Level 3 Communications Management Discusses Q2 2012 Results - Earnings Call Transcript

I need to cover our Safe Harbor statement which can be found on Page 2 of our 2Q '12 earnings presentation, which says that information on this call and in the presentation contain financial estimates and other forward-looking statements that are subject to risks and uncertainties. Actual results may vary significantly from those statements. A discussion of factors that may affect future results is contained in Level 3's filings with the Securities and Exchange Commission.

Finally, please note that on today's call and in the earnings presentation we will be referring to certain non-GAAP financial measures. Reconciliations between the non-GAAP financial measures and the most comparable GAAP financial measures are available in the press release which is posted on our website at www.level3.com.

I will now turn the call over to Jim.

James Q. Crowe

Thanks, Valerie. In our prepared remarks, Sunit Patel will discuss financial results for the quarter and the outlook for the balance of the year. Jeff Storey will discuss operational matters, including segment results, provide an update on the status of integration planning and implementation. And I'll provide a short summary, and we'll open it up for questions. Sunit?

Sunit S. Patel

Thank you, Jim, and good morning, everyone. I'd like to begin with some of the highlights for the quarter, which can be found on Slide 3 of our presentation.

Overall, Core Network Services revenue grew 0.7% sequentially on a constant currency basis, with our enterprise business continuing to be a strong growth driver. Adjusted EBITDA increased to $353 million. We are on track to achieve our EBITDA guidance for 2012 and we continue to make progress this quarter in achieving EBITDA synergies.

Turning to the detailed results for the second quarter 2012 on Slide 4. Core Network Services grew 0.7% sequentially on a constant currency basis. This growth was primarily driven by our enterprise customers in all regions. Excluding U.K. government revenue, the company's consolidated CNS revenue grew 1.2% and enterprise CNS grew 2.1% on a constant currency basis.

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