WOW! Internet, Cable & Phone (NYSE: WOW) reported Q3 EPS of $0.11, in-line with the analyst estimate of $0.11. Revenue for the quarter came in at $288.7 million versus the consensus estimate of $281.62 million.

Third Quarter 2020 Highlights (1)

• Total Revenue of $288.7 million; Net Income of $9.0 million; Diluted Earnings Per Share of $0.11
• HSD Revenue totaled $142.6 million, an increase of $12.4 million or 9.5% compared to the prior-year period
• Total Subscribers of 846,300, an increase of 28,700 compared to the prior-year period
• Total HSD RGUs of 808,900, representing 4.5% growth in HSD RGUs compared to the prior-year period
• Adjusted EBITDA was $113.5 million with an Adjusted EBITDA margin of 39.3%
• Free Cash Flow in the third quarter totaled $21.7 million

"I'm thrilled at the progress we continue to make on our broadband-first strategy as we help our customers adapt and succeed in this ever changing environment," said Teresa Elder, WOW!'s CEO. "We continue to see growth in our high-speed data RGUs and on a year-to-date basis our high-speed data net adds are up 92% from last year totaling 27,369. Consumers continue to shift away from traditional video toward streaming and to higher HSD speed tiers as reliable and easy internet connections are seen as essential for the way we work, learn and play."

"Our 2.7% increase in subscription revenue over this time last year was driven by a 9.5% increase in high-speed data revenue," said John Rego, WOW!'s CFO. "We see this as affirmation that our broadband-first strategy is sound and we expect high-speed data revenue to grow over time, outpacing the decline in video and telephony revenue. This growth positions us to improve free cash flow and our overall leverage ratio."

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