the company remains highly leveraged with long-term debt (net) of $1,032.7M against equity of $180.9M. Key metrics for credit and liquidity monitoring include cash of $31.8M, covenant compliance (stated as met), and upcoming debt maturities under the super‑senior facility.
TL;DR: Proposed cash acquisition at $5.20 per share is a material, definitive corporate transaction subject to closing conditions.
The August 11, 2025 Merger Agreement to sell the company for $5.20 per share is a material subsequent event. Crestview‑affiliated holders representing ~37% of outstanding shares entered a rollover/support agreement, which materially increases the likelihood of stockholder approval. The transaction contemplates de‑listing and de‑registration and includes mutual termination fees ($15.8M or $31.6M) and regulatory approvals (including FCC). The Merger and related revolver amendment materially affect capital structure, lender pricing and maturity timing if consummated.
WideOpenWest ha registrato risultati operativi più deboli nel trimestre e nel periodo di sei mesi chiusi il 30 giugno 2025. I ricavi del trimestre sono stati $144.2 million rispetto a $158.8 million dell'anno precedente, e i ricavi per i sei mesi sono stati $294.2 million rispetto a $320.3 million dell'anno precedente. La società ha contabilizzato una perdita netta trimestrale di $17.8 million (perdita base e diluita per azione $0.22) e una perdita netta semestrale di $31.7 million (perdita per azione $0.38), in parte attribuibile a oneri per interessi più elevati.
Nel bilancio, la liquidità era di $31.8 million, le attività totali $1,501.5 million, le passività totali $1,320.6 million e il patrimonio netto $180.9 million. Il debito a lungo termine, al netto della parte corrente, ammontava a $1,032.7 million e il debito a lungo termine complessivo a $1,042.2 million. Il flusso di cassa operativo per i sei mesi è stato $52.8 million, gli investimenti in capitale sono stati $86.8 million e il flusso di cassa netto dalle attività di finanziamento è stato $25.7 million. Tra gli eventi successivi figurano un accordo di fusione per un'acquisizione a $5.20 per azione e una modifica della linea di credito che ne amplia la disponibilità e ne modifica i tassi.
WideOpenWest informó resultados operativos más débiles para el trimestre y el período de seis meses que finalizaron el 30 de junio de 2025. Los ingresos del trimestre fueron de $144.2 million frente a $158.8 million un año antes, y los ingresos de los seis meses fueron de $294.2 million frente a $320.3 million en el año anterior. La empresa registró una pérdida neta trimestral de $17.8 million (pérdida básica y diluida por acción $0.22) y una pérdida neta de seis meses de $31.7 million (pérdida por acción $0.38), impulsada en parte por mayores gastos por intereses.
En el balance, el efectivo era de $31.8 million, los activos totales $1,501.5 million, los pasivos totales $1,320.6 million y el patrimonio neto $180.9 million. La deuda a largo plazo, neta de la porción corriente, fue de $1,032.7 million y la deuda a largo plazo total fue de $1,042.2 million. El flujo de caja operativo en seis meses fue de $52.8 million, las inversiones de capital fueron $86.8 million y el efectivo neto procedente de la financiación fue de $25.7 million. Entre los eventos posteriores se incluye un acuerdo de fusión para ser adquirida por $5.20 por acción y una enmienda a la línea de crédito que amplía la disponibilidad y modifica la fijación de precios.
WideOpenWest는 2025년 6월 30일 종료된 분기 및 반기 기간에 대해 영업 실적이 악화되었다고 보고했습니다. 분기 매출은 $144.2 million으로 전년의 $158.8 million에 비해 감소했으며, 반기 매출은 $294.2 million으로 전년의 $320.3 million보다 줄었습니다. 회사는 분기 순손실 $17.8 million을 기록했으며(주당 기본 및 희석 손실 $0.22), 반기 순손실은 $31.7 million(주당 손실 $0.38)으로 이자비용 증가가 일부 원인으로 작용했습니다.
대차대조표상 현금은 $31.8 million, 총자산은 $1,501.5 million, 총부채는 $1,320.6 million, 자본총계는 $180.9 million였습니다. 유동성 제외 장기부채는 $1,032.7 million, 총 장기부채 잔액은 $1,042.2 million였습니다. 6개월 영업현금흐름은 $52.8 million, 자본적지출은 $86.8 million, 자금조달으로 인한 순현금유입은 $25.7 million이었습니다. 그 이후의 주요 사건으로는 주당 $5.20에 인수되는 합병계약과 가용성을 연장하고 가격책정을 변경하는 회전신용합의 수정이 포함됩니다.
WideOpenWest a déclaré des résultats opérationnels plus faibles pour le trimestre et la période de six mois clos le 30 juin 2025. Le chiffre d'affaires du trimestre s'est élevé à $144.2 million contre $158.8 million un an plus tôt, et le chiffre d'affaires des six mois à $294.2 million contre $320.3 million l'année précédente. La société a enregistré une perte nette trimestrielle de $17.8 million (perte de base et diluée par action $0.22) et une perte nette semestrielle de $31.7 million (perte par action $0.38), en partie en raison d'une hausse des charges d'intérêts.
Au bilan, la trésorerie s'établissait à $31.8 million, l'actif total à $1,501.5 million, le total des passifs à $1,320.6 million et les capitaux propres à $180.9 million. La dette à long terme nette de la portion courante était de $1,032.7 million et la dette à long terme totale en circulation de $1,042.2 million. Les flux de trésorerie d'exploitation pour six mois ont été de $52.8 million, les dépenses en capital de $86.8 million et les flux nets de trésorerie provenant des financements de $25.7 million. Parmi les événements postérieurs figurent un accord de fusion prévoyant une acquisition à $5.20 par action et un avenant à la ligne de crédit renouvelable prolongeant sa disponibilité et modifiant sa tarification.
WideOpenWest meldete schwächere operative Ergebnisse für das Quartal und den Sechsmonatszeitraum zum 30. Juni 2025. Der Quartalsumsatz belief sich auf $144.2 million gegenüber $158.8 million im Vorjahr, und der Umsatz für die sechs Monate lag bei $294.2 million gegenüber $320.3 million im Vorjahr. Das Unternehmen verzeichnete einen Quartalsverlust von $17.8 million (Grund- und verwässerter Verlust je Aktie $0.22) und einen Halbjahresverlust von $31.7 million (Verlust je Aktie $0.38), teilweise bedingt durch höhere Zinsaufwendungen.
In der Bilanz beliefen sich die liquiden Mittel auf $31.8 million, die Gesamtvermögenswerte auf $1,501.5 million, die Gesamtverbindlichkeiten auf $1,320.6 million und das Eigenkapital auf $180.9 million. Die langfristigen Schulden abzüglich des kurzfristigen Anteils betrugen $1,032.7 million, die gesamte ausstehende langfristige Verschuldung $1,042.2 million. Der operative Cashflow für sechs Monate betrug $52.8 million, die Investitionsausgaben $86.8 million und der Nettozufluss aus Finanzierungstätigkeiten $25.7 million. Nachtragsereignisse umfassen eine Fusionsvereinbarung zur Übernahme für $5.20 pro Aktie sowie eine Änderung des revolvierenden Kredits, die die Verfügbarkeit verlängert und die Konditionen ändert.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
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For the quarterly period ended | |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
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For the transition period from to | |
Commission File Number:
(Exact name of registrant as specified in its charter)
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(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer ☐ | |
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Non-accelerated filer ☐ | Smaller reporting company |
Emerging Growth Company | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
The number of outstanding shares of the registrant’s common stock as of August 5, 2025 was
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WIDEOPENWEST, INC. AND SUBSIDIARIES
FORM 10-Q
FOR THE PERIOD ENDED JUNE 30, 2025
TABLE OF CONTENTS
| | Page |
PART I. Financial Information | ||
Item 1: | Financial Statements (Unaudited) | |
| Condensed Consolidated Balance Sheets | 1 |
| Condensed Consolidated Statements of Operations | 2 |
| Condensed Consolidated Statements of Stockholders’ Equity | 3 |
| Condensed Consolidated Statements of Cash Flows | 4 |
| Notes to the Condensed Consolidated Financial Statements | 5 |
Item 2: | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 19 |
Item 3: | Quantitative and Qualitative Disclosures about Market Risk | 27 |
Item 4: | Controls and Procedures | 27 |
PART II. Other Information | 29 | |
Item 1: | Legal Proceedings | 29 |
Item 1A: | Risk Factors | 29 |
Item 2: | Unregistered Sales of Equity Securities and Use of Proceeds | 31 |
Item 3: | Defaults Upon Senior Securities | 31 |
Item 4: | Mine Safety Disclosures | 31 |
Item 5: | Other Information | 31 |
Item 6: | Exhibits | 32 |
This Quarterly Report on Form 10-Q is for the three and six months ended June 30, 2025. Any statement contained in a prior periodic report shall be deemed to be modified or superseded for purposes of this Quarterly Report to the extent that a statement contained herein modifies or supersedes such statement. The Securities and Exchange Commission allows us to “incorporate by reference” information that we file with them, which means that we can disclose important information by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report. References in this Quarterly Report to “WOW,” “we,” “us,” “our,” or “the Company” are to WideOpenWest, Inc. and its direct and indirect subsidiaries, unless the context specifies or requires otherwise.
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Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this Quarterly Report that are not historical facts contain “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. These forward-looking statements represent our goals, beliefs, plans and expectations about our prospects for the future and other future events. Such statements involve certain risks, uncertainties and assumptions. Forward-looking statements include all statements that are not historical fact and can be identified by terms such as “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “anticipate,” “expect,” “believe,” “estimate,” “plan,” “project,” “predict,” “potential,” or the negative of these terms. Although these forward-looking statements reflect our good-faith belief and reasonable judgment based on current information, these statements are qualified by important factors, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including, but not limited to:
| ● | the ability to retain and further attract customers due to increased competition, resource abilities of competitors, and shifts in the entertainment desires of customers; |
| ● | our substantial level of indebtedness, sensitivity to increases in prevailing interest rates, and our ability to comply with all covenants in our debt agreements; |
| ● | our ability to respond to rapid technological change, including our ability to develop and deploy new products and technologies; |
| ● | increases in programming and retransmission costs and/or programming exclusivity in favor of our competitors; |
| ● | the disruption or failure of our network information systems or technologies as a result of hacking, viruses, outages or natural disasters in one or more of our geographic markets; |
| ● | the effects of new regulations or regulatory changes on our business; |
| ● | our ability to procure necessary materials, equipment and services from our vendors in a timely manner in connection with our network expansion initiatives; |
| ● | changes in laws and government regulations that may impact the availability and cost of capital; |
| ● | effects of uncertain economic conditions (e.g., unemployment, decreased disposable income, etc.) which may negatively affect our customers’ demand or ability to pay for our current and future products and services; |
| ● | the potential effects of severe weather events in our market, including hurricanes affecting our markets in the southeastern United States; |
| ● | the proposed Merger (as defined below) is subject to satisfaction of certain closing conditions, including governmental, regulatory and stockholder approvals, which may not be satisfied or completed within the expected timeframe, if at all; |
| ● | the proposed Merger may cause disruption to our relationship with customers, other third-party business partners and employees; |
| ● | the costs we have incurred and will continue to incur as a result of the Merger; |
| ● | our ability to manage the risks involved in the foregoing; and |
other factors described from time to time in our reports filed or furnished with the SEC, and in particular those factors set forth in the section entitled “Risk Factors” in our annual report filed on Form 10-K with the SEC on March 14, 2025 and other reports subsequently filed with the SEC. Given these uncertainties, you should not place undue reliance on any such forward-looking statements. The forward-looking statements included in this report are made as of the date hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.
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PART I-FINANCIAL INFORMATION
WIDEOPENWEST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
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Assets |
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Current assets |
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Cash | | $ | | | $ | |
Accounts receivable—trade, net of allowance for credit losses of $ | |
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Prepaid expenses and other | |
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Total current assets | |
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Right-of-use lease assets—operating | | | | | | |
Property, plant and equipment, net | |
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Goodwill | |
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Intangible assets subject to amortization, net | |
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Total assets | | $ | | | $ | |
Liabilities and stockholders’ equity | |
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Current liabilities | |
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Accounts payable—trade, net | | $ | | | $ | |
Accrued interest | |
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Current portion of long-term lease liability—operating | | | | | | |
Accrued liabilities and other | |
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Current portion of long-term debt and finance lease obligations | |
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Current portion of unearned service revenue | |
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Total current liabilities | |
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Long-term debt and finance lease obligations, net of debt issuance costs —less current portion | | | | | | |
Long-term lease liability—operating | | | | | | |
Deferred income taxes, net | |
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Other non-current liabilities | |
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Total liabilities | |
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Commitments and contingencies (Note 13) | |
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Stockholders' equity: | | | | | | |
Preferred stock, $ | | | — | | | — |
Common stock, $ | |
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Additional paid-in capital | |
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Accumulated deficit | | | ( | | | ( |
Treasury stock at cost, | |
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Total stockholders’ equity | |
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Total liabilities and stockholders’ equity | | $ | | | $ | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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WIDEOPENWEST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
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| | Three months ended | | Six months ended | ||||||||
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| 2024 | | 2025 |
| 2024 | ||||
| | (in millions, except per share and share data) | ||||||||||
Revenue | | $ | | | $ | | | $ | | | $ | |
Costs and expenses: | |
| | |
| | |
| | |
| |
Operating (excluding depreciation and amortization) | |
| | |
| | |
| | |
| |
Selling, general and administrative | |
| | |
| | |
| | |
| |
Depreciation and amortization | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| |
Income from operations | |
| | |
| | |
| | |
| |
Other income (expense): | |
| | |
| | |
| | |
| |
Interest expense | |
| ( | |
| ( | |
| ( | |
| ( |
Other income, net | |
| | |
| | |
| | |
| |
Loss before provision for income tax | |
| ( | |
| ( | |
| ( | |
| ( |
Income tax benefit | |
| | |
| | |
| | |
| |
Net loss | | $ | ( | | $ | ( | | $ | ( | | $ | ( |
| | | | | | | | | | | | |
Basic and diluted loss per common share | | | | | | | | | | | | |
Basic | | $ | ( | | $ | ( | | $ | ( | | $ | ( |
Diluted | | $ | ( | | $ | ( | | $ | ( | | $ | ( |
Weighted-average common shares outstanding | | | | | | | | | | | | |
Basic | | | | | | | | | | | | |
Diluted | | | | | | | | | | | | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Table of Contents
WIDEOPENWEST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(unaudited)
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | |||||
| | | | Common | | Treasury | | Additional | | | | Total | |||||
| | Common | | Stock | | Stock at | | Paid-in | | Accumulated | | Stockholders' | |||||
|
| Stock |
| Par Value |
| Cost |
| Capital |
| Deficit |
| Equity | |||||
| | (in millions, except share data) | |||||||||||||||
Balances at January 1, 2025 | | | | $ | | | $ | ( | | $ | | | $ | ( | | $ | |
Stock-based compensation | | — |
| | — | | | — | |
| | |
| — | |
| |
Issuance of restricted stock, net | | | | | — | | | — | |
| — | |
| — | |
| — |
Purchase of shares | | ( |
| | — | | | ( | | | — | | | — | | | ( |
Net loss | | — |
| | — | | | — | |
| — | |
| ( | |
| ( |
Balances at March 31, 2025(1) | | |
| $ | | | $ | ( | | $ | | | $ | ( | | $ | |
Stock-based compensation | | — | | | — | | | — | | | | | | — | | | |
Issuance of restricted stock, net | | | | | — | | | — | |
| — | |
| — | |
| — |
Purchase of shares | | ( | | | — | | | — | |
| — | |
| — | |
| — |
Net loss | | — | | | — | | | — | |
| — | |
| ( | |
| ( |
Balances at June 30, 2025(1) | | |
| $ | | | $ | ( | | $ | | | $ | ( | | $ | |
| (1) |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | Retained | | | |||||
| | | | Common | | Treasury | | Additional | | Earnings | | Total | |||||
| | Common | | Stock | | Stock at | | Paid-in | | (Accumulated | | Stockholders' | |||||
|
| Stock |
| Par Value |
| Cost |
| Capital |
| Deficit) |
| Equity | |||||
| | (in millions, except share data) | |||||||||||||||
Balances at January 1, 2024 | | |
| $ | | | $ | ( | | $ | | | $ | | | $ | |
Stock-based compensation | | — |
| | — | | | — | |
| | | | — | |
| |
Issuance of restricted stock, net | | | | | — | | | — | |
| — | | | — | |
| — |
Purchase of shares | | ( |
| | — | | | ( | | | — | | | — | | | ( |
Net loss | | — |
| | — | | | — | |
| — | | | ( | |
| ( |
Balances at March 31, 2024(1) | | |
| $ | |
| $ | ( | | $ | |
| $ | | | $ | |
Stock-based compensation | | — | | | — | | | — | | | | | | — | |
| |
Issuance of restricted stock, net | | | | | — | | | — | |
| — | | | — | |
| — |
Purchase of shares | | ( | | | — | | | ( | |
| — | | | — | | | ( |
Net loss | | — | | | — | | | — | |
| — | | | ( | |
| ( |
Balances at June 30, 2024(1) | | |
| $ | |
| $ | ( | | $ | |
| $ | ( | | $ | |
(1) |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Table of Contents
WIDEOPENWEST, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
| | | | | | |
| | Six Months Ended | ||||
|
| June 30, | ||||
| | 2025 | | 2024 | ||
| | (in millions) | ||||
Cash flows from operating activities: |
| |
|
| |
|
Net loss | | $ | ( | | $ | ( |
Adjustments to reconcile net loss to net cash provided by operating activities: | |
| | |
| |
Depreciation and amortization | |
| | |
| |
Deferred income taxes | |
| ( | |
| ( |
Provision for credit losses | |
| | |
| |
Gain on sale of operating assets, net | | | ( | | | ( |
Amortization of debt issuance costs and discount | |
| | | | |
Change in fair value of derivative instruments | | | | | | ( |
Non-cash compensation | |
| | |
| |
Other non-cash items | |
| — | |
| ( |
Changes in operating assets and liabilities: | |
| | | | |
Receivables and other operating assets | |
| ( | |
| |
Payables and accruals | |
| ( | |
| |
Net cash provided by operating activities | | $ | | | $ | |
Cash flows from investing activities: | |
|
| |
| |
Capital expenditures | | $ | ( | | $ | ( |
Other investing activities | |
| | |
| |
Net cash used in investing activities | | $ | ( | | $ | ( |
Cash flows from financing activities: | |
|
| |
| |
Proceeds from issuance of long-term debt | | $ | | | $ | |
Payments on long-term debt and finance lease obligations | |
| ( | |
| ( |
Reimbursement of finance lease payments | | | — | | | |
Purchase of shares | | | ( | | | ( |
Net cash provided by financing activities | | $ | | | $ | |
Decrease in cash and cash equivalents | |
| ( | |
| ( |
Cash, beginning of period | |
| | |
| |
Cash, end of period | | $ | | | $ | |
Supplemental disclosures of cash flow information: | |
|
| |
| |
Cash paid during the periods for interest, net | | $ | | | $ | |
Cash received during the periods for interest rate swap | | $ | — | | $ | |
Cash paid during the periods for income taxes | | $ | | | $ | |
Insurance proceeds received for business interruption | | $ | | | $ | — |
Indemnification proceeds received for patent litigation | | $ | | | $ | |
Non-cash operating activities: | | | | | | |
Operating lease additions | | $ | | | $ | |
Non-cash investing and financing activities: | |
|
| |
|
|
Finance lease additions | | $ | | | $ | |
Excise tax payable | | $ | — | | $ | |
Capital expenditures within accounts payable and accruals | | $ | | | $ | |
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
4
Table of Contents
WIDEOPENWEST, INC. AND SUBSIDIARIES
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025
(unaudited)
Note 1. General Information
WideOpenWest, Inc. (“WOW” or the “Company”) is a broadband provider offering an expansive portfolio of advanced services, including high-speed data (“HSD”), cable television (“Video”), and digital telephony (“Telephony”) services to residential and business customers. The Company serves customers in
Note 2. Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”); however, in the opinion of management, the disclosures made are adequate to ensure the information presented is not misleading. The year-end consolidated balance sheet was derived from audited financial statements.
In the opinion of management, all normally recurring adjustments considered necessary for the fair presentation of the financial statements have been included, and the financial statements present fairly the financial position and results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results expected for the full year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the 2024 Annual Report filed with the SEC on March 14, 2025.
All significant intercompany accounts and transactions have been eliminated in consolidation.
Use of Estimates
The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates that affect the reported amounts and disclosures of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts and disclosures of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. To the extent there are differences between those estimates and actual results, the unaudited condensed consolidated financial statements may be materially affected.
The Company recorded a change in accounting estimate during the first quarter of 2025 related to the fair value measurement of debt for income tax purposes under ASC 740 that resulted in a $
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Table of Contents
Recently Issued Accounting Standards
ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
In October 2023, FASB issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740), Improvement to Income Tax Disclosures. ASU 2023-09 will require all entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. This requires public business entities (“PBEs”) to include incremental detail in a numerical, tabular format, while all other entities will do so through enhanced qualitative disclosures. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. The Company expects the adoption of the standard to result in additional disaggregation in the income tax footnote disclosures but does not anticipate adoption will have a material impact on its financial position, results of operations or cash flows.
ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40
In November 2024, FASB issued Accounting Standard Update (“ASU”) 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires additional disclosure of expenses included in the income statements including purchase of inventory; employee compensation; depreciation; intangible asset amortization; depreciation, depletion, and amortization. The new standard requires new disclosures with additional disaggregated information about expenses in the footnotes. The new pronouncement does not change or remove any existing presentation or disclosure requirements. The amendments are to be adopted for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company expects the adoption of the standard to result in additional disaggregation in the income statement and related disclosures but does not anticipate adoption will have a material impact on its financial position, results of operations or cash flows.
Recently Adopted Accounting Pronouncements
ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
In November 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvement to Reportable Segment Disclosures. ASU 2023-07 requires PBEs to disclose, on an annual and interim basis, significant segment expenses provided to the chief operating decision maker (“CODM”), including profit and loss; an amount for other segment items by reportable segment, including a description of composition; annual disclosures about a reportable segment’s profit or loss. ASU 2023-07 also provides that if a CODM uses more than one measure of a segment’s profit or loss, the PBE may report one or more of those additional measures and requires that a PBE disclose the title and position of the CODM. The updated disclosure requirements were adopted for the annual period ending on December 31, 2024.
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Table of Contents
Note 3. Revenue from Contracts with Customers
Revenue by Service Offering
The following table presents revenue by service offering:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2025 |
| 2024 |
| 2025 | | 2024 | ||||
| | (in millions) | ||||||||||
Residential subscription | | | | | | | | | | | | |
HSD | | $ | | | $ | | | $ | | | $ | |
Video | |
| | |
| | | | | | | |
Telephony | |
| | |
| | | | | | | |
Total residential subscription | | $ | | | $ | | | $ | | | $ | |
Business subscription | | | | | | | | | | | | |
HSD | | $ | | | $ | | | $ | | | $ | |
Video | | | | | | | | | | | | |
Telephony | | | | | | | | | | | | |
Total business subscription | | $ | | | $ | | | $ | | | $ | |
Total subscription services revenue | | | | | | | | | | | | |
Other business services revenue(1) | | | | | | | | | | | | |
Other revenue | | | | | | | | | | | | |
Total revenue | | $ | | | $ | | | $ | | | $ | |
| (1) | Includes wholesale and colocation lease revenue of $ |
Promotional Costs
The following table summarizes the activity of promotional costs:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
| | (in millions) | ||||||||||
Balance at beginning of period | | $ | | | $ | | | $ | | | $ | |
Deferral | |
| | | | | |
| | |
| |
Amortization | |
| ( | | | ( | |
| ( | |
| ( |
Balance at end of period | | $ | | | $ | | | $ | | | $ | |
The following table presents the current and non-current portion of promotional costs for the periods presented:
| | | | | | |
| | June 30, 2025 |
| December 31, 2024 | ||
| | (in millions) | ||||
Current promotional costs | | $ | | | $ | |
Non-current promotional costs | | | | | | |
Total promotional costs | | $ | | | $ | |
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Table of Contents
Costs of Obtaining Contracts with Customers
The following table summarizes the activity of costs of obtaining contracts with customers:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
| | (in millions) | ||||||||||
Balance at beginning of period | | $ | | | $ | | | $ | | | $ | |
Deferral | |
| | |
| | |
| | |
| |
Amortization | |
| ( | |
| ( | |
| ( | |
| ( |
Balance at end of period | | $ | | | $ | | | $ | | | $ | |
The following table presents the current and non-current portion of costs of obtaining contracts with customers as of the end of the corresponding periods:
| | | | | | |
| | June 30, 2025 |
| December 31, 2024 | ||
| | (in millions) | ||||
Current costs of obtaining contracts with customers | | $ | | | $ | |
Non-current costs of obtaining contracts with customers | | | | | | |
Total costs of obtaining contracts with customers | | $ | | | $ | |
The current portion and the non-current portion of promotional costs and costs of obtaining contracts with customers are included in prepaid expenses and other and other non-current assets, respectively, in the Company’s unaudited condensed consolidated balance sheets. Amortization of promotional costs related to customers is offset in revenue. Amortization of costs of obtaining contracts with customers is included in selling, general and administrative expense in the Company’s unaudited condensed consolidated statements of operations.
Contract Liabilities
The following table summarizes the activity of current and non-current contract liabilities:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2025 | | 2024 | | 2025 | | 2024 | ||||
| | (in millions) | ||||||||||
Balance at beginning of period | | $ | | | $ | | | $ | | | $ | |
Deferral | |
| | |
| | |
| | |
| |
Revenue recognized | |
| ( | |
| ( | |
| ( | |
| ( |
Balance at end of period | | $ | | | $ | | | $ | | | $ | |
The following table presents the current and non-current portion of contract liabilities as of the end of the corresponding periods:
| | | | | | |
| | June 30, 2025 | | December 31, 2024 | ||
| | (in millions) | ||||
Current contract liabilities | | $ | | | $ | |
Non-current contract liabilities | | | | | | |
Total contract liabilities | | $ | | | $ | |
The current portion and the non-current portion of contract liabilities are included in the current portion of unearned service revenue and other non-current liabilities, respectively, in the Company’s unaudited condensed consolidated balance sheets.
8
Table of Contents
Unsatisfied Performance Obligations
Revenue from month-to-month residential subscription service contracts has historically represented a significant portion of the Company’s revenue and the Company expects that this will continue to be the case in future periods. All residential subscription service performance obligations will be satisfied within
A summary of expected business subscription and other business services revenue to be recognized in future periods related to performance obligations which have not been satisfied or are partially unsatisfied as of June 30, 2025 is set forth in the table below:
| | | | | | | | | | | | | | | |
|
| 2025 |
| 2026 |
| 2027 |
| Thereafter |
| Total | |||||
| | (in millions) | |||||||||||||
Subscription services | | $ | | | | | | | | | | | | $ | |
Other business services | |
| | | | | | | | | | | |
| |
Total expected revenue | | $ | | | $ | | | $ | | | $ | | | $ | |
Provision for Credit Losses
The provision for doubtful accounts and the allowance for doubtful accounts are based on the aging of the individual receivables, historical trends and current and anticipated future economic conditions. The Company manages credit risk by disconnecting services to customers who are delinquent, generally after
The following table presents the change in the allowance for credit losses for trade accounts receivable:
| | | | | | | | | | | | |
| | Three months ended | | | Six months ended | |||||||
| | June 30, | | | June 30, | |||||||
| | 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
| | (in millions) | ||||||||||
Accounts receivable - trade | | $ | | | $ | | | $ | | | $ | |
| | | | | | | | | | | | |
Allowance for credit losses: | | | | | | | | | | | | |
Balance at beginning of period | | $ | | | $ | | | $ | | | $ | |
Provision charged to expense | |
| | |
| | |
| | |
| |
Accounts written off, net of recoveries | |
| ( | |
| ( | |
| ( | |
| ( |
Balance at end of period | | $ | | | $ | | | $ | | | $ | |
| | | | | | | | | | | | |
Accounts receivable - trade, net of allowance for credit losses | | $ | | | $ | | | $ | | | $ | |
9
Table of Contents
Note 4. Plant, Property and Equipment, Net
Plant, property and equipment consists of the following:
| | | | | | |
| | June 30, | | December 31, | ||
|
| 2025 |
| 2024 | ||
| | (in millions) | ||||
Distribution facilities | | $ | | | $ | |
Head-end equipment | |
| | |
| |
Customer premise equipment | |
| | |
| |
Computer equipment and software | |
| | |
| |
Telephony infrastructure | |
| | |
| |
Buildings and leasehold improvements | |
| | |
| |
Vehicles | |
| | |
| |
Office and technical equipment | |
| | |
| |
Land | |
| | |
| |
Construction in progress (including material inventory and other) | |
| | |
| |
Total property, plant and equipment | |
| | |
| |
Less accumulated depreciation | |
| ( | |
| ( |
| | $ | | | $ | |
Depreciation expense for the three months ended June 30, 2025 and 2024 was $
Depreciation expense for the six months ended June 30, 2025 and 2024 was $
Note 5. Accrued Liabilities and Other
Accrued liabilities and other consists of the following:
| | | | | | |
| | June 30, | | December 31, | ||
|
| 2025 |
| 2024 | ||
| | (in millions) | ||||
Payroll and employee benefits | | $ | | | $ | |
Programming costs | | | | | | |
Patent litigation settlement | | | | | | |
Property, income, sales and use taxes | | | | | | |
Professional fees | |
| | |
| |
Employee severance | | | | | | |
Franchise and revenue sharing fees | |
| | |
| |
Fair value of interest rate swap | | | | | | |
Utility pole costs | |
| | |
| |
Other accrued liabilities | | | | | | |
| | $ | | | $ | |
10
Table of Contents
Note 6. Long-Term Debt and Finance Leases
The following table summarizes the Company’s long-term debt and finance leases:
| | | | | | | | | | | | |
| | | | | | | | | | | December 31, | |
| | June 30, 2025 | | 2024 | ||||||||
|
| Available |
| | |
| | |||||
| | borrowing | | Effective | | | Outstanding | | Outstanding | |||
| | capacity | | interest rate(1) | |
| balance |
| balance | |||
| | (in millions) | ||||||||||
Long-term debt: |
| |
|
|
| |
| |
|
| |
|
Super-priority Loans, net(2) | | | — |
| % | | | | | | | |
Revolving Credit Facility(3) | |
| |
| % | |
| | |
| | |
Total long-term debt | | $ | |
| | | |
| | |
| |
Other Financing | | | | | | | | | | | | |
Finance lease obligations | |
|
|
|
| | |
| | |
| |
Total long-term debt, finance lease obligations and other | |
|
|
|
| | |
| | |
| |
Debt issuance costs, net(4) | |
|
|
|
| | |
| ( | |
| ( |
Sub-total | |
|
|
|
| | |
| | |
| |
Less current portion | |
|
|
|
| | |
| ( | |
| ( |
Long-term portion | |
| |
|
| | | $ | | | $ | |
| (1) | Represents the effective interest rate in effect for all borrowings outstanding as of June 30, 2025 pursuant to each debt instrument including the applicable margin. Excluding the impact of the derivative instruments the First Out Term Loan rate is |
| (2) | At June 30, 2025 and December 31, 2024 includes $ |
| (3) | Available borrowing capacity at June 30, 2025 represents $ |
| (4) | At June 30, 2025 and December 31, 2024 debt issuance costs include $ |
Credit Agreement
On October 11, 2024, the Company entered into a new super-priority credit agreement with certain lenders and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “Priority Credit Agreement”). The Priority Credit Agreement provides for (i) a $
The First Out TL matures in December 2028 (subject to a springing maturity of
The Super-senior Facility contains certain (a) restrictive covenants, including, but not limited to, restrictions on the entry into burdensome agreements, the prohibition of the incurrence of certain indebtedness, restrictions on the ability to make certain payments and to enter into certain merger, consolidation, asset sale and affiliate transactions, and (b) a springing
11
Table of Contents
secured net leverage ratio for the benefit only of the Second Out RCF lenders. The Priority Credit Agreement also contains representations and warranties, affirmative covenants and events of default customary for an agreement of its type. As is customary, certain events of default could result in an acceleration of the Company’s obligations under the Priority Credit Agreement.
As of June 30, 2025, the Company was in compliance with all debt covenants.
Note 7. Stock-Based Compensation
The Company’s stock incentive plan, the 2017 Omnibus Incentive Plan, provides for grants of stock options, restricted stock and performance awards. The Company’s directors, officers and other employees and persons who engage in services for the Company are eligible for grants under the plan. The stock incentive plan has authorized
Restricted stock awards generally vest ratably over a
The Company recorded $
The following table presents the changes in restricted stock activity during the six months ended June 30, 2025 and 2024:
| | | | |
| | June 30, | | June 30, |
| | 2025 | | 2024 |
| | (shares) | ||
Outstanding, beginning of period | | | | |
Granted | | | | |
Vested | | ( | | ( |
Forfeited | | ( | | ( |
Outstanding, end of period(1) | | | | |
| (1) | The total outstanding non-vested shares of restricted stock awards granted to employees and directors are included in total outstanding shares as of June 30, 2025 and 2024. |
Existing Performance Shares
The 2023 performance shares are based on the Company’s achievement level relative to:
The performance shares based on
12
Table of Contents
New Performance Shares
On March 28, 2025, the Company granted
On March 28, 2025, the Company granted
Note 8. Equity
The following table summarizes the Company’s purchases of WOW common stock during the three and six months ended June 30, 2025 and 2024, respectively. These shares are reflected as treasury stock in the Company’s unaudited condensed consolidated balance sheets.
| | | | | | | | |
|
| Three months ended | | Six months ended | ||||
|
| June 30, | | June 30, | ||||
| | 2025 | | 2024 | | 2025 | | 2024 |
| | (shares) | ||||||
Income tax withholding(1) |
| | | | | | | |
| (1) | Generally, the company withholds shares to cover the income tax withholdings of the employee upon vesting. |
Note 9. Earnings per Common Share
Basic earnings or loss per share attributable to the Company’s common stockholders is computed by dividing net income or loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share attributable to common stockholders presents the dilutive effect, if any, on a per share basis of potential common shares (such as restricted stock units) as if they had been vested or converted during the periods presented. No such items were included in the computation of diluted loss or earnings per share for the three and six months ended June 30, 2025 and 2024 because the Company incurred a net loss and the effect of inclusion would have been anti-dilutive.
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
| | (in millions, except share data) | ||||||||||
Net loss | | $ | ( | | $ | ( | | $ | ( | | $ | ( |
| | | | | | | | | | | | |
Basic weighted-average shares | |
| | |
| | |
| | |
| |
Effect of dilutive securities: | |
| | |
| | |
| | |
| |
Restricted stock awards | |
| — | |
| — | |
| — | |
| — |
Diluted weighted-average shares | |
| | |
| | |
| | |
| |
| | | | | | | | | | | | |
Basic and diluted loss per common share | | | | | | | | | | | | |
Basic | | $ | ( | | $ | ( | | $ | ( | | $ | ( |
Diluted | | $ | ( | | $ | ( | | $ | ( | | $ | ( |
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Note 10. Fair Value Measurements
The fair values of cash and cash equivalents, receivables and trade payables approximate their carrying values due to the short-term nature of these instruments. For assets and liabilities of a long-term nature, the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. The Company applies the following hierarchy in determining fair value:
| ● | Level 1, defined as observable inputs being quoted prices in active markets for identical assets; |
| ● | Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and |
| ● | Level 3, defined as values determined using models that utilize significant unobservable inputs for which little or no market data exists, discounted cash flow methodologies or similar techniques, or other determinations requiring significant management judgment or estimation. |
During the first quarter of 2024, the Company entered into
| | | | | | | | | | | | |
| | Level 1 |
| Level 2 | | Level 3 |
| Total | ||||
| | (in millions) | ||||||||||
Financial Liabilities | | | | | | | | | | | | |
Interest rate swaps (1) | | $ | — |
| $ | |
| $ | — |
| $ | |
Long-term debt, net (2) | | | — | | | | | | — | | | |
Total | | $ | — | | $ | | | $ | — | | $ | |
| (1) | Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of June 30, 2025. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties. |
| (2) | Measured based on dealer quotes considering current market rates for the Company’s credit facility. The ratio of the Company’s aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. Debt fair value does not include debt issuance costs and discount. The First Out Term Loan had a fair value of $ |
The following table reflects the Company’s financial assets and liabilities measured at fair value as of December 31, 2024.
| | | | | | | | | | | | |
| | Level 1 |
| Level 2 | | Level 3 |
| Total | ||||
| | (in millions) | ||||||||||
Financial Liabilities | | | | | | | | | | | | |
Interest rate swaps (1) | | $ | — |
| $ | |
| $ | — |
| $ | |
Long-term debt, net (2) | | | — | | | | | | — | | | |
Total | | $ | — | | $ | | | $ | — | | $ | |
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| (1) | Measured as the present value of all expected future cash flows based on the SOFR-based swap yield curves as of December 31, 2024. The present value calculation uses discount rates that have been adjusted to reflect the credit quality of the Company and its counterparties. |
| (2) | Measured based on dealer quotes considering current market rates for the Company’s credit facility. The ratio of the Company’s aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. Debt fair value does not include debt issuance costs and discount. The First Out Term Loan had a fair value of $ |
There were no transfers into or out of Level 1, 2 or 3 during the periods ended June 30, 2025 and December 31, 2024.
The Company’s nonfinancial assets such as franchise operating rights, property, plant, and equipment, and other intangible assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. When such impairments are recorded, fair values are generally classified within Level 3 of the valuation hierarchy.
Note 11. Derivative Instruments
The Company is exposed to certain risks during the normal course of its business arising from adverse changes in interest rates. The Company selectively uses derivative financial instruments (“derivatives”), including interest rate swaps, to manage interest rate risk. The Company does not hold or issue derivative instruments for speculative purposes. Fluctuations in interest rates can be volatile, and the Company’s risk management activities do not totally eliminate these risks. Consequently, these fluctuations could have a significant effect on the Company’s financial results.
The Company’s exposure to interest rate risk results primarily from its variable rate borrowings. At various points during the first quarter of 2024, the Company entered into
As of June 30, 2025, the Company is the fixed rate payor on
The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the unaudited condensed consolidated balance sheet as of June 30, 2025.
| | | | | | | | | |
| | | | | Fair Value | | Fair Value | ||
| | | | | Accrued | | Other | ||
| | Notional | | Liabilities | | Non-current | |||
| | Amount | | and Other |
| Liabilities | |||
Derivatives Instruments | | (in millions) | |||||||
Interest rate swap contracts as of June 30, 2025 | | $ | | | $ | | | $ | |
The Company recognized the change in fair value of $
The Company recognized the change in fair value of $
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See additional disclosure information related to these derivative instruments in Note 10 – Fair Value Measurements.
Note 12. Income Taxes
The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. Additionally, the impact on deferred tax assets and liabilities of changes in tax rates is reflected in the financial statements in the period that includes the date of enactment.
The Company reported income tax benefit of $
Note 13. Commitments and Contingencies
Sprint Patent Infringement Claim. On March 7, 2018, Sprint Communications Company LP (“Sprint”) filed a complaint in the U.S. District Court for the District of Delaware alleging that the Company infringed a set of patents directed to the provision of Voice over Internet Protocol (“VoIP”) services. This lawsuit was part of a larger, decade long patent enforcement campaign by Sprint aimed at numerous service providers in the broadband and telecommunications industry. In April 2023, prior to the commencement of the Company’s jury trial on April 24, 2023, the Company and Sprint entered into settlement discussions and also conducted a formal mediation. Those discussions culminated in a negotiated resolution of the pending litigation, for which the parties executed a binding term sheet on April 19, 2023, and a Confidential Settlement and License Agreement on April 28, 2023. The terms of the settlement are confidential, but the agreement does obligate the Company to make payments to Sprint over the course of
As a result of the settlement, the Company accrued $
The Company is also party to various other legal proceedings (including individual, class and putative class actions) arising in the normal course of its business covering a wide range of matters and types of claims including, but not limited to, general contracts, billing disputes, rights of access, programming, taxes, fees and surcharges, consumer protection, trademark and patent infringement, employment, regulatory, tort, claims of competitors and disputes with other carriers.
In accordance with GAAP, the Company accrues an expense for pending litigation when it determines that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. Legal defense costs are expensed as incurred. None of the Company’s existing accruals for pending matters are material. The Company consistently monitors its pending litigation for the purpose of adjusting its accruals and revising its disclosures accordingly, in accordance with GAAP, when required. However, litigation is subject to uncertainty, and the outcome of any particular matter is not predictable. The Company will vigorously defend its interests in pending litigation, and the Company believes that the ultimate resolution of all such matters, after considering insurance coverage or other indemnities to which it is entitled, will not have a material adverse effect on its consolidated financial position, results of operations, or cash flows.
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Note 14. Segment Reporting
The Company’s operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company operates as
As
| | | | | | | | | | | | |
| | Broadband Services (1) | ||||||||||
| | Three months ended | | Six months ended | ||||||||
|
| June 30, |
| June 30, | ||||||||
| | 2025 |
| 2024 | | 2025 |
| 2024 | ||||
| | (in millions) | ||||||||||
Compensation and benefits | | $ | | | $ | | | $ | | | $ | |
Direct expense | | | | | | | | | | | | |
Customer service and support | | | | | | | | | | | | |
Sales and marketing | | | | | | | | | | | | |
Hardware and software | | | | | | | | | | | | |
Professional and legal fees | | | | | | | | | | | | |
Billing systems and software | | | | | | | | | | | | |
Bad debt | |
| | |
| | |
| | |
| |
Other segment items (2) | | | | | | | | | | | | |
Total expenses (3) | | $ | | | $ | | | $ | | | $ | |
________________________________________
| (1) | The breakout of expenses has been updated to reflect the key expenses reviewed by the CEO. |
| (2) | Other segment items includes rental expense, insurance expenses, operating taxes, building maintenance and utilities, dues and subscriptions, and miscellaneous employee related expenses. |
| (3) | Total expenses agrees to operating (excluding depreciation and amortization) and selling, general, and administrative expenses presented in the unaudited condensed consolidated statement of operations. |
Note 15. Subsequent Events
Passage of the One Big Beautiful Bill Act
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, domestic research cost expensing, and the business interest expense limitation. ASC 740, “Income Taxes”, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. We are in the process of evaluating the impact of the OBBBA on our Consolidated Financial Statements.
Merger Agreement
On August 11, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Bandit Parent LP, a Delaware limited partnership (“Parent”) and Bandit Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the “Merger”) with the Company continuing as the surviving corporation. Parent and Merger Sub are affiliates of DigitalBridge and Crestview Partners, L.P. (“Crestview”). Crestview is currently the beneficial owner of approximately
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Certain stockholders of the Company affiliated with Crestview have entered into a Rollover, Voting and Support Agreement (the “Rollover Agreement”) with the Company and Parent pursuant to which such stockholders have agreed to contribute their shares of Company common stock to Parent or an affiliate of Parent in exchange for equity interests of Parent or an affiliate of Parent, on the terms and subject to the conditions set forth in such agreement. The stockholders party to the Rollover Agreement have also agreed to vote their shares of Company common stock, representing approximately
The Merger, if completed, will result in WideOpenWest becoming a private company and the shares of Company common stock being de-listed from the New York Stock Exchange and de-registered under the Securities Exchange Act of 1934, as amended. The Merger is expected to close by the end of the year or in the first quarter of 2026.
The closing of the Merger is subject to various conditions, including the adoption of the Merger Agreement by holders of a majority of the outstanding shares of Company common stock and approval by the Federal Communications Commission. In addition, if the Merger Agreement is terminated under specified circumstances, the Company is required to pay Parent a termination fee of $
Revolver Extension
In addition, on August 11, 2025, WideOpenWest Finance, LLC (the “Borrower”), a wholly owned subsidiary of the Company, entered into an amendment to the Revolving Credit Facility (the “RCF”) under the Super-Priority Credit Agreement, dated October 11, 2024, as otherwise amended from time to time, among, inter alia, the Borrower, the lenders party thereto, and Wilmington Savings Fund Society, FSB, as the administrative and collateral agent thereunder (the “Revolver Amendment”). Among other things, the Revolver Amendment extends the maturity date of the RCF to June 30, 2027; provided that, from and after (and contingent upon) the closing of the Merger Agreement, the maturity date will be September 11, 2028. Additionally, the Revolver Amendment (i) amends the interest rate applicable to outstanding amounts under the RCF to a per annum rate of SOFR plus
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Overview
We are one of the nation’s leading broadband providers offering an expansive portfolio of advanced services, including high-speed data (“HSD”), cable television (“Video”), and digital telephony (“Telephony”) services to residential customers and offer a full range of products and services to business customers. Our services are delivered across 18 markets via our efficient, advanced hybrid fiber-coax (“HFC”) network. Our footprint covers certain suburban areas within the states of Alabama, Florida, Georgia, Michigan, South Carolina and Tennessee. At June 30, 2025, our broadband networks passed nearly 2.0 million homes and businesses and served approximately 469,600 customers.
Our core strategy is to provide outstanding service at affordable prices. We execute this strategy by managing our operations to focus on the customer. We believe that the customer experience should be reliable, easy and pleasantly surprising, every time. To achieve this customer experience, we operate one of the most technically advanced and high-performing networks in the industry.
We operate under a broadband first strategy. Our advanced network offers HSD speeds up to 1.2 GIG (1200 Mbps) in approximately 99% of our footprint and HSD speeds up to 5 GIG (5000 Mbps) in our Greenfield expansion markets. Led by our robust HSD offering, our products are available either as an individual service or a bundle to residential and business service customers. Based on our per subscriber economics, we believe that HSD represents the greatest opportunity to enhance profitability across our residential and business markets.
We continue to experience strong demand for our HSD service. For the three and six months ended June 30, 2025, the average percentage of HSD only new connections was approximately 93%, consistent with the corresponding periods in 2024. There was an increase in customers purchasing higher speeds with approximately 75% of HSD only new connections purchasing 500MB or higher speeds during the three and six months ended June 30, 2025, representing an increase of approximately 3% when compared to the corresponding periods in 2024.
WOW is continuing to focus on its greenfield expansion strategy by building out its network in locations adjacent and nonadjacent to its existing network and bringing its state-of-the-art all IP fiber technology and award-winning customer service to those markets. As of June 30, 2025, WOW launched services in the communities of Altamonte Springs, Wekiwa Springs, Casselberry, Forest City, Longwood, Sanlando Springs, Lake Mary, Winter Springs, and Sanford, Florida as well as Headland, Alabama and Mauldin, South Carolina.
Recent Developments
Merger Agreement
On August 11, 2025, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Bandit Parent LP, a Delaware limited partnership (“Parent”) and Bandit Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, subject to the terms and conditions thereof, Merger Sub will merge with and into the Company (the “Merger”) with the Company continuing as the surviving corporation. Parent and Merger Sub are affiliates of DigitalBridge and Crestview Partners, L.P. (“Crestview”). Crestview is currently the beneficial owner of approximately 37% of the Company’s outstanding shares of common stock. Subject to the terms and conditions set forth in the Merger Agreement, upon the consummation of the Merger, each share of the Company’s common stock, par value $0.01 per share (other than shares of the Company’s common stock (i) held directly or indirectly by Parent, Merger Sub or any subsidiary of the Company, (ii) held by the Company as treasury shares, (iii) held by any person who properly exercises appraisal rights under Delaware law or (iv) subject to the Rollover Agreement described below) will be converted into the right to receive an amount in cash equal to $5.20 per share, without interest, subject to any withholding of taxes required by applicable law.
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Certain stockholders of the Company affiliated with Crestview have entered into a Rollover, Voting and Support Agreement (the “Rollover Agreement”) with the Company and Parent pursuant to which such stockholders have agreed to contribute their shares of Company common stock to Parent or an affiliate of Parent in exchange for equity interests of Parent or an affiliate of Parent, on the terms and subject to the conditions set forth in such agreement. The stockholders party to the Rollover Agreement have also agreed to vote their shares of Company common stock, representing approximately 37% of the outstanding shares of Company common stock, in favor of the adoption of the Merger Agreement.
The Merger, if completed, will result in WideOpenWest becoming a private company and the shares of Company common stock being de-listed from the New York Stock Exchange and de-registered under the Securities Exchange Act of 1934, as amended. The Merger is expected to close by the end of the year or in the first quarter of 2026.
The closing of the Merger is subject to various conditions, including the adoption of the Merger Agreement by holders of a majority of the outstanding shares of Company common stock and approval by the Federal Communications Commission. In addition, if the Merger Agreement is terminated under specified circumstances, the Company is required to pay Parent a termination fee of $15.8 million in cash, or Parent is required to pay the Company a termination fee of $31.6 million in cash.
Revolver Extension
In addition, we entered into an amendment to the Revolving Credit Facility (the “RCF”) under the Super-Priority Credit Agreement, The amendment extends the maturity date of the RCF to June 30, 2027; provided that, from and after (and contingent upon) the closing of the Merger Agreement, the maturity date will be September 11, 2028. Additionally, the amendment (i) amends the interest rate applicable to outstanding amounts under the RCF to a per annum rate of SOFR plus 6.00%, subject to a series of stepdowns contingent upon injection of incremental equity following the closing of the Merger Agreement, and (ii) provides for certain adjustments to the maximum secured net leverage ratio covenant in future periods.
Key Transactions Impacting Operating Results and Financial Condition
Critical Accounting Estimates
For a discussion of our critical accounting estimates and the means by which we develop estimates refer to “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our 2024 Annual Report on Form 10-K. There have been no material changes from the critical estimates described in our Form 10-K.
Homes Passed and Subscribers
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. 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”). The following table summarizes homes passed, total subscribers and total RGUs for our services as of each respective date and for comparability purposes, presents subscribers associated with the Company’s operations as of each specified date:
| | | | | | | | | | |
| | Jun. 30, | | Sep. 30, | | Dec. 31, | | Mar. 31, | | Jun. 30, |
|
| 2024 | | 2024 | | 2024 | | 2025 | | 2025 |
Homes passed |
| 1,956,700 | | 1,952,200 | | 1,962,100 | | 1,977,600 | | 1,997,100 |
Total subscribers |
| 495,200 | | 490,500 | | 478,700 | | 473,800 | | 469,600 |
HSD RGUs |
| 485,000 | | 480,600 | | 470,400 | | 465,900 | | 462,000 |
Video RGUs |
| 71,600 | | 66,300 | | 60,600 | | 48,900 | | 42,500 |
Telephony RGUs |
| 75,700 | | 73,700 | | 71,600 | | 69,200 | | 67,000 |
Total RGUs |
| 632,300 |
| 620,600 |
| 602,600 |
| 584,000 |
| 571,500 |
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The following table displays the homes passed and subscribers related to the Company’s market expansion activities, which includes edge-outs and Greenfield expansion:
| | | | | | | | | | |
|
| Jun. 30, | | Sep. 30, | | Dec. 31, | | Mar. 31, | | Jun. 30, |
|
| 2024 |
| 2024 |
| 2024 |
| 2025 |
| 2025 |
Homes passed |
| 156,600 | | 158,300 | | 169,900 | | 185,100 | | 204,100 |
Total subscribers |
| 35,800 | | 38,100 | | 40,000 | | 42,900 | | 46,300 |
HSD RGUs |
| 35,600 | | 37,800 | | 39,800 | | 42,600 | | 46,000 |
Video RGUs |
| 7,300 | | 7,400 | | 7,400 | | 7,400 | | 7,500 |
Telephony RGUs |
| 4,600 | | 4,800 | | 5,000 | | 5,400 | | 5,700 |
Total RGUs |
| 47,500 | | 50,000 | | 52,200 | | 55,400 | | 59,200 |
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, services, and billing systems. Accordingly, we may from time to time make appropriate adjustments to our subscriber information based on such reviews.
Financial Statement Presentation
Revenue
Our operating revenue is primarily derived from monthly recurring charges for HSD, Video, Telephony and other business services to residential and business customers, in addition to other revenues.
| ● | HSD revenue consists primarily of fixed monthly fees for data service and rental of modems. |
| ● | Video revenue consists primarily of fixed monthly fees for basic, premium and digital cable television services and rental of video converter equipment, as well as charges from optional services, such as pay-per-view, video-on-demand and other events available to the customer. The Company is required to pay certain cable franchising authorities an amount based on the percentage of gross revenue derived from video services. The Company generally passes these fees on to the customer, which are included in video revenue. |
| ● | Telephony revenue consists primarily of fixed monthly fees for local service and enhanced services, such as call waiting, voice mail and measured and flat rate long-distance service. |
| ● | Other business service revenue consists primarily of monthly recurring charges for session initiated protocol, web hosting, metro Ethernet, wireless backhaul, broadband carrier services and cloud infrastructure services provided to business customers. |
| ● | Other revenue consists primarily of revenue from line assurance warranty services provided to residential and business customers and revenue from paper statement fees, late fees and advertising placement. |
Revenues attributable to monthly subscription fees charged to customers for our HSD, Video and Telephony services provided by our broadband networks were 92% total revenue for the six months ended June 30, 2025 and 2024. The remaining percentage of total revenue represents non-subscription revenue primarily from other business services, paper statement fees, late fees, line assurance warranty services and advertising placement.
Costs and Expenses
Our expenses primarily consist of operating, selling, general and administrative expenses, depreciation and amortization expense, and interest expense.
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Operating expenses primarily include programming costs, data costs, transport costs and network access fees related to our HSD, Video and Telephony services, hardware/software expenses, network operations and maintenance services, customer service and call center expenses, bad debt, billing and collection expenses and franchise and other regulatory fees.
Selling, general and administrative expenses primarily include salaries and benefits of corporate and field management, sales and marketing personnel, human resources and related administrative costs.
Depreciation and amortization includes depreciation of our network infrastructure, including associated equipment, hardware and software, buildings and leasehold improvements, and finance lease obligations. Amortization is recognized on other intangible assets with definite lives, primarily related to acquisitions. Depreciation and amortization expense is presented separately from operating and selling, general and administrative expenses in the accompanying unaudited condensed consolidated statements of operations.
We control our costs of operations by maintaining strict controls on expenditures. More specifically, we are focused on managing our cost structure by improving workforce productivity, increasing the effectiveness of our purchasing activities and maintaining discipline in customer acquisition. We expect programming expenses to continue to increase per Video subscriber due to a variety of factors, including increased demands by owners of some broadcast stations for carriage of other services or payments to those broadcasters for retransmission consent and annual increases imposed by programmers with additional selling power as a result of media consolidation. We have not been able to fully pass these increases on to our customers without the loss of customers, nor do we expect to be able to do so in the future.
Results of Operations
The following table summarizes our results of operations for the periods presented:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
| | (in millions) | ||||||||||
Revenue | | $ | 144.2 | | $ | 158.8 | | $ | 294.2 | | $ | 320.3 |
Costs and expenses: | |
| | | | | | | | | | |
Operating (excluding depreciation and amortization) | |
| 55.2 | |
| 64.6 | | | 114.2 | |
| 132.1 |
Selling, general and administrative | |
| 35.9 | |
| 37.8 | | | 67.4 | |
| 74.2 |
Depreciation and amortization | |
| 50.7 | |
| 52.7 | | | 101.5 | |
| 105.1 |
| |
| 141.8 | |
| 155.1 | | | 283.1 | |
| 311.4 |
Income from operations | |
| 2.4 | |
| 3.7 | | | 11.1 | |
| 8.9 |
Other income (expense): | |
| | | | | | | | |
|
|
Interest expense | |
| (25.6) | |
| (17.8) | | | (53.1) | |
| (38.8) |
Other income, net | |
| 0.2 | |
| 0.2 | | | 0.2 | |
| 0.5 |
Loss before provision for income tax | |
| (23.0) | |
| (13.9) | | | (41.8) | |
| (29.4) |
Income tax benefit | |
| 5.2 | |
| 3.1 | | | 10.1 | |
| 3.6 |
Net loss | | $ | (17.8) | | $ | (10.8) | | $ | (31.7) | | $ | (25.8) |
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Revenue
Total revenue for three and six months ended June 30, 2025 decreased $14.6 million and $26.1 million, or 9% and 8%, respectively, as compared to the corresponding periods in 2024 as follows:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
|
| 2025 |
| 2024 |
| 2025 |
| 2024 | ||||
| | (in millions) | ||||||||||
Residential subscription | | $ | 105.3 | | $ | 118.5 | | $ | 215.7 | | $ | 239.5 |
Business subscription | |
| 27.6 | |
| 28.0 | | | 55.7 | |
| 56.0 |
Total subscription | |
| 132.9 | |
| 146.5 | | | 271.4 | |
| 295.5 |
Other business services | |
| 4.9 | |
| 5.0 | | | 9.8 | |
| 10.3 |
Other | |
| 6.4 | |
| 7.3 | | | 13.0 | |
| 14.5 |
Total revenue | | $ | 144.2 | | $ | 158.8 | | $ | 294.2 | | $ | 320.3 |
Subscription Revenue
Total subscription revenue decreased $13.6 million, or 9%, and $24.1 million, or 8%, during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024. The decreases were primarily driven by a $11.8 million and $22.3 million shift in service offering mix, respectively, as we experienced a reduction across all RGUs, and a $7.8 million and $15.2 million decrease in volume across all services. These decreases were partially offset by a $6.0 million and $13.4 million increase in average revenue per unit (“ARPU”), respectively, due to rate increases issued in the third quarter of 2024 and the first and second quarters of 2025. ARPU is calculated as subscription revenue for each of the HSD, Video and Telephony services divided by the average total RGUs for each service category for the respective period.
Other Business Services
Other business services revenue decreased $0.1 million, or 2%, and $0.5 million, or 5%, during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024. For the three months ended June 30, 2025, the decrease is primarily due to decreases data center revenue. For the six months ended June 30, 2025, the decrease is primarily due to decreases in data center revenue and wholesale revenue.
Other Revenue
Other revenue decreased $0.9 million, or 12%, and $1.5 million, or 10%, during the three and six months ended June 30, 2025, as compared to the corresponding period in 2024. For the three and six months ended June 30, 2025, the decrease is primarily due to decreases in paper statement fees and advertising.
Operating expenses (excluding depreciation and amortization)
Operating expenses (excluding depreciation and amortization) decreased $9.4 million, or 15%, and $17.9 million, or 14%, during the three and six months ended June 30, 2025, respectively, as compared to the corresponding periods in 2024. For the three and six months ended June 30, 2025, the decreases are primarily driven by reduction in direct operating expenses, specifically programming expenses of $9.2 million and of $17.2 million, respectively, which aligns with the reduction in Video RGUs between periods.
Incremental contribution
Incremental contribution is defined as subscription services revenue less costs directly incurred from third parties in connection with the provision of such services to our customers (service direct expense). Incremental contribution decreased $4.2 million, or 4%, during the three months ended June 30, 2025 compared to the three months ended June 30, 2024, and $6.3 million, or 3%, during the six months ended June 30, 2025 compared to the six months ended June 30, 2024. The decrease is primarily related to decreases in Video subscribers. See non-GAAP discussion below.
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Selling, general and administrative expenses
Selling, general and administrative expenses decreased $1.9 million, or 5%, and decreased $6.8 million, or 9%, during the three and six months ended June 30, 2025, respectively, compared to the corresponding periods in 2024. For the three months ended June 30, 2025, the decrease is primarily due to the receipt of business continuity insurance recoveries offsetting expenses in current period. For the six months ended June 30, 2025, the decrease is primarily due to reductions in certain cash compensation expenses, marketing expenses, and stock compensation expense, as well as the receipt of business continuity insurance recoveries, partially offset by increases in professional and legal services.
Depreciation and amortization expenses
Depreciation and amortization expenses decreased $2.0 million, or 4%, and $3.6 million, or 3%, during the three and six months ended June 30, 2025, respectively, compared to the corresponding periods in 2024. The decreases are primarily due to asset retirements partially offset by increases of equipment placed into service as we continue to expand our network.
Interest expense
Interest expense increased $7.8 million, or 44%, and $14.3 million, or 37%, during the three and six months ended June 30, 2025, respectively, compared to the corresponding periods in 2024. The increases are primarily due to higher overall debt balances, and entrance into five interest rate derivative instruments during the first quarter of 2024. The change in the fair value of the derivative instruments is presented in interest expense each period.
Income tax benefit
We reported an income tax benefit of $5.2 million and $3.1 million for the three months ended June 30, 2025 and 2024, respectively. The change in income tax benefit was primarily impacted by the increase in valuation allowance against certain deferred tax assets and disallowed executive compensation expense.
We reported an income tax benefit of $10.1 million and $3.6 million for six months ended June 30, 2025 and 2024, respectively. The change in income tax benefit was primarily related to the release of valuation allowance during the six months ended June 30, 2025.
Use of Incremental Contribution
Incremental contribution is included herein because we believe that it is a key metric used by our management to assess the financial performance of the business by showing how the relative relationship of the various components of subscription services contributes to our overall consolidated historical results. Our management further believes that it provides useful information to investors in evaluating our financial condition and results of operations because the additional detail illustrates how an incremental dollar of revenue generates cash, before any unallocated costs are considered, which we believe is a key component of our overall strategy and important for understanding what drives our cash flow position relative to our historical results. Incremental contribution is defined by us as the components of subscription revenue, less costs directly incurred from third parties in connection with the provision of such services to our customers.
Incremental contribution is not made in accordance with GAAP and our use of the term incremental contribution varies from others in our industry. Incremental contribution should be considered in addition to, not as a substitute for, consolidated net income (loss) and operating income (loss) or any other performance measures derived in accordance with GAAP as measures of operating performance or operating cash flows, or as measures of liquidity. Incremental contribution has important limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP as it does not identify or allocate any other operating costs and expenses that are components of our income from operations to specific subscription revenues as we do not measure or record such costs and expenses in a manner that would allow attribution to a specific component of subscription revenue. Accordingly, incremental contribution should not be considered as an alternative to operating income or any other performance measures
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derived in accordance with GAAP as measures of operating performance or operating cash flows, or as a measure of liquidity.
The following tables provide a reconciliation of incremental contribution to income from operations, which is the most directly comparable GAAP measure, for the periods presented:
| | | | | | | | | | | | |
| | Three months ended | | Six months ended | ||||||||
| | June 30, | | June 30, | ||||||||
| | 2025 | | 2024 |
| 2025 |
| 2024 | ||||
| (in millions) | |||||||||||
Income from operations |
| $ | 2.4 |
| $ | 3.7 | | $ | 11.1 |
| $ | 8.9 |
Revenue (excluding subscription revenue) | |
| (11.3) | |
| (12.3) | |
| (22.8) | |
| (24.8) |
Other non-allocated operating expense (excluding depreciation and amortization) | |
| 37.2 | | | 37.2 | |
| 74.5 | |
| 74.6 |
Selling, general and administrative | |
| 35.9 | |
| 37.8 | |
| 67.4 | |
| 74.2 |
Depreciation and amortization | |
| 50.7 | |
| 52.7 | |
| 101.5 | |
| 105.1 |
Incremental contribution | | $ | 114.9 | | $ | 119.1 | | $ | 231.7 | | $ | 238.0 |
Liquidity and Capital Resources
Our primary funding requirements are for our ongoing operations, capital expenditures, outstanding debt obligations, including lease agreements, and strategic investments. At June 30, 2025, the principal amount of our outstanding consolidated debt aggregated to $1,053.0 million, of which $20.3 million is classified as current in our unaudited condensed consolidated balance sheet as of such date. As of June 30, 2025, we had borrowing capacity of $110.4 million under our Revolving Credit Facility.
We are required to prepay principal amounts if we generate excess cash flow, as defined in the Credit Agreement. As of June 30, 2025, we had $31.8 million of cash and cash equivalents. We believe that our existing cash balances and operating cash flows will provide sufficient resources to fund our obligations and anticipated liquidity requirements over the next 12 months.
We expect to utilize cash flow from operations and cash on hand as funding sources, as well as the proceeds from our super-priority term loan to fund our greenfield expansion initiatives. We may also potentially engage in future financing transactions to further extend the maturities of our debt obligations. The timing and terms of any financing transactions will be subject to market conditions among other considerations.
As potential acquisitions or dispositions arise, we actively review such transactions against our objectives including, among other considerations, improving our operational efficiency, geographic clustering of assets, product development or technology capabilities of our business and achieving appropriate strategic objectives, and we may participate in such transactions to the extent we believe these possibilities present attractive opportunities. However, there can be no assurance that we will actually complete any acquisitions or dispositions, or that any such transactions will be material to our operations or results.
Our ability to fund operations, make capital expenditures, repay debt obligations and make future acquisitions and strategic investments depends on future operating performance and cash flows, which are subject to prevailing economic conditions and to financial, business and other factors, some of which are beyond our control.
Historical Operating, Investing, and Financing Activities
Operating Activities
Net cash provided by operating activities was $52.8 million for the six months ended June 30, 2025 compared to $86.6 million for the six months ended June 30, 2024. The decrease is primarily due to $32.9 million in timing differences of our receivables and payables and $0.9 million decrease in cash operating income.
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Investing Activities
Net cash used in investing activities was $85.5 million for the six months ended June 30, 2025 compared to $123.5 million for the six months ended June 30, 2024.
We have ongoing capital expenditure requirements related to the maintenance, expansion and technological upgrades of our network. Capital expenditures are funded primarily through a combination of cash on hand, cash flow from operations, and a portion of the funds received from the Priority Credit Agreement. Our capital expenditures were $86.8 million and $123.6 million for the six months ended June 30, 2025 and 2024, respectively. The $36.8 million decrease in the six months ended June 30, 2025 compared to the six months ended June 30, 2024 is primarily due to the timing of spend related to our market expansion initiatives in locations non-adjacent to our existing network.
The following table sets forth additional information regarding our capital expenditures for the periods presented:
| | | | | | |
| | Six months ended | ||||
| | June 30, | ||||
|
| 2025 |
| 2024 | ||
| | (in millions) | ||||
Capital Expenditures | | | | | | |
Customer premise equipment(1) | | $ | 35.8 | | $ | 34.4 |
Scalable infrastructure(2) | |
| 23.8 | |
| 50.4 |
Support capital and other(3) | | | 14.2 | |
| 19.5 |
Line extensions(4) | |
| 13.0 | |
| 19.3 |
Total | | $ | 86.8 | | $ | 123.6 |
Capital expenditures included in total related to: | |
| | |
| |
Greenfields(5) | | $ | 24.9 | | $ | 53.3 |
Business services(6) | | $ | 4.2 | | $ | 6.9 |
Edge-outs(7) | | $ | 6.2 | | $ | 4.4 |
| (1) | Customer premise equipment, or CPE, includes equipment and installation costs incurred to deliver services to residential and business services customers. CPE includes the costs of acquiring and installing our set-top boxes and modems, as well as the cost of customer connections to our network. |
| (2) | Scalable infrastructure includes costs, not directly related to customer acquisition activity, to support new customer growth and provide service enhancements (e.g., headend equipment). |
| (3) | Support capital and other includes costs to modify or replace existing HFC network, including enhancements, and all other costs to support day-to-day operations, including land, buildings, vehicles, office equipment, tools and test equipment. |
| (4) | Line extensions include costs associated with new home development including edge-outs and greenfields (e.g., fiber / coaxial cable, amplifiers, electronic equipment, make-ready and design engineering). |
| (5) | Greenfields represent costs associated with building our fiber technology network in locations non-adjacent to our existing network. |
| (6) | Business services represent costs associated with the build-out of our network to support business services customers, including the associated CPE. |
| (7) | Edge-outs represent costs to extend our network into new adjacent service areas, including the associated CPE. |
Financing Activities
Net cash provided by financing activities was $25.7 million for the six months ended June 30, 2025 compared to $34.2 million for the six months ended June 30, 2024. The decrease is primarily due to a decrease in amounts drawn from our revolving credit facility and increased payments on the Priority Credit Agreement and finance lease obligations during the six months ended June 30, 2025 compared to the six months ended June 30, 2024.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risk is limited and primarily related to fluctuating interest rates associated with our variable rate indebtedness under our Priority Credit Agreement. As of June 30, 2025, borrowings under our Priority Credit Agreement consists of three tranches: (i) a first out term loan, which bears interest at SOFR plus 7.00%, (ii) a second out term loan, which bears interest at SOFR plus 3.00%, and (iii) a revolving credit facility which bears interest at SOFR plus 2.75%. We manage the impact of interest rate changes on earnings and operating cash flows by entering into derivative instruments to protect against increases in the interest rates on our variable rate debt. We use interest rate swaps, where we receive variable rate amounts in exchange for fixed rate payments. As of June 30, 2025, after considering our interest rate swaps, approximately 51% of our Priority Credit Agreement is still variable rate debt. A hypothetical 100 basis point (1%) change in SOFR interest rates (based on the interest rates in effect under our Priority Credit Agreement as of June 30, 2025) would result in an annual interest expense change of up to approximately $5.5 million on our Priority Credit Agreement.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934 (“Exchange Act”)) that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer (together, the “Certifying Officers”), as appropriate, to allow for timely decisions regarding required disclosure.
Our management, with the participation of the Certifying Officers, evaluated the effectiveness of our disclosure controls and procedures as of June 30, 2025. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were not effective as of June 30, 2025, as the result of a material weakness in our internal control over financial reporting discussed below.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis.
Notwithstanding this material weakness, management has concluded that the condensed consolidated financial statements included in this quarterly report present fairly, in all material respects, our financial position, results of operations and cash flows for the periods presented, in conformity with accounting principles generally accepted in the United States.
Material Weakness in Internal Control over Financial Reporting
As discussed in our Annual Report on Form 10-K management identified a material weakness in internal control over financial reporting that existed at December 31, 2024. The material weakness described below did not result in a misstatement of the Company’s annual or interim consolidated financial statements.
Specifically, management did not have sufficient documentation and evidence of review regarding certain inputs utilized in the Company’s annual impairment testing.
This material weakness continued to exist at June 30, 2025.
Remediation Plan
Management is actively designing a remediation plan to ensure that control deficiencies contributing to the material weakness are fully remediated. The Company is taking steps to strengthen our internal processes and controls associated with the review of inputs utilized in the Company’s annual impairment testing.
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We believe that these actions will effectively remediate the material weakness. However, until the new controls and remediated controls operate and management has concluded, through testing, that these controls are operating effectively, the material weakness in our internal controls over financial reporting will not be considered remediated. We do not expect to test these controls until the completion of our next annual impairment testing in the fourth quarter of 2025, absent the occurrence of a triggering event before such time.
Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act) that occurred during the three months ended June 30, 2025 that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting
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PART II
Item 1. Legal Proceedings
Refer to Note 13 – Commitments and Contingencies for a discussion of the Company’s legal proceedings.
Item 1A. Risk Factors
Our Annual Report on Form 10-K for the year ended December 31, 2024 includes “Risk Factors” under Item 1A of Part 1. Other than outlined below there have been no material changes to the risk factors set forth therein.
Risk Factors Related to the Proposed Merger
The proposed Merger is subject to the satisfaction of certain closing conditions, including government consents and approvals, some or all of which may not be satisfied or completed within the expected timeframe, if at all.
Completion of the Merger remains subject to a number of closing conditions, including (i) the adoption of the Merger Agreement by holders of a majority of the outstanding shares of Company common stock; (ii) approval of the Federal Communications Commission and of the European Commission, (iii) the absence of any order, injunction or decree restraining, enjoining or otherwise prohibiting or making illegal the consummation of the Merger or the other transactions contemplated by the Merger Agreement; (iv) the absence of certain defaults under specified agreements to which the Company is a party, (v) the completion of the surrender of certain FCC licenses held by the Company, and (vi) the accuracy of the representations and warranties contained in the Merger Agreement, subject to customary materiality qualifications, and performance in all material respects of the covenants and agreements contained in the Merger Agreement. In addition, the Merger Agreement may be terminated under specified circumstances. We can provide no assurance that all required consents and approvals will be obtained or that all closing conditions will otherwise be satisfied (or waived, if applicable) or that the Merger will be completed, on the expected timeframe or at all, and, even if all required consents and approvals can be obtained and all closing conditions are satisfied (or waived, if applicable), we can provide no assurance as to the terms, conditions and timing of such consents and approvals or the timing of the completion of the Merger. Many of the conditions to completion of the Merger are not within our control, and we cannot predict when or if these conditions will be satisfied (or waived, if applicable). Any adverse consequence of the pending Merger could be exacerbated by any delays in completion of the Merger or termination of the Merger Agreement.
We may not complete the proposed Merger within the timeframe we anticipate or at all, which could have an adverse effect on our business, financial results and/or operations.
The proposed Merger may not be completed within the expected timeframe, or at all, as a result of various factors and conditions, some of which may be beyond our control. If the Merger is not completed for any reason, our stockholders will not receive any payment for their shares of our common stock in connection with the Merger. Instead, we will remain a public company, our common stock will continue to be listed and traded on NYSE and registered under the Exchange Act of 1934, as amended, and we will be required to continue to file periodic reports with the SEC. Moreover, our ongoing business may be materially adversely affected, and we would be subject to a number of risks, including the following:
| ● | we may experience negative reactions from the financial markets, including negative impacts on our stock price, and it is uncertain when, if ever, the price of the shares would return to the prices at which the shares currently trade; |
| ● | we may experience negative publicity, which could have an adverse effect on our ongoing operations including, but not limited to, retaining and attracting employees, customers, partners, suppliers and others with whom we do business; |
| ● | we will still be required to pay certain significant costs relating to the Merger, such as legal, accounting, financial advisory, printing and other professional services fees, which may relate to activities that we would not have undertaken other than in connection with the Merger; |
| ● | we may be required to pay a cash termination fee to Parent, as required under the Merger Agreement under certain circumstances; |
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| ● | while the Merger Agreement is in effect, we are subject to restrictions on our business activities, including, among other things, restrictions on our ability to engage in certain kinds of material transactions, which could prevent us from pursuing strategic business opportunities, taking actions with respect to our business that we may consider advantageous and responding effectively and/or timely to competitive pressures and industry developments, and may as a result materially adversely affect our business, results of operations and financial condition; |
| ● | matters relating to the Merger require substantial commitments of time and resources by our management, which could result in the distraction of management from ongoing business operations and pursuing other opportunities that could have been beneficial to us; and |
| ● | we may commit significant time and resources to defending against litigation related to the Merger. |
If the Merger is not consummated, the risks described above may materialize, and they may have a material adverse effect on our business operations, financial results, liquidity and stock price, particularly to the extent that the current market price of our common stock reflects an assumption that the Merger will be completed. Additionally, other risk factors contained in this Annual Report on Form 10-K may be materially exacerbated by a failure to consummate the Merger.
We will be subject to various uncertainties while the Merger is pending that may cause disruption and may make it more difficult to maintain relationships with customers and other third-party business partners.
Our efforts to complete the Merger could cause substantial disruptions in, and create uncertainty surrounding, our business, which may materially adversely affect our results of operation and our business. Uncertainty as to whether the Merger will be completed may affect our ability to recruit prospective employees or to retain and motivate existing employees. Employee retention may be particularly challenging while the Merger is pending because employees may experience uncertainty about their roles following the Merger. As mentioned above, a substantial amount of our management’s and employees’ attention is being directed toward the completion of the Merger and thus is being diverted from our day-to-day operations. Uncertainty as to our future could adversely affect our business and our relationship with customers and potential customers. Changes to or termination of existing business relationships could adversely affect our revenue, earnings and financial condition, as well as the market price of our common stock. The adverse effects of the pendency of the Merger could be exacerbated by any delays in completion of the Merger or termination of the Merger Agreement.
We have incurred, and will continue to incur, direct and indirect costs as a result of the Merger.
We have incurred, and will continue to incur, significant costs and expenses, including regulatory costs, fees for professional services and other transaction costs in connection with the Merger, for which we will have received little or no benefit if the Merger is not completed. There are a number of factors beyond our control that could affect the total amount or the timing of these costs and expenses. Many of these fees and costs will be payable by us even if the Merger is not completed and may relate to activities that we would not have undertaken other than to complete the Merger.
If the Merger is completed, our stockholders will forgo the opportunity to benefit from potential future appreciation in the value of the Company.
The Merger Agreement provides for the stockholders of record of the Company’s common stock to receive cash consideration of $5.20 per share of Company common stock, without interest, upon the closing of the transactions contemplated by the Merger Agreement. If the transaction is consummated, our stockholders will no longer hold interests in the Company and, therefore, will not be entitled to benefit from any potential future appreciation in the value of the Company. In the absence of the transactions contemplated by the Merger Agreement, we could have various opportunities to enhance the Company’s value, including, but not limited to, entering into a transaction that values the shares of our common stock higher than the value provided for in the Merger Agreement. Therefore, if the Merger is completed, stockholders will forgo future appreciation, if any, in the value of the Company and the opportunity to participate in any other potential transactions that may have resulted in a higher price per share than the price to be paid in the transaction contemplated by the Merger Agreement.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the Issuer
The following table presents WOW’s purchases of equity securities completed during the second quarter of 2025:
| | | | | | | | | | |
| | | | | | | | | Approximate Dollar Value of | |
| | | | | | | Total Number of Shares | | Shares that May Yet be | |
| | Total Number of Shares | | Average Price | | Purchased as Part of Publicly | | Purchased Under the Plans | ||
Period |
| Purchased (1) |
| Paid per Share |
| Announced Plans or Programs |
| or Programs (in millions) | ||
April 1 - 30, 2025 |
| 3,001 | | $ | 4.38 |
| — | | $ | — |
May 1 - 31, 2025 |
| 3,336 | | $ | 4.21 |
| — | | $ | — |
June 1 - 30, 2025 |
| 5,335 | | $ | 4.14 |
| — | | $ | — |
Total |
| 11,672 | | | |
| — | | | |
| (1) | Represents shares withheld from employees for the payment of taxes upon the vesting of restricted stock awards for the months of April, May, and June 2025 respectively. |
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Arrangements
During the three months ended June 30, 2025,
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Item 6. Exhibits
Exhibit |
| Exhibit Description |
3.1 | | Amended and Restated Certificate of Incorporation of WideOpenWest, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1/A (File No. 333-216894) filed on May 15, 2017) |
3.2 | | Amended and Restated Bylaws of WideOpenWest, Inc. (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-1/A (File No. 333-216894) filed on May 15, 2017) |
31.1* | | Certification of Chief Executive Officer pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
31.2* | | Certification of Chief Financial Officer pursuant to 15 U.S.C. Section 10A, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1* | | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
101 | | The following financial information from WideOpenWest, Inc.’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2025, filed with the Securities and Exchange Commission on August 11, 2025, formatted in iXBRL (inline eXtensible Business Reporting Language) includes: (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Changes in Stockholders’ Equity; (iv) the Condensed Consolidated Statements of Cash Flows; and (v) the Notes to the Condensed Consolidated Financial Statements. |
104 | | Cover Page, formatted in iXBRL and contained in Exhibit 101. |
* | Filed herewith. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| WIDEOPENWEST, INC. | |
| | |
August 11, 2025 | By: | /s/ TERESA ELDER |
| | Teresa Elder |
| | Chief Executive Officer |
| | |
| By: | /s/ JOHN REGO |
| | John Rego |
| | Chief Financial Officer |
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