ENP Newswire -
Release date- 12062014 -
'The sale of the
'We're delighted to acquire the
The sale is expected to close in the late third or early fourth quarter of 2014, following the satisfaction of regulatory requirements and other customary closing conditions.
Use of Non-GAAP Financial Measures and Operating Metrics
We refer in this press release to certain non-GAAP financial measures including Adjusted EBITDA. We believe that this non-GAAP measure enhances an investor's understanding of our financial performance. We believe that this non-GAAP measure is a useful financial metric to assess our operating performance from period to period by excluding certain items that we believe are not representative of our core business. We believe that this non-GAAP measure provides investors with useful information for assessing the comparability between periods of our ability to generate cash from operations sufficient to pay taxes, to service debt and to undertake capital expenditures. We use this non-GAAP measure for business planning purposes and in measuring our performance relative to that of our competitors. We believe this non-GAAP measure is commonly used by investors to evaluate our performance and that of our competitors.
Adjusted EBITDA is defined by WOW! as net income (loss) before net interest expense, income taxes, depreciation and amortization (including impairments), gains (losses) realized and unrealized on derivative instruments, management fees to related party, the write-up or write-off of any asset, debt modification expenses, loss on extinguishment of debt, integration and restructuring expenses and all non-cash charges and expenses (including equity based compensation expense) and certain other income and expenses, as further defined in our credit facilities. Adjusted EBITDA is not a presentation made in accordance with generally accepted accounting principles in
Adjusted EBITDA has important limitations as an analytical tool and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA:
excludes certain tax payments that may represent a reduction in cash available to us;
does not reflect any cash capital expenditure requirements for the assets being depreciated and amortized that may have to be replaced in the future;
does not reflect changes in, or cash requirements for, our working capital needs; and
does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt.
See 'Unaudited Reconciliations of Non-GAAP Measures to GAAP Measures' in our Earnings Release for the first quarter ended
In addition, we use the operating metrics customers and RGUs in this release. Because we deliver multiple services to our customers, we report the total number of customers as those who receive at least one of our video ('Video'), high-speed data ('HSD') or telephony ('Telephony') services, without regard to which or how many of those services they subscribe. We report Video subscribers as the number of basic cable subscribers and do not include customers who only subscribe to HSD or Telephony services in this total. The combined total of Video, HSD and Telephony subscribers is referred to as Revenue Generating Units ('RGUs').
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements reflect management's current views with respect to future events and financial performance. The forward-looking statements included in this release are made as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements, even if new information becomes available in the future. Actual results may differ materially from those expected because of various risks and uncertainties. You should review our filings with the
WOW! has been one of the nation's leading providers of high-speed Internet, cable TV, and phone serving communities in
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