8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report: February 15, 2018

CINCINNATI BELL INC.

(Exact Name of Registrant as Specified in its Charter)

Ohio	001-8519	31-1056105
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

221 East Fourth Street

Cincinnati, OH 45202

(Address of Principal Executive Office)

Registrant's telephone number, including area code: (513) 397-9900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Securities Act. o

Section 2 - Financial Information

Item 2.02Results of Operations and Financial Condition

On February 15, 2018, Cincinnati Bell Inc. reported its financial results for the fourth quarter and full year 2017. The earnings release is attached as Exhibit 99.1.

Section 7 - Regulation FD

Item 7.01     Regulation FD Disclosure

On February 15, 2018, Leigh R. Fox, the Company's president and chief executive officer, and Andrew R. Kaiser, the Company's chief financial officer, will present fourth quarter and full year 2017 results. The presentation will be webcast both live and on-demand. To listen, go to the Investor Relations section of www.cincinnatibell.com, click on the Webcasts/Presentations tab and follow the instructions for accessing the webcast.

A copy of the presentation to be made during the meeting is attached to this Current Report as Exhibit 99.2.

The information in Items 2.02 and 7.01 and the exhibits attached to this Current Report as Exhibit 99.1 and 99.2 are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934 or otherwise subject to the liabilities of that Section nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Act of 1934, except as shall be expressly stated by specific reference in such filing.

Item 9.01Financial Statements and Exhibits.

(c)	Exhibit No.	Description
	Exhibit 99.1	Press release dated February 15, 2018
	Exhibit 99.2	Presentation made during the Cincinnati Bell fourth quarter and full year 2017 earnings conference call on February 15, 2018

Cautionary Statement Concerning Forward-Looking Statements

This report and the documents incorporated by reference herein contain forward-looking statements regarding future events and results that are subject to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as “expects,” “anticipates,” “predicts,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “continues,” “endeavors,” “strives,” “may,” or variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of future financial performance, anticipated growth and trends in businesses, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this release and those discussed in other documents the company filed with the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings with the SEC, including Cincinnati Bell's Form 10-K report, Form 10-Q reports and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forward-looking statements. The company undertakes no obligation to revise or update any forward-looking statements for any reason. The forward-looking statements included in this report represent company estimates as of February 15, 2018 Cincinnati Bell anticipates that subsequent events and developments will cause its estimates to change.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CINCINNATI BELL INC.
Date:	February 15, 2018	By:	/s/ Christopher J. Wilson
			Christopher J. Wilson
			Vice President and General Counsel

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release dated February 15, 2018
99.2	Presentation made during the Cincinnati Bell fourth quarter and full year 2017 earnings conference call on February 15, 2018.

EX-99.1

Cincinnati Bell Reports Fourth Quarter and Full Year 2017 Results

FULL YEAR 2017 HIGHLIGHTS

• Increased video and internet subscribers

– Video subscribers totaled 146,500, up 8,900 year-over-year

– Internet subscribers totaled 308,700, up 5,500 year-over-year

• Revenue of $1,289 million, and Adjusted EBITDA¹ of $303 million

• Net income totaled $35 million, resulting in diluted earnings per share of $0.58

• Cash provided by operating activities totaled $203 million, up $30 million year-over-year

• Free cash flows² totaled $28 million, up $141 million year-over-year

FOURTH QUARTER 2017 HIGHLIGHTS

• Revenue of $427 million and Adjusted EBITDA of $78 million

• Strategic revenue of $201 million, up 21%, with Fioptics revenue increasing 17% year-over-year

• Entertainment and Communications revenue of $197 million, up 2% year-over-year

• IT Services and Hardware revenue of $233 million, including a $150 million contribution from the OnX Enterprise Solutions acquisition

• Received merger approval from Hawaiian Telcom shareholders and State of Hawaii Department of Commerce and Consumer Affairs "DCCA" Cable Television Division

CINCINNATI - February 15, 2018 - Cincinnati Bell Inc. (NYSE:CBB), today announced financial results for its full year and fourth quarter, ended December 31, 2017.  For the full year, strategic revenue increased from $638 million to $705 million, driven by strong demand for fiber-based products and $32 million of OnX strategic revenue. Fioptics internet subscribers totaled 226,600 at the end of the fourth quarter, up 5,400 compared to the end of the third quarter of 2017.  Fioptics video subscribers totaled 146,500, up 3,000 from the previous quarter.  During the year, the Company passed an additional 38,800 addresses with Fioptics, which is now available to 572,200 homes and businesses, or approximately 70% of Greater Cincinnati.

Leigh Fox, President and Chief Executive Officer of Cincinnati Bell, commented, "Our strong full year performance demonstrates the solid progress we have made in executing our growth strategy. This was an important year for Cincinnati Bell as we focused on building two distinct, complementary lines of business with expanded geographic reach, customer diversification and increased runway for growth.”

Mr. Fox continued, “Central to this strategy has been the previously announced mergers with OnX and Hawaiian Telcom. These combinations bring meaningful scale to their respective businesses and position us to capitalize on the fast-growing demand for strategic fiber and cloud services offerings. We

have successfully completed the acquisition of OnX and integration efforts continue to progress well. I am also pleased to report that we received overwhelming support from Hawaiian Telcom shareholders and the pending merger has made significant headway in gaining the necessary regulatory approvals.”

CONSOLIDATED RESULTS

Consolidated revenue totaled $427 million for the fourth quarter of 2017 and $1,289 million for the full year.

Operating income was $10 million in the fourth quarter of 2017, compared to $11 million in the prior year period. Full year operating income totaling $38 million, decreased from the prior year due to restructuring and severance related charges as well as transaction and integration costs. Adjusted EBITDA totaled $78 million for the fourth quarter of 2017, and $303 million for the full year, in line with the Company’s 2017 revised guidance.

Net loss for the fourth quarter of 2017 totaled $16 million, resulting in diluted loss per share of $0.45. Net income for the full year totaled $35 million, or $0.58 per diluted share.

Entertainment and Communications Segment

• Entertainment and Communications revenue totaled $197 million for the fourth quarter of 2017 and $790 million for the full year, up $4 million and $21 million year-over-year, respectively.

– Fioptics revenue totaled $80 million for the fourth quarter, a 17% increase year-over-year, and $310 million for the full year, a 22% increase compared to a year ago.

– Strategic revenue for business and carrier customers totaled $55 million for the fourth quarter and $217 million for the full year, up 7% and 9% year-over-year, respectively.

• Operating income was $16 million for the fourth quarter of 2017, up $1 million compared to a year ago. Full year operating income totaling $65 million decreased from the prior year due to increased restructuring and severance related charges.

• Adjusted EBITDA was $70 million for the fourth quarter of 2017, consistent with the prior year period. Full year Adjusted EBITDA totaled $287 million, up $4 million compared to a year ago.

Cincinnati Bell’s continued strategic investments in fiber allow the Company to expand its portfolio of high density, next-generation fiber to benefit from the growing demand for data capacity and lock in fiber density value for shareholders and customers. In the fourth quarter of 2017, Cincinnati Bell completed several critical milestones regarding the approval process of its pending merger with Hawaiian Telcom. On November 7, 2017, Hawaiian Telcom shareholders overwhelmingly approved the transaction. The merger also cleared the Hart-Scott-Rodino Act review period in November, and received approval from the State of Hawaii DCCA Cable Division on December 8, 2017. Regulatory review processes are also underway with the Federal Communications Commission and the Public Utilities Commission of the State of Hawaii. The merger approval process continues to progress as anticipated and the transaction is

expected to close in the second half of 2018. The Company has secured the necessary financing to fund the cash portion of the transaction, refinance existing Hawaiian Telcom indebtedness and pay fees and expenses in connection with the foregoing.

IT Services and Hardware Segment

• IT Services and Hardware revenue totaled $233 million for the fourth quarter of 2017 and $512 million for the full year, up $138 million and $81 million year-over-year, respectively. IT Services and Hardware revenue in the fourth quarter reflects a $150 million contribution from the OnX acquisition, which mitigated the ongoing declines in hardware sales as well as cost cutting initiatives by a large customer.

– Strategic revenue totaled $72 million for the fourth quarter, of which OnX contributed $32 million. Full year strategic revenue totaled $199 million up 1% year-over-year.

– Telecom and IT hardware revenue was $155 million for the fourth quarter of 2017, up $118 million compared to the prior year period, driven by the incremental contribution from OnX. Full year Telecom and IT hardware revenue was $280 million, up $75 million compared to the prior year.

• Operating income was $3 million for the fourth quarter of 2017 and $11 million for the full year, up $1 million and down $13 million year-over-year, respectively. OnX operating income totaled $2 million in the fourth quarter of 2017.

• Adjusted EBITDA was $12 million for the fourth quarter, up $4 million from the prior year, including an $8 million contribution from OnX. Full year Adjusted EBITDA totaled $34 million, down $7 million compared to a year ago.

In the beginning of the fourth quarter of 2017, Cincinnati Bell announced the successful completion of its acquisition of OnX Enterprise Solutions, and integration plans are progressing well. The combination of CBTS and OnX supports the Company’s transformation to a leading North American hybrid IT solutions provider, with an expanded footprint of 20+ IT sales offices and addition of approximately 2,000 new customers in Canada and throughout the United States. The combined company’s hosted and managed IT services portfolio coupled with its enhanced scale uniquely positions Cincinnati Bell to capitalize on significant market opportunities presented by UCaaS, cloud, security, and infrastructure needs.

Financial Position and Cash Flow

The Company reported cash provided by operating activities of $203 million for the full year 2017, compared to $173 million in the prior year. Free cash flow totaled $28 million for the full year 2017, an increase of $141 million year-over-year. Capital expenditures were $210 million in 2017, compared to $286 million in 2016. The Company expects full year 2018 capital expenditures between $190 million and $210 million.

2018 Outlook

Cincinnati Bell is providing the following guidance for 2018:

Category	2018 Guidance Range
Revenue	$1,200M - $1,275M
Adjusted EBITDA	$320M - $330M

This revenue guidance reflects the new ASC 606 revenue recognition standard, effective January 1, 2018, and presents Telecom and IT Hardware sales net of product cost. For reference, had the revenue standard not been effective, our revenue guidance range would have been $1,700 million to $1,775 million.

The company's 2018 guidance does not include any contribution from pending merger with Hawaiian Telcom.

Mr. Fox concluded, “As we enter 2018, I am excited about the opportunities to further differentiate ourselves from traditional carriers in the marketplace. Our growth trajectory is supported by our continued investments in high-speed, high-bandwidth fiber networks where we are winning. The pending merger with Hawaiian Telcom represents an important step toward scaling our base of high-quality fiber assets. In addition, the combination of CBTS and OnX positions us as a leading IT solutions provider for next-generation cloud-based products and services. We look forward to building on the strategic milestones achieved in 2017 to deliver long-term value for our shareholders and customers.”

Conference Call/Webcast

Cincinnati Bell will host a conference call on February 15, 2018 at 10:00 a.m. (ET) to discuss its results for the fourth quarter and full year of 2017. A live webcast of the call will be available via the Investor Relations section of www.cincinnatibell.com. The conference call dial-in number is 877-795-3635. Callers located outside of the U.S. and Canada may dial 719-325-2215. To participate, please call 15 minutes prior to the start time. A taped replay of the conference call will be available approximately one hour after the conclusion of the call until 1:00 p.m. (ET) on Thursday, March 1, 2018. For U.S. callers, the replay will be available at 888-203-1112. For callers outside of the U.S. and Canada, the replay will be available at 719-457-0820. The replay reference number is 9458851. An archived version of the webcast will also be available in the Investor Relations section of www.cincinnatibell.com.

Safe Harbor Note

This release may contain “forward-looking” statements, as defined in federal securities laws including the Private Securities Litigation Reform Act of 1995, which are based on our current expectations, estimates, forecasts and projections. Statements that are not historical facts, including statements about the beliefs, expectations and future plans and strategies of the Company, are forward-looking statements. Actual results may differ materially from those expressed in any forward-looking statements. The following important factors, among other things, could cause or contribute to actual results being materially and

adversely different from those described or implied by such forward-looking statements including, but not limited to: those discussed in this release; we operate in highly competitive industries, and customers may not continue to purchase products or services, which would result in reduced revenue and loss of market share; we may be unable to grow our revenues and cash flows despite the initiatives we have implemented; failure to anticipate the need for and introduce new products and services or to compete with new technologies may compromise our success in the telecommunications industry; our access lines, which generate a significant portion of our cash flows and profits, are decreasing in number and if we continue to experience access line losses similar to the past several years, our revenues, earnings and cash flows from operations may be adversely impacted; our failure to meet performance standards under our agreements could result in customers terminating their relationships with us or customers being entitled to receive financial compensation, which would lead to reduced revenues and/or increased costs; we generate a substantial portion of our revenue by serving a limited geographic area; a large customer accounts for a significant portion of our revenues and accounts receivable and the loss or significant reduction in business from this customer would cause operating revenues to decline and could negatively impact profitability and cash flows; maintaining our telecommunications networks requires significant capital expenditures, and our inability or failure to maintain our telecommunications networks could have a material impact on our market share and ability to generate revenue; increases in broadband usage may cause network capacity limitations, resulting in service disruptions or reduced capacity for customers; we may be liable for material that content providers distribute on our networks; cyber attacks or other breaches of network or other information technology security could have an adverse effect on our business; natural disasters, terrorists acts or acts of war could cause damage to our infrastructure and result in significant disruptions to our operations; the regulation of our businesses by federal and state authorities may, among other things, place us at a competitive disadvantage, restrict our ability to price our products and services and threaten our operating licenses; we depend on a number of third party providers, and the loss of, or problems with, one or more of these providers may impede our growth or cause us to lose customers; a failure of back-office information technology systems could adversely affect our results of operations and financial condition; if we fail to extend or renegotiate our collective bargaining agreements with our labor union when they expire or if our unionized employees were to engage in a strike or other work stoppage, our business and operating results could be materially harmed; the loss of any of the senior management team or attrition among key sales associates could adversely affect our business, financial condition, results of operations and cash flows; our debt could limit our ability to fund operations, raise additional capital, and fulfill our obligations, which, in turn, would have a material adverse effect on our businesses and prospects generally; our indebtedness imposes significant restrictions on us; we depend on our loans and credit facilities to provide for our short-term financing requirements in excess of amounts generated by operations, and the availability of those funds may be reduced or limited; the servicing of our indebtedness is dependent on our ability to generate cash, which could be impacted by many factors beyond our control; we depend on the receipt of

dividends or other intercompany transfers from our subsidiaries and investments; the trading price of our common shares may be volatile, and the value of an investment in our common shares may decline; the uncertain economic environment, including uncertainty in the U.S. and world securities markets, could impact our business and financial condition; our future cash flows could be adversely affected if it is unable to fully realize our deferred tax assets; adverse changes in the value of assets or obligations associated with our employee benefit plans could negatively impact shareowners’ deficit and liquidity; third parties may claim that we are infringing upon their intellectual property, and we could suffer significant litigation or licensing expenses or be prevented from selling products; third parties may infringe upon our intellectual property, and we may expend significant resources enforcing our rights or suffer competitive injury; we could be subject to a significant amount of litigation, which could require us to pay significant damages or settlements; we could incur significant costs resulting from complying with, or potential violations of, environmental, health and human safety laws; the timing and likelihood of completing the merger with Hawaiian Telcom, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals for the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the transaction; the possibility that competing offers or acquisition proposals for Hawaiian Telcom will be made; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the possibility that the expected synergies and value creation from the proposed transaction involving Hawaiian Telcom will not be realized or will not be realized within the expected time period; the risk that the businesses of the Company and Hawaiian Telcom and other acquired companies will not be integrated successfully; disruption from the proposed transaction involving Hawaiian Telcom making it more difficult to maintain business and operational relationships; the risk that unexpected costs will be incurred; and the possibility that the proposed transaction involving Hawaiian Telcom  does not close, including due to the failure to satisfy the closing conditions and the other risks and uncertainties detailed in our filings, including our Form 10-K, with the SEC as well as Hawaiian Telcom’s filings, including its Form 10-K, with the SEC.

These forward-looking statements are based on information, plans and estimates as of the date hereof and there may be other factors that may cause our actual results to differ materially from these forward-looking statements. We assume no obligation to update the information contained in this release except as required by applicable law.

Use of Non-GAAP Financial Measures

This press release contains information about adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), Adjusted EBITDA margin, net debt, net income applicable to common shareholders excluding special items and free cash flow. These are non-GAAP financial measures used by Cincinnati Bell management when evaluating results of operations and cash flow. Management believes these measures also provide users of the financial statements with additional and useful comparisons of current results of operations and cash flows with past and future periods. Non-GAAP

financial measures should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of these non-GAAP financial measures to comparable GAAP financial measures have been included in the tables distributed with this release and are available in the Investor Relations section of www.cincinnatibell.com.

¹Adjusted EBITDA provides a useful measure of operational performance. The company defines Adjusted EBITDA as GAAP operating income plus depreciation, amortization, restructuring and severance related charges, (gain) loss on sale or disposal of assets, transaction and integration costs, curtailment (gain) loss, asset impairments, components of pension and other retirement plan costs (including interest costs, asset returns, and amortization of actuarial gains and losses), and other special items. Adjusted EBITDA should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with the measure as defined by other companies.

Adjusted EBITDA margin provides a useful measure of operational performance. The company defines Adjusted EBITDA margin as Adjusted EBITDA divided by revenue. Adjusted EBITDA margin should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with the measure as defined by other companies.

²Free cash flow provides a useful measure of operational performance, liquidity and financial health.  The company defines free cash flow as cash provided by (used in) operating activities, adjusted for capital expenditures, restructuring and severance related payments, transaction and integration payments, preferred stock dividends, dividends received from CyrusOne, and cash used in or (provided by) discontinued operations, including the decommission of wireless towers.  Free cash flow should not be considered as an alternative to net income (loss), operating income (loss), cash flow from operating activities, or the change in cash on the balance sheet and may not be comparable with free cash flow as defined by other companies. Although the company feels there is no comparable GAAP measure for free cash flow, the attached financial information reconciles cash provided by operating activities to free cash flow.

Net debt provides a useful measure of liquidity and financial health. The company defines net debt as the sum of the face amount of short-term and long-term debt, unamortized premium and/or discount and unamortized note issuance costs, offset by cash and cash equivalents.

Net income (loss) applicable to common shareholders excluding special items in total and per share provides a useful measure of operating performance. Net income (loss) applicable to common shareholders excluding special items should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with net income (loss) excluding special items as defined by other companies.

About Cincinnati Bell Inc.

With headquarters in Cincinnati, Ohio, Cincinnati Bell Inc. (NYSE:CBB) provides integrated communications solutions - including local and long distance voice, data, high-speed Internet and video - that keep residential and business customers in Greater Cincinnati and Dayton connected with each other and with the world. In addition, enterprise customers across the United States and Canada rely on CBTS and OnX, wholly-owned subsidiaries, for efficient, scalable office communications systems and end-to-end IT solutions. For more information, please visit www.cincinnatibell.com. The information on the Company’s website is not incorporated by reference in this press release.

Cincinnati Bell Inc.
Consolidated Statements of Operations
(Unaudited)
(Dollars in millions, except per share amounts)
				Three Months Ended										Twelve Months Ended
				December 31,						Change				December 31,						Change
				2017			2016			$			%	2017			2016			$			%
	Revenue			$	427.1		$	285.3		$	141.8		50%	$	1,288.5		$	1,185.8		$	102.7		9%
	Costs and expenses
		Cost of services and products		278.5			161.6			116.9			72%	761.3			678.9			82.4			12%
		Selling, general and administrative		74.3			53.8			20.5			38%	240.9			218.7			22.2			10%
		Depreciation and amortization		52.9			47.5			5.4			11%	193.0			182.2			10.8			6%
		Restructuring and severance related charges		3.5			11.9			(8.4		)	(71)%	32.7			11.9			20.8			n/m
		Transaction and integration costs		4.1			—			4.1			n/m	18.5			—			18.5			n/m
		Other		4.0			—			4.0			n/m	4.0			1.1			2.9			n/m
			Operating income	9.8			10.5			(0.7		)	(7)%	38.1			93.0			(54.9		)	(59)%
	Interest expense			30.3			17.6			12.7			72%	85.2			75.7			9.5			13%
	Loss on extinguishment of debt, net			3.2			4.8			(1.6		)	(33)%	3.2			19.0			(15.8		)	(83)%
	Gain on sale of Investment in CyrusOne			—			(5.1		)	5.1			n/m	(117.7		)	(157.0		)	39.3			(25)%
	Other (income) expense, net			(2.1		)	(6.4		)	4.3			(67)%	1.4			(7.6		)	9			n/m
	(Loss) income from continuing operations before income taxes			(21.6		)	(0.4		)	(21.2		)	n/m	66.0			162.9			(96.9		)	(59)%
	Income tax (benefit) expense			(5.4		)	1.2			(6.6		)	n/m	30.9			61.1			(30.2		)	(49)%
	(Loss) income from continuing operations			(16.2		)	(1.6		)	(14.6		)	n/m	35.1			101.8			(66.7		)	(66)%
	Income from discontinued operations, net of tax			—			0.3			(0.3		)	n/m	—			0.3			(0.3		)	n/m
	Net (loss) income			(16.2		)	(1.3		)	(14.9		)	n/m	35.1			102.1			(67.0		)	(66)%
	Preferred stock dividends			2.6			2.6			—			0%	10.4			10.4			—			0%
	Net (loss) income applicable to common shareowners			$	(18.8	)	$	(3.9	)	$	(14.9	)	n/m	$	24.7		$	91.7		$	(67.0	)	(73)%
	Basic net (loss) earnings per common share
			(Loss) earnings from continuing operations	$	(0.45	)	$	(0.10	)					$	0.59		$	2.17
			Earnings from discontinued operations	$	—		$	0.01						$	—		$	0.01
	Basic net (loss) earnings per common share			$	(0.45	)	$	(0.09	)					$	0.59		$	2.18
	Diluted net (loss) earnings per common share
			(Loss) earnings from continuing operations	$	(0.45	)	$	(0.10	)					$	0.58		$	2.17
			Earnings from discontinued operations	$	—		$	0.01						$	—		$	0.01
	Diluted net (loss) earnings per common share			$	(0.45	)	$	(0.09	)					$	0.58		$	2.18
	Weighted average common shares outstanding
		(in millions)
		- Basic		42.2			42.0							42.2			42.0
		- Diluted		42.2			42.0							42.4			42.1

Cincinnati Bell Inc.
Revenues by Segment
(Unaudited)
(Dollars in millions)
				Three Months Ended								Twelve Months Ended
				December 31,				Change				December 31,				Change
				2017		2016		$			%	2017		2016		$			%
Entertainment and Communications
	Consumer
		Strategic
			Data	$	32.6	$	27.8	$	4.8		17%	$	125.8	$	103.0	$	22.8		22%
			Voice	6.2		5.7		0.5			9%	24.4		21.7		2.7			12%
			Video	37.6		33.0		4.6			14%	146.7		123.6		23.1			19%
			Services and other	0.4		0.8		(0.4		)	(50)%	1.6		3.4		(1.8		)	(53)%
				76.8		67.3		9.5			14%	298.5		251.7		46.8			19%
		Legacy
			Data	7.9		9.8		(1.9		)	(19)%	34.9		44.2		(9.3		)	(21)%
			Voice	15.5		17.1		(1.6		)	(9)%	66.3		73.8		(7.5		)	(10)%
			Services and other	1.1		0.9		0.2			22%	3.3		4.1		(0.8		)	(20)%
				24.5		27.8		(3.3		)	(12)%	104.5		122.1		(17.6		)	(14)%
		Integration
			Services and other	0.4		0.9		(0.5		)	(56)%	0.7		3.9		(3.2		)	(82)%
	Total consumer revenue			$	101.7	$	96.0	$	5.7		6%	$	403.7	$	377.7	$	26.0		7%
	Business
		Strategic
			Data	$	25.6	$	24.6	$	1.0		4%	100.5		$	96.5	$	4.0		4%
			Voice	17.0		13.9		3.1			22%	63.3		51.7		11.6			22%
			Video	0.6		0.6		—			0%	2.5		2.1		0.4			19%
			Services and other	0.4		1.0		(0.6		)	(60)%	2.0		2.5		(0.5		)	(20)%
				43.6		40.1		3.5			9%	168.3		152.8		15.5			10%
		Legacy
			Data	3.8		4.9		(1.1		)	(22)%	17.1		20.3		(3.2		)	(16)%
			Voice	23.4		26.4		(3.0		)	(11)%	97.9		111.5		(13.6		)	(12)%
			Services and other	0.5		0.3		0.2			67%	1.1		1.3		(0.2		)	(15)%
				27.7		31.6		(3.9		)	(12)%	116.1		133.1		(17.0		)	(13)%
		Integration
			Services and other	0.4		0.5		(0.1		)	(20)%	1.5		1.8		(0.3		)	(17)%
	Total business revenue			$	71.7	$	72.2	$	(0.5	)	(1)%	$	285.9	$	287.7	$	(1.8	)	(1)%
	Carrier
		Strategic
			Data	$	11.3	$	11.1	$	0.2		2%	$	42.8	$	45.0	$	(2.2	)	(5)%
			Services and other	—		—		—			n/m	5.4		—		5.4			n/m
				11.3		11.1		0.2			2%	48.2		45.0		3.2			7%
		Legacy
			Data	7.1		8.2		(1.1		)	(13)%	30.5		35.8		(5.3		)	(15)%
			Voice	3.7		3.9		(0.2		)	(5)%	15.4		16.3		(0.9		)	(6)%
			Services and other	1.5		1.6		(0.1		)	(6)%	6.2		6.3		(0.1		)	(2)%
				12.3		13.7		(1.4		)	(10)%	52.1		58.4		(6.3		)	(11)%
	Total carrier revenue			$	23.6	$	24.8	$	(1.2	)	(5)%	$	100.3	$	103.4	$	(3.1	)	(3)%
Total Entertainment and Communications Revenue				$	197.0	$	193.0	$	4.0		2%	$	789.9	$	768.8	$	21.1		3%

Cincinnati Bell Inc.
Revenues by Segment
(Unaudited)
(Dollars in millions)
				Three Months Ended								Twelve Months Ended
				December 31,				Change				December 31,				Change
				2017		2016		$			%	2017		2016		$			%
IT Services and Hardware
	Business
		Strategic
			Professional Services	$	41.3	$	20.9	$	20.4		98%	$	95.5	$	89.2	$	6.3		7%
			Management and Monitoring	5.5		7.9		(2.4		)	(30)%	21.1		32.0		(10.9		)	(34)%
			Unified Communications	7.4		7.3		0.1			1%	29.1		29.4		(0.3		)	(1)%
			Cloud Services	17.3		13.3		4.0			30%	53.5		46.5		7.0			15%
				71.5		49.4		22.1			45%	199.2		197.1		2.1			1%
		Integration
			Professional Services	3.2		5.9		(2.7		)	(46)%	19.1		17.5		1.6			9%
			Unified Communications	3.3		2.4		0.9			38%	13.2		10.4		2.8			27%
			Telecom and IT hardware	155.3		37.8		117.5			n/m	280.3		205.7		74.6			36%
				161.8		46.1		115.7			n/m	312.6		233.6		79.0			34%
Total IT Services and Hardware Revenue				$	233.3	$	95.5	$	137.8		n/m	$	511.8	$	430.7	$	81.1		19%

Cincinnati Bell Inc.
Income Statements by Segment
(Unaudited)
(Dollars in millions)
			Three Months Ended								Twelve Months Ended
			December 31,				Change				December 31,				Change
			2017		2016		$			%	2017		2016		$			%
	Entertainment and Communications
	Revenue
		Data	$	88.3	$	86.4	$	1.9		2%	$	351.6	$	344.8	$	6.8		2%
		Voice	65.8		67.0		(1.2		)	(2)%	$	267.3	275.0		(7.7		)	(3)%
		Video	38.2		33.6		4.6			14%	$	149.2	125.7		23.5			19%
		Services and Other	4.7		6.0		(1.3		)	(22)%	$	21.8	23.3		(1.5		)	(6)%
		Total revenue	197.0		193.0		4.0			2%	$	789.9	768.8		21.1			3%
	Operating costs and expenses
		Cost of services and products	96.7		92.4		4.3			5%	379.3		359.5		19.8			6%
		Selling, general and administrative	34.2		34.5		(0.3		)	(1)%	138.7		141.6		(2.9		)	(2)%
		Depreciation and amortization	45.6		43.8		1.8			4%	174.7		168.6		6.1			4%
		Other*	5.0		7.7		(2.7		)	(35)%	31.9		8.5		23.4			n/m
		Total operating costs and expenses	181.5		178.4		3.1			2%	724.6		678.2		46.4			7%
	Operating income		$	15.5	$	14.6	$	0.9		6%	$	65.3	$	90.6	$	(25.3	)	(28)%
	IT Services and Hardware
	Revenue
		Professional Services	$	44.5	$	26.8	$	17.7		66%	$	114.6	$	106.7	$	7.9		7%
		Management and Monitoring	5.5		7.9		(2.4		)	(30)%	21.1		32.0		(10.9		)	(34)%
		Unified Communications	10.7		9.7		1.0			10%	42.3		39.8		2.5			6%
		Cloud Services	17.3		13.3		4.0			30%	53.5		46.5		7.0			15%
		Telecom and IT hardware	155.3		37.8		117.5			n/m	280.3		205.7		74.6			36%
		Total revenue	233.3		95.5		137.8			n/m	511.8		430.7		81.1			19%
	Operating costs and expenses
		Cost of services and products	184.8		72.1		112.7			n/m	394.6		332.4		62.2			19%
		Selling, general and administrative	36.1		15.1		21.0			n/m	83.7		58.0		25.7			44%
		Depreciation and amortization	7.2		3.7		3.5			95%	18.1		13.5		4.6			34%
		Other*	2.5		3.3		(0.8		)	(24)%	4.8		3.6		1.2			33%
		Total operating costs and expenses	230.6		94.2		136.4			n/m	501.2		407.5		93.7			23%
	Operating income		$	2.7	$	1.3	$	1.4		n/m	$	10.6	$	23.2	$	(12.6	)	(54)%
		* Other includes restructuring and severance related charges, and pension settlement charges.

Cincinnati Bell Inc.
Segment Information
(Unaudited)
(Dollars in millions)
			Three Months Ended										Twelve Months Ended
			December 31,						Change				December 31,						Change
			2017			2016			$			%	2017			2016			$			%
	Revenue
		Entertainment and Communications	$	197.0		$	193.0		$	4.0		2%	$	789.9		$	768.8		$	21.1		3%
		IT Services and Hardware	233.3			95.5			137.8			n/m	511.8			430.7			81.1			19%
		Eliminations	(3.2		)	(3.2		)	—			0%	(13.2		)	(13.7		)	0.5			(4)%
		Total revenue	$	427.1		$	285.3		$	141.8		50%	$	1,288.5		$	1,185.8		$	102.7		9%
	Cost of Services and Products
		Entertainment and Communications	$	96.7		$	92.4		$	4.3		5%	$	379.3		$	359.5		$	19.8		6%
		IT Services and Hardware	184.8			72.1			112.7			n/m	394.6			332.4			62.2			19%
		Eliminations	(3.0		)	(2.9		)	(0.1		)	3%	(12.6		)	(13.0		)	0.4			(3)%
		Total cost of services and products	$	278.5		$	161.6		$	116.9		72%	$	761.3		$	678.9		$	82.4		12%
	Selling, General and Administrative
		Entertainment and Communications	$	34.2		$	34.5		$	(0.3	)	(1)%	$	138.7		$	141.6		$	(2.9	)	(2)%
		IT Services and Hardware	36.1			15.1			21.0			n/m	83.7			58.0			25.7			44%
		Corporate and eliminations	4.0			4.2			(0.2		)	(5)%	18.5			19.1			(0.6		)	(3)%
		Total selling, general and administrative	$	74.3		$	53.8		$	20.5		38%	$	240.9		$	218.7		$	22.2		10%
	Depreciation and Amortization
		Entertainment and Communications	$	45.6		$	43.8		$	1.8		4%	$	174.7		$	168.6		$	6.1		4%
		IT Services and Hardware	7.2			3.7			3.5			95%	18.1			13.5			4.6			34%
		Corporate	0.1			—			0.1			n/m	0.2			0.1			0.1			n/m
		Total depreciation and amortization	$	52.9		$	47.5		$	5.4		11%	$	193.0		$	182.2		$	10.8		6%
	Other*
		Entertainment and Communications	$	5.0		$	7.7		$	(2.7	)	(35)%	$	31.9		$	8.5		$	23.4		n/m
		IT Services and Hardware	2.5			3.3			(0.8		)	(24)%	4.8			3.6			1.2			33%
		Corporate	4.1			0.9			3.2			n/m	18.5			0.9			17.6			n/m
		Total other	$	11.6		$	11.9		$	(0.3	)	(3)%	$	55.2		$	13.0		$	42.2		n/m
	Operating Income
		Entertainment and Communications	$	15.5		$	14.6		$	0.9		6%	$	65.3		$	90.6		$	(25.3	)	(28)%
		IT Services and Hardware	2.7			1.3			1.4			n/m	10.6			23.2			(12.6		)	(54)%
		Corporate	(8.4		)	(5.4		)	(3.0		)	56%	(37.8		)	(20.8		)	(17.0		)	82%
		Total operating income	$	9.8		$	10.5		$	(0.7	)	(7)%	$	38.1		$	93.0		$	(54.9	)	(59)%
		* Other includes restructuring, severance related charges, transaction costs and pension settlement charges.

Cincinnati Bell Inc.
Segment Metric Information
(Unaudited)
(In thousands)
				December 31,	September 30,	June 30,	March 31,	December 31,
				2017	2017	2017	2017	2016
	Residential voice lines
		Legacy voice lines		94.9	99.5	104.9	111.1	117.5
		Total Strategic voice lines (Fioptics)		88.8	88.1	87.0	85.5	83.8
		Total residential voice lines		183.7	187.6	191.9	196.6	201.3
	Business voice lines
		Legacy voice lines		167.1	172.1	177.3	183.9	190.7
		Strategic voice lines**		166.0	151.9	146.2	136.4	131.7
		Total business voice lines		333.1	324.0	323.5	320.3	322.4
	Total voice lines			516.8	511.6	515.4	516.9	523.7
	Long distance lines			293.6	299.1	304.3	311.0	317.3
	Internet subscribers
		DSL		82.1	86.7	93.0	100.1	105.6
		Fioptics Internet
			FTTH	179.8	174.2	168.1	160.3	151.6
			FTTN	47.0	47.0	46.0	47.0	46.0
		Total Fioptics Internet		226.6	221.2	214.1	207.3	197.6
	Total internet subscribers			308.7	307.9	307.1	307.4	303.2
	Fioptics video subscribers
			FTTH	116.5	113.5	112.8	111.1	107.6
			FTTN	30.0	30.0	30.0	30.0	30.0
	Total Fioptics video subscribers			146.5	143.5	142.8	141.1	137.6
	Fioptics units passed
		FTTH		431.3	423.6	415.4	403.7	392.3
		FTTN		140.9	141.1	141.3	141.5	141.1
	Total Fioptics units passed			572.2	564.7	556.7	545.2	533.4
	* Fiber to the Home (FTTH), Fiber to the Node (FTTN)
	** Strategic voice lines include VoIP lines and Fioptics voice lines.

Cincinnati Bell Inc.
Net Debt (Non-GAAP) and Common Shares Outstanding
(Unaudited)
(Dollars and shares in millions)
		December 31,			December 31,
		2017			2016
Receivables Facility		$	—		$	89.5
Corporate Credit Agreement - Tranche B Term Loan due 2020		—			315.8
Corporate Credit Agreement - Tranche B Term Loan due 2024		600.0			—
7 1/4% Senior Notes due 2023		22.3			22.3
7% Senior Notes due 2024		625.0			625.0
8% Senior Notes due 2025		350.0			—
Cincinnati Bell Telephone Notes		87.9			87.9
Capital leases and other debt		82.9			69.5
Net unamortized premium		1.9			8.5
Unamortized note issuance costs		(22.3		)	(11.9		)
	Total debt	1,747.7			1,206.6
Less: Cash and cash equivalents		(396.5		)	(9.7		)
	Net debt (Non-GAAP: as defined by the company)	$	1,351.2		$	1,196.9
Corporate Credit Agreement availability		$	200.0		$	150.0
Common shares outstanding		42.2			42.1

Cincinnati Bell Inc.
Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP)
(Unaudited)
(Dollars in millions)
			Three Months Ended December 31, 2017
			Entertainment & Communications			IT Services & Hardware			Corporate			Total Company
	Net loss (GAAP)											$	(16.2	)
	Add:
		Income tax benefit										(5.4		)
		Interest expense										30.3
		Loss on extinguishment of debt, net										3.2
		Other income, net										(2.1		)
	Operating income (GAAP)		$	15.5		$	2.7		$	(8.4	)	$	9.8
	Add:
		Depreciation and amortization	45.6			7.2			0.1			52.9
		Restructuring and severance related charges	1.0			2.5						3.5
		Transaction and integration costs	—			—			4.1			4.1
		Pension settlement charges	4.0			—			—			4.0
		Pension and other retirement plan expenses	3.7			—			0.4			4.1
	Adjusted EBITDA (Non-GAAP)		$	69.8		$	12.4		$	(3.8	)	$	78.4
	Adjusted EBITDA Margin (Non-GAAP)		35		%	5		%	0		%	18		%
			Three Months Ended December 31, 2016
			Entertainment & Communications			IT Services & Hardware			Corporate			Total Company
	Net loss (GAAP)											$	(1.3	)
	Less:
		Income from discontinued operations, net of tax										0.3
	Loss from continuing operations (GAAP)											(1.6		)
	Add:
		Income tax expense										1.2
		Interest expense										17.6
		Gain on sale of Investment in CyrusOne										(5.1		)
		Loss on extinguishment of debt, net										4.8
		Other income, net										(6.4		)
	Operating income (GAAP)		$	14.6		$	1.3		$	(5.4	)	$	10.5
	Add:
		Depreciation and amortization	43.8			3.7			—			47.5
		Restructuring and severance related charges	7.7			3.3			0.9			11.9
		Pension and other retirement plan expenses	3.8			—			0.5			4.3
	Adjusted EBITDA (Non-GAAP)		$	69.9		$	8.3		$	(4.0	)	$	74.2
	Adjusted EBITDA Margin (Non-GAAP)		36		%	9		%	0		%	26		%
	Year-over-year dollar change in Adjusted EBITDA		$	(0.1	)	$	4.1		$	0.2		$	4.2
	Year-over-year percentage change in Adjusted EBITDA		—		%	49		%	(5		)%	6		%

Cincinnati Bell Inc.
Reconciliation of Net Income (GAAP) to Adjusted EBITDA (Non-GAAP)
(Unaudited)
(Dollars in millions)
			Twelve Months Ended December 31, 2017
			Entertainment & Communications			IT Services & Hardware			Corporate			Total Company
	Net income (GAAP)											$	35.1
	Add:
		Income tax expense										30.9
		Interest expense										85.2
		Gain on sale of Investment in CyrusOne										(117.7		)
		Loss on extinguishment of debt, net										3.2
		Other expense, net										1.4
	Operating income (GAAP)		$	65.3		$	10.6		$	(37.8	)	$	38.1
	Add:
		Depreciation and amortization	174.7			18.1			0.2			193.0
		Restructuring and severance related charges	27.9			4.8			—			32.7
		Transaction and integration costs	—			—			18.5			18.5
		Pension settlement charges	4.0			—			—			4.0
		Pension and other retirement plan expenses	14.6			—			1.8			16.4
	Adjusted EBITDA (Non-GAAP)		$	286.5		$	33.5		$	(17.3	)	$	302.7
	Adjusted EBITDA Margin (Non-GAAP)		36		%	7		%	0		%	23		%
			Twelve Months Ended December 31, 2016
			Entertainment and Communications			IT Services & Hardware			Corporate			Total Company
	Net income (GAAP)											$	102.1
	Less:
		Income from discontinued operations, net of tax										0.3
	Income from continuing operations (GAAP)											101.8
	Add:
		Income tax expense										61.1
		Interest expense										75.7
		Gain on sale of Investment in CyrusOne										(157.0		)
		Loss on extinguishment of debt, net										19.0
		Other income, net										(7.6		)
	Operating income (GAAP)		$	90.6		$	23.2		$	(20.8	)	$	93.0
	Add:
		Depreciation and amortization	168.6			13.5			0.1			182.2
		Restructuring and severance related charges	7.7			3.3			0.9			11.9
		Loss on sale or disposal of assets	0.8			0.3			—			1.1
		Pension and other retirement plan expenses	15.1			—			1.9			17.0
	Adjusted EBITDA (Non-GAAP)		$	282.8		$	40.3		$	(17.9	)	$	305.2
	Adjusted EBITDA Margin (Non-GAAP)		37		%	9		%	0		%	26		%
	Year-over-year dollar change in Adjusted EBITDA		$	3.7		$	(6.8	)	$	0.6		$	(2.5	)
	Year-over-year percentage change in Adjusted EBITDA		1		%	(17		)%	(3		)%	(1		)%

Cincinnati Bell Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)
			Three Months Ended						Twelve Months Ended
			December 31,						December 31,
			2017			2016			2017			2016
	Cash provided by operating activities		$	46.6		$	27.4		$	203.4		$	173.1
		Capital expenditures	(62.3		)	(97.6		)	(210.5		)	(286.4		)
		Proceeds from sale of Investment in CyrusOne	—			8.5			140.7			189.7
		Acquisitions of businesses, net of cash acquired	(157.4		)	—			(167.0		)	—
		Dividends received from Investment in CyrusOne (equity method investment)	—			—			—			2.1
		Other, net	(0.3		)	(0.1		)	—			(0.9		)
	Cash used in investing activities		(220.0		)	(89.2		)	(236.8		)	(95.5		)
		Proceeds from issuance of long-term debt	943.0			210.0			943.0			635.0
		Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days	—			66.0			(89.5		)	71.9
		Repayment of debt	(396.6		)	(298.3		)	(403.0		)	(759.3		)
		Debt issuance costs	(17.8		)	(2.7		)	(19.1		)	(11.1		)
		Dividends paid on preferred stock	(2.6		)	(2.6		)	(10.4		)	(10.4		)
		Common stock repurchase	—			—			—			(4.8		)
		Other, net	0.2			(0.1		)	(0.8		)	3.4
	Cash provided by (used in) financing activities		526.2			(27.7		)	420.2			(75.3		)
	Net increase (decrease) in cash, cash equivalents and restricted cash		352.8			(89.5		)	386.8			2.3
	Cash, cash equivalents and restricted cash at beginning of period		43.7			99.2			9.7			7.4
	Cash, cash equivalents and restricted cash at end of period		$	396.5		$	9.7		$	396.5		$	9.7
	Reconciliation of Cash Provided by Operating Activities (GAAP) to
		Free Cash Flow (Non-GAAP)
	Cash provided by operating activities		46.6			27.4			203.4			173.1
	Adjustments:
		Capital expenditures	(62.3		)	(97.6		)	(210.5		)	(286.4		)
		Restructuring and severance related payments	2.4			0.9			29.4			1.8
		Preferred stock dividends	(2.6		)	(2.6		)	(10.4		)	(10.4		)
		Dividends received from Investment in CyrusOne (equity method investment)	—			—			—			2.1
		Decommissioning of wireless towers	—			—			—			1.9
		Cash used by discontinued operations	—			0.1			—			5.1
		Transaction and integration costs	7.2			—			16.1			—
		Free cash flow (Non-GAAP)	$	(8.7	)	$	(71.8	)	$	28.0		$	(112.8	)
	Income tax payments (refunds)		$	3.3		$	0.3		$	(12.9	)	$	1.7

Cincinnati Bell Inc.
Free Cash Flow (Non-GAAP)
(Unaudited)
(Dollars in millions)
	Free Cash Flow (Non-GAAP) for the three months ended December 31, 2016	$	(71.8	)
	Increase in Adjusted EBITDA (Non-GAAP)	4.2
	Decrease in capital expenditures	35.3
	Decrease in dividends received from Investment in CyrusOne	(1.2		)
	Decrease in pension and postretirement payments and contributions	2.4
	Change in working capital and other	22.4
	Free Cash Flow (Non-GAAP) for the three months ended December 31, 2017	$	(8.7	)
	Free Cash Flow (Non-GAAP) for the twelve months ended December 31, 2016	$	(112.8	)
	Decrease in Adjusted EBITDA (Non-GAAP)	(2.5		)
	Decrease in capital expenditures	75.9
	Decrease in interest payments	5.4
	Decrease in dividends received from Investment in CyrusOne	(6.3		)
	Decrease in pension and postretirement payments and contributions	1.2
	Change in working capital and other	67.1
	Free Cash Flow (Non-GAAP) for the twelve months ended December 31, 2017	$	28.0

Cincinnati Bell Inc.
Capital Expenditures
(Unaudited)
(Dollars in millions)
	Three Months Ended
	Dec. 31, 2017		Sep. 30, 2017		June 30, 2017		Mar. 31, 2017		Dec. 31, 2016
Entertainment and Communications	$	57.5	$	41.4	$	48.0	$	49.5	$	93.8
IT Services and Hardware	4.8		1.6		2.1		5.6		3.8
Total capital expenditures	$	62.3	$	43.0	$	50.1	$	55.1	$	97.6

Cincinnati Bell Inc.
Reconciliation of Net (Loss) Income Applicable to Common Shareholders (GAAP) to Net Income Applicable to Common Shareholders, Excluding Special Items (Non-GAAP) and Adjusted Diluted Earnings Per Share (Non-GAAP)
(Unaudited)
(Dollars in millions, except per share amounts)
		Three Months Ended
		December 31, 2017			December 31, 2016
Net (loss) income applicable to common shareholders (GAAP)		$	(18.8	)	$	(3.9	)
Special items:
	Loss on sale or disposal of assets	—			—
	Transaction and integration costs	4.1			—
	Restructuring and severance related charges	3.5			11.9
	Loss on extinguishment of debt, net	3.2			4.8
	Gain on sale of Investment in CyrusOne	—			(5.1		)
	Impairment of equity method investment	—			—
	Pension settlement charges	4.0			—
	Other income, net	(0.7		)	(6.4		)
	Income tax effect of special items *	(2.7		)	(0.5		)
Total special items		11.4			4.7
Less: income from discontinued operations, net of tax		$	—		$	0.3
Net (loss) income applicable to common shareowners, excluding special items (Non-GAAP)		$	(7.4	)	$	0.5
Weighted average diluted shares outstanding		42.2			42.1
Diluted (loss) earnings per common share (GAAP)		$	(0.45	)	$	(0.09	)
Adjusted diluted earnings per common share (Non-GAAP)		$	(0.18	)	$	0.01
*	Special items have been tax effected such that the normalized effective tax rate is 36% with the exception of transaction costs, which are treated as a discrete item in the quarter incurred.

Cincinnati Bell Inc.
Reconciliation of Net Income Applicable to Common Shareholders (GAAP) to Net Income Applicable to Common Shareholders, Excluding Special Items (Non-GAAP) and Adjusted Diluted Earnings Per Share (Non-GAAP)
(Unaudited)
(Dollars in millions, except per share amounts)
		Twelve Months Ended
		December 31, 2017			December 31, 2016
Net income applicable to common shareholders (GAAP)		$	24.7		$	91.7
Special items:
	Restructuring and severance related charges	32.7			11.9
	Loss on sale or disposal of assets	—			1.1
	Transaction and integration costs	18.5			—
	Loss on extinguishment of debt, net	3.2			19.0
	Gain on sale of Investment in CyrusOne	(117.7		)	(157.0		)
	Impairment of equity method investment	4.7			—
	Pension settlement charges	4.0			—
	Other income, net	(0.7		)	(7.5		)
	Income tax effect of special items *	27.0			50.2
Total special items		(28.3		)	(82.3		)
Less: income from discontinued operations, net of tax		$	—		$	0.3
Net (loss) income applicable to common shareowners, excluding special items (Non-GAAP)		$	(3.6	)	$	9.1
Weighted average diluted shares outstanding		42.4			42.1
Diluted (loss) earnings per common share (GAAP)		$	0.58		$	2.18
Adjusted (loss) diluted earnings per common share (Non-GAAP)		$	(0.08	)	$	0.22
*	Special items have been tax effected such that the normalized effective tax rate is 36% with the exception of transaction costs, which are treated as a discrete item in the quarter incurred.

Cincinnati Bell Inc.
Reconciliation of Operating Income (GAAP) Guidance to Adjusted EBITDA (Non-GAAP) Guidance
(Unaudited)
(Dollars in millions)
		Low		High
	2018 Operating Income (GAAP) Guidance Range	$	90	$	110
	Add:
	Depreciation and amortization	215		210
	Restructuring and severance related charges	10		5
	Stock compensation expense	5		5
	2018 Adjusted EBITDA (Non-GAAP) Guidance Range	$	320	$	330

CONTACT:

Cincinnati Bell Inc.

Investor contact:

Josh Duckworth, 513-397-2292

Joshua.Duckworth@cinbell.com

Media contact:

Jane Weiler, 513-397-9941

Jane.Weiler@cinbell.com

EX-99.2

Cincinnati Bell Fourth Quarter and Full Year 2017 Results February 15, 2018

Safe Harbor This presentation may contain “forward-looking” statements, as defined in federal securities laws including the Private Securities Litigation Reform Act of 1995, which are based on our current expectations, estimates, forecasts and projections. Statements that are not historical facts, including statements about the beliefs, expectations and future plans and strategies of the Company, are forward-looking statements. Actual results may differ materially from those expressed in any forward-looking statements. The following important factors, among other things, could cause or contribute to actual results being materially and adversely different from those described or implied by such forward-looking statements including, but not limited to: those discussed in this release; we operate in highly competitive industries, and customers may not continue to purchase products or services, which would result in reduced revenue and loss of market share; we may be unable to grow our revenues and cash flows despite the initiatives we have implemented; failure to anticipate the need for and introduce new products and services or to compete with new technologies may compromise our success in the telecommunications industry; our access lines, which generate a significant portion of our cash flows and profits, are decreasing in number and if we continue to experience access line losses similar to the past several years, our revenues, earnings and cash flows from operations may be adversely impacted; our failure to meet performance standards under our agreements could result in customers terminating their relationships with us or customers being entitled to receive financial compensation, which would lead to reduced revenues and/or increased costs; we generate a substantial portion of our revenue by serving a limited geographic area; a large customer accounts for a significant portion of our revenues and accounts receivable and the loss or significant reduction in business from this customer would cause operating revenues to decline and could negatively impact profitability and cash flows; maintaining our telecommunications networks requires significant capital expenditures, and our inability or failure to maintain our telecommunications networks could have a material impact on our market share and ability to generate revenue; increases in broadband usage may cause network capacity limitations, resulting in service disruptions or reduced capacity for customers; we may be liable for material that content providers distribute on our networks; cyber attacks or other breaches of network or other information technology security could have an adverse effect on our business; natural disasters, terrorists acts or acts of war could cause damage to our infrastructure and result in significant disruptions to our operations; the regulation of our businesses by federal and state authorities may, among other things, place us at a competitive disadvantage, restrict our ability to price our products and services and threaten our operating licenses; we depend on a number of third party providers, and the loss of, or problems with, one or more of these providers may impede our growth or cause us to lose customers; a failure of back-office information technology systems could adversely affect our results of operations and financial condition; if we fail to extend or renegotiate our collective bargaining agreements with our labor union when they expire or if our unionized employees were to engage in a strike or other work stoppage, our business and operating results could be materially harmed; the loss of any of the senior management team or attrition among key sales associates could adversely affect our business, financial condition, results of operations and cash flows; our debt could limit our ability to fund operations, raise additional capital, and fulfill our obligations, which, in turn, would have a material adverse effect on our businesses and prospects generally; our indebtedness imposes significant restrictions on us; we depend on our loans and credit facilities to provide for our short-term financing requirements in excess of amounts generated by operations, and the availability of those funds may be reduced or limited; the servicing of our indebtedness is dependent on our ability to generate cash, which could be impacted by many factors beyond our control; we depend on the receipt of dividends or other intercompany transfers from our subsidiaries and investments; the trading price of our common shares may be volatile, and the value of an investment in our common shares may decline; the uncertain economic environment, including uncertainty in the U.S. and world securities markets, could impact our business and financial condition; our future cash flows could be adversely affected if it is unable to fully realize our deferred tax assets; adverse changes in the value of assets or obligations associated with our employee benefit plans could negatively impact shareowners’ deficit and liquidity; third parties may claim that we are infringing upon their intellectual property, and we could suffer significant litigation or licensing expenses or be prevented from selling products; third parties may infringe upon our intellectual property, and we may expend significant resources enforcing our rights or suffer competitive injury; we could be subject to a significant amount of litigation, which could require us to pay significant damages or settlements; we could incur significant costs resulting from complying with, or potential violations of, environmental, health and human safety laws; the timing and likelihood of completing the merger with Hawaiian Telcom, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals for the proposed transaction that could reduce anticipated benefits or cause the parties to abandon the transaction; the possibility that competing offers or acquisition proposals for Hawaiian Telcom will be made; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the possibility that the expected synergies and value creation from the proposed transaction involving Hawaiian Telcom will not be realized or will not be realized within the expected time period; the risk that the businesses of the Company and Hawaiian Telcom and other acquired companies will not be integrated successfully; disruption from the proposed transaction involving Hawaiian Telcom making it more difficult to maintain business and operational relationships; the risk that unexpected costs will be incurred; and the possibility that the proposed transaction involving Hawaiian Telcom does not close, including due to the failure to satisfy the closing conditions and the other risks and uncertainties detailed in our filings, including our Form 10-K, with the SEC as well as Hawaiian Telcom’s filings, including its Form 10-K, with the SEC. These forward-looking statements are based on information, plans and estimates as of the date hereof and there may be other factors that may cause our actual results to differ materially from these forward-looking statements. We assume no obligation to update the information contained in this release except as required by applicable law. 2

Non-GAAP Financial Measures This presentation contains information about adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA), Adjusted EBITDA margin, net debt, net income applicable to common shareholders excluding special items and free cash flow. These are non-GAAP financial measures used by Cincinnati Bell management when evaluating results of operations and cash flow. Management believes these measures also provide users of the financial statements with additional and useful comparisons of current results of operations and cash flows with past and future periods. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of these non- GAAP financial measures to comparable GAAP financial measures have been included in the tables distributed with this release and are available in the Investor Relations section of www.cincinnatibell.com within the Investor Relations section. 3

Call Participants Page 4 Leigh Fox President and CEO, Cincinnati Bell Andy Kaiser CFO, Cincinnati Bell 4 Tom Simpson COO, Cincinnati Bell

Page 5 2017 Highlights 5 • CBTS launched nationwide SD-WAN and Network as a Service (NaaS) • Acquired SunTel Services and OnX to grow footprint and addressable market beyond Cincinnati, adding 20 sales offices throughout North America Substantial Milestones Achieved in Building Two Distinct, Complementary Lines of Business with Expanded Geographic Reach, Customer Diversification and Increased Runway for Growth Entertainment & Communications IT Services & Hardware • Fiber investments continue to generate year-over-year revenue and Adjusted EBITDA growth • Announced Hawaiian Telcom merger to accelerate leadership in fiber growth through enhanced scale and diversification Key Financials 2017 Guidance 2017 Actuals Original Revised Cincinnati Bell OnX Contribution Total Revenue $1.2B $1.35B – $1.40B $1.14B $0.15B $1.29B Adj. EBITDA $295M(1) $305M(1) $295M $8M $303M 1. Plus or minus 2 percent Generated Positive Free Cash Flow – $28M

$8 $4 $8 $68 $70 4Q16 4Q17 IT Services & Hardware OnX 4Q17 Contribution Entertainment & Communications Corporate $40 $25 $8 $273 $287 -$18 -$17 FY16 FY17 $95 $83 $150 $193 $197 4Q16 4Q17 IT Services & Hardware OnX 4Q17 Contribution Entertainment & Communications Corporate $431 $362 $150 $769 $790 FY16 FY17 Page 6 Fourth Quarter and Full Year 2017 Highlights 6 Strategic Revenue Fioptics Key Financial Metrics Adjusted EBITDA ($ in millions) Total Revenue ($ in millions) 4Q17 FY17 $80M $310M +17% y/y +22% y/y 4Q17 FY17 $201M $705M +21% y/y +11% y/y 572,200 addresses +7% y/y Revenue $285 $427 $1,186 $1,289 -$3 -$3 -$14 -$13 $72(1) $78 $295(1) $303 -$4 -$4 1. Excludes non-cash amortization of postretirement prior service credit related to the E&C segment ending in FY 2016 - $2M and $10 M in 4Q16 and FY16, respectively.

Page 7 Entertainment & Communications 7 Strategic Revenue with breakdown for 2 segments Segment Results Strategic Revenue4Q17 Highlights • Strong and consistent performance in the fiber network business • Fioptics revenue of $80M, up 17% y/y • Fioptics internet subscribers of 226,600, up 15% y/y • Fioptics video subscribers of 146,500, up 6% y/y • Positive net subscriber adds for internet and video during 4Q17 • Total internet subscribers of 308,700 in 4Q17, up 2% y/y • Received merger approval from Hawaiian Telcom shareholders and State of Hawaii DCCA Cable Television Division ($ in millions) 4Q17 Y/Y FY17 Y/Y Consumer $77 14% $299 19% Business 44 9% 168 10% Carrier 11 2% 48 7% Total $132 11% $515 15% ($ in millions) 4Q17 Y/Y FY17 Y/Y Revenue $197 2% $790 3% Adj. EBITDA $70 flat $287 1% Adj. EBITDA margin 35% -2% 36% -2% FY17 Segment Revenue Elements Data +2% y/y Voice -3% y/y Video +19% y/y Services and Other -6% y/y

Page 8 Continued Success in Fioptics 8 CBB continues to win with fiber in an increasingly competitive environment • Fioptics is available to 572,200 addresses - approximately 70% of Greater Cincinnati • Passed 38,800 new addresses in 2017, above target of 35,000 for the year • Video churn of 2.2% in 4Q17, consistent with prior year • 4Q17 single-family churn was 1.9%; apartment churn was 3.3% Total Fioptics Subscribers (in thousands) 1. FTTN: fiber-to-the-node 2. FTTH: fiber-to-the-home $33 $38 $28 $33 $8 $9 4Q16 4Q17 Video Internet Voice Fioptics Revenue ($ in millions) $69 $80 $126 $149 $99 $127 $29 $34 FY16 FY17 $254 $310 26% 40% 19% = $88 $49 $28 +7% y/y +3% y/y +2% y/y Video Internet Voice Video Internet Voice Fioptics Addresses (in thousands) Fioptics Penetration (y/y) Fioptics Monthly ARPU– 4Q17 533 572 138 147 198 227 96 106 4Q16 4Q17 Video Internet Voice 141 141 392 431 4Q16 4Q17 FTTN FTTH(1) (2)

$28 $25 $67 $77 4Q16 4Q17 Legacy Strategic Integration $122 $104 $252 $299 FY16 FY17 $32 $28 $40 $44 4Q16 4Q17 Legacy Strategic Integration $133 $116 $153 $168 FY16 FY17 Page 9 Entertainment & Communications 9 Consumer Market Business Market Carrier Market • Fioptics revenue growth continues to more than offset legacy declines • Ongoing transition of customers from copper network to strategic fiber-based products continues • On-going FCC switched access rate reductions • National carriers increased focus on reducing costs • Wireless backhaul win increases macro tower market share to > 90% 1. Entertainment & Communications Consumer Integration revenue totaled $0.9M in 4Q16, $3.9M in FY16, $0.4M in 4Q17, and $0.7M in FY17 2. Entertainment & Communications Business Integration revenue totaled $0.5M in 4Q16, $1.8M in FY16, $0.4M in 4Q17, and $1.5M in FY17 ($ in millions) (1) (2) $96 $102 $378 $404 $72 $72 $288 $286 $14 $12 $11 $11 4Q16 4Q17 Legacy Strategic $58 $52 $45 $48 FY16 FY17 $25 $23 $103 $100 =

• Add operational scale and expand the Company’s fiber- centric footprint and commercial opportunity to Hawaii Page 10 Merger with Hawaiian Telcom 10 Growth Opportunity Completed Several Critical Milestones Regarding Hawaiian Telcom Merger Approval Process in 4Q17 Merger with Hawaiian Telcom Represents Opportunity to Scale Cincinnati Bell’s Fiber Success in Another Attractive Market • Hawaii’s fiber-centric technology leader providing voice, video, broadband, data center and cloud solutions Transaction Size Business Description Approval Process and Closing Expected Cost Synergies* • Network: ~$11M annually • $650M including existing net debt • 60% cash and 40% stock *To be realized within two years post-close, and excluding potential revenue synergies from cross-selling opportunities • Approved by Hawaiian Telcom shareholders • Cleared the Hart-Scott-Rodino Act review period • Received approval from the Hawaii DCCA Cable Television Division • Pending approval from FCC and Hawaiian Public Utilities Commission • Closing expected in H2 2018 Cincinnati Bell Network Map Hawaiian Telcom Network Map

Page 11 IT Services & Hardware 11 4Q17 Highlights • OnX contributed $150M in revenue and $8M in Adj. EBITDA in 4Q17 • Decline in Telecom & IT hardware due to cost cutting initiatives by a large customer • Awarded national UCaaS/SD-WAN project – currently in the implementation phase for start up in H2 2018 Segment Results Strategic Revenue ($ in millions) 4Q17 Y/Y FY17 Y/Y Professional Services $16 -23% $70 -21% Management and Monitoring 6 -30% 21 -34% Unified Communications 7 1% 29 -1% Cloud Services 11 -21% 47 0% OnX(1) 32 - 32 - Total $72 45% $199 1% 1. OnX acquisition closed on October 2, 2017. OnX’s strategic revenue consisted of Professional Services ($25M) and Cloud Services ($7M).. ($ in millions) 4Q17 Y/Y FY17 Y/Y CBTS 83 -13% 362 -16% OnX(1) 150 - 150 - Total Revenue $233 n/m $512 19% CBTS 4 -43% 25 -36% OnX(1) 8 - 8 - Total Adj. EBITDA $12 49% $33 -17% CBTS 6% -35% 7% -24% OnX(1) 5% - 5% - Total Adj. EBITDA margin 5% -39% 7% -30% FY17 Segment Revenue Elements Professional Services -16% y/y Management & Monitoring -34% y/y Unified Communications 6% y/y Cloud Services flat Telecom & IT hardware -21% y/y OnX(1)

Business Description • Expansion of geographic footprint and addressable market beyond Cincinnati to accelerate momentum in IT services Closing • Closed on October 2, 2017 Page 12 • $201M in cash1 Acquisition of OnX Enterprise Solutions 12 Growth Opportunity Transaction Size • OnX provides industry-leading technology services and solutions to enterprise customers in the U.S., Canada and the U.K. Expected Cost Synergies* • ~$10M annually *To be realized within two years post-close, and excluding potential revenue synergies from cross-selling opportunities 1. The acquisition of OnX, originally announced on July 10, 2017, indicated that the purchase price of $201 million was subject to customary post-closing adjustments. Total cash consideration for the acquisition was $241.2 million, including payments for working capital adjustments, as of December 31, 2017. An additional $2.6 million for additional working capital adjustments is pending. Source: Company Filings Completed Acquisition of OnX in 4Q17, Creating A Leading North American IT Services Provider, and Dramatically Transforming IT Services Business Runway for Growth 4Q17 Contribution • $150M in revenue • $8M in Adj. EBITDA Key Technology Partners / Certifications Offices 20+ Offices 2,000+ Customers

Page 13 Free Cash Flow Performance 13 Net Debt Change in Working Capital/Other 1. Calculated as net debt divided by 2016 Adjusted EBITDA 2. Calculated as net debt divided by 2018 Adjusted EBITDA Guidance (mid-point) 3. Includes decommissioning of wireless towers 4. Dividends received from investment in CyrusOne (equity method investment) ($ in millions) 3.9x Net Leverage(1) 4.1x Net Leverage(2) 2017 Free Cash Flow OnX contributed $13M of positive FCF in 4Q17 $1,197 $1,351 4Q16 4Q17 -$44 2016 2017 YTD Y/Y 2017 Change Adjusted EBITDA (Non-GAAP) $303 ($3) Interest Payments (66) 5 Pension and OPEB Payments (12) 1 Stock-based Compensation 6 1 Restructuring & Severance related payments (29) (28) Transaction and Integration Costs (16) (16) Cash used by discontinued operations(3) - 7 Income tax refunds, net of payments 13 15 Working Capital and Other 4 48 Cash Provided by Operating Activities (GAAP) $203 $30 Capital expenditures (210) 76 Restructuring & severance related payments 29 28 Preferred stock dividends (10) - Dividends received from Investment in CyrusOne(4) - (2) Cash used by discontinued operations(3) - (7) Transaction and Integration Costs 16 16 Free Cash Flow (Non-GAAP) $28 $141 $4

Page 14 Capital Expenditures 14 Capital Expenditures Total $210 -76 $190 - $210 • 2017 CapEx in line with high end of guidance range — down $76M from the prior year • Invested $125M in Fioptics in 2017 • Passed an additional 38,800 customer addresses during 2017, exceeding target of 35,000 • Accelerated purchases in 4Q17 to capitalize on purchase and volume based discounts— expect savings of approx. $24M over the next few years • Other strategic represents success- based capital for fiber builds for business and new IT services projects • 2018 CapEx guidance reflects Fioptics build target of 35,000 new addresses FY 2017 Actuals Y/Y FY 2018 Guidance Construction $54 -36 $35 - $45 Installation 55 -13 45 - 50 Value Added 16 -6 15 Total Fioptics $125 -55 $95 - $110 Other Strategic 44 -18 55 - 60 Total Success-based Investments $169 -73 $150 - $170 Legacy Maintenance 41 -3 40 ($ in millions)

Page 15 2018 Outlook 15 2018 Guidance Revenue $1,200M – $1,275M Adjusted EBITDA $320M – $330M Impact of New Revenue Standard ($ in millions) 2017 2018 (Guidance) As currently presented $1,289 $1,700 – $1,775 Impact of new revenue recognition ($224) ($500) As Adjusted $1,065 $1,200 – $1,275 • Revenue guidance reflects adoption of new revenue recognition standard • Telecom and IT hardware sales will be recognized net of product cost • Guidance does not include any contribution from the pending merger with Hawaiian Telcom Selected 2018 Free Cash Flow Items Capital Expenditures $190M – $210M Interest payments $115M – $125M Pension and OPEB payments $15M – $20M

Page 16 2018 and Beyond 16  Consumer • Fioptics is available to 572,000 addresses - approximately 70% of Greater Cincinnati • 53% are able to receive gigabit speeds • 17 % are able to receive up to 50 mbps • Remaining operating territory capable of receiving DSL speeds  Business • 50% of commercial units have been updated with fiber  Carrier • Provide wireless tower backhaul services to approximatively 70% of 1,000 towers • Provide fiber to 250 small cell sites Entertainment & Communications IT Services and Hardware  Strengthening North American platform  Segment reporting changes to align with our broader strategy Enhanced Strategic Focus and Flexibility Two distinct, complementary lines of business with separate financials, reporting and organizational structures Enhanced scale and expanded portfolio of complementary IT offerings to win larger, multi-faceted deals Practice Products Cloud Services Monitoring & Management, Virtual DC, Cloud Consulting Communications UCaaS, SD Wan, NaaS, CLEC Services Consulting Services Professional Services Program, Application Consulting Services Infrastructure Solutions Hardware/Maintenance Continued investments in high speed, high bandwidth fiber network to increase our market penetration We are focused on investing where we are winning Fiber continues to differentiate Cincinnati Bell from traditional carriers  Pending merger with Hawaiian Telcom expected to close in the second half of 2018 Transform to become an international hybrid cloud services provider  Further streamline operational and financial systems and organizations

Page 17 Appendix

Page 18 18 Consolidated Results ($ in millions, except per share amounts) 2017 2016 Revenue 427.1$ 285.3$ Costs and expenses Cost of services and products 278.5 161.6 Selling, general and administrative 74.3 53.8 Depreciation and amortization 52.9 47.5 Restructuring and severance related charges 3.5 11.9 Transaction and integration costs 4.1 — Other 4.0 — Operating income 9.8 10.5 Interest expense 30.3 17.6 Loss on extinguishment of debt, net 3.2 4.8 Gain on sale of Investment in CyrusOne — (5.1) Other expense (income), net (2.1) (6.4) Loss from continuing operations before income taxes (21.6) (0.4) Income tax (benefit) expense (5.4) 1.2 Loss from continuing operations (16.2) (1.6) Income from discontinued operations, net of tax — 0.3 Net loss (16.2) (1.3) Preferred stock dividends 2.6 2.6 Net loss applicable to common shareowners (18.8)$ (3.9)$ Basic net loss per common share (0.45)$ (0.09)$ Diluted net loss per common share (0.45)$ (0.09)$ Weighted average common shares outstanding (in millions) – Basic 42.2 42.0 – Diluted 42.2 42.0 December 31, Three Months Ended

Page 19 19 Consolidated Results ($ in millions, except per share amounts) 2017 2016 Revenue 1,288.5$ 1,185.8$ Costs and expenses Cost of services and products 761.3 678.9 Selling, general and administrative 240.9 218.7 Depreciation and amortization 193.0 182.2 Restructuring and severance related charges 32.7 11.9 Transaction and integration costs 18.5 — Other 4.0 1.1 Operating income 38.1 93.0 Interest expense 85.2 75.7 Loss on extinguishment of debt, net 3.2 19.0 Gain on sale of Investment in CyrusOne (117.7) (157.0) Other expense (income), net 1.4 (7.6) Income from continuing operations before income taxes 66.0 162.9 Income tax expense 30.9 61.1 Income from continuing operations 35.1 101.8 Income from discontinued operations, net of tax — 0.3 Net income 35.1 102.1 Preferred stock dividends 10.4 10.4 Net income applicable to common shareowners 24.7$ 91.7$ Basic net earnings per common share 0.59$ 2.18$ Diluted net earnings per common share 0.58$ 2.18$ Weighted average common shares outstanding (in millions) – Basic 42.2 42.0 – Diluted 42.4 42.1 Twelve Months Ended December 31,

Page 20 20 Strategic Legacy Integration Data Fioptics Internet DSL (1) (> 10 meg) Ethernet Private Line MPLS (2) SONET (3) Dedicated Internet Access Wavelength Audio Conferencing DSL (< 10 meg) DS0 (5), DS1, DS3 TDM (6) Voice Fioptics Voice VoIP (4) Traditional Voice Long Distance Switched Access Digital Trunking Video Fioptics Video Services and Other Wiring Projects Advertising Directory Assistance Maintenance Information Services Wireless Handsets and Accessories (1) Digital Subscriber Line (2) Multi-Protocol Label Switching (3) Synchronous Optical Network (4) Voice of Internet Protocol (5) Digital Signal (6) Time Division Multiplexing Revenue Classifications – Entertainment and Communications

Page 21 21 Strategic Integration Professional Services Consulting Staff Augmentation Installation Unified Communications Voice Monitoring Managed IP Telephony Solutions Maintenance Cloud Services Virtual Data Centers Storage Backup Monitoring and Management Network Monitoring/Management Security Telecom & IT Hardware Hardware Software Licenses Revenue Classifications – IT Services and Hardware

Page 22 22 Revenue – Strategic, Legacy and Integration ($ in millions) Entertainment and Communications IT Services and Hardware Total Eliminations Total Strategic Data 69.5$ $ — Voice 23.2 — Video 38.2 — Services and other 0.8 — Professional Services — 41.3 Management and Monitoring — 5.5 Unified Communications — 7.4 Cloud Services — 17.3 Total Strategic 131.7 71.5 203.2 (2.2) 201.0 Legacy Data 18.8$ $ — Voice 42.6 — Services and other 3.1 — Total Legacy 64.5 - 64.5 (0.3) 64.2 Integration Services and other 0.8$ $ — Professional Services — 3.2 Unified Communications — 3.3 Telecom and IT Hardware — 155.3 Total Integration 0.8 161.8 162.6 (0.7) 161.9 197.0$ 233.3$ 430.3$ (3.2)$ 427.1$ Eliminations (0.4) (2.8) (3.2) Total Revenue 196.6$ 230.5$ 427.1$ 4Q17

Page 23 23 Revenue – Strategic, Legacy and Integration ($ in millions) Entertainment and Communications IT Services and Hardware Total Eliminations Total Strategic Data 269.1$ $ — Voice 87.7 — Video 149.2 — Services and other 9.0 — Professional Services — 95.5 Management and Monitoring — 21.1 Unified Communications — 29.1 Cloud Services — 53.5 Total Strategic 515.0 199.2 714.2 (9.2) 705.0 Legacy Data 82.5$ $ — Voice 179.6 — Services and other 10.6 — Total Legacy 272.7 - 272.7 (1.2) 271.5 Integration Services and other 2.2$ $ — Professional Services — 19.1 Unified Communications — 13.2 Telecom and IT Hardware — 280.3 Total Integration 2.2 312.6 314.8 (2.8) 312.0 789.9$ 511.8$ 1,301.7$ (13.2)$ 1,288.5$ Eliminations (1.7) (11.5) (13.2) Total Revenue 788.2$ 500.3$ 1,288.5$ FY 2017

Page 24 24 Revenue – Strategic, Legacy and Integration ($ in millions) Entertainment and Communications IT Services and Hardware Total Eliminations Total Strategic Data 63.5$ $ — Voice 19.6 — Video 33.6 — Services and other 1.8 — Professional Services — 20.9 Management and Monitoring — 7.9 Unified Communications — 7.3 Cloud Services — 13.3 Total Strategic 118.5 49.4 167.9 (2.4) 165.5 Legacy Data 22.9$ $ — Voice 47.4 — Services and other 2.8 — Total Legacy 73.1 - 73.1 (0.2) 72.9 Integration Services and other 1.4$ $ — Professional Services — 5.9 Unified Communications — 2.4 Telecom and IT Hardware — 37.8 Total Integration 1.4 46.1 47.5 (0.6) 46.9 193.0$ 95.5$ 288.5$ (3.2)$ 285.3$ Eliminations (0.3) (2.9) (3.2) Total Revenue 192.7$ 92.6$ 285.3$ 4Q16

Page 25 25 Revenue – Strategic, Legacy and Integration ($ in millions) Entertainment and Communications IT Services and Hardware Total Eliminations Total Strategic Data 244.5$ $ — Voice 73.4 — Video 125.7 — Services and other 5.9 — Professional Services — 89.2 Management and Monitoring — 32.0 Unified Communications — 29.4 Cloud Services — 46.5 Total Strategic 449.5 197.1 646.6 (9.1) 637.5 Legacy Data 100.3$ $ — Voice 201.6 — Services and other 11.7 — Total Legacy 313.6 - 313.6 (0.9) 312.7 Integration Services and other 5.7$ $ — Professional Services — 17.5 Unified Communications — 10.4 Telecom and IT Hardware — 205.7 Total Integration 5.7 233.6 239.3 (3.7) 235.6 768.8$ 430.7$ 1,199.5$ (13.7)$ 1,185.8$ Eliminations (1.3) (12.4) (13.7) Total Revenue 767.5$ 418.3$ 1,185.8$ FY 2016