Today at our virtual 2021 Investor Day. I can sincerely say that I really look forward to being able to host an Investor Day in person. Unfortunately, just not today. Before we get started, I would like to direct your attention to our safe harbor slide concerning any forward-looking statements we make today during this afternoon's presentation. I am joined virtually by WOW!'s executive leadership, including Teresa Elder, our CEO, John Rego, our CFO, Henry Hryckiewicz, our CTO, Amy Bell, our SVP Marketing, Don Schena, Chief Customer Experience Officer, Bill Case, Chief Information Officer, David Brunick, Chief HR Officer, and Craig Martin, our General Counsel. Our agenda today will include presentations from several of our executives, followed by a Q&A session. Please submit your questions using the online tool, and we will go through as many of them as we can at the end of the management presentations. This afternoon, you will hear from Teresa Elder, who will discuss our strategic outlook, followed by Amy Bell, who will present WOW!'s competitive positioning. Don Schena will then talk to you about our customer growth strategy and our history of operational excellence. Our Chief Technology Officer, Henry Hryckiewicz, will then present our technology strategy and walk you through how the strength of our network is another pillar of what sets WOW! apart. Lastly, John Rego, our CFO, will present WOW!'s financial model to help you build models to support and drive your investment thesis in WOW!. Now I'd like to hand the meeting over to Teresa Elder, WOW!'s CEO. Thank you, Andrew. Welcome, and thanks to all of you for joining us today. We're excited about our company and delighted to tell you about the new WOW!. WOW! is one of the leading broadband providers in the U.S. and recently completed the sale of five of our 19 service areas. We have transformed the company over the past few years and especially the past six months. Today, we will share our progress and give you a glimpse into our future. WOW! has changed and is stronger and better positioned than ever before, but our vision hasn't changed. Our vision is still connecting people to their world through the WOW! experience, reliable, easy, and pleasantly surprising every time. Today, we are delighted to show you how we have been transforming WOW! into a low leverage, high growth business. Here's a quick look at the new WOW! since we completed the sale of five service areas last month. WOW! passes nearly 2 million homes throughout Michigan and the Southeast. We serve 532,000 customers, 96% of whom take our high-speed data service. Our high-speed data, or HSD revenue, has been growing at an 11% CAGR and now represents 54% of our total revenue. In fact, over 85% of our new customers take HSD only, leading to a 36% LTM EBITDA margin. How have we created this high-growth HSD revenue stream with growing EBITDA margins? It's because of our broadband first strategy that we launched at the beginning of 2020. We've listened to our customers and know that they value the speed and reliability of our network. They trust us as advisors because we give them choices for video. We don't force them into a bundle we want to sell. Rather, we listen to what they want to buy. We're flexible and easy to do business with, which also leads to high customer loyalty. All of this is provided to customers for a superior value with competitive pricing. WOW! has executed a three-part transformation of our business. We transferred our strategy to broadband first to meet customer demand and grow our margins. We've done an operational transformation over the past four years to improve the customer experience, decrease costs, and to improve speeds, reliability, and agility to win in the marketplace. We just closed two transactions for $1.8 billion to bring leverage down to 2.6x and allow self-funding of our growth strategy through without relevering up, meaning we are now positioned as a low leverage, high growth business. Let's look at our three transformations and how they've impacted our business. First, the sale of five service areas has had a significant impact. We now serve 14 markets in Michigan and the Southeast. Our penetration has risen to 28% of our homes passed, and we are now low leverage at just 2.6 x. We also received credit rating upgrades from S&P and Moody's in the past week. Today, we announced that we've locked down our refinancing on our new, much smaller term loan. John will share the details. Importantly, this opens the door for us to now focus on strategic growth funded through our business operations, not through leveraging up. The transformation of operations has had positive impact on our customers, and the proof is in some of our key metrics. We've gone from five separate legacy billing systems to one. Now this allows us to achieve significant operational efficiency while giving us more agility to provide local and specialized plans. Just a note on this, you know, we call it the billing system, but it really does provisioning and provides significant information about our customer relationships as well. We have gone from virtually no customer self-installations to 78% of HSD-only self installations, which provides very high customer satisfaction. 72% of truck rolls used to require an in-home technician, and now only 28% do because of the reliability of our network and the benefits of IP-based services. We previously had only 3% of our sales through online channels, and now 30% of our sales are through this low-cost channel, a recognition of customers' buying preferences. We previously had no customer online chat, and now we have an omni-channel for customer care with 30% of customer interactions going through chat. The bottom line is that our operational improvements for customers have dramatically increased the efficiency and strength of the business, all while making customers happy. The transformation to our broadband first strategy has had positive impacts on our customers and is flowing through to our financials. The proof is in some of our key metrics. We've gone from 62% of our new customers taking HSD only in 2019 to 87%, and we've been at or near that level for the last five quarters. We've gone from no IPTV, which we call WOW! tv+ product availability, to 100% of customers with access to WOW! tv+. From 50% of our new customers taking speeds of 200 Mbps higher to now 87% of new customers taking these higher speeds. We've gone from 45% of our total revenue coming from HSD to now 54%. The majority of our revenue coming from high speed data, and that shows up in the incremental contribution margin, now at 70%. Our LTM pro forma adjusted EBITDA margin has risen to 36%. Clearly, our broadband first strategy has driven significant improvements across our key metrics. To recap the evolution of WOW!, we are now well-positioned for the future as a low leverage, high growth business. In fact, we have set a policy that we will not exceed 3.5x leverage, and we have no plans to even go that high. Rather, we now can grow strategically through funding our existing business operations and fully capitalize on the increasing demand for broadband in the U.S. Looking at the U.S. broadband usage more closely, we see there is a more critical need than ever before for a reliable connection. Broadband usage has increased by 21% over the past year. In fact, it jumped even faster than that at the start of the pandemic. Connected devices are growing rapidly and are anticipated to be up 63% by 2023, from eight to 13 devices per capita. It's estimated that there are 25 connected devices in the average household today. OTT or streaming usage on average is nearly two hours per day, while we see paid TV declining by 36% from 2021-2024. To be clear, customers aren't watching less video. They're changing their habits on how and where they watch, and they also tell us they don't want to pay for channels that they don't watch. In this growing U.S. broadband market, we are a challenger that competes. It has been part of our culture since we were founded. We compete by focusing on delivering quality services on a fast and reliable network at competitive prices. We know customers need their broadband, so we give customers a true choice, not forced bundles. Our existing network is ready for current and future demand without having to be rebuilt. We are well positioned for the future. Importantly, we have the right team of people. Our people and culture are the secret sauce of WOW!. We're honored to have just been named one of the best and brightest companies to work for nationally for the eighth time and the fourth time in a row. We all feel responsible for WOW!'s success together, so we are ready to compete and grow. How will we grow? We will grow our business through new homes passed, subscribers, and products and services. On new homes passed, we will grow our footprint of new homes passed through a new opportunity now available to us as a low leverage business, greenfield. We define greenfield as builds that are non-adjacent to our existing markets and in markets with less competitive intensity. We also continue along with our selected strategy of edge outs adjacent to our existing footprint. Both are being built for significantly lower cost than we could do M&A, and they provide us with attractive returns. We've already added 200,000 homes passed through edge outs over the last approximately five years, and we've had an edge out program for years before that. This strategy of building out new selected markets, which is now in the business plans of companies like Metronet, was an approach familiar to us long ago, and we know how to make this successful. We're very pleased with the IRRs that we've seen from those edge outs for both residential and business customers. As we look to add greenfield to our approach, we plan to add 200,000 homes passed and can envision a plan of up to 400,000 homes or more over the next five years. On subscribers, WOW! is also positioned for growth in our organic footprint. In fact, one of our most highly penetrated markets just achieved over 50% penetration in the last month. Even highly penetrated markets are growing. We see growth in both our residential and commercial subscribers. We grow through attracting new customers and by having low churn. Our customers are very loyal, and we work hard every day to attract and keep them. We now have the capability of using sophisticated customer analytics to predict and prevent churn. We've also empowered our commercial sales and engineering teams to assist business customers as they come out of the pandemic through innovative partnerships such as one with our ad sales group. We also strategically do wholesale deals that provide even more return from our robust network. We believe that we can have over 30% penetration in our existing footprint. At the center of our product portfolio is broadband. We make sure it's fast and reliable while preparing for new residential and commercial products. In our labs, we're getting ready for the launch of higher speeds in the coming year, while also making sure that we have products like whole home Wi-Fi and internet security for both residential and business customers, so they have the very best Wi-Fi experience. We've been rolling out more online account management and care options for customers, while also offering an array of business products. All of this is with WOW!'s signature customer service and competitive pricing. We have invested strategically over the past several years, developing a high-quality fiber-deep network and product suite. How will we grow? What we're going to grow through having new homes passed to serve. Between 200,000 and 400,000 new greenfield homes by 2027, and by deepening the penetration in our existing footprint to over 30%, all while providing great products and services for now and the future without needing to rebuild our existing network, but rather focusing on building new greenfield markets. I'd like to share more details about our greenfield plans to grow our footprint by 200,000 homes passed while envisioning a plan where we could get up to 400,000 homes or more by 2027. That would be a 21% increase in our homes passed. Greenfield, as we define it, is building new markets non-adjacent to our existing network to enter new areas so WOW! can drive rapid penetration after build-outs and have strong returns. We've been looking at greenfield opportunities for quite a while, and we see a large addressable market in the continental U.S. We have a very robust process for the analysis of future greenfields, and this was enhanced through our work with our industry consultant, Altman Solon. We now know how to do this as we have for many years, and we have been doing builds as well for many years. We know it's critical to partner with new communities. Community leaders like to offer choice for their constituents, and we know there are many markets with less competition than those we currently serve. Those communities will especially welcome a quality, customer focused operator like WOW!. Because we are starting from scratch with the builds in these markets, the economics of fiber to the home now makes sense as those costs have come down in recent years. We plan to use fiber to the home in all greenfield markets, just as we are using it today in a few communities recently built. greenfield utilizes the expertise, scale, and resources of WOW!'s existing company. We don't need to set up a separate organizational structure. WOW! pioneered this approach over a decade ago of growing homes passed through building versus M&A, and we have the playbook to be successful. We also have success growing our brand awareness in the very cluttered markets of our existing footprint. We know how to break through and drive subscriber growth. Greenfield gives us another engine of growth. While we won't see new subscribers from greenfield until 2023, we will begin building in 2022. Our long history of growth through edge outs really gives us confidence in how we will also win with greenfield. When we look at choosing markets, we look at the competitive landscape, the density of homes, the mix of aerial and underground plant. We also look at relationships with the local power company and the demographics of the communities that we want to serve. We model our projected penetration, our ARPU, the cost per sale, including the cost of equipment, as well as the cost of construction. We work with communities to drive engagement from everything from walking out and doing the plant design to pole permitting, field planning, and beginning the plant construction. When we launch markets, we grow penetration. We have seen edge-out penetration rates above 20%-25% in two to three years from recent builds, even though these are in very intense competitive footprints, and yet they still provide us very strong IRRs. Since 2018, 60% of our edge-out net customer growth has come from properties that we kept as part of our remaining company, so we still have plenty of growth opportunity ahead. For greenfield, the cost per home passed is a bit higher, but we will see penetration rates grow faster as we launch in markets with less competitive intensity. To recap my section before turning it over to the team, WOW! has executed a three-part transformation. We launched our broadband-first strategy to meet customer demand and grow our margins. We've executed an operational transformation over the past four years to improve customer experience, decrease costs, and provide speed, agility, and reliability to win in the marketplace. Our robust network is ready for the future. We completed two transactions which closed, by the way, in record time for $1.8 billion to bring leverage to 2.6x and allow self-funding of our new high-growth strategy without relevering up. All of this has positioned us to be low leverage, high growth company for the future. Now to give you some further insights into how we plan to win and WOW! our customers, I'd like to turn it over to Amy Bell, our SVP of Marketing. Amy? Thanks, Teresa. As we think about how we've executed our three-part transformation and positioning ourselves for the future, we continue sharpening our broadband-first focus so that WOW! gets noticed in a cluttered media landscape and sets us up for continued long-term growth in current markets as well as in new greenfield areas. As a challenger brand, we wanted to ensure we were anchored to an idea that fuels future growth and builds upon our brand legacy while providing differentiation by living up to our name. This is about how we WOW!. How we WOW! by becoming the provider of choice, giving customers new options in the marketplace for a super-fast, extra reliable connection. How we WOW! by offering flexibility, no contracts, thirty-day money-back guarantee, options to bring their own devices, and the ability to move from different packages without penalty. How we WOW! by delivering great value, competitive pricing on all our packages, ensuring choice for all budgets, oftentimes with the best incentives on our fastest speeds. How we WOW! by building upon our brand legacy, treating customers like neighbors, not numbers, and doing business locally. As I'm sure you can all relate, it's become an undeniable part of how critical a part the internet plays in all aspects of our lives, how we work or entertain, and how we stay connected. At WOW!, we believe it all starts with great internet. This idea is core to how we not only think about our business, but how we design the network, enhance our product offering, market and price our services, do business locally, and of course, deliver on our broadband-first strategy. We don't force customers into bundles to get the best pricing. For WOW!, broadband first means customer first. WOW! modernizes around that changing consumer behavior, shedding the outdated approach of traditional cable providers with a deliberate move to broadband first. WOW! wins on customer choice, flexibility, value, speed, and reliability, and a customer-first legacy. WOW! scores higher than many of our competitors in customer satisfaction and reliability. We are customer obsessed. Every customer counts, and we go above and beyond to prove that our customers matter all the time. We're solutions driven. We strive to make things easier, faster, more affordable, and we're empowering, giving our customers control and choice over how they are connected, WOW!ing them at every opportunity. But don't take it from me. Here's what a few of our happy internet customers have to say. As you can see, they appreciate our transparency for providing solutions to help manage their bills, solutions that fit their lifestyle and budget, and a network they can rely on every day. One of my favorite things is hearing from our customers and them talking about how they were surprised when they received a letter from us suggesting streaming options as a way to reduce their WOW! bill, offering to help better educate them on their options, and demystifying streaming for customers who don't fully understand the way it all works. We also hear repeatedly in our customer exit surveys from those customers that move to a home or a business that isn't in our footprint and how they wish they could take us with them. WOW! is well positioned in the broadband first market. We continue to attract customers seeking value, reliable connections, and easy solutions. In our latest brand health study fielded in Q3 of this year, we've seen our efforts are making a difference. We're showing a 12% increase in awareness with prospects compared to data from our 2018 study. We ranked second among 15 other competitors in aided awareness. Both of these are especially meaningful when you consider our historical spend and share of voice is a fraction of the investment versus the competition. We've also found, compared to bundlers, cord cutters more often say WOW! will likely be their next provider and are more likely to currently use WOW! versus all competitors across our footprint. Cord cutters consider and prefer WOW! more often than our competitors. Essentially, WOW! has done a great job positioning itself as the brand of choice among this rapidly growing consumer segment. Here are just a few more of the recent accolades within the industry and among our employees. We're especially proud of those awards recognizing our legacy for being honored as one of the best and brightest companies to work for in the nation, as well as locally in the markets we serve year after year. We received word just late yesterday that we can add another win in Denver to this list. Finally, our footprint covers really dynamic communities where it's fun to compete and win. We have a great mix of demographics and a cross-section of appealing segments with some unique opportunities for growth. Our approach continues to build upon the brand recognition, so we are part of the consideration set for consumers when they're looking for a new choice in their internet service provider. We are efficient when attracting prospects at the right time and price, driving penetration locally, creating micro-markets within specific areas to maximize growth. We get into the nooks and the crannies. We evaluate all markets from an individualized local perspective. For example, we know the trash pandas aren't just another name for a raccoon, but the Minor League Baseball team playing at a state-of-the-art ballpark in Huntsville, Alabama, where WOW! has a major partnership. During the season each month, we recognize and award teachers who are making a difference in their community. How about the National Peanut Festival in Dothan, Alabama, where we have been a local sponsor since 2017, giving us a chance to connect with customers and attract new prospects over the 10-day event. How about funding scholarships, delivering Easter baskets, and setting up hotspots so people could more easily connect to file claims and stay connected after a massive tornado damaged the community in Newnan, Georgia the weekend before Easter? From an online perspective, our continued investment and optimization in digital channels resulting in driving growth and retention while minimizing costs, an area where we've had tremendous growth over the past three years, growing this channel from around 3% contribution to close to 30%. Protecting our base through targeting selective customers with unique offers and upgrades and treating them to some fun surprise and delight events along the way. For example, earlier this year, we doubled the speed, moving many loyal customers up from 100 MB- 200 MB. We're leveraging government programs and subsidies, delivering greater value and savings to price-sensitive customers. Participating in the Emergency Broadband Benefit program, which will evolve to a new program offering subsidies to more people in 2022. These programs have helped thousands of our current customers stay connected. Of course, greenfield expansion will leverage the right mix of awareness, partnership, and acquisition strategies to drive early penetration. With that, I'll hand it over to Don Schena, Chief Customer Experience Officer. Thanks very much, Amy. I'm going to discuss how we win at the market level by driving both our top-line acquisition engine and a very robust set of tactics to keep our customers once we have acquired them. We'll also touch upon a real differentiator for WOW!, our end-to-end customer experience led by our operations teams throughout the organization that provide an exceptional level of service each and every time. Finally, we'll discuss why we have the right team at the right time to aggressively deploy our greenfield strategy, which you heard about from Teresa and Amy. Growing our business. We are in a great position to build upon our multi-channel distribution strategy for both residential and commercial sales growth. We've invested in and continue to refine our online store, making this low-cost option viable and easy to use. We've added new indirect channel partners, and we've grown our field sales presence to cover all of the markets in key strategic SMB and MDU properties. You heard Amy talk about micro markets. Literally, to the node level, we identify areas where we have lower penetration within our existing markets, and then we employ targeted tactics and effectively drive that penetration quickly, including near-net commercial opportunities, which are really just opportunities for us to solicit commercial accounts with a low capital investment. Our sales chat capability is growing consistently to support growth in the online store, and along with our commercial e-commerce site, we'll continue to expand and enhance the buying experience for resi and commercial. We continue to explore partnerships on value-added products. Wireless is right at the top of the list. New streaming content providers and IoT opportunities that support our acquisition and retention strategies. Teresa mentioned our highly loyal customer base, and it's not by accident we've got there. It's through continued optimization of existing retention programs. We keep tweaking it over and over. We expect to continue that legacy of excellent customer care, satisfaction, and loyalty going forward. Our approach uses very targeted tactics within each market for proactive and reactive retention efforts. We factor in competitive dynamics, of course, ensuring that we stay nimble and efficient in whatever we're gonna do. Our predictive modeling in further evolving customer segmentation allows us to look around the corner and see what's coming and be better informed on our investment strategies. Of course, we actively leverage customer feedback loops, voice of the customer programs for proactive service recovery. Growing customers, it's just really one part of the equation. We earn that business and trust from the customers every single day, and we just never take it for granted. Operational excellence, it really is a key differentiator for us. We have a continued operational improvement mindset. We maintain a relentless focus on consistent process and procedures throughout each customer engagement point, from sales to fulfillment to care, and we measure everything. We expect and have realized ongoing improvements to our operating efficiencies and our cost structure by literally taking out millions of costs out of our business. Self-care solutions are dramatically changing the way that we interact with our customers. We provide them with a reliable, easy, and intuitive way to serve themselves online, to shop, buy, install, pay bills, manage their accounts, and seek technical support. Some examples are wowway.com, which is our online store, our online account management tools, and of course, self-installs, which you'll hear a bit more about in a moment. Leveraging our omni-channel platform, we deliver best-in-class customer experience as the key differentiator between how WOW! operates and how we win. We provide a differentiating level of in-home experience from self-installs to whole-home Wi-Fi to additional IoT setup. Our employees and partners have a long history living up to a one-and-done mentality around first call resolution. We don't hand things off. We maintain an absolute focus on our performance, process improvement, best practice sharing, and cost reduction through aggressive, consistent management of the right KPIs, all with an eye toward reducing what we've come to call bad volume from the business. We're never done. There's always more we can do to continuously improve our relationship with our customers. As someone who's done this for a long time, I can tell you, we sure are very, very solid. Our customer care and field operations teams are tightly aligned to maximize efficiencies while reducing customer contact rates and service-related truck roll volumes. Online chat. Our self-install initiatives have reduced our costs significantly, but equally important, it's led to an exceptional customer experience. 78% of our high-speed data-only customers, and it's still growing, are being self-installed today. This has been an absolute game-changer for us and for our customers. 75% of our mesh whole home Wi-Fi upgrades are completed using self-installs, and over 20% of our truck rolls can meet same-day customer requests for install and service. One that we're all very proud of, truck roll service calls as a percentage of our total customers has decreased by 37% from the third quarter of 2019 to the third quarter of 2021. Equally impressive, customers having the need to contact care for service issues has decreased by almost 20% from Q3 2020 to Q3 2021. Our operating teams throughout the business have over two dozen distinct KPIs. We measure everything, as I said a moment ago. It drives performance, it reduces truck rolls, and it really, really improves our free cash flow. We leverage an omni-channel platform to derive customer insights that enable operating efficiencies and improve that customer sat. We have local leadership in each market to help drive customer satisfaction while keeping a keen eye on opportunities and any competitive offers that we need to be aware of. Everything we do operationally today and have for the past several years will directly transfer to a fast go-to-market strategy and execution for our greenfield markets. Greenfield really is. It's an exciting next engine, new engine of growth. However you wanna think about it, we're thrilled to begin this. We have a long history, as you heard from Teresa, where we've enjoyed as a challenger brand, demonstrating our ability to successfully compete with the larger MSOs. Over 200,000 homes over the past five years with tremendous success in near adjacent communities to our existing footprint. That's what we've called edge outs. We've achieved very strong penetration when the profile that we're competing against is an MSO offering a 1 Gb or better service and a DSL incumbent. With that competitive profile, we've seen penetrations have 20% within six months of activation and 30% within the first year, using hyper-focused local sales marketing strategies along with our award-winning customer service. That playbook for success that we've used in the past and our past edge-out communities will be implemented in the greenfield projects. Greenfield represents a new strategy for us with the ability to take our challenger brand playbook in markets that don't need to be adjacent to our existing Miles system. As Teresa mentioned, we partnered with Altman Solon, who is a leading worldwide telecom consulting firm, and we developed a progressive filtering approach to tightly target projects that we wanna consider going and building. We'll target cities currently served by a single 1 Gb provider and a DSL incumbent. The profile I mentioned a minute ago that we've had terrific success against. Using fiber to the home technology, which Henry will talk about in a moment. We began that filter with over 100 million homes in our search area in the continental U.S., and then we filtered that down to more than 22 million homes that meet that competitive profile. We'll now take that 22 million and get it down into the hundreds of thousands to have in the near term what we're gonna go and take on. We'll ultimately choose the cities that meet strong economic parameters, have strong demographics, providing significant residential and commercial growth opportunities, and of course, meet our filtering guidelines. We think this is key. Unlike many new entrants that you see every day offering alternatives to incumbent providers, we have the team and the support infrastructure in place to drive immediate results while still being nimble and extremely focused at the market level. We know how to do this. Both a dependable supply chain and a scalable access to construction crews are critical elements for success, and each of those are solidly in place for several years to come with us. Finally, just as we do today, greenfield markets will be managed locally. With that, I'd like to hand it off to Henry Hryckiewicz, our Chief Technical Officer. Henry. Thanks, Don. One of the most significant aspects of our technology is that we've been continuously innovating and investing in our network to keep it best in class, and it is in an exceptional position for the future. WOW!'s network, coupled with top technology talent, is the underpinning of our strength, and our broadband-centric approach guides our strategic investments and focus on innovation. We are continually evolving our network to deliver the products and services customers expect, maintaining our competitive advantage. Here's how we've applied this. Our progressive technology culture is the driving force behind our robust product portfolio and enables us to rapidly develop and deploy new data, voice, and video services for both residential and commercial customers. A great example of that is WOW! tv+, our curated IP video service. We identified the need for a video product that would not only deliver a state-of-the-art curated video service with seamlessly integrated OTT services like Netflix and other OTT service providers, but would also deliver an avenue to unlock additional HSD capacity on the network, all in just under 12 months, a remarkable timeframe. Our network is the foundation for delivering robust products and services in a highly reliable manner. We've taken several actions to ensure it is well-positioned to scale and support future broadband services. We've invested in centralizing our services where appropriate and in the optical platform of our metro networks, transforming them into a standardized network capable of scaling up to 4.4 Tb, easily supporting future requirements. We've established key colocation and content caching agreements, delivering a low latency, superior customer experience. These also deliver significant traffic efficiencies on our core network. All of this, coupled with the edge compute platform we're deploying, will deliver next-generation, low-latency services that are becoming increasingly important to consumers. Of course, all of this requires an advanced access network, a key strength for us. We have a best-in-class, fiber-rich network architecture with fiber typically down to the neighborhood level that can undoubtedly handle consumer broadband demands. This was evidenced recently during the early days of the pandemic, where our customers' broadband traffic increased by over 50% in just a matter of weeks, where we normally experience just half of that annually. The network supported this well, demonstrating the strength of our architecture and its ability to handle increasing demands. The HFC network is highly scalable, enabling continuous broadband evolution, an important attribute as we look to the future to stay out in front of the competition. The DOCSIS platform is a key enabler in that continuing evolution of our network to deliver 10 Gbps speeds. As an example of this scalability, take a look at the timeline on the top of the page. You'll see that our industry has been continuing to innovate and advance the DOCSIS technology for 20 years now, increasing the broadband capability of the network time and time again. We'll be leveraging the next iteration of this, DOCSIS 4.0, in the coming years. This allows us to increase capacity of the broadband network by merely upgrading the transmission medium rather than having to rebuild and completely replace the network, as many in the telecommunications industry are experiencing. As we think about greenfield opportunities, our focus on the development of advanced products like WOW tv + and virtual services like IP voice applications, coupled with our technical expertise with fiber to the home, have positioned the company well to expand into new geographic areas, as Teresa and Don have mentioned. With our all IP network, we can easily deliver our products and services to far-reaching markets without costly infrastructure constraints associated with more typical expansions. In other words, distance to a new market is not an issue for us. We've reached an inflection point in the industry where fiber to the home build costs have reached parity with HFC. This is a key driver supporting our decision to build fiber to the home architecture in greenfield markets. To conclude, I'd like to leave you with what I think are the key takeaways about our technology platform. First, I want to emphasize how enthusiastic I am about the future of WOW! and how our technology is in a great place to support and drive our growth. Over the past several years, we've invested strategically. As you can see, we've done a ton of work building out our infrastructure, including a robust and strong product suite. This is led by an experienced, forward-thinking, agile technology team with the ability to quickly adapt to evolving conditions. Second, our network is high quality with a fiber-deep access network that is scalable and has a clear upgrade path to 10 Gbps speeds. Lastly, because we have made these investments and have such a strong infrastructure and incredible team, we are extremely well-positioned to rapidly expand our network into new areas, whether that means expanding through edge outs to adjacent markets or launching WOW! into greenfield markets that are not adjacent to our current footprint. Our technology will continue to help us drive growth. Now I'll hand it over to John Rego, our Chief Financial Officer. Thanks, Henry. Okay, it's December 2019, and I just sold my company, which enabled video advertising on connected TVs and over-the-top platforms. When I used to speak publicly about that company, I used to besmirch the cable industry every chance I got because cord cutting was real, and it seemed to me that traditional video was dying a slow death, which was great for my business because we supported IPTV only. I've got about six months left on the contract, and I'm wondering, what am I gonna do next? I thought about retiring, but my wife informed me that the Rego household didn't need a full-time CFO micromanaging from the kitchen table, so that was off the table. It was pre-pandemic, and the job market for folks who do what I do was really robust. I put the word out that I was looking for a new opportunity. Fortunately, lots of job specs came my way, from biomedical tech to crypto, to IoT, to renewables, to SaaS. In the middle of that pile of job specs was one for WOW!. Now, it's counterintuitive that after besmirching the cable sector that I would get drawn to it. It might have been the name at first. WOW! sounds pretty interesting. Or the fact that I had taken meetings with WOW! over 20 years ago when I was involved in the VoIP industry. But I kept coming back to that job spec, and my gut was telling me that this was a fantastic opportunity for me. I decided to do some real due diligence, and what I found was pretty amazing. I went back and I read all the earnings call transcripts. I got my hands on the IPO roadshow deck. I was able to rip through all the SEC filings, and what I saw was the company well into a strategic pivot into something much more than a traditional cable company. Now, cord cutting is very real, but what I hadn't realized was that it was the video cord that was getting cut, not the HSD cord. From that IPO roadshow deck, I learned that four years ago, HSD was a 97% gross margin product. That kind of feels like software. Video was a 40% margin product. Just so we all know, today, HSD margins are still in the upper 90%s, and video margins are now in the sub-20%s. Oh, I also learned that video drives a disproportionate amount of OpEx, predominantly through calls to the care center, and a greater amount of CapEx due to higher CPE costs and capitalizable installs, to name a few. It seemed to me that if you could cut the video cord and keep the HSD cord, and then sold lots more HSD, you could substantially transform the business. You know, that was and remains the company strategy. That's broadband first. As my dad used to say, "You got the talking done, kid, now go get it done." This team talked about transformation, but they actually executed on it. The earnings releases told the story of the transition to broadband first, and as I read them, I realized all of the operational fixes that this team was working through, from moving off of multiple billing platforms, to migrating off the QAM network to reclaim bandwidth, to building a robust IPTV product, to spearheading self-installation kits, to creating chat functionality for customer care, to improving online sales, you name it. This team was rebuilding WOW!. Operationally, those types of changes are really, really hard, and they take a dedicated and talented team to execute. I spent time diligencing the team. I read their bios, and I had the good fortune to spend considerable time with each of them during the interview process. I was completely hooked. Having done multiple startups, working with brash, young serial entrepreneurs, this was the first time in ages that I was speaking with seasoned professionals who know how to execute. The proof of that can be seen in the financial statements. Folks have started to notice that as well, and yes, our stock price is up over 200% this year. As proof of this team's abilities, we've been working remotely the whole time I'm here. Due to the pandemic, I'm very sad to admit that I've never met a single member of this team in person, and yet I feel like I've known them and worked with them all my life. Looking at the transformation in the financial results, it seemed to me that the company was on the right path to becoming cash flow generating, but was still encumbered by a significant amount of debt. I thought that if we could clean up the capital structure while continuing the broadband first pivot, we had a massive opportunity. To me, it felt like a pre-IPO startup getting ready to lift off, and I definitely wanted in on WOW!. Now, when my wife and I consider investments in our own portfolio, we look at the sector, we look at trends, we look at financial performance, we look at growth prospects. But after ticking those boxes, we focus on management teams. I believe that to be the most important element of any company's success, it's the team. I've had the great fortune of working with the folks you've heard from today, plus a few you haven't heard from. Quite frankly, above all else, they are why I came here. These folks know how to get stuff done, and so do I, so it's a really great match. The company I joined was high leverage, low growth, pivoting off to something better. That something is here and it's now, and we are now low leverage at a high growth entity with a management team of experienced folks who can take us to the next level. We've been talking about this transformation all afternoon, but just to reiterate, broadband first is becoming broadband-centric. Over half of all of our revenues are now HSD. Well over 85% of new customer adds over the last several quarters have been HSD only. Almost 80% of those customers are choosing self-installation kits, which save CapEx and OpEx dollars. HSD drives your operating cost into the business, specifically because the drain on customer care is less. At this point, most people are smart enough to know that when you turn the modem off and wait 30 seconds and then turn it back on, that pretty much solves the issue most of the time. Fortunately, that's not the case with video. Billing migration, text functionality, workforce management, to name a few operational changes, are enabling us to operate more profitably. Finally, our massive deleveraging really adds significant value to the equity, and it gives us a robust platform where we can grow again substantially. Now we'll be growing with the cash flow that we generate from our business. Our goal was to become low leverage, high growth, and here we are. Okay, highlighting the financial aspects of the transformation. Over 95% of our customers have HSD, and as I just said, approximately 85% of new customers are HSD only. Our revenue shifted so that the majority is now high-speed data. 95%+ gross margins versus 20% for video and low 80%s for telephony is moving our incremental contribution, and that's the gross margin for the recurring revenue streams, up. My expectation is that we'll be in the mid-80%s in the next few years. High-speed data business is less costly to run, period. So we'll continue to see our incremental contribution, our EBITDA margins, and more specifically, our free cash flow generation improve and increase over time. As you know, we exited Q2 2021 at a 40.5% EBITDA margin. We've spoken of the stranded corporate overhead due to our centralized management structure, but we've already started to cut those costs. I believe we can get close to that 40.5% by the end of 2022 and then increase it well beyond then. Okay, as we've discussed before, we're gonna cut $35 million out of the corporate overhead by the end of 2024, thus realizing the full benefit in 2025 and beyond. We're no strangers to cost-cutting here. We've done it before. Remember, we have to satisfy two transition service agreements during this period. This slows down the process of cutting a bit, and that some, not all headcount and other reductions have to wait until the TSAs are satisfied. Certain contractual obligations, such as SaaS software contracts and real estate leases, cannot be cut. They need to expire. We're gonna need the full three years to finish up the full commitment. We are committed to doing it. We'll continue to track our progress, and clearly, we'll continue to report back to you on how we're doing with that. Okay, one of the keys to the low leverage, high growth strategy is obviously the delevering event. We're transparent. We told you we were contemplating this, and we did it. We executed it. Our company has a history of buying and selling markets. As valuations started to increase, it seemed like an interesting time to consider selling markets to facilitate the delevering. We were able to sell five markets and at 11x multiple, and I might add at a time when we were trading at 8x. I believe that speaks to the true value of the company. Quite frankly, post those transactions, many investors started to see that value as well. We still have a ways to go, and I believe we're still undervalued versus our peers. At 2.6x, we have the lowest leverage now in our peer group. We also have a board mandate to ensure that we stay below 3.5 x. To clarify, we have no immediate plans of levering up, but in the future, should we consider an acquisition or some other use of capital, we know we have a ceiling, and that ceiling is 3.5 x. We're able to go to the rating agencies and get upgrades from both S&P, who took us up two notches from B to BB-, and from Moody's, who took us up one notch from B2 to B1. That delivering took our debt down from $2.3 billion to $730 million. That represents for us an annual cash interest savings of $70+ million a year. As you saw this morning, we priced and allocated a transaction to refinance our remaining $730 million Term Loan B, as well as establishing a new $250 million revolving line of credit. We expect both of those transactions to close next week. All right, look, we can now generate significant cash flow from our business, and we're committed to using that cash flow to grow. You've heard a lot about greenfields today, and surely we are committed to doing them, but we are also committed to edge outs and to growing our commercial operations as well. We've modeled $160 million greenfield spend through 2025, but quite frankly, if greenfields are as successful as we expect them to be, we can envision increasing that CapEx commitment to build as many as 400,000 homes by 2027. As you would expect, our greenfield model is rather detailed, but please know that it is IRR-based, and we envision IRRs between 30%-40% on those investments. Another way to look at greenfields is that we can build new markets for under 5x EBITDA at a time when folks are willing to pay 11x or more to buy markets. We believe that by focusing on less competitive markets, we can see a 30%+ penetration rate. By the way, we already have existing markets where our penetration rates far exceed that. Remember, aspirationally, if all goes well, we'll attempt to pass 400,000 homes by 2027. Also, don't forget we plan to continue investing in edge outs and business services. Look, we have fundamentally transformed our business from a traditional cable company to a broadband first company, and simultaneously, we've managed through a mesmerizing number of operational changes and fixes to ensure our profitability. We've cleaned up our capital structure, and we've put ourselves in a position to expand our growth engine. That cleanup was driven by the sale of five markets for $1.8 billion, and due to the tax efficiency of those transactions, we were able to pay down over $1.5 billion in debt. On our Q3 earnings call, we showed you historical financials on a pro forma basis, and we retroactively restated our trending schedules, all of which are on our website for your review. This was to give you an historical review of the new WOW!. We also want to give you the tools to project forward. The following are long-range targets. They're not guidance, they're targets. We will guide the full year in Q1 2022 on the next earnings call in February. That being said, the targets over the next four years are: we see HSD revenues growing at a 9%-10% CAGR. Total revenues growth at roughly 1%-1.5% CAGR. Growth in pro forma adjusted EBITDA between 8% and 9%. As a reminder, pro forma adjusted EBITDA removes the five markets we sold and will improve as we continue to cut the $35 million in stranded corporate overhead over the next three years, increase our incremental contributions, as well as find more operational efficiencies in our business. Moving on to CapEx. We plan to strategically invest in our growth, all from the cash flow generated by the business. Expansion CapEx, which includes greenfields, business services, as well as edge outs. We would anticipate an investment between $65 million-$75 million per year. Again, if greenfields prove as successful as we believe, we're going to increase that capital commitment prospectively. Core CapEx, which would include CPE infrastructure as well as maintenance, should range between $115 million-$120 million per year. It's important for you to note that as we drop video subs and we start selling less video, core CapEx will be coming down. In fact, it's already coming down. All in all, we anticipate spending between $180 million and $195 million a year, and we can fund that from the cash flow generated from our business. As I've said before, we will save over $70 million per year in cash interest expense alone, and that's on top of all the other cash flow generated from our operations. CapEx efficiency on core spend will easily go below 20%, and I believe the average for our peer group is about 16.2%. We plan on taking advantage of our cash flow generation and our low leverage to start strategically growing our business again. With that, I'd like to return the call to Teresa. Thanks, John. To recap, we're so excited about the new WOW!. We've been doing the hard work of transforming and executing the broadband first business, delivering new systems and a better customer experience to drive strong metrics and significantly take down our leverage through our recent market sale transactions. We now have set the stage for our future as a low leverage, high growth company through self-funding greenfield builds, further driving penetration in our organic footprint and edge outs for both residential and commercial customers. We are able to win through our people who have built the WOW! legacy of customer centricity and who have been precisely executing this transformation. WOW! is a challenger, and we are better positioned than ever before. With that, I'd like to open it up to questions. Andrew. Thanks, Teresa. Thanks again, everybody, for joining us. As you've seen, as many of you have seen on the tool that you're watching, there's the opportunity for you to type in a question. We'll take those questions, and then we'll hand them over to people on the call who'll answer the questions. I'll start with the first question that came in with regards to greenfields, and I'll send this to you, Teresa. What has changed fundamentally that opens up greenfield non-adjacent expansion? And what are the main potential risks and benefits of these efforts? And what kind of pace should we expect? And how could those markets and competitive dynamics be different from your current footprint? Okay. Thanks, Andrew, for that multi-part question. That's great. Those are my favorite. What's changed? What's changed is, first of all, we are now a low leverage company. The transactions that we did allowed us to have the money to go forward with a greenfield build, which we've always been excited to do. Also the hard work that Henry and his team has been doing, making sure that we have a full suite of IP-based products and services. Now, the benefits that I see are that this is right within our core expertise. This is what we've known how to do for a long time. There are a lot of opportunities out there. It gives us a broader universe where we can go forward and provide WOW! products and services. We specifically have robust criteria that we talked about, where we're looking at markets with less competitive intensity, where we can really drive faster penetration growth and get better returns than we've gotten in some of the edge-out areas which have a bit higher, or more intense, competitive environment. To me, the biggest risk is not doing enough fast enough. We think this is a significant opportunity for us. Did I get through all the parts of the question, Andrew? Yes, I think you did. Why don't we go to another question that came in with regards to penetration rates. You talk about penetration rates under a scenario where you compete with a 1 Gb cable incumbent and a DSL incumbent. But in the future, you're likely to be competing with a 10 Gb cable incumbent and a fiber to the home telco incumbent. Why should we believe the penetration rates in new markets should change with this dynamic? And additionally, what do you see as the fiber to the home overlap today, and where do you expect that to go in the next three years? Teresa, why don't you start with that? Great. Thanks, Andrew. Once again, one of my favorite multi-part questions. When we're choosing markets for the future, we're looking at those where we would be first to the door with fiber to the home. We wouldn't be walking into a situation where we would be second to the market with those kinds of offerings. We know we could be extremely successful with that. This is technology that we are using in a limited basis in some of our markets today. We also aren't ever sitting still. We have quite a bit of runway, as Henry was sharing with you, and I'll turn it over to Henry in just a second here. Just to address the question about why we think we'd be successful, not only are we going to choose places where we would be first to market with that, but customers don't just buy on technology either. They look at choice, they look at value, they look at the ease of doing business and the customer care. Those are all the reasons why we've always won. We have very low overlap with fiber to the home competitors in our current footprint, and we know how to compete against them as well. With that, I'll turn it over to Henry to talk a little bit more about the future. Sure. Thanks, Teresa. Fortunately, because we've invested in converting to an all IP network and platforms and services, we can rapidly deploy into new markets. As Teresa mentioned, we'll get there quick, we'll build quick and be able to achieve that penetration. We don't necessarily need to build a segment a network all the way from our plant to these greenfield opportunities. Because we're doing an all IP network, that reduces the amount of capacity that's required versus legacy build out. We can merely leverage existing third-party medium haul and long haul providers, acquire a broadband circuit to that location and really focus on the build and really build it rapidly. Great. Thanks, Henry. Here's another one that I think would probably go well for you: Will the current footprint need a fiber upgrade in the coming years? And what's your overlap with telco fiber today, and where will that go in five years? Sure. The short answer is no, we will not. We have plenty of scalability in our network as I alluded to in my slides. We will purely be upgrading the network, expanding the DOCSIS capability into the future up to 10 gigabit speeds, for example, when the time is right when we need to do that. We have relatively low fiber overlap today, and I don't necessarily see that increasing significantly within our footprint because there are typically two major 1 Gb providers in the markets we're in today. Just as we are looking at these greenfield opportunities where there's 1 Gb provider and one DSL provider, those are the areas that are more attractive to build. Great. Let's switch a little bit to something more topical this morning. John, how much did the ratings upgrade save you on the new credit facility? And how much of the EBITDA CAGR is from the cost savings versus operating leverage benefiting the margin profile? Hey, thanks, Andrew. Good questions all in all. As you recall, the old term loan was at L+ 325 with a 1% floor on LIBOR, so 4.25%. The new deal is at SOFR + 300 basis points with a SOFR floor of 50 basis points. We went down from 4.25% to 3.5%, so effectively savings of 75 basis points We took the debt down from $2.259 billion down to $730 million. I think that's substantial savings from both of those. As it relates to the EBITDA question, I would suggest that probably about 15% is gonna come from the cost-cutting, and the rest is us doing it organically. Continuing on that topic, what is the implied EBITDA margins with the revenue and EBITDA CAGRs provided, and how should we think about the progression of EBITDA margins? Are there annual targets that you can share? Okay, great question as well. As I said on the speaking part, we exited the second quarter, this is pre-transactions, at 40.5%. The peer group that we measure ourselves up against on average is at around 42%. Firstly, we've got cost-cutting to do, and I suggested by the end of 2022 we're gonna get very close back to that 40.5%. But I think we've got a path to get to, over the next several years, close to 50%. And that's gonna grow. If I was gonna try to build that sort of growth, I'd be looking at maybe, an 8% CAGR over the horizon of the four years. Something I'd point out for all of you is that the EBITDA growth that you'll see from 2022 versus 2021 should theoretically be double digits, and the reason for that is, as I'm sure you know, 2021 has the full load of that $35 million in corporate overhead in that number. And then some of that, if I refer you back to the chart, I forget which page it's on, we start taking that out over the course of 2022, so it's not perfectly apples to apples. You'll see a big boost in EBITDA margin from 2021 versus 2022, and then you'll get to a more normalized, and then you'll see it start to grow as we become more and more and more broadband first. Yet again, higher incremental contribution margins, less operating costs because less video, et cetera, et cetera. That's how I would look at it. Great. Thanks. Teresa, can you give us some perspective on the uptake so far of WOW! tv+ in the markets that you've launched it? Yeah. Thanks, Andrew. We're feeling good about tv+ as we've talked about. It's a product that we now have available in every one of our markets, and that's just been a recent launch. IPTV is definitely here. We don't give out specific numbers on the details of that, but what we do say is overall, we have about 150,000 video customers out of our 532,000 video subscribers. Or sorry, 532,000 total subscribers. About 28% of our customers are taking video. Keep in mind, we don't force our existing base of customers to convert to tv+, although many of them do want to because of all the many features that come with tv+. We don't force new customers into bundles with video in order to get the very best pricing. Yet we do see we're pleased with the uptick and the pace of moving forward with that. Overall, our focus is really on broadband first, and we provide that and streaming to our customers as they wish to have video services. Great. Thank you. Here's a question on greenfields and I guess edge-outs. What is the pacing of the build? How many new homes per year? Teresa, do you wanna start with that? Yeah. Well, as I mentioned, and just to reiterate, we're going to start the building in 2022, but we really won't be launching markets and bringing on new subscribers until 2023. With that said, we'll also continue the machine rolling, building out new markets in 2023 and 2024. There will be that multiplier effect as the years go on, as we're bringing on greenfield homes. Great. You mentioned that you expect higher homes passing costs in the greenfield markets. How does this compare to the historical edge-out costs? Did you want me to take that, Andrew? Sure. Yeah, I think that. Okay. Yeah, you bet. We do think these are gonna be a little bit more costly than what we've traditionally said for edge outs, which makes sense because they're right there adjacent to our existing properties, and we've decided to go with fiber to the home technology. However, we think because we'll have faster penetration and we feel like they'll have very strong returns. In fact, stronger returns than we're even seeing in edge outs. The cost initially will be a bit higher. Yeah, let me jump on that one also. I mean, we've historically told y'all that, you know, edge outs have been done for, you know, in the, call it $700-$800 neighborhood. These will be more expensive, but as Teresa said, since greenfields are specific to areas that are far less densely competitive, full expectation is that penetrations will come higher and quicker, and that's the trade-off. Let's pivot back to a modeling type question with regards to CapEx. Thanks for the details on the CapEx outlook, including your expectations for the average annual CapEx for 2022 to 2025. Can you provide more color on the cadence from 2022 to 2025? Any more specifics on 2022? Okay. Let me start with this one. We've got two components of CapEx. We've got the expansion, which includes the greenfields, as well as edge outs and business services. We also have what we're calling core, which is sort of the, you know, day-to-day, let's run the business. Core is going to be coming down. Over time, it has come down already, and we've talked about that in the past. What drives the decrease in core CapEx has a lot to do with the diminution of the video business. Because video drives a lot of CapEx because of high CPE costs, capitalizable installation costs, and certain maintenance costs for the network. That is going to be coming down. If I wanted to model that coming down, that component of it, I would be at, like, a -4%, -5% CAGR. It would do something like that to take it down. The expansion CapEx, as relates to greenfields, the way I'm looking at it right now is essentially on a straight line. We're gonna go in, and we're gonna do this $160 million. If I wanted to throw that in a model for now, I would probably look at $40 million per year, and do something similar with edge outs and biz outs. I think expansion CapEx, I'd be looking at it as a straight line, and the core CapEx is going to be coming down, the way I just suggested. Again, to remind you, we think greenfields are an amazing opportunity. If we, you know, feel that we're proven right in that, then, you know, we would have the ability perhaps to go in and, you know, ramp that spend up. Instead of passing 200,000 homes, like Teresa mentioned, maybe, you know, alter that plan to go do 400,000 homes. Let's see what happens over the course of the next 12 months. Clearly, on every earnings call, we will update you with those types of analyses. Teresa, here's another two-parter for you in one of our favorite topics, the competitive dynamic. Have you felt more competitive pressure in your current markets, whether that be fixed wireless, cable or fiber? And what do you see to be your biggest threats to your current churn rates? Thanks, Andrew. No, we did not feel more competitive pressure in our current markets. In fact, a couple of the markets we sold were extremely competitive markets. When I look at the different technologies, fixed wireless, we feel very good about our ability to compete against fixed wireless. We've been competing against the cable companies for our entire history, and that's just part of our DNA. We don't have a big fiber overlap, but we also, like I mentioned, feel good about our ability to compete there too across the board and what we're doing in the future. A threat to our churn rate, our churn is very low. From my experience across both the cable and the wireless industry, I would say our churn rates are some of the lowest I know I've ever seen. The threat to that, to me is are things like, you know, our customers, some of the customers who are most financially challenged, their ability to pay. Which is one of the reasons that we work so hard on things like the Emergency Broadband Benefit and now the Affordable Connectivity Program, to make sure that there's always available services for our customers, so they can continue on with us. Let's see. Other than that, I think we just need to keep doing what we're doing, always listening to our customers and providing the value that they want. That has worked out well for us in terms of ongoing churn rates. Did I answer all of that? Yes. As a quick follow-up, do you plan on doing more data caps or is that isolated to the sold assets? Yeah. We have launched usage-based billing, which doesn't really create data caps. It creates different tiers of pricing. We want customers to use all the data that they want in our Chicago market, and then that was, of course, one of the markets that we sold. We are launching that in a few other markets, and we think that really provides the ability for all customers to fairly pay for what they're actually using. Very few customers actually ever break through the data allotments that are given by the different tiers. We have extremely generous tiers, and we offer unlimited packages as well. Great. Thanks, Teresa. Henry, here's one for you. Can you talk about your plans to upgrade the network to DOCSIS 4.0? How should we expect speeds provided to customers to progress over the next three years? How does that inform your view on packaging pricing of those products? Sure. I'll certainly speak to the first two. We don't necessarily have specific plans and timing around upgrading to DOCSIS 4.0. It's important to note that the spec was just recently finalized, and equipment is just starting to be manufactured now. What'll happen is we'll upgrade to DOCSIS 4.0 when the time is right, when we need to. What we don't wanna do is spend in advance of needing that additional capability. We offer what our customers want today, and we're already testing higher speeds without DOCSIS 4.0. We'll be increasing our customer tiers as the marketplace dictates that. We're in really good shape there. Great. Thank you. Teresa, maybe you can start with this one and then maybe direct it from there. Could you touch a bit more on customer experience? How is WOW!'s customer care differentiated? Yeah. I love talking about WOW!'s customer care. It's one of the reasons that I was attracted to come to this company four years ago. WOW! has a history, a legacy since its very beginning of really being a different kind of provider that is trusted by its customers. That really shows itself in so many ways, but starting with our people, who really are a differentiator, and I think that shows through our culture. But Don, you have more of the nuts and bolts on all the things that we do beyond just our terrific people and how they make a difference. Don, why don't you follow up on that? Sure. No, I'd love to. Like you, I love talking about this. You know, we don't have anything unique from a technology or platform that others don't have. I think it is, you know, the beginning and almost the end of it is how personal we take it, and that is the legacy of this company. You know, again, many of us have been doing this for a long time, and to see how we go above and beyond to take care of our customers on every isolated one that we can, it's really fun to watch, it's impressive, and it makes a difference. We measure everything, as I said in my script, and the customer satisfaction scores that we get have continually gone up and up. That's what I mainly attribute it to, Teresa, just that we really care for every single one. Thanks, Don. Here's another question on the market, and the market is rapidly pivoting from worrying about broadband unit growth to pricing. What do you anticipate the broad U.S. market, and do you expect WOW!'s greenfield approach, presumably replicated by others, to affect pricing? What is your assumption on pricing on your 2025 target KPIs for both units and financials? Okay. Yeah. I think it's interesting. We always make sure that we have good headline pricing to attract customers, and then that we offer those prices, of course. Many customers then stick with us. They tend to upgrade their speeds. They often add other broadband services from us as well. That's one of the reasons that we highlighted that we have been seeing an 11% CAGR in our ARPU or average revenue per user. That definitely has been growing. As we look at greenfield markets, we will once again look at competitive pricing for those markets. One of the things I'm especially pleased about is because we've done all of this work on our billing, provisioning, pricing systems, we really can do competitive local pricing if that's what makes the most sense. While we'll continue to be competitive, of course, that's one of our core values we provide to our customers, but we also are pleased that the customers expand their relationship with us, and that has been why we've been driving such high ARPU growth, and we believe that will continue. I would jump on that quickly. I mean, you're right, Teresa. Pricing is pricing, but our ARPUs have been consistently and steadily rising, and a lot of that has to do with the mix. We now have, you know, over 80% of the base that take 200 meg or above. More and more of the new people that are coming in are taking 500 meg to a gig and beyond. That clearly has an impact in increasing ARPU, as well as some of the ancillary products that are sold, for instance, the whole home Wi-Fi solution. Putting pricing wherever that lays out, you know, my expectation is that ARPUs are gonna continue to increase. Thanks, John, and Teresa. Given the growth opportunities in edge outs and greenfields, John, is there room for capital returns via dividend and/or buybacks? Well, the cool thing when you take the targets we gave you and build out your models is that you'll see that even with the CapEx we gave you, there's still gonna be sufficient cash flow in the business. The idea of buybacks, since the company went public in 2017, it actually has done two buybacks. Buybacks is something that is, you know, discussed from time to time, and it's certainly never been off the table. If we feel that there's an opportunity to do something impactful with that, we would have that conversation with the board. The company has never done a dividend, and that's to suggest that it never would do one. And again, these types of questions and how to allocate capital are part of our board meetings every time we meet them. For the moment, our focus is grow the business. There's a lot of cash being generated from the business, even with that growth CapEx. There's also, you know, we are significantly low-levered right now, which was the plan. I think that there's nothing but opportunity in front of us. Great. Here's a question on strategy. The large cable companies have emphasized how strategically they view mobile service as an add-on to broadband. Could WOW! use mobile as an accelerant? If so, how could WOW! enter that market? Teresa, do you wanna start with that one? You bet. Happy to. I've spent about half my career in the wireless industry, and we've always been looking at that. You know, if it makes sense for us, we may do something like that. One of our team members here, Don, has even more wireless experience than I do, so I'll let Don add more to that. Sure. Thanks, Teresa. Yeah, you know, I think it's precisely what Teresa said. It's something that we've been looking at closely, and we've not thought that up to this point that it's been an impediment to any of, you know, what we offer our customers. That being said, we're very aware that how important, you know, for some customers, the bundle is with them. So we are taking a very close look at it, whether it is an MVNO with one of the providers today or some other way of getting into that and providing that product, and that bundle with our customers is something that we're right in the middle of looking at closely right now. Great, thanks. John, how much do you expect to spend on marketing and customer acquisition when entering a new greenfield market? Well, we haven't and probably won't give the specifics of market by market, but I think one way to look at it, and then I'll toss it off to Amy, is when we go to a greenfield, we are basically going to a place where they might not ever have heard of WOW! versus an adjacent market. There will be some upfront marketing spend that we do. Amy, I'll start with that and let you just expand a little bit about what the marketing looks like for a greenfield market. Sure, John. Thanks. Yeah, you know, we'll soften the market. People in some of these areas might not know WOW!'s brand, and so we wanna go in and create some really meaningful sponsorships and partnerships with the community, understand what's important to them, and craft our marketing strategy around it really being local, because one size does not fit all for every community. Having that focus will be important early on for us to be successful. We'll just turn on our machine. You've heard Teresa and Don both talk about it. You know, we know how to do expansion, and we do it well. We'll expect to do that same thing in the greenfield markets too. I would jump in on that, Amy, just to say, when I talked earlier about IRRs of 30%-40%, in that model is sort of that upfront marketing piece as well as the CAC, the customer acquisition cost. All in, still a 30%-40% IRR. There will be some incremental marketing done because we are gonna be going to places where we might not be that well known. Henry, here's a good technical question. Prior to the DOCSIS 4.0 upgrade, do you see a path to 1 gig symmetrical speeds? How long do you see taking to get there? Yeah. I don't necessarily see going to 1 gig symmetrical speeds prior to DOCSIS 4.0. Although, as I mentioned, we'll be offering higher speeds even in advance of a full DOCSIS 4.0 upgrade. I feel good about where we're at and our ability to continue to expand. One quick note around symmetrical speeds. We are looking at upgrading our existing fiber to the home properties to symmetrical speed. We've done the testing in our labs for that and are fully prepared to do that as well. Thanks, Henry. Teresa, maybe you can start with this one. Going forward, what will your mix of expansion markets be between legacy market, HFC edge out, and the new greenfield markets? Will you be building more of the greenfield to get ahead of AT&T or Lumen, for example? I think where we see the quickest return is in greenfield markets. Once again, once we have new homes passed and subscribers launching in 2023, after doing the build in 2022, you'll see much more greenfield additions from us as opposed to edge outs. We still love edge outs and wanna fill in our markets and continue to be competitive in those. To me, the most exciting return are those areas where we can use our analytics and look at the less competitively intensive markets, go to those, and launch further there. I think it will be weighted much more so on greenfield. Great. One more for you, Teresa. Cable stocks have recently sold off on concerns around new competition, e.g., fiber to the home builds, fixed wireless. Can you talk a little bit about why you think the markets that you retained following the asset sales are somewhat insulated from these threats? Well, what's unique about WOW! is that we are a challenger brand. Some have called us overbuilders, but as a challenger, we've created competition in the markets that we serve. I think that makes them less likely to have more new entrants coming into them because we've already created a competitive dynamic. The markets that we've retained, we're really happy with, and we already have 28% penetration in those markets. I mentioned that we have one of our markets where we were just in the 40% penetration that has popped up above 50%. We're really pleased with the markets that we've kept, and we have plans to grow them up through both our commercial as well as our residential business, and then deepening the penetration of products that we sell to each individual customer, all which creates greater ARPU and return on that footprint as well. Great. We have a couple questions left. John, your long term adjusted EBITDA CAGR is 8.5% at the midpoint. Could you provide any color on cadence, i.e., faster in 2022 and 2023, and then slower after that? Sorry about that. I touched on this a little bit before. We're gonna see a big increase going from 2021 to 2022. Okay? The reason for that is 2021 pro forma is mired with the full impact of the $35 million in stranded corporate costs that has to come out. You'll see a chunk of that come out, and there's a graph on it that we showed in the presentation. You'll see a chunk of that come out in 2022, so you're gonna get the benefit of that. After that, we should be more normalized, and then I think you'll see us start to grow in a more linear and upward sloping to the right fashion. Let me just think about this for a minute. Again, big growth rate in 2022. I think we would go, 2023 would be sort of a little bit up from that. 2023 and 2024, you should start to. I wouldn't call it a hockey stick, but I would say an increasing growth rate, and that is because in 2023 and 2024, we're gonna start to see the benefits of that 30%+ penetration rate and the customers coming in on greenfields. If you want to do that in your modeling, you can think about, I'm spending this much money. I roughly know what the cost per home passing is. They're saying maybe around 30% penetration rates, and work that through your numbers. Big jump in 2022, modest jump in 2023, and then it should go up from there. Thank you. Can you comment, John, on your outlook for video subscriber declines? Yes, they're going to continue to decline. If we look at historically in terms of video subs, I'm looking at something, you know, at around 18%-20% CAGR. Okay? Deep negative CAGR, I should say. Video is just coming down. It isn't gonna go away to zero, but it's coming down. My expectation, and many folks have heard me talk about this in the past, is we'll be sub 100,000 in the not terribly distant future. You know, I would look at it on that basis. If you look at it historically, I think we've looked at something like a 20%, you know, decline year-over-year. At or around the same. To a lesser extent, you should see the telephony decline. Telephony subs have been declining, as well as more folks default to through their mobile phone. If I was looking at that, maybe, you know, 5-6-ish negative CAGR over the time horizon. Less of a drop off there. Significantly more of a drop off in video. Again, we are absolutely fine with that, 'cause as we've talked about today, that's the whole broadband first strategy, and it makes the numbers get more and more better quicker. Teresa, I think this goes to you, and you can then follow up with it after. Can you discuss your expectations for the cadence of penetration in greenfield markets? How long to get to the 30% penetration rates you've discussed? Yeah, that's a great question, and it definitely is one of our modeling assumptions. I guess, the quick answer is faster, but Don, why don't you give a little bit more detail on that? Sure. I spoke about this in my prepared comments. When we go into the greenfield markets, we have, in part of our filtering, we know what competitive profile we're looking for. When we have gone against that in our organic or existing footprint, we have seen up to 30% penetration within the first year. We're expecting the same kind of performance coming out of the greenfield markets that we'll be going into. Yeah. Faster than we're seeing with edge outs either. By year two, we believe we could be at that 30%. Yeah. I said year one. I meant year two. Yeah. Within a year. The year two, just to be clear. Yeah. For their modeling. I believe this is the last question that we have online, so I'll pass this to you, Teresa, and then if you want to make some closing comments. As you seek out new greenfield expansions, do you see the broadband provisions in the infrastructure bill helping with that? If so, how? Yeah. We're just going through that right now. I mean, there's over $42 billion that are going to local markets that are in the infrastructure bill. We're working our way through that, and we think, yeah, there could be some opportunity where that could help us. With that said, nothing in the numbers that we're giving you today, either in the financials or the homes passed, assumes any help from that infrastructure bill. Anything related to that would be upside. Great. Well, that covers our questions in the queue. Now I'd like to hand the call back over to you, Teresa, for some closing comments. Great. Well, thank you so much for joining us today, and we really always appreciate your interest and support of WOW!. I hope our enthusiasm for what we've been doing has come through on this call because we could not be more excited with where the company is. We look forward to speaking with many of you soon. Have a great day.