2023 Q1 Form 10-K Financial Statement

#000155837023002153 Filed on February 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $172.2M $180.5M $704.9M
YoY Change -1.37% 1.23% -2.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $85.50M $48.10M $165.4M
YoY Change 123.24% 13.44% -5.59%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $45.50M $45.40M $178.2M
YoY Change 2.48% 4.85% 5.26%
% of Gross Profit
Operating Expenses $85.50M $171.0M $165.4M
YoY Change 123.24% -2.4% -5.59%
Operating Profit -$36.90M -$700.0K
YoY Change -902.17% -114.58%
Interest Expense $14.90M -$12.90M $38.70M
YoY Change 101.35% 18.35% -58.61%
% of Operating Profit
Other Income/Expense, Net $1.200M $900.0K $16.60M
YoY Change -86.21% -87.32% 74.74%
Pretax Income -$50.60M -$37.50M -$22.80M
YoY Change -1020.0% 861.54% -72.33%
Income Tax -$12.60M -$24.80M -$20.30M
% Of Pretax Income
Net Earnings -$38.00M -$12.70M -$2.500M
YoY Change -766.67% -105.51% -100.32%
Net Earnings / Revenue -22.07% -7.04% -0.35%
Basic Earnings Per Share -$0.46 -$0.03
Diluted Earnings Per Share -$0.46 -$0.15 -$0.03
COMMON SHARES
Basic Shares Outstanding 86.06M 87.66M 83.93M
Diluted Shares Outstanding 83.03M 83.93M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.20M $31.00M $31.00M
YoY Change -88.88% -83.95% -83.95%
Cash & Equivalents $21.20M $31.00M $31.00M
Short-Term Investments
Other Short-Term Assets $27.70M $22.20M $22.20M
YoY Change 14.94% 33.73% 33.73%
Inventory
Prepaid Expenses
Receivables $38.30M $39.90M $67.70M
Other Receivables $9.800M $12.20M $0.00
Total Short-Term Assets $112.7M $120.9M $120.9M
YoY Change -60.12% -57.13% -57.13%
LONG-TERM ASSETS
Property, Plant & Equipment $742.7M $725.8M $740.8M
YoY Change 3.64% 0.48% 0.18%
Goodwill $225.1M $225.1M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $45.40M $44.20M $20.30M
YoY Change 14.36% 15.4% 34.44%
Total Long-Term Assets $1.614B $1.597B $1.597B
YoY Change -0.3% -1.74% -1.74%
TOTAL ASSETS
Total Short-Term Assets $112.7M $120.9M $120.9M
Total Long-Term Assets $1.614B $1.597B $1.597B
Total Assets $1.727B $1.717B $1.717B
YoY Change -9.19% -9.93% -9.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $47.20M $46.10M $46.10M
YoY Change 15.69% -8.35% -8.35%
Accrued Expenses $71.20M $41.20M $41.20M
YoY Change 111.28% -8.44% -8.44%
Deferred Revenue $2.200M $2.400M
YoY Change -21.43% -17.24%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.10M $17.70M $17.70M
YoY Change -5.52% -1.12% -1.12%
Total Short-Term Liabilities $190.4M $164.7M $164.7M
YoY Change -39.32% -48.68% -48.68%
LONG-TERM LIABILITIES
Long-Term Debt $774.1M $725.0M $725.0M
YoY Change 7.19% 0.21% 0.21%
Other Long-Term Liabilities $26.10M $15.70M $27.30M
YoY Change 27.32% -21.89% -19.47%
Total Long-Term Liabilities $26.10M $15.70M $752.3M
YoY Change 27.32% -21.89% -0.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $190.4M $164.7M $164.7M
Total Long-Term Liabilities $26.10M $15.70M $752.3M
Total Liabilities $1.213B $1.142B $1.142B
YoY Change -8.48% -14.49% -14.49%
SHAREHOLDERS EQUITY
Retained Earnings $270.0M $308.0M
YoY Change -14.61% -0.81%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $514.3M $575.1M $575.1M
YoY Change
Total Liabilities & Shareholders Equity $1.727B $1.717B $1.717B
YoY Change -9.19% -9.93% -9.93%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$38.00M -$12.70M -$2.500M
YoY Change -766.67% -105.51% -100.32%
Depreciation, Depletion And Amortization $45.50M $45.40M $178.2M
YoY Change 2.48% 4.85% 5.26%
Cash From Operating Activities $32.60M $46.60M $33.80M
YoY Change -34.01% -171.15% -80.57%
INVESTING ACTIVITIES
Capital Expenditures $60.20M $52.70M $167.2M
YoY Change -242.99% -230.77% -180.5%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $100.0K -$1.400M
YoY Change -80.0% -99.98% 7.69%
Cash From Investing Activities -$60.10M -$52.60M -$165.8M
YoY Change 44.47% -108.58% -110.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.40M
YoY Change 128.24%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.70M -8.300M -30.20M
YoY Change -271.84% -97.99% -98.05%
NET CHANGE
Cash From Operating Activities 32.60M 46.60M 33.80M
Cash From Investing Activities -60.10M -52.60M -165.8M
Cash From Financing Activities 17.70M -8.300M -30.20M
Net Change In Cash -9.800M -14.30M -162.2M
YoY Change 292.0% -110.7% -189.71%
FREE CASH FLOW
Cash From Operating Activities $32.60M $46.60M $33.80M
Capital Expenditures $60.20M $52.70M $167.2M
Free Cash Flow -$27.60M -$6.100M -$133.4M
YoY Change -130.16% -75.79% -134.95%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;">WideOpenWest, Inc. and Subsidiaries<br/>Notes to the Consolidated Financial Statements</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">1. Organization and Basis of Presentation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Organization </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">WideOpenWest, Inc. (“WOW” or the “Company”) is 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 and business customers. The Company serves customers in 14 markets in the United States which consist of Detroit and Lansing, Michigan; Augusta, Columbus, Newnan and West Point, Georgia; Charleston, South Carolina; Dothan, Auburn, Huntsville and Montgomery, Alabama; Knoxville, Tennessee; and Panama City and Pinellas County, Florida. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;">Basis of Presentation</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-style:italic;font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the Securities and Exchange Commission (the “SEC”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">These accounting principles require management to make assumptions and estimates that affect the reported amounts and disclosures of assets and liabilities, 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. However, due to the inherent uncertainties in making estimates, actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Certain reclassifications have been made to prior period amounts to conform to the current period financial statement presentation with no effect on the Company’s previously reported results of operations, financial position, or cash flows.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Derivative Financial Instruments</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">The Company may use derivative financial instruments to manage its exposure to fluctuations in interest rates by entering into interest rate exchange agreements such as interest rate swaps. All derivatives, whether designated as a hedge or not, are required to be recorded on the consolidated balance sheet at fair value. If the derivative is designated as a hedge and is highly effective as a hedging instrument, recognition of changes in fair value depend on whether the derivative is used in a fair value hedge, in which changes are recognized in earnings, or cash flow hedge, in which changes are recognized in other comprehensive income. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. Refer to Note 10 – Derivative Instruments and Hedging Activities for a discussion of hedging activities for the periods presented. </p>
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