10-Q 1 wow-20220930x10q.htm 10-Q
http://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrent000001701051--12-312022Q3falseP3MP1YP1YP3MP1YP1YP3MP1YP1Y50000021200000102000006640000053910000060630000050000051790000010200000539900000http://fasb.org/us-gaap/2022#FairValueInputsLevel2Memberhttp://fasb.org/us-gaap/2022#FairValueInputsLevel2Member00000000000000http://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2022#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2022#InterestExpense00017010512021-06-302021-06-300001701051wow:TermBLoansMember2021-12-212021-12-210001701051wow:TransitionServicesAgreementMember2021-09-012021-09-300001701051us-gaap:TreasuryStockCommonMember2022-07-012022-09-300001701051us-gaap:TreasuryStockCommonMember2022-04-012022-06-300001701051us-gaap:TreasuryStockCommonMember2022-01-012022-03-310001701051us-gaap:TreasuryStockCommonMember2021-07-012021-09-300001701051us-gaap:TreasuryStockCommonMember2021-04-012021-06-300001701051us-gaap:TreasuryStockCommonMember2021-01-012021-03-310001701051us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001701051us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001701051us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001701051us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001701051us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001701051us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001701051us-gaap:CommonStockMember2022-07-012022-09-300001701051us-gaap:CommonStockMember2022-04-012022-06-300001701051us-gaap:CommonStockMember2022-01-012022-03-310001701051us-gaap:CommonStockMember2021-07-012021-09-300001701051us-gaap:CommonStockMember2021-04-012021-06-300001701051us-gaap:CommonStockMember2021-01-012021-03-310001701051us-gaap:TreasuryStockCommonMember2022-09-300001701051us-gaap:RetainedEarningsMember2022-09-300001701051us-gaap:AdditionalPaidInCapitalMember2022-09-300001701051us-gaap:TreasuryStockCommonMember2022-06-300001701051us-gaap:RetainedEarningsMember2022-06-300001701051us-gaap:AdditionalPaidInCapitalMember2022-06-300001701051us-gaap:TreasuryStockCommonMember2022-03-310001701051us-gaap:RetainedEarningsMember2022-03-310001701051us-gaap:AdditionalPaidInCapitalMember2022-03-3100017010512022-03-310001701051us-gaap:TreasuryStockCommonMember2021-12-310001701051us-gaap:RetainedEarningsMember2021-12-310001701051us-gaap:AdditionalPaidInCapitalMember2021-12-310001701051us-gaap:TreasuryStockCommonMember2021-09-300001701051us-gaap:RetainedEarningsMember2021-09-300001701051us-gaap:AdditionalPaidInCapitalMember2021-09-300001701051us-gaap:TreasuryStockCommonMember2021-06-300001701051us-gaap:RetainedEarningsMember2021-06-300001701051us-gaap:AdditionalPaidInCapitalMember2021-06-300001701051us-gaap:TreasuryStockCommonMember2021-03-310001701051us-gaap:RetainedEarningsMember2021-03-310001701051us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-03-310001701051us-gaap:AdditionalPaidInCapitalMember2021-03-3100017010512021-03-310001701051us-gaap:TreasuryStockCommonMember2020-12-310001701051us-gaap:RetainedEarningsMember2020-12-310001701051us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2020-12-310001701051us-gaap:AdditionalPaidInCapitalMember2020-12-310001701051wow:OmnibusIncentivePlan2017Member2022-09-300001701051us-gaap:RestrictedStockMember2022-09-300001701051us-gaap:RestrictedStockMember2022-06-300001701051us-gaap:RestrictedStockMember2022-03-310001701051us-gaap:RestrictedStockMember2021-12-310001701051us-gaap:RestrictedStockMember2021-09-300001701051us-gaap:RestrictedStockMember2021-06-300001701051us-gaap:RestrictedStockMember2021-03-310001701051us-gaap:PerformanceSharesMember2022-03-032022-03-030001701051us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2022-03-032022-03-030001701051srt:MinimumMemberus-gaap:PerformanceSharesMember2022-03-032022-03-030001701051srt:MaximumMemberus-gaap:PerformanceSharesMember2022-03-032022-03-030001701051us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-03-032022-03-030001701051wow:AwardDate2020And2021Memberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2022-02-012022-02-280001701051us-gaap:RestrictedStockMember2022-01-012022-09-300001701051wow:AwardDate2020And2021Memberus-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2021-10-012021-12-310001701051wow:SubscriptionServicesMember2022-10-012022-09-300001701051wow:SubscriptionServicesMember2025-01-012022-09-300001701051wow:SubscriptionServicesMember2024-01-012022-09-300001701051wow:SubscriptionServicesMember2023-01-012022-09-300001701051wow:OtherBusinessServicesMember2022-10-012022-09-300001701051wow:OtherBusinessServicesMember2025-01-012022-09-300001701051wow:OtherBusinessServicesMember2024-01-012022-09-300001701051wow:OtherBusinessServicesMember2023-01-012022-09-300001701051wow:SubscriptionServicesMember2022-09-300001701051wow:OtherBusinessServicesMember2022-09-3000017010512022-10-012022-09-3000017010512025-01-012022-09-3000017010512024-01-012022-09-3000017010512023-01-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:VideoServicesMember2022-07-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:TelephonyServicesMember2022-07-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:SubscriptionServicesMember2022-07-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:HighSpeedDataServicesMember2022-07-012022-09-300001701051wow:BusinessSubscriptionMemberwow:VideoServicesMember2022-07-012022-09-300001701051wow:BusinessSubscriptionMemberwow:TelephonyServicesMember2022-07-012022-09-300001701051wow:BusinessSubscriptionMemberwow:SubscriptionServicesMember2022-07-012022-09-300001701051wow:BusinessSubscriptionMemberwow:HighSpeedDataServicesMember2022-07-012022-09-300001701051wow:WholesaleAndCollocationRevenueMember2022-07-012022-09-300001701051wow:SubscriptionServicesMember2022-07-012022-09-300001701051wow:OtherBusinessServicesMember2022-07-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:VideoServicesMember2022-01-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:TelephonyServicesMember2022-01-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:SubscriptionServicesMember2022-01-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:HighSpeedDataServicesMember2022-01-012022-09-300001701051wow:BusinessSubscriptionMemberwow:VideoServicesMember2022-01-012022-09-300001701051wow:BusinessSubscriptionMemberwow:TelephonyServicesMember2022-01-012022-09-300001701051wow:BusinessSubscriptionMemberwow:SubscriptionServicesMember2022-01-012022-09-300001701051wow:BusinessSubscriptionMemberwow:HighSpeedDataServicesMember2022-01-012022-09-300001701051wow:WholesaleAndCollocationRevenueMember2022-01-012022-09-300001701051wow:SubscriptionServicesMember2022-01-012022-09-300001701051wow:OtherBusinessServicesMember2022-01-012022-09-300001701051wow:ResidentialSubscriptionMemberwow:VideoServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:TelephonyServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:HighSpeedDataServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberwow:VideoServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberwow:TelephonyServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberwow:HighSpeedDataServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:SubscriptionServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:OtherBusinessServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:VideoServicesMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:TelephonyServicesMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:SubscriptionServicesMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:HighSpeedDataServicesMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberwow:VideoServicesMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberwow:TelephonyServicesMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberwow:SubscriptionServicesMember2021-07-012021-09-300001701051wow:BusinessSubscriptionMemberwow:HighSpeedDataServicesMember2021-07-012021-09-300001701051wow:WholesaleAndCollocationRevenueMember2021-07-012021-09-300001701051wow:SubscriptionServicesMember2021-07-012021-09-300001701051wow:OtherBusinessServicesMember2021-07-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:VideoServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:TelephonyServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:HighSpeedDataServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberwow:VideoServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberwow:TelephonyServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberwow:HighSpeedDataServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:SubscriptionServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:ResidentialSubscriptionMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:OtherBusinessServicesMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:VideoServicesMember2021-01-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:TelephonyServicesMember2021-01-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:SubscriptionServicesMember2021-01-012021-09-300001701051wow:ResidentialSubscriptionMemberwow:HighSpeedDataServicesMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberwow:VideoServicesMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberwow:TelephonyServicesMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberwow:SubscriptionServicesMember2021-01-012021-09-300001701051wow:BusinessSubscriptionMemberwow:HighSpeedDataServicesMember2021-01-012021-09-300001701051wow:WholesaleAndCollocationRevenueMember2021-01-012021-09-300001701051wow:SubscriptionServicesMember2021-01-012021-09-300001701051wow:OtherBusinessServicesMember2021-01-012021-09-300001701051us-gaap:ProductAndServiceOtherMember2022-07-012022-09-300001701051us-gaap:ProductAndServiceOtherMember2022-01-012022-09-300001701051us-gaap:ProductAndServiceOtherMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051us-gaap:ProductAndServiceOtherMember2021-07-012021-09-300001701051us-gaap:ProductAndServiceOtherMemberus-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-300001701051us-gaap:ProductAndServiceOtherMember2021-01-012021-09-300001701051wow:TelephonyInfrastructureMember2022-09-300001701051wow:HeadEndEquipmentMember2022-09-300001701051wow:DistributionFacilitiesMember2022-09-300001701051wow:CustomerPremiseEquipmentMember2022-09-300001701051wow:ComputerEquipmentAndSoftwareMember2022-09-300001701051wow:BuildingsAndLeaseholdImprovementsMember2022-09-300001701051us-gaap:VehiclesMember2022-09-300001701051us-gaap:OfficeEquipmentMember2022-09-300001701051us-gaap:LandMember2022-09-300001701051us-gaap:ConstructionInProgressMember2022-09-300001701051wow:TelephonyInfrastructureMember2021-12-310001701051wow:HeadEndEquipmentMember2021-12-310001701051wow:DistributionFacilitiesMember2021-12-310001701051wow:CustomerPremiseEquipmentMember2021-12-310001701051wow:ComputerEquipmentAndSoftwareMember2021-12-310001701051wow:BuildingsAndLeaseholdImprovementsMember2021-12-310001701051us-gaap:VehiclesMember2021-12-310001701051us-gaap:OfficeEquipmentMember2021-12-310001701051us-gaap:LandMember2021-12-310001701051us-gaap:ConstructionInProgressMember2021-12-310001701051wow:TransitionServicesAgreementMember2022-07-012022-09-300001701051wow:TransitionServicesAgreementMember2022-01-012022-09-300001701051us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-04-012021-06-300001701051us-gaap:AociIncludingPortionAttributableToNoncontrollingInterestMember2021-01-012021-03-310001701051us-gaap:RetainedEarningsMember2022-07-012022-09-300001701051us-gaap:RetainedEarningsMember2022-04-012022-06-3000017010512022-04-012022-06-300001701051us-gaap:RetainedEarningsMember2022-01-012022-03-3100017010512022-01-012022-03-310001701051us-gaap:RetainedEarningsMember2021-07-012021-09-300001701051us-gaap:RetainedEarningsMember2021-04-012021-06-3000017010512021-04-012021-06-300001701051us-gaap:RetainedEarningsMember2021-01-012021-03-3100017010512021-01-012021-03-310001701051us-gaap:FairValueMeasurementsRecurringMember2022-09-300001701051us-gaap:FairValueMeasurementsRecurringMember2021-12-310001701051wow:RevolvingCreditFacilityAndAmendmentsMember2021-12-212021-12-210001701051wow:RevolvingCreditFacilityAndAmendmentsMember2021-12-2100017010512021-01-012021-12-310001701051us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-07-012021-09-300001701051us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2018-05-090001701051us-gaap:InterestRateSwapMemberus-gaap:CashFlowHedgingMember2021-01-012021-09-300001701051wow:RevolvingCreditFacilityAndAmendmentsMember2021-12-310001701051wow:TermBLoansMember2021-12-310001701051wow:TermBLoansMember2022-09-300001701051wow:RevolvingCreditFacilityAndAmendmentsMember2022-09-300001701051wow:TermBLoansMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-12-212021-12-210001701051wow:RevolvingCreditFacilityAndAmendmentsMemberus-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMember2021-12-212021-12-210001701051us-gaap:CommonStockMember2022-09-300001701051us-gaap:CommonStockMember2022-06-300001701051us-gaap:CommonStockMember2022-03-310001701051us-gaap:CommonStockMember2021-12-310001701051us-gaap:CommonStockMember2021-09-300001701051us-gaap:CommonStockMember2021-06-300001701051us-gaap:CommonStockMember2021-03-310001701051us-gaap:CommonStockMember2020-12-310001701051us-gaap:DiscontinuedOperationsHeldForSaleOrDisposedOfBySaleMemberwow:ChicagoEvansvilleBaltimoreClevelandAndColumbusBroadbandServiceMarketsMember2021-01-012021-09-3000017010512022-07-012022-09-3000017010512021-07-012021-09-3000017010512021-01-012021-09-3000017010512022-06-3000017010512021-09-3000017010512021-06-3000017010512020-12-310001701051wow:SellingGeneralAndAdministrativeExpensesAndCostOfServicesExcludingDepreciationDepletionAndAmortizationMember2022-07-012022-09-300001701051wow:SellingGeneralAndAdministrativeExpensesAndCostOfServicesExcludingDepreciationDepletionAndAmortizationMember2022-01-012022-09-300001701051us-gaap:PerformanceSharesMember2021-10-012021-12-310001701051wow:SellingGeneralAndAdministrativeExpensesAndCostOfServicesExcludingDepreciationDepletionAndAmortizationMember2021-07-012021-09-300001701051wow:SellingGeneralAndAdministrativeExpensesAndCostOfServicesExcludingDepreciationDepletionAndAmortizationMember2021-01-012021-09-3000017010512022-09-3000017010512021-12-3100017010512022-10-2800017010512022-01-012022-09-30xbrli:sharesiso4217:USDiso4217:USDxbrli:sharesxbrli:purewow:segmentwow:agreementwow:itemwow:Counterparty

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2022

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-38101

WideOpenWest, Inc.

(Exact name of registrant as specified in its charter)

Delaware
(State or Other Jurisdiction of Incorporation or Organization)

46-0552948
(IRS Employer Identification No.)

7887 East Belleview Avenue, Suite 1000
Englewood, Colorado
(Address of Principal Executive Offices)

80111
(Zip Code)

(720479-3500

(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock

WOW

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes    No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company 

Emerging Growth Company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No 

The number of outstanding shares of the registrant’s common stock as of October 28, 2022 was 87,660,160.

WIDEOPENWEST, INC. AND SUBSIDIARIES

FORM 10-Q

FOR THE PERIOD ENDED SEPTEMBER 30, 2022

TABLE OF CONTENTS

Page

PART I. Financial Information

Item 1:

Financial Statements (Unaudited)

Condensed Consolidated Balance Sheets

1

Condensed Consolidated Statements of Operations

2

Condensed Consolidated Statements of Comprehensive Income

3

Condensed Consolidated Statements of Changes in Stockholders’ Equity

4

Condensed Consolidated Statements of Cash Flows

5

Notes to the Condensed Consolidated Financial Statements

6

Item 2:

Management’s Discussion and Analysis of Financial Condition and Results of Operations

19

Item 3:

Quantitative and Qualitative Disclosures about Market Risk

28

Item 4:

Controls and Procedures

29

PART II. Other Information

30

Item 1:

Legal Proceedings

30

Item 1A:

Risk Factors

30

Item 2:

Unregistered Sales of Equity Securities and Use of Proceeds

30

Item 3:

Defaults Upon Senior Securities

30

Item 4:

Mine Safety Disclosures

30

Item 5:

Other Information

30

Item 6:

Exhibits

31

This Quarterly Report on Form 10-Q is for the three and nine months ended September 30, 2022. Any statement contained in a prior periodic report shall be deemed to be modified or superseded for purposes of this Quarterly Report to the extent that a statement contained herein modifies or supersedes such statement. The Securities and Exchange Commission allows us to “incorporate by reference” information that we file with them, which means that we can disclose important information by referring you directly to those documents. Information incorporated by reference is considered to be part of this Quarterly Report. References in this Quarterly Report to “WOW,” “we,” “us,” “our,” or “the Company” are to WideOpenWest, Inc. and its direct and indirect subsidiaries, unless the context specifies or requires otherwise.

i

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this Quarterly Report that are not historical facts contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent our goals, beliefs, plans and expectations about our prospects for the future and other future events. Such statements involve certain risks, uncertainties and assumptions. Forward-looking statements include all statements that are not historical fact and can be identified by terms such as “may,” “intend,” “might,” “will,” “should,” “could,” “would,” “anticipate,” “expect,” “believe,” “estimate,” “plan,” “project,” “predict,” “potential,” or the negative of these terms. Although these forward-looking statements reflect our good-faith belief and reasonable judgment based on current information, these statements are qualified by important factors, many of which are beyond our control, that could cause our actual results to differ materially from those in the forward-looking statements, including, but not limited to:

the ability to retain and further attract customers due to increased competition, resource abilities of competitors, and shifts in the entertainment desires of customers;
our ability to respond to rapid technological change, including our ability to develop and deploy new products and technologies;
increases in programming and retransmission costs and/or programming exclusivity in favor of our competitors;
the disruption or failure of our network information systems or technologies as a result of hacking, viruses, outages or natural disasters in one or more of our geographic markets;
the effects of new regulations or regulatory changes on our business;
our substantial level of indebtedness, sensitivity to increases in prevailing interest rates, and our ability to comply with all covenants in our debt agreements;
changes in laws and government regulations that may impact the availability and cost of capital;
effects of uncertain economic conditions, particularly in light of the current novel coronavirus (“COVID-19”) pandemic, and related factors (e.g., unemployment, inflation, decreased disposable income, etc.) which may negatively affect our customers’ demand or ability to pay for our current and future products and services;
our ability to manage the risks involved in the foregoing; and

other factors described from time to time in our reports filed or furnished with the Securities and Exchange Commission (“SEC”), and in particular those factors set forth in the section entitled “Risk Factors” in our Annual Report filed on Form 10-K for the year ended December 31, 2021 with the SEC on February 24, 2022 and other reports subsequently filed with the SEC. Given these uncertainties, you should not place undue reliance on any such forward-looking statements. The forward-looking statements included in this report are made as of the date hereof or the date specified herein, based on information available to us as of such date. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future.

ii

PART I-FINANCIAL INFORMATION

WIDEOPENWEST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

September 30, 

December 31, 

   

2022

    

2021

(in millions, except share data)

Assets

 

  

 

  

Current assets

 

  

 

  

Cash and cash equivalents

$

45.3

$

193.2

Accounts receivable—trade, net of allowance for doubtful accounts of $3.4 and $4.3, respectively

 

39.3

 

40.9

Accounts receivable—other, net

 

7.9

 

17.2

Prepaid expenses and other

 

38.6

 

30.7

Total current assets

 

131.1

 

282.0

Right-of-use lease assets—operating

16.1

17.2

Property, plant and equipment, net

 

709.8

 

722.3

Franchise operating rights

 

620.1

 

620.1

Goodwill

 

225.1

 

225.1

Intangible assets subject to amortization, net

 

1.4

 

1.7

Other non-current assets

 

43.4

 

38.3

Total assets

$

1,747.0

$

1,906.7

Liabilities and stockholders’ equity

 

  

 

  

Current liabilities

 

  

 

  

Accounts payable—trade

$

42.6

$

50.3

Accrued interest

 

1.0

 

0.8

Current portion of long-term lease liability—operating

5.0

5.1

Accrued liabilities and other

 

59.4

 

218.7

Current portion of long-term debt and finance lease obligations

 

18.1

 

17.9

Current portion of unearned service revenue

 

27.3

 

28.1

Total current liabilities

 

153.4

 

320.9

Long-term debt and finance lease obligations, net of debt issuance costs —less current portion

718.0

723.5

Long-term lease liability—operating

12.7

13.8

Deferred income taxes, net

 

248.5

 

257.6

Other non-current liabilities

 

21.4

 

20.1

Total liabilities

 

1,154.0

 

1,335.9

Commitments and contingencies

 

  

 

  

Stockholders' equity:

Preferred stock, $0.01 par value, 100,000,000 shares authorized; 0 shares issued and outstanding

Common stock, $0.01 par value, 700,000,000 shares authorized; 96,893,966 and 96,225,910 issued as of September 30, 2022 and December 31, 2021, respectively; 87,670,327 and 87,392,088 outstanding as of September 30, 2022 and December 31, 2021, respectively

 

1.0

 

1.0

Additional paid-in capital

 

367.5

 

348.5

Accumulated income

320.7

310.5

Treasury stock at cost, 9,223,639 and 8,833,822 shares as of September 30, 2022 and December 31, 2021, respectively

 

(96.2)

 

(89.2)

Total stockholders’ equity

 

593.0

 

570.8

Total liabilities and stockholders’ equity

$

1,747.0

$

1,906.7

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1

WIDEOPENWEST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

Three months ended

Nine months ended

    

September 30, 

    

September 30, 

2022

    

2021

2022

    

2021

(in millions, except share data)

Revenue

$

173.7

$

184.0

$

524.4

$

547.4

Costs and expenses:

 

 

  

 

  

 

  

Operating (excluding depreciation and amortization)

 

79.1

 

93.4

 

249.4

 

286.9

Selling, general and administrative

 

39.7

 

44.8

 

117.3

 

132.8

Depreciation and amortization

 

45.0

 

42.3

 

132.9

 

126.0

 

163.8

 

180.5

 

499.6

 

545.7

Income from operations

 

9.9

 

3.5

 

24.8

 

1.7

Other income (expense):

 

 

  

 

  

 

  

Interest expense

 

(10.5)

 

(22.4)

 

(25.8)

 

(82.6)

Other income, net

 

1.5

 

1.9

 

15.7

 

2.4

Income (loss) from continuing operations before provision for income tax

 

0.9

 

(17.0)

 

14.7

 

(78.5)

Income tax (expense) benefit

 

(0.4)

 

(4.2)

 

(4.5)

 

12.1

Income (loss) from continuing operations

0.5

(21.2)

10.2

(66.4)

Discontinued Operations (Note 3)

Income from discontinued operations, net of tax

539.1

606.3

Net income

$

0.5

$

517.9

$

10.2

$

539.9

Basic and diluted earnings (loss) per common share -
continuing operations

Basic

$

0.01

$

(0.26)

$

0.12

$

(0.80)

Diluted

$

0.01

$

(0.26)

$

0.12

$

(0.80)

Basic and diluted earnings per common share -
discontinued operations

Basic

$

$

6.50

$

$

7.34

Diluted

$

$

6.50

$

$

7.34

Basic and diluted earnings per common share

Basic

$

0.01

$

6.24

$

0.12

$

6.54

Diluted

$

0.01

$

6.24

$

0.12

$

6.54

Weighted-average common shares outstanding

Basic

84,274,050

82,973,519

83,908,691

82,615,949

Diluted

86,735,246

82,973,519

86,671,875

82,615,949

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

2

WIDEOPENWEST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(unaudited)

Three months ended

Nine months ended

    

September 30, 

September 30, 

2022

2021

2022

2021

(in millions)

Net income

$

0.5

$

517.9

$

10.2

$

539.9

Unrealized gain on derivative instrument, net of tax

 

 

 

 

6.5

Comprehensive income

$

0.5

$

517.9

$

10.2

$

546.4

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

3

WIDEOPENWEST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

(unaudited)

Common

Treasury

Additional

Total

Common

Stock

Stock at

Paid-in

Accumulated

Stockholders'

    

Stock

    

Par Value

    

Cost

    

Capital

Income

    

Equity

(in millions, except share data)

Balances at January 1, 2022

87,392,088

 

$

1.0

$

(89.2)

$

348.5

$

310.5

$

570.8

Stock-based compensation

 

 

5.6

 

 

5.6

Issuance of restricted stock, net

704,864

 

 

 

Purchase of shares

(298,386)

 

(5.3)

(5.3)

Net income

 

 

 

5.7

 

5.7

Balances at March 31, 2022(1)

87,798,566

 

$

1.0

$

(94.5)

$

354.1

$

316.2

$

576.8

Stock-based compensation

6.3

6.3

Issuance of restricted stock, net

(31,332)

 

 

 

Purchase of shares

(35,149)

(0.7)

 

 

 

(0.7)

Net income

 

 

4.0

 

4.0

Balances at June 30, 2022(1)

87,732,085

 

$

1.0

$

(95.2)

$

360.4

$

320.2

$

586.4

Stock-based compensation

7.1

7.1

Issuance of restricted stock, net

(5,476)

Purchase of shares

(56,282)

(1.0)

(1.0)

Net income

0.5

0.5

Balances at September 30, 2022(1)

87,670,327

$

1.0

$

(96.2)

$

367.5

$

320.7

$

593.0

(1)Included in outstanding shares as of March 31, 2022, June 30, 2022 and September 30, 2022 are 3,721,638, 3,523,316 and 3,322,057, respectively, of non-vested shares of restricted stock awards granted to employees and directors.

Accumulated

Total

Common

Treasury

Additional

Other

Accumulated

Stockholders'

Common

Stock

Stock at

Paid-in

Comprehensive

Income

Equity

    

Stock

    

Par Value

    

Cost

    

Capital

Loss

(Deficit)

    

(Deficit)

(in millions, except share data)

Balances at January 1, 2021

86,847,797

 

$

1.0

 

$

(80.7)

$

333.8

$

(6.5)

$

(460.0)

$

(212.4)

Changes in accumulated other comprehensive gain

 

 

 

4.3

 

 

4.3

Stock-based compensation

 

 

 

3.1

 

 

3.1

Issuance of restricted stock, net

666,127

 

 

 

 

Purchase of shares

(397,186)

 

(6.6)

(6.6)

Net income

9.6

9.6

Balances at March 31, 2021(1)

87,116,738

 

$

1.0

 

$

(87.3)

$

336.9

$

(2.2)

$

(450.4)

$

(202.0)

Changes in accumulated other comprehensive gain

 

 

 

2.2

 

 

2.2

Stock-based compensation

 

 

 

4.0

 

 

4.0

Issuance of restricted stock, net

34,929

 

 

 

 

Purchase of shares

(40,473)

 

(0.8)

(0.8)

Net income

 

 

 

 

12.4

 

12.4

Balances at June 30, 2021(1)

87,111,194

 

$

1.0

 

$

(88.1)

$

340.9

$

$

(438.0)

$

(184.2)

Stock-based compensation

4.1

4.1

Issuance of restricted stock, net

106,642

Purchase of shares

(26,683)

(0.6)

(0.6)

Net income

517.9

517.9

Balances at September 30, 2021(1)

87,191,153

$

1.0

$

(88.7)

$

345.0

$

$

79.9

$

337.2

(1)

Included in outstanding shares as of March 31, 2021, June 30, 2021 and September 30, 2021 are 4,423,885, 4,159,455 and 4,181,731, respectively, of non-vested shares of restricted stock awards granted to employees and directors.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

WIDEOPENWEST, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended

    

September 30, 

2022

2021

(in millions)

Cash flows from operating activities:

 

  

 

  

Net income

$

10.2

$

539.9

Adjustments to reconcile net income to net cash (used in) provided by operating activities:

 

 

Depreciation and amortization

 

133.9

 

167.0

Deferred income taxes

 

(9.0)

 

103.3

Provision for doubtful accounts

 

2.7

 

8.3

Gain on sale of Ohio markets

(689.6)

Gain on sale of operating assets, net

(1.0)

(0.5)

Amortization of debt issuance costs and discount

 

1.3

3.6

Non-cash compensation

 

18.5

 

11.6

Other non-cash items

 

0.1

 

(0.2)

Changes in operating assets and liabilities:

 

 

Receivables and other operating assets

 

(5.9)

 

(19.0)

Payables and accruals

 

(163.6)

 

115.1

Net cash (used in) provided by operating activities

$

(12.8)

$

239.5

Cash flows from investing activities:

 

  

 

Capital expenditures

$

(114.5)

$

(167.4)

Proceeds from sale of Ohio markets, net

 

 

1,112.5

Other investing activities

 

1.3

 

1.3

Net cash (used in) provided by investing activities

$

(113.2)

$

946.4

Cash flows from financing activities:

 

  

 

Proceeds from issuance of long-term debt, net

$

$

37.0

Payments on long-term debt and finance lease obligations

 

(14.9)

 

(1,167.8)

Purchase of shares

(7.0)

(7.9)

Net cash used in financing activities

$

(21.9)

$

(1,138.7)

(Decrease) increase in cash and cash equivalents

 

(147.9)

 

47.2

Cash and cash equivalents, beginning of period

 

193.2

 

12.4

Cash and cash equivalents, end of period

$

45.3

$

59.6

Supplemental disclosures of cash flow information:

 

  

 

Cash paid during the periods for interest

$

24.3

$

81.9

Cash paid during the periods for income taxes, net

$

142.7

$

2.2

Non-cash operating activities:

Operating lease additions

$

2.7

$

1.0

Non-cash financing activities:

 

  

 

Finance lease additions

$

8.3

$

5.1

Capital expenditure accounts payable and accruals

$

25.9

$

24.7

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

5

WIDEOPENWEST, INC. AND SUBSIDIARIES

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022

(unaudited)

Note 1. General Information

WideOpenWest, Inc. (“WOW” or the “Company”) is a leading broadband services provider offering high-speed data (“HSD”), cable television (“Video”), and digital telephony (“Telephony”) services to residential and business customers. The Company serves customers in 14 markets in the United States which consist of Detroit and Lansing, Michigan; Augusta, Columbus, Newnan and West Point, Georgia; Charleston, South Carolina; Dothan, Auburn, Huntsville and Montgomery, Alabama; Knoxville, Tennessee; and Panama City and Pinellas County, Florida.

The Company’s operations are managed and reported to its Chief Executive Officer (“CEO”), the Company’s chief operating decision maker, on a consolidated basis. The CEO assesses performance and allocates resources based on the consolidated results of operations. Under this organizational and reporting structure, the Company operates as one reportable segment.

Note 2. Summary of Significant Accounting Policies

Principles of Consolidation and Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”); however, in the opinion of management, the disclosures made are adequate to ensure the information presented is not misleading. The year-end consolidated balance sheet was derived from audited financial statements.

In the opinion of management, all normally recurring adjustments considered necessary for the fair presentation of the financial statements have been included, and the financial statements present fairly the financial position and results of operations for the interim periods presented. The results of operations for any interim period are not necessarily indicative of results expected for the full year or any future period. These unaudited condensed consolidated financial statements should be read in conjunction with the 2021 Annual Report filed with the SEC on February 24, 2022.

All significant intercompany accounts and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in accordance with GAAP requires management to make assumptions and estimates that affect the reported amounts and disclosures of assets and liabilities and 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. To the extent there are differences between those estimates and actual results, the unaudited condensed consolidated financial statements may be materially affected.

6

Recently Issued Accounting Standards

ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance

In November 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance (“ASU 2021-10”). The FASB issued ASU 2021-10 which requires business entities to disclose information about transactions with a government that are accounted for by applying a grant or contribution model by analogy to increase the transparency of government assistance including the disclosure of the types of assistance, an entity’s accounting for the assistance, and the effect of the assistance on an entity’s financial statements. The amendments in this update are available for all entities within their scope for financial statements issued for annual periods beginning after December 15, 2021. The Company will adopt these amendments prospectively as of January 1, 2022 and will include the appropriate disclosures in the Annual Report on Form 10-K for the year ended December 31, 2022. The adoption will not have a material impact on the Company's financial position, results of operations or cash flows.

Note 3. Discontinued Operations

Sale of Service Areas

On June 30, 2021, WOW entered into two separate asset sales with two different buyers. On September 1, 2021, WOW completed the sale of its Cleveland and Columbus, Ohio markets and on November 1, 2021, WOW completed the sale of its Chicago, Illinois, Evansville, Indiana and Baltimore, Maryland markets. The Company will present these markets as discontinued operations in the consolidated statements of operations and exclude from continuing operations for all periods in which such discontinued operations are presented. Results of discontinued operations include all revenues and direct expenses of these markets. General corporate overhead is not allocated to discontinued operations.

The following table presents information regarding certain components of income from discontinued operations:

Three months ended

Nine months ended

    

September 30, 

September 30, 

2021

    

2021

(in millions)

Revenue

$

83.7

$

293.9

Costs and expenses:

 

 

Operating (excluding depreciation and amortization)

 

28.9

 

106.1

Selling, general and administrative

 

5.2

 

10.7

Depreciation and amortization

 

 

41.0

 

34.1

 

157.8

Income from operations

 

49.6

 

136.1

Other income:

 

 

Interest income

0.4

Gain on sale of assets, net

689.9

690.1

Other income, net

 

 

0.1

Income from discontinued operations before provision for income tax

 

739.5

 

826.7

Income tax expense

 

(200.4)

 

(220.4)

Income from discontinued operations

$

539.1

$

606.3

7

The following table presents revenue by service offering from discontinued operations:

Three months ended

Nine months ended

September 30, 

September 30, 

    

2021

   

2021

(in millions)

Residential subscription

HSD

$

41.4

$

143.5

Video

 

27.1

 

98.6

Telephony

 

3.0

 

10.9

Total Residential subscription

$

71.5

$

253.0

Business subscription

HSD

$

5.0

$

16.7

Video

0.7

2.5

Telephony

2.3

7.9

Total business subscription

$

8.0

$

27.1

Total subscription services revenue

79.5

280.1

Other business services revenue

0.6

1.6

Other revenue

3.6

12.2

Total revenue

$

83.7

$

293.9

The following table presents specified items of cash flow and significant non-cash items of discontinued operations:

Nine months ended

September 30, 

   

2021

(in millions)

Specified items of cash flow:

 

  

Capital expenditures

$

41.2

Non-cash operating activities:

 

Operating lease additions

$

Non-cash investing activities:

Capital expenditure accounts payable and accruals

$

2.3

In connection with the asset sales, the Company entered into two separate transition services agreements under which WOW will continue to provide certain services to each of the buyers. Under the transition services agreements, the buyers may elect a variety of services, including but not limited to: information technology, network, business support services, etc. The term of the transition services agreements are for 12 months following each closing date, respectively, with two optional three month extensions. As of September 30, 2022, the transition services agreements with both buyers were still in effect for certain limited services. None of the costs related to the employees, processes or systems utilized to provide the services under the transition services agreements were allocated to discontinued operations.

Income earned under these agreements is presented in other income, net in the condensed consolidated statement of operations and associated receivables are presented in accounts receivable – other, net in the condensed consolidated balance sheet. The Company recognized $1.3 million and $14.8 million of income related to the transition service agreements for the three and nine months ended September 30, 2022, respectively.

8

Note 4. Revenue from Contracts with Customers

Revenue by Service Offering

The following table presents revenue by service offering:

Three months ended

Nine months ended

September 30, 

September 30, 

    

2022

   

2021

    

2022

2021

(in millions)

Residential subscription

HSD

$

84.2

$

85.6

$

251.1

$

246.6

Video

 

42.4

 

50.0

132.8

156.1

Telephony

 

6.1

 

7.0

18.5

21.9

Total residential subscription

$

132.7

$

142.6

$

402.4

$

424.6

Business subscription

HSD

$

18.1

$

17.7

$

53.9

$

52.0

Video

2.9

2.8

8.8

8.4

Telephony

6.7

7.2

20.5

21.9

Total business subscription

$

27.7

$

27.7

$

83.2

$

82.3

Total subscription services revenue

160.4

170.3

485.6

506.9

Other business services revenue(1)

5.4

5.6

16.1

16.9

Other revenue

7.9

8.1

22.7

23.6

Total revenue

$

173.7

$

184.0

$

524.4

$

547.4

(1)Includes wholesale and colocation lease revenue of $4.8 million and $4.8 million for the three months ended September 30, 2022 and 2021, respectively, and $14.4 million and $14.6 million for the nine months ended September 30, 2022 and 2021, respectively.

Costs of Obtaining Contracts with Customers

The following table summarizes the activity of costs of obtaining contracts with customers:

Three months ended

Nine months ended

September 30, 

September 30, 

2022

2021

2022

2021

(in millions)

Balance at beginning of period

$

38.2

$

35.4

$

37.3

$

31.8

Deferral

 

4.6