Windstream reported 1Q21 revenue of USD 1.118bn, compared to USD 1.193bn in 1Q20, according to three sources familiar with the situation. Adjusted EBITDAR for the quarter was roughly flat at USD 417m from USD 415m the prior year, the sources added.
The company also affirmed guidance for fiscal year 2021. Windstream expects adjusted EBITDAR to be down 1%, capex to be flat, and broadband net adds of 60,000, the sources continued.
On a segment basis, the kinetic segment generated USD 546.4m of revenue, down 1.4% from the prior year, while the enterprise segment generated USD 481.2m of revenue, down 12% from the prior year, two of the sources said. The wholesale segment generated USD 75.6m of revenue, up from USD 72.9m from 1Q20, they continued.
As of 31 March, liquidity totaled USD 631.4m through USD 158.9m of cash and USD 472.5m of revolver availability, the sources said. Net leverage totaled 2x through USD 1.009bn of LTM EBITDA and net debt of USD 2.0207bn, two of the sources added.
The company generated USD 1.2m of adjusted free cash flow in 1Q21, two of the sources said. For context, as of 31 December, TTM free cash flow totaled negative USD 157.8m, they added.
Windstream’s USD 1.4bn 7.75% senior unsecured notes due 2028 traded yesterday (17 May) at 103 to yield 6.917%, slightly weaker compared to trades at 104.5 to yield 6.52% on 6 May, according to MarketAxess.
Windstream declined to comment.