WOW! Internet, Cable & Phone (NYSE: WOW) reported Q2 EPS of $0.12, $0.02 better than the analyst estimate of $0.10. Revenue for the quarter came in at $289.7 million versus the consensus estimate of $284.16 million.

Second Quarter 2020 Highlights (1)

• Total Subscribers of 844,500, representing 4.3% growth in subscribers compared to the prior-year period
• Total HSD RGUs of 805,600, representing 5.5% growth in HSD RGUs compared to the prior-year period
• Total Revenue of $282.0 million; Net Income of $2.2 million; Diluted Earnings Per Share of $0.03
• HSD Revenue totaled $137.3 million, an increase of $6.9 million or 5.3% compared to the prior-year period
• Adjusted EBITDA was $101.3 million
• Free Cash Flow in the second quarter totaled $17.7 million
• Adjusted Diluted Earnings Per Share was $0.12
• Business Services Subscription Revenue grew 3.5% compared to the second quarter of 2019
• John Rego joined as Chief Financial Officer and Shannon Campain joined as Chief Commercial Officer
• Gunjan Bhow, Global Chief Digital Officer of Walgreens Boots Alliance, was elected to the Board of Directors
• WOW! named “MSO of the Year” by Cablefax

"I’m proud of how the WOW! team has navigated the challenges posed by the global health pandemic and executed on our initiatives to deliver critical services to the communities that we serve. During these unprecedented times, demand for our broadband services continued to drive growth, leading to the best second quarter HSD RGU growth in five years," said Teresa Elder, chief executive officer of WOW! “We added more HSD RGUs in the first half of 2020 than we did in all of 2019. We saw 77% of our new customers connecting to our HSD Only offering, up from 57% a year ago. Furthermore 40% of these new customers subscribed to higher speed tiers of 500MB or 1 Gig. Our compelling add-on service, Whole-Home WiFi, showed higher take rates in the second quarter of 2020. As more customers choose WOW!’s broadband service, they reinforce our strategic shift, which we expect to benefit margins in future quarters as legacy video subscriptions decrease.”

"We reported Adjusted EBITDA of $101.3 million in the second quarter", said John Rego, chief financial officer of WOW! "These results were negatively affected by an estimated $7.6 million due to COVID-19 related issues, including lower advertising revenue and the FCC Keep America Connected pledge, which resulted in higher bad debt reserves and fewer late fees than expected."

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