WideOpenWest (WOW) 25 Feb 212020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by. And welcome to the WOW! Fourth Quarter 2020 Earnings Call. At this time, all participants are in a listen-only mode. After today's presentation, there will be a question-and-answer session. [Operator Instructions]. to Posen. conference like speaker to now Andrew today, would hand over the your I ahead, go Please sir.

today WOW!'s everyone, joining Rego, XXXX me our afternoon, WOW!'s fourth Teresa Good and quarter earnings thank Chief Financial call. and Executive Officer; Chief you Officer. for is John Elder, With

cause our everyone matters our some laws provisions These other we actual about forward-looking position the financial performance business. to factors, Before securities remind uncertainty in our operating known to started, and relating business call, recently, or different from statements. made forward-looking be our expected on would most implied I during risks, may get results, strategy of statements the or economic other uncertainties COVID-XX subject those our are and we to including, to operating our the are expressed related results, reliance and statements like that will and federal to materially forward-looking the make in unknown that Harbor pandemic Safe

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

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

in adjusted non-GAAP expansion note call in release, capital and that excluding capital please today's Such adjusted and expenditures measures. capital financial certain In measures EBITDA, refer expenditures addition, to our earnings expenditures. include we transaction

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

Teresa I’d to Elder. Officer, WOW!'s call Executive the to Now, over Chief like turn

to Welcome WOW!'s call. earnings fourth Andrew. quarter Thanks,

we are our included are complement our using on on that addition have a remarks. Investor website, also we and that quarterly schedules our available prepared release, trending Relations presentation In to press the page to

gripped quarter year commitment great solid video and not Our including The delivering strategy adapted focused that broadband-first quarterly fourth We and adversity we progress X% our results, full data the for while and throughout a same to total quickly the our revenue. We working of In our our making fourth to a revenue strong team growth year-over-year year, last in did and year. in high this pandemic from COVID-XX a workforce the than record on as more execution full high which offsetting most the launch All from and self-help business of net increased and year country. home, and data moved grew more year. record customers. our speed the live adjusted digital the during high from a collection driven period quarter. decline additions, than meaningful record data business, XXXX and speed self-install by million, like the to our XXX quarter, chat XX% speed agent accelerated year detract of our led kit, to characterized options

revenue, in from all underpins X% XX% same from the the video for Our of offset strong the fourth cutting with The the the trends HSD million. Video Telephony. streaming in million, $XXX growth revenue The TV broadband, period adjusted EBITDA record year had increase quarter year, strategy. as and in the in cord high $XXX industry of linear and about acceleration total ended past year. importance nearly the year to our quarters, our $XXX consumption our results speed We million. the the including quarter adjusted for $X.X declines up alternatives, been up broadband-first in we revenue momentum continued EBITDA increased Full bolstered that talking year fourth to was from slightly to billion last last with three away high a of speed data shift

trends seeing are on results, on our We impact these opportunity expectations. which of capitalizing exceeded our this and the

fourth of subscribers a quarter in increased number for we RGUs. despite our the the During total consecutive quarter, total reduction sixth net

Importantly, and our HSD- shows but customers strategy. service customers their their only broadband who maintain success video proportion significant keeping we're of disconnect adding a which of service the

are an on aggressive and focus our base targeted customer broadband-first. We with growing being

when the to of footprint. are minimum This which purchased more or a of speeds speed we speed critical while buying improvement the that customers of want HSD-only new service, for choice, year our strength our we higher. and to our testament HSD-only providing This higher the last We XXX the customers XX% customer our as higher and in XX% quality to is Providing our customers service increased from tiers. our in is of the is In XXX to During XXX% the something of substantial when year that new the meg apart. XXXX we XX% period additions the purchased quarter quarter increase for fourth sets nearly or number and we and of nearly gig believe understand speeds are meg highest customers quarter, capable the XX,XXX, quarter, same net than XX% XXXX. XXX,XXX. was X customers XX% service. RGUs customers over is speeds. the meg, prior history, customers of HSD added vast third us to In added WOW!’s purchase a infrastructure, X,XXX a bringing HSD existing as higher best new saw of significant quarter, of we the reliability purchased total of last speed of we new HSD XXX And RGUs, year, fourth continue our majority our

purchasing with higher we capacity consumer in Over invested two $XX has from up provide that to of X infrastructure, September rising line quarter speeds XXXX. modems $XX The which network year the end in at for on flexibility rate we have higher the us in in to quarter, fourth fiber-rich the customers past an resulted our increase which experienced the the an enabled in this a and grew years, of ago. combination demand advanced the with HSD ARPU, increase increase to speeds

element and is strategy to is another agile of evolve. continuing growth Our

our have and We agile opportunity refined are across increasingly focused our efficient approach to more footprint penetration reaching an use which and growing represents dwelling on and units, we exciting our of capital. the multiple

up strategy rates and last increased in continues increased quarter, XX.X% vintages both vintages agile as last fourth quarter. penetration results XXXX to XXXX from again, the from the XX.X% XX.X%, XXXX up in XXXX, and positive of Our to increased the Edge-Out The vintages quarter. show XX.X% penetration to

rates now As for XXXX, XXXX in part included the our we've of we are penetration vintages. the early

of with Although a XX% challenging content, quickly. homes year. XX.X%. homes to several and for future XXXX to our a to tv+, focus transition continue step they video We due a services longer to ended platform number great are competitive up our limitations available passed, network demand, the buying proportion of our XXXX IP is penetration But term is hit enables customers access navigate definitely our a maintain in from milestones. to unlock product homes to advanced of broadband our us pandemic, all-IP we quarter. of our is network, facilitate our greater rate and and a tv+ this smaller strong With these to key capped and our speeds, imposed key significant the XX% WOW! now helps of our growing position, video by with and maintained WOW! was represent penetration higher rates off our our a the of migrating XXG. intuitive, evolution capacity. support last product, legacy easy to

of communities mentioned that Work are support and amidst and this designed the our consistent these to For to quarter, highlighted as navigate to customers speed great were a HSD-only hit our we WOW! and with of Brightest a Best from up new result customers is We recently Internet, is pandemic the at are steady pandemic. The keep while access a working we and midsized Detroit. of named high this Flex customers essential example currently to cost help ago. them in the program have to who they in we introduced ensure lower & access using than of In our adapt HSD-only our year, businesses. them Atlanta, the of to milestone our customers the environment. one used markets help and these our Chicago across more The is recently challenging businesses the succeed provide XX% to how This the how facing connected. small Company service fourth self-install challenges we increase on kits, year are, internet rely Another data our many Fiber now kits. number products our Earlier a how of much XX% they're to

This quarter, we the especially us, third in this share award time. consecutive Denver; I'm and this These to much for also to excited mean time, won during awards so nation-wide. that difficult

of to one employees reasons one I affirms of employee and we I've customer and of grew like churn. throughout service, pleased incredible shows maintain results. is challenges the us strategy momentum with conclude, from our am environment. As that would of are of that operating the which consistently to our continue said all both to the reinforce passion low their employees turnover our differentiators current enable to our demonstrate why and who customer our before, how commitment exceptional key historically levels I significant year The the our To provide adaptability

over go the detail. in will call John, Now, our turn more I'll financials to who over

year revenue, to million the quarter our that from Thank exceeded strategy. same by year. XX.X% of a strong results total our subscription X% high in partially you, expectations and delivered a year ago, period Video $XXX.X down period our last $XXX.X broadband-first and the down increase This and and and In was in a WOW!. data the the by for quarter, X.X% fourth reflect driven revenue X.X% from impressive increase speed revenue X.X% declines same great to Telephony We offset increased team a million strength Teresa.

existing with revenue $XXX.X XX%. reflects an customers the increased of fourth business adjusted the to growth saw half in subscription and represents now the revenue as to more our higher decline from For in offset We XX% of increased as contributed total our EBITDA last which at speed as Video well new total HSD back to addition tiers. higher $X.X slightly our in revenue year which full the The of than of year X.X% half quarter, which million, predominantly margin our revenue. customers HSD HSD business, revenues. outperformance buying higher and increased in grew EBITDA in momentum significant the the Telephony revenue year, billion, The X.X%

EBITDA interruption adjusted the to included $X.X improved year, Hurricane high the Our our $XXX.X which to EBITDA of Telephony. related Michael, We XXXX continue decline the from from XXXX last that business up insurance was a year margins slightly EBITDA the for quarter by adjustment full which million. proceeds Video one-time in our to numbers million, believe third speed grows in business relative and data improve as our will adjusted and for

are goes third costs very revenue as margin to As margins increasing. slide revenue attributable parties This the services contribution delivering shows while can directly this continue incurred programming on Video to Video as you less predominantly to subscription are HSD defined incremental These contribution see we our from business. up cost our Incremental declines, next is our that contribution our our grow significantly. incremental clearly customers. slide, steadily in

the the trend During through this as the flow is to up was margin incremental leading for our indicator benefits continues, EBITDA period we the XX% incremental from year. last fourth as expect quarter, same EBITDA. see XX%, to And contribution a contribution adjusted of

incremental Now, profile ratio. about improvements minutes leverage HSD balance capital a overall growth believe free in to cash our our we flow With I’d our and spend and contribution margin sheet. reduce few to are revenue, increase our we positioning like and talking in financial that our

measure regard X.X% we manage With increase the debt of which Our and there continues business up volatility a record million down last flow, strong from sequentially which ended growth $XX.X In reported annual cash had trend to CapEx on On free basis, was came QX. to lower. was due of In year outstanding and hand in is executed results quarter-to-quarter, fourth it being basis December $XX.X our however, our projects million quarterly CapEx million. XXXX, our XXXX, a our annual operating for and our than predominantly capital-intensive And more network $XXX.X why CapEx liquidity naturally with but from on our at and and CapEx $X.X totaled our planned cash an is we the an is largely were to to degree basis. relatively discipline, maintenance $XX.X a flow. up continue last XX. year, free that in In year. Coupled we million billion. up leverage, we cash quarter, to

Finally, about later, COVID, the for we before provide the beginning quarter. guidance like the is call reintroduce pandemic. we our Almost although and there up at the removed I'd a our talk impact some for regarding uncertainty questions, of open year, future to Last upcoming year outlook guidance. to still of the we want guidance

million. to EBITDA revenue $XXX between between be $XXX total million; between to revenue to million and We be speed $XXX expect million high and and $XXX adjusted million data and $XXX be million; $XXX

XX,XXX additions broadband-first strong we're a building additions a momentum and net WOW!. We're the and great for We also net year HSD X,XXX be This quarter. our with executing between quarter of on revenue. was expect record and in RGUs to HSD very our strategy,

to open the up the line in year, for XXXX. we're a For start And questions. like great we'd now to some off

with first [Operator question comes from UBS. And Batya Levi Instructions]. your

side, It's talk on the how would the that about get terms provide guidance. the Is trends. quarter you the on collections first the since be it have Maybe year Maybe add a change color think could anything HSD that bad the here terms you accruals, the been whole of you from And to of an could bit EBITDA there in we the highlight little And environment? to how good could about bit to maybe want if on? good? -- on more should debt update competitive will year? beginning a

start Thanks, first on on the guide. so part, Batya. I'll the

predominantly for remove of So we year. guidance last did all

to So and I reintroduce important. it's we want think

mid-single-digits. to first where our looking of -- more the call. that balance we'll is the QX the for the for low sorry, some year, my throughout balance said. of year, when balance the I'd we the can as the be the I quarter expectation guide we the at to And in around see the we quarter, balance If report color the quarter and to able something time of earnings -- we we is So looked by report being that to be you that expectation the of put you do for

due onshore the have bad because than of we bit happen that almost $XX.X little back because in by But year. little a the don't is, hit than million we the because COVID to the customer hit little of more I largest the know had we of in debt was in overall still for of multiple stuff hit places of less this And COVID some to worries $X affected got areas bit about revenue, a that the by COVID, think there area some the we for we would diminished was down are COVID we us election, us We what but little impact came ad had year holds did right? I where pickup We had full the and unplanned sense, Philippines. costs revenues. what's areas, then bit a our It thought operations, incremental a the us, million experience. COVID care a issues advertising bit were were get three makes hoped COVID got of third QX on which going of to in affected operations it.

little had the advertising comes that's don't elections a area the We're but just we know. that QX, in kind hoping over. are of We back. trough And so

this just So one we out. to have write

clarity, the question? take forward So part the get in Teresa, of when plan. it rest months, next which the a the we’ll is second several we guidance, hope the year to want bit more you I to And that put of get the do with will

Batya. Thanks,

a good And a see year us. it. for industry. the other about we adds, well. feel in for competitive match to talk that had said, finish what found environment the trends seasonality record didn't of was was so this HSD certainly strong What what as net about year some traditionally last I We year we the We very think this as we than

it's to pandemic. to all period is we and too. to hybrid so the tell industry. related And other out good. XXXX dynamics standpoint, year find holiday look just But our What start from adapting back which been the our interesting of a can XXXX participated number of competitive we've in obviously, will we are what was or be that as out will seasonality you, similar for we people I like offers, of the it saw to are learning And seen to to a the in holiday numbers more

We are we're and continuing our also giving to see churn, which look good at our reliability competitiveness. certainly factor low customers to another choice, is speed, value. And

a And I follow-up just could. if

some peers of more one CapEx in Is into now pulled that environment. that experiencing suggesting your wanted XXXX of Some and that activity well? something was level. you're as squeeze are that a bit more, sales And lower to I there's forward

year? more terms that on directionally help mention us at did some you of basis. would maybe You of an in sort CapEx Can how give annual be look this you it

John then CapEx on will do follow-up and the.... I'll

check so CapEx, et you we et transport drives would taking invest, lower of set-top box, on Yes, can capitalize, about right bit something HSD-only than you of understand. the so of color with of course, our this XX folks flat more percent slightly cetera, of drivers bigger looking And involves is, XXXX XXXX. story et the suggest get either cetera. It really, I to as if roll, one cetera, and we'll the moment, think, CapEx at a I Video or continue because XXXX, the

for So for planning closer we quarter. little would below at when for I what think go now, I I will for right purposes, see first to update look or a say flat the year you from would I slightly overall do it now. your I this

in have of terms all seasonality. think And the the that's that I that of we in terms demand, question the

in quarter is couple last and we -- the and demand of year, People it to weeks of first quarter, the learn-from-home We’re industry, traditionally the moving saw see the skyrocketed. to impact. second in last more going work-from-home as were had that certainly

the to people's broadband know level. go where habits economy the we that to for the look of and for can far wait think believe the choices just I continues so open making very at to going value, choices. demand like think demand year. with as what going out for out. as work trends are customers have you, exactly to We good see I is looking are broadband going vaccines at of going have that's levels. and reliability are pre-pandemic tell kind WOW! some as roll people and their remain well competing don't to higher the don't this But all is to We We to speed up

And James. question of your Louthan next Raymond comes from with the line Frank

I your side? make will wanted would things there enclose cost the if would you that any how to that difficult the then be for And results? caps business you quarter, question, anything What like think on the or/and that second in one-time to anything see, broadband again. impact reversals that, or lifted data was were that impacted accrual, what

the that customers. on I data we So, question our services don’t on why our provide caps don't to have take data we caps? Okay,

we on turn in the for John, operate watch to but we And it value we'll I'll any fashion, results So, of accruals. and good to great on and happens providing feel question that bandwidth regulations, continue to the and we the network, our over are customers. then with stewards what continue

is Yes, special there it’s good within question. a I a there. one-time wouldn't say particular

is, hit on not getting than et debt going I we cetera, we people pleasantly cetera, check, worse think et think were due expense what little and get bad I another cetera. surprised to COVID, actually saw and to a what stimulus we et thought

which life. good welcome a a that in in your So was blue once happens guy, moon

that came one of high think, that's planning is from that than comp on. else weren't greater us, business workers’ and I data. broadband-first Anything speed that and towards get to we the revenue insurance And XX% did million we now came sort out So it. about $X strategy that had. sort moving from of pushed we the That's being of of for about derived

no So special for change. one-offs

Okay.

accruals just bad that, So expecting? quarter, in got the that debt were all you reversing less cost when you you been you -- have

the like guide no have correct. right Yes, part year full doing why what's that. not is, XXX% now stuff we're happen And idea that reason of going is to a with I

the or not issues So, with have over going we've most costs just have to past for it's either COVID bad debt. revenue to as come year side again, us in not come experience, And the is people been out higher advertising, trying biggest debt back, my in And going it hold customer had some been to well. But care. back of commercial bad there. on increased but

we And exactly So see we they this we'll for bad of debt the a coming, are. where prepared do be left it. spate if reserves

Kutgun Your Markets. comes line from Capital RBC next Maral question of of

broadband. Clearly, might year, favorable off and taking there. deals are for some I'd large the ask some for suggests infrastructure which -- market to starting have about for all cash quite broadband flow, big on funds. thanks on free we're optionality last that questions. Maybe maybe the and one with conditions on I you just If then like M&A, could, Great, focused M&A particularly companies,

any as So if there update opportunities whole there a your across is of some WOW! or markets? provide are on, there a you for to be can

with Yes, that I'll start one.

for the a company still more I to do stock I that XX.X has been trading because has thing times. times. last hair under evaluations just quarter, it's us -- we've is, in And the type done we put recently, Cable for like, say, transaction, And Hargray our would I to to the moved we're our up mean, perspective, X at in done of Astound of but nicely that one see are So One mean transaction. excited appointed

So it I is we're level, think value on from the is, that it sets what here. one what proper doing

So we're about excited that. pretty

mean, I history other Your over year XX of and company selling has buying our question, markets, a life.

at direction. we're either always -- look looking So at

to you we're about never now, way you. to update no which give But broadband. So is Right this know going go.

just business. on But it's the I the running valuations. do assets, is we're understand substantial. our focused the helping I help like So And people think of -- value which us

then just cash flow. maybe And on free

of you upward buckets XXXX specific You about free there's about ended a -- into us cash looking looking help with bias $XX at million. low you maybe are flow just Can sounds to components, XXXX? not to mid-singles. think EBITDA, we're different guidance, different about the not the know I like it up but talking

just CapEx be could flat, You down slightly noted year-over-year.

of have lot still a You NOL.

tax provide the know, color I on on cash nothing side. you really or working could probably capital. cash don't So interest if

Just because constructive year. together, fairly if outlook I took the all it for these like things full a seems

helpful. would thoughts any be So

all. to Yes,

CapEx thing it's even was will the cash Page value give billion down to one you and on that years who of sure. our reads sure, XX-K up $X.X will the on our fixed is XXst going go few and read debt, know back, flat to a of notional I on expired. LIBOR May hedge XX everyone for So perspective interest, And for some bought that

X.XX. of term our floor is of that fixed debt, our So plus LIBOR hedge notional X.XX%. at at LIBOR But $X.X X% loan value billion

months infusion little only happening. a that away. And from there's cash that's flow just So three

much but broadband-first not my guide, next we and it’s plan, on is what better expectation part all expectation my flow this of about. It's is is the So will whole a year. the than -- for is $XX million cash that free do

clearly tax going And the lot sub not XX% a with little of cash XX gross it’s you're a shape below is is a being, the margin and And roughly product, of drives which costs million, of then P&L, right of rid quite line. So HSD, we’re all gross kind gross with web one down. which NOLs getting margin of high shifting it replacing them video, the extras percentile $XXX here. interest profit product

squeeze broadband. one If I could on just in more

should and their their maybe your the their homebuilds that companies the AT&T larger how have fiber Just from expanding or think recently? impact to competitors of build whether accelerated about WOW! of some some cable even that’s investors new footprints,

service. do We X with DSL majority fiber-rich we I vast And of the advanced quite network competitive a of tell is can you, have gig have AT&T. overlap at deliver bit this we an And that But of speeds. rate. a very that course, can with vast, their do

whether Verizon we when footprint the have. with so And footprint fiber, super some that through overlap well have compete of of who that. competitive our very, small the look high competitors, CenturyLink, for of at very speeds of Overall, to Frontier, I a percentage very example, it's our kind or or it's relative largest competitors

our the our grow of cities, largest the at So in outlying we as others some just activity we as of feel in are good suburbs, builder might. parts much see our to all about because generally continuing And new our markets ability to we're continue to footprint don't compete, the footprint.

customers ability great service and we a a our in provide choice were us challenger and competitive continue the great place. put company our to So I feel that. in like brand, to established, great been to and since has do we're really in day We've stead go as to

Instructions]. [Operator

Your with Evercore the next from ISI. of line James question comes Ratcliffe

if on and Two agile like. the could I

rate last there partially are around growing especially bulk MDUs logistics into to pandemic. where have run the also could areas were the an in opportunity if a Edge-Outs and existing those help sense look it’s strains these be free would units? ones sort What on MDU of the size get possible? year for if that Are And because where and one mentioned that you all? it you you like of the of contracts? like second made just what broadly, economics And You doing the us would

the continue really a strategy and by increase strategy year, XXX,XXX doing liking few as footprint. Edge-Outs we drive to passed years Edge-Out key us has the for said, been our such penetration this great other our a we that does growth existing have year past. last strategy areas number homes. homes they areas are in now. to that still are for have as over Thanks, Edge-Out we part a for in new our nearly allowed that selection James. was of increase the selected you And rigorous have of including, That penetration. the to have IRR, MDU, we our last Yes, years that our mentioned of we partially because With And I

about have can of think right we really when significantly we have And we would a higher higher we can than some the provider, in and these penetration entry, So preferred a neighborhood. course, and they're perhaps rate. MDUs, have where, cases, penetration are residential of then generally the areas in we

the residential just know also an driven we situation, clamps is less with MDU be IRR covered is the to expensive And that has communities. it of to a to costs. the because build by So build in that as opposed of miles

there's it. lot a So of benefits to

excited we're So by that opportunity.

as traditional years. if think new like via We're harvesting we this this terms target also are the year, opportunity criteria thing said, last the services we through on as network. That one really versus homes services at just them, away have, for of those number future. about But opportunities continued an IP out But specific to necessarily not rigorous going in we've are is QAM further have. for vintages our our a existing view provide we move process we structure to while As flexibility, can that I our few huge video had on I'm an our the over us we services to still opportunity about perspective gives we rather And actually putting a Edge-Outs the provide the as that can from where return passed. all-IP can look adjacent and that across add I we especially broadly a the those network. more that we select are that excited a

we using Edge-Outs, we our optimistic and So use. its of are to we're very best continue or actually all about capital sure make

the of of Markets. Nispel And from our line question next Brandon comes KeyBanc

years on terms not comment set. customers timing in EBITDA Then you whether next mix in to what at the tiers video for the the you in do have of product at think of had or changed Teresa think various the three and minimum how you be? tiers this could mix minimum for change many the increase now? end of the from you John, the speeds? for volume -- had of business you your do relative speed mentioned coming the Could the profile subs of long-term And in making you'll margin

want you go me do Teresa? Yes, to first,

way. it. Either for Go

know, see and I half to and really I is in a this for long away. think side bit expectation this resting a mean But a was -- to the years time, subs. video my the business sub-XXX,XXX back Yes. you folks of perhaps little go I video. I three maybe as of out of they're out be going dropping year, other it's

on margins HSD. know, own sub-XX% again video So as that's sub-XXX,XXX. a In usually my shockingly, expectation margins all XX% is very, higher on plus my WOW! different gross significantly we be to very looking and Because modeling,

So years that at margins, plus be now, from on three, at high-XXs percent I'm looking WOW!. we XX EBITDA four looking could

the work to And we to our And in massive be mean got by We're we’re XX% way revenue the do there. starting milestone. a right? That’s our we being ago, HSD couple over say HSD. is as swap. the of past happen the So two I see from strategy, to we I’d like years in plus broadband-first it day quarters, making progress going numbers. again, were XX%

time. happening real and happening in it's So it’s

So I next couple for, in that's the years. sub-XXX,XXX looking what would of be

part of And just question, other Brandon. your the to

we documents too, which disclosing things One in quarter's just last something is we HSD the mix, sell in that on call. only shared webcast started is the of that

grow them the X how And big to as we're or consider are those speed coming many percentage HSD, continuing in, to And at XX% customers XXX, seeing that of a new are so for we see well. we as details of XXX or what we share which gig. those numbers the don't is be meg above. of But

many In addition, many, in there existing our base. are customers

our many X upgraded to we -- many, meg X the year, So gig customers to last customers. XXX have existing over and for seen is the especially new base about that meg upgrade the diagram on all customers, webcast speeds. But XXX minimum was for

learning, Zoom with work our with of spending As all entertainment. day we're all on and us,

mix moving So the across the upwards. board is

one I question. quick super up could with follow That’s If helpful.

that switching mentioned the had Can video bundled retention you on customers significant. please? to to was You that Internet-only quantify

exactly. Yes,

from we're seeing down. can So you subscriptions tell as what as we our are growing video subscriber our subscriber are numbers, base, our coming even

but this streaming continue to desire are customers, talk budget, with with tend to a dropping how service, to they get us, Whole-Home very customers. more increase working video, we services to understanding tv+ happy telling have are their the speed, they're and streaming video the goes switch -- to long we and consultative consuming they very they if means with traditional WiFi it and actually a stay when choose more time. they mix. video as what finding for may big to of often or they're about And and get want to agnostic way, And manage in is to They add kind us product. the their be that their their services and So That they customers empathy, their us on interaction often appreciate our they that to them that we're keeping with they broadband services, want. us customers tend to whether

in lifetime reductions time, seeing we're higher churn or So which lower lifetime value. churn, -- over lower means

good really helping of our happen and solution. So find things to the lot we that a there's, think them best are listening I customers as

further Elder for time. no call to this I over turn like remarks. now closing at questions Teresa have would We to the

thank many to for joining this support interest look forward And in all so you with evening. week. afternoon. We the a for of Have speaking your great much and thank you of coming you us WOW!. Well, continued

conference Thank today's participation. call. concludes This you for your

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