CommScope Holding Company Inc (COMM) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the CommScope first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好，感謝你們的支持。歡迎參加康普 2025 年第一季財報電話會議。 （操作員指示）

As a reminder, this conference call is being recorded. At this time, I would like to turn the conference over to Massimo Disabato. Sir, please begin.

提醒一下，本次電話會議正在錄音。現在，我想將會議交給 Massimo Disabato。先生，請開始。

Good morning and thank you for joining us today to discuss CommScope's 2025 first-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. You can find the slides that accompany this report on our Investor Relations website.

早安，感謝您今天加入我們討論康普 2025 年第一季業績。我是康普公司投資者關係副總裁 Massimo Disabato，今天與我一起參加電話會議的還有總裁兼執行長 Chuck Treadway；以及執行副總裁兼財務長 Kyle Lorentzen。您可以在我們的投資者關係網站上找到本報告附帶的幻燈片。

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.

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，而實際的未來結果可能會存在重大差異。請參閱我們最近向美國證券交易委員會提交的文件，其中列出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.

在我將電話轉給查克之前，我有幾件事需要處理。今天，我們將討論某些調整後或非 GAAP 財務指標，這些指標在今天早上的收益資料中有更詳細的描述。非公認會計準則財務指標的對帳及其他相關揭露包含在我們的收益資料中並發佈在我們的網站上。

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.

今天討論中的所有參考都將是我們調整後的結果。除非另有說明，今天演示中描述的所有季度成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. I'm pleased to announce our first quarter results. In the first quarter, CommScope delivered core net sales of $1.112 billion, a year-over-year increase of 23% and core adjusted EBITDA of $245 million a year-over-year increase of 159%.

謝謝你，馬西莫。大家早安。我將從第二張投影片開始。我很高興地宣布我們的第一季業績。第一季度，康普核心淨銷售額為11.12億美元，年增23%，核心調整後EBITDA為2.45億美元，年增159%。

The performance in all of our core segments contributed to year-over-year growth for the quarter. I'm extremely pleased with our first quarter performance as we sequentially improved core adjusted EBITDA for the fourth consecutive quarter.

我們所有核心部門的業績都推動了本季的年成長。我對我們的第一季業績感到非常滿意，因為我們連續第四個季度提高了核心調整後 EBITDA。

Core adjusted EBITDA as a percentage of revenues of 22% remains strong. Our adjusted EBITDA as a percentage of revenues reaffirms our strategy of managing what we can control as we continue to navigate various external market conditions. We are closely monitoring the implementation and impact of the recently announced tariffs and the fluidity of the situation.

核心調整後 EBITDA 佔營收的 22% 百分比仍保持強勁。我們調整後的 EBITDA 佔收入的百分比重申了我們的策略，即在我們繼續應對各種外部市場條件的同時，管理我們能夠控制的資源。我們正在密切關注最近宣布的關稅的實施和影響以及局勢的流動性。

Assuming tariff rates on April 30, 2025 remain constant, we have developed and are implementing our plan to mitigate the effect of tariffs over the next 90 days with our flexible global manufacturing footprint, our broad supplier base and commercial strategies. We are very supportive of US manufacturing and produce a large number of products in the United States for the US market. In addition, essentially, all of our products produced in Mexico comply with USMCA guidelines, reducing our overall exposure to tariffs.

假設2025年4月30日的關稅稅率保持不變，我們已經制定並正在實施我們的計劃，利用我們靈活的全球製造足跡、廣泛的供應商基礎和商業策略，在未來90天內減輕關稅的影響。我們非常支持美國製造業，並在美國生產大量產品供應美國市場。此外，基本上，我們在墨西哥生產的所有產品都符合 USMCA 指南，降低了我們整體的關稅風險。

Although the situation remains fluid, with current visibility, we believe we can manage the uncertainty and maintain our 2025 adjusted EBITDA guidepost of $1 billion to $1.05 billion.

儘管情況依然不穩定，但從目前的情況來看，我們相信我們可以控制不確定性，並維持 2025 年調整後的 EBITDA 目標：10 億美元至 10.5 億美元。

With that, I'd like to give you an update on each of our core businesses. In the first quarter, CCS revenue grew 20% year-over-year while CCS adjusted EBITDA increased 87% as a result of revenue growth, mix and cost leverage. CCS adjusted EBITDA as a percentage of revenue reached an all-time high at approximately 25.1%. I would like to call out our enterprise fiber business that holds our products that we sell into the data center market. For the first quarter, that business drove revenues of $213 million, an 88% increase year over year.

在此，我想向大家介紹我們每個核心業務的最新情況。第一季度，CCS 營收年增 20%，而由於營收成長、產品組合和成本槓桿，CCS 調整後 EBITDA 成長 87%。 CCS 調整後的 EBITDA 佔收入的百分比達到了歷史最高水平，約為 25.1%。我想重點介紹一下我們的企業光纖業務，該業務涵蓋了我們銷往資料中心市場的產品。第一季度，該業務的營收達到 2.13 億美元，年增 88%。

The enterprise fiber business represented 29% of first quarter CCS revenue versus 19% in Q1 of 2024. We are very excited about the market projections for the data center business and our products are well positioned among the market leaders in this space. The market demand in our enterprise fiber business is not solely driven by growth in data centers, but is amplified by additional demand for CommScope products a new generative AI-focused data center architectures.

企業光纖業務佔第一季 CCS 營收的 29%，而 2024 年第一季這一比例為 19%。我們對資料中心業務的市場預測感到非常興奮，我們的產品在該領域處於市場領先地位。我們的企業光纖業務的市場需求不僅受到資料中心成長的推動，而且還受到對康普產品和新型以人工智慧為中心的資料中心架構的額外需求的放大。

As mentioned previously, these AI builds use large language model training clusters and can require upwards of 10x the number of fiber connectivity versus a traditional compute cluster. We have worked hard to launch new products and added incremental capacity to meet the service and quality requirements that our customers have come to expect from us.

如前所述，這些 AI 建構使用大型語言模型訓練集群，與傳統計算集群相比，所需的光纖連接數量可能是 10 倍以上。我們努力推出新產品並增加產能，以滿足客戶對我們的服務和品質要求。

In addition, we have approved investments in incremental capacity in the first quarter. In the broadband portion of CCS, demand was up compared to Q1 of 2024.

此外，我們已批准第一季新增產能的投資。在 CCS 的寬頻部分，需求與 2024 年第一季相比有所上升。

We are continuing to see an order trend increase and believe that customers have normalized inventory and are back to demand matching the deployment rates. Recently, our team secured several wins, both domestically and internationally for our Prodigy Connector Solution.

我們繼續看到訂單趨勢成長，並相信客戶已經將庫存正常化並恢復到與部署速率相符的需求。最近，我們的團隊憑藉 Prodigy 連接器解決方案在國內和國際上贏得了許多勝利。

Prodigy is a universal patented connector technology that allows our customers to deploy fiber-to-the-home solutions in a more efficient and sustainable method than ever before. We still anticipate be funding will have a positive impact on our revenues. However, we don't expect anything meaningful to materialize into 2026.

Prodigy 是一種通用的專利連接器技術，它使我們的客戶能夠以比以往更有效率、更永續的方式部署光纖到戶解決方案。我們仍然預計這筆資金將對我們的收入產生積極影響。然而，我們並不期望 2026 年會出現任何有意義的事情。

In our CCS structured cable business, we have seen growth driven by customer inventory normalization and new product introductions. We continue to gain traction with our Systemax 2.0 solutions used in many of our key customer segments. Systemax 2.0 is the next generation of CommScope's industry-leading Systemax foundation of quality, service and technical leadership.

在我們的 CCS 結構化電纜業務中，我們看到了由客戶庫存正常化和新產品推出推動的成長。我們的 Systemax 2.0 解決方案在許多主要客戶群中的應用不斷獲得青睞。 Systemax 2.0 是康普業界領先的 Systemax 品質、服務和技術領導力的下一代產品。

Overall in CCS between market growth, new products and normalization of customer inventory, we are encouraged as we continue to move forward into 2025. In the first quarter, we grew CCS backlog by $128 million or 37% and would expect to release some of the backlog as we bring on capacity in the second quarter and the remainder of the year. Turning to core mix. Revenue was up 51% in the first quarter compared to the prior year. Corinex adjusted EBITDA was up $42 million versus Q1 of 2024.

總體而言，在 CCS 市場成長、新產品和客戶庫存正常化之間，我們感到鼓舞，因為我們將繼續邁向 2025 年。在第一季度，我們的 CCS 積壓訂單增加了 1.28 億美元，即 37%，並且隨著我們在第二季度和今年剩餘時間內增加產能，我們預計會釋放一些積壓訂單。轉向核心組合。第一季營收較上年同期成長51%。 Corinex 調整後的 EBITDA 與 2024 年第一季相比成長了 4,200 萬美元。

Historically, Q1 represents a softer quarter but ended up better than expected. In the first quarter, we saw continued improved demand for Ruckus driven by our new WiFi 7 products and subscription services as well as our vertical market strategy. With the strong year-over-year improvements, we feel that challenges in 2024 with channel inventory are now behind us. We believe the Corenix business is well positioned for strong growth in 2025 driven by normalized channel inventory and growing demand. We continue to benefit from new products in our vertical market strategy.

從歷史上看，第一季表現較為疲軟，但最終表現優於預期。在第一季度，我們看到 Ruckus 的需求持續成長，這得益於我們的新 WiFi 7 產品和訂閱服務以及我們的垂直市場策略。隨著年比強勁成長，我們認為 2024 年通路庫存面臨的挑戰已經過去。我們相信，在通路庫存正常化和需求不斷增長的推動下，Corenix 業務將在 2025 年實現強勁成長。我們繼續受益於垂直市場策略中的新產品。

In addition, we are beginning to see the impact of adding incremental selling resources. We recently won a large deal with a higher education customer featuring Ruckus Edge. Ruckus Edge extends Ruckus One and our AI-driven converged network assurance platform. It deploys networking, security, productivity and industry vertical-specific services. As mentioned, we are still positive about the growth projected through the rest of 2025 and continue to expect the second half of the year will be stronger than the first.

此外，我們開始看到增加增量銷售資源的影響。我們最近贏得了高等教育客戶的大訂單，採用 Ruckus Edge。 Ruckus Edge 擴展了 Ruckus One 和我們的 AI 驅動的融合網路保證平台。它部署網路、安全性、生產力和產業垂直特定服務。如上所述，我們仍然對 2025 年剩餘時間的成長預測持樂觀態度，並繼續預計下半年的成長將強於上半年。

Finishing our business updates with ANS Net sales of $225 million was up 20% in the first quarter compared to the prior year, and adjusted EBITDA was up 177% versus Q1 of 2024. Primarily driven by our deployment of new DOCSIS 4.0 node and amplifier products as well as higher legacy license sales. As indicated, we expect stronger sales as we move into the second quarter and the second half of the year.

透過 ANS 完成我們的業務更新，第一季的淨銷售額為 2.25 億美元，比去年同期成長 20%，調整後的 EBITDA 與 2024 年第一季相比成長 177%。主要得益於我們部署了新的 DOCSIS 4.0 節點和放大器產品以及更高的傳統許可證銷售。正如所指出的，我們預計進入第二季和下半年銷售將會更加強勁。

As stated before, we believe ANS is well positioned with decades of knowledge of our customers' ecosystems and our breadth of product for service providers to take advantage of the latest DOCSIS upgrade cycle. Our product range includes all areas of the HFC network, including DOCSIS 4.0 solutions for virtual CMTS, nodes, amplifiers as well as RPD and R&D modules.

如前所述，我們相信，憑藉數十年來對客戶生態系統的了解以及我們為服務提供者提供的廣泛產品，ANS 處於有利地位，可以利用最新的 DOCSIS 升級週期。我們的產品範圍涵蓋 HFC 網路的所有領域，包括用於虛擬 CMTS、節點、放大器以及 RPD 和研發模組的 DOCSIS 4.0 解決方案。

We have also moved our virtual CCAP program forward again by completing several field trials that have resulted in winning business with major Tier 1 global customers. Overall, we are optimistic about the improved market conditions as all three segments have delivered strong first quarter results and year-over-year growth.

我們也透過完成幾次現場試驗再次推進了我們的虛擬 CCAP 計劃，並贏得了主要一級全球客戶的業務。總體而言，我們對改善的市場狀況持樂觀態度，因為所有三個部門都在第一季取得了強勁的業績和同比增長。

Our first quarter performance exceeded our internal expectations. Based on the current view of markets and our CommScope NEXT initiative plan, we expect strong performance for the remainder of 2025 and are reconfirming our 2025 core adjusted EBITDA guide post. The strategy of focusing on what we can control has helped us improve our quarterly results sequentially since the first quarter 2025, including delivering for adjusted EBITDA as a percentage of revenue in the first quarter of 22%.

我們第一季的業績超出了我們的內部預期。根據目前的市場觀點和我們的康普 NEXT 計劃，我們預計 2025 年剩餘時間將表現強勁，並再次確認我們 2025 年核心調整後 EBITDA 指導價。專注於我們能夠控制的事情的策略幫助我們自 2025 年第一季以來連續改善季度業績，包括實現第一季調整後 EBITDA 佔收入的 22%。

We have the right products, solutions and scale to grow with our customers and win new business. We will continue to control what we can, including supporting our customers and innovating for the ever-increasing demands of future advanced networks.

我們擁有合適的產品、解決方案和規模，可以與客戶一起成長並贏得新業務。我們將繼續盡我們所能，包括支援我們的客戶和為滿足未來先進網路不斷增長的需求而進行創新。

Finally, our Board of Directors has improved the stock buyback program. We feel our equity is undervalued and our shareholders will benefit from the strong value a buyback program we'll generate as we grow the business and position for deleveraging below 6 times debt to adjusted EBITDA by the end of 2026.

最後，我們的董事會改進了股票回購計畫。我們認為我們的股權被低估了，隨著我們業務的增長和到 2026 年底將債務槓桿率降至 6 倍以下以達到調整後的 EBITDA，我們的股東將從我們回購計劃產生的強大價值中受益。

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

接下來，我想讓凱爾進一步談談我們的第一季業績。

Thank you, Chuck, and good morning, everyone. I'll start with an overview of our first quarter results on slide 3. For Core CommScope, which excludes the OWN and DOS businesses and general corporate costs that were previously allocated to the OWN DAS and home businesses. We reported core adjusted EBITDA of $245 million for the first quarter of 2025, and which increased 159% from prior year.

謝謝你，查克，大家早安。我首先從投影片 3 上的第一季業績概述開始。對於核心康普，它不包括 OWN 和 DOS 業務以及先前分配給 OWN DAS 和家庭業務的一般公司成本。我們報告稱，2025 年第一季核心調整後 EBITDA 為 2.45 億美元，較上年增長 159%。

First-quarter adjusted core EBITDA results were up 2% sequentially versus the fourth quarter of 2024. Our core adjusted EBITDA as a percentage of revenues was 22%, the best that we have seen since the ARRIS acquisition and increased by 11.5 points year-over-year and 1.5 points versus the fourth quarter of 2024. For the first quarter, CommScope reported net sales from continuing operations of $1.112 billion, an increase of 23% from the prior year, driven by an increase in all segments.

第一季調整後核心 EBITDA 結果與 2024 年第四季相比季增 2%。我們的核心調整後 EBITDA 佔營收的百分比為 22%，是自收購 ARRIS 以來的最佳水平，年增 11.5 個百分點，較上季成長 1.5 個百分點。第一季度，康普報告的持續經營淨銷售額為 11.12 億美元，比上年增長 23%，這得益於所有部門的成長。

Adjusted EBITDA from continuing operations of $240 million increased by 186%. Adjusted EPS was $0.14 per share versus a loss of $0.24 in the first quarter of 2024. Order rates were strong in the first quarter of 2025 than the fourth quarter of 2024. Core CommScope backlog ended the quarter at $1.179 billion up $202 million versus the end of the fourth quarter 2024. We continue to operate with short lead times and do not expect this to change in the forecast period.

持續經營業務的調整後 EBITDA 為 2.4 億美元，成長 186%。調整後每股收益為 0.14 美元，而 2024 年第一季虧損 0.24 美元。 2025 年第一季的訂單率強於 2024 年第四季。本季末，康普核心積壓訂單為 11.79 億美元，比 2024 年第四季末增加了 2.02 億美元。我們繼續以較短的交貨時間運營，預計在預測期內不會發生變化。

Turning now to our first quarter highlights on slide 4. Starting with CCS, net sales of $724 million increased 20% from the prior year. CCS adjusted EBITDA of $182 million increased 87% from the prior year. CCS adjusted EBITDA as a percentage of revenue for the quarter remained strong at 25.1%, driven by favorable mix and cost leverage. The CCS revenue increase was across all product lines with hyperscale and cloud data centers seeing the strongest growth at 88%.

現在轉到幻燈片 4 上的第一季亮點。從 CCS 開始，淨銷售額為 7.24 億美元，比上年增長 20%。 CCS 調整後的 EBITDA 為 1.82 億美元，較上年成長 87%。受有利的產品組合和成本槓桿的推動，CCS 本季調整後的 EBITDA 佔營收的百分比保持強勁，達到 25.1%。 CCS 營收的成長遍及所有產品線，其中超大規模和雲端資料中心的成長最為強勁，達到 88%。

We continue to expect strong growth in the Data Center segment as hyperscale and cloud customers continue to forecast strong capital expenditures to meet growing AI demand. We are excited about the data center market projections and our positioning in the market.

由於超大規模和雲端客戶持續預測強勁的資本支出以滿足不斷增長的人工智慧需求，我們繼續預期資料中心領域將實現強勁成長。我們對資料中心市場預測和我們在市場中的定位感到興奮。

Looking towards the second quarter for CCS, we expect both revenue and adjusted EBITDA to increase across all segments. Core net sales of $163 million increased by 51% versus the first quarter of 2024, driven by normalized inventory in the channel. Core net adjusted EBITDA of $25 million increased $42 million from the prior year, primarily driven by the increase in Ruckus revenue.

展望 CCS 第二季度，我們預計所有部門的收入和調整後的 EBITDA 都將增加。核心淨銷售額為 1.63 億美元，較 2024 年第一季成長 51%，這得益於通路庫存的正常化。核心淨調整後 EBITDA 為 2,500 萬美元，較上年增加 4,200 萬美元，主要得益於 Ruckus 營收的成長。

As noted in previous calls, the overhang from channel inventory lasted through the first half of 2024 and started to improve in the third quarter. We are now seeing the benefits of normalized inventory in the channel as well as growing market demand.

正如先前的電話會議所指出的，通路庫存過剩的情況持續到 2024 年上半年，並在第三季開始改善。我們現在看到了通路庫存正常化以及市場需求不斷增長的好處。

On a sequential basis, revenue increased 6% and adjusted EBITDA decreased 6%, primarily due to variable incentive compensation. We continue to drive our vertical market strategies and Ruckus new product initiatives, including Ruckus Edge.

以環比計算，營收成長 6%，調整後 EBITDA 下降 6%，主要原因是可變激勵薪資。我們繼續推動我們的垂直市場策略和 Ruckus 新產品計劃，包括 Ruckus Edge。

In addition, as Chuck mentioned before, we are beginning to see the impact of adding incremental selling resources with the additional selling resources, new products and vertical market focus, we are well positioned to take market share in the medium and long term.

此外，正如查克先前所提到的，我們開始看到增加增量銷售資源的影響，透過增加銷售資源、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。

As we continue to add selling resources over the next few quarters, we would expect to see improving benefits of this initiative in the second half of 2025 and into 2026. Second quarter core net adjusted EBITDA is expected to decline compared to first quarter results due to increase in variable compensation and the elimination of the first quarter inventory adjustment benefit.

隨著我們在接下來的幾季繼續增加銷售資源，我們預計該計劃的效益將在 2025 年下半年和 2026 年不斷提升。由於浮動薪資增加以及第一季庫存調整效益取消，預計第二季核心淨調整後 EBITDA 將較第一季業績下降。

In our ANS segment, net sales of $225 million increased 20% from the prior year as customer inventory levels stabilized and shipments of our DOCSIS 4.0 products have increased. ANS adjusted EBITDA of $38 million was up $24 million or 177% from the prior year driven by higher revenue and more license sales in the quarter.

在我們的 ANS 部門，由於客戶庫存水準穩定以及 DOCSIS 4.0 產品出貨量增加，淨銷售額為 2.25 億美元，較上年增長 20%。 ANS 調整後的 EBITDA 為 3,800 萬美元，較上年同期增加 2,400 萬美元（177%），這得益於本季收入增加和許可證銷售額增加。

A&S had a very challenging 2024 as customers continue to delay their upgrade cycle and the legacy business continued to decline. We expect to see both revenue and EBITDA up in the second quarter versus the first quarter. We are excited about the rest of 2025 and as we ramp production of DOCSIS 4.0 products. We are expecting a strong rebound in revenue and adjusted EBITDA as our investments made over the last three years on product development, have positioned us for the pending upgrade cycle.

由於客戶持續推遲升級週期且傳統業務持續下滑，A&S 在 2024 年面臨巨大挑戰。我們預計第二季的營收和 EBITDA 都將比第一季上升。我們對 2025 年剩餘時間以及 DOCSIS 4.0 產品的產量感到興奮。我們預計收入和調整後的 EBITDA 將強勁反彈，因為我們過去三年在產品開發方面的投資為我們即將到來的升級週期做好了準備。

Despite the optimism for 2025, we are still in early phases of the DOCSIS 4.0 upgrade cycle as customers continue to evaluate the path and timing of upgrades. 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.

儘管對 2025 年持樂觀態度，但我們仍處於 DOCSIS 4.0 升級週期的早期階段，因為客戶仍在繼續評估升級的路徑和時間。由於我們擁有數十年的客戶生態系統經驗、最大的安裝基礎和最廣泛的產品套件，因此該業務仍處於充分利用升級週期的有利地位。

Finally, as discussed on our last call, in the first quarter, we completed the divestiture of the OWN and DAS businesses to Amphenol. Note that the P&L activity of these businesses were reported as discontinued operations.

最後，正如我們上次電話會議所討論的那樣，在第一季度，我們完成了將 OWN 和 DAS 業務剝離給安費諾的交易。請注意，這些業務的損益活動被報告為已終止經營業務。

Turning to slide 5 for an update on cash flow. As indicated on our prior call, we expected the first quarter to be a use of cash because of working capital needs, timing of our annual cash incentive payout and the higher interest payments.

翻到投影片 5 來了解現金流的最新情況。正如我們先前的電話會議所指出的，我們預計第一季將使用現金，因為需要營運資金、年度現金獎勵支付的時間以及更高的利息支付。

That said, for the first quarter, cash flow from operations was a use of $187 million and free cash flow was a use of $202 million. As we look at cash flow guidance for 2025, we still expect breakeven cash flow. In this guidance, we project an investment in working capital and capital expenditures of over $200 million, driven by growth in the business.

也就是說，第一季的營運現金流為 1.87 億美元，自由現金流為 2.02 億美元。當我們展望 2025 年的現金流指引時，我們仍然預期現金流將達到損益兩平。在本指引中，我們預期在業務成長的推動下，營運資本和資本支出的投資將超過 2 億美元。

Turning to Slide 6 for an update on our liquidity and capital structure. During the first quarter, our cash and liquidity remained strong. We ended the quarter with $493 million in global cash and total available cash and liquidity of $856 million. During the quarter, our cash balance decreased by $170 million. It should be noted that we lost approximately $140 million of our ABL availability with the closing of the OWN DAS transaction.

請翻到投影片 6 了解我們的流動性和資本結構的最新情況。第一季度，我們的現金和流動性依然強勁。本季末，我們的全球現金為 4.93 億美元，可用現金和流動資金總額為 8.56 億美元。本季度，我們的現金餘額減少了 1.7 億美元。值得注意的是，隨著 OWN DAS 交易的結束，我們損失了約 1.4 億美元的 ABL 可用性。

During the quarter, net proceeds from the previously announced sale of the company's OWN segment as well as its top business unit to Amphenol, were used to repay all outstanding amounts under the company's asset revolving credit facility, repay in part the company's 4.75% senior secured notes due 2029, repay in full the company's 6% senior secured notes due 2026 and pay fees and expenses associated with the transaction. Our debt deal results in no debt maturities due until 2027.

本季度，公司先前宣布將 OWN 部門及其頂級業務單位出售給安費諾 (Amphenol) 的淨收益用於償還公司資產循環信貸額度下的所有未償還金額、部分償還公司 2029 年到期的 4.75% 優先擔保票據、全額償還公司 2026 年到期的 6% 優先擔保相關的費用以及支付與擔保票據。我們的債務協議規定 2027 年之前沒有債務到期。

We purchased no debt on the open market, however, going forward, we will 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 7.8 times.

我們沒有在公開市場上購買任何債務，但是，展望未來，我們將繼續利用現金機會回購我們資本結構範圍內的證券。該公司本季末的淨槓桿率為 7.8 倍。

Finishing up on liquidity and cash. As Chuck mentioned earlier, our Board of Directors has approved a stock buyback program of $50 million. We feel the equity is significantly undervalued, and our shareholders will benefit from the exceptional value of buyback program at current equity prices will generate.

完成流動性和現金。正如查克之前提到的，我們的董事會已經批准了一項 5000 萬美元的股票回購計畫。我們認為股權被嚴重低估，我們的股東將受益於當前股權價格回購計畫所產生的特殊價值。

With our cash on hand and availability on the ABL at the end of the first quarter, of $856 million, we feel we have adequate resources to undertake this program.

憑藉我們手頭上的現金和第一季末 ABL 上的可用資金 8.56 億美元，我們認為我們擁有足夠的資源來開展這項計劃。

I'm now turning to slide 7, where I will conclude my prepared remarks with some commentary around our expectations for the remainder of 2025. In our core business, we have seen 4 quarters of sequential quarterly adjusted EBITDA improvement. During the first quarter of 2025, we have continued to see strong performance in our CCS Business, driven by data center, Gen AI growth. We expect that this trend will continue. The core NICS and ANS segments are beginning to rebound from the challenges in 2024.

現在我翻到第 7 張投影片，在這裡我將以一些有關我們對 2025 年剩餘時間的期望的評論來結束我準備好的發言。在我們的核心業務中，我們已經看到連續 4 個季度的季度調整後 EBITDA 有所改善。 2025 年第一季度，在資料中心和 Gen AI 成長的推動下，我們的 CCS 業務持續表現強勁。我們預計這一趨勢將會持續下去。核心的 NICS 和 ANS 部門將在 2024 年開始從挑戰中反彈。

This is evidenced by improvement in the second half of 2024 and first quarter of 2025 in these businesses. We continue to expect our 2025 adjusted EBITDA to be in the range of $1 billion to $1.05 billion.

這些業務在 2024 年下半年和 2025 年第一季的改善證明了這一點。我們繼續預計 2025 年調整後的 EBITDA 將在 10 億美元至 10.5 億美元之間。

Similar to what we experienced in 2024, and we expect the second half to be better than the first half. We expect second quarter core revenue and adjusted EBITDA to be up from first quarter results. 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 10.5% in the first quarter of 2024 to 22% in the first quarter of 2025. This is a testament to our priority to control what we can and improve long-term profitability.

與我們在 2024 年經歷的情況類似，我們預計下半年會比上半年更好。我們預計第二季核心營收和調整後的 EBITDA 將高於第一季的業績。我們繼續控制我們能夠控制的事情，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 2024 年第一季的 10.5% 提高到 2025 年第一季的 22%。這證明了我們優先控制我們能控制的範圍並提高長期盈利能力。

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

最後，我想請查克發表一些結束語。

Thank you, Kyle. I'm pleased with where we are positioned as we move into the second quarter of 2025. This is evidenced by sequential growth in adjusted EBITDA during 2024 and the first quarter of 2025. The customer inventory challenges are behind us, and demand is growing in all of our segments. We have made significant investments in our product offerings and as over the last several years, and we are in a great position to take advantage of the stronger markets.

謝謝你，凱爾。我對我們在 2025 年第二季所處的境況感到滿意。 2024 年和 2025 年第一季調整後 EBITDA 的連續成長就是明證。客戶庫存挑戰已經過去，我們所有細分市場的需求都在成長。過去幾年來，我們對我們的產品供應進行了大量投資，並且我們處於有利地位，可以利用更強大的市場。

In particular, the data center market tailwinds have allowed us to focus on our scale, technical leadership and customer focus, making us one of the key suppliers in the data center connectivity and cabling space. I'm very excited about the future of the business.

特別是，資料中心市場的順風使我們能夠專注於規模、技術領導地位和客戶關注，使我們成為資料中心連接和佈線領域的關鍵供應商之一。我對公司的未來感到非常興奮。

Although we are optimistic about market conditions, the economic environment is fluid. We will continue to monitor and manage the tariff impact not only on cost but on market conditions. We're using our flexible global manufacturing footprint, our broad supplier base and commercial strategies to effectively navigate the environment.

儘管我們對市場狀況持樂觀態度，但經濟環境卻是不確定的。我們將繼續監測和管理關稅對成本和市場狀況的影響。我們正在利用靈活的全球製造足跡、廣泛的供應商基礎和商業策略來有效地應對環境。

Across CommScope our teams have done a great job taking advantage of the recovering markets by focusing on what they can control. We will continue to focus on what we control through our CommScope NEXT initiative program.

在康普，我們的團隊透過專注於他們能夠控制的事情，出色地利用了復甦的市場。我們將繼續關注透過康普 NEXT 計畫所控制的領域。

I'm excited about the initiatives that we have in the pipeline in the first quarter is just another step in our journey. And with that, we'll now open the line for questions.

我對第一季我們籌備的舉措感到非常興奮，這只是我們旅程中的又一步。現在，我們將開始回答問題。

(Operator Instructions) Samik Chatterjee, JPMorgan.

（操作員指示）Samik Chatterjee，摩根大通。

And congrats on the strong margins here. Maybe, Chuck, if you can talk about -- you talked about a bit about tariff exposure for you specifically as a company. But maybe if you can talk about how customer behavior or purchasing commentary has been since the tariffs were announced. And how much of the discussion has been about price increase with them potential price increases to pass through some of the tariff impact? And what have you seen in terms of pull forward or macro conversations from them? And I have a follow-up.

恭喜您取得如此高的利潤率。查克，也許你可以談談——你可以談談你作為一家公司面臨的關稅風險。但也許您可以談談自關稅宣布以來客戶行為或購買評論如何。關於價格上漲的討論有多少，以及潛在的價格上漲是否會轉嫁部分關稅影響？您從他們的前瞻性或宏觀對話中看到了什麼？我還有一個後續問題。

Okay. Thank you, Samik. Look, I'd start by saying we have a very flexible manufacturing global footprint with -- and we manufacture products close to our customers. and we source most of our raw materials locally.

好的。謝謝你，薩米克。首先我想說的是，我們擁有非常靈活的全球製造足跡——我們在靠近客戶的地方生產產品。我們的原料大多來自當地。

To give you some numbers, roughly 80% of our US sales in the first quarter were country of origin in the United States or USMCA compliant. And the only business really that was an outlier is our Ruckus product line. And if we excluded Ruckus from our U.S. percent of sales, we'd be at 90%, that would our products would either be U.S. origin or USMCA compliant.

舉幾個數字，第一季我們在美國約 80% 的銷售額來自美國原產國或符合 USMCA 規定的國家。唯一真正異常的業務是我們的 Ruckus 產品線。如果我們把 Ruckus 排除在美國銷售份額之外，那麼這一比例將達到 90%，這意味著我們的產品要么原產於美國，要么符合 USMCA 標準。

Ruckus gets more to their products either from Vietnam or Taiwan. And currently, as you're aware, a large portion of the Ruckus products fall under the tariff exemption.

Ruckus 的更多產品來自越南或台灣。目前，如您所知，Ruckus 的大部分產品都屬於關稅豁免範圍。

So then the next piece would be based on the tariffs today, growth impact of these tariffs in the second quarter is estimated to be between, say, $10 million to $15 million. And we will mitigate most of -- or some of this impact in the second quarter and all of it by the third quarter, and we're going to do that by using our flexible global manufacturing footprint in addition to increasing U.S. capacity that we're bringing on in the second quarter and our supplier base. The second quarter impact that we have is just really a result of timing of our ability to implement all these mitigating actions. You asked -- the other thing I would say is we continue to be optimistic with all of our segments for the full year.

那麼，下一步將基於今天的關稅，這些關稅對第二季的成長影響估計在 1000 萬美元到 1500 萬美元之間。我們將在第二季度減輕大部分或部分影響，並在第三季度全部減輕影響，我們將利用我們靈活的全球製造足跡以及增加我們在第二季度引入的美國產能和我們的供應商基礎來實現這一目標。我們對第二季的影響實際上只是我們實施所有這些緩解措施的能力的時間結果。你問到——我想說的另一件事是，我們對全年所有部門的表現仍然持樂觀態度。

And as we shared, we're holding the adjusted EBITDA guide post. We're just not raising them at this time because it's early in the year in addition to the macroeconomic uncertainty that we're seeing. And your question about pull in, I would say we have potentially seeing a small amount of pull in, but we continue to operate with small lead times. And I'd say, this is how our business normally operates -- and we have a lot of localized manufacturing, I would say, with minimal impact -- minimal tariff impact, and I believe our customers understand that. And we really didn't see any changes to our order patterns in the first quarter or the second quarter.

正如我們所分享的，我們正在堅持調整後的 EBITDA 指導方針。我們目前沒有提高利率，因為現在正值年初，而且我們也看到宏觀經濟存在不確定性。至於您關於拉入的問題，我想說我們可能會看到少量的拉入，但我們將繼續以較短的交貨時間進行運營。我想說，這就是我們業務的正常運作方式——我們有很多本地化製造，我想說，影響很小——關稅影響很小，我相信我們的客戶理解這一點。我們確實沒有看到第一季或第二季的訂單模式有任何變化。

And I'd say in conversations with our customers, we're really transparent about what's going on and where we do have a small impact. We're talking to them about it and working through it though. So I'd say pretty much we've had positive feedback and support and they understand what we're doing to mitigate the challenges.

我想說，在與客戶的對話中，我們對正在發生的事情以及我們確實產生的影響非常透明。我們正在與他們討論此事並努力解決。所以我想說我們得到了積極的回饋和支持，他們了解我們為緩解挑戰所做的努力。

Got it. And maybe for my follow-up, if I can ask you on the strong margins in CCS and firstly, how sustainable should we think this sort of 25% EBITDA margin is? And in the past, you've talked about capacity expansion. Maybe you can sort of give us an update on where that stands? And if do you see a need to sort of add to your capacity plans for the on that front, particularly now given sort of there's probably more demand for US manufacturing?

知道了。也許作為我的後續問題，我可以問您關於 CCS 的強勁利潤率的問題嗎？首先，我們認為這種 25% 的 EBITDA 利潤率的可持續性如何？過去，您曾談到產能擴張。或許您可以向我們介紹一下最新情況？您是否認為有必要在這方面增加產能計劃，特別是考慮到現在對美國製造業的需求可能更大？

Yes. So I'll take that. I think on the margin side for CCS we're definitely happy with the work that the team has done to drive a lot of improvement on margins there. I think it those are margins that we can sustain. And as we grow the business, I think as we've talked about in the past, we do get some fixed cost leverage as we as we continue to grow the revenue side of the business.

是的。所以我會接受。我認為，就 CCS 的利潤率而言，我們對團隊為推動利潤率大幅提高所做的工作感到非常滿意。我認為這些都是我們可以維持的利潤。隨著我們業務的成長，我認為正如我們過去所討論的那樣，隨著我們業務收入的不斷增長，我們確實獲得了一些固定成本槓桿。

When we think about growth in CCS, particularly around data centers, we continue to invest in capacity. As Chuck mentioned, we're going to bring some capacity on in Q2, and we've already -- we're already starting to plan for bringing additional capacity on in the second half of '25. So it's sort of an ongoing process for us as we try to build ahead of the demand, and the demand looks like it is going to remain strong, and we're building to meet that demand with our internal capacity.

當我們考慮 CCS 的成長，特別是圍繞資料中心的成長時，我們會繼續投資於容量。正如查克所提到的，我們將在第二季增加一些產能，而且我們已經開始計劃在 2025 年下半年增加更多產能。因此，這對我們來說是一個持續的過程，我們試圖在需求之前進行建設，而需求看起來將保持強勁，我們正在利用內部能力來滿足這種需求。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Congrats on the quarter. A couple of questions. Just one on the visibility that you're getting from kind of data center customers as you kind of increase demand, can you just kind of give a sense of how the visibility on the data center side compares to the service provider side? And then second, if you could just kind of give an update on the ANS business. I know you had a large customer that's going through a grade this year, but just how other customers who may have been kind of in holding patterns on architectural decisions, if you're seeing any kind of movement there?

恭喜本季取得佳績。有幾個問題。隨著需求的增加，您從資料中心客戶那裡獲得的可見性如何，您能否簡單介紹一下資料中心方面的可見性與服務提供者方面的可見性相比如何？其次，能否介紹一下 ANS 業務的最新情況？我知道您有一個大客戶今年正在進行評級，但是其他客戶可能在架構決策上處於某種停滯狀態，您是否看到任何動靜？

Thank you, Meta. To start with the data center question, I would say our customers are still indicating strong CapEx plans to support their AI initiatives. And in some cases, we're hearing just as recent as yesterday that they're even raising CapEx plans. We're talking to them on a daily basis, and we're actively in their databases in their data centers every day.

謝謝你，Meta。首先從資料中心問題開始，我想說我們的客戶仍然表示有強而有力的資本支出計畫來支援他們的人工智慧計畫。在某些情況下，我們昨天就聽說他們甚至提高了資本支出計畫。我們每天都在與他們交談，並且每天都在積極地存取他們資料中心的資料庫。

Our product revenues, what's the most important to note here is that this beyond just data center growth rates because of our exponential growth, and we're getting that expenditure growth because of connectivity and cabling because as they're moving to this gene, we're just getting a lot more connections, which is a lot more product for us to sell.

我們的產品收入，這裡最重要的是要注意，這不僅僅是由於我們的指數級增長而導致的數據中心增長率，而且由於連接和佈線，我們的支出也在增長，因為當他們轉向這個基因時，我們得到了更多的連接，這對我們來說意味著更多的產品可以銷售。

And I would say, bookings in the second quarter are ahead of Q1, which we would expect. So I would say things -- the visibility is, I would say, as good or better than what we're seeing in the broadband side because of this constant communication that we are at with them and the demand at which they're coming at us. with needs. In terms of ANS, our business we're really seeing the benefits of our investments that we made an increase in developing new products over the last three to four years. And I would say in terms of what's going on in our customer base, I mean we won't talk specific customers.

我想說的是，第二季度的預訂量領先第一季度，這是我們預期的。所以我想說的是——由於我們與他們保持持續的溝通，並且了解他們對我們的需求，所以可見度與我們在寬頻方面看到的一樣好，甚至更好。有需要。就 ANS 而言，我們的業務確實看到了投資的回報，過去三到四年來，我們在開發新產品方面做出了巨大努力。我想說的是，就我們客戶群的情況而言，我們不會談論特定的客戶。

But I would say there are investments already going on in place, and they're ramping up with amplifiers or nodes, we're seeing really significant strong ramp-ups as we talked about in our prepared remarks with some major customers.

但我想說的是，投資已經在進行中，而且他們正在加大放大器或節點的投入，正如我們在與一些主要客戶的準備好的發言中談到的那樣，我們看到了非常顯著的強勁增長。

In other cases, I would say there's still a lot of time. There's still a lot of, I'd say, drag in terms of customers deciding which path they want to take, but we are seeing some really nice wins with our CASA (inaduible) acquisition with virtual CMTS. And I would say, the good news is that we're winning and we're gaining traction with this solution and I would say, overall, we're very pleased with our CASA acquisition.

在其他情況下，我想說還有很多時間。我想說，在客戶決定他們想要走哪條路方面仍然存在很多阻力，但我們透過收購虛擬 CMTS 看到了 CASA（inaduible）的一些非常好的勝利。我想說，好消息是我們正在取得勝利，我們正在透過這個解決方案獲得支持，總的來說，我們對收購 CASA 感到非常滿意。

Simon Leopold, Raymond James.

西蒙李奧波德、雷蒙詹姆斯。

First, I just wanted to come back to the tariff topic quickly and understand 2 things. One is within the headwind you described, $10 million to $15 million in 2Q, is some of this or could you quantify how much of this is related to the steel and aluminum? I'm trying to understand how big a deal those tariffs are for you because I presume those are important materials and your ability to either pass the tariff expenses to customers either through contracts or planned price hikes? Then I've got a very quick follow-up.

首先，我只想快速回到關稅話題並了解兩件事。一個是您所描述的逆風，第二季為 1000 萬至 1500 萬美元，這其中有多少與鋼鐵和鋁有關？您能否量化一下其中有多少是與鋼鐵和鋁有關？我想了解這些關稅對您來說有多重要，因為我認為這些都是重要的材料，您是否有能力透過合約或計劃漲價將關稅費用轉嫁給客戶？然後我會很快跟進。

Yes. I mean I think on the tariff situation, when we think about the $10 million to $15 million, I mean, it's -- in relation to the size of our business, it's a relatively small, we believe manageable number. Your question around steel and aluminum, I mean there is -- part of that $10 million to $15 million, as you would expect, is steel and aluminum.

是的。我的意思是，就關稅情況而言，當我們考慮 1000 萬美元到 1500 萬美元時，相對於我們的業務規模而言，這是一個相對較小的數字，我們認為這是可控的數字。您關於鋼鐵和鋁的問題，我的意思是——正如您所料，這 1000 萬到 1500 萬美元中的一部分是鋼鐵和鋁。

But the one thing that we all are starting to understand is the complexity of the different rules and exemptions. So we're not going to give a number on steel and aluminum, but you can gather that we're giving you $10 million to $15 million, it's a relatively small number. And again, it's a complex situation that we have to work through on the -- exactly what's being charged duty and not.

但我們都開始明白的一件事是不同規則和豁免的複雜性。因此，我們不會給出鋼鐵和鋁的具體數字，但你可以推斷，我們給你 1000 萬到 1500 萬美元，這是一個相對較小的數字。再說一次，這是一個複雜的情況，我們必須弄清楚──到底要徵收什麼稅，不徵收什麼稅。

And your ability to either pass the pricing of hikes or as basically fees, are they pass through in your existing contracts?

您是否有能力將漲價或基本費用轉嫁到現有合約中？

Yes. I mean I think Chuck talked about it and is the first answer. I mean we're doing a bunch of things to offset the tariffs using our global footprint working with our suppliers. I think on the pricing side, that is a part of the puzzle. And I think in many cases, our businesses, it sort of -- it's different by business, all the way from changing some of our distributor or pricing that goes through enterprise.

是的。我的意思是，我認為查克談論了這個問題並且是第一個答案。我的意思是，我們正在利用我們的全球影響力與我們的供應商合作，做很多事情來抵消關稅。我認為從定價方面來看，這是難題的一部分。我認為在許多情況下，我們的業務都有所不同，從改變我們的一些分銷商或透過企業進行的定價開始。

But then also having individual conversations with some of our large customers around places where we may need to require a price increase. But again, I think we would when we look at the total impact of $10 million to $15 million and us being able to manage it, I mean, I think we feel pretty comfortable that, that number is small enough that we're going to work through it.

但我們也與一些大客戶就可能需要提高價格的地方進行了單獨交談。但是，我認為，當我們考慮到 1000 萬到 1500 萬美元的總影響以及我們能夠管理它時，我們會感到非常放心，這個數字足夠小，我們可以努力解決它。

Great. And then just as the follow-up, I wanted to clarify, within the deck, you mentioned the unified amplifiers would be available in 2025. I wanted to understand is that availability, meaning we should expect revenue this year? Or is this when your customers would get them, begin testing and integration? So with the revenue for unified amplifiers to be more of a 2026 event, and in the RPD part of ANS, are you currently gaining market share during the first half of this year?

偉大的。然後作為後續問題，我想澄清一下，在演講中，您提到統一放大器將於 2025 年上市。我想了解的是，這種可用性是否意味著我們應該預期今年的收入？或者這是您的客戶收到它們、開始測試和整合的時候嗎？那麼，由於統一擴大機的收入更有可能在 2026 年實現，並且在 ANS 的 RPD 部分，您目前是否在今年上半年獲得市場份額？

Yes. In terms of the unified amplifier, you're correct, it's 2026 when we're expecting to see revenue in that. And on the RPD side, I would say when you think about share, a lot of those things are split with major customers. And I would say, if anything, it's just depending on the timing of what part of the network they're upgrading. And so I would say, in general, I think our share is relatively flat related to the hardware. And we is just the timing of when we get our products in the network compared to our competitors.

是的。就統一擴大機而言，您說得對，我們預計到 2026 年才能看到其收入。在 RPD 方面，我想說，當你考慮份額時，很多東西都與主要客戶分攤了。我想說，如果有的話，這只取決於他們升級網路哪個部分的時間。所以我想說，總的來說，我認為我們的份額與硬體相比相對持平。與我們的競爭對手相比，我們的產品進入網路的時機剛剛好。

Matt Niknam, Deutsche Bank.

德意志銀行的馬特‧尼克納姆 (Matt Niknam)。

Two if I could. First, on Ruckus, you've obviously seen some good revenue inflections and improvements. And so I'm wondering if it's more sort of cyclical in nature, alongside some of the tailwinds from the inventory vision, the channels work through? Or is there any incremental share gains you're seeing from some customer uncertainty as two of your competitors are contemplating a merger? So that's question one.

如果可以的話，兩個。首先，就 Ruckus 而言，您顯然已經看到了一些良好的收入變化和改善。所以我想知道這是否更具週期性，除了庫存願景的一些順風之外，通路也能發揮作用？或者，當您的兩個競爭對手正在考慮合併時，您是否看到一些客戶的不確定性帶來了市場份額的增量成長？這是第一個問題。

Question two, on free cash, you reaffirmed the guide for breakeven for the year. You were -- you also burned about $200 million cash flow in 1Q. So I'm just wondering directionally how to think about the trajectory for free cash in 2Q and subsequent periods?

第二個問題，關於自由現金，您重申了今年的損益兩平指南。您在第一季還消耗了約 2 億美元的現金流。所以我只是想知道如何從方向上思考第二季及後續時期自由現金的軌跡？

Yes. So thanks for the question. You're correct. Related to Ruckus, our channel inventories are behind us now, I believe. And I think we are gaining traction with our new products, whether it's Ruckus One or it's our (inaduible) seven or I would also say some go-to-market strategies in terms of our vertical approach.

是的。感謝您的提問。你是對的。與 Ruckus 相關，我相信我們的通路庫存現在已經落後了。我認為我們的新產品正在獲得關注，無論是 Ruckus One 還是我們的（無法辨認的）Seven，或者我還想說的是，就我們的垂直方法而言，一些進入市場的策略。

I think those are all helping us. And I do believe there's some uncertainty out there or a cloud over the big potential acquisition that's going to be in the court here soon. The other thing I would say is at 51% growth, that's pretty significant. I haven't seen all the numbers from all of our competition, but I would say that's a pretty nice growth year-over-year number in terms of we'll see if we're going to share or not, but I believe that's a pretty significant number.

我認為這些都對我們有幫助。我確實認為，對於即將在法庭上審理的這起重大潛在收購案，存在一些不確定性或陰雲。我想說的另一件事是 51% 的成長率，這是相當可觀的。我還沒有看到我們所有競爭對手的所有數據，但我想說，這是一個相當不錯的同比增長數字，至於我們是否會分享，我們將拭​​目以待，但我相信這是一個相當可觀的數字。

On the cash flow side, I think it will be -- the trajectory of that will be pretty similar to what we've seen in the past. Second half, we'll see the build in cash. and it will be heavily weighted to Q4 as we work through the year.

在現金流方面，我認為它的軌跡將與我們過去看到的非常相似。下半年，我們將看到現金的增加。並且隨著我們全年的工作，第四季將佔據重要地位。

Michael Fisher, Evercore.

邁克爾費雪，Evercore。

Great. Just wanted to start on the free cash flow guidance for the year. I know you called out the headwind on working capital and capacity expansion I'm just wondering, in a more normalized environment for those 2 factors, what percentage of EBITDA over the long term would you expect to convert into free cash flow?

偉大的。只是想開始了解今年的自由現金流指導。我知道您提到了營運資金和產能擴張方面的阻力，我只是想知道，在這兩個因素更加正常的環境下，您預計長期內 EBITDA 的百分之多少會轉化為自由現金流？

I think in our prepared remarks, I mean if you look at it, essentially in '25, we expect to build about $250 million in -- between working capital and CapEx north of $200 million. So if you think about -- if everything normalizes out, technically, that's a number that would fall back into free cash flow.

我認為，在我們準備好的發言中，我的意思是，如果你看一下，基本上在 25 年，我們預計將在營運資金和資本支出之間建立約 2.5 億美元，超過 2 億美元。所以如果你想想——如果一切恢復正常，從技術上講，這個數字就會回到自由現金流。

Okay. And then on the -- on the mix adjusted EBITDA guidance being down sequentially, just trying to understand because it sounds like -- I don't think they probably outgrow a lot of your competitors this quarter, but it sounds like for the most part, people are expecting the (inaduible) market to stay pretty strong throughout all of 2025. So just wondering why you're expecting sequential debt next quarter?

好的。然後關於調整後的 EBITDA 指引環比下降，我只是想理解一下，因為這聽起來像是——我不認為他們本季度的增長速度會超過很多競爭對手，但聽起來大多數人都預計（不可預測的）市場在整個 2025 年都會保持強勁。所以只是想知道為什麼您預計下個季度會出現環比債務？

Yes. We have a few onetime favorable items relative to some inventory adjustments that we had in Q1. And then as we work through the year, we have to book our incentive compensation and the way that, that just flows through in Q2 versus Q1. Those are sort of 2 items that are headwinds. We'd expect to get back to sort of more normalized growth in the second half of the year, but we may take a little bit of a dip here in Q2.

是的。相對於第一季的一些庫存調整，我們有一些一次性的有利項目。然後，隨著我們全年的工作，我們必須預定我們的獎勵薪酬，並且它在第二季度相對於第一季的流動方式。這些都是不利的兩件事。我們預計今年下半年將恢復到更正常的成長，但第二季可能會略有下滑。

Clearly, that will depend on where the revenue comes in. But those are 2 sort of headwinds that we have going from Q1 to Q2.

顯然，這將取決於收入來源。但這是我們從第一季到第二季面臨的兩個不利因素。

Thank you. I'm sure no additional questions in the queue at this time. I'd like to turn the conference back over to management for any closing remarks.

謝謝。我確信此時隊列中沒有其他問題。我想將會議交還給管理階層，請他們發表結束語。

Yes. Thank you so much for your time today, and we appreciate your interest in CommScope. Have a great rest of your week. Thank you.

是的。非常感謝您今天抽出時間，我們也非常感謝您對康普的關注。祝您本週剩餘時間過得愉快。謝謝。

Thank you.

謝謝。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the presentation. You may now disconnect. Everyone, have a wonderful day.

女士們、先生們，感謝大家參加今天的會議。演講到此結束。您現在可以斷開連線。祝大家有美好的一天。