WideOpenWest, Inc.

Good morning. My name is Chris and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Wide Open West fourth quarter 2021 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star then the number one on your telephone keypad. To withdraw your question, please press star one again. Thank you. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin.

Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen, Vice President, Head of Investor Relations, you may begin. Andrew Bozen These forward-looking statements are made in reliance on the safe harbor provisions of the federal securities laws and are subject to known and unknown risks and uncertainties and other factors that may cause our actual operating results, financial position, or performance to be materially different from those expressed or implied in our forward-looking statements. You are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update such forward-looking statements. For additional information concerning factors that could affect our financial results or cause actual results to differ materially from our forward-looking statements, please refer to our filings with the SEC, including the risk factors section of our Form 10-K filed with the SEC, as well as the forward-looking statement section of our press release. In addition, please note that on today's call and in the press release we issued this morning, we may refer to certain non-GAAP financial measures. While the company believes these non-GAAP financial measures provide useful information for investors, the presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP. Reconciliations between GAAP and non-GAAP metrics for our historical reported results can be found in our earnings releases and our trending schedules, which can be found on our website. I'll turn the call over to WOW's Chief Executive Officer, Teresa Elder.

Thanks, Andrew. Welcome to WOW's fourth quarter earnings call. In addition to our press release and quarterly trending schedule that are available on the investor relations page on our website, we've also included a presentation to complement our prepared remarks. This past year has been one of the most consequential years in our company's history, and we finished the year with strong results driven by further strength in our high-speed data business. We sold five service areas at a combined multiple of 11 times, used the proceeds to significantly lower our debt and leverage ratio, received ratings upgrades from both S&P and Moody's, and we refinanced our debt. In addition to strengthening our financial position, we also made substantial operational improvements in our business that added to our already strong customer experience. The number of self-installs continues to grow. We further improved the way we serve customers and enhanced the overall efficiency of our business with the successful consolidation of our billing system into one system. Clearly, we accomplished a lot this year. Now let's dive into the results. For the full year, our high-speed data revenue, which is now 55% of our total revenue, increased more than 11% on a pro forma basis, offsetting a 13% decline in video and a 12% drop in telephony revenue from last year. Our full year pro forma adjusted EBITDA increased nearly 9% to $261.6 million. driven largely by the growth in our high-margin, high-speed data business. The pro forma adjusted EBITDA margin was 36% for the year. The metrics in our high-speed data business also continue to show strength. During the fourth quarter, we added 2,200 high-speed data RGUs. up 37% from the last quarter, bringing our total number of HSD RGUs to nearly 512,000. With consistent levels of low churn, we once again increased the total number of subscribers to 533,000. we have maintained a sell-in rate of approximately 87% or slightly higher of new customers purchasing our HSE-only service for the sixth consecutive quarter, which we view as another great indicator of our broadband-first strategy's long-term success. Whether it's the growing number of connected devices, increased streaming of video and gaming, or working remotely, the importance of broadband and access to a high-quality network continues to increase. As a result, customers are requiring higher data speeds. In the fourth quarter of 2021, once again, 87% of new customers purchased speeds of 200 meg or higher, with a majority of those buying speeds above 500 megs. HSD ARPU of $65.60 increased 2.5% from the same period last year and was in line with the third quarter's HSD ARPU, adjusting for the $2.9 million of deferred revenue that was included in last quarter's revenue. The year-over-year increase in HSD ARPU predominantly reflects customers purchasing higher data speeds. Our edge-out strategy continues to deliver growth in homes past and increasing penetration rates. Penetration for the 2019 vintage increased to 19.6%. The 2020 vintage remained solid at 20.6%. And the 2021 vintage increased to 30% this quarter. We are especially pleased about the growth of our 2021 vintage, which continues to show strength as we increase the number of homes passed and increase penetration. This is a great indicator for our core business, demonstrating the opportunity for growth and highlighting our ability to grow penetration quickly in future greenfield markets. Over the past few years, we have transformed our strategy, launching broadband first to meet customer demand and grow our margins. And this past year, we transformed our financial position by divesting five service areas, generating $1.8 billion of gross proceeds, which we used to significantly lower our debt and deliver the business. At our investor day in December, we presented our strategy for growth, including details for our plan to increase the number of homes passed. With our significantly lower leverage, we are now able to grow our footprint in non-adjacent greenfield markets that have less competitive intensity. And we're able to do this with proceeds from operations without having to re-lever the business. A few weeks ago, we announced that Seminole County, Florida will be our first greenfield market expansion. This morning, we announced our second greenfield market in Orange County, Florida, where we will be investing approximately $40 million over the next few years and plan to reach more than 40,000 homes passed. Combined, these two investments in Central Florida represent an exciting step forward for WOW as we expand in new non-adjacent greenfield markets, bringing our advanced multi-gig fiber technology and award-winning customer service to approximately 100,000 new homes across our growing footprint. This week, we also announced a new partnership with Reach Mobile to offer customers the option to add wireless service with WOW Broadband, which will be branded WOW Mobile powered by Reach. This represents our entrance into the mobile market, providing our broadband customers additional flexibility to stay connected on the go through a reliable, no-contract cell phone plan with unlimited talk and text. As I said at the very beginning of the call, we accomplished so much this year. The focus and commitment of our employees to our customers was particularly evident, which is why I am so proud of the accolades that we received in recognition of that. In 2021, we were named one of the best no-contract Internet service providers by CNET. and the best and brightest companies to work for in the nation, as well as in Atlanta, Chicago, Denver, and Detroit. To conclude, I am so pleased with the continued execution of our broadband first strategy and the progress we've made in strengthening our financial position following the divestitures. We have been doing the hard work of transforming the company and executing our strategy. We now have set the stage for our future as a low leverage, high growth company through self-funding greenfield build, edge out and further driving penetration in our organic footprint for both residential and commercial customers. We are able to win through our people who have built the WOW legacy of customer centricity. WOW is a challenger, and we are better positioned than ever before reflecting on our ability to deliver fast, reliable, and affordable broadband products and services to new and existing customers. Now I'll turn the call over to John, who will go over our financial results in more detail. John?