CenturyLink, Inc. (NYSE:CTL) Q1 2017 Earnings Conference Call - Final Transcript

May 03, 2017 • 04:30 pm ET


CenturyLink, Inc. (NYSE:CTL) Q1 2017 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and welcome to the CenturyLink First Quarter 2017 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

It is now my pleasure to hand the conference over to Mr. Tony Davis, Vice President of Investor Relations. Sir, you may begin.

Tony Davis

Thank you, Brian, and good afternoon, everyone, and welcome to our call today to discuss CenturyLink's first quarter 2017 results, released earlier this afternoon. The slide presentation we'll be reviewing during the prepared remarks portion of today's call is available in the Investor Relations section of our corporate website at ir.centurylink.com. At the conclusion of prepared remarks today, we will open the call for Q&A.

(Forward-Looking Cautionary Statements)

As we move to slide 3, we ask that you also note that our earnings release issued earlier this afternoon and the slide presentation and remarks made during this call contain certain non-GAAP financial measures. Reconciliation between these non-GAAP financial measures and the most comparable GAAP financial measures are available in our earnings release and on our website at ir.centurylink.com.

Now, turning to slide 4, your host for today's call is Glen Post, Chief Executive Officer and President of CenturyLink. Joining Glen will be Stewart Ewing, CenturyLink's Chief Financial Officer. And also available during the question-and-answer portion of today's call will be Dean Douglas, CenturyLink's President of Enterprise Markets and Maxine Moreau, CenturyLink's President of Consumer Markets.

Our call today will be available for telephone replay through May 10, 2017 and the webcast replay of our call will be available through May 24, 2017. Anyone listening to a taped or webcast replay or reading a written transcript of this call should note that all information presented is current only as of today, May 3, 2017 and should be considered valid only as of this date, regardless of the date heard or viewed.

Now, as we move to slide 5, I'll turn the call over to Glen Post. Glen?

Glen Post

Thank you, Tony, and thank you for joining us today on our call. As we begin our discussion, I want to remind us all about the significant changes occurring within our business as we move through the remainder of 2017.

As announced this week, we closed the sale of our data centers and colocation business, Monday, May 1 and we continue to expect to close the Level 3 acquisition by the end of September. Both of these transactions align with our strategy announced in late 2015, focusing first on network and taking a less capital intensive approach to complementary offerings such as Hosting, Cloud, IT and Managed Services.

And we remain committed to our network focused strategy as we look to the future. So the Company we expect to be by late 2017 will clearly be much different than we were coming into this year. I'll discuss these two transactions in more detail a little later.

So as we move to slide 6, I want to cover a few highlights for the quarter,