Wed, Sep 4, 8:06 PM (132 days ago)
WideOpenWest, Inc. (WOW) filed an amendment (Form 10-K/A) to its annual report for the fiscal year ending December 31, 2023, primarily to address a material weakness in internal controls over financial reporting. This weakness, identified in mid-2024, did not result in any misstatements of financial statements but led to a revision of management's conclusions regarding the effectiveness of internal controls and disclosure procedures. For FY 2023, WOW reported revenues of $686.7 million, a decrease from $704.9 million in 2022. Operating expenses totaled $1,001.7 million, including significant impairment losses of $306.8 million on intangible assets. Consequently, the company experienced a net loss of $287.7 million, compared to a loss of $2.5 million in the prior year, resulting in a basic and diluted loss per share of $3.53. The company’s long-term debt increased to $915.7 million from $725.0 million year-over-year, reflecting ongoing financing needs. The amendment does not change the financial condition or previous disclosures but emphasizes the need for improved internal controls as WOW navigates a challenging market landscape. Future outlook remains uncertain, with ongoing remediation efforts to address identified risks.