2024 Q1 Form 10-K Financial Statement

#000155837024003047 Filed on March 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $161.5M $168.8M $686.7M
YoY Change -6.21% -6.48% -2.58%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $36.40M $33.80M $200.4M
YoY Change -57.43% -29.73% 21.16%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.40M $51.80M $193.5M
YoY Change 15.16% 14.1% 8.59%
% of Gross Profit
Operating Expenses $36.40M $157.4M $200.4M
YoY Change -57.43% -7.95% 21.16%
Operating Profit $5.200M -$315.0M
YoY Change -114.09% 44900.0%
Interest Expense $21.00M -$20.00M $71.10M
YoY Change 40.94% 55.04% 83.72%
% of Operating Profit 403.85%
Other Income/Expense, Net $300.0K $400.0K $2.300M
YoY Change -75.0% -55.56% -86.14%
Pretax Income -$15.50M -$55.20M -$383.8M
YoY Change -69.37% 47.2% 1583.33%
Income Tax -$500.0K -$11.70M -$96.10M
% Of Pretax Income
Net Earnings -$15.00M -$43.50M -$287.7M
YoY Change -60.53% 242.52% 11408.0%
Net Earnings / Revenue -9.29% -25.77% -41.9%
Basic Earnings Per Share -$0.18 -$3.53
Diluted Earnings Per Share -$0.18 -$0.54 -$3.53
COMMON SHARES
Basic Shares Outstanding 83.63M 83.63M 81.60M
Diluted Shares Outstanding 81.35M 81.60M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.20M $23.40M $23.40M
YoY Change -9.43% -24.52% -24.52%
Cash & Equivalents $19.20M $23.40M $23.40M
Short-Term Investments
Other Short-Term Assets $30.30M $22.00M $22.00M
YoY Change 9.39% -0.9% -0.9%
Inventory
Prepaid Expenses
Receivables $37.30M $38.80M $64.80M
Other Receivables $8.400M $9.500M $0.00
Total Short-Term Assets $111.9M $110.2M $110.2M
YoY Change -0.71% -8.85% -8.85%
LONG-TERM ASSETS
Property, Plant & Equipment $848.1M $830.4M $850.5M
YoY Change 14.19% 14.41% 14.81%
Goodwill $225.1M $225.1M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $50.10M $49.60M $23.70M
YoY Change 10.35% 12.22% 16.75%
Total Long-Term Assets $1.424B $1.405B $1.405B
YoY Change -11.77% -12.03% -12.03%
TOTAL ASSETS
Total Short-Term Assets $111.9M $110.2M $110.2M
Total Long-Term Assets $1.424B $1.405B $1.405B
Total Assets $1.536B $1.515B $1.515B
YoY Change -11.05% -11.8% -11.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $61.80M $59.50M $59.50M
YoY Change 30.93% 29.07% 29.07%
Accrued Expenses $42.30M $43.60M $43.60M
YoY Change -40.59% 5.83% 5.83%
Deferred Revenue $2.100M $2.200M
YoY Change -4.55% -8.33%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.50M $18.80M $18.80M
YoY Change 2.34% 6.21% 6.21%
Total Short-Term Liabilities $169.1M $169.6M $169.6M
YoY Change -11.19% 2.98% 2.98%
LONG-TERM LIABILITIES
Long-Term Debt $952.4M $915.7M $915.7M
YoY Change 23.03% 26.3% 26.3%
Other Long-Term Liabilities $26.20M $27.50M $45.50M
YoY Change 0.38% 75.16% 66.67%
Total Long-Term Liabilities $26.20M $27.50M $961.2M
YoY Change 0.38% 75.16% 27.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $169.1M $169.6M $169.6M
Total Long-Term Liabilities $26.20M $27.50M $961.2M
Total Liabilities $1.291B $1.257B $1.257B
YoY Change 6.51% 10.0% 10.0%
SHAREHOLDERS EQUITY
Retained Earnings $5.300M $20.30M
YoY Change -98.04% -93.41%
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 $244.6M $258.2M $258.2M
YoY Change
Total Liabilities & Shareholders Equity $1.536B $1.515B $1.515B
YoY Change -11.05% -11.8% -11.8%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$15.00M -$43.50M -$287.7M
YoY Change -60.53% 242.52% 11408.0%
Depreciation, Depletion And Amortization $52.40M $51.80M $193.5M
YoY Change 15.16% 14.1% 8.59%
Cash From Operating Activities $33.20M $44.70M $135.1M
YoY Change 1.84% -4.08% 299.7%
INVESTING ACTIVITIES
Capital Expenditures $72.50M $80.60M $268.9M
YoY Change 20.43% 52.94% 60.83%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$100.0K
YoY Change -200.0% -92.86%
Cash From Investing Activities -$72.50M -$80.70M -$268.8M
YoY Change 20.63% 53.42% 62.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $46.30M
YoY Change 138.66%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 35.10M 36.80M 126.1M
YoY Change 98.31% -543.37% -517.55%
NET CHANGE
Cash From Operating Activities 33.20M 44.70M 135.1M
Cash From Investing Activities -72.50M -80.70M -268.8M
Cash From Financing Activities 35.10M 36.80M 126.1M
Net Change In Cash -4.200M 800.0K -7.600M
YoY Change -57.14% -105.59% -95.31%
FREE CASH FLOW
Cash From Operating Activities $33.20M $44.70M $135.1M
Capital Expenditures $72.50M $80.60M $268.9M
Free Cash Flow -$39.30M -$35.90M -$133.8M
YoY Change 42.39% 488.52% 0.3%

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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 16 markets in the United States which consist of Detroit and Lansing, Michigan; Augusta, Columbus, Newnan and West Point, Georgia; Charleston and Greenville, South Carolina; Dothan, Auburn, Huntsville and Montgomery, Alabama; Knoxville, Tennessee; and Panama City, Pinellas County, and Seminole 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;"><span style="font-size:2pt;visibility:hidden;">​</span></p>
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