CommScope Holding Company Inc (COMM) 2024 Q3 法說會逐字稿

Good day. And thank you for standing by. Welcome to CommScope's 2024 third quarter results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

再會。感謝您的支持。歡迎參加康普 2024 年第三季業績電話會議。（操作員指示）請注意，今天的會議正在錄製中。

I would now like to turn the conference over to your first speaker today, Massimo Desabato. Please go ahead.

現在我想將會議交給今天的第一位發言者馬西莫·德薩巴托 (Massimo Desabato)。請繼續。

Good morning and thank you for joining us today to discuss CommScope's 2024 third quarter results. I'm Massimo Disabato, Vice President of Investor Relations for CommScope and with me on today's call are Chuck Treadway, President and CEO; and Kyle Lorentzen, Executive Vice President and CFO.

早安，感謝您今天加入我們討論康普 2024 年第三季業績。我是康普投資者關係副總裁 Massimo Disabato，與我一起參加今天電話會議的是總裁兼執行長 Chuck Treadway；執行副總裁兼財務長凱爾‧洛倫岑 (Kyle Lorentzen)。

You can find the slides that accompany this report on our investor relations website. Please note that some of our comments today will contain forward-looking statements based on our current view of our business and actual future results may differ materially. Please see our recent SEC filings which identify the principal risks and uncertainties that could affect future performance.

您可以在我們的投資者關係網站上找到本報告隨附的幻燈片。請注意，我們今天的一些評論將包含基於我們目前對業務的看法的前瞻性陳述，未來的實際結果可能存在重大差異。請參閱我們最近向 SEC 提交的文件，其中確定了可能影響未來業績的主要風險和不確定性。

Before I turn the call over to Chuck, I have a few housekeeping items to review. Today, we will discuss certain adjusted or non-GAAP financial measures which are described in more detail in this morning's earnings materials. Reconciliations of non-GAAP financial measures and other associated disclosures are contained in our earnings materials and posted on our website. All references during today's discussion will be to our adjusted results. All quarterly growth rates described during today's presentation are on a year over year basis unless otherwise noted.

在將電話轉給查克之前，我需要檢查一些內務事項。今天，我們將討論某些調整後或非公認會計準則財務指標，這些指標在今天早上的收益資料中進行了更詳細的描述。非公認會計原則財務指標和其他相關揭露的調節表包含在我們的收益資料中並發佈在我們的網站上。今天討論中的所有參考內容都將是我們調整後的結果。除非另有說明，今天的演示中描述的所有季度增長率均為同比增長率。

I'll now turn the call over to our President and CEO, Chuck Treadway.

現在我將把電話轉給我們的總裁兼執行長 Chuck Treadway。

Thank you, Massimo. Good morning, everyone. I'll begin on slide 2. In the third quarter, core CommScope delivered net sales of $1.082 billion a year-over-year increase of 3% and adjusted EBITDA of $220 million a year-over-year increase of 25% driven by strength in our CCS segment.

謝謝你，馬西莫。大家早安。我將從幻燈片 2 開始。第三季度，康普核心業務淨銷售額為 10.82 億美元，年增 3%，調整後 EBITDA 為 2.2 億美元，年增 25%，這得益於我們 CCS 領域實力的推動。

I'm pleased with our third quarter performance as we sequentially improved revenue and adjusted EBITDA from the second quarter, as a result of the initial recovery of our core next segment. Our newly defined core business now consisting of CCS, ANS and Core NICS, saw mixed results with continued strength in CCS and weakness in ANS and NICS. Visibility remains limited as upgrade timing and magnitude remains uncertain.

我對我們第三季的業績感到滿意，因為我們的核心下一個細分市場初步復甦，我們從第二季開始連續提高了營收並調整了 EBITDA。我們新定義的核心業務現在包括 CCS、ANS 和核心 NICS，結果喜憂參半，CCS 持續強勁，ANS 和 NICS 疲軟。由於升級時間和規模仍不確定，可見性仍然有限。

As I have mentioned in past earnings calls, we continue to control what we can. Our core revenue was up 3% versus prior year, while core adjusted EBITDA grew at a healthy 25%. Adjusted EBITDA as a percentage of sales increased from 16.7% to 20.4% and grew sequentially from 19.1%. This improvement has been driven by our CommScope NEXT program, (technical difficulty) and favorable mix. We have focused on very specific initiatives in all areas of our business to enhance profitability. Now, I would like to give you an update on each of our core businesses.

正如我在過去的財報電話會議中提到的，我們將繼續盡我們所能進行控制。我們的核心收入比上年增長了 3%，而核心調整後 EBITDA 則健康增長了 25%。調整後 EBITDA 佔銷售額的百分比從 16.7% 增至 20.4%，並從 19.1% 環比增長。這項改進是由我們的康普 NEXT 計劃（技術難度）和有利的組合所推動的。我們在業務的所有領域都專注於非常具體的舉措，以提高獲利能力。現在，我想向您介紹我們每項核心業務的最新情況。

In the third quarter, CCS revenue grew 17% while CCS adjusted EBITDA increased 115%. CCS adjusted EBITDA as a percentage of revenue was approximately 23.5% for the second straight quarter. We're continuing to see very strong demand from the hyper scale and cloud data center business, as the industry's need for bandwidth and data center capacity is increasing. We continue to invest in capacity to meet that demand.

第三季度，CCS 營收成長 17%，CCS 調整後 EBITDA 成長 115%。CCS 調整後 EBITDA 佔營收的百分比連續第二季約為 23.5%。隨著產業對頻寬和資料中心容量的需求不斷增加，我們繼續看到超大規模和雲端資料中心業務的強勁需求。我們持續投資產能以滿足此需求。

During the third quarter, we approved an additional capacity expansion project that will support demand into 2025. The outlook is very strong with our customers signaling, robust growth and data centers over the next several years. These investments are highly accretive to EBITDA with short paybacks.

第三季度，我們批准了一項額外的產能擴張項目，該項目將支援 2025 年的需求。我們的客戶表示，未來幾年將出現強勁成長和資料中心，前景非常樂觀。這些投資可大幅增加 EBITDA，但回報期較短。

In addition to capacity for our fiber products, we continue to implement our SYSTIMAX 2.0 initiative focused on copper technology leadership. During the quarter, we launched SYSTIMAX gigas shield extend platform which delivers leading category 6A performance for shielded applications.

除了光纖產品的產能之外，我們也持續實施專注於銅技術領先地位的 SYSTIMAX 2.0 計畫。本季度，我們推出了 SYSTIMAX gigas 屏蔽擴充平台，為屏蔽應用提供領先的 6A 類效能。

Turning our attention to the broadband side of CCS, where we are pleased to deliver year over year growth in the third quarter. We believe CommScope is well positioned for broadband growth with capacity investments we made in 2022. We also continue to invest in technology as you have seen with our recent announcement of our prodigy universal hardened connector solution.

將我們的注意力轉向 CCS 的寬頻方面，我們很高興在第三季度實現同比增長。我們相信，憑藉我們在 2022 年進行的容量投資，康普已為寬頻成長做好了充分準備。我們也繼續對技術進行投資，正如您在我們最近宣布的神奇通用硬化連接器解決方案中所看到的那樣。

In the third quarter, we announced a licensing partnership with AFL, allowing them to supply prodigy universal connectivity solutions. Since the beginning of last year, we have seen continued improvement in customer inventory levels. However, demand remains low relative to 2021 and 2022. Customers are continuing to assess their upgrade plans including evaluating the impact of BEAD and other federal funding programs on their bills.

第三季度，我們宣布與 AFL 建立許可合作夥伴關係，使他們能夠提供出色的通用連接解決方案。自去年年初以來，我們看到客戶庫存水準持續改善。然而，與 2021 年和 2022 年相比，需求仍然較低。客戶正在繼續評估他們的升級計劃，包括評估 BEAD 和其他聯邦資助計劃對其帳單的影響。

We have reached another milestone in the BEAD efforts, as CommScope now has achieved manufacturer self-certification through the Department of Commerce for hundreds of BABA and BEAD ready products. We remain bullish on this program. To date, the Department of Commerce has accepted plans from 55 to 56 eligible states and US territories. For the states that have opened their application process, we are currently working with key customers as they prepare these applications for broadband infrastructure projects.

我們在 BEAD 工作中達到了另一個里程碑，康普現已通過商務部為數百種 BABA 和 BEAD 就緒產品實現了製造商自我認證。我們仍然看好這個計劃。迄今為止，商務部已接受 55 至 56 個符合條件的州和美國領地的計劃。對於已經開放申請流程的州，我們目前正在與主要客戶合作，幫助他們為寬頻基礎設施項目準備這些申請。

Market expectations point to projects beginning late 2025 but it will be much more of a 2026 story. We have ample capacity and the complete set of products to meet the expected higher demands supporting medium and long term growth.

市場預期項目將於 2025 年底開始，但更多的是 2026 年的故事。我們擁有充足的產能和全套產品，可以滿足支援中長期成長的預期更高需求。

Turning to Core NICS which excludes DAS, revenue was up 19% versus the second quarter. Core NICS adjusted EBITDA was up $31 million sequentially versus the second quarter. This was driven by higher revenue and improved margins for RUCKUS. We feel that the challenges in the first half with channel inventory are behind us as inventory levels have normalized. Looking forward, we expect typical seasonality including some pullback in the fourth quarter. We believe the RUCKUS business is well positioned for growth in 2025.

至於不包括 DAS 的核心 NICS，營收比第二季成長了 19%。核心 NICS 調整後 EBITDA 比第二季連續成長 3,100 萬美元。這是由 RUCKUS 收入增加和利潤率提高所推動的。我們認為，隨著庫存水準已經正常化，上半年通路庫存的挑戰已經過去。展望未來，我們預計會出現典型的季節性因素，包括第四季度的一些回檔。我們相信 RUCKUS 業務將在 2025 年成長。

In addition to normalized inventory and subsequent demand, we have launched several RUCKUS initiatives including our recently announced RUCKUS Edge platform, as well as the new RUCKUS Pro AV solution. Ruckus Edge extends the cloud based AI RUCKUS One platform to the edge of the network to enable rapid deployment and simplified management of these networks.

除了標準化庫存和後續需求之外，我們還推出了多項 RUCKUS 計劃，包括我們最近發布的 RUCKUS Edge 平台以及新的 RUCKUS Pro AV 解決方案。Ruckus Edge 將基於雲端的 AI RUCKUS One 平台擴展到網路邊緣，以實現這些網路的快速部署和簡化管理。

In addition, we have continued to find traction on our market leading Wi-Fi 7 solutions and have commercially deployed our Wi-Fi 7 access points which was most recently announced to be used in the circuit of America's racetrack in Austin, Texas. We are continuing to see success on our specific vertical market strategy focusing on expansion into manufacturing, higher education and Pro AV markets. We remain bullish on the Core NICS business and are investing for our next phase of growth.

此外，我們繼續尋找市場領先的Wi-Fi 7 解決方案的吸引力，並已商業部署我們的Wi-Fi 7 接入點，最近宣布將在德克薩斯州奧斯汀的美國賽道上使用。我們的特定垂直市場策略不斷取得成功，重點是擴展到製造、高等教育和專業視聽市場。我們仍然看好核心 NICS 業務，並為下一階段的成長進行投資。

Finishing our core business updates with ANS, we previously mentioned the first half of 2024 was historically weak due to our customers being faced with larger than expected inventory and navigating the choices for next generation HFC architecture. However, ANS is best positioned with decades of knowledge of our customers' ecosystems and our breadth of new products to take advantage of the latest DOCSIS upgrade cycle.

在透過 ANS 完成我們的核心業務更新後，我們之前提到 2024 年上半年的業績表現歷來疲軟，因為我們的客戶面臨著超出預期的庫存並正在選擇下一代 HFC 架構。然而，ANS 憑藉數十年對客戶生態系統的了解以及我們豐富的新產品的優勢，能夠充分利用最新的 DOCSIS 升級週期。

Our suite of products now includes virtual CMTS, nodes, amplifiers, RPD and RMD modules, and remote OLTs for node PON. In September at the SCTE Tech Expo, we showcased our entire suite of products and solutions that help customers upgrade their networks in the most agile ways possible.

我們的產品套件現在包括虛擬 CMTS、節點、放大器、RPD 和 RMD 模組以及用於節點 PON 的遠端 OLT。在 9 月的 SCTE 技術博覽會上，我們展示了我們的整套產品和解決方案，可協助客戶以最敏捷的方式升級其網路。

We demonstrated DOCSIS 3.1E that allows customers with an existing installed base of CASA or [Eris] E6000 CMTSs to deliver multi gigabit speeds with a simple software upgrade and a new CPE. We also highlighted our newest development, a unified DOCSIS 4.0 solution that can enable FDX or ESD from the same hardware.

我們示範了 DOCSIS 3.1E，它允許擁有 CASA 或 [Eris] E6000 CMTS 現有安裝基礎的客戶透過簡單的軟體升級和新的 CPE 提供多千兆位元速度。我們也重點介紹了我們的最新開發成果，即統一的 DOCSIS 4.0 解決方案，可透過相同硬體啟用 FDX 或 ESD。

These new solutions are welcomed by our customers at the show because it provided maximum flexibility for their upgrade cycle. In addition, during the show, we jointly announced with Comcast that for the first time, our FDX amplifier is live in their network serving customers. This is a significant milestone as it marks a multi-year joint effort to provide these groundbreaking network upgrades, delivering multi gig symmetrical services across their customer base. This milestone is just the beginning of a multiyear upgrade cycle that will continue to evolve the next generations of DOCSIS 4.0 networks.

這些新解決方案在展會上受到了我們客戶的歡迎，因為它為他們的升級週期提供了最大的靈活性。此外，在展會期間，我們與 Comcast 共同宣布，我們的 FDX 擴大機首次在他們的網路中為客戶提供服務。這是一個重要的里程碑，因為它標誌著多年來共同努力提供這些突破性的網路升級，為整個客戶群提供多千兆對稱服務。這一里程碑只是多年升級週期的開始，該升級週期將繼續發展下一代 DOCSIS 4.0 網路。

During the quarter, we had meaningful shipments of FDX nodes to Comcast. We expect a significant increase in FDX nodes shipments in the fourth quarter and expect this to continue into 2025. Small shipments of FDX amplifiers will begin in the fourth quarter with substantial increases is in 2025. Also during the quarter, we want a virtual CCAP deployment. This is positive momentum for our virtual CCAP program including utilizing the recently purchased CASA technology.

本季度，我們向康卡斯特大量交付了 FDX 節點。我們預計第四季度 FDX 節點出貨量將大幅成長，並預計這種情況將持續到 2025 年。FDX 擴大機的小批量出貨將於第四季開始，並於 2025 年大幅增加。同樣在本季度，我們希望進行虛擬 CCAP 部署。這對我們的虛擬 CCAP 計劃（包括利用最近購買的 CASA 技術）來說是積極的動力。

As you can see, the momentum is building with the next phase of upgrades and the real question with our ANS business is the timing and magnitude of the upcoming upgrade cycle for our customers. Although customers have indicated a fairly aggressive upgrade cycle over the next several years, many of these upgrades have been delayed. The timing and magnitude of these upgrade cycles will be an important driver of revenue and profitability for ANS.

正如您所看到的，下一階段的升級動能正在增強，而我們的 ANS 業務的真正問題是客戶即將到來的升級週期的時間和幅度。儘管客戶表示未來幾年的升級週期相當積極，但其中許多升級已被推遲。這些升級週期的時機和規模將成為 ANS 收入和獲利能力的重要驅動力。

Moving back to core CommScope. We are continuing to navigate our businesses through varying market conditions. Some of our businesses are benefiting quicker than others from a recovery but we are still bullish medium and long term on all of our segments. Albeit timing and magnitude of demand improvement remains uncertain. For our core businesses, we believe we are well positioned to take advantage of a demand rebound with ample capacity and the right product offerings.

回到核心康普。我們將繼續在不同的市場條件下引導我們的業務。我們的一些業務比其他業務更快地從復甦中受益，但我們仍然看好我們所有細分市場的中長期前景。儘管需求改善的時間和幅度仍不確定。對於我們的核心業務，我們相信，憑藉充足的產能和合適的產品供應，我們能夠充分利用需求反彈的機會。

We will continue to control what we can, including supporting our customers as they navigate through their requirements. Based on actions that we have taken including CommScope NEXT initiatives, we expect strong profitability improvement as revenue recovers. This is evident by a strong adjusted EBITDA as a percentage of revenue in the third quarter of 20.4%.

我們將繼續盡我們所能進行控制，包括在客戶滿足其需求時為他們提供支援。根據我們採取的行動，包括康普 NEXT 計劃，我們預計隨著收入的恢復，獲利能力將出現強勁改善。第三季調整後 EBITDA 佔營收的 20.4% 的強勁表​​現就證明了這一點。

Before handing it over to Kyle, I will give you an update on our recently announced divestiture of our OWN and DAS businesses to Amphenol. Based on current progress, we now expect the sale to close in the first quarter of 2025. We believe this transaction will provide us flexibility as we evaluate our capital structure. I want to thank our OWN and DAS teams for continuing to deliver solutions to our customers as we continue through this process.

在將其交給 Kyle 之前，我將向您介紹我們最近宣布將 OWN 和 DAS 業務剝離給 Amphenanol 的最新情況。根據目前的進展，我們預計此次出售將於 2025 年第一季完成。我們相信，這項交易將為我們評估資本結構提供靈活性。我要感謝我們自己的團隊和 DAS 團隊在我們繼續這個過程的過程中繼續為我們的客戶提供解決方案。

And with that, I'd like to turn things over to Kyle to talk more about our third quarter results.

說到這裡，我想把事情交給凱爾來更多地談論我們第三季的業績。

Thank you, Chuck and good morning everyone. I'll start with an overview of our third quarter, 2024 results on slide 3. For the third quarter CommScope reported net sales from continuing operations of $1.082 billion an increase of 3% from the prior year driven by an increase in CCS. Adjusted EBITDA from continuing operations of $204 million increased by 30%. Adjusted EPS was negative $0.05 per share but increased 58%.

謝謝你，查克，大家早安。我將首先在投影片 3 上概述 2024 年第三季的業績。康普公佈第三季持續經營業務淨銷售額為 10.82 億美元，較上年同期成長 3%，主要得益於 CCS 業務的成長。來自持續經營業務的調整後 EBITDA 為 2.04 億美元，成長了 30%。調整後每股收益為負 0.05 美元，但成長了 58%。

We experienced improved sequential revenue and adjusted EBITDA the driven by increasing demand in CCS and RUCKUS. For core CommScope which excludes the OWN and DAS businesses and general corporate costs that were previously allocated to the OWN, DAS and home businesses, we reported core adjusted EBITDA of $220 million for the third quarter of 2024 which increased 25% from prior year. This was a 10% improvement sequentially versus the second quarter.

在 CCS 和 RUCKUS 需求成長的推動下，我們的營收連續成長並調整了 EBITDA。對於康普核心業務（不包括OWN 和DAS 業務以及先前分配給OWN、DAS 和家庭業務的一般企業成本），我們報告2024 年第三季核心調整後EBITDA 為2.2 億美元，比上年增長25% 。與第二季相比，環比提高了 10%。

Our adjusted EBITDA as a percentage of revenues of 20.4% increased by 370 basis points year-over-year as we continue to manage what we can control including costs. For CommScope including OWN and DAS we reported net sales of $1.414 billion which increased 5% from prior year with adjusted EBITDA of $308 million for the third quarter of 2024, which increased 27% from prior year.

由於我們繼續管理我們可以控制的因素（包括成本），調整後的 EBITDA 佔收入的比例為 20.4%，較去年同期成長 370 個基點。對於康普（包括 OWN 和 DAS），我們報告的淨銷售額為 14.14 億美元，比去年同期成長 5%，2024 年第三季調整後 EBITDA 為 3.08 億美元，比去年同期成長 27%。

Core CommScope backlog ended the quarter at $882 million down versus the end of the second quarter. As mentioned previously in all of our businesses, we are back to normalized backlog levels with short lead times.

本季末康普核心積壓訂單較第二季末減少 8.82 億美元。正如之前在我們所有業務中提到的，我們已恢復到正常的積壓水平，交貨時間很短。

Turning now to our third quarter highlights on slide 4. Starting with CCS net sales of $737 million increased 17% from the prior year. CCS adjusted EBITDA of $174 million increased 115% from the prior year. CCS adjusted EBITDA as a percentage of revenue for the quarter remained strong at 23.6% driven by favorable mix, cost savings and cost leverage.

現在轉向幻燈片 4 上的第三季亮點。年初 CCS 淨銷售額為 7.37 億美元，比上年成長 17%。CCS 調整後 EBITDA 為 1.74 億美元，較上年成長 115%。在有利的組合、成本節約和成本槓桿的推動下，CCS 調整後的 EBITDA 佔本季營收的百分比仍保持在 23.6% 的強勁水平。

Although we expect CCS adjusted EBITDA as a percentage of revenue to remain strong, we would not expect it to remain at this level for the fourth quarter. The CCCs revenue increase is primarily being driven by the enterprise business, particularly hyperscale and cloud data centers. On a sequential basis, CCS revenue grew 1%.

儘管我們預計 CCS 調整後 EBITDA 佔營收的百分比將保持強勁，但我們預計第四季度不會保持在這一水平。CCC 的收入成長主要是由企業業務推動的，特別是超大規模和雲端資料中心。CCS 營收季增 1%。

Looking towards the fourth quarter, we expect revenue to slightly improve sequentially but EBITDA to remain fairly flat. Core NICS net sales of $157 million decreased 22% versus the third quarter of 2023 driven by the over buying in 2023.Core NICS adjust EBITDA of $28 million decreased 29% from the prior year primarily driven by the decline in RUCKUS revenue.

展望第四季度，我們預計營收將環比略有改善，但 EBITDA 將保持相當穩定。由於2023 年的過度購買，核心NICS 淨銷售額為1.57 億美元，較2023 年第三季下降22%。 。

As expected, the overhang from channel inventory lasted through the first half of 2024 and started to improve in the third quarter. On a sequential basis revenue increased 19% and EBITDA increased $31 million.

如預期，通路庫存過剩持續到 2024 年上半年，並在第三季開始改善。營收季增 19%，EBITDA 增加 3,100 萬美元。

We continue to drive our vertical market strategies and RUCKUS initiatives including RUCKUS Edge and Wi-Fi 7 initiatives. In addition, we continue to shift more of our business to subscription. With the new products and vertical market focus, we are well positioned to take market share in the medium and long term. Fourth quarter Core NEXT adjusted EBITDA is expected to decline compared to third quarter results due to seasonality.

我們繼續推動我們的垂直市場策略和 RUCKUS 計劃，包括 RUCKUS Edge 和 Wi-Fi 7 計劃。此外，我們繼續將更多業務轉向訂閱。憑藉新產品和垂直市場重點，我們有能力在中長期佔據市場份額。由於季節性因素，第四季度核心 NEXT 調整後 EBITDA 預計將比第三季業績下降。

ANS net sales of $188 million decreased 15% from the prior year due to customer inventory adjustment and upgrade delays. ANS adjusted EBITDA of $19 million was down $37 million or 67% from the prior year, driven by lower revenue and unfavorable product mix. The ANS market continues to be challenging as customers deal with excess inventory and delayed upgrade cycles. We expect to see an increase in both revenue and EBITDA in the fourth quarter versus the third quarter.

由於客戶庫存調整和升級延遲，ANS 淨銷售額為 1.88 億美元，較上年下降 15%。由於收入下降和不利的產品組合，ANS 調整後 EBITDA 為 1,900 萬美元，比上年減少 3,700 萬美元，即 67%。由於客戶面臨庫存過剩和升級週期延遲的問題，ANS 市場仍面臨挑戰。我們預計第四季度的營收和 EBITDA 均較第三季有所成長。

As Chuck mentioned launching of FDX products at Comcast will have a positive impact on the business over the next several quarters. The business remains well positioned to take advantage of upgrade cycles as we have decades of experience with customer ecosystems, the largest installed base and the broadest suite of products. Performance will be driven by the speed and magnitude of the upcoming upgrade cycle that is in early stages. Despite ANS market uncertainty, we expect to see strong improvement in 2025 ANS performance.

正如 Chuck 所提到的，康卡斯特推出 FDX 產品將對未來幾季的業務產生積極影響。由於我們在客戶生態系統方面擁有數十年的經驗、最大的安裝基礎和最廣泛的產品套件，因此該業務仍然能夠充分利用升級週期。效能將取決於即將到來的早期階段升級週期的速度和規模。儘管 ANS 市場存在不確定性，但我們預計 2025 年 ANS 性能將出現強勁改善。

Finally, an update on our second quarter announcement of the divestiture of our OWN and DAS businesses to Amphenol. We are expecting the transaction to close in the first quarter of 2025. Net sales of these two businesses were $332 million in the third quarter and increased 12% from the prior year.

最後，更新我們第二季宣布將我們自己的和 DAS 業務剝離給安費諾的消息。我們預計交易將於 2025 年第一季完成。這兩項業務第三季的淨銷售額為 3.32 億美元，比上年同期成長 12%。

We expect fourth quarter OWN and DAS revenue and adjusted EBITDA to decrease compared to third quarter, note that the activity of these businesses was reported as discontinued operations while the assets and liabilities of these businesses were reported as held for sale this quarter.

我們預計第四季度的OWN 和DAS 收入以及調整後的EBITDA 將較第三季度有所下降，請注意，這些業務的活動被報告為已終止業務，而這些業務的資產和負債本季度被報告為持有待售。

Turning to slide 5 for an update on cash flow. During the quarter, we generated $122 million from cash flow from operations and free cash flow of $115 million. 2024 third quarter, cash flow from operations declined from the prior year as a result of working capital needs.

請參閱投影片 5，以了解現金流的最新情況。本季度，我們從營運現金流中產生了 1.22 億美元，自由現金流為 1.15 億美元。 2024 年第三季度，由於營運資金需求，營運現金流較上年下降。

Turning to slide 6 for an update on our liquidity and capital structure. During the third quarter, our cash and liquidity remained strong. We ended the quarter with $456 million in global cash and total available cash and liquidity of roughly $1.024 billion. During the quarter, our cash balance increased by $110 million. We did not draw on our ABL revolver during the third quarter and therefore ended the quarter with no outstanding balance, it should be noted that we expect to lose approximately $140 million of our ABL availability with the OWN, DAS transaction.

請參閱投影片 6，以了解我們的流動性和資本結構的最新情況。第三季度，我們的現金和流動性仍然強勁。本季結束時，我們的全球現金為 4.56 億美元，可用現金和流動性總額約為 10.24 億美元。本季度，我們的現金餘額增加了 1.1 億美元。我們在第三季度沒有動用我們的 ABL 左輪手槍，因此本季結束時沒有未清餘額，應該指出的是，我們預計透過 OWN、DAS 交易將損失約 1.4 億美元的 ABL 可用性。

During the quarter, we paid the required $8 million of term loan amortization. We purchased no debt on the open market. Going forward, we intend to continue to use cash opportunistically to buy back securities across the breadth of our capital structure. The company ended the quarter with net leverage ratio of 9.1 down from the prior quarter of 9.7. The calculation of the net leverage includes the OWN and DAS businesses.

本季度，我們支付了所需的 800 萬美元定期貸款攤銷。我們沒有在公開市場上購買任何債務。展望未來，我們打算繼續機會主義地使用現金來回購整個資本結構中的證券。該公司本季末的淨槓桿率為 9.1，低於上一季的 9.7。淨槓桿的計算包括OWN和DAS業務。

I'm now turning to slide 7 where I will conclude my prepared remarks with some commentary around our expectations for the remainder of 2024 and 2025. In our core business, during the first three quarters of 2024 we have seen strong recovery in our CCS business driven by data center, gen AI growth and inventory normalization. We expect that this trend will continue. Unfortunately, the Core NICS and ANS segments continue to lag as the demand environment remains uncertain.

我現在轉向投影片 7，我將在其中總結我準備好的發言，並圍繞我們對 2024 年剩餘時間和 2025 年的預期進行一些評論。在我們的核心業務中，2024 年前三個季度，在資料中心、人工智慧成長和庫存正常化的推動下，我們的 CCS 業務強勁復甦。我們預計這一趨勢將持續下去。不幸的是，由於需求環境仍然不確定，核心 NICS 和 ANS 領域繼續落後。

We would expect fourth quarter core revenue and adjusted EBITDA to be generally in line with third quarter results as we experience normal seasonality and most of our businesses offset by some continued improvement in market conditions. Based on current visibility, our full year core adjusted EBITDA guidepost is expected to be between $700 million to $750 million with breakeven free cash flow. Based on the market uncertainty, we are not providing guideposts for 2025 at this time. However, we would expect to see strong improvement off of our full year 2024 performance as markets continue to improve and customer inventory gets back to normalized levels.

我們預計第四季度的核心收入和調整後的 EBITDA 將與第三季的業績基本一致，因為我們經歷了正常的季節性因素，並且我們的大部分業務被市場狀況的持續改善所抵消。根據目前的能見度，我們全年核心調整後 EBITDA 指標預計將在 7 億至 7.5 億美元之間，自由現金流達到損益兩平。鑑於市場的不確定性，我們目前不提供 2025 年的指導方針。然而，隨著市場持續改善和客戶庫存恢復到正常水平，我們預計 2024 年全年業績將出現強勁改善。

We continue to control what we can control including managing cost and supporting our customers. Our core adjusted EBITDA as a percentage of revenue improved from 16.7% in the third quarter of 2023 to 20.4% in the third quarter of 2024. This is a testament to our priority to control what we can and improve longer term profitability.

我們繼續控制我們可以控制的事情，包括管理成本和支援我們的客戶。我們的核心調整後 EBITDA 佔營收的百分比從 2023 年第三季的 16.7% 提高到 2024 年第三季的 20.4%。這證明了我們優先控制我們所能控制的並提高長期盈利能力。

Finally, I would like to make a few comments about our capital structure. We continue to evaluate several alternatives to address our upcoming debt maturities and deleverage our balance sheet. We believe that the strengthening of our financial results over the course of the year, as well as the impending receipt of the cash proceeds from the OWN and DAS sale have greatly improved our position with creditors.

最後，我想對我們的資本結構發表一些評論。我們繼續評估幾種替代方案來解決即將到來的債務到期問題並降低資產負債表的槓桿率。我們相信，今年以來我們財務表現的增強，以及即將收到 OWN 和 DAS 出售的現金收益，大大改善了我們在債權人面前的地位。

During the third quarter, we commenced discussions with certain creditors in an effort to identify a course of action with respect to our debt capital structure that would best position the company going forward, while we announced this morning the negotiations with one ad hoc group of our creditors have ceased we remain in active and constructive discussions with other creditors that are not part of that group. For today's call, we will not be making further comment with respect to our capital structure. However, we will provide updates as appropriate.

在第三季度，我們開始與某些債權人進行討論，努力確定與我們的債務資本結構有關的行動方案，以使公司未來處於最佳位置，同時我們今天早上宣布與我們的一個特別小組進行談判債權人已停止，我們仍與不屬於該集團的其他債權人進行積極和建設性的討論。在今天的電話會議中，我們不會就我們的資本結構發表進一步評論。但是，我們將酌情提供更新。

And with that, I'd like to give the floor back to Chuck for some closing remarks.

說到這裡，我想請查克發表一些結束語。

Thank you Kyle. While we're generally pleased with our third quarter results, specifically with sequential improvement versus second quarter, uncertainty continues to remain in our core businesses. Although we expect growth as we move into 2025, we remain hesitant on guiding to the magnitude of the improvement.

謝謝凱爾。雖然我們總體上對第三季的業績感到滿意，特別是與第二季相比的連續改善，但我們的核心業務仍然存在不確定性。儘管我們預計進入 2025 年會出現成長，但我們對於指導改善仍然猶豫不決。

I'm encouraged by our focus on items in our control, including market share, new product introductions and profitability. This focus positions us well, for medium and long term growth. I'm confident that we will capitalize on opportunities as markets improve, evidenced by our strong EBITDA margins delivered over the last two quarters.

我對我們對自己控制的項目的關注感到鼓舞，包括市場份額、新產品推出和盈利能力。這一重點為我們的中長期成長奠定了良好的基礎。我相信，隨著市場的改善，我們將抓住機遇，過去兩季我們強勁的 EBITDA 利潤率證明了這一點。

And with that, we'll now open the line for questions.

現在，我們將開放提問熱線。

(Operator Instructions)

（操作員說明）

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great. Thanks. Maybe a question on the capacity expansion that you're doing for kind of the data center opportunity. Just -- is that -- do you think that there is an ability to gain share in that market? Is that to take advantage of more data center interconnect opportunities? Just kind of expanding upon where that expansion is and where you think share gains are possible? Thanks.

偉大的。謝謝。也許是關於您為資料中心機會而進行的容量擴展的問題。只是——你認為有能力在這個市場上獲得份額嗎？是為了利用更多資料中心互連的機會嗎？只是擴展一下擴展的範圍以及您認為可能實現份額增長的地方？謝謝。

Sure. Thank you Meta. That investment gets us about another $300 million of revenue. And as we talk to customers, we're really bullish on the demand over the next several years. We're hearing this growth is 20% to 25% range year-over-year continuing going forward. And we're one of the major players in this space. And it's a key growth area for CommScope that we're investing in. And we're not really seeing anything that would indicate a change in this demand trajectory.

當然。謝謝梅塔。這項投資為我們帶來了另外約 3 億美元的收入。當我們與客戶交談時，我們非常看好未來幾年的需求。我們聽說這一成長率將持續保持在 20% 到 25% 的範圍內。我們是這個領域的主要參與者之一。這是我們投資的康普的關鍵成長領域。我們並沒有真正看到任何表明這種需求軌跡發生變化的跡象。

Got it. And then just on some of the opportunities on kind of some of the data center interconnect. I think you guys have not traditionally had products in that market, but are there plans to kind of introduce products within that market?

知道了。然後就是一些資料中心互連方面的一些機會。我認為你們傳統上在該市場上沒有產品，但是有計劃在該市場中引入產品嗎？

No, we're specifically operating more inside the data centers.

不，我們專門在資料中心內進行更多操作。

Okay, perfect. Thanks. I'll hand it off.

好的，完美。謝謝。我會把它交給你。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking the question. I'm a little bit confused around what you're describing happening within the ANS segment. I guess -- if I got my notes down, you talked about meaningful shipments of FDX into Comcast. But then I thought you said, small shipments of FDX amplifiers will begin in the fourth quarter with substantial increases in 2025. So I wasn't sure sort of where we stand on the FDX roll out. And then also further on kind of the amplifiers, are there operators awaiting unified amplifiers supporting both FDX and ESD. And if so, what do you see as the timing for volume shipments of the unified versions? Thank you.

感謝您提出問題。我對你所描述的 ANS 部分發生的事情有點困惑。我想 - 如果我記下我的筆記，你談到了將 FDX 運送到康卡斯特的有意義的事情。但我想你說過，FDX 擴大機的小批量出貨將從第四季開始，並在 2025 年大幅增加。所以我不確定我們在 FDX 推出方面的立場。此外，關於擴大機的類型，操作員是否正在等待同時支援 FDX 和 ESD 的統一擴大機。如果是這樣，您認為統一版本的大量出貨時間是什麼？謝謝。

Yeah. I'll start with the ANS related to the FDX nodes and amplifiers. So we're starting to ship more. We're going to -- we're starting to ship more nodes, FDX nodes in the fourth quarter. And amplifiers are going to -- as well start, it's just going to be a slower amount in the fourth quarter, but we're going to see a significant ramp up of the FDX amplifiers, starting in 2025 at the beginning of the year.

是的。我將從與 FDX 節點和擴大機相關的 ANS 開始。所以我們開始運送更多。我們將在第四季開始交付更多節點、FDX 節點。擴大機將會——從第四季度開始，增幅會放緩，但從 2025 年年初開始，我們將看到 FDX 擴大機的大幅成長。

We have orders for that already and they're expecting to receive those. Related for unified, is anybody waiting on that? We don't believe so. We haven't seen it in our conversations with customers. Unified is one of many options and we'll have that available when customers need it. But right now we're not seeing it slow down anything.

我們已經收到了訂單，他們希望收到這些訂單。統一相關，有人在等嗎？我們不這麼認為。我們在與客戶的對話中沒有看到這一點。統一是眾多選項之一，我們將在客戶需要時提供。但現在我們沒有看到它減慢任何事情。

Appreciate that. And then just a quick metric, please. Last quarter you told us that 15% of CCS revenue was coming from data center connectivity. Could we get an update on that metric?

很欣賞這一點。請提供一個快速指標。上個季度您告訴我們，CCS 收入的 15% 來自資料中心連線。我們可以獲得該指標的最新資訊嗎？

Yeah, it generally hasn't changed. I mean, some of it goes through distribution. So it's not always a perfect number, but we continue to say that it's 15% to 20% of the CCS revenue comes from the data center market.

是的，一般情況下沒有改變。我的意思是，其中一些是透過分發的。所以它並不總是一個完美的數字，但我們仍然說 CCS 收入的 15% 到 20% 來自資料中心市場。

Great. Thank you, appreciate it.

偉大的。謝謝，很感激。

Amit Daryanani, Evercore.

阿米特·達裡亞納尼（Amit Daryanani），Evercore。

Yeah. Good morning. Thanks for taking my question. I guess folks for -- you folks are like having 3% revenue growth year-over-year on the core basis this quarter and then EBITDA dollars are up like 25%. Just wanted to -- can you just talk about how much of the EBITDA dollar or margin expansion you think is from sales leverage, especially in CCS versus some of the benefits from CommScope NEXT.

是的。早安.感謝您提出我的問題。我猜想，本季核心營收年增 3%，然後 EBITDA 成長 25% 左右。只是想——您能否談談您認為有多少 EBITDA 或利潤擴張來自銷售槓桿，尤其是 CCS 與康普 NEXT 的一些好處。

And then if you just maybe help us understand what's left at CommScope NEXT from a savings perspective, as you think about the next couple of quarters would be really helpful.

然後，如果您能幫助我們從節省的角度了解康普 NEXT 還剩下什麼，就像您對未來幾季的看法一樣，這將非常有幫助。

Okay, I'll take that one. So I think -- as we think about the CCS with the margins in particular, I think it's a combination of -- there's -- we're definitely getting some favorable mix. As we grow the business and products that have a little bit higher margin. That I think that there is costs that we've taken out of the business. And then I think there's also just the component of we get cost leverage as the business grows. And I don't want to put a number on that, but I think each one of those is contributing a fair amount to the EBITDA margins that we're seeing in CCS.

好吧，我就拿那個。所以我認為，當我們考慮 CCS 的利潤時，我認為這是一個組合，我們肯定會得到一些有利的組合。隨著我們業務和產品的成長，利潤率會更高一些。我認為我們已經從業務中扣除了一些成本。然後我認為隨著業務的成長，我們也獲得了成本槓桿。我不想對此給出具體數字，但我認為其中每一項都為我們在 CCS 中看到的 EBITDA 利潤率做出了相當大的貢獻。

I think as we step back and think about CommScope NEXT, our GM model that was implemented a couple of years ago, clearly identified over the last 18 months opportunities for us to continue to take cost out. And I think the teams have done a nice job on doing that and I think that's reflected in the EBITDA margins that we're posting now.

我認為，當我們退一步思考康普 NEXT（我們幾年前實施的通用汽車模型）時，它清楚地確定了我們在過去 18 個月中繼續降低成本的機會。我認為團隊在這方面做得很好，我認為這反映在我們現在發布的 EBITDA 利潤率。

I think when we think about moving forward with CommScope NEXT and particularly on the cost side that is a continuous improvement program. So I think we feel like there's more cost to come out. Probably not as much as what we've seen already, but I do think that there's some opportunity for us, as we think about continually improve the business to continue to manage cost out of the business.

我認為，當我們考慮推進康普 NEXT 時，特別是在成本方面，這是一個持續改進計劃。所以我認為我們覺得要付出更多的代價。可能沒有我們已經看到的那麼多，但我確實認為我們有一些機會，因為我們考慮不斷改進業務以繼續管理業務成本。

Got it. Thank you for that. And then if I just go back to the CCS segment where you folks have talked about adding a little bit more capacity, I think how you say adding about capacity that would equate to $300 million of incremental sales. Maybe you can just clarify if I got that correct.

知道了。謝謝你。然後，如果我回到 CCS 領域，你們談論的是增加一點產能，我想你們所說的增加產能相當於 3 億美元的增量銷售額。也許你可以澄清我是否正確。

And then could you also touch on how much CapEx dollars do you need incrementally to drive that? I'm just trying to think about what CapEx incrementally would be sounds like in the December quarter to drive this capacity increase. Thank you.

然後您能否談談您需要增量多少資本支出來推動這一目標？我只是想思考 12 月季度的資本支出增量會是什麼樣子，以推動容量的增加。謝謝。

Yeah, I think the -- at a high level we're talking about the latest capacity investment. We're talking about spending $10 million to $20 million to do that. So I think the best way to think about the CapEx without giving you the specific numbers is, each one of these capital investments that we make in the data center market to expand capacity, those are very, very accretive. I mean, the paybacks on those things are months and quarters, not years. So as we invest that capacity, we'd expect to get very strong payback on that investment.

是的，我認為，在較高層面上，我們正​​在談論最新的產能投資。我們正在討論花費 1000 萬到 2000 萬美元來做到這一點。因此，我認為在不提供具體數字的情況下考慮資本支出的最佳方法是，我們在資料中心市場上為擴大容量而進行的每項資本投資都是非常非常增值的。我的意思是，這些事情的回報是幾個月和幾個季度，而不是幾年。因此，當我們投資該產能時，我們預計會獲得非常豐厚的投資回報。

Great. Thank you.

偉大的。謝謝。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Hey, thanks for taking the questions. And maybe I'll stick to the first one on CCS as well. You had 17% revenue growth year-over-year in the quarter itself. Maybe if you can sort of give us a bit more details in terms of between sort of carriers versus data center customers. What are you seeing in terms of growth rates? How much of a divergence should we think there is in terms of the revenue growth rate between the two?

嘿，感謝您提出問題。也許我也會堅持 CCS 上的第一個。該季度的營收年增了 17%。也許您可以向我們提供有關營運商與資料中心客戶之間的更多詳細資訊。您對成長率有何看法？我們認為兩者之間的收入成長率有多大差異？

And when you talk about the $800 million of capacity you're adding, how are you thinking about the sort of when you're fully filled out? How does that allocation look between data center versus carriers? And I've a follow up? Thank you.

當您談到正在增加的 8 億美元產能時，您如何看待完全滿員後的情況？資料中心與營運商之間的分配情況如何？我有後續行動嗎？謝謝。

Yeah, I mean -- We're not going to provide all the detailed numbers within the CCS business, but what I would say on year to year growth is, I think as we said in our prepared remarks, a lot of the growth that we're seeing that 17% in CCS is coming from data centers. On the broadband side of the business we've seen the market stabilize a little with inventory and we're starting to see sequential growth, but we haven't yet on a year over year basis, seen a lot of growth in the broadband business yet.

是的，我的意思是——我們不會提供 CCS 業務中的所有詳細數據，但我想說的是，正如我們在準備好的發言中所說，逐年增長是很多增長我們看到17% 的CCS 來自資料中心。在寬頻業務方面，我們看到市場在庫存方面有所穩定，我們開始看到連續成長，但我們還沒有看到寬頻業務年比出現大幅成長然而。

And then on the other part of our business, outside of the data center business, we do have an enterprise copper business and that business has been up year over year as inventories have normalized at the -- in the channel in that business as well. So I think, the way to think about it is we have very strong growth year over year in the data center business. We've got some growth in the copper business and the broadband business continues to be relatively flat in CCS.

然後，在我們業務的另一部分，除了資料中心業務之外，我們確實有企業銅業務，並且該業務逐年增長，因為該業務管道的庫存也已正常化。所以我認為，我們的資料中心業務逐年成長非常強勁。我們的銅纜業務有所成長，而 CCS 的寬頻業務仍然相對穩定。

And I just want to make sure you heard the number right that the investment we did in data center is $300 million more revenue, not $800 million.

我只是想確保您聽到的數字是正確的，我們在資料中心的投資增加了 3 億美元的收入，而不是 8 億美元。

Okay, sorry. Thanks for correcting that. But any thoughts on sort of how that $300 million looks between the carriers and the data center customers, when you fill it out.

好吧，抱歉。感謝您糾正這一點。但是，當您填寫此表時，您對這 3 億美元在營運商和資料中心客戶之間的關係有何想法。

It's a data center -- it's a data center investment.

這是一個資料中心—這是一項資料中心投資。

Okay. Got it. And then for my follow up and maybe Kyle, this is more for you for the core EBITDA. You're talking about strong growth in 2025 but there seems to be also a part of the press release where you focus on the stranded cost or the corporate costs allocated to OWN that will get moved to the segments. How much of a headwind on a year over year basis would that be the core numbers? If I'm understanding the implications.

好的。知道了。然後對於我的後續行動，也許還有凱爾，這對你來說更適合核心 EBITDA。您談論的是 2025 年的強勁成長，但新聞稿中似乎還有一部分重點關注擱淺成本或分配給 OWN 的企業成本，這些成本將轉移到各個細分市場。核心數據與去年同期相比會有多大的阻力？如果我理解其中的含義的話。

Yeah. I think -- we're still working through that. But I mean, I think for modeling purposes, it's probably a plus or minus $20 million stranded cost number on a year-over-year basis, on an annual basis as well.

是的。我認為——我們仍在努力解決這個問題。但我的意思是，我認為出於建模目的，每年的擱淺成本數字可能會增加或減少 2000 萬美元。

Okay. Got it, great. Thanks for taking my questions.

好的。明白了，太好了。感謝您回答我的問題。

Steven Fox, Fox advisors.

史蒂文‧福克斯，福克斯顧問。

Hi, good morning, everyone. I had a couple questions first off, I was wondering if you could help, reset us on EBITDA margins a little bit. Just looking at the sequential trends on the core business ex the plan divestiture is kind of all over the map or in the case of CCS at very high level versus historicals. Can you give us a sense for where you are versus potential, sort of either normalized opportunity for expansion to help us maybe right size the models. Thanks and then I have a follow up.

嗨，大家早安。首先我有幾個問題，我想知道你是否可以幫忙，稍微調整一下我們的 EBITDA 利潤率。只要看看核心業務（計劃剝離）的連續趨勢，就可以看到整個地圖，或者就 CCS 而言，與歷史相比處於非常高的水平。您能否讓我們了解您的現況與潛力，或是標準化的擴張機會，以幫助我們調整模型規模。謝謝，然後我會跟進。

Yeah, I'll sort of take it by business. I think on the CCS business, we've seen a lot of growth there clearly. And I think we talked a little bit about some moderation in the fourth quarter. Some of that is more mix driven. I think as we move forward into '25 and beyond, I think there's an ability for us to continue to improve EBITDA margins there, but I don't think we're going to see step function change, like changes like we've seen from '23 to '24.

是的，我會按照生意來處理。我認為在 CCS 業務上，我們明顯看到了很大的成長。我認為我們在第四季度討論了一些適度的調整。其中一些更多是混合驅動的。我認為，隨著我們進入 25 年及以後，我認為我們有能力繼續提高 EBITDA 利潤率，但我認為我們不會看到階躍函數變化，就像我們已經看到的變化一樣從'23到' 24。

So I think we'll see more modest improvement there. I think both in the NICS and ANS business, just because the revenues are down, we would expect to see pretty strong improvement as we move into '25 and the businesses recover and grow. I think we'd expect much stronger growth on EBITDA margins in those two businesses.

所以我認為我們會在那裡看到更溫和的改進。我認為在 NICS 和 ANS 業務中，僅​​僅因為收入下降，我們預計隨著進入 25 年並且業務恢復和增長，將會看到相當強勁的改善。我認為我們預計這兩項業務的 EBITDA 利潤率將出現更強勁的成長。

Any sense on the NICS and ANS that you can give us on what like normal looks like for EBITDA margins. (multiple speaker) Next year, but --

您可以向我們提供有關 NICS 和 ANS 的任何關於 EBITDA 利潤率正常情況的資訊。（多位發言者）明年，但是--

Yeah, I mean, I think, we can probably get back to where, what we were seeing in '21 and '22 in those numbers --

是的，我的意思是，我想，我們可能可以回到我們在 21 和 22 年看到的那些數字--

That's helpful. Great. And then on the backlog that you mentioned, I'm just trying to get a comfort level with the backlog which I just forgot the number, the $800 million-plus versus the core sales of [$1.82 billion]. How do we think about that as go on a go forward basis? Why is that normal or reasonable, given, how long versus the sales in the quarter?

這很有幫助。偉大的。然後，關於您提到的積壓訂單，我只是想對積壓訂單感到滿意，我只是忘記了數字，8 億多美元與核心銷售額相比[18.2億美元]。我們如何看待這一點？考慮到與本季的銷售額相比，這有多長，為什麼這是正常或合理的？

Yeah, I mean, I think what we've said around backlog is, as we've looked over the last couple of years, backlog -- we had a lot of backlog and sort of the '21 and '22 periods particularly in our CCS business and our NICS business. And I think as we, talked about that was -- a lot of that was driven by supply chain constraint issues and then in some cases, capacity issues.

是的，我的意思是，我認為我們在積壓方面所說的是，正如我們在過去幾年中所看到的那樣，積壓 - 我們有很多積壓，在 21 和 22 時期尤其是在我們的CCS業務和NICS 業務。我認為，正如我們所討論的那樣，其中許多是由供應鏈限制問題驅動的，在某些情況下是由產能問題驅動的。

As those things are resolved, this business historically is a business that works off of sort of weeks of lead time. And I think when we go back and look at where the business was before all the supply chain constraints and the challenges that we had during that COVID period. I think when we go back and look at the trending the backlog levels that we see now, from a lead time perspective basis, I think we're sort of back to what, we would consider to be normalized. I mean, historically, these are not businesses that work off of massive backlogs and backlogs that get pushed further out. These are businesses that someone orders and we're shipping in a couple of weeks.

當這些事情得到解決後，這項業務從歷史上看是一項需要幾週才能完成的業務。我認為，當我們回過頭來看看在所有供應鏈限制以及我們在新冠疫情期間遇到的挑戰之前，我們的業務狀況如何。我認為，當我們回頭看看我們現在看到的積壓水平趨勢時，從交貨時間的角度來看，我認為我們有點回到了我們認為正常化的狀態。我的意思是，從歷史上看，這些企業並不是靠大量積壓訂單來工作的，也不是那些積壓訂單被進一步推遲的企業。這些是有人訂購的業務，我們將在幾週內發貨。

Great. That's helpful. Thank you.

偉大的。這很有幫助。謝謝。

Tim Savageaux, Northland Capital Markets.

Tim Savageaux，北國資本市場。

Hey, good afternoon. I wanted to -- maybe question and a follow up. First in terms of what you're seeing on the carrier side from a demand standpoint, what we're hearing out of some of the big US carriers, in particular about fiber builds, is pretty positive and I think you made some comments about that stabilizing last quarter, but maybe less so this quarter. So I don't know if we can get an update on whether you might expect to see growth on the carrier side in CCS next year. And I'll just throw my follow up in there, which is any headwinds from what we saw coming out of charter in terms of the delays in their network upgrade. And that's it for me. Thanks.

嘿，下午好。我想——也許是提問並跟進。首先，從需求的角度來看，您在運營商方面看到的情況，我們從美國一些大型運營商那裡聽到的情況，特別是在光纖建設方面，非常積極，我認為您對此發表了一些評論上個季度趨於穩定，但本季可能會有所放緩。因此，我不知道我們能否獲得最新消息，了解明年 CCS 營運商方面是否會出現成長。我將在那裡發表我的後續行動，即我們在網路升級延遲方面看到的包機帶來的任何不利因素。對我來說就是這樣。謝謝。

Yeah. Look, I would say our customers in the markets are projecting that homes passed and homes connected is going to grow over the next three years and we're obviously going to benefit from that growth.

是的。看，我想說的是，我們市場上的客戶預計，未來三年內通過的家庭和連網的家庭將會成長，我們顯然將從這種成長中受益。

And we sell fiber and connectivity in that into that market and we continue to invest in technology to drive differentiation and that's where we talked about this prodigy connector technology that keeps put in that place. And so we are seeing a pickup there but obviously, it's a lot, we're not at the '22 levels. But we have seen improvement, quarter over quarter in that space.

我們向該市場銷售光纖和連接，我們繼續投資於技術以推動差異化，這就是我們談論這種神奇的連接器技術的地方，該技術一直存在於該市場。所以我們看到了那裡的回升，但顯然，這是很多，我們還沒有達到 22 的水平。但我們已經看到該領域逐季有所改善。

Your second question was?

你的第二個問題是？

About Charter kind of pushing out their upgrade timeline, reducing the CapEx for the year, etcetera. Any impact there.

關於 Charter 有點推遲他們的升級時間表，減少今年的資本支出，等等。那裡有任何影響。

Yeah, look, we won't comment on specific customers but we do have a position at Charter and specifically with the ANS segment and we are seeing delays there.

是的，我們不會對特定客戶發表評論，但我們確實在 Charter 擁有一席之地，特別是在 ANS 領域，我們看到了那裡的延誤。

Okay. Thanks very much.

好的。非常感謝。

Okay. Thank you.

好的。謝謝。

We'd like to thank you for your interest in CommScope and we appreciate your time today. Have a great rest of your week.

我們衷心感謝您對康普的關注，也非常感謝您今天抽出時間。祝你一週好好休息。

Yes, thank you for your participation in today's conference. This does conclude the program and you may now disconnect.

是的，感謝您參加今天的會議。這確實結束了程序，您現在可以斷開連接。