WideOpenWest, Inc. (WOW) reported its financial results for the third quarter and nine months ended September 30, 2024, revealing a decline in total revenue and a significant improvement in operational income compared to the previous fiscal period. Total revenue for the three months ended September 30, 2024, was $158.0 million, down 9% from $173.1 million in the same period of 2023. For the nine months, revenue decreased by 8% to $478.3 million from $517.9 million. The decline in revenue was attributed to a shift in service offerings and a decrease in volume across all services.
Despite the revenue drop, WOW reported a notable turnaround in profitability. Income from operations for the third quarter was $2.3 million, a significant recovery from a loss of $121.1 million in the prior year. For the nine months, income from operations was $11.2 million, compared to a loss of $279.4 million in the same period of 2023. The net loss for the third quarter was $22.4 million, an improvement from a net loss of $104.5 million a year earlier. For the nine months, the net loss was $48.2 million, down from $244.2 million in 2023.
The company’s total assets decreased to $1,494.1 million as of September 30, 2024, from $1,514.7 million at the end of 2023. Total liabilities increased to $1,277.5 million, primarily due to a rise in long-term debt, which reached $955.1 million, up from $915.7 million. Stockholders' equity also declined to $216.6 million from $258.2 million.
In terms of operational metrics, WOW's residential subscription revenue for the third quarter was $117.4 million, down from $132.1 million in 2023. Business subscription revenue also fell to $146.0 million from $160.3 million. The company reported a decrease in total subscribers to 490,500 from 517,400 a year earlier.
Strategically, WOW faced challenges from Hurricane Helene, which resulted in service outage credits totaling $0.6 million and a $2.4 million loss related to the write-down of damaged fixed assets. The company has been actively restoring its network infrastructure and reported that approximately 71% of customers were back online shortly after the hurricane.
As of September 30, 2024, WOW had $21.6 million in cash and cash equivalents, a decrease from $23.4 million at the end of 2023. The company’s net cash provided by operating activities increased to $132.8 million for the nine months, up from $90.4 million in the previous year, reflecting improved operational efficiency.
About WideOpenWest, Inc.
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