Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Consolidated Balance Sheets | ||
| Accounts receivable-trade, allowance for doubtful accounts | $ 3.3 | $ 6.7 |
| Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
| Preferred stock, shares issued (in shares) | 0 | 0 |
| Preferred stock, shares outstanding ( in shares) | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 700,000,000 | 700,000,000 |
| Common stock, shares issued (in shares) | 100,219,835 | 98,594,629 |
| Common stock, shares outstanding ( in shares) | 84,810,418 | 83,557,786 |
| Common shares held in treasury, (in shares) | 15,409,417 | 15,036,843 |
Consolidated Statements of Operations - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Consolidated Statements of Operations | |||
| Revenue | $ 630.9 | $ 686.7 | $ 704.9 |
| Costs and expenses: | |||
| Operating (excluding depreciation and amortization) | 256.8 | 301.0 | 327.0 |
| Selling, general and administrative | 155.0 | 200.4 | 165.4 |
| Depreciation and amortization | 212.6 | 193.5 | 178.2 |
| Impairment losses on intangibles | 0.0 | 306.8 | 35.0 |
| Total costs and expenses | 624.4 | 1,001.7 | 705.6 |
| Income (loss) from operations | 6.5 | (315.0) | (0.7) |
| Other income (expense): | |||
| Interest expense | (88.6) | (71.1) | (38.7) |
| Loss on extinguishment of debt | (1.0) | ||
| Other income, net | 1.0 | 2.3 | 16.6 |
| Loss before provision for income tax | (82.1) | (383.8) | (22.8) |
| Income tax benefit | 23.3 | 96.1 | 20.3 |
| Net loss | $ (58.8) | $ (287.7) | $ (2.5) |
| Basic and diluted loss per common share | |||
| Basic (in dollars per share) | $ (0.72) | $ (3.53) | $ (0.03) |
| Diluted (in dollars per share) | $ (0.72) | $ (3.53) | $ (0.03) |
| Weighted-average common shares outstanding | |||
| Basic (in shares) | 81,859,903 | 81,595,766 | 83,930,984 |
| Diluted (in shares) | 81,859,903 | 81,595,766 | 83,930,984 |
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) $ in Millions |
Common Stock |
Treasury Stock at Cost |
Additional Paid-in Capital |
Retained Earnings (Accumulated Deficit) |
Total |
|||
|---|---|---|---|---|---|---|---|---|
| Balances at beginning of period at Dec. 31, 2021 | $ 1.0 | $ (89.2) | $ 348.5 | $ 310.5 | $ 570.8 | |||
| Balances at beginning of period (in shares) at Dec. 31, 2021 | 87,392,088 | |||||||
| Increase (Decrease) in Stockholders' Deficit | ||||||||
| Stock-based compensation | 26.2 | 26.2 | ||||||
| Issuance of restricted stock, net (in shares) | 604,402 | |||||||
| Purchase of shares | $ (19.4) | (19.4) | ||||||
| Purchase of shares (in shares) | (1,578,757) | 1,578,757 | ||||||
| Net Income (Loss) | (2.5) | (2.5) | ||||||
| Balances at end of period at Dec. 31, 2022 | [1] | $ 1.0 | $ (108.6) | 374.7 | 308.0 | 575.1 | ||
| Balances at end of period (in shares) at Dec. 31, 2022 | [1] | 86,417,733 | ||||||
| Increase (Decrease) in Stockholders' Deficit | ||||||||
| Stock-based compensation | 17.1 | 17.1 | ||||||
| Issuance of restricted stock, net (in shares) | 1,764,317 | |||||||
| Purchase of shares | $ (46.3) | (46.3) | ||||||
| Purchase of shares (in shares) | (4,624,264) | 4,624,264 | ||||||
| Net Income (Loss) | (287.7) | (287.7) | ||||||
| Balances at end of period at Dec. 31, 2023 | [1] | $ 1.0 | $ (154.9) | 391.8 | 20.3 | $ 258.2 | ||
| Balances at end of period (in shares) at Dec. 31, 2023 | 83,557,786 | [1] | 83,557,786 | |||||
| Increase (Decrease) in Stockholders' Deficit | ||||||||
| Stock-based compensation | 11.1 | $ 11.1 | ||||||
| Issuance of restricted stock, net (in shares) | 1,625,206 | |||||||
| Purchase of shares | $ (1.7) | (1.7) | ||||||
| Purchase of shares (in shares) | (372,574) | 372,574 | ||||||
| Net Income (Loss) | (58.8) | (58.8) | ||||||
| Balances at end of period at Dec. 31, 2024 | [1] | $ 1.0 | $ (156.6) | $ 402.9 | $ (38.5) | $ 208.8 | ||
| Balances at end of period (in shares) at Dec. 31, 2024 | 84,810,418 | [1] | 84,810,418 | |||||
| ||||||||
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Parenthetical) - Restricted stock awards - shares |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Number of shares granted to employees and directors | 2,713,818 | 2,451,026 | 3,223,995 |
| Common Stock | |||
| Number of shares granted to employees and directors | 2,713,818 | 2,451,026 | 3,223,995 |
Consolidated Statements of Cash Flows - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Cash flows from operating activities: | |||
| Net loss | $ (58.8) | $ (287.7) | $ (2.5) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation and amortization | 210.0 | 193.1 | 179.3 |
| Deferred income taxes | (34.7) | (99.6) | (32.2) |
| Provision for credit losses | 9.5 | 12.7 | 6.0 |
| Loss on sale of assets, net | 0.3 | ||
| Loss (gain) on sale of operating assets, net | 2.6 | 0.4 | (1.1) |
| Amortization of debt issuance costs and discount | 2.4 | 1.7 | 1.7 |
| Change in fair value of derivative instruments | 2.9 | ||
| Loss on debt extinguishment | 1.0 | ||
| Impairment losses on intangibles | 0.0 | 306.8 | 35.0 |
| Non-cash compensation | 11.1 | 16.8 | 25.8 |
| Other non-cash items | (0.3) | (0.2) | (0.1) |
| Changes in operating assets and liabilities: | |||
| Receivables and other operating assets | 7.7 | (15.0) | (14.3) |
| Payables and accruals | 10.3 | 5.8 | (163.8) |
| Net cash provided by operating activities | 163.7 | 135.1 | 33.8 |
| Cash flows from investing activities: | |||
| Capital expenditures | (215.8) | (268.9) | (167.2) |
| Other investing activities | 0.2 | 0.1 | 1.4 |
| Net cash used in investing activities | (215.6) | (268.8) | (165.8) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt | 244.0 | 202.0 | 9.0 |
| Payments on long-term debt and finance lease obligations | (169.0) | (29.6) | (19.8) |
| Reimbursement of finance lease payments | 1.7 | ||
| Payments of debt issuance costs | (7.9) | ||
| Purchase of shares | (1.5) | (46.3) | (19.4) |
| Net cash provided by (used in) financing activities | 67.3 | 126.1 | (30.2) |
| Increase (decrease) in cash and cash equivalents | 15.4 | (7.6) | (162.2) |
| Cash and cash equivalents, beginning of period | 23.4 | 31.0 | 193.2 |
| Cash and cash equivalents, end of period | 38.8 | 23.4 | 31.0 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid during the periods for interest, net | 68.0 | 67.5 | 37.8 |
| Cash received during the periods for interest rate swap | 3.3 | ||
| Cash paid during the periods for income taxes | 8.4 | 10.9 | 147.5 |
| Cash received during the periods for refunds of income taxes | 0.6 | 5.0 | 1.7 |
| Insurance proceeds received for business interruption | 1.5 | ||
| Refund received from indemnification claim | 3.8 | ||
| Non-cash investing and financing activities: | |||
| Excise tax payable | 0.2 | 1.5 | |
| Paid in kind debt fees | 8.0 | ||
| Capital expenditures within accounts payable and accruals | $ 29.3 | $ 42.6 | $ 32.0 |
Organization and Basis of Presentation |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization and Basis of Presentation | |
| Organization and Basis of Presentation | 1. Organization and Basis of Presentation Organization WideOpenWest, Inc. (“WOW” or the “Company”) is a broadband provider offering a portfolio of services, including high-speed data ("HSD"), cable television ("Video"), and digital telephony ("Telephony") services to residential and business customers. The Company serves customers in 18 markets in the United States which consist of Detroit, Lansing and Livingston County, Michigan; Augusta, Columbus, Newnan and West Point, Georgia; Charleston and Greenville, South Carolina; Dothan, Auburn, Huntsville and Montgomery, Alabama; Knoxville, Tennessee; and Panama City, Pinellas, Seminole County, and Hernando County, Florida. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules and regulations of the Securities and Exchange Commission (the “SEC”). These accounting principles require management to make assumptions and estimates that affect the reported amounts and disclosures of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts and disclosures of revenues and expenses during the reporting period. The Company bases its estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, due to the inherent uncertainties in making estimates, actual results could differ from those estimates. |
Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements of WOW reflect all transactions of WideOpenWest, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Cash and Cash Equivalents Cash equivalents represent short-term highly liquid investments consisting of money market funds that are carried at cost, which approximates fair value. The Company considers all short-term investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Provision for Credit Losses The provision for credit losses and the allowance for credit losses are based on the aging of the individual receivables, historical trends and current and anticipated future economic conditions. The Company’s policy to reserve for potential bad debts is based on expected credit losses. The Company manages credit risk by disconnecting services to customers who are delinquent, generally after 100 days of delinquency. The individual receivables are written-off after all reasonable efforts to collect the funds have been made. Actual write-offs may differ from the amounts reserved. See Note 3 – Revenue from Contracts with Customers for a discussion of changes in the allowance for credit losses for the periods presented. Prepaid Expenses and Other Prepaid expenses and other primarily consists of short-term deferred contract costs, short-term deferred promotional costs, and prepaid software and insurance costs. Deferred contract costs and deferred promotional costs are recognized as operating expenses, selling, general, and administrative expense or deduction to revenue over the customer life. Other prepayments are recognized as operating expenses or selling, general, and administrative expense over the life of the underlying agreements. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization and primarily represent costs associated with the construction of cable transmission and distribution facilities and new service installations at the customer location. Capitalized costs include materials, labor, and certain indirect costs attributable to the capitalization activity. Maintenance and repairs are expensed as incurred. Upon sale or retirement of an asset, the cost and related depreciation and amortization are removed from the related accounts and resulting gains or losses are reflected in operating results. The Company makes judgments regarding the installation and construction activities to be capitalized. The Company capitalizes direct labor associated with capitalizable activities and indirect costs using standards developed from operational data, including the proportionate time to perform a new installation relative to the total installation activities and an evaluation of the nature of the indirect costs incurred to support capitalizable activities. Judgment is required to determine the extent to which indirect costs incurred are related to capitalizable activities. Indirect costs include (i) employee benefits and payroll taxes associated with capitalized direct labor, (ii) direct variable costs of installation and construction, (iii) the direct variable costs of support personnel directly involved in assisting with installation activities, such as dispatchers and (iv) other indirect costs directly attributable to capitalizable activities. Property, plant and equipment are depreciated over the estimated useful life upon being placed into service. Depreciation of property, plant and equipment is calculated on a straight-line basis, over the following estimated useful lives:
Leasehold improvements are amortized over the shorter of the estimated useful lives or lease terms. Intangible Assets and Goodwill Intangible assets consist primarily of acquired franchise operating rights and goodwill. Franchise operating rights represent the value attributable to agreements with local franchising authorities, which allow access to homes in the public right of way. The Company’s franchise operating rights were acquired through business combinations. The Company does not amortize franchise operating rights as it has been determined that they have an indefinite life. Costs incurred in negotiating and renewing franchise operating agreements are expensed as incurred. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in business combinations. Asset Impairments Significant judgment by management is required to determine estimates and assumptions used in the valuation of property, plant and equipment, intangible assets and goodwill. Long-lived Assets The Company evaluates the recoverability of its long-lived assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the undiscounted cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows was determined to be less than the carrying amount of the asset group, the Company would recognize an impairment charge to the extent the carrying amount of the asset group exceeds its estimated fair value. The Company had no triggering events or impairment of its long-lived assets in any of the periods presented. Franchise Operating Rights The Company tests the franchise operating rights for impairment at least annually on October 1, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. The Company evaluates the franchise operating rights for impairment by comparing the carrying value of the intangible asset to its estimated fair value utilizing both quantitative and qualitative methods. Any excess of the carrying value over the fair value would be expensed as an impairment loss. The Company calculates the fair value of franchise operating rights using the multi-period excess earnings method, an income approach, which calculates the value of an intangible asset by discounting its future cash flows. The fair value is determined based on estimated discrete discounted future cash flows attributable to each franchise operating right intangible asset using assumptions consistent with internal forecasts. Assumptions key in estimating fair value under this method include, but are not limited to, revenue and subscriber growth rates (less anticipated customer churn), operating expenditures, capital expenditures (including any build out), market share achieved, contributory asset charge rates, tax rates and discount rate. The discount rate used in the model represents a weighted average cost of capital and the perceived risk associated with an intangible asset such as franchise operating rights. See Note 6 – Franchise Operating Rights & Goodwill for discussion of impairment charges recognized for the periods presented. Goodwill The Company tests goodwill for impairment at least annually on October 1, or more frequently whenever events or substantive changes in circumstances indicate that the asset might be impaired. The Company may first choose to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company performs a quantitative analysis. The Company may also choose to by-pass the qualitative assessment and proceed directly to the quantitative analysis. In the quantitative analysis, the Company utilizes a discounted cash flow analysis or a market approach to estimate the fair value of goodwill and compares such value to the carrying amount. Any excess of the carrying value of goodwill over the estimated fair value of goodwill would be expensed as an impairment loss. The Company determined it had one reporting unit as part of its annual goodwill analysis on October 1. See Note 6 – Franchise Operating Rights & Goodwill for a discussion of impairment charges recognized for the periods presented. Other Noncurrent Assets Other noncurrent assets are comprised primarily of long-term deferred contract costs and long-term deferred promotional costs. These amounts are recognized as operating expenses, selling, general, and administrative expense or deduction to revenue over the customer life. Fair Value of Financial Instruments Carrying amounts reported in the consolidated balance sheets for cash and cash equivalents are carried at fair value. The carrying amounts reported in the consolidated balance sheets for accounts receivable and accounts payable approximate fair value due to their short-term maturities. The fair value of long-term debt is based on dealer quotes considering current market rates for the Company’s credit facility. The ratio of the Company’s aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. Debt fair value does not include debt issuance costs and discount. Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of trade receivables and cash and cash equivalents. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company does not enter into master netting arrangements. The Company periodically assesses the creditworthiness of the institutions with which it invests. The Company does, however, maintain invested balances in excess of federally insured limits; however, the Company has never experienced any losses related to these balances. Debt Issuance Costs Debt issuance costs incurred by the Company are capitalized and amortized over the life of the related debt using the effective interest rate method and are included as a reduction in long-term debt in the accompanying consolidated balance sheets. The amortization of debt issuance costs is included in interest expense on the accompanying consolidated statements of operations. Asset Retirement Obligations The Company accounts for its asset retirement obligations by recognizing a liability for the fair value of a conditional asset retirement obligation when incurred if the fair value of the liability can be reasonably estimated. Certain of the Company’s franchise agreements and leases contain provisions requiring the Company to restore facilities or remove equipment upon the maturity of the franchise or lease agreement. The Company expects to continually renew its franchise agreements. Accordingly, the Company has determined a remote possibility that the Company would be required to incur significant restoration or removal costs related to these franchise agreements in the foreseeable future. An estimated liability, which could be significant, would be recorded in the unlikely event a franchise agreement containing such a provision were no longer expected to be renewed. An estimate of the obligations related to the restoration and removal provisions contained in the Company’s lease agreements has been made and recorded in other non-current liabilities in the consolidated balance sheet; however, the amount is not material. Revenue Recognition Residential and business subscription services revenue consists primarily of monthly recurring charges for HSD, Video, and Telephony services, including charges for equipment rentals and other regulatory fees, and non-recurring charges for optional services, such as pay-per-view, video-on-demand, and other events provided to the customer. Monthly charges for residential and business subscription services are billed in advance and recognized as revenue over the period of time the associated services are provided to the customer. Charges for optional services are generally billed in arrears and revenues are recognized at the point in time when the services are provided to the customer. Residential and business customers may be charged non-recurring upfront fees associated with installation and other administrative activities. Charges for upfront fees associated with installation and other administrative activities are initially recorded as unearned service revenue and recognized as revenue over the expected period of benefit for residential customers and over the contract term for business customers. The Company is required to pay certain cable franchising authorities an amount based on the percentage of gross revenue derived from Video services. The Company generally passes these fees and other similar regulatory and ancillary fees on to the customer. Revenues from regulatory and other ancillary fees passed on to the customer are reported with the associated service revenue and the corresponding costs are reported as an operating expense. The Company’s trade receivables are subject to credit risk, as customer deposits are generally not required. The Company’s credit risk is limited due to the large number of customers, individually small balances and short payment terms. The Company manages credit risk by screening applicants through the use of internal customer information and identification verification tools. If a customer account is delinquent, various measures are used to collect amounts owed, including termination of the customer’s service. Costs and Expenses The Company’s expenses consist of operating, selling, general and administrative expenses, depreciation and amortization expense and interest expense. Business interruption insurance proceeds are recorded as an offset to operating expense in the statements of operations. Programming Costs Programming is acquired for distribution to subscribers, generally pursuant to multi-year license agreements, with rates typically based on the number of subscribers that receive the programming. These programming costs are included in operating expenses in the month the programming is distributed. Advertising Costs The cost of advertising is expensed as incurred and is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Advertising expense during the years ended December 31, 2024, 2023 and 2022 was $28.5 million, $36.6 million and $36.5 million, respectively. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. Additionally, the impact of changes in the tax rates and laws on deferred taxes, if any, is reflected in the financial statements in the period of enactment. Valuation allowances are established to reduce deferred tax assets to the amount that will more likely than not be realized. To the extent that a determination was made to establish or adjust a valuation allowance, the expense or benefit is recorded in the period in which the determination is made. From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Significant judgment is required in assessing and estimating the tax consequences of these transactions. The Company prepares and files tax returns based on its interpretation of tax laws and regulations. In the normal course of business, the tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax, interest and penalty assessments by these taxing authorities. In determining the Company’s income tax provision for financial reporting purposes, the Company establishes a reserve for uncertain income tax positions unless such positions are determined to be more likely than not of being sustained upon examination, based on their technical merits. That is, for financial reporting purposes, the Company only recognizes tax benefits taken on the tax return that the Company believes are more likely than not of being sustained upon examination. There is considerable judgment involved in determining whether positions taken on the tax return are more likely than not of being sustained. The Company adjusts its tax reserve estimates periodically because of ongoing examinations by, and settlements with, the various taxing authorities, as well as changes in tax laws, regulations and interpretations. The consolidated income tax provision of any given year includes adjustments to prior year income tax accruals that are considered appropriate and any related estimated interest and penalties. The Company’s policy is to recognize, when applicable, interest and penalties on uncertain income tax positions as part of income tax provision. Derivative Financial Instruments The Company may use derivative financial instruments to manage its exposure to fluctuations in interest rates by entering into interest rate exchange agreements such as interest rate swaps. All derivatives, whether designated as a hedge or not, are required to be recorded on the consolidated balance sheet at fair value. If the derivative is designated as a hedge and is highly effective as a hedging instrument, recognition of changes in fair value depend on whether the derivative is used in a fair value hedge, in which changes are recognized in earnings, or cash flow hedge, in which changes are recognized in other comprehensive income. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. Refer to Note 10 – Derivative Instruments and Hedging Activities for a discussion of derivative related activities for the periods presented. Stock-based Compensation The Company’s stock-based compensation consists of equity based restricted stock awards with service, performance and market conditions. Restricted stock awards are measured at the grant date fair value and amortized to stock compensation expense over the requisite service period. The fair value of restricted stock awards with market conditions are measured utilizing Monte Carlo simulations. Awards with performance or market conditions will vest based on the Company’s achievement level relative to specific requirements. For all restricted stock awards, the Company accounts for forfeitures as they occur. Refer to Note 13 – Stock-Based Compensation for a discussion of the Company’s stock-based compensation for the periods presented. Recently Issued Accounting Pronouncements ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In October 2023, FASB issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740), Improvement to Income Tax Disclosures. ASU 2023-09 will require all entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. This requires public business entities (“PBEs”) to include incremental detail in a numerical, tabular format, while all other entities will do so through enhanced qualitative disclosures. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. The Company expects the adoption of the standard to result in additional disaggregation in the income tax footnote disclosures but does not anticipate adoption will have a material impact on its financial position, results of operations or cash flows. ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40 In November 2024, FASB issued Accounting Standard Update (“ASU”) 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires additional disclosure of expenses included in the income statements including purchase of inventory; employee compensation; depreciation; intangible asset amortization; depreciation, depletion, and amortization. The new standard requires new disclosures with additional disaggregated information about expenses in the footnotes. The new pronouncement does not change or remove any existing presentation or disclosure requirements. The amendments are to be adopted for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company expects the adoption of the standard to result in additional disaggregation in the income statement and related disclosures but does not anticipate adoption will have a material impact on its financial position, results of operations or cash flows. Recently Adopted Accounting Pronouncements ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvement to Reportable Segment Disclosures. ASU 2023-07 requires PBEs to disclose, on an annual and interim basis, significant segment expenses provided to the chief operating decision maker (“CODM”), including profit and loss; an amount for other segment items by reportable segment, including a description of composition; annual disclosures about a reportable segment’s profit or loss. ASU 2023-07 also provides that if a CODM uses more than one measure of a segment’s profit or loss, the PBE may report one or more of those additional measures and requires that a PBE disclose the title and position of the CODM. The updated disclosure requirements were adopted for annual period ending on December 31, 2024. |
Revenue from Contracts with Customers |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers | 3. Revenue from Contracts with Customers Residential and Business Subscription Services Residential and business subscription services revenue consists primarily of monthly recurring charges for HSD, Video, and Telephony services, including charges for equipment rentals and other regulatory fees, and non-recurring charges for optional services, such as pay-per-view, video-on-demand, and other events provided to the customer. Monthly charges for residential and business subscription services are billed in advance and recognized as revenue over the period of time the associated services are provided to the customer. Charges for optional services are generally billed in arrears and revenue is recognized at the point in time when the services are provided to the customer.
The majority of the Company’s residential customers have entered into month-to-month contracts. Business customers have entered into either month-to-month contracts or non-cancellable contracts for subscription services with an average contract term of 30 months. The Company is required to pay certain cable franchising authorities an amount based on the percentage of gross revenue derived from video services. The Company generally passes these fees and other similar regulatory and ancillary fees on to the customer. Revenues from regulatory and other ancillary fees passed on to the customer are reported with the associated service revenue and the corresponding costs are reported as an operating expense. Bundled Subscription Services The Company offers multiple subscription services as part of a bundled arrangement that may include a discount. When customers have entered into a bundled service arrangement, the total transaction price for the bundled arrangement is allocated between the separate services included in the bundle based on their relative stand-alone selling prices. The allocation of the transaction price in bundled services requires judgment, particularly in determining the stand-alone selling prices for the separate services included in the bundle. The stand-alone selling price for the majority of services are determined based on the prices at which the Company separately sells the service. For services sold on an infrequent basis and for a wide range of prices, the Company estimates stand-alone selling prices using the adjusted market assessment approach, which considers the prices of competitors for similar services. Other Business Services Revenue Other business services revenue consists primarily of monthly recurring charges for session initiated protocol, web hosting, metro ethernet, wireless backhaul, broadband carrier, and cloud infrastructure services provided to business customers. Other business services revenue also includes recurring charges for wholesale and colocation services. Monthly charges for other business services are generally billed in advance and recognized as revenue when the associated services are provided to the customer. Other Revenue Other revenue consists primarily of revenue from line assurance warranty services provided to residential and business customers and revenue from advertising placement. Monthly charges for line assurance warranty services are generally billed in advance and recognized as revenue over the period of time the warranty services are provided to the customer. Charges for advertising placement are generally billed in arrears and recognized as revenue at the point in time when the advertising is distributed. Government Assistance The Company receives government assistance in the form of cash from multiple funds distributed by the National Exchange Carrier Association. Certain of the funds received are recorded as revenue upon receipt in the consolidated statements of operations. Whereas assistance received from other funds, specifically the Connect America Fund Broadband Loop Support (“CAF BLS”) has certain network construction requirements which are accounted for by utilizing the capital approach under a grant model by analogy in accordance with International Accounting Standard 20, Accounting for Government Grants and Disclosure of Government Assistance (“IAS 20”). The Company receives government assistance from the CAF BLS for certain network build-out construction projects. The Company accounts for the assistance received as a reduction to property, plant and equipment, as the primary conditions for receipt of these grants are to build-out the broadband network. If the assistance received is greater than the cost of the asset constructed, the excess is recognized as revenue upon completion of the project build-out. For the years ended December 31, 2024, 2023 and 2022, the Company recognized $2.1 million, $2.3 million and $3.4 million, respectively, in HSD residential subscription revenue related to excess funding received over the cost of construction for network build-out projects completed. The Company will continue to receive funding related to these programs through December 31, 2028 and will continue to recognize this funding as revenue. The build-out obligations [required for the receipt of these grants] were completed and accepted as of December 31, 2022. Revenue by Service Offering The following table presents revenue by service offering:
Promotional Costs The Company recognizes upfront promotional gift cards given to customers as a deferred promotional cost. Promotional costs are amortized over the estimated customer life, which generally ranges from to four years for residential customers. The current portion and the non-current portion of promotional costs are included in prepaid expenses and other and other non-current assets, respectively, in the Company’s consolidated balance sheets. Amortization of promotional costs is recognized as contra revenue in the Company’s consolidated statements of operations. The following table summarizes the activity of promotional costs:
The following table presents the current and non-current portion of promotional costs for the periods presented:
Costs of Obtaining Contracts with Customers The Company recognizes an asset for incremental costs of obtaining contracts with customers when it expects to recover those costs. Costs which would be incurred regardless of whether a contract is obtained are expensed as they are incurred. Costs of obtaining contracts with customers are amortized over the estimated customer life, which generally ranges from to four years for residential customers and to six years for business customers. The current portion and the non-current portion of costs of contract assets are included in prepaid expenses and other and other noncurrent assets, respectively, in the Company’s consolidated balance sheets. Amortization of costs of obtaining contracts with customers is included in selling, general and administrative expense in the Company’s consolidated statements of operations. The following table summarizes the activity of costs of obtaining contracts with customers:
The following table presents the current and non-current portion of costs of obtaining contracts with customers for the periods presented:
Contract Liabilities Monthly charges for residential and business subscription services are billed in advance and recorded as unearned service revenue. Residential and business customers may be charged non-recurring upfront fees associated with installation and other administrative activities. Charges for upfront fees associated with installation and other administrative activities are initially recorded as unearned service revenue and recognized as revenue over the expected period of benefit for residential customers, which has been estimated as five months, and over the contract term for business customers, which has been estimated as 30 months. The Company has estimated the expected period of benefit for residential customers based on consideration of quantitative and qualitative factors including the average installation fee charged, the average monthly revenue per customer, and customer behavior. The current portion and the non-current portion of contract liabilities are included in current portion of unearned service revenue and other non-current liabilities, respectively, in the Company’s consolidated balance sheets. The following tables present the activity of current and non-current contract liabilities:
The following table presents the current and non-current portion of contract liabilities as of the periods presented:
Unsatisfied Performance Obligations Revenue from month-to-month residential subscription service contracts have historically represented a significant portion of the Company’s revenue and the Company expects that this will continue to be the case in future periods. All residential subscription unsatisfied performance obligations as of December 31, 2024, will be satisfied within one year. A summary of expected business subscription and other business services revenue to be recognized in future periods related to performance obligations which have not been satisfied or are partially unsatisfied as of December 31, 2024 is set forth in the table below:
Provision for Credit Losses The provision for credit losses and the allowance for credit losses are based on the aging of the individual receivables, historical trends and current and anticipated future economic conditions. The Company manages credit risk by disconnecting services to customers who are delinquent, generally after 100 days of delinquency. The individual receivables are written-off after all reasonable efforts to collect the funds have been made. Actual write-offs may differ from the amounts reserved. The following table presents the change in the allowance for credit losses for trade accounts receivable:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | 4. Property, Plant and Equipment Property, plant and equipment consist of the following:
Depreciation expense for the years ended December 31, 2024, 2023 and 2022, was $209.6 million, $192.8 million, and $178.9 million, respectively. Included in depreciation and amortization expense in the consolidated statement of operations were net losses on sales of operating assets of $2.6 million, net losses of $0.4 million, and net gains of $1.1 million for the years ended December 31, 2024, 2023, and 2022, respectively. In late September and early October of 2024, the Company incurred damage to its network infrastructure primarily in the Augusta, GA and Pinellas, FL markets as a result of the hurricanes experienced in the Southeastern United States. The Company recorded a $2.6 million loss related to the estimated write-down of damaged fixed assets in these markets during the year ended December 31, 2024. The Company has restored network infrastructure and service to customers across all impacted markets for both hurricanes. The Company recognized insignificant asset write-offs for the years ended December 31, 2023 and 2022. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 5. Leases The Company leases certain property, vehicles and equipment for use in its operations. The Company determines if an arrangement is or contains a lease at inception. The Company has lease agreements with lease and non-lease components and has elected to not separate these components for all classes of underlying assets. Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheet. Leases with initial terms greater than 12 months are recorded as operating or financing leases on the consolidated balance sheet. As of December 31, 2024, financing lease assets of $32.6 million are included in on the consolidated balance sheet. Financing lease liabilities are included within the and portions of long-term debt and finance lease obligations of $10.4 million and $14.5 million, respectively. As of December 31, 2023, financing lease assets of $31.2 million are included in on the consolidated balance sheet. Financing lease liabilities are included within the and portions of long-term debt and finance lease obligations of $11.0 million and $13.6 million, respectively. Right-of-use lease assets and lease liabilities are recognized upon lease commencement based on the present value of the future minimum lease payments over the lease term. The Company utilizes a collateralized incremental borrowing rate based on information available at the lease commencement date in determining the present value of future payments, unless the rate is implicit in the lease agreement. The operating and finance leases may contain variable payments for common-area maintenance, taxes and insurance, and repairs and maintenance. Variable payments are recognized when incurred and not included in the measurement of the right-of-use asset and lease liability. In instances where customer premise equipment would qualify as a lease, the Company applies the practical expedient to combine the operating lease with the subscription revenue as a single performance obligation in accordance with revenue recognition accounting guidance as the subscription service is the predominant component. The Company’s lease agreements may contain options to extend the lease term beyond the initial term, termination options, and options to purchase the underlying asset. The Company has not included these options in the lease term or the related payments in the measurement of the ROU asset and lease liabilities as the Company has determined the options are not reasonably certain to be exercised. Lease components are classified as follows:
The following table presents aggregate lease maturities as of December 31, 2024:
The following table presents aggregate lease maturities as of December 31, 2023:
The following table presents weighted average remaining lease terms and discount rates:
The following table presents other information related to operating and finance leases:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchising Operating Rights and Goodwill |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Franchising Operating Rights and Goodwill | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Franchising Operating Rights and Goodwill | 6. Franchise Operating Rights & Goodwill Changes in the carrying amounts of the Company’s franchise operating rights and goodwill during 2024 and 2023 are set forth below:
Franchise Operating Rights The Company evaluates the recoverability of its franchise operating rights at least annually on October 1, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. Franchise operating rights are evaluated for impairment by comparing the carrying value of the intangible asset to its estimated fair value, utilizing both quantitative and qualitative methods, at the lowest level of identifiable cash flows, which generally represent the markets in which the Company operates. Qualitative analysis is performed for franchise assets in the event the previous analysis indicates that there is a significant margin between the estimated fair value of franchise operating rights and the carrying value of those rights, and that it is more likely than not that the estimated fair value equals or exceeds its carrying value. For franchise operating rights that were evaluated using quantitative analysis, the Company calculates the estimated fair value of franchise operating rights using the multi-period excess earnings method, an income approach, which calculates the estimated fair value of an intangible asset by discounting its future cash flows. The estimated fair value is determined based on discrete discounted future cash flows attributable to each franchise operating right intangible asset using assumptions consistent with internal forecasts. Assumptions in estimating fair value under this method include, but are not limited to, revenue and subscriber growth rates (less anticipated customer churn), operating expenditures, capital expenditures (including any build out), market share achieved or market multiples, contributory asset charge rates, tax rates and a discount rate. The discount rate used in the model represents a weighted average cost of capital and the perceived risk associated with an intangible asset such as the Company’s franchise operating rights. If the fair value of the franchise operating right asset was less than its carrying value, the Company recognizes an impairment charge for the difference between the fair value and the carrying value of the asset. During the second, third and fourth quarters of 2023, the Company determined that due to declining cash flows in certain markets, a triggering event had occurred that required an interim impairment analysis. Key assumptions utilized in the analyses include cash flow projections, including revenue growth rates ranging from approximately (69.0)% to 17.0% and customer attrition rates ranging from approximately 17.0% to 42.0%, and a discount rate of 15.5%. As a result of the interim impairment analyses performed in each period, the estimated fair value of certain franchise operating right assets was determined to be below the carrying value, which resulted in the recognition of non-cash impairment losses for the year ended December 31, 2023. The table below outlines the total impairment charges recognized in each market for the periods presented:
The Company recognized non-cash impairment losses of nil, $306.8 million, and $35.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. The primary driver of the impairment charges was a decline in the estimated fair market value of indefinite-lived intangible assets in certain markets. For the year ended December 31, 2023, the decline was primarily due to declining cash flows in the markets listed above and an increase in the discount rate used to estimate fair value, combined with the decline in the Company’s common stock price. For the year ended December 31, 2022, the decline was primarily due to the decline in the Company’s stock and revisions to market-level forecasts. The impairment charges do not have an impact on the Company’s intent and/or ability to renew or extend existing franchise operating rights.
Goodwill The Company evaluates goodwill for impairment at least annually on October 1, at the reporting unit level utilizing both quantitative and qualitative methods. Qualitative analysis is performed for goodwill in the event the previous analysis indicates that there is a significant margin between estimated fair value and carrying value of goodwill, and that it is more likely than not that the estimated fair value exceeds the carrying value. In the event that a quantitative analysis is performed, any excess of the carrying value of goodwill over the estimated fair value of goodwill is expensed as an impairment loss. The Company determines the estimated fair value utilizing a market approach that incorporates the approximate market capitalization as of the annual testing date, increased by the book value of the Company’s debt and adjusted for a control premium. Based on the annual analysis performed for the current year and prior two years, the estimated fair value of goodwill exceeded the carrying value. As such, no impairment charge was recognized during these periods. During the second, third and fourth quarters of 2023, the Company determined that due to declining cash flows in certain markets, a triggering event had occurred that required an interim impairment analysis. In each interim impairment analysis performed, the estimated fair value of goodwill exceeded the carrying value, and as such, no impairment charge was recognized. The Company had accumulated goodwill impairment losses of $193.9 million for both the years ended December 31, 2024 and 2023. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Subject to Amortization |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Subject to Amortization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Subject to Amortization | 7. Intangible Assets Subject to Amortization Intangible assets subject to amortization consist primarily of multiple-dwelling unit “MDU” and customer relationships. Changes in the carrying amounts are set for the periods presented:
Amortization expense is included in depreciation and amortization expense in the accompanying consolidated statements of operations. Amortization expense for years ended December 31, 2024, 2023 and 2022 was $0.4 million, $0.3 million and $0.4 million, respectively. Scheduled amortization of the Company’s intangible assets as of December 31, 2024 is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities and Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities and Other | 8. Accrued Liabilities and Other Accrued liabilities and other consist of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Finance Lease Obligations |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Finance Lease Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Finance Lease Obligations | 9. Long-Term Debt and Finance Lease Obligations The following table summarizes the Company’s long-term debt and finance lease obligations:
(3) Available borrowing capacity at December 31, 2024 represents $250.0 million of total availability less borrowings of $95.0 million on the Revolving Credit Facility, and outstanding letters of credit of $4.3 million. Letters of credit are used in the ordinary course of business and are released when the respective contractual obligations have been fulfilled by the Company. (4) At December 31, 2024 and 2023 debt issuance costs include $14.3 million and $3.0 million related to the Super-Priority Loans and Term B Loans and $2.8 million and $0.8 million related to the Revolving Credit Facility, respectively. On October 11, 2024, the Company entered into a new super-priority credit agreement with certain lenders and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent (the “Priority Credit Agreement”). The Priority Credit Agreement provides for (i) a $200.0 million super-priority “first out” new money term loan (the “First Out TL”), (ii) a super-senior “second out” term loan (the “Second Out TL”) and (iii) a super-senior “second out” revolving credit facility (the “Second Out RCF” and together with the First Out TL and Second Out TL, the “Super-senior Facility”). The Super-senior Facility is guaranteed by the same guarantors and secured by the collateral package as the Company’s prior credit facility under the 2021 Credit Agreement, and also contains certain collateral and guarantee enhancements as compared thereto. The Super-senior Facility provided that term loan lenders under the 2021 Credit Agreement that fund their pro rata share of the new money First Out TL were entitled to exchange their existing term loans under the 2021 Credit Agreement into the Priority Credit Agreement, with 15% of such exchanged term loans to be included at par in the First Out TL (with such amounts incremental to the $200.0 million amount outstanding under the First Out TL) and 85% of the exchanged term loans at par into the Second Out TL. Substantially all of the term loan lenders under the 2021 Credit Agreement participated in the new money First Out TL, which resulted in an aggregate First Out TL of $306.4 million (exclusive of PIK fees) and a Second Out TL of approximately $602.7 million. The First Out TL matures in December 2028 (subject to a springing maturity of 91 days prior to the maturity of the Second Out RCF) and bears interest at a rate equal to plus 7.00%. In addition, the First Out TL contains capacity for an incremental $125 million which may not be incurred prior to the first anniversary of the closing date of the Priority Credit Agreement. The Second Out TL matures in December 2028, and bears interest at a rate equal to plus 3.00%. The Second Out RCF matures in December 2026 and initially bears interest at a rate equal to plus 2.75% (subject to adjustment based on a grid). Both the First Out TL and require amortization payments of 1.0% per annum. The Super-senior Facility contains certain (a) restrictive covenants, including, but not limited to, restrictions on the entry into burdensome agreements, the prohibition of the incurrence of certain indebtedness, restrictions on the ability to make certain payments and to enter into certain merger, consolidation, asset sale and affiliate transactions, and (b) a springing secured net leverage ratio for the benefit only of the Second Out RCF lenders. The Priority Credit Agreement also contains representations and warranties, affirmative covenants and events of default customary for an agreement of its type. As is customary, certain events of default could result in an acceleration of the Company’s obligations under the Priority Credit Agreement. As a result of the new Priority Credit Agreement, the Company recorded a $1.0 million loss on extinguishment of debt related to the write-off of unamortized debt issue, debt discount and third-party costs during the year ended December 31, 2024. As of December 31, 2024, the Company was in compliance with all debt covenants in the Priority Credit Agreement. Amortization of debt issuance costs and debt discount, all of which are included in interest expense in the accompanying consolidated statements of operations, for the years ended December 31, 2024, 2023 and 2022 are as follows:
Principal maturities of our long-term debt, excluding finance lease obligations, as of December 31, 2024 are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | 10. Derivative Instruments The Company is exposed to certain risks during the normal course of its business arising from adverse changes in interest rates. The Company selectively uses derivative financial instruments (“derivatives”), including interest rate swaps, to manage interest rate risk. The Company does not hold or issue derivative instruments for speculative purposes. Fluctuations in interest rates can be volatile, and the Company’s risk management activities do not totally eliminate these risks. Consequently, these fluctuations could have a significant effect on the Company’s financial results. The Company’s exposure to interest rate risk results primarily from its variable rate borrowings. At various points during the first quarter of 2024, the Company entered into five separate pay-fixed interest rate swap agreements for a notional amount of $100.0 million each. The company elected not to use hedge accounting treatment for these instruments. As of December 31, 2024, the Company is the fixed rate payor on five interest rate swap contracts that effectively fix the SOFR-based index used to determine the interest rates charged on a portion of the Company’s total long-term debt of $1,012.0 million, not including unamortized debt issuance costs and discount. These contracts fix the Company’s term loan variable rate exposure at an average of 4.3% and have expiration dates of February and March 2027. The Company accounts for each agreement on a fair value basis at each reporting period. The following table summarizes the notional amounts and fair values of the Company’s outstanding derivatives by risk category and instrument type within the consolidated balance sheet as of December 31, 2024.
The Company recognized the change in fair value of $2.9 million, offset by cash receipts of $3.3 million, in interest expense in the consolidated income statement related to these agreements for the year ended December 31, 2024. The Company did not participate in any derivative instrument agreements during the years ended December 31, 2023 and 2022. See additional disclosure information related to these derivative instruments in Note 11 – Fair Value Measurements |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 11. Fair Value Measurements The fair values of cash and cash equivalents, receivables and trade payables approximate their carrying values due to the short-term nature of these instruments. For assets and liabilities of a long-term nature, the Company determines fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. The Company applies the following hierarchy in determining fair value:
During the first quarter of 2024, the Company entered into five interest rate swap arrangements. The Company’s derivative instruments are accounted for at fair value on a recurring basis and classified within Level 2 of the valuation hierarchy. The following table reflects the Company’s financial assets and liabilities measured at fair value as of December 31, 2024.
The following table reflects the Company’s financial assets and liabilities measured at fair value as of December 31, 2023.
There were no transfers into or out of Level 1, 2 or 3 during the years ended December 31, 2024 and 2023. The Company’s nonfinancial assets such as franchises, property, plant, and equipment, and other intangible assets are not measured at fair value on a recurring basis; however, they are subject to fair value adjustments in certain circumstances, such as when there is evidence that an impairment may exist. When such impairments are recorded, fair values are generally classified within Level 3 of the valuation hierarchy. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | 12. Equity Common Stock Repurchase Plan On October 4, 2022, the Company’s Board of Directors authorized the Company to repurchase up to $50.0 million of its outstanding common stock. The Company completed the Share Repurchase Program in June 2023 with approximately 4.9 million shares purchased for $50.4 million (including commissions). The following table summarizes the Company’s purchases of WOW common stock during the years ended December 31, 2024, 2023 and 2022. These shares are reflected as treasury stock in the Company’s consolidated balance sheets.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | 13. Stock-based Compensation The Company’s stock incentive plan, the 2017 Omnibus Incentive Plan, provides for grants of stock options, restricted stock and performance awards. The Company’s directors, officers and other employees and persons who engage in services for the Company are eligible for grants under the plan. The stock incentive plan has authorized 18,424,128 shares of the Company’s common stock to be available for issuance, subject to adjustment in the event of a reorganization, stock split, merger or similar change in the Company’s corporate structure or the outstanding shares of common stock. Restricted stock awards generally vest ratably over a four-year period based on the date of grant. For restricted stock awards that contain only service conditions for vesting, the Company calculates the award fair value based on the closing stock price on the accounting grant date. For the years ended December 31, 2024, 2023 and 2022 the Company recorded $11.1 million, $16.8 million and $25.8 million of total non-cash compensation expense, respectively. Certain awards were modified during the year ended December 31, 2021 and were classified as liabilities. The total non-cash compensation expense associated with these awards was nil for the years ended December 31, 2024 and 2023, and $0.5 million for the year ended December 31, 2022. During the year ended December 31, 2024 and 2023, approximately nil and $0.3 million of liability classified awards were settled with shares of restricted stock, respectively. The non-cash compensation expense is reflected in selling, general and administrative expense and operating expenses (excluding depreciation and amortization), depending on the recipients’ duties, in the Company’s consolidated statements of operations. Total unrecognized non-cash compensation expense as of December 31, 2024 was $13.9 million and is expected to be recognized over a weighted-average period of 2.1 years. The following table summarizes the restricted stock award activity for the years ended December 31, 2024, 2023 and 2022.
Existing Performance Share Grants The existing performance share grant has a performance period of three years and is based on the Company’s achievement level relative to: 50% based upon the Company’s Total Shareholder Return (“TSR”) related to the TSRs of the Company’s peer group and 50% based on the Company’s three-year cumulative EBITDA metric. The performance shares based on three-year cumulative EBITDA have a performance condition. The probability of achieving the performance condition is assessed at each reporting period. If it is deemed probable that the performance condition will be met, compensation cost will be recognized based on the closing price per share of the Company's common stock on the date of the grant multiplied by the number of awards expected to be earned. If it is deemed that it is not probable that the performance condition will be met, the Company will discontinue the recognition of compensation cost and any compensation cost previously recorded will be reversed. As of December 31, 2024, the Company determined that it was not probable that the performance condition based on three-year cumulative EBITDA would be met for the performance shares issued in 2022 and 2023. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | 14. Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. Additionally, the impact on deferred tax assets and liabilities of changes in tax rates is reflected in the financial statements in the period that includes the date of enactment. Income Tax Benefit For the years ended December 31, 2024, 2023, and 2022, the Company recorded income tax benefit as shown below. The tax provision in future periods will vary based on current and future temporary differences, as well as future operating results.
The Company reported total income tax benefit of $23.3 million and $96.1 million, and $20.3 million during the years ended December 31, 2024, 2023 and 2022, respectively. The provision for income taxes incurred is different from the amount calculated by applying the applicable federal income tax rate to the income before income tax benefit. The significant items causing these differences are as follows:
The $0.2 million and $7.1 million changes in valuation allowance as of December 31, 2024 and December 31, 2023, respectively, are the result of changes in federal and state deferred tax assets related to net operating loss carryforwards and various state modifications. Deferred Income Taxes, Net The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2024 and 2023 are as follows:
Valuation Allowance In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. In evaluating the need for a valuation allowance, management takes into account various factors, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. Based on this evaluation, a valuation allowance of $33.9 million, $33.7 million, and $26.6 million has been recorded as of December 31, 2024, 2023, and 2022, respectively, to recognize only the portion of the deferred tax asset, primarily related to state net operating loss carryforwards, that is more likely than not to be realized. The following table summarizes the changes in our valuation allowance for deferred tax assets:
Net Operating Loss and Credit Carryforwards As of December 31, 2024, the Company had approximately $183.0 million of federal tax net operating loss carryforwards, which expire between the years 2026 through 2036. In addition, as of December 31, 2024, the Company had state tax net operating loss carryforwards of $855.3 million, of which $326.9 million are indefinite lived and $528.4 million expire between 2025 and 2044. As a result of the IPO (effective May 25, 2017), the Company experienced an “ownership change” as defined in Section 382 of the Internal Revenue Code resulting in limitations on the Company’s use of its existing federal and state net operating losses and capital losses. After December 31, 2024, $183.0 million of the Company’s federal tax loss carryforwards are subject to Section 382 and other restrictions. Uncertain Tax Positions These uncertain tax positions, if ever recognized in the financial statements, would be recorded in the consolidated statements of operations as part of the income tax provision. A reconciliation of the beginning and ending amount of unrecognized tax benefits, exclusive of interest and penalties, included in other non-current liabilities on the accompanying consolidated balance sheets of the Company is as follows:
As of December 31, 2024, the Company recorded gross unrecognized tax benefits of $5.1 million, all of which, if recognized, would affect the Company’s effective tax rate. The Company recognizes interest accrued on uncertain income tax positions as part of the income tax provision. Interest included in other long-term liabilities on the accompanying consolidated balance sheets of the Company were $0.8 million, $1.3 million, and $0.4 million for years ended December 31, 2024, 2023 and 2022, respectively. The Company files income tax returns in the U.S. federal jurisdiction and various state jurisdictions. Generally, the Company’s 2020 through 2024 tax years remain open for examination and assessment. Years prior to 2020 remain open for purposes of examining the Company’s loss and credit carryforwards. The Company believes that it is reasonably possible that a decrease of up to $3.3 million in unrecognized tax benefits including interest will occur in the next 12 months as a result of the expiration of applicable statute of limitations on its U.S. federal controversy matters. Activity related to state and local controversy matters did not have a material impact on our consolidated financial position or results of operations during the year ended December 31, 2024, nor do we anticipate a material impact in the next 12 months. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) per Common Share |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) per Common Share | 15. Earnings (Loss) per Common Share Basic earnings or loss per share attributable to the Company’s common stockholders is computed by dividing net earnings or loss attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings or loss per share attributable to common stockholders presents the dilutive effect, if any, on a per share basis of potential common shares (such as restricted stock units) as if they had been vested or converted during the periods presented. No such items were included in the computation of diluted loss or earnings per share for the years presented because the Company incurred a net loss and the effect of inclusion would have been anti-dilutive.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | |||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | 16. Employee Benefits 401(k) Savings Plan The Company adopted a defined contribution retirement plan which complies with Section 401(k) of the Internal Revenue Code. Substantially all employees are eligible to participate in the plan. The Company matches 100% of the participant’s voluntary contributions up to 3% and 50% of the next 2% subject to a limit of the first 4% of the participant’s compensation. Company matching contributions vest 25% annually over a four-year period. During the years ended December 31, 2024, 2023 and 2022, the Company recorded $3.1 million, $3.4 million and $3.2 million, respectively, of expense related to the Company’s matching contributions to the 401(k) plan. Deferred Compensation Plan In July 2007, the Company implemented a deferred compensation plan. Under this plan, certain members of management and other highly compensated employees may elect to defer a portion of their annual compensation, subject to certain percentage limitations. The assets and liabilities of the plan are included within the Company’s financial statements. The assets of the plan are specifically designated as available to the Company solely for the purpose of paying benefits under the Company’s deferred compensation plan. However, in the event the Company became insolvent, the investments would be available to all unsecured general creditors. The deferred compensation liability relates to obligations due to participants under the plan. The assets from the participant deferrals are invested by the Company, through a life insurance investment vehicle, in mutual funds and money market funds. The deferred compensation liability represents accumulated net participant deferrals and earnings thereon based on participant investment elections. The assets and liabilities are recorded at fair value, and any adjustments to the fair value are recorded in the consolidated statements of operations. The assets and liabilities of the plan are included in the accompanying consolidated balance sheets as follows:
|
||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 | |||||
| Commitments and Contingencies | |||||
| Commitments and Contingencies | 17. Commitments and Contingencies The following items are not included as contractual obligations due to the various factors discussed below. However, the Company incurs these costs as part of its operations:
Programming Contracts In the normal course of business, the Company enters into numerous contracts to license programming content for which the payment obligations are fully contingent on the number of subscribers to whom it provides the content. These contracts typically have annual rate increases and term lengths of to five years. Programming expenses are included in operating expenses in the accompanying consolidated statements of operations. Legal and Other Contingencies On March 7, 2018, Sprint Communications Company LP (“Sprint”) filed a complaint in the U.S. District Court for the District of Delaware alleging that the Company infringed a set of patents directed to the provision of Voice over Internet Protocol services. This lawsuit was part of a larger, decade long patent enforcement campaign by Sprint aimed at numerous service providers in the broadband and telecommunications industry. In April 2023, prior to the commencement of the Company’s jury trial on April 24, 2023, the Company and Sprint entered into settlement discussions and also conducted a formal mediation. Those discussions culminated in a negotiated resolution of the pending litigation, for which the parties executed a binding term sheet on April 19, 2023, and a Confidential Settlement and License Agreement on April 28, 2023. The terms of the settlement are confidential, but the agreement does obligate the Company to make payments to Sprint over the course of three years in exchange for a full release of all liability. As a result of the settlement, the Company accrued $46.8 million as of March 31, 2023, and the associated expense was included in selling, general and administrative expenses in the period recorded. Per the payment schedule, the Company owes $11.0 million as of December 31, 2024 with payments to be made in January of 2025 and 2026. The Company appropriately accrued for these payments in the consolidated financial statements. Additionally, the Company received a $3.8 million refund from an indemnification claim related to this matter during the year ended December 31, 2024. The Company has accounted for this refund as an offset to selling, general, and administrative expenses in the Statement of Operations. Of the $3.8 million refund from indemnification claims, $2.0 million is related to an agreement from a third party to pay the Company $5.0 million. The remaining $3.0 million, related to this agreement, will be paid in six $0.5 million installments from January 2025 through April 2026. The settlement payments will be recognized in the periods in which they are received. The Company is party to various legal proceedings (including individual, class and putative class actions) arising in the normal course of its business covering a wide range of matters and types of claims including, but not limited to, general contracts, billing disputes, rights of access, programming, taxes, fees and surcharges, consumer protection, trademark and patent infringement, employment, regulatory, tort, claims of competitors and disputes with other carriers. In accordance with GAAP, the Company accrues an expense for pending litigation when it determines that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated. Legal defense costs are expensed as incurred. None of the Company’s existing accruals for pending matters are material. The Company consistently monitors its pending litigation for the purpose of adjusting its accruals and revising its disclosures accordingly, in accordance with GAAP, when required. However, litigation is subject to uncertainty, and the outcome of any particular matter is not predictable. The Company will vigorously defend its interests in pending litigation, and the Company believes that the ultimate resolution of all such matters, after considering insurance coverage or other indemnities to which it is entitled, will not have a material adverse effect on its consolidated financial position, results of operations, or cash flows. |
Segment Reporting |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | 18. Segment Reporting The Company is a broadband provider offering a portfolio of advanced services, including high-speed data (“HSD”), cable television (“Video”), and digital telephony (“Telephony”) services to residential customers and offer a full range of products and services to business customers. Our footprint covers certain suburban areas within the states of Alabama, Florida, Georgia, Michigan, South Carolina and Tennessee. The Company’s chief operating decision maker (“CODM”) is the Company’s Chief Executive Officer who regularly reviews the Company’s results to assess the Company’s performance and allocates resources at a consolidated level. Although the consolidated results include the Company’s three products (i) HSD; (ii) Video; and (iii) Telephony and are used to assess performance by product(s), decisions to allocate resources (including capital) are made to benefit the consolidated Company. The three products are delivered through a unified network and have similar types or classes of customers. The decision to allocate resources to plant maintenance and to upgrade the Company’s service delivery over a unified network to the customer benefits all three product offerings and is not based on any given service product. Additionally, while the CODM reviews separate financial results of both the legacy and greenfield expansion markets the CODM allocates resources (including capital) for the benefit of the consolidated Company. As such, management has determined the Company has one reportable segment, broadband services. The CODM assesses performance for the broadband services segment and decides on how to allocate resources based on Net Income (Loss) which is reported in the Statement of Operations. In making this assessment, the CODM focuses on revenue and other significant segment expenses presented in the Company’s consolidated Statement of Operations. Presented below are key additional disaggregated segment expenses regularly reviewed by the CODM that are not separately presented in the Company’s Statement of Operations. The measure of segment assets is reported on the balance sheet as total assets. Segment asset information is not used by the CODM to allocate resources. As one reportable segment, the Company does not have any intra-entity sales or transfers.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pay vs Performance Disclosure - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ (58.8) | $ (287.7) | $ (2.5) |
Insider Trading Arrangements |
3 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | We believe cybersecurity is a critical component of our overall approach to developing, implementing, and maintaining a security environment that safeguards our information systems and protects the confidentiality and integrity of our data. We recognize the importance of assessing, identifying, and managing material risks associated with cybersecurity threats. These risks include, among other things: operational risks, fraud, extortion, harm to employees or customers and violation of data privacy or security laws. Cybersecurity Risk Management and Strategy The Company integrates cybersecurity into its overall approach to Enterprise Risk Management through a continuous evaluation of our environment for risks that could impact our overall posture. The Company’s policies and procedures to address cybersecurity risks and threats are developed in conjunction with industry standards, best practices, and regulatory requirements. We ensure all employees and contractors are aware of cybersecurity risks through regular communication and required annual trainings. We have an enterprise-wide information security program designed to identify, protect, detect, respond to and manage reasonably foreseeable cybersecurity risks and threats. To protect our information systems from cybersecurity threats, we use various security tools that help prevent, identify, escalate, investigate, resolve and recover from identified vulnerabilities and security incidents in a timely manner. These include, but are not limited to, internal reporting, monitoring and next generation detection platforms, security automation orchestration and response, and protection platforms designed to stop initial malicious activity. We also maintain a third-party security program to identify, prioritize, assess, mitigate and remediate third party risks; however, we have a shared responsibility model with these third parties and require them to implement security programs commensurate with their risk. We cannot ensure that in all circumstances their efforts will be successful. We regularly assess risks from cybersecurity and technology threats and monitor our information systems for potential vulnerabilities. We use a widely adopted risk quantification model to identify, measure and prioritize cybersecurity and technology risks and develop related security controls and safeguards. We conduct regular reviews and tests of our information security program and leverage audits by our internal audit team, tabletop exercises, penetration and vulnerability testing, red team exercises, simulations, and other exercises to evaluate the effectiveness of our information security program and improve our security measures and planning. We also engage a third-party vendor to conduct an annual payment card industry data security certification of our security controls protecting payment information, as well as third-party penetration testing of our cardholder environment and related systems. The results of these assessments are reported to the Audit Committee. Our systems periodically experience directed attacks intended to lead to interruptions and delays in our service and operations as well as loss, misuse or theft of personal information (of third parties, employees, and our customers) and other data, confidential information or intellectual property. However, to date these incidents have not had a material impact on our service, systems or business. Any significant disruption to our service or access to our systems could result in a loss of customers and adversely affect our business and results of operations. Further, a penetration of our systems or a third-party’s systems or other misappropriation or misuse of personal information could subject us to business, regulatory, litigation and reputational risk, which could have a negative effect on our business, financial condition and results of operations. To manage risks posed by third party vendors, the Company requires mutual non-disclosure agreements and master service agreements which include minimum requirements related to cybersecurity, data security, and breach of reporting. Potential threats posed by third party vendors are assessed according to potential level of impact and risk to our overall cybersecurity. Additionally, we obtain SOC-1 Type II and SOC-2 reports from vendors with a financial reporting impact. |
| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | The Company integrates cybersecurity into its overall approach to Enterprise Risk Management through a continuous evaluation of our environment for risks that could impact our overall posture. The Company’s policies and procedures to address cybersecurity risks and threats are developed in conjunction with industry standards, best practices, and regulatory requirements. We ensure all employees and contractors are aware of cybersecurity risks through regular communication and required annual trainings. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Board oversees our annual enterprise risk assessment, which is completed with the assistance of third party consultants, where we assess key risks within the company, including security and technology risks and cybersecurity threats. Members of the Audit Committee receive updates on a quarterly basis from management, including from the Chief Technology Officer, regarding matters of cybersecurity. These updates include existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Any cybersecurity incidents are immediately reported to the Core Incident Response Team (“Core IRT”) which includes key members of management from across the organization. The Core IRT will communicate the incident and potential risks to the Chief Executive Officer. The Core IRT and CEO will determine if the incident should be communicated to the Board of Directors. Any incident that is reported to the Board of Directors includes continuous follow-up as well as detailed documentation provided to the Audit Committee. To date, the Company has not experienced a material cybersecurity incident.
|
| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Audit Committee |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Board oversees our annual enterprise risk assessment, which is completed with the assistance of third party consultants, where we assess key risks within the company, including security and technology risks and cybersecurity threats. Members of the Audit Committee receive updates on a quarterly basis from management, including from the Chief Technology Officer, regarding matters of cybersecurity. These updates include existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Any cybersecurity incidents are immediately reported to the Core Incident Response Team (“Core IRT”) which includes key members of management from across the organization. The Core IRT will communicate the incident and potential risks to the Chief Executive Officer. The Core IRT and CEO will determine if the incident should be communicated to the Board of Directors. Any incident that is reported to the Board of Directors includes continuous follow-up as well as detailed documentation provided to the Audit Committee. To date, the Company has not experienced a material cybersecurity incident. |
| Cybersecurity Risk Role of Management [Text Block] | The Senior Director of Information Security and IT Compliance and the Senior Vice President of Information Technology report to our Chief Technology Officer, who is responsible for overseeing the information security program. The Senior Director of Information Security and IT Compliance is a Certified Information Systems Security Professional with over 20 years of experience in cybersecurity, including continuous cybersecurity threat and risk monitoring. Team members who support our information security program have relevant educational and industry experience; these include but are not limited to: offensive security, advanced incident response, and advanced detection development. The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments, and findings. The Board oversees our annual enterprise risk assessment, which is completed with the assistance of third party consultants, where we assess key risks within the company, including security and technology risks and cybersecurity threats. Members of the Audit Committee receive updates on a quarterly basis from management, including from the Chief Technology Officer, regarding matters of cybersecurity. These updates include existing and new cybersecurity risks, status on how management is addressing and/or mitigating those risks, cybersecurity and data privacy incidents (if any) and status on key information security initiatives. Our Board members also engage in ad hoc conversations with management on cybersecurity-related news events and discuss any updates to our cybersecurity risk management and strategy programs. Any cybersecurity incidents are immediately reported to the Core Incident Response Team (“Core IRT”) which includes key members of management from across the organization. The Core IRT will communicate the incident and potential risks to the Chief Executive Officer. The Core IRT and CEO will determine if the incident should be communicated to the Board of Directors. Any incident that is reported to the Board of Directors includes continuous follow-up as well as detailed documentation provided to the Audit Committee. To date, the Company has not experienced a material cybersecurity incident.
|
| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Senior Director of Information Security and IT Compliance and the Senior Vice President of Information Technology report to our Chief Technology Officer, who is responsible for overseeing the information security program. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | The Senior Director of Information Security and IT Compliance is a Certified Information Systems Security Professional with over 20 years of experience in cybersecurity, including continuous cybersecurity threat and risk monitoring. Team members who support our information security program have relevant educational and industry experience; these include but are not limited to: offensive security, advanced incident response, and advanced detection development. The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments, and findings. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The teams provide regular reports to senior management and other relevant teams on various cybersecurity threats, assessments, and findings.Any cybersecurity incidents are immediately reported to the Core Incident Response Team (“Core IRT”) which includes key members of management from across the organization. The Core IRT will communicate the incident and potential risks to the Chief Executive Officer. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||
| Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements of WOW reflect all transactions of WideOpenWest, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation.
|
|||||||||||||||||||||||||||||||||
| Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents represent short-term highly liquid investments consisting of money market funds that are carried at cost, which approximates fair value. The Company considers all short-term investments with an original maturity of three months or less at the date of purchase to be cash equivalents. |
|||||||||||||||||||||||||||||||||
| Provision for Credit Losses | Provision for Credit Losses The provision for credit losses and the allowance for credit losses are based on the aging of the individual receivables, historical trends and current and anticipated future economic conditions. The Company’s policy to reserve for potential bad debts is based on expected credit losses. The Company manages credit risk by disconnecting services to customers who are delinquent, generally after 100 days of delinquency. The individual receivables are written-off after all reasonable efforts to collect the funds have been made. Actual write-offs may differ from the amounts reserved. See Note 3 – Revenue from Contracts with Customers for a discussion of changes in the allowance for credit losses for the periods presented. |
|||||||||||||||||||||||||||||||||
| Prepaid Expenses and Other | Prepaid Expenses and Other Prepaid expenses and other primarily consists of short-term deferred contract costs, short-term deferred promotional costs, and prepaid software and insurance costs. Deferred contract costs and deferred promotional costs are recognized as operating expenses, selling, general, and administrative expense or deduction to revenue over the customer life. Other prepayments are recognized as operating expenses or selling, general, and administrative expense over the life of the underlying agreements. |
|||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation and amortization and primarily represent costs associated with the construction of cable transmission and distribution facilities and new service installations at the customer location. Capitalized costs include materials, labor, and certain indirect costs attributable to the capitalization activity. Maintenance and repairs are expensed as incurred. Upon sale or retirement of an asset, the cost and related depreciation and amortization are removed from the related accounts and resulting gains or losses are reflected in operating results. The Company makes judgments regarding the installation and construction activities to be capitalized. The Company capitalizes direct labor associated with capitalizable activities and indirect costs using standards developed from operational data, including the proportionate time to perform a new installation relative to the total installation activities and an evaluation of the nature of the indirect costs incurred to support capitalizable activities. Judgment is required to determine the extent to which indirect costs incurred are related to capitalizable activities. Indirect costs include (i) employee benefits and payroll taxes associated with capitalized direct labor, (ii) direct variable costs of installation and construction, (iii) the direct variable costs of support personnel directly involved in assisting with installation activities, such as dispatchers and (iv) other indirect costs directly attributable to capitalizable activities. Property, plant and equipment are depreciated over the estimated useful life upon being placed into service. Depreciation of property, plant and equipment is calculated on a straight-line basis, over the following estimated useful lives:
Leasehold improvements are amortized over the shorter of the estimated useful lives or lease terms. |
|||||||||||||||||||||||||||||||||
| Intangible Assets and Goodwill | Intangible Assets and Goodwill Intangible assets consist primarily of acquired franchise operating rights and goodwill. Franchise operating rights represent the value attributable to agreements with local franchising authorities, which allow access to homes in the public right of way. The Company’s franchise operating rights were acquired through business combinations. The Company does not amortize franchise operating rights as it has been determined that they have an indefinite life. Costs incurred in negotiating and renewing franchise operating agreements are expensed as incurred. Goodwill represents the excess purchase price over the fair value of the identifiable net assets acquired in business combinations. |
|||||||||||||||||||||||||||||||||
| Asset Impairments | Asset Impairments Significant judgment by management is required to determine estimates and assumptions used in the valuation of property, plant and equipment, intangible assets and goodwill. Long-lived Assets The Company evaluates the recoverability of its long-lived assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable. The evaluation is based on the undiscounted cash flows generated by the underlying asset groups, including estimated future operating results, trends or other determinants of fair value. If the total of the expected future undiscounted cash flows was determined to be less than the carrying amount of the asset group, the Company would recognize an impairment charge to the extent the carrying amount of the asset group exceeds its estimated fair value. The Company had no triggering events or impairment of its long-lived assets in any of the periods presented. Franchise Operating Rights The Company tests the franchise operating rights for impairment at least annually on October 1, or more frequently whenever events or substantive changes in circumstances indicate that the assets might be impaired. The Company evaluates the franchise operating rights for impairment by comparing the carrying value of the intangible asset to its estimated fair value utilizing both quantitative and qualitative methods. Any excess of the carrying value over the fair value would be expensed as an impairment loss. The Company calculates the fair value of franchise operating rights using the multi-period excess earnings method, an income approach, which calculates the value of an intangible asset by discounting its future cash flows. The fair value is determined based on estimated discrete discounted future cash flows attributable to each franchise operating right intangible asset using assumptions consistent with internal forecasts. Assumptions key in estimating fair value under this method include, but are not limited to, revenue and subscriber growth rates (less anticipated customer churn), operating expenditures, capital expenditures (including any build out), market share achieved, contributory asset charge rates, tax rates and discount rate. The discount rate used in the model represents a weighted average cost of capital and the perceived risk associated with an intangible asset such as franchise operating rights. See Note 6 – Franchise Operating Rights & Goodwill for discussion of impairment charges recognized for the periods presented. Goodwill The Company tests goodwill for impairment at least annually on October 1, or more frequently whenever events or substantive changes in circumstances indicate that the asset might be impaired. The Company may first choose to assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company performs a quantitative analysis. The Company may also choose to by-pass the qualitative assessment and proceed directly to the quantitative analysis. In the quantitative analysis, the Company utilizes a discounted cash flow analysis or a market approach to estimate the fair value of goodwill and compares such value to the carrying amount. Any excess of the carrying value of goodwill over the estimated fair value of goodwill would be expensed as an impairment loss. The Company determined it had one reporting unit as part of its annual goodwill analysis on October 1. See Note 6 – Franchise Operating Rights & Goodwill for a discussion of impairment charges recognized for the periods presented. |
|||||||||||||||||||||||||||||||||
| Other Noncurrent Assets | Other Noncurrent Assets Other noncurrent assets are comprised primarily of long-term deferred contract costs and long-term deferred promotional costs. These amounts are recognized as operating expenses, selling, general, and administrative expense or deduction to revenue over the customer life. |
|||||||||||||||||||||||||||||||||
| Fair Value of Financial Instruments | Fair Value of Financial Instruments Carrying amounts reported in the consolidated balance sheets for cash and cash equivalents are carried at fair value. The carrying amounts reported in the consolidated balance sheets for accounts receivable and accounts payable approximate fair value due to their short-term maturities. The fair value of long-term debt is based on dealer quotes considering current market rates for the Company’s credit facility. The ratio of the Company’s aggregate debt balance has trended from quoted market prices in active markets to quoted prices in non-active markets. Debt fair value does not include debt issuance costs and discount. Certain financial instruments potentially subject the Company to concentrations of credit risk. These financial instruments consist primarily of trade receivables and cash and cash equivalents. The Company places its cash and cash equivalents with high credit quality financial institutions. The Company does not enter into master netting arrangements. The Company periodically assesses the creditworthiness of the institutions with which it invests. The Company does, however, maintain invested balances in excess of federally insured limits; however, the Company has never experienced any losses related to these balances. |
|||||||||||||||||||||||||||||||||
| Debt Issuance Costs | Debt Issuance Costs Debt issuance costs incurred by the Company are capitalized and amortized over the life of the related debt using the effective interest rate method and are included as a reduction in long-term debt in the accompanying consolidated balance sheets. The amortization of debt issuance costs is included in interest expense on the accompanying consolidated statements of operations. |
|||||||||||||||||||||||||||||||||
| Asset Retirement Obligations | Asset Retirement Obligations The Company accounts for its asset retirement obligations by recognizing a liability for the fair value of a conditional asset retirement obligation when incurred if the fair value of the liability can be reasonably estimated. Certain of the Company’s franchise agreements and leases contain provisions requiring the Company to restore facilities or remove equipment upon the maturity of the franchise or lease agreement. The Company expects to continually renew its franchise agreements. Accordingly, the Company has determined a remote possibility that the Company would be required to incur significant restoration or removal costs related to these franchise agreements in the foreseeable future. An estimated liability, which could be significant, would be recorded in the unlikely event a franchise agreement containing such a provision were no longer expected to be renewed. An estimate of the obligations related to the restoration and removal provisions contained in the Company’s lease agreements has been made and recorded in other non-current liabilities in the consolidated balance sheet; however, the amount is not material. |
|||||||||||||||||||||||||||||||||
| Revenue Recognition | Revenue Recognition Residential and business subscription services revenue consists primarily of monthly recurring charges for HSD, Video, and Telephony services, including charges for equipment rentals and other regulatory fees, and non-recurring charges for optional services, such as pay-per-view, video-on-demand, and other events provided to the customer. Monthly charges for residential and business subscription services are billed in advance and recognized as revenue over the period of time the associated services are provided to the customer. Charges for optional services are generally billed in arrears and revenues are recognized at the point in time when the services are provided to the customer. Residential and business customers may be charged non-recurring upfront fees associated with installation and other administrative activities. Charges for upfront fees associated with installation and other administrative activities are initially recorded as unearned service revenue and recognized as revenue over the expected period of benefit for residential customers and over the contract term for business customers. The Company is required to pay certain cable franchising authorities an amount based on the percentage of gross revenue derived from Video services. The Company generally passes these fees and other similar regulatory and ancillary fees on to the customer. Revenues from regulatory and other ancillary fees passed on to the customer are reported with the associated service revenue and the corresponding costs are reported as an operating expense. The Company’s trade receivables are subject to credit risk, as customer deposits are generally not required. The Company’s credit risk is limited due to the large number of customers, individually small balances and short payment terms. The Company manages credit risk by screening applicants through the use of internal customer information and identification verification tools. If a customer account is delinquent, various measures are used to collect amounts owed, including termination of the customer’s service. |
|||||||||||||||||||||||||||||||||
| Costs and Expenses | Costs and Expenses The Company’s expenses consist of operating, selling, general and administrative expenses, depreciation and amortization expense and interest expense. Business interruption insurance proceeds are recorded as an offset to operating expense in the statements of operations. |
|||||||||||||||||||||||||||||||||
| Programming Costs | Programming Costs Programming is acquired for distribution to subscribers, generally pursuant to multi-year license agreements, with rates typically based on the number of subscribers that receive the programming. These programming costs are included in operating expenses in the month the programming is distributed. |
|||||||||||||||||||||||||||||||||
| Advertising Costs | Advertising Costs The cost of advertising is expensed as incurred and is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. Advertising expense during the years ended December 31, 2024, 2023 and 2022 was $28.5 million, $36.6 million and $36.5 million, respectively. |
|||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax liabilities and assets are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the difference is expected to reverse. Additionally, the impact of changes in the tax rates and laws on deferred taxes, if any, is reflected in the financial statements in the period of enactment. Valuation allowances are established to reduce deferred tax assets to the amount that will more likely than not be realized. To the extent that a determination was made to establish or adjust a valuation allowance, the expense or benefit is recorded in the period in which the determination is made. From time to time, the Company engages in transactions in which the tax consequences may be subject to uncertainty. Significant judgment is required in assessing and estimating the tax consequences of these transactions. The Company prepares and files tax returns based on its interpretation of tax laws and regulations. In the normal course of business, the tax returns are subject to examination by various taxing authorities. Such examinations may result in future tax, interest and penalty assessments by these taxing authorities. In determining the Company’s income tax provision for financial reporting purposes, the Company establishes a reserve for uncertain income tax positions unless such positions are determined to be more likely than not of being sustained upon examination, based on their technical merits. That is, for financial reporting purposes, the Company only recognizes tax benefits taken on the tax return that the Company believes are more likely than not of being sustained upon examination. There is considerable judgment involved in determining whether positions taken on the tax return are more likely than not of being sustained. The Company adjusts its tax reserve estimates periodically because of ongoing examinations by, and settlements with, the various taxing authorities, as well as changes in tax laws, regulations and interpretations. The consolidated income tax provision of any given year includes adjustments to prior year income tax accruals that are considered appropriate and any related estimated interest and penalties. The Company’s policy is to recognize, when applicable, interest and penalties on uncertain income tax positions as part of income tax provision. |
|||||||||||||||||||||||||||||||||
| Derivative Financial Instruments | Derivative Financial Instruments The Company may use derivative financial instruments to manage its exposure to fluctuations in interest rates by entering into interest rate exchange agreements such as interest rate swaps. All derivatives, whether designated as a hedge or not, are required to be recorded on the consolidated balance sheet at fair value. If the derivative is designated as a hedge and is highly effective as a hedging instrument, recognition of changes in fair value depend on whether the derivative is used in a fair value hedge, in which changes are recognized in earnings, or cash flow hedge, in which changes are recognized in other comprehensive income. If the derivative is not designated as a hedge, changes in the fair value of the derivative are recognized in earnings. Refer to Note 10 – Derivative Instruments and Hedging Activities for a discussion of derivative related activities for the periods presented. |
|||||||||||||||||||||||||||||||||
| Stock-based Compensation | Stock-based Compensation The Company’s stock-based compensation consists of equity based restricted stock awards with service, performance and market conditions. Restricted stock awards are measured at the grant date fair value and amortized to stock compensation expense over the requisite service period. The fair value of restricted stock awards with market conditions are measured utilizing Monte Carlo simulations. Awards with performance or market conditions will vest based on the Company’s achievement level relative to specific requirements. For all restricted stock awards, the Company accounts for forfeitures as they occur. Refer to Note 13 – Stock-Based Compensation for a discussion of the Company’s stock-based compensation for the periods presented. |
|||||||||||||||||||||||||||||||||
| Recently Issued Accounting Pronouncements and Recently Adopted Accounting Pronouncements | Recently Issued Accounting Pronouncements ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In October 2023, FASB issued Accounting Standard Update (“ASU”) 2023-09, Income Taxes (Topic 740), Improvement to Income Tax Disclosures. ASU 2023-09 will require all entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. This requires public business entities (“PBEs”) to include incremental detail in a numerical, tabular format, while all other entities will do so through enhanced qualitative disclosures. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). The updated disclosure requirements are to be adopted for annual periods beginning after December 15, 2024. The Company expects the adoption of the standard to result in additional disaggregation in the income tax footnote disclosures but does not anticipate adoption will have a material impact on its financial position, results of operations or cash flows. ASU 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40 In November 2024, FASB issued Accounting Standard Update (“ASU”) 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires additional disclosure of expenses included in the income statements including purchase of inventory; employee compensation; depreciation; intangible asset amortization; depreciation, depletion, and amortization. The new standard requires new disclosures with additional disaggregated information about expenses in the footnotes. The new pronouncement does not change or remove any existing presentation or disclosure requirements. The amendments are to be adopted for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company expects the adoption of the standard to result in additional disaggregation in the income statement and related disclosures but does not anticipate adoption will have a material impact on its financial position, results of operations or cash flows. Recently Adopted Accounting Pronouncements ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In November 2023, Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280), Improvement to Reportable Segment Disclosures. ASU 2023-07 requires PBEs to disclose, on an annual and interim basis, significant segment expenses provided to the chief operating decision maker (“CODM”), including profit and loss; an amount for other segment items by reportable segment, including a description of composition; annual disclosures about a reportable segment’s profit or loss. ASU 2023-07 also provides that if a CODM uses more than one measure of a segment’s profit or loss, the PBE may report one or more of those additional measures and requires that a PBE disclose the title and position of the CODM. The updated disclosure requirements were adopted for annual period ending on December 31, 2024. |
Summary of Significant Accounting Policies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | ||||||||||||||||||||||||||||||||||
| Schedule of estimated useful lives of property, plant and equipment |
|
Revenue from Contracts with Customers (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of revenue by service offering |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of activity of contract liabilities and current and non-current portion of contract liabilities |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of expected revenue to be recognized in future periods related to performance obligations which have not been satisfied or are partially unsatisfied |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of change in the allowance for doubtful accounts for trade accounts receivable |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Promotional costs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of activity of capitalized contract costs and current and non-current portion of capitalized contract costs | The following table summarizes the activity of promotional costs:
The following table presents the current and non-current portion of promotional costs for the periods presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Costs of Obtaining Contracts with Customers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contract assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of activity of capitalized contract costs and current and non-current portion of capitalized contract costs | The following table summarizes the activity of costs of obtaining contracts with customers:
The following table presents the current and non-current portion of costs of obtaining contracts with customers for the periods presented:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of plant, property and equipment |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of lease costs |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of lease maturities, Finance Leases, | The following table presents aggregate lease maturities as of December 31, 2024:
The following table presents aggregate lease maturities as of December 31, 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of lease maturities, Operating Leases | The following table presents aggregate lease maturities as of December 31, 2024:
The following table presents aggregate lease maturities as of December 31, 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of weighted average remaining lease term and discount rate |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of other information related to operating and finance leases |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Franchising Operating Rights and Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Franchising Operating Rights and Goodwill | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in the carrying amounts of franchise operating rights |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in the carrying amounts of goodwill |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of total impairment charges recognized in each market |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets Subject to Amortization (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets Subject to Amortization | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets subject to amortization consist primarily of customer relationships and changes in the carrying amounts |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of amortization expenses of the intangible assets |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accrued Liabilities and Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accrued liabilities and other |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt and Finance Lease Obligations (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Long-Term Debt and Finance Lease Obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of long-term debt and finance lease obligations |
(3) Available borrowing capacity at December 31, 2024 represents $250.0 million of total availability less borrowings of $95.0 million on the Revolving Credit Facility, and outstanding letters of credit of $4.3 million. Letters of credit are used in the ordinary course of business and are released when the respective contractual obligations have been fulfilled by the Company. (4) At December 31, 2024 and 2023 debt issuance costs include $14.3 million and $3.0 million related to the Super-Priority Loans and Term B Loans and $2.8 million and $0.8 million related to the Revolving Credit Facility, respectively. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of amortization of debt issuance costs and debt discount, |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of principal maturities of our long-term debt, inclusive of debt discount | Principal maturities of our long-term debt, excluding finance lease obligations, as of December 31, 2024 are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of notional amounts and fair values of outstanding derivatives |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of derivative instruments at fair value on a recurring basis | The following table reflects the Company’s financial assets and liabilities measured at fair value as of December 31, 2024.
The following table reflects the Company’s financial assets and liabilities measured at fair value as of December 31, 2023.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of repurchases of common stock |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock-Based Compensation | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of the changes restricted stock activity |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of income tax benefit (expense) |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of income tax provision computed at statutory tax rates to effective tax rate |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of deferred tax assets and deferred tax liabilities |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of changes in valuation allowance for deferred tax assets |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of unrecognized tax benefits |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings (Loss) per Common Share | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of computation of income (loss) per share |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||
| Employee Benefits | |||||||||||||||||||||||||||||||||||||||||||
| Schedule of assets and liabilities of the plan included in the accompanying combined consolidated balance sheets |
|
||||||||||||||||||||||||||||||||||||||||||
Segment Reporting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of segment reporting information |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation - Markets (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
item
| |
| Organization and Basis of Presentation | |
| Number of markets | 18 |
Summary of Significant Accounting Policies - Provision for Credit Losses (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Bad Debt | |
| Period of delinquency after which Company disconnects services to customers | 100 days |
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) |
Dec. 31, 2024 |
|---|---|
| Office and technical equipment | Minimum | |
| Plant, Property and Equipment, Net | |
| Useful life | 3 years |
| Office and technical equipment | Maximum | |
| Plant, Property and Equipment, Net | |
| Useful life | 10 years |
| Computer equipment and software | |
| Plant, Property and Equipment, Net | |
| Useful life | 3 years |
| Customer premise equipment | |
| Plant, Property and Equipment, Net | |
| Useful life | 5 years |
| Vehicles | |
| Plant, Property and Equipment, Net | |
| Useful life | 5 years |
| Telephony infrastructure | Minimum | |
| Plant, Property and Equipment, Net | |
| Useful life | 5 years |
| Telephony infrastructure | Maximum | |
| Plant, Property and Equipment, Net | |
| Useful life | 7 years |
| Headend equipment | |
| Plant, Property and Equipment, Net | |
| Useful life | 7 years |
| Distribution facilities | |
| Plant, Property and Equipment, Net | |
| Useful life | 10 years |
| Buildings and leasehold improvements | Minimum | |
| Plant, Property and Equipment, Net | |
| Useful life | 5 years |
| Buildings and leasehold improvements | Maximum | |
| Plant, Property and Equipment, Net | |
| Useful life | 20 years |
Summary of Significant Accounting Policies - Intangible Assets and Goodwill (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
segment
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Intangible Assets and Goodwill | |||
| Impairment of long-lived assets | $ | $ 0 | $ 0 | $ 0 |
| Number of reporting units | segment | 1 | ||
Summary of Significant Accounting Policies - Advertising Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Advertising Costs | |||
| Advertising expense | $ 28.5 | $ 36.6 | $ 36.5 |
Revenue from Contracts with Customers - Services Length (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Business subscription | Subscription services | |
| Revenue from Contracts with Customers | |
| Average contract term of non-cancellable contracts | 30 months |
Revenue from Contracts with Customers - Government Assistance (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenue from Contracts with Customers | |||
| Government assistance, revenue | $ 2.1 | $ 2.3 | $ 3.4 |
| Government Assistance, Income, Increase (Decrease), Type | wow:GovernmentAssistanceConnectAmericaFundBroadbandLoopSupportMember | wow:GovernmentAssistanceConnectAmericaFundBroadbandLoopSupportMember | wow:GovernmentAssistanceConnectAmericaFundBroadbandLoopSupportMember |
Revenue from Contracts with Customers - Revenue by Service Offering (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenue from Contracts with Customers | |||
| Other revenue | $ 29.5 | $ 30.1 | $ 35.0 |
| Total revenue | 630.9 | 686.7 | 704.9 |
| Government assistance, revenue | 2.1 | 2.3 | 3.4 |
| Subscription services | |||
| Revenue from Contracts with Customers | |||
| Revenue | 581.8 | 635.6 | 648.7 |
| Other business services | |||
| Revenue from Contracts with Customers | |||
| Revenue | 19.6 | 21.0 | 21.2 |
| Other business services - Wholesale and colocation lease revenue | |||
| Revenue from Contracts with Customers | |||
| Revenue | 18.8 | 19.4 | 19.1 |
| Residential subscription | |||
| Revenue from Contracts with Customers | |||
| Revenue | 469.3 | 523.2 | 537.7 |
| Residential subscription | Hurricanes Helene and Milton | |||
| Revenue from Contracts with Customers | |||
| Customer credits | 2.5 | ||
| Residential subscription | HSD | |||
| Revenue from Contracts with Customers | |||
| Revenue | 345.3 | 355.2 | 339.9 |
| Government assistance, revenue | $ 2.1 | $ 2.3 | $ 3.4 |
| Government Assistance, Statement of Income or Comprehensive Income | Total revenue | Total revenue | Total revenue |
| Residential subscription | Video | |||
| Revenue from Contracts with Customers | |||
| Revenue | $ 106.4 | $ 146.3 | $ 173.5 |
| Residential subscription | Telephony | |||
| Revenue from Contracts with Customers | |||
| Revenue | 17.6 | 21.7 | 24.3 |
| Business subscription | |||
| Revenue from Contracts with Customers | |||
| Revenue | 112.5 | 112.4 | 111.0 |
| Business subscription | HSD | |||
| Revenue from Contracts with Customers | |||
| Revenue | 78.3 | 75.2 | 72.2 |
| Business subscription | Video | |||
| Revenue from Contracts with Customers | |||
| Revenue | 9.8 | 11.3 | 11.7 |
| Business subscription | Telephony | |||
| Revenue from Contracts with Customers | |||
| Revenue | $ 24.4 | $ 25.9 | $ 27.1 |
Revenue from Contracts with Customers - Promotional Costs (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Capitalized contract costs | |||
| Capitalized contract cost, Beginning of period | $ 42.4 | ||
| Capitalized contract cost, End of period | 42.6 | $ 42.4 | |
| Capitalized contract costs, Current and non-current portion | |||
| Total capitalized contract cost | 42.6 | 42.4 | |
| Promotional costs | |||
| Capitalized contract costs | |||
| Capitalized contract cost, Beginning of period | 20.4 | 18.0 | $ 9.5 |
| Deferral | 4.7 | 9.8 | 13.3 |
| Amortization | (8.9) | (7.4) | (4.8) |
| Capitalized contract cost, End of period | 16.2 | 20.4 | 18.0 |
| Capitalized contract costs, Current and non-current portion | |||
| Capitalized contract cost, Current | 8.0 | 8.0 | |
| Capitalized contract cost, Non-current | 8.2 | 12.4 | |
| Total capitalized contract cost | $ 16.2 | $ 20.4 | $ 18.0 |
| Promotional costs | Residential subscription | Minimum | |||
| Contract assets | |||
| Costs of contracts with customers, amortization period | 3 years | ||
| Promotional costs | Residential subscription | Maximum | |||
| Contract assets | |||
| Costs of contracts with customers, amortization period | 4 years | ||
Revenue from Contracts with Customers - Costs of Obtaining Contracts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Capitalized contract costs | |||
| Capitalized contract cost, Beginning of period | $ 42.4 | ||
| Capitalized contract cost, End of period | 42.6 | $ 42.4 | |
| Capitalized contract costs, Current and non-current portion | |||
| Total capitalized contract cost | 42.6 | 42.4 | |
| Costs of Obtaining Contracts with Customers | |||
| Capitalized contract costs | |||
| Capitalized contract cost, Beginning of period | 42.4 | 39.5 | $ 37.3 |
| Deferral | 17.3 | 19.2 | 16.6 |
| Amortization | (17.1) | (16.3) | (14.4) |
| Capitalized contract cost, End of period | 42.6 | 42.4 | 39.5 |
| Capitalized contract costs, Current and non-current portion | |||
| Capitalized contract cost, Current | 16.8 | 16.5 | |
| Capitalized contract cost, Non-current | 25.8 | 25.9 | |
| Total capitalized contract cost | $ 42.6 | $ 42.4 | $ 39.5 |
| Costs of Obtaining Contracts with Customers | Residential subscription | Minimum | |||
| Contract assets | |||
| Costs of contracts with customers, amortization period | 3 years | ||
| Costs of Obtaining Contracts with Customers | Residential subscription | Maximum | |||
| Contract assets | |||
| Costs of contracts with customers, amortization period | 4 years | ||
| Costs of Obtaining Contracts with Customers | Business subscription | Minimum | |||
| Contract assets | |||
| Costs of contracts with customers, amortization period | 5 years | ||
| Costs of Obtaining Contracts with Customers | Business subscription | Maximum | |||
| Contract assets | |||
| Costs of contracts with customers, amortization period | 6 years | ||
Revenue from Contracts with Customers - Contract Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Contract assets | |||
| Contract liability, Beginning of period | $ 2.5 | $ 2.7 | $ 3.3 |
| Deferral | 10.3 | 10.7 | 11.9 |
| Revenue recognized | (10.5) | (10.9) | (12.5) |
| Contract liability, End of period | 2.3 | 2.5 | 2.7 |
| Current contract liabilities | 2.0 | 2.2 | |
| Non-current contract liabilities | 0.3 | 0.3 | |
| Total contract liabilities | $ 2.3 | $ 2.5 | $ 2.7 |
| Residential subscription | |||
| Contract assets | |||
| Contract liability, term of contract | 5 months | ||
| Business subscription | |||
| Contract assets | |||
| Contract liability, term of contract | 30 months | ||
Revenue from Contracts with Customers - Unsatisfied Performance Obligations Amount (Details) $ in Millions |
Dec. 31, 2024
USD ($)
|
|---|---|
| Business subscription services and other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 102.3 |
| Subscription services | Business subscription | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | 90.5 |
| Other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 11.8 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Residential subscription | Maximum | |
| Unsatisfied Performance Obligations | |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Business subscription services and other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 56.4 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Subscription services | Business subscription | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 51.7 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 4.7 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Business subscription services and other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 29.4 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Subscription services | Business subscription | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 26.1 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 3.3 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Business subscription services and other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 11.1 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Subscription services | Business subscription | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 9.4 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 1.7 |
| Expected period to recognize revenue of remaining performance obligations | 1 year |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Business subscription services and other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 5.4 |
| Expected period to recognize revenue of remaining performance obligations | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Subscription services | Business subscription | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 3.3 |
| Expected period to recognize revenue of remaining performance obligations | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Other business services | |
| Unsatisfied Performance Obligations | |
| Total expected revenue | $ 2.1 |
| Expected period to recognize revenue of remaining performance obligations |
Revenue from Contracts with Customers - Provision for Credit Losses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Revenue from Contracts with Customers | |||
| Period of delinquency after which Company disconnects services to customers | 100 days | ||
| Accounts receivable - trade, net of allowance for credit losses | |||
| Accounts receivable - trade | $ 35.3 | $ 45.5 | $ 44.2 |
| Allowance for credit losses: | |||
| Balance at beginning of period | 6.7 | 4.3 | 4.3 |
| Provision charged to expense | 9.5 | 12.7 | 6.0 |
| Accounts written off, net of recoveries | (12.9) | (10.3) | (6.0) |
| Balance at end of period | 3.3 | 6.7 | 4.3 |
| Accounts receivable-trade, net of allowance for credit losses | $ 32.0 | $ 38.8 | 39.9 |
| Amount released from reserve related to COVID-19 | $ 1.6 | ||
Property, Plant and Equipment - Components (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | $ 2,643.9 | $ 2,473.6 | |
| Less accumulated depreciation | (1,812.7) | (1,643.2) | |
| Plant, Property and Equipment, Net | 831.2 | 830.4 | |
| Depreciation expense | 209.6 | 192.8 | $ 178.9 |
| Gain (loss) on sale of operating assets, net | (2.6) | (0.4) | $ 1.1 |
| Hurricanes Helene and Milton | |||
| Plant, Property and Equipment, Net | |||
| Loss from write-down of fixed assets | 2.6 | ||
| Distribution facilities | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 1,673.7 | 1,510.6 | |
| Head-end equipment | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 303.8 | 296.5 | |
| Customer premise equipment | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 269.1 | 274.9 | |
| Computer equipment and software | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 199.5 | 182.0 | |
| Telephony infrastructure | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 48.0 | 48.0 | |
| Buildings and leasehold improvements | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 34.3 | 33.4 | |
| Vehicles | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 29.4 | 28.1 | |
| Office and technical equipment | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 19.2 | 19.1 | |
| Land | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | 4.7 | 4.4 | |
| Construction in progress (including material inventory and other) | |||
| Plant, Property and Equipment, Net | |||
| Total property, plant and equipment | $ 62.2 | $ 76.6 | |
Leases - Financing leases (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases | ||
| Financing lease assets | $ 32.6 | $ 31.2 |
| Finance Lease, Right-of-Use Asset, Statement of Financial Position | Property, plant and equipment, net | Property, plant and equipment, net |
| Finance lease obligations, Current | $ 10.4 | $ 11.0 |
| Finance Lease, Liability, Current, Statement of Financial Position | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
| Finance lease obligations, Noncurrent | $ 14.5 | $ 13.6 |
| Finance Lease, Liability, Noncurrent, Statement of Financial Position | Long-term portion | Long-term portion |
Leases - Lease cost components (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
lease
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Finance lease cost | |||
| Amortization of leased asset | $ 9.7 | $ 9.3 | $ 8.9 |
| Interest on lease liabilities | 1.4 | 1.1 | 0.9 |
| Operating lease cost | 7.6 | 7.5 | 6.2 |
| Sublease Income | (0.8) | (0.9) | (0.8) |
| Net lease cost | 17.9 | 17.0 | 15.2 |
| Short-term lease and variable lease costs | $ 1.7 | $ 1.5 | $ 0.7 |
| Number of sublease agreements | lease | 3 | ||
| Number of sublease agreements expiring in 2024 | lease | 3 | ||
| Number of sublease agreements expiring in 2029 | lease | 1 | ||
Leases - Aggregate lease maturities (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finance Leases | ||
| First year | $ 11.6 | $ 12.2 |
| Second year | 8.4 | 7.7 |
| Third year | 4.9 | 4.5 |
| Fourth year | 1.4 | 1.8 |
| Fifth year | 0.4 | 0.6 |
| Thereafter | 0.5 | |
| Total lease payments, Finance leases | 27.2 | 26.8 |
| Less: Interest | 2.3 | 2.2 |
| Present value of lease liabilities | $ 24.9 | $ 24.6 |
| Finance Lease, Liability, Statement of Financial Position | Long-term debt and finance lease obligations, net of debt issuance costs -less current portion, Current portion of long-term debt and finance lease obligations | Long-term debt and finance lease obligations, net of debt issuance costs -less current portion, Current portion of long-term debt and finance lease obligations |
| Operating Leases | ||
| First year | $ 5.8 | $ 5.5 |
| Second year | 4.8 | 5.2 |
| Third year | 4.0 | 4.2 |
| Fourth year | 3.8 | 3.2 |
| Fifth year | 2.8 | 2.9 |
| Thereafter | 4.4 | 5.9 |
| Total lease payments, Operating leases | 25.6 | 26.9 |
| Less: Interest | 4.1 | 4.6 |
| Present value of lease liabilities | $ 21.5 | $ 22.3 |
| Operating Lease, Liability, Statement of Financial Position | Current portion of long-term lease liability-operating, Long-term lease liability-operating | Current portion of long-term lease liability-operating, Long-term lease liability-operating |
| Total Finance and Operating Leases | ||
| First year | $ 17.4 | $ 17.7 |
| Second year | 13.2 | 12.9 |
| Third year | 8.9 | 8.7 |
| Fourth year | 5.2 | 5.0 |
| Fifth year | 3.2 | 3.5 |
| Thereafter | 4.9 | 5.9 |
| Total lease payments | 52.8 | 53.7 |
| Less: Interest | 6.4 | 6.8 |
| Present value of lease liabilities | $ 46.4 | $ 46.9 |
Leases - Weighted average remaining lease term and discount (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Leases | ||
| Weighted-average remaining lease term - Finance Leases | 2 years 10 months 24 days | 2 years 8 months 12 days |
| Weighted-average remaining lease term - Operating Leases | 5 years 4 months 24 days | 5 years 9 months 18 days |
| Weighted-average discount rate - Finance Leases | 6.14% | 6.06% |
| Weighted-average discount rate - Operating Leases | 6.49% | 6.41% |
Leases - Other information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Cash paid for amounts included in measurement of lease liabilities: | ||
| Operating cash flows from operating leases | $ 4.4 | $ 5.4 |
| Operating cash flows from finance leases | 1.4 | 1.1 |
| Financing cash flows from finance leases | 11.6 | 12.2 |
| Right-of-use assets obtained in exchange for lease obligations: Finance leases | 12.5 | 16.3 |
| Right-of-use assets obtained in exchange for lease obligations: Operating leases | $ 3.5 | $ 11.0 |
Franchising Operating Rights and Goodwill - Roll forward (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Dec. 31, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Franchise Operating Rights | ||||||
| Balance at beginning of period | $ 278.3 | $ 585.1 | ||||
| Impairment charge | $ 0.0 | $ (306.8) | $ (35.0) | |||
| Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income | Impairment charge | Impairment charge | ||||
| Balance at end of period | $ 278.3 | $ 278.3 | $ 278.3 | 585.1 | ||
| Goodwill | ||||||
| Balance at beginning of period | 225.1 | 225.1 | ||||
| Impairment charge | 0.0 | $ 0.0 | $ 0.0 | 0.0 | 0.0 | 0.0 |
| Balance at end of period | 225.1 | 225.1 | 225.1 | 225.1 | ||
| Franchise operating rights and goodwill | ||||||
| Balance at beginning of the period | 503.4 | 810.2 | ||||
| Impairment | (306.8) | |||||
| Balance at end of the period | $ 503.4 | $ 503.4 | $ 503.4 | $ 810.2 | ||
Franchising Operating Rights and Goodwill - Impairment (Details) $ in Millions |
3 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Dec. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | $ 0.0 | $ 306.8 | $ 35.0 | |||
| Goodwill | ||||||
| Impairment of goodwill | $ 0.0 | $ 0.0 | $ 0.0 | 0.0 | 0.0 | 0.0 |
| Accumulated impairment | $ 193.9 | $ 193.9 | $ 193.9 | |||
| Measurement input, Revenue growth rate | Minimum | ||||||
| Franchise Operating Rights & Goodwill | ||||||
| Indefinite-lived franchise rights, measurement input | (0.69) | (0.69) | (0.69) | (0.69) | ||
| Measurement input, Revenue growth rate | Maximum | ||||||
| Franchise Operating Rights & Goodwill | ||||||
| Indefinite-lived franchise rights, measurement input | 0.17 | 0.17 | 0.17 | 0.17 | ||
| Measurement input, Customer attrition rate | Minimum | ||||||
| Franchise Operating Rights & Goodwill | ||||||
| Indefinite-lived franchise rights, measurement input | 0.17 | 0.17 | 0.17 | 0.17 | ||
| Measurement input, Customer attrition rate | Maximum | ||||||
| Franchise Operating Rights & Goodwill | ||||||
| Indefinite-lived franchise rights, measurement input | 0.42 | 0.42 | 0.42 | 0.42 | ||
| Measurement input, Discount rate | Maximum | ||||||
| Franchise Operating Rights & Goodwill | ||||||
| Indefinite-lived franchise rights, measurement input | 0.155 | 0.155 | 0.155 | 0.155 | ||
| Columbus, GA | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | $ 48.1 | |||||
| Huntsville, AL | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 88.0 | 28.5 | ||||
| Augusta, GA | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 50.4 | |||||
| Montgomery, AL | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 40.0 | |||||
| Charleston, SC | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 17.0 | |||||
| Panama City, FL | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 30.5 | $ 6.5 | ||||
| Valley, AL | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 12.5 | |||||
| Knoxville, TN | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 7.8 | |||||
| Newnan, GA | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | 12.0 | |||||
| Dothan, GA | ||||||
| Franchise operating rights | ||||||
| Impairment of franchise operating rights | $ 0.5 | |||||
Intangible Assets Subject to Amortization - Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Intangible Assets Subject to Amortization | |||
| Balance at the beginning of the period | $ 1.0 | $ 1.3 | |
| Amortization | (0.4) | (0.3) | $ (0.4) |
| Balance at the end of the period | $ 0.6 | $ 1.0 | $ 1.3 |
Intangible Assets Subject to Amortization - Amortization Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Intangible Assets Subject to Amortization | |||
| Amortization expense | $ 0.4 | $ 0.3 | $ 0.4 |
| Amortization of the intangible assets | |||
| 2025 | 0.2 | ||
| 2026 | 0.2 | ||
| 2027 | 0.1 | ||
| 2028 | 0.1 | ||
| Total | $ 0.6 | $ 1.0 | $ 1.3 |
Accrued Liabilities and Other (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Accrued Liabilities and Other | ||
| Payroll and employee benefits | $ 29.5 | $ 15.5 |
| Programming costs | 8.8 | 11.4 |
| Property, income, sales and use taxes | 8.3 | 1.5 |
| Other accrued liabilities | 6.5 | 6.8 |
| Patent litigation settlement | 6.0 | 10.0 |
| Employee severance | 3.8 | 5.4 |
| Franchise and revenue sharing fees | 3.7 | 4.9 |
| Professional fees | 3.2 | 2.1 |
| Utility pole costs | 2.0 | 2.4 |
| Fair value of interest rate swap | 1.0 | |
| Accrued liabilities and other | $ 72.8 | $ 60.0 |
Long-Term Debt and Finance Lease Obligations - Summary (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Long-Term Debt and Capital Leases | ||
| Available borrowing capacity | $ 150.7 | |
| Long-term debt | 1,008.7 | $ 912.3 |
| Other Financing | 0.9 | 1.4 |
| Finance lease obligations | $ 24.9 | $ 24.6 |
| Finance Lease, Liability, Statement of Financial Position | Long-term portion, Less current portion | Long-term portion, Less current portion |
| Total long-term debt, finance lease obligations and other | $ 1,034.5 | $ 938.3 |
| Debt issuance costs, net | (17.1) | (3.8) |
| Sub-total | 1,017.4 | 934.5 |
| Less current portion | (20.0) | (18.8) |
| Long-term portion | 997.4 | 915.7 |
| Term B Loans and Priority Credit Agreement | ||
| Long-Term Debt and Capital Leases | ||
| Debt issuance costs, net | (14.3) | (3.0) |
| Net discount | $ 3.3 | 4.1 |
| Term B Loans | ||
| Long-Term Debt and Capital Leases | ||
| Long-term debt | 711.3 | |
| Super-priority Loans | ||
| Long-Term Debt and Capital Leases | ||
| Effective interest rate (as a percent) | 9.10% | |
| Long-term debt | $ 913.7 | |
| Revolving Credit Facility | ||
| Long-Term Debt and Capital Leases | ||
| Available borrowing capacity | $ 150.7 | |
| Effective interest rate (as a percent) | 7.54% | |
| Long-term debt | $ 95.0 | 201.0 |
| Debt issuance costs, net | (2.8) | $ (0.8) |
| Maximum borrowing capacity | 250.0 | |
| Outstanding letters of credit | $ 4.3 |
Long-Term Debt and Finance Lease Obligations - Agreements (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Oct. 11, 2024 |
Dec. 31, 2024 |
|
| Long-Term Debt and Capital Leases | ||
| Loss on debt extinguishment | $ 1.0 | |
| First Out Term Loan | ||
| Long-Term Debt and Capital Leases | ||
| Maximum borrowing capacity, New money | $ 200.0 | |
| Percentage of term loans exchanged by lenders to be included at par | 15.00% | |
| Aggregate amount | $ 306.4 | |
| Springing maturity period | 91 days | |
| Spread on variable rate (as a percent) | 7.00% | |
| Debt Instrument, Variable Interest Rate, Type | us-gaap:SecuredOvernightFinancingRateSofrMember | |
| Incremental amount | $ 125.0 | |
| Amortization payment percentage per annum | 1.00% | |
| Second Out Term Loan | ||
| Long-Term Debt and Capital Leases | ||
| Percentage of term loans exchanged by lenders to be included at par | 85.00% | |
| Aggregate amount | $ 602.7 | |
| Spread on variable rate (as a percent) | 3.00% | |
| Debt Instrument, Variable Interest Rate, Type | us-gaap:SecuredOvernightFinancingRateSofrMember | |
| Amortization payment percentage per annum | 1.00% | |
| Second Out Revolving Credit Facility | ||
| Long-Term Debt and Capital Leases | ||
| Spread on variable rate (as a percent) | 2.75% | |
| Debt Instrument, Variable Interest Rate, Type | us-gaap:SecuredOvernightFinancingRateSofrMember |
Long-Term Debt and Finance Lease Obligations - Amortization of Debt Issuance Costs and Debt Maturities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Amortization of debt issue costs and accretion of debt discount | |||
| Amortization of deferred issuance costs | $ 1.6 | $ 0.9 | $ 0.9 |
| Amortization of debt discount | 0.8 | $ 0.8 | $ 0.8 |
| Maturities of long-term debt, excluding finance lease obligations | |||
| 2025 | 9.1 | ||
| 2026 | 418.4 | ||
| 2027 | 9.1 | ||
| 2028 | 575.4 | ||
| Total principal maturities of long-term debt | $ 1,012.0 | ||
Derivative Instruments - Notional amounts and fair value (Details) $ in Millions |
3 Months Ended | 12 Months Ended |
|---|---|---|
|
Mar. 31, 2024
USD ($)
agreement
|
Dec. 31, 2024
USD ($)
contract
|
|
| Derivatives | ||
| Long-term debt not including unamortized debt issuance costs and discount | $ 1,012.0 | |
| Fair Value of Accrued Liabilities and Other | $ 1.0 | |
| Derivative Liability, Current, Statement of Financial Position | Accrued liabilities and other | |
| Change in fair value of derivative instruments | $ 2.9 | |
| Interest rate swaps | Not designated as a hedge | ||
| Derivatives | ||
| Number of interest rate swap agreements entered into | agreement | 5 | |
| Number of contracts | contract | 5 | |
| Long-term debt not including unamortized debt issuance costs and discount | $ 1,012.0 | |
| Notional amount | 500.0 | |
| Fair Value of Accrued Liabilities and Other | $ 1.0 | |
| Derivative Liability, Current, Statement of Financial Position | Accrued liabilities and other | |
| Fair Value Other Non-current Liabilities | $ 1.9 | |
| Derivative Liability, Noncurrent, Statement of Financial Position | Other non-current liabilities | |
| Change in fair value of derivative instruments | $ 2.9 | |
| Amount of cash receipts | $ 3.3 | |
| Interest rate swaps | Not designated as a hedge | Average | ||
| Derivatives | ||
| Percentage rate | 4.30% | |
| Each individual interest rate swap | Not designated as a hedge | ||
| Derivatives | ||
| Notional amount | $ 100.0 |
Fair Value Measurements - Recurring basis (Details) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
|
Mar. 31, 2024
agreement
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
|
| Interest rate swaps | Not designated as a hedge | |||
| Fair value | |||
| Number of interest rate swap agreements entered into | agreement | 5 | ||
| Recurring | |||
| Financial Liabilities | |||
| Financial Liabilities Total | $ 867.6 | $ 661.7 | |
| Recurring | Interest rate swaps | |||
| Financial Liabilities | |||
| Derivative liability | 2.9 | ||
| Recurring | Long-term debt | |||
| Financial Liabilities | |||
| Long-term debt, net | 864.7 | 661.7 | |
| Recurring | Long-term debt | First Out Term Loan | |||
| Financial Liabilities | |||
| Long-term debt, net | 324.6 | ||
| Recurring | Long-term debt | Second Out Term Loan | |||
| Financial Liabilities | |||
| Long-term debt, net | 540.1 | ||
| Recurring | Level 2 | |||
| Financial Liabilities | |||
| Financial Liabilities Total | 867.6 | 661.7 | |
| Recurring | Level 2 | Interest rate swaps | |||
| Financial Liabilities | |||
| Derivative liability | 2.9 | ||
| Recurring | Level 2 | Long-term debt | |||
| Financial Liabilities | |||
| Long-term debt, net | $ 864.7 | $ 661.7 |
Fair Value Measurements - Transfers (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Financial instruments and financial liabilities | ||
| Transfer of assets from level 1 to level 2 | $ 0.0 | $ 0.0 |
| Transfer of assets from level 2 to level 1 | 0.0 | 0.0 |
| Transfer of liabilities from level 1 to level 2 | 0.0 | 0.0 |
| Transfer of liabilities from level 2 to level 1 | 0.0 | 0.0 |
| Transfer of assets into level 3 | 0.0 | 0.0 |
| Transfer of assets out of level 3 | 0.0 | 0.0 |
| Transfer of liabilities into level 3 | 0.0 | 0.0 |
| Transfer of liabilities out of level 3 | $ 0.0 | $ 0.0 |
Equity - Share Repurchase Plan (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Oct. 04, 2022 |
|
| Restricted stock awards | |||||
| Common Stock | |||||
| Fair value of restricted shares vested (in dollars) | $ 1.4 | $ 8.4 | $ 30.4 | ||
| Share Repurchase Program | |||||
| Common Stock | |||||
| Common stock repurchase authorized amount (in dollars) | $ 50.0 | ||||
| Treasury Stock at Cost | |||||
| Common Stock | |||||
| Share buybacks (in shares) | 3,751,803 | 1,183,151 | |||
| Income tax withholding (in shares) | 372,574 | 872,461 | 395,606 | ||
| Share buybacks and income tax withholding (in shares) | 372,574 | 4,624,264 | 1,578,757 | ||
| Treasury Stock at Cost | Share Repurchase Program | |||||
| Common Stock | |||||
| Purchase of shares (in dollars) | $ 50.4 | ||||
| Share buybacks (in shares) | 4,900,000 | ||||
Stock-Based Compensation - 2017 Plan (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
shares
| |
| Stock Based Compensation | |
| Number of authorized shares | 18,424,128 |
| Restricted stock awards | |
| Stock Based Compensation | |
| Vesting period | 4 years |
Stock-Based Compensation - Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Stock-Based Compensation | |||
| Non-cash compensation expense | $ 11.1 | $ 16.8 | $ 25.8 |
| Unrecognized non-cash compensation expense | $ 13.9 | ||
| Weighted-average period | 2 years 1 month 6 days | ||
| Modified awards classified as liabilities | |||
| Stock-Based Compensation | |||
| Non-cash compensation expense | $ 0.0 | 0.0 | $ 0.5 |
| Amount of liability settled with shares of stock | $ 0.0 | $ 0.3 | |
Stock-Based Compensation - Restricted Stock Activity (Details) - Restricted stock awards - $ / shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Restricted Stock Awards | |||
| Outstanding, beginning of period (in shares) | 2,451,026 | 3,223,995 | 4,325,124 |
| Granted (in shares) | 1,863,907 | 2,112,770 | 867,064 |
| Vested (in shares) | (1,362,414) | (2,537,286) | (1,705,531) |
| Forfeited (in shares) | (238,701) | (348,453) | (262,662) |
| Outstanding, end of period (in shares) | 2,713,818 | 2,451,026 | 3,223,995 |
| Weighted Average Grant Price | |||
| Outstanding, beginning of period (in dollars per share) | $ 10.89 | $ 11.29 | $ 9.1 |
| Granted (in dollars per share) | 4.42 | 8.15 | 17.26 |
| Vested ( in dollars per share ) | 9.04 | 8.86 | 8.55 |
| Forfeited ( in dollars per share ) | 7.72 | 12.56 | 12.66 |
| Outstanding, end of period (in dollars per share) | $ 7.66 | $ 10.89 | $ 11.29 |
Stock-Based Compensation - Existing Performance Share Grants (Details) - Performance shares |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Stock Based Compensation | |
| Vesting period | 3 years |
| Share-based Payment Arrangement, Tranche One, TSR | |
| Stock Based Compensation | |
| Percentage of target shares that may be earned upon achievement of threshold performance metric | 50.00% |
| Share-based Payment Arrangement, Tranche Two, EBITDA metric | |
| Stock Based Compensation | |
| Vesting period | 3 years |
| Percentage of target shares that may be earned upon achievement of threshold performance metric | 50.00% |
Income Taxes - Income Tax Benefit (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current tax (expense) benefit | |||
| Federal | $ (8.7) | $ (1.7) | $ (16.1) |
| State | (2.7) | (1.8) | 4.2 |
| Total current tax | (11.4) | (3.5) | (11.9) |
| Deferred tax benefit (expense) | |||
| Federal | 33.5 | 72.8 | 23.7 |
| State | 1.2 | 26.8 | 8.5 |
| Total deferred tax | 34.7 | 99.6 | 32.2 |
| Income tax benefit | $ 23.3 | $ 96.1 | $ 20.3 |
Income Taxes - Reconciliation of Income Tax Provision (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Reconciliation of the income tax provision computed at statutory tax rates to the income tax provision | |||
| Statutory federal income taxes | $ 17.3 | $ 80.8 | $ 4.8 |
| State income taxes | 2.2 | 23.3 | (0.3) |
| Tax status & tax rate change | (1.9) | 0.3 | (0.3) |
| Other true-ups | (3.0) | (0.4) | 0.5 |
| Equity compensation | (1.5) | 0.9 | 2.9 |
| Other permanent differences | (0.1) | (2.9) | (2.6) |
| Research and development tax credits | 2.1 | 2.9 | 3.4 |
| Uncertain tax positions | 8.4 | (1.7) | 2.9 |
| Change in valuation allowance | (0.2) | (7.1) | 9.0 |
| Income tax benefit | 23.3 | $ 96.1 | $ 20.3 |
| Other true-ups, Related to expired net operating losses from a prior period | $ (3.0) | ||
Income Taxes - Deferred Income Taxes, Net (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
|---|---|---|---|---|
| Deferred tax assets | ||||
| Business interest limitation | $ 25.8 | $ 13.6 | ||
| Net operating loss carryforwards | 74.0 | 77.8 | ||
| Capitalized research expenses | 39.9 | 35.3 | ||
| Bad debt allowance | 2.1 | 3.1 | ||
| Stock compensation | 3.1 | 3.6 | ||
| Accrued Liabilities | 9.0 | 7.7 | ||
| Lease liability | 5.6 | 5.7 | ||
| Debt Issuance Costs | 16.9 | |||
| Other | 4.1 | 3.4 | ||
| Total deferred tax assets | 180.5 | 150.2 | ||
| Less: valuation allowance | (33.9) | (33.7) | $ (26.6) | $ (35.5) |
| Deferred tax asset | 146.6 | 116.5 | ||
| Deferred tax liabilities | ||||
| Depreciation and amortization | (151.2) | (155.0) | ||
| Franchise operating rights | (66.5) | (66.2) | ||
| Deferred promotional costs | (4.2) | (5.3) | ||
| Deferred contract costs | (10.2) | (10.1) | ||
| Right-of-use asset | (5.1) | (5.2) | ||
| Other | (0.4) | (0.4) | ||
| Total deferred tax liabilities | (237.6) | (242.2) | ||
| Net deferred tax liabilities | $ (91.0) | $ (125.7) |
Income Taxes - Valuation allowance (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Taxes | |||
| Valuation allowance, Balance at beginning of period | $ 33.7 | $ 26.6 | $ 35.5 |
| Additions charged to income tax expense and other accounts | 6.2 | 8.7 | 0.3 |
| Deductions from reserves | (6.0) | (1.6) | (9.2) |
| Valuation allowance, Balance at end of period | $ 33.9 | $ 33.7 | $ 26.6 |
Income Taxes - NOLs (Details) $ in Millions |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
USD ($)
| |
| Income Taxes | |
| Net operating losses subject to Section 382 and other restrictions | $ 183.0 |
| Federal | |
| Income Taxes | |
| Net operating loss carryforwards | 183.0 |
| State | |
| Income Taxes | |
| Net operating loss carryforwards | 855.3 |
| Net operating loss carryforward, Indefinite lived | 326.9 |
| Net operating loss carryforward subject to expiration | $ 528.4 |
Income Taxes - Uncertain tax positions (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Taxes | |||
| Unrecognized tax benefits at the beginning of year | $ 13.0 | $ 12.2 | $ 14.2 |
| Gross increases - tax positions in prior period | 0.2 | 0.1 | |
| Gross decreases - tax positions in prior period | (8.4) | (0.4) | |
| Gross increases - tax positions in current period | 0.3 | 0.8 | 1.0 |
| Settlements | (2.7) | ||
| Unrecognized tax benefits at the end of year | 5.1 | 13.0 | 12.2 |
| Gross decreases-tax positions in prior period, Out of period adjustment | 9.3 | ||
| Gross decreases-tax positions in prior period, Out of period adjustment relating to accrued interest | 0.9 | ||
| Unrecognized tax benefits, if recognized, would affect effective tax rate | 5.1 | ||
| Interest accrued on uncertain income tax positions | 0.8 | $ 1.3 | $ 0.4 |
| Amount of reasonably possible decrease in unrecognized tax benefits in next 12 months | $ 3.3 | ||
Earnings (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings (Loss) per Common Share | |||
| Net loss, basic | $ (58.8) | $ (287.7) | $ (2.5) |
| Net loss, diluted | $ (58.8) | $ (287.7) | $ (2.5) |
| Basic weighted-average shares | 81,859,903 | 81,595,766 | 83,930,984 |
| Diluted weighted-average shares | 81,859,903 | 81,595,766 | 83,930,984 |
| Basic and diluted loss per common share | |||
| Basic (in dollars per share) | $ (0.72) | $ (3.53) | $ (0.03) |
| Diluted (in dollars per share) | $ (0.72) | $ (3.53) | $ (0.03) |
Employee Benefits - 401(k) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| 401(k) Savings Plan | |||
| Annual vesting percentage of Company matching contribution | 25.00% | ||
| Vesting period | 4 years | ||
| Expense related to the matching contributions to the 401(k) plan | $ 3.1 | $ 3.4 | $ 3.2 |
| First 3% of employee contributions | |||
| 401(k) Savings Plan | |||
| Employer contribution subject to first 4% of the participant's compensation (as a percent) | 100.00% | ||
| Percentage of participant's gross pay for which the employer contributes a matching contribution (as a percent) | 3.00% | ||
| Next 2% of employee contributions | |||
| 401(k) Savings Plan | |||
| Employer contribution subject to first 4% of the participant's compensation (as a percent) | 50.00% | ||
| Percentage of participant's gross pay for which the employer contributes a matching contribution (as a percent) | 2.00% | ||
| Next 2% of employee contributions | Maximum | |||
| 401(k) Savings Plan | |||
| Percentage of participant's gross pay for which the employer contributes a matching contribution (as a percent) | 4.00% | ||
Employee Benefits - Deferred Compensation Plan (Details) - USD ($) $ in Millions |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Assets and liabilities of the plan included in the Consolidated Balance Sheets | ||
| Prepaid expenses and other (current assets) | $ 2.4 | $ 2.3 |
| Accrued liabilities and other (current liabilities) | $ 2.4 | $ 2.3 |
Commitments and Contingencies - Rent expense, fees and programming contracts (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Commitments and contingencies | |||
| Rent expense for pole rental | $ 7.2 | $ 7.1 | $ 5.5 |
| Franchise fees and other franchise related costs | $ 6.0 | $ 8.2 | $ 10.0 |
| Minimum | |||
| Commitments and contingencies | |||
| Term of contract for licensing programming content | 3 years | ||
| Maximum | |||
| Commitments and contingencies | |||
| Term of contract for licensing programming content | 5 years | ||
Commitments and Contingencies - Legal and Other Contingencies (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Apr. 28, 2023 |
Dec. 31, 2024
USD ($)
installment
|
Mar. 31, 2023
USD ($)
|
|
| Commitments and contingencies | |||
| Refund received from indemnification claim | $ 3.8 | ||
| Sprint Patent Infringement Claim | |||
| Commitments and contingencies | |||
| Settlement payment period | 3 years | ||
| Settlement accrual | 11.0 | $ 46.8 | |
| Refund received from indemnification claim | 3.8 | ||
| Indemnification proceeds related to third party agreement | 2.0 | ||
| Amount third party to pay Company under agreement | 5.0 | ||
| Amount third party to pay Company in installments under agreement | $ 3.0 | ||
| Number of installments from third party under agreement | installment | 6 | ||
| Amount of each installment from third party under agreement | $ 0.5 |
Segment Reporting (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
segment
product
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Segment Reporting | |||
| Number of products | product | 3 | ||
| Number of reportable segments | segment | 1 | ||
| Expenses | |||
| Bad debt | $ 9.5 | $ 12.7 | $ 6.0 |
| Total costs and expenses | 624.4 | 1,001.7 | 705.6 |
| Broadband Services | |||
| Expenses | |||
| Direct expense | 114.2 | 148.2 | 167.2 |
| Compensation & benefits | 122.1 | 128.0 | 137.2 |
| Bad debt | 9.5 | 12.7 | 6.0 |
| Sales and marketing | 28.4 | 36.7 | 36.5 |
| Field Operations | 20.2 | 20.7 | 20.1 |
| Billing systems and software | 13.1 | 13.3 | 12.7 |
| Professional and legal fees | 28.9 | 62.1 | 20.4 |
| Other segment items | 75.4 | 79.7 | 92.3 |
| Total costs and expenses | $ 411.8 | $ 501.4 | $ 492.4 |