May 10, 2018 • 08:00 am ET

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Presentation
Operator
Operator

Good morning, and welcome to Dun & Bradstreet's 2018 First Quarter Teleconference. This conference is being recorded at the request of Dun & Bradstreet. If you have any objections, you may disconnect at this time. All participants will be in a listen-only mode until the question-and-answer session of the call. (Operator Instructions)

I would now like to turn the call over to Ms. Kathy Guinnessey, Treasurer and Investor Relations Officer. Ms. Guinnessey, you may begin.

Executive
Kathleen M. Guinnessey

Thank you. Good morning, everyone, and thank you for joining us today.

To help our analysts and investors understand, how we view the business, our remarks this morning will include forward-looking statements. Our Form 10-K and 10-Q filings, as well as the earnings release we issued yesterday, highlight a number of important risk factors that could cause our actual results to differ from these forward-looking statements. These documents are available on the Investor Relations section of our website. We undertake no obligation to update any forward-looking statements.

Effective January 1, 2018, we adopted the new accounting standard ASC 606. As you can see in the schedules accompanying our press release issued last night, our first quarter 2018 GAAP results are reported under the new standard. For ease of comparison, we've provided supplemental schedules with results reported under ASC 605, the prior standard. We will continue to provide results under both the new standard, ASC 606, and the prior standard, ASC 605, for the remainder of 2018. Beginning in 2019, we will report under ASC 606 only.

Now, during our call today, we will be discussing a number of non-GAAP financial measures, which we call as adjusted results, as that's how we manage our business. Unless otherwise noted, all metrics on the call will be presented on an as adjusted non-GAAP basis and based on the prior accounting standard, ASC 605.

Now, from time-to-time, we may refer to sales, which we define as the annual value of committed customer contracts. In addition, we speak from time-to-time about deferred revenue. When we refer to the change in deferred revenue, we mean before foreign exchange, dispositions, acquisitions and the impact of the write-down of deferred revenues due to purchase accounting, unless otherwise noted.

And, where appropriate, we have reclassified certain prior-year amounts to conform with the current year presentation. You can find the reconciliation between the non-GAAP financial measures and our most directly-comparable GAAP measures in the schedules to our earnings release. And they can also be found in the supplemental reconciliation schedule that we post on the Investor Relations section of our website.

Later today, you'll also find a transcript of our prepared remarks, as well as a financial model with historical results, on our Investor Relations site.

Now, turning to our call this morning, I'm pleased to be joined on the call by: Rich Veldran, our Chief Financial Officer; and Tom Manning, our Chairman of the board and interim CEO. During the call, Tom will provide an update on our strategy and then Rich will review our