WideOpenWest (WOW) 12 Aug 182018 Q2 Earnings call transcript

Good morning, ladies and gentlemen, and welcome to the WOW Second Quarter Earnings Call.

As a reminder, I want to advise everyone that this call is being recorded. At this time, I would like to turn the call over to Mr. Lucas Binder, WOW!’s Vice President, Corporate Development and Investor Relations. Please go ahead, Mr. Binder.

Officer, morning, XXXX thank today an earnings Elder, will Chief financial Good our for is the update Cheryl. – cover Chief WOW’s quarter give Financial activities; second call. Executive Fish, on you, our everyone, be and you and joining Teresa who operating Thank will will Rich giving WOW!’s who results. With who me Officer,

some factors to call, forward-looking we started, to everyone financial we from need the those operating and to will subject securities our forward-looking our harbor provisions are different and federal other position make These safe be of our materially implied about or to Before strategy we get are statements. on statements the actual results, statements that remind in operating may or expected that cause and performance results, unknown our our and our during reliance in laws forward-looking other expressed known made risks, business matters business. relating uncertainties

cautioned place disclaim forward-looking undue We such statements. update forward-looking to obligation any to are statements. not reliance on You such

For materially refer information Factors our to or results cause statements, concerning differ our Form including of financial section the could with factors actual our with additional affect please the filings SEC. to results Risk our forward-looking SEC, from that the filed XX-K

expenditures; in dispositions; diluted dispositions; subscription EBITDA; acquisitions and financial and our in including earnings Business EBITDA; call earnings residential share. revenue, that dispositions; including refer adjusted acquisitions capital today’s measures measures. Such non-GAAP Services acquisitions per please to include: we subscription transaction-adjusted and transaction-adjusted note certain In revenue, and addition, release, including adjusted revenue, and

in release the useful investors, non-GAAP accordance non-GAAP information measures. or our GAAP. this earnings company reconciled isolation presented financial measures are financial most presentation considered in as to not intended measures While GAAP of these to substitute believes the a information in be for for provide information is with the comparable the These

Now to call Teresa. I’ll the turn over

thank Thanks, you, Lucas, and everyone, joining today’s call. for

on and by our to saying daily indicators start transformation, basis with track we we business trends. Let improving leading me demonstrate remain monitor on continue a the

execute we would HSD review quarter the our some added provide and second the Rich second to encouraged In employees for RGUs last second years. our net RGUs, additions represents which in four and best engaged are specifics for I around While like we quarter on outlook. second of future. results our highlights, vision, quarter the quarter, X,XXX HSD will the and the

second seasonality, XXXX Additionally, annual heartened churn subscriber of quarter Importantly, and are least were In implemented second churn X,XXX. quarter quarter second the at subscriber quarter of the lowest we additions organic second for the represents our by at two these especially beginning face net rate years. quarter in increase the the results

the second years. second best of the we net total four subscriber quarter last a X,XXX, grew was for in During the XXXX, which quarter subscribers metric by

to strategic start We phases and on excellence are way an still to vision our growth. our toward is the executing the in of early return encouraging This operational year.

Nodes penetration, through grew quarter, is opportunities our continued and second ability the unique segment. of this XX.X% and XX.X% XX.X%, extend acquisitions as our reached For well our subscription achieved to Business in XXXX. and Among growth XXXX trend Edge-Out including ramping revenue, our June growth XX, penetration our double-digit The dispositions, of Services network XXXX Nodes continuing Edge-Outs. Edge-Out

in only quarter X,XXX X,XXX passed our market. year, our total penetration this XX the on for X.X% the already achieved nodes passed homes of far a homes second expanded such in Nodes So and Edge-Out after X,XXX days by have

be added Edge-Outs We Edge-Ins, to our two Between total mentioned we even Edge-Ins. further through report targeted expand to homes And passed achieved passed additions ability XXXX. Edge-Outs pleased addressable our Edge-Ins. XX,XXX we XXXX. as In addition, through throughout the have to passed full-year we I’m the of expect already our exceed calls, last which that market over through in XX,XXX of to to have add we as goal homes in around the XXXX, homes and would today, XX,XXX homes Edge-In

through discussed Now pleasantly we their to experience, in I easy and people as our that know connect we which surprising the time. have past, to define and vision vision reliable, is WOW! world every the

vision. implementation and Our the quarter second performance in this execution the continues of

in some will strong to We’re believe position and to a XXXX. phase I’m share renovation second-half return of excited still for of our XXXX in plan, WOW! developments the the we a though of that but recent growth

Let are progressing provide XXXX we on initiatives. update how our an me through on of investments and first-half first strategic our the

reminder, between $XX to we and on initiatives million in spend these a $XX As XXXX. expect million

them So year, how treat really to numbers, on better level. We we to personal the started Experience. WOW! as up investing our we organization that not customers, assist on April this deliver began in the we well-positioned in to and increases our we tools are increase drive a transform our we To planned were as XXXX rate service staffing neighbors, relate by anticipated improvements in as handle levels to volume call to possible care ensure X. associated with customers

on interact terms. customers continuing to develop their Additionally, we’re to with new our ways

substantial. mobile to we’re to We levels impact in a and significant voice able response, With the modern serve the that these more base thus a rate service basis on service increase improvement in levels been saw compared to prior improvement significant as have call and has far year-over-year cycles. a The improvements a flow options. increasingly interactive customer tools, such to and wants

a experienced first the in we XXXX. in momentum the of quarter As churn result, improvement continued

are through front, quota-bearing retention WOW! more in are expanding the while our presence, and well adding acquisition customer brand marketing headcount. the investments the and investments XXXX. These of On sales first-half sales underway

year. engaged online. We’ve saw the incorporating WOW! online our customers been X throughout from experience. our We fortifying we Phase communities the remain to WOW! developing the website, with of our improved are buying and to in a live an efforts wowway.com, which and launch enabling new be We July track in ability local active order participant investments work. services an on

the to buying revisions online Home Home Ohio now add evolve In greater use WOW!’s initial the we is drive ease of and Florida. good of continue the improve saw markets and footprint WiFi WiFi to Whole service experience. WOW!’s will in service. Columbus, available our We Pinellas launched majority response in July, Whole the following we and WOW!’s experience of County, test

to of slow to customers, of devices no connected there downloading, Wi-Fi zones, via no Wi-Fi to some half XX connected WOW! and for billions corner dead a of satisfaction. WOW!’s house. With of streaming For are meaning network, customer have up tens reliable and every the devices just single zones, the and expected from expected secure gaming into future critical households is free zones,

speed Our handful easily choose is Internet of can Home their fast and customers that from WOW!’s alongside Whole to phone with Residential bundled needs. Internet WiFi WiFi, suited packages are a Home TV With services. Whole options, WOW!’s best

this excited strong are product enthusiasm the seen and news we’ve WOW! business. from across of to We launch next-generation really the a response share tremendous from and

share the our have our the has pleased of we Just change. and executed investments to I’m team year, driven how past on velocity halfway through how

of also our product on focusing first we churn launches, of investments made development, training, efforts. some the to and efforts have top excellence. favorable The the lower saw operational through people continued compensation and come website see show on and in we in to starting We’ve quarter. improvements to results have We’re fruition the our recognition been

we As who just a business, are. it what it’s customers, WOW! is DNA is service our we to do, not in our where customer

doing also shorthand We’re reliable, REPS, pleasantly is and which easy our for surprising.

bring and back to We’re to fit doing our REPS full strength. WOW! get

We our reigniting people. and the are passion energy of

growth, As our win organic the retain we’re by our rate second footprint. we quarter churn relationships and quarter driven by lowest in positive HSD our within organic continuing back-half the of look heartened to We to came two the to customer at increase second abilities successfully generate years. seasonality, and least year, through RGU

quarter, to expect continue up a throughout year-over-year sequentially we digital improvement EBITDA adjusted improve third in demonstrate adjusted to quarter, the fourth in modest and the where We we expect spending as year to the transformation EBITDA. ramp drive our to growth with

of full-year, the our positive continue cash expect For first year free we to flow.

are in leading vision, of watch and towards At that there and the they this indicators we are our of positive and to continue top have execution this number people As progress the past, our call discussed of we on monitor trends. to the list a show customers.

the employee work to likely others Our how an – record have improve promoter quarter scores, first continued second measure employ net quarter refer which over for to levels. is WOW!, to to

growth and our scores will our are a continuing teams and care customer adjusted watch positive last growth. indicators these in EBITDA Ohio. metrics the overall satisfaction focus we Columbus, customer ultimately success of Additionally, highlighted consistent trends. field their employee to return subscriber and call, result We closely as they across all that On positive are in

awards brightest WOW! the Detroit quarter, as won Metro and for work sixth row. in for year This a the in company best to

market Atlanta Newnan ninth Our within in a Chicago for and Georgia the year row.

passion within initiatives is that I for found and and the We inspired customer attitude. tireless investors, positive WOW!, long-term to to many truly and reach. ways confident customers, work our by by of vision. their I’m continue to absolutely remain proud at so I of our each the our challenge ability execute and our teams to people we our for exceptional have WOW! We’re Achieving have challenge customers. and these employees believe energized on experiences. a the be an great our people in ability our exciting deliver

aligned a priorities, consistent and to focus growth. in Our and will subscriber positive are return we we’ve key on our EBITDA believe adjusted teams result sharpened which growth

our turn results. to review XXXX it to over I’ll quarter Rich Now Rich? second

Teresa. Thanks,

report be our this progress be We are accordance with by expectations. pleased to our we’re and that continue able to encouraged afternoon executing in to

for million, EBITDA $XXX.X the second totaled revenue diluted $X.XX we adjusted for of reported per adjusted and earnings second million, XXXX, total of was Net income $XX.X of quarter and million. While net quarter per $X.XX. share the share income $XXX.X of

over up For – quarter. from revenues second and the organic, of the This both the sequentially sorry, the driven price quarter benefits Edge-Outs the the as well XXXX. as I’m by HSD and implemented second were start Edge-Outs was first the RGU that at of growth, of quarter, was total Edge-Ins X% increase benefits

the XXXX XXXX. EBITDA of $XXX.X Second million a over adjusted quarter increase sequential of quarter of X.X% first was

our years three Adjusting metrics results an total video the quarter quarter delivered Services subscriber We second for quarter, subscription last strong a video RGU compared we XX.X%. increase As year. years quarter video our was as a total second we quarter for the improvement represents second total that just and four increased improvement or quarter during which rate our the the growth totaling by had particularly a best traditionally $XX.X Total toughest acquisitions in losses metrics results historical which X,XXX second quarter million transactions, the in second second least second price dispositions, million, encouraging effect X,XXX. total well. This and to during as subscriber Services at Similar our of organic XX.X% quarter in performance, what revenue, the in the year increase the positive last for subscriber HSD million of $X.X of is RGU or with Teresa decreased totaled this of results momentum last one the best Business RGUs X,XXX. included RGU the second net RGUs, subscription net the to demonstrated is added year, the Net over seasonally the last this in in which the X,XXX second of $X.X HSD quarter XX%, we’ve four in years. increase Overall, highlighted, X,XXX, is of XXXX. net subscribers implemented strong and the of to quarter. of as second year. year-over-year of performance and of compared including total of a best year-over-year or quarter quarter last the over in the Business revenue X,XXX, in RGU an also represented

we’ve and we’ll on Edge-Out Services is segment with a as have continue in pleased Nodes, In in very Business communities. optimistic added a an now a these continues have of to Nodes and just in Edge-Out days result extended this passed of more we’ve XXXX, have in the and XX.X%. initiatives in new penetration the end XXX,XXX of we added achieved at homes June XX, opportunity XXXX, the The this basis. XXX have the ramp growth have started quarter. passed. and the X,XXX market growth have started XX,XXX in homes At started at XX.X% The Edge-Out we remain new we double-digit by that XX than reached XXXX to homes X.X% the market network of going-forward the total we in XX,XXX XXXX We’re second been Nodes days. Edge-Out our passed Penetration new average an year of in XXXX homes new penetration and passed average added at have just that

We’re obviously deploy to been pleased in to with Edge-Outs, and capital the of able business. very in performance opportunities drive attractive we’ve that the continued identify growth

to expect homes We our and XXXX, approximately combining Edge-Ins. in add XX,XXX from the passed network XX,XXX the new to XX,XXX Edge-Outs from

$X.X were earlier, million incurred already Total goal of are will $XX opportunities. which for was Of of final completed. capital XXXX expenditures through Edge-In full-year be project, the second of as Chicago on completion XXXX elements the we’ve the our XX,XXX mentioned reported a that reimbursed Fiber towards homes of the amount, build-out Teresa achieved As basis. million quarter the adding passed

to We’re leverage. with first-half during on and our will that the completed to network complete year. efforts regard be track expect it of liquidity With and build that next

of positive June XX-month trailing XX, the has hand revolver the and transaction adjusted combination on billion. we balance, second $X.XX of the was X.X cash a million end at flow significant EBITDA total $XXX outstanding Accordingly, in cash undrawn leverage free available year, million through expected of XXXX As total basis. approximately times of debt had The and the capacity. totaling for its company cash liquidity $XX.X on quarter,

a has In addition, company the tax favorable position. reminder, very a as

As end repurchase million until taxpayer to year, announced cash of a stock this have $XXX of totaling fiscal May last least the In year, available program. and approximately $XX federal XXXX. be we we million don’t of we the expect NOLs significant common a income at

shares that of in completing company authorized has open market, X.X today, program. approximately million the As repurchased the buyback

for with filing get may to the to behalf finally, of you seen of the sponsor growth year-over-year on And provided started registration EBITDA concurrent shareholders. sequential of culminating S-X our XXXX. a the adjusted effective of outlook the SEC. throughout our address many have housekeeping previously fourth year we of specifically Accordingly, with the sure our we we’re with ultimately financial an the to expect to the shelf as the increases the good I’m remainder expect XX-Q, reiterating each of get we’ve that statement insight to EBITDA on it As filed Form trend getting today’s how by quarter measure of this and XXXX, guidance adjusted year, quarter in shelf for we represents in process XXXX. file in full-year This SEC

remarks. for turn to that operator So I’ll the prepared questions. concludes our back it And

of Our Instructions] go line the comes UBS. [Operator John Hodulik first ahead. question of Please from

open. Your line is

Edge-Outs. for continued you adds high-end net Good is This sales you. this Levi improvement upside guidance penetration ramp. if for we And Thank color talk if data an in your ramp Can maybe question John. for Can at about momentum basis? to the second quarter. the that and Great. this your continue continues see Can can Batya XX,XXX high-speed some year. there? future you. the annual into on of almost The some Thank And Edge-Outs plans provide on you’re we July? you see this

HSD. in the Edge-Out Great. in Thanks pleased with as growth we’re well so Yes, Batya. we’ve much, as improvement seen very

marketplace. be So quarter, this how in are we with competing comfortable continue to the

also as Whole footprint and at be marketing gig. pleased offer believe of that customers to XX% pricing with – are of We be know robust. there’s our by our we’ve that competitive with awful before, do all that to we an into nearly X We is our said it to Home customers the we to is and lot And We definitely when wowed we’re experience our still marketplace. competition, put WiFi really execution product. seem

pushing competitors just We see keep continue to markets we competing. have our and into to

kind we’re doing any any So numbers. of not changing of of on guidance our

think, beyond, XX,XXX yet. Edge-Ins But numbers we out we’re question with what’s Edge-Outs, offered and And to on XX,XXX not have we there plenty there. for In we Edge-Outs of I opportunity at year. us of when track the upside – for for is to this know your any terms the still second-half I add of on that look XXXX

So months. XXXX coming the looking we’ll in be certainly at numbers

Okay. you. Thank

comes James question ahead. next line of Ratcliffe Evercore. the from Your go of Please

line open. is Your

question. I the taking if Two, for Thanks could.

makes changes facing First, can of that, a looking what secondly, any out you’re it environment if of seeing services any you backhaul? give us was play, partnering like your on in mobile secondly, quarter carriers providing quad in promotional activity a or thoughts front, from Thanks. sense if in potential that the And to on explore, you’re AT&T? whether and the competitive particularly of particularly terms in or both to mobile sense offering and and terms there, role

are so spent Yes, and what environment, my much, competitive is Thanks is in in environment, bet. I we You extremely wireless a operating James. absolutely career half competitive. which which the I of love

both both think your that halves it. of address I kind of questions, So of

markets. don’t been this So, is is see we’ve I that different question. our and to in other ones AT&T any retain our continue ability yes, you relationships our continued We I can over that as there shift or confident anything customer confident we in to to to competitive in ability specifically has to really that big quarter feel to feel know customer-driven. your everything tell compete. we do related well,

that think, for wanting opportunities right strategy that this winning at look wholesale to seems our a So about something that the perspective I wireless really customers us we think when would if and point. provide and at at we opportunities as a are from But from backhaul it really now, wireless, look is we there, be, to us.

Thank you. Great.

of question FBR. comes Zach Please Riley ahead. from go Your Silver of the next B. line

open. is line Your

Crestview impact thanks one, the you do to able from have? talk And comfortable then will I used what Additionally S-X. that timing something being the what’s do you a Hey, is, that? the through a support? second on to about How that But think is XX% over so part not online if lot kind some for the share the of plans say bit chat potential same kind the to down kind you the the of of on the with ahead Can know maybe that, of quarter? early have an probably own learnings schedule. sales that’s given equity. about but operating overhang buy guys, we All there’s improving this? that should shown you think like questions. channel from if time taking any can this online I the Thanks. getting have you road, at And right. And you’ve about happened website Number think, results little of

Thanks, the out to third Great. first Zach. I’ll and hand Rich. couple then take the

deployment of talking the with is year. been pleased we’re the early we’ve This that. about yes, of digital that website, the from transformation Regarding the part in

think, through We are. the that’s what to the customers exactly websites, learning things I just we’re dynamics and clear, do in significant certainly website. know be the days of on early closing activity and to we’re like well able getting

probably with at would lower-cost minimum, calling buy to but customers that a us. think through bother that, there are we think really channel, some I what is to want not in it’s incremental a

we’re halves encouraged. here the So it’s coin we and think of both

really on that with the definitely it. launching pleased yet. to results note fine functionality and as goes that rapid to done in yes, already we’re And of the add one on really, we’ll do about that pretty and will on is this the operationalizing things work continue team talk And releases. no future. the really So – time But has really

able of about and are kind be that self-service provide online road we down the like near we’re things exactly thinking and the future. things chat the to So in should

of it. through on come is progress? is And something learnings the digital and self-serve is Got to your the along just timing there going that chat, transformation of kind any kind as or that

the will roadmap and year – for have remainder we then we to do few of a and to continue that Yes, the every even really all it. Yes. continue for improve of releases continue weeks

full roadmap a for a number of that things that do. there’s for able to So we’re

Keep tuned. stay to back So the checking website.

great. Okay,

nothing Zach, And the to S-X, more on add. there’s or just then question the about really much comment the

the a it’s effective. situations fairly typical think, with I it to in to on registration sponsor-led get SEC shelf get and file

really, what So point, this at that’s really doing. we’re

started. process the getting just We’re

to As want will think, the know, they it cetera. comment, and I SEC whether decide et you review

the a So process from starting going. that we’re mechanical get just to standpoint

very that’s Thank Okay, great. much, you guys.

of line James. Your Frank Raymond ahead. Please next question comes from of go the Louthan

open. is line Your

helped through tail Great. out Thank quarter? of – like of the – subs? there cost the that that’s gone either or you. are that are in going third to increases I’m come really video promotions that may with for sorry, have Have the in that, any the systems? in your revenue all Thanks. or quarter the across you activity Anymore other either all the put wireless the And broadband or these

So on the in the rate increase, second that was really quarter. completed

answered So is Those the we got customers’ and done all into that first that and in went in. tails the rolled then April we calls effect now. all feel right cycle of

So I and numbers. pretty well put bed one is like into into rolled that our feel

I think, marketplace. of have always offerings we competitive in a the and variety are

efforts to and we’re really make game the said second usually of We, this don’t I that in think in concerned did about in this anything we best responding that sure so been comes made sure and If this trying there’s call offering especially before – in ahead strong as to are to general quarter, we’ve particularly out we’re when there, course, have they our broadband. anything value industry, very that getting are we it retention of are we when customers quarter. seasonality special And have that the quarter. just the

just balance that divesting Thank you or sort consider systems you things systems can the outlined any in smaller up Are the might other in network thing. you. of great. there clean improve Okay, one And sheet? so your

that time. like Yes. do We really this to don’t have at anything plans any

Okay, much. great. Thank very you

go of ahead. Suisse. Please comes Brian next the Your line Russo of Credit question from

open. line is Your

be My to to this the million $XX one should about making Hi, that million you’re relates and year, customer what marketing. how these And thanks. extent business care, off paying that well seem to your first kind questions. one-time continuous from, as investments start next HSD thinking we they of you far of so my I might year feel benefit to products year? and then second question When versus been this growth $XX we in sales is improvement about two investments to in nature given have think on have ARPU.

really some was reported customers hoping can you to give the of there. I much trading strong how some up us price action You’ve be growth tiers? higher this as perspective related the who on of to to kind was growth Thanks. speed might opposed

Brian. Thanks the for great. Okay, questions,

bucketed the $XX have $XX that three we million Regarding buckets. in to million,

first number appropriate really care the people. was up around of staffing being that and the The of

percentage it. the of channels to all and salespeople the the could the campaigns, this really and resolve on also our improvements also as variety the and needed level, systems the call. and that new has launches, whole which in through demand. street new our and to trained the last and third answered is we they respond do road XX around sure we things. team marketing are new our is And abilities improve but down a of one-third calls questions of care within then have that and bucket the sales of these the we making customers’ so is So we only market, to people the And like which website need we’re product service do in the seeing that digital other that not feet first self-care the define transformation, seconds and was that making to the are sure to things really the

of in I bigger to investments So ongoing things investment is feel and with we think, next we’re And some are that see us to about and in that these are third way. this quarter, for growth of our year overall, least, for a to business of that our that going a certainly. it’s hit recurring some where are cost think, is more really probably year. not third help at We one-time going

to So want you Rich to that. add

No.

Okay.

million. kind about we $XX that’s how think of think million to I $XX the

little our ARPU, that out one we up more that’s, bit. and think did And On the the first people we have we’ve take as are the ability done. need add HSD, streaming is And their the of we speed product in moving more which yes, have we HSD felt devices I although definitely have the because than for increase a that rate they home, to best there, – on to tears services we raise they value as others.

of with So the it a is a as mix bit speeds higher increase. well as rate

Yep.

Gotcha. Thank very much. you

Please Your next line Nispel of the Markets. of ahead. question from Brandon comes KeyBanc Capital go

Your open. line is

two. taking for questions. I Thanks have the

think would to be services allocation And video in just are typically video order compare type advantage overall in HSD between expenses two you builds Edge-Ins, need you service? improve great? the with On bundled to these an different of bundling, business do in invest your do and your bundling the And contrast mix? then on or Thanks. economics there’s maybe more than Edge-Outs, those and your what you have about said

hand content, half question. see video cost really video that Rich, Okay. take Right half product the We Dr. first matter, we bundle and and bundling great that, their see take they to our how HSD on that. now, the Edge-In to customers then with definitely of love question own. benefits no get services, I’ll therefore, answer vide the Thanks, and HSD Brandon. our see to about customers

of competitive continue together. something but sure on that want to is and remain customers that our them products, as offering our to we’re they a make So that think we in to each great about service

them each competitive. at together, definitely looking are we that of So our very well keeping products as as

– the half if does guess, you does can customers there bundled anything follow-up, churn? it churn? of could what I I that the with and actual improve in of quantify them Teresa, terms Is to just that

think don’t we about churn in talk I when Yes, we it. usually out break that way

is appropriate is they at that I price for most it that want that their important the getting the the customers is budget. they want – think, whatever thing to

on them that’s well have. people them right really seed, customers getting like right where I’ve trained plan, on sales tiers, the we package them the getting want. been that and getting the I right and care they’re feel So sure what understanding to on the great make

So the paying actually of that’s had in for of feel year. And we’ve the of whole they’re just numbers levels one that reasons and reduction first-half they churn this they’re services record like the churn using.

the on So Edge-Ins?

we where and as extend are building on economics existing from really are that, incurring to different – neighborhood Edge-Out the to construction and project the extend project, costs quite out homes actually all the when that adjacent customer of passed, – well of property. our home Yes, is our really taking the we to on new to that SO of footprint. the you In Edge-Ins as number Edge-Outs. we Edge-Ins, know, are the as to agile evaluate a of costs return network the a cost network additions it’s are an get incremental Edge-Outs construction that

that classified is for actually been a home of that we So database that many Edge-In already of added They that an has footprint. reason, whatever existing that to is quite active home to variety our our Edge-Ins them. and our is are network represent refer not as inside being there is and home organic a a in previously, different are when that a in

identified. networks is That Edge-In home, capabilities distinguishing already exist. this service the been criterion and just are the is to obviously existing which So

customer line opportunity the with no there customers’ is So individual just a incremental capture extension all costs costs, that associated sell construction per that are and really the the CPE basis, to to and to home. on

Edge-Ins, relates but on it’s for why even one it only can which opportunity us, phenomenal. the profile a Edge-Outs is as into So this visibility our we not continuing basis to better of is And an as such as you greater opportunities. reasons have it’s these to return imagine, on year, continue

could Thanks color. more, far you share doing with if you to the I Thanks. completed the you going are have for your this guess, year, us Awesome. guess, so plans? and And be XX,XXX guys I

Yes.

have, sales our do just XX,XXX ability that coming. and and do more of new to Edge-Ins. well at Edge-Outs bit that marketing course, really I want have an is this point What the to think homes we probably unleash really people a that we as we as, to sell away on are

really is penetration services provide customers to now. our to to that’s drive so continue focus and right And those

the questions. for you Thank Okay. taking

from of Macquarie. comes Amy line ahead. Please question of go next Your Yong the

Your open. line is

is this Rachel for questions. Two quick Amy. Hi,

with given thoughts on as your liquidity seen Comcast’s that the Fox, recent stock? buybacks First, distraction opportunity? balancing in secondly, And and have are then you what an

you didn’t we sorry, part repeat catch I’m please your question. of first Rachel, Could that? the

an recent additional take opportunity asking, was you I Comcast’s as distraction Sure. Fox, share? given have to that seen just with

We there, Charter quite continue all out think, whether big to whomever. be, with the of it’s competitive I guys or Comcast or

rolling when So, yes, rapidly. And if might competitors forward thing. be sell opportunity to the are exists, we by we tend distracted other

has feel the we stock the have feel we that And buyback, of that, of it. the we said we paid announced we last may you good in terms the $XX seen price and just value In buyback that that about completed great million for ahead quarter. the we

Thank you.

remarks. are time. to There would – at to closing call call further this Teresa the questions turn Elder for over I no like

support questions, so WOW!. and for interest the Well, afternoon. We all our much thank continued appreciate for Thanks Have day. us of a great Thanks. everyone. in you business this your you joining your

call. This concludes today’s conference

You may disconnect. now