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Cincinnati Bell Reports Third Quarter 2018 Results
• Consolidated revenue totaled $387 million with strong Adjusted EBITDA1 of $105 million
• Completed merger with Hawaiian Telcom on July 2, 2018, a major step toward building scale and locking in fiber density value for shareholders and customers
– Hawaiian Telcom revenue totaled $87 million which generated Adjusted EBITDA of $23 million, up 4% compared to the prior quarter
• Cincinnati Fioptics revenue totaled $86 million, up 9% from a year ago
• IT Services and Hardware Adjusted EBITDA totaled $17 million, up $7 million from the prior year
• Cash provided by operating activities totaled $123 million year-to-date, and free cash flow2 totaled $27 million year-to-date
• Reaffirming full year financial guidance which includes contributions from Hawaiian Telcom in the second half of 2018
CINCINNATI - November 8, 2018 - Cincinnati Bell Inc. (NYSE:CBB), reported financial results for the third quarter ended September 30, 2018, including Hawaiian Telcom’s financial performance subsequent to the close of the merger on July 2, 2018.
"Our performance this quarter highlights the continued demand for our fiber offerings, reinforcing our ability to win with fiber as we successfully transition customers to an infrastructure that supports high-density data transmission,” said President and CEO Leigh Fox. “We remain encouraged by the growth in our IT services business and the demand for UCaaS, SD-WAN and NaaS as customers shift from legacy to strategic IT solutions, driving significant recurring revenue.” Mr. Fox continued, “Integration efforts at Hawaiian Telcom are progressing as planned with a clear path forward and solid foundation to replicate Cincinnati Bell’s fiber success in Hawaii. We remain confident in our ability to realize the expected synergies and are optimistic about cross selling IT services in Hawaii. We are on target to achieve our objectives for the year and will continue to invest in our strategic offerings where we are winning to maximize shareholder value."
• Consolidated revenue totaled $387 million for third quarter of 2018, compared to $256 million in the prior year
• Operating income for the quarter totaled $15 million, down $1 million from the prior year due to merger related costs
• Adjusted EBITDA of $105 million, increased $29 million compared to a year ago
• Net loss for the third quarter of 2018 totaled $18 million, resulting in diluted loss per share of $0.41 due to transaction and integration costs as well as increased interest expense compared to the prior year
Entertainment and Communications Segment
• Entertainment and Communications revenue totaled $253 million, up $78 million from a year ago
– Cincinnati revenue totaled $173 million, down less than 1% from the prior year due to legacy declines
– Fioptics revenue of $86 million, up $7 million year-over-year
– Fioptics internet subscribers totaled 236,600 at the end of the third quarter, up 15,400 compared to a year ago
– Fioptics video subscribers totaled 141,500, down 2,000 compared to the same period in 2017
– Fioptics is available to 598,600 homes and businesses, or approximately 73% of Greater Cincinnati which includes fiber to the premise ("FTTP") and fiber to the node ("FTTN")
– Year-to-date, we passed 26,400 new addresses with fiber, and now offer FTTP to 56% of Cincinnati's total addressable market
– Hawaii revenue totaled $80 million in the third quarter of 2018, consistent with the prior quarter
– Total internet subscribers were 114,400, consistent with the prior quarter
– Video subscriber base totaled 48,600, consistent with the prior quarter
– Consumer/SMB Fiber is available to approximately 208,700 homes in Oahu, covering more than 65% of the island
• Adjusted EBITDA was $91 million, up $21 million year-over-year
Cincinnati Bell’s merger with Hawaiian Telcom expands its base of high-quality metro fiber assets to meet the accelerating need for increased bandwidth and support the growing demand for IoT ecosystems.
IT Services and Hardware Segment
• IT Services and Hardware revenue of $141 million, up $54 million year-over-year due to contributions from OnX and Hawaiian Telcom
– Consulting revenue of $42 million, up $26 million year-over-year
– Cloud revenue of $26 million, up $9 million year-over-year
– Communications revenue of $47 million, up $3 million year-over-year
– Infrastructure Solutions revenue of $26 million, up $16 million year-over-year
• Adjusted EBITDA of $17 million, up $7 million year-over-year
The expansion of the Company's geographic footprint in IT services brings meaningful scale and client diversification, supporting the transformation to a hybrid IT solutions provider.
Cash Flow and Financial Position
• Cash provided by operating activities totaled $123 million and free cash flow totaled $27 million during the first nine months of 2018
• Interest payments for the first nine months of 2018 totaled $101 million, a $48 million increase from the prior year due to financing the mergers with Hawaiian Telcom and OnX
• Capital expenditures were $141 million year-to-date, including $21 million for Hawaiian Telcom
Cincinnati Bell is reaffirming its financial guidance for 2018, which reflects contributions from Hawaiian Telcom in the second half of 2018:
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