Cincinnati Bell Inc. (NYSE:CBB) Q1 2018 Earnings Conference Call - Final Transcript
May 09, 2018 • 09:00 am ET
Thank you for standing by. Good day, and welcome to the Cincinnati Bell First Quarter 2018 Earnings Release Call. Today's conference is being recorded.
And at this time, I would like to turn the conference over to Mr. Josh Duckworth. Please go ahead, sir.
Joshua T. Duckworth
Thank you, and good morning. I'd like to welcome everyone to Cincinnati Bell's first quarter 2018 earnings call. Today's call is being recorded, if you would like to listen to it at a future time. Before we start, let me remind you that our press release and presentation slides for today's call are posted on our Investor Relations website. As previously announced and stated in the press release issued this morning, Cincinnati Bell changed its segment reporting to more closely aligned with our long-term strategy of building two distinct complementary lines of business.
Beginning this quarter, revenue in the entertainment and communication segment will be reported in the following three categories, to highlight the success of our fiber investment, Fioptics, enterprise fiber and legacy. To better reflect the strength in our recurring strategic IT services, within the IT services and hardware segment, revenue will now be reported in the following practices. Communications, cloud, consulting and infrastructure solutions, which was previously referred to as telecom and IT hardware sale. Also, as a reminder, the new revenue accounting standard was effective this quarter and as a result, infrastructure solution sales are now reported net of cost-of-good sold with prior period's also being restated for comparability.
Now, I would like to draw your attention to the safe harbor statement presented on Slide 2. In our remarks this morning, we will be discussing forward-looking information. Due to various risks and uncertainties, actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statements. More information on potential risks and uncertainties is available in the Company's recent filings with the SEC, including Cincinnati Bell's Annual Form 10-K report, Quarterly Form 10-Q reports and Form 8-K reports.
This presentation also contains certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are also available on our website. With me on the call today is our President and Chief Executive Officer, Leigh Fox; and our Chief Financial Officer, Andy Kaiser. Leigh's comments today will recap highlights and the Company performance for the first quarter of 2018. Andy will then provide an update on our financial performance by segment. Following the prepared remarks, Tom Simpson, our Chief Operating Officer will join Leigh and Andy for question-and-answer session.
With that, I'm pleased to introduce Cincinnati Bell's President and Chief Executive Officer, Leigh Fox.
Leigh R. Fox
Thank you, Josh and good morning, everyone. Thanks for joining us today. We delivered solid performance this quarter as we continue to execute on our strategy of expanding on our fiber network, while advancing our next generation service-based IT product within our two distinct complementary lines of business. Consolidated revenue was up 18% year-over-year and adjusted EBITDA increased $6 million, due to