WideOpenWest (NYSE: WOW) reported Q1 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenue for the quarter came in at $284.5 million versus the consensus estimate of $283.9 million.

First Quarter 2020 Highlights (1)

• Total Subscriber net additions of 14,600, which equates to 1.8% growth over December 31, 2019, Total Subscribers
• HSD RGU net additions of 16,100, representing 2.1% growth in HSD RGUs from the December 31, 2019, HSD RGUs, and HSD RGU net additions of 14,400, excluding net additions from Edge-Outs
• Total Revenue of $284.5 million; Net Income of $0.1 million; Diluted Earnings Per Share of $0.00
• Adjusted EBITDA was $99.1 million, representing a decrease of 3.9% over the first quarter of 2019, affected by COVID-19 associated bad debt reserves of an estimated $3.2 million
• Adjusted Diluted Earnings Per Share was $0.08
• Business Services Subscription Revenue grew 6.2% compared to the first quarter of 2019
• Total Edge-Out projects have extended the network to 187,700 homes passed since inception. First quarter 2020 Edge-Out customer additions equated to 1,800
• WOW! Honored as Best and Brightest Company to Work For in the Nation® for Sixth Time

"As our communities began to face unprecedented challenges, we at WOW! acted quickly and decisively to put our employees’ and customers’ health and wellbeing at the top of our priority list," said Teresa Elder, chief executive officer of WOW! "Doing so has positioned us to meet the significant increases in demand for our essential services. Even before the onset of the current health crisis, we were positioned to have the strongest overall quarterly growth in at least five years, in which we added 16,100 HSD RGUs during the quarter. Adjusted EBITDA, excluding the estimated impact from COVID-19, would have been flat to the first quarter of 2019."

Outlook

Due to economic uncertainties arising from the duration and impact of the COVID-19 pandemic, WOW! is withdrawing its previously announced outlook for 2020.

For earnings history and earnings-related data on WideOpenWest (WOW) click here.