Attached files
file | filename |
---|---|
8-K - 8-K - WideOpenWest Finance, LLC | a16-11023_18k.htm |
Exhibit 99.1
|
Contact: Richard Fish Chief Financial Officer 720-479-3538 rich.fish@wowinc.com |
WOW! ANNOUNCES RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2016
ENGLEWOOD, CO (May 11, 2016) - WOW! Internet, Cable & Phone (WOW!), a leading, fully-integrated provider of residential and commercial high-speed data, video and telephony services to customers in the United States, announced today financial and operating results for the first quarter ended March 31, 2016.
Financial & Operating Highlights (1)
For the first quarter ended March 31, 2016, WOW! reported Total Revenue of $302.3 million and Adjusted EBITDA of $112.9 million representing sequential increases in Total Revenue of $1.0 million (or 0.3%) and Adjusted EBITDA of $1.0 million (or 0.9%) over the fourth quarter ended December 31, 2015.
On an LTM basis, Total Revenue for the twelve month period ended March 31, 2016, was $1.207 billion, a year-over-year decrease of $18.0 million (or 1.5%) from the Pro Forma twelve month period ended March 31, 2015. LTM Adjusted EBITDA as of March 31, 2016, totals $447.1 million, a year-over-year increase of $25.5 million (or 6.0%) from the Pro Forma twelve month period ended March 31, 2015.
For the first quarter ended March 31, 2016, WOW! reported an increase in Total Customers of 6,800 (an improvement of 16,700 over the quarterly results from the first quarter ended March 31, 2015), an increase of 9,700 HSD RGUs (an improvement of 15,500 over the quarterly results from the first quarter ended March 31, 2015) and a reduction of 10,800 Total RGUs (an improvement of 43,000 over the quarterly results from the first quarter ended March 31, 2015).
Conference Call
WOW! will host a conference call on Thursday, May 12, 2016 at 9:00 a.m. Eastern to discuss the operating and financial results contained in this press release. Conference call information is as follows:
Call Date: |
Thursday, May 12, 2016 |
Call Time: |
9:00 a.m. Eastern |
Dial In: |
(877) 541-5069 |
Intnl Dial In: |
(443) 842-7607 |
Conf. ID: |
6946402 |
|
|
A recording of the conference call will be available approximately two hours after the completion of the call until June 11, 2016. Dial in # for this replay is (855) 859-2056. Additionally, a copy of the transcript will be available approximately forty-eight hours after the call, at www.wowway.com/investor-relations.
(1) Refer to Definitions of Non-GAAP Financial Measures and Operating Metrics, Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures, and Unaudited Pro Forma Condensed Combined Financial and Subscriber Information in this Earnings Release for definitions and information related to Adjusted EBITDA and Pro Forma financial and subscriber information.
The following unaudited condensed consolidated statements of operations summarizes information in our Form 10-Q for the quarter ended March 31, 2016, as filed on May 11, 2016, with the U.S. Securities and Exchange Commission (SEC). For ease of use, references in this release to WOW! Internet, Cable & Phone or WOW! mean WideOpenWest Finance, LLC and its consolidated subsidiaries.
WideOpenWest Finance, LLC
Condensed Consolidated Statements of Operations (Unaudited)
($ in millions)
|
|
Three months ended |
| ||||
|
|
March 31, |
| ||||
|
|
2016 |
|
2015 |
| ||
Revenue |
|
|
|
|
| ||
Residential subscription |
|
$ |
240.5 |
|
$ |
254.8 |
|
Commercial subscription |
|
25.8 |
|
24.1 |
| ||
Total subscription revenue |
|
$ |
266.3 |
|
$ |
278.9 |
|
Other commercial services |
|
8.2 |
|
6.8 |
| ||
Other |
|
27.8 |
|
26.6 |
| ||
Total Revenue |
|
$ |
302.3 |
|
$ |
312.3 |
|
|
|
|
|
|
| ||
Costs and expenses: |
|
|
|
|
| ||
Operating (excluding depreciation & amortization) |
|
$ |
164.5 |
|
$ |
178.3 |
|
Selling, general and administrative |
|
26.0 |
|
27.8 |
| ||
Depreciation and amortization |
|
52.5 |
|
54.8 |
| ||
Management fee to related party |
|
0.4 |
|
0.4 |
| ||
|
|
$ |
243.4 |
|
$ |
261.3 |
|
|
|
|
|
|
| ||
Income from operations |
|
$ |
58.9 |
|
$ |
51.0 |
|
Other income (expense): |
|
|
|
|
| ||
Interest expense |
|
(54.2 |
) |
(58.9 |
) | ||
Realized and unrealized gain (loss) on derivative instruments, net |
|
1.1 |
|
2.0 |
| ||
Other (expense) income, net |
|
|
|
0.2 |
| ||
Income Tax (expense) benefit |
|
(1.0 |
) |
(0.9 |
) | ||
Net loss |
|
$ |
4.8 |
|
$ |
(6.6 |
) |
The unaudited condensed consolidated statements of operations above and the information in this release should be read in conjunction with our Form 10-K for the year ended December 31, 2015, filed with the U.S. SEC on March 17, 2016.
About WOW!
WOW! is one of the nations leading providers of high-speed Internet, cable TV, and phone serving communities in the U.S. Our operating philosophy is to deliver an employee and customer experience that lives up to its name. WOW! is privately owned by Avista Capital Partners and Crestview Partners. For more information, please visit www.wowway.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words may, will, should, expect, anticipate, estimate, believe, intend, project, continue, or the negative of these words, or other similar words or terms. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to publicly update any forward-looking statement, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties, many of which are beyond our control. You should review our filings with the SEC, including the section titled Risk Factors contained in our Annual Report on Form 10-K filed with the SEC on March 17, 2016.
Definitions of Non-GAAP Financial Measures and Operating Metrics
We have included certain non-GAAP financial measures in this release including Adjusted EBITDA and Pro Forma Adjusted EBITDA. We believe that these non-GAAP measures enhance an investors understanding of our financial performance. We believe that these non-GAAP measures are useful financial metrics to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business. We believe that these non-GAAP measures provide investors with useful information for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures. We use these non-GAAP measures for business planning purposes and in measuring our performance relative to that of our competitors. We believe these non-GAAP measures are measures commonly used by investors to evaluate our performance and that of our competitors.
Adjusted EBITDA is defined by WOW! as net income (loss) before net interest expense, income taxes, depreciation and amortization (including impairments), gains (losses) realized and unrealized on derivative instruments, management fees to related party, the write-up or write-off/disposal of any asset, debt modification expenses, loss on extinguishment of debt, integration and restructuring expenses and all non-cash charges and expenses (including equity based compensation expense) and certain other income and expenses, as further defined in our credit facilities. Adjusted EBITDA is not a presentation made in accordance with generally accepted accounting principles in the United States of America (GAAP) and our use of the term Adjusted EBITDA varies from others in our industry. Adjusted EBITDA should not be considered as an alternative to net income (loss), operating income or any other performance measures derived in accordance with GAAP as measures of operating performance or operating cash flows, or as measures of liquidity.
Adjusted EBITDA has important limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA:
· excludes certain tax payments that may represent a reduction in cash available to us;
· does not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future;
· does not reflect changes in, or cash requirements for, our working capital needs; and
· does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments on our debt.
See Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures and the accompanying tables below for reconciliations of Adjusted EBITDA to our net income (loss), which is the most directly comparable GAAP financial measure.
Furthermore, Adjusted EBITDA in this release is sometimes presented on a Pro Forma basis, giving effect to the increase in our investment in AAB on May 1, 2014, and the sale of our South Dakota systems on September 30, 2014, as if such transactions had been completed at the beginning of each period presented (see Unaudited Pro Forma Condensed Combined Financial and Subscriber Information below for a complete discussion).
In addition, we use the following subscriber information in this release:
· Homes Passed We report homes passed as the number of residential units, such as single residence homes, apartments and condominium units, passed by our broadband network and listed in our database excluding those we believe are covered by exclusive arrangements with other providers of competing services.
· Subscribers Because we deliver multiple services to our customers, we report the total number of customers (Total Customers) as those who subscribe to at least one of our high-speed data (HSD), video (Video) or telephony (Telephony) services without regard to which or how many of those services they subscribe. We report Video subscribers as the number of basic cable subscribers and do not include customers who only subscribe to HSD or Telephony services in this total. We define total Revenue Generating Units (RGUs) as the sum of HSD subscribers, Video subscribers and Telephony subscribers.
Subscriber information for acquired entities is preliminary and subject to adjustment until we have completed our review of such information and determined that it is presented in accordance with our policies.
Unaudited Reconciliations of GAAP Measures to Non-GAAP Measures
The following table provides an unaudited reconciliation of our net income (loss) to Adjusted EBITDA for the respective quarters ended and for the twelve month period ended March 31, 2016:
WideOpenWest Finance, LLC
Reconciliation of GAAP Measures to Non-GAAP Measures (Unaudited)
($ in millions)
|
|
Three Months Ended |
|
LTM |
| ||||||||||||||||||||||||||
|
|
June 30, |
|
Sept. 30, |
|
Dec. 31, |
|
Mar. 31, |
|
June 30, |
|
Sept. 30, |
|
Dec. 31, |
|
Mar. 31, |
|
Mar. 31, |
|
Mar. 31, 2016 |
| ||||||||||
Net loss |
|
$ |
(7.8 |
) |
$ |
31.7 |
|
$ |
(26.8 |
) |
$ |
(6.6 |
) |
$ |
(27.5 |
) |
$ |
(7.1 |
) |
$ |
(1.5 |
) |
$ |
4.8 |
|
$ |
(9.5 |
) |
$ |
(31.3 |
) |
Depreciation and amortization |
|
64.1 |
|
64.0 |
|
57.2 |
|
54.8 |
|
55.5 |
|
55.9 |
|
54.9 |
|
52.5 |
|
240.1 |
|
218.8 |
| ||||||||||
Management fee to related party |
|
0.5 |
|
0.4 |
|
0.4 |
|
0.4 |
|
0.6 |
|
0.5 |
|
0.4 |
|
0.4 |
|
1.7 |
|
1.9 |
| ||||||||||
Interest expense |
|
59.4 |
|
60.0 |
|
59.8 |
|
58.9 |
|
57.1 |
|
55.3 |
|
54.7 |
|
54.2 |
|
238.1 |
|
221.3 |
| ||||||||||
Loss on extinguishment of debt |
|
|
|
|
|
|
|
|
|
22.9 |
|
|
|
|
|
|
|
|
|
22.9 |
| ||||||||||
Unrealized gain on derivative instruments, net |
|
(0.8 |
) |
(1.3 |
) |
(1.0 |
) |
(2.0 |
) |
(1.1 |
) |
(1.2 |
) |
(1.3 |
) |
(1.1 |
) |
(5.1 |
) |
(4.7 |
) | ||||||||||
(Gain) Loss on sale of assets |
|
|
|
(52.6 |
) |
(0.3 |
) |
|
|
|
|
|
|
|
|
|
|
(52.9 |
) |
|
| ||||||||||
Non-recurring prof. fees, M&A integration and restr. exp. |
|
13.0 |
|
8.9 |
|
19.8 |
|
3.5 |
|
4.2 |
|
4.8 |
|
3.5 |
|
1.1 |
|
45.2 |
|
13.6 |
| ||||||||||
Other expense (income), net |
|
(0.2 |
) |
(2.4 |
) |
(0.9 |
) |
(0.2 |
) |
|
|
0.6 |
|
|
|
|
|
(3.7 |
) |
0.6 |
| ||||||||||
Income tax (benefit) expense |
|
(16.7 |
) |
1.2 |
|
(0.5 |
) |
0.9 |
|
1.0 |
|
0.8 |
|
1.2 |
|
1.0 |
|
(15.1 |
) |
4.0 |
| ||||||||||
Adjusted EBITDA (1) |
|
$ |
111.5 |
|
$ |
109.9 |
|
$ |
107.7 |
|
$ |
109.7 |
|
$ |
112.7 |
|
$ |
109.6 |
|
$ |
111.9 |
|
$ |
112.9 |
|
$ |
438.8 |
|
$ |
447.1 |
|
(1) |
See Unaudited Pro Forma Condensed Combined Financial and Subscriber Information below for a reconciliation of Adjusted EBITDA to Pro Forma Adjusted EBITDA for the respective quarters ended giving effect the increase in our investment in Anne Arundel Broadband (AAB) on May 1, 2014, and the sale of our South Dakota systems (South Dakota) on September 30, 2014, as if such transaction had been completed at the beginning of the respective periods presented herein. |
Unaudited Pro Forma Condensed Combined Financial and Subscriber Information
The unaudited pro forma condensed combined financial and subscriber information for the periods presented in the tables below has been prepared giving effect the increase in our investment in Anne Arundel Broadband (AAB) on May 1, 2014, and the sale of our South Dakota systems (South Dakota) on September 30, 2014, as if such transactions had been completed at the beginning of the periods presented by applying pro forma adjustments to the individual historical unaudited condensed combined financial and subscriber information of AAB and South Dakota.
Accordingly, the unaudited pro forma condensed combined financial and subscriber information presented in the tables below includes the unaudited financial and subscriber information for AAB for the period from April 1, 2014 to April 30, 2014, and excludes the unaudited financial and subscriber information for South Dakota for the period from April 1, 2014 to September 30, 2014. The historical combined financial information has been adjusted to give effect to pro forma events that are (1) directly attributable to such transactions, (2) factually supportable and (3) expected to have a continuing impact on the combined results.
The unaudited pro forma condensed combined financial and subscriber information is for informational purposes only and does not represent what our results of operations would have been if the transactions had occurred at any date, nor does such information project the results of operations for any future period. The unaudited pro forma condensed combined financial and subscriber information does not reflect non-recurring charges that have been incurred in connection with the transactions, including any related financing fees, legal fees, broker fees and accounting fees.
The following table provides an unaudited reconciliation of our Total Revenue to Pro Forma Total Revenue, Adjusted EBITDA to Pro Forma Adjusted EBITDA and Capital Expenditures to Pro Forma Capital Expenditures for the respective quarters ended:
WideOpenWest Finance, LLC
Pro Forma Condensed Combined Financial Information (Unaudited)
($ in millions)
|
|
Three Months Ended |
|
LTM |
| ||||||||||||||||||||||||||
|
|
June 30, |
|
Sept. 30, |
|
Dec. 31, |
|
Mar. 31, |
|
June 30, |
|
Sept. 30, |
|
Dec. 31, |
|
Mar. 31, |
|
Mar. 31, |
|
Mar. 31, 2016 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Revenue |
|
$ |
319.8 |
|
$ |
323.2 |
|
$ |
309.2 |
|
$ |
312.3 |
|
$ |
305.8 |
|
$ |
297.7 |
|
$ |
301.3 |
|
$ |
302.3 |
|
$ |
1,264.5 |
|
$ |
1,207.1 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenue related to AAB |
|
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.8 |
|
|
| ||||||||||
Revenue related to the South Dakota systems |
|
(20.0 |
) |
(21.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(41.2 |
) |
|
| ||||||||||
Pro Forma Total Revenue |
|
$ |
301.6 |
|
$ |
302.0 |
|
$ |
309.2 |
|
$ |
312.3 |
|
$ |
305.8 |
|
$ |
297.7 |
|
$ |
301.3 |
|
$ |
302.3 |
|
$ |
1,225.1 |
|
$ |
1,207.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Adjusted EBITDA |
|
$ |
111.5 |
|
$ |
109.9 |
|
$ |
107.7 |
|
$ |
109.7 |
|
$ |
112.7 |
|
$ |
109.6 |
|
$ |
111.9 |
|
$ |
112.9 |
|
438.8 |
|
447.1 |
| ||
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Adjusted EBITDA related to AAB |
|
0.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.2 |
|
|
| ||||||||||
Adjusted EBITDA related to the South Dakota systems |
|
(8.0 |
) |
(9.4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(17.4 |
) |
|
| ||||||||||
Pro Forma Adjusted EBITDA |
|
$ |
103.7 |
|
$ |
100.5 |
|
$ |
107.7 |
|
$ |
109.7 |
|
$ |
112.7 |
|
$ |
109.6 |
|
$ |
111.9 |
|
$ |
112.9 |
|
$ |
421.6 |
|
$ |
447.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Total Capex |
|
$ |
66.0 |
|
$ |
66.3 |
|
$ |
66.7 |
|
$ |
55.6 |
|
$ |
54.7 |
|
$ |
64.5 |
|
$ |
57.1 |
|
$ |
63.6 |
|
$ |
254.6 |
|
$ |
239.9 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Capex related to AAB |
|
0.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.3 |
|
|
| ||||||||||
Capex related to the South Dakota systems |
|
(3.0 |
) |
(3.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
(6.1 |
) |
|
| ||||||||||
Pro Forma Total Capex |
|
$ |
63.3 |
|
$ |
63.2 |
|
$ |
66.7 |
|
$ |
55.6 |
|
$ |
54.7 |
|
$ |
64.5 |
|
$ |
57.1 |
|
$ |
63.6 |
|
$ |
248.8 |
|
$ |
239.9 |
|
The unaudited pro forma condensed combined financial information presented above should be read in conjunction with the information contained in Managements Discussion and Analysis of Financial Condition and Results of Operations, the consolidated financial statements and the accompanying notes appearing in our Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the SEC on March 17, 2016.
The following table provides an unaudited reconciliation of our reported subscriber information to Pro Forma subscriber information as of the end of each of the respective quarterly periods:
|
|
1Q-14 |
|
2Q-14 |
|
3Q-14 |
|
4Q-14 |
|
1Q-15 |
|
2Q-15 |
|
3Q-15 |
|
4Q-15 |
|
1Q-16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Homes Passed |
|
2,997,000 |
|
3,114,000 |
|
2,978,000 |
|
2,985,000 |
|
2,988,600 |
|
2,993,100 |
|
2,997,200 |
|
3,003,100 |
|
3,010,700 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAB |
|
112,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota systems |
|
(142,000 |
) |
(142,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Homes Passed |
|
2,967,000 |
|
2,972,000 |
|
2,978,000 |
|
2,985,000 |
|
2,988,600 |
|
2,993,100 |
|
2,997,200 |
|
3,003,100 |
|
3,010,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Total Customers |
|
852,900 |
|
867,800 |
|
816,000 |
|
809,100 |
|
799,200 |
|
787,100 |
|
781,700 |
|
777,800 |
|
784,600 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAB |
|
16,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota systems |
|
(52,700 |
) |
(52,300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Total Customers |
|
816,800 |
|
815,500 |
|
816,000 |
|
809,100 |
|
799,200 |
|
787,100 |
|
781,700 |
|
777,800 |
|
784,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported HSD Subscribers |
|
756,700 |
|
769,600 |
|
729,700 |
|
727,800 |
|
722,000 |
|
713,100 |
|
712,300 |
|
712,500 |
|
722,200 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAB |
|
11,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota systems |
|
(44,200 |
) |
(44,100 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma HSD Subscribers |
|
724,300 |
|
725,500 |
|
729,700 |
|
727,800 |
|
722,000 |
|
713,100 |
|
712,300 |
|
712,500 |
|
722,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Video Subscribers |
|
694,300 |
|
699,000 |
|
653,800 |
|
634,700 |
|
606,500 |
|
582,700 |
|
564,500 |
|
547,500 |
|
537,200 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAB |
|
14,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota systems |
|
(34,200 |
) |
(33,700 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Video Subscribers |
|
674,700 |
|
665,300 |
|
653,800 |
|
634,700 |
|
606,500 |
|
582,700 |
|
564,500 |
|
547,500 |
|
537,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Telephony Subscribers |
|
418,800 |
|
416,200 |
|
373,900 |
|
359,400 |
|
339,600 |
|
324,500 |
|
310,600 |
|
296,800 |
|
286,600 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAB |
|
5,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota systems |
|
(32,200 |
) |
(31,500 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Telephony Subscribers |
|
392,000 |
|
384,700 |
|
373,900 |
|
359,400 |
|
339,600 |
|
324,500 |
|
310,600 |
|
296,800 |
|
286,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Total RGUs |
|
1,869,800 |
|
1,884,800 |
|
1,757,500 |
|
1,721,900 |
|
1,668,100 |
|
1,620,300 |
|
1,587,400 |
|
1,556,800 |
|
1,546,000 |
|
Pro Forma Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AAB |
|
31,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
South Dakota systems |
|
(110,600 |
) |
(109,300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro Forma Total RGUs |
|
1,791,000 |
|
1,775,500 |
|
1,757,500 |
|
1,721,900 |
|
1,668,100 |
|
1,620,300 |
|
1,587,400 |
|
1,556,800 |
|
1,546,000 |
|