WideOpenWest, Inc ( WOW ) reported a fourth-quarter revenue decline of 6% year-on-year to $168.8 million, missing the consensus of $170.6 million.

EPS loss of $(0.54) missed the consensus loss of $(0.01). The stock price slipped after the results.

HSD Revenue totaled $108.7 million, up by 1% Y/Y. Total Subscription Revenue for the quarter was $155.5 million, down by 5% Y/Y, primarily driven by a shift in service offering mix, as we continue to experience a reduction in Video and Telephony RGUs, coupled with a decrease in volume across all services.

Adjusted EBITDA margin climbed to 42.2% from 41.3% Y/Y. Capital expenditures totaled $268.9 million for the year ended December 31, 2023, up by 61% Y/Y.

The company held $23.4 million in cash and equivalents as of December 31, 2023.

WOW! reported Total Subscribers of 504,100 as of December 31, 2023, down by 26,500 compared to December 31, 2022.

HSD RGUs reached 490,100 as of December 31, 2023, down by 21,500 compared to December 31, 2022.

Market Expansion projects reached a total of 48,400 additional homes passed at December 31, 2023, including 30,400 additional homes in Greenfield markets and 18,000 additional new homes passed through Edge-Outs, as compared to the year ended December 31, 2022. 

Guidance: WideOpenWest ( WOW ) expects first-quarter revenue of $159.00 million – $162.00 million below consensus $164.93 million.

Price Action: WOW shares traded lower by 8.96% at $3.15 premarket on the last check Wednesday.