WideOpenWest, Inc. (WOW) reported a decline in financial performance for the fiscal year ending December 31, 2024, with total revenue decreasing by 8% to $630.9 million, down from $686.7 million in 2023. The decrease was primarily attributed to a shift in service offerings and a reduction in customer subscriptions, particularly in video and high-speed data (HSD) services. The company experienced a net loss of $58.8 million, an improvement from a loss of $287.7 million in the previous year, largely due to a significant impairment charge of $306.8 million recorded in 2023.
In terms of operational metrics, WOW served 478,700 customers as of December 31, 2024, reflecting a decrease from 504,100 customers in the prior year. The company’s broadband networks passed nearly 2 million homes and businesses, with a customer penetration rate of approximately 24%. The average revenue per unit (ARPU) increased by $21.3 million, which included revenue credits issued for service outages caused by Hurricanes Helene and Milton. The company reported that approximately 93% of new customers opted for HSD-only offerings, although the percentage of customers purchasing higher-speed tiers decreased.
Strategically, WOW continued its market expansion efforts, launching services in several new communities across Florida, Michigan, and Alabama. However, the company faced challenges due to the impact of Hurricane Helene, which resulted in $1.7 million in service outage credits and a $2.4 million loss on the write-down of fixed assets. In response to these challenges, WOW entered into a new super-priority credit agreement in October 2024, providing $200 million in new financing to support its operations and expansion plans.
The company’s workforce consisted of 1,320 full-time employees as of December 31, 2024, and it has implemented various initiatives to enhance employee engagement and development. Despite the challenges faced in 2024, including increased competition and rising programming costs, WOW remains focused on its broadband-first strategy, aiming to enhance profitability through its HSD offerings. The company anticipates continued demand for its services, particularly as consumer preferences shift towards higher-speed internet solutions. Looking ahead, WOW plans to leverage its existing cash flow and borrowing capacity to fund operations and capital expenditures while navigating the evolving regulatory landscape and competitive environment.
About WideOpenWest, Inc.
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