CommScope Holding Company Inc (COMM) 2025 Q2 法說會逐字稿

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

您好，感謝您的支持。歡迎參加康普 2025 年第二季財報電話會議。（操作員指示）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Massimo Disabato, Vice President, Investor Relations.

請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人、投資者關係副總裁 Massimo Disabato。

Good afternoon, and thank you for joining us today to discuss the recently announced CCS transaction and CommScope's 2025 second-quarter results.

下午好，感謝您今天加入我們討論最近宣布的 CCS 交易和康普 2025 年第二季業績。

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.

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 和執行副總裁兼財務長 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附帶的幻燈片。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，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. Reconciliation 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. I'll now turn the call over to our President and CEO, Chuck Treadway.

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。現在我將把電話轉給我們的總裁兼執行長 Chuck Treadway。

Thank you, Massimo. Good afternoon, everyone. I'll begin on slide 2.

謝謝你，馬西莫。大家下午好。我將從第二張投影片開始。

This morning, we announced that we entered into a definitive agreement to sell our CCS business to Amphenol for $10.5 billion in an all-cash transaction. The deal is subject to customary closing conditions, including receipt of applicable regulatory and shareholder approval. We would expect the deal to close in the first half of 2026.

今天上午，我們宣布達成最終協議，以 105 億美元的全現金交易將我們的 CCS 業務出售給安費諾。該交易需滿足慣例成交條件，包括獲得適用的監管和股東批准。我們預計交易將於 2026 年上半年完成。

Amphenol is a strong buyer of the CCS assets. Our customers and our employees going with this transaction will be in very good hands. I'm excited to announce this transformational deal that unlocks equity value, returns cash to our shareholders and strengthens the business. Our equity price was not reflective of the true value of our company. This transaction now brings improved clarity to CommScope equity value.

安費諾是 CCS 資產的有力買家。參與此次交易的客戶和員工將得到很好的照顧。我很高興地宣布這項轉型交易，它將釋放股權價值、向股東返還現金並增強業務。我們的股票價格並未反映公司的真實價值。此交易使康普股權價值更加清晰。

The company expects net proceeds after taxes and transaction expenses to be approximately $10 billion. After repaying all of our debt, redeeming our preferred equity and adding modest leverage on the remaining company, we would expect to have significant excess cash. We expect to distribute this excess cash to our shareholders as a dividend within 60 to 90 days following the closing of the proposed transaction after taking into account all relevant factors.

該公司預計扣除稅款和交易費用後的淨收益約為 100 億美元。在償還所有債務、贖回優先股並對剩餘公司增加適度槓桿後，我們預計將擁有大量剩餘現金。我們預計將在考慮所有相關因素後，在擬議交易結束後的 60 至 90 天內將這些剩餘現金作為股息分配給我們的股東。

The exact amount and timing of the dividend will be determined by the company after closing. I'd like to personally thank our shareholders, debt holders, customers, suppliers, and employees as we have navigated through challenging market conditions and leverage uncertainty. We really appreciate your patience.

股息的具體金額和時間將由公司在交易完成後決定。我要親自感謝我們的股東、債權人、客戶、供應商和員工，感謝他們幫助我們度過了充滿挑戰的市場環境和槓桿不確定性。我們非常感謝您的耐心。

I'm excited for the future of the remaining ANS and RUCKUS businesses. They have been a bit slower to recover than the CCS business. However, both of these businesses have had very strong second quarters and are poised for continued strong performance and growth.

我對剩餘的 ANS 和 RUCKUS 業務的未來感到興奮。與 CCS 業務相比，它們的復甦速度要慢一些。然而，這兩家公司第二季的表現都非常強勁，並有望繼續保持強勁的業績和成長。

The second quarter 2025 LTM adjusted EBITDA for these businesses is $300 million. RemainCo is well positioned to deliver year-over-year growth in 2025 with strong cash flow generation. As we move through the second half of the year, we will provide updates on the pending transaction and positioning of RemainCo as appropriate.

這些業務的 2025 年第二季 LTM 調整後 EBITDA 為 3 億美元。RemainCo 已做好準備，憑藉強勁的現金流，在 2025 年實現同比增長。隨著下半年的到來，我們將適時提供有關 RemainCo 待完成交易和定位的最新資訊。

Now on to our second quarter results on slide 3. In the second quarter, CommScope delivered net sales of $1.388 billion, a year-over-year increase of 32% and adjusted EBITDA of $338 million, a year-over-year increase of 79%. These very positive results were attributed to strong performance in all of our segments.

現在就來看看投影片 3 的第二季業績。第二季度，康普淨銷售額為13.88億美元，年增32%，調整後EBITDA為3.38億美元，年增79%。這些非常積極的結果歸功於我們所有部門的強勁表現。

The second quarter also marked the fifth consecutive quarter that we sequentially improved adjusted EBITDA. The adjusted EBITDA as a percentage of revenues grew from the first quarter to 24.3%, reaffirming our strategy of managing what we can control as we continue to deliver results in line with our strategy.

第二季也是我們連續第五個季度實現調整後 EBITDA 的改善。調整後的 EBITDA 佔營收的百分比從第一季成長到 24.3%，這再次證明了我們的策略，即管理我們能夠控制的領域，同時繼續按照我們的策略取得成果。

We saw a particular strength in ANS and RUCKUS in the second quarter, with these two segments contributing revenues of $513 million, 58% above prior year. ANS and RUCKUS delivered $127 million of adjusted EBITDA in the quarter, an increase of 326% versus the second quarter of 2024 and 101% sequentially. RemainCo adjusted EBITDA as a percentage of sales was 24.7%, 156% above prior year. These businesses continue to benefit from the upgrade cycles and new product introductions.

我們在第二季度看到了 ANS 和 RUCKUS 的特別優勢，這兩個部門貢獻了 5.13 億美元的收入，比去年同期成長了 58%。ANS 和 RUCKUS 本季實現調整後 EBITDA 1.27 億美元，較 2024 年第二季成長 326%，較上一季成長 101%。RemainCo 調整後的 EBITDA 佔銷售額的百分比為 24.7%，比前一年高 156%。這些企業繼續受益於升級週期和新產品的推出。

As an update from our last earnings call, we have been closely monitoring the implementation of tariffs and the fluidity of the situation. During the second quarter, we have developed and implemented our plan to mitigate the effect of current direct and indirect tariffs. Going forward, if tariffs remain at current levels, we feel that the net impact of tariffs on our financial results will be minimal. Our strategy is to continue to leverage our flexible global manufacturing footprint, our broad supplier base, and commercial strategies to effectively mitigate the impact.

根據我們上次收益電話會議的最新消息，我們一直在密切關注關稅的實施情況和局勢的流動性。在第二季度，我們制定並實施了減輕當前直接和間接關稅影響的計劃。展望未來，如果關稅維持在當前水平，我們認為關稅對我們財務表現的淨影響將微乎其微。我們的策略是繼續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來有效減輕影響。

In addition, essentially all of our products produced in Mexico comply with USMCA guidelines, reducing our overall exposure to tariffs. As you're aware, the situation remains very fluid. We will continue to monitor, mitigate and update as required. With that, I'd now like to give you an update on each of our businesses starting with the two businesses that will make up RemainCo, ANS, and RUCKUS.

此外，我們在墨西哥生產的所有產品基本上都符合 USMCA 準則，降低了我們整體的關稅風險。正如你們所知，局勢仍然非常不穩定。我們將根據需要繼續監控、緩解和更新。現在，我想向大家介紹我們各自的業務的最新情況，首先介紹組成 RemainCo、ANS 和 RUCKUS 的兩項業務。

Starting with ANS. Net sales of $322 million,was up 65% in the second quarter compared to the prior year and adjusted EBITDA was up 132%, primarily driven by a record deployment of our new DOCSIS 4.0 amplifier and node products as well as higher license sales.

從 ANS 開始。第二季淨銷售額為 3.22 億美元，較上年同期成長 65%，調整後 EBITDA 成長 132%，這主要得益於我們新的 DOCSIS 4.0 放大器和節點產品的創紀錄部署以及更高的許可證銷售額。

Our DOCSIS 4.0 amplifier business has increased dramatically in both FDX and ESD. Our FDX amplifier deployment with Comcast has gone well, and this is reflected in our results. In addition, our ESD amplifier sales have increased as we have won businesses with several customers, including Charter. As stated below, we believe ANS is well positioned with decades of knowledge of our customers' ecosystems, and our breadth of new products for service providers to take advantage of the latest DOCSIS upgrade cycle, as well as evolving their legacy DOCSIS 3.1 networks.

我們的 DOCSIS 4.0 擴大機業務在 FDX 和 ESD 方面都實現了大幅成長。我們與康卡斯特合作的 FDX 擴大機部署進展順利，這反映在我們的結果中。此外，由於我們贏得了包括 Charter 在內的多家客戶的業務，我們的 ESD 擴大機銷售也有所成長。如下所述，我們相信，憑藉數十年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新產品，ANS 處於有利地位，可以利用最新的 DOCSIS 升級週期，並發展其傳統的 DOCSIS 3.1 網路。

Our product range includes all areas of the HFC network, including DOCSIS 3.1, 3.1E, and DOCSIS 4.0 solutions.

我們的產品範圍涵蓋 HFC 網路的所有領域，包括 DOCSIS 3.1、3.1E 和 DOCSIS 4.0 解決方案。

Over the last quarter, we have had several key wins for our virtual CMTS which integrates technology from our previous Casa acquisition, and we expect this trend to continue. We have also moved forward with our new unified products as it is now in lab testing phase and expected to be available by the end of this year and into next year as we release additional products.

在過去的一個季度中，我們的虛擬 CMTS 取得了幾項關鍵勝利，它整合了我們先前收購的 Casa 的技術，我們預計這種趨勢將會持續下去。我們也推進了新的統一產品，因為它現在處於實驗室測試階段，預計將在今年年底上市，並在明年隨著我們發布更多產品而上市。

These positive results reflect our strategy shift to partnering directly with major MSOs to develop key products for them versus a one-size-fits-all strategy. This provides a closer relationship with our customers while solving for their unique needs together. We are extremely pleased with the direction that ANS is headed, and the results are proof that our strategy is paying off.

這些積極的結果反映了我們的策略轉變，即直接與主要的 MSO 合作，為他們開發關鍵產品，而不是一刀切的策略。這不僅能與我們的客戶建立更緊密的關係，還能共同解決他們的獨特需求。我們對 ANS 的發展方向感到非常滿意，結果也證明我們的策略正在發揮成效。

Although we would expect the rest of the year to remain strong in terms of revenue, we do not expect the second half EBITDA to remain at this level due to product mix and project timing. As we have discussed in the past, ANS will be more cyclical than our other businesses due to the project nature of the business and license sales. The second quarter was a particularly strong quarter as we were favorably impacted by the FDX ramp and higher-than-normal license sales.

儘管我們預計今年剩餘時間的收入將保持強勁，但由於產品組合和專案時間安排，我們預計下半年的 EBITDA 將不會保持在這個水平。正如我們過去所討論過的，由於業務的項目性質和許可證銷售，ANS 將比我們的其他業務更具週期性。第二季度是一個特別強勁的季度，因為我們受到了 FDX 成長和高於正常水平的許可證銷售的積極影響。

Turning to RUCKUS. Revenue was up 47% in the second quarter compared to the prior year. RUCKUS adjusted EBITDA was up $51 million versus Q2 of 2024. In the second quarter, we saw continued improved demand for RUCKUS driven by our new Wi-Fi 7 products and subscription services as well as our vertical market strategy taking shape.

轉向 RUCKUS。第二季營收較上年同期成長 47%。RUCKUS 調整後的 EBITDA 與 2024 年第二季相比成長了 5,100 萬美元。在第二季度，我們看到 RUCKUS 的需求持續改善，這得益於我們的新 Wi-Fi 7 產品和訂閱服務以及我們垂直市場策略的形成。

We launched our suite of next-generation AI-driven Wi-Fi 7 solutions tailored for the hospitality industry. Our products are powered by agentic AI within our AI-driven cloud-native RUCKUS One platform. Earlier in Q1, we unveiled a new wave of AI-driven enterprise networking solutions featuring GenAI, edge AI, and intent-based AI. With our strong year-over-year improvements, we feel that challenges in 2024 with channel inventory are now well behind us. We believe the RUCKUS business is well positioned for strong growth in 2025 driven by normalized channel inventory and growing demand.

我們推出了專為酒店業量身定制的下一代人工智慧驅動的 Wi-Fi 7 解決方案套件。我們的產品由我們 AI 驅動的雲端原生 RUCKUS One 平台內的代理 AI 提供支援。在第一季早些時候，我們推出了新一波以人工智慧為主導的企業網路解決方案，其中包括 GenAI、邊緣 AI 和基於意圖的 AI。隨著我們同比強勁成長，我們認為 2024 年通路庫存面臨的挑戰已經遠遠落後。我們相信，在通路庫存正常化和需求不斷增長的推動下，RUCKUS 業務將在 2025 年實現強勁成長。

We continue to benefit from new products and our vertical market strategy taking shape. In addition, we are beginning to see the impact of adding incremental selling resources as indicated by our increase in sales funnel opportunities. We have also seen additional traction in the North American service provider market as more customers are interested in our RUCKUS One MDU solutions.

我們繼續受益於新產品和垂直市場策略的形成。此外，我們開始看到增加增量銷售資源的影響，這從銷售通路機會的增加可以看出。隨著越來越多的客戶對我們的 RUCKUS One MDU 解決方案感興趣，我們也看到了北美服務供應商市場的額外吸引力。

These solutions take advantage of our RUCKUS One platform and help manage service providers accelerate time to market and reduce operational costs. This fundamentally changes the deployment economics and delivers faster return on investment. We continue to be encouraged by the RUCKUS business, as this breakout quarter gives us confidence for our projected growth for near term.

這些解決方案利用我們的 RUCKUS One 平台，幫助管理服務供應商加快產品上市時間並降低營運成本。這從根本上改變了部署經濟學並帶來了更快的投資回報。RUCKUS 業務繼續激勵我們，因為這個突破性的季度讓我們對近期預計的成長充滿信心。

Despite the announced transaction, I will give you a brief update on CCS. In the second quarter, CCS revenue grew 20% year over year, while CCS' adjusted EBITDA increased 23% and as a result of revenue growth, mix and cost leverage. CCS adjusted EBITDA as a percentage of revenue was 24.1%.

儘管已經宣布了交易，我還是會向您簡要介紹 CCS 的最新情況。第二季度，CCS 營收年增 20%，而 CCS 調整後的 EBITDA 成長 23%，這是營收成長、產品組合和成本槓桿的結果。CCS 調整後的 EBITDA 佔營收的百分比為 24.1%。

Again, I would like to call out our enterprise fiber business that includes our products that we sell into data center market. For the second quarter, the enterprise fiber business continued to generate substantial growth with year-over-year revenue up 85%. The CCS segment will continue to be a strong cash flow generator between sign and close of this transaction.

再次，我想重點介紹一下我們的企業光纖業務，其中包括我們銷售到資料中心市場的產品。第二季度，企業光纖業務持續大幅成長，營收年增85%。從本次交易簽署到結束，CCS 部門將繼續成為強勁的現金流來源。

Based on current views, we are raising our full year CommScope adjusted EBITDA guidance to $1.15 billion to $1.2 billion. Overall, we are excited about the announced CCS transaction. This transaction returned significant capital to our shareholders versus the current equity price and immediately solves our leverage situation. The CCS business has found a great home with Amphenol, and we look forward to working with them to close the transaction.

根據目前的觀點，我們將康普全年調整後的 EBITDA 預期上調至 11.5 億美元至 12 億美元。總體而言，我們對宣布的 CCS 交易感到非常興奮。與當前股權價格相比，這筆交易為我們的股東帶來了大量資本，並立即解決了我們的槓桿問題。CCS 業務在安費諾找到了理想的歸宿，我們期待與他們合作完成交易。

RemainCo will consist of the ANS and RUCKUS segments and is well positioned to grow and create value. Both of these businesses are recovering from challenging market conditions over the last two years. However, the strong second quarter results show the potential of these businesses. Overall, we expect RemainCo, ANS and RUCKUS to deliver between $325 million to $350 million of adjusted EBITDA in 2025.

RemainCo 將由 ANS 和 RUCKUS 部門組成，並具有良好的發展和創造價值的條件。過去兩年，這兩家企業都從充滿挑戰的市場環境中復甦。然而，強勁的第二季業績顯示了這些業務的潛力。總體而言，我們預計 RemainCo、ANS 和 RUCKUS 的調整後 EBITDA 將在 2025 年達到 3.25 億至 3.5 億美元。

As we have discussed in previous communications, we will continue to focus on our strategy of focusing on what we can control. As we service our customers, we have the right products, solutions and scale to grow and win new business. We will continue to focus our strategy on what we can control, including supporting our customers and innovating for the ever-increasing demands of future advanced networks.

正如我們在先前的交流中所討論過的，我們將繼續專注於我們能夠控制的事情的策略。在為客戶提供服務的同時，我們擁有合適的產品、解決方案和規模來發展和贏得新業務。我們將繼續把我們的策略重點放在我們能夠控制的領域，包括支持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。

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

接下來，我想讓凱爾進一步談談我們的第二季業績。

Thank you, Chuck, and good afternoon, everyone. I'll start with an overview of our second quarter results on slide 4.

謝謝你，查克，大家下午好。我首先從投影片 4 上的第二季業績概述開始。

For CommScope, we reported adjusted EBITDA of $338 million for the second quarter of 2025, which increased 79% from prior year. Second quarter adjusted EBITDA results were up 41% sequentially versus the first quarter of 2025. Our adjusted EBITDA as a percentage of revenues was 24.3%, the best we have seen since the ARRIS acquisition and increased by 640 basis points year over year and 270 basis points versus the first quarter of 2025.

就康普而言，我們報告 2025 年第二季的調整後 EBITDA 為 3.38 億美元，比上年增長 79%。第二季調整後的 EBITDA 結果較 2025 年第一季較上季成長 41%。我們的調整後 EBITDA 佔收入的百分比為 24.3%，這是我們收購 ARRIS 以來看到的最佳水平，同比增長 640 個基點，比 2025 年第一季增長 270 個基點。

For the second quarter, CommScope reported net sales of $1.388 billion, an increase of 32% from the prior year, driven by an increase in all segments. Adjusted EPS was $0.44 per share versus $0.03 per share in the second quarter of 2024.

康普公佈第二季淨銷售額為 13.88 億美元，較上年同期成長 32%，這得益於所有部門的成長。調整後每股收益為 0.44 美元，而 2024 年第二季為每股 0.03 美元。

Order rates were up 26% sequentially in the second quarter of 2025, reflecting the stronger demand and positioning us well for the third quarter. CommScope backlog ended the quarter at $1.431 billion, up $265 million or 23% versus the end of the first quarter of 2025.

2025 年第二季的訂單率較上季成長 26%，反映出更強勁的需求，並為我們在第三季做好了準備。康普未完成訂單本季末為 14.31 億美元，比 2025 年第一季末增加 2.65 億美元，增幅為 23%。

With our CCS transaction announcement, I would like to separately discuss the strong performance of our two businesses that will make up RemainCo, ANS, and RUCKUS. Second quarter revenue in these two businesses was $513 million, up 58% year over year and 32% sequentially. The stronger revenue resulted in adjusted EBITDA in the RemainCo businesses of $127 million, up 326% versus prior year and 101% sequentially.

在我們宣布 CCS 交易的同時，我想分別討論一下組成 RemainCo、ANS 和 RUCKUS 的兩家企業的強勁表現。這兩項業務第二季的營收為 5.13 億美元，年增 58%，季增 32%。更強勁的營收使得 RemainCo 業務的調整後 EBITDA 達到 1.27 億美元，比去年同期成長 326%，比上一季成長 101%。

Turning now to our second quarter segment highlights on slide 5. Starting with our ANS segment. Net sales of $322 million increased 65% from the prior year as customer inventory levels stabilized and shipments of our DOCSIS 4.0 products have increased.

現在轉到投影片 5 上的第二季重點部分。從我們的 ANS 部分開始。由於客戶庫存水準穩定以及 DOCSIS 4.0 產品出貨量增加，淨銷售額達 3.22 億美元，較上年增長 65%。

ANS adjusted EBITDA of $80 million was up $45 million or 132% from the prior year, driven by higher revenue, including licenses and project timing. ANS had a very challenging 2024 as customers continue to delay their upgrade cycle and the legacy business continued to decline. In the third quarter, we do not expect revenue and EBITDA to remain at these levels.

ANS 調整後的 EBITDA 為 8,000 萬美元，較上年增加 4,500 萬美元，增幅為 132%，這得益於許可證和專案時間安排等收入的增加。由於客戶持續推遲升級週期且傳統業務持續下滑，ANS 在 2024 年面臨巨大挑戰。在第三季度，我們預計營收和 EBITDA 不會保持在這些水準。

As we have discussed in the past, ANS is a project-driven business with timing of projects and licenses driving some volatility in results. We have experienced a strong rebound in revenue and adjusted EBITDA in the first half of the year as our investments made over the last three years on product development have positioned us for the pending upgrade cycle.

正如我們過去所討論過的，ANS 是一個專案驅動的業務，專案時間和許可證會導致結果的一些波動。由於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，因此今年上半年我們的收入和調整後 EBITDA 出現了強勁反彈。

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。

RUCKUS net sales of $190 million increased by 47% versus the second quarter of 2024 and driven by normalized inventory in the channel and stronger market demand as well as our vertical market strategy. RUCKUS adjusted EBITDA of $46 million increased $51 million from the prior year, driven by the increases in revenue and a favorable onetime E&O in the quarter of approximately $10 million. 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.

RUCKUS 淨銷售額為 1.9 億美元，較 2024 年第二季成長 47%，這得益於通路庫存正常化、市場需求增強以及我們的垂直市場策略。RUCKUS 調整後的 EBITDA 為 4,600 萬美元，較上年增加 5,100 萬美元，這得益於收入的增長以及本季約 1000 萬美元的一次性有利的 E&O。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 17% and adjusted EBITDA increased 87%. We continue to drive our vertical market strategies and RUCKUS new product initiatives, including 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. As the additional selling resources begin to make an impact over the next few quarters, we would expect to see improving benefits in 2026.

以環比計算，營收成長 17%，調整後 EBITDA 成長 87%。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。此外，正如查克先前提到的，我們開始看到增加增量銷售資源的影響。憑藉額外的銷售資源、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。隨著額外的銷售資源在未來幾季開始產生影響，我們預計 2026 年的收益將會提高。

Third quarter RUCKUS revenue and adjusted EBITDA are expected to decline compared to second quarter results due to seasonality and the elimination of the second quarter inventory adjustment benefit.

由於季節性因素和第二季庫存調整收益的消除，預計第三季 RUCKUS 營收和調整後 EBITDA 將較第二季業績下降。

Finishing with CCS, net sales of $875 million increased 20% from the prior year. CCS adjusted EBITDA of $211 million increased 23% from the prior year. CCS adjusted EBITDA as a percentage of revenue for the quarter remained strong at 24.1%, driven by favorable mix and cost leverage. The CCS revenue increase was across most of the product lines with hyperscale and cloud data centers seeing the strongest growth at 85%.

加上 CCS，淨銷售額達 8.75 億美元，比上年增長 20%。CCS 調整後的 EBITDA 為 2.11 億美元，較上年成長 23%。CCS 調整後的 EBITDA 佔本季營收的百分比保持強勁，達到 24.1%，這得益於有利的產品組合和成本槓桿。CCS 收入的成長涵蓋了大多數產品線，其中超大規模和雲端資料中心的成長最為強勁，達到了 85%。

Turning to slide 6 for an update on cash flow. During the quarter, we generated cash flow from operations of $77 million, and free cash flow of $64 million. Due to strong results and updated EBITDA guideposts, we now expect cash to be up approximately $125 million from where we started the year. In this guidance, we still project an investment in working capital and capital expenditures of over $200 million driven by growth in the business.

翻到投影片 6 來了解現金流的最新情況。本季度，我們的營運現金流為 7,700 萬美元，自由現金流為 6,400 萬美元。由於強勁的業績和更新的 EBITDA 指導方針，我們現在預計現金將比年初增加約 1.25 億美元。在本指引中，我們仍預期在業務成長的推動下，營運資本和資本支出將投資超過 2 億美元。

Turning to slide 7 for an update on our liquidity and capital structure. During the second quarter, our cash and liquidity remained strong. We ended the quarter with $571 million in global cash and total available cash and liquidity of $991 million.

請翻到投影片 7 來了解我們的流動性和資本結構的最新情況。第二季度，我們的現金和流動性依然強勁。本季末，我們的全球現金為 5.71 億美元，可用現金和流動資金總額為 9.91 億美元。

During the quarter, our cash balance increased by $78 million. We purchased no debt or equity on the open market. However, going forward, we will continue to use cash opportunistically to buy back debt and equity. The company ended the quarter with a net leverage ratio of 6.6x.

本季度，我們的現金餘額增加了 7,800 萬美元。我們沒有在公開市場上購買任何債務或股權。然而，展望未來，我們將繼續適時使用現金回購債務和股權。該公司本季末的淨槓桿率為 6.6 倍。

I will conclude my prepared remarks with some commentary around our expectations for the second half of 2025.

我將以對 2025 年下半年的期望的一些評論來結束我的準備好的發言。

Clearly, we will be focusing on running the business and delivering results, while preparing for the recently announced closing of the CCS transaction in the first half of 2026. As Chuck mentioned earlier, this is a transformational transaction that creates shareholder value while strengthening the balance sheet. With the net proceeds of approximately $10 million, we expect to repay all of our debt and redeem our preferred equity.

顯然，我們將專注於經營業務和取得成果，同時為最近宣布的 2026 年上半年完成 CCS 交易做準備。正如查克之前提到的，這是一項轉型交易，在加強資產負債表的同時創造了股東價值。我們預計淨收益約為 1000 萬美元，可以償還所有債務並贖回優先股。

With our excess cash and modest leverage on the remaining company, we plan to distribute the excess cash to our shareholders as a dividend within 60 to 90 days of the transaction closing. The exact amount of the dividend will be determined after closing.

憑藉我們剩餘的現金和對剩餘公司的適度槓桿，我們計劃在交易結束後 60 至 90 天內將剩餘現金作為股息分配給我們的股東。股息的具體金額將在交易結束後確定。

On the performance side, we have seen five quarters of sequential quarterly adjusted EBITDA improvement. During the second quarter of 2025, we have continued to see strong performance in all of our business segments. The ANS and RUCKUS segments have rebounded from the challenges in 2024 and are well positioned. This is evidenced by improvement in the first half of 2025 in these businesses.

在業績方面，我們已經看到連續五個季度的季度調整後 EBITDA 有所改善。2025 年第二季度，我們所有業務部門持續表現強勁。ANS 和 RUCKUS 部門已從 2024 年的挑戰中反彈並處於有利地位。2025 年上半年這些業務的改善就證明了這一點。

We expect RemainCo adjusted EBITDA to be between $325 million and $350 million for 2025. Our second half RemainCo adjusted EBITDA will be down from the first half, driven by some of the onetime items we realized in the second quarter and project timing in ANS. Also, we are raising our 2025 CommScope adjusted EBITDA guidepost from $1 billion to $1.05 billion to $1.15 billion to $1.2 billion.

我們預計，2025 年 RemainCo 調整後的 EBITDA 將在 3.25 億美元至 3.5 億美元之間。我們下半年的 RemainCo 調整後 EBITDA 將較上半年有所下降，這主要是由於我們在第二季度實現的一些一次性專案以及 ANS 的專案時間表。此外，我們將 2025 年康普調整後的 EBITDA 目標從 10 億美元提高到 10.5 億美元，再提高到 11.5 億美元和 12 億美元。

Based on the market recovery and focusing on what we can control, including managing cost and supporting our customers, our RemainCo adjusted EBITDA as a percent of revenue was very strong at 24.7% in the second quarter. This is a testament to our priority to control what we can and improve long-term profitability.

基於市場復甦以及我們專注於能夠控制的事情，包括管理成本和支持我們的客戶，我們的 RemainCo 調整後 EBITDA 佔收入的百分比在第二季度非常強勁，達到 24.7%。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. In closing, we are very excited about the CCS transaction. It is a transformational deal that unlocks equity value, returns cash to our shareholders and strengthens the businesses. Our shareholders, customers, employees and other stakeholders should be very pleased with this outcome.

謝謝你，凱爾。最後，我們對 CCS 交易感到非常興奮。這是一項轉型交易，它釋放了股權價值，向股東返還現金並增強了業務。我們的股東、客戶、員工和其他利害關係人應該對這一結果感到非常滿意。

Additionally, we are encouraged by the performance and positioning of ANS and RUCKUS. On the RemainCo business, the second quarter performance demonstrates the strong positioning of Ruckus and ANS.

此外，ANS 和 RUCKUS 的性能和定位也令我們感到鼓舞。在 RemainCo 業務方面，第二季的業績反映了 Ruckus 和 ANS 的強大定位。

Finally, I would like to thank our team for strong execution. The hard work and dedication of our team with the strong support of our equity holders, debt holders, customers, and suppliers has driven strong results and positioned all of our businesses for future success.

最後，我要感謝我們團隊的強大執行力。我們團隊的辛勤工作和奉獻精神，加上股東、債權人、客戶和供應商的大力支持，帶來了強勁的業績，並為我們所有業務的未來成功奠定了基礎。

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

現在，我們將開始回答問題。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作員指示）Meta Marshall，摩根士丹利。

Great. Thanks and congrats on the deal. A couple of questions for me. One, just in terms of kind of the RemainCo, whether these assets kind of make sense together? Or is this kind of the final step in the journey? Just any commentary there.

偉大的。謝謝並祝賀交易成功。我有幾個問題。首先，就 RemainCo 而言，這些資產放在一起是否有意義？還是這是旅程的最後一步？那裡只是任何評論。

And then just second question, just to get a sense of what are the corporate overhead costs that we should think of from on a go-forward basis of the ANS and RUCKUS businesses together without CCS?

然後是第二個問題，只是為了了解一下，如果沒有 CCS，我們應該考慮 ANS 和 RUCKUS 業務未來的企業管理費用是多少？

Speakers, please check your button.

發言者，請檢查您的按鈕。

Yeah, hello. Can you hear me?

是的，你好。你聽得到我嗎？

We can hear you now, but we didn't hear anything previously.

我們現在可以聽到您的聲音，但之前我們什麼也沒聽到。

Okay. I'll start over then. I'd say, thanks for the question, Meta. Look, we're focused on running the businesses and closing the recently announced transaction. We have, and we'll continue to invest in both of these businesses, including new technology, capital, incremental resources.

好的。那我就重新開始。我想說，謝謝你的提問，Meta。你看，我們專注於經營業務和完成最近宣布的交易。我們已經並將繼續對這兩項業務進行投資，包括新技術、資本和增量資源。

You hear me talk in the prepared remarks about the positive developments for ANS and RUCKUS. And that we're driving -- improved new product development, think about RUCKUS One, Wi-Fi 7 portfolio in RUCKUS, and unified products as well as virtual CMTS wins at ANS.

您可以在準備好的演講中聽到我談論 ANS 和 RUCKUS 的積極發展。我們正在推動改進新產品開發，想想 RUCKUS One、RUCKUS 中的 Wi-Fi 7 產品組合、統一產品以及 ANS 的虛擬 CMTS 勝利。

We've worked hard over the last five years to improve the positions of these businesses. And I think our second -- really strong results in the second quarter, and both ANS and RUCKUS show the progress of those businesses and the progress they've made in the last year.

過去五年來，我們一直努力提高這些企業的地位。我認為我們第二季的業績非常強勁，ANS 和 RUCKUS 都展示了這些業務的進展以及它們在去年的進展。

I'd finish answering that question by saying, since I arrived for our CommScope's NEXT program, we always look at ways to improve shareholder value as we support our customers and employees, and we're going to continue this strategy.

最後我想回答的是，自從我加入康普的 NEXT 計畫以來，我們在支持客戶和員工的同時，始終在尋找提高股東價值的方法，我們將繼續實施這項策略。

The second part of your question on the overhead costs -- corporate overhead costs. As part of the transaction, we're going to convey or transfer a significant amount of our G&A team to Amphenol. And I think when we're sort of done with conveying those people and setting up the RemainCo, we would expect the G&A costs that are currently being allocated to ANS and into RUCKUS to be representative of what we believe a go-forward G&A organization is going to look like for RemainCo.

您問題的第二部分是關於間接費用—企業間接費用。作為交易的一部分，我們將把大部分 G&A 團隊的人員轉讓或轉移到安費諾。我認為，當我們完成這些人的溝通並設立 RemainCo 後，我們預計目前分配給 ANS 和 RUCKUS 的 G&A 成本將代表我們認為的 RemainCo 未來的 G&A 組織的樣子。

Great. Thank you.

偉大的。謝謝。

George Notter, Wolfe Research.

喬治·諾特（George Notter），沃爾夫研究公司。

Hi, guys. Thanks very much. I guess, I was just curious on -- I assume there's a CapEx and working capital obligation you'll have on the CCS business going forward. I'm just curious what that would look like.

嗨，大家好。非常感謝。我想，我只是好奇——我認為你們將來在 CCS 業務中會有資本支出和營運資本義務。我只是好奇它會是什麼樣子。

Yeah, we're not going to provide any specifics on that. I mean we're required to continue to support the business. We'll continue to support the business and obviously get the cash flow that comes from that business between sign and close. We provided some guidance around our cash flow for 2025 in the prepared remarks. And all of those costs would be considered within that guidepost.

是的，我們不會提供任何有關該問題的具體細節。我的意思是我們需要繼續支持這項業務。我們將繼續支持該業務，並在簽署和結束期間獲得來自該業務的現金流。我們在準備好的評論中提供了有關 2025 年現金流的一些指導。所有這些成本都將在該指導方針內考慮。

Got it. Okay. Super. And then I'm just curious about what the customer concentration looks like in RemainCo? I would imagine that Comcast and Charter are quite significant customers here.

知道了。好的。極好的。然後我只是好奇 RemainCo 的客戶集中度是什麼樣的？我認為康卡斯特和 Charter 是這裡相當重要的客戶。

Could you give us a sense for what that might look like as a percentage of RemainCo sales?

您能否為我們介紹一下這佔 RemainCo 銷售額的百分比是多少？

Yes, we're not going to provide the details on that. But as you can understand the ANS business has higher concentration. However, the RUCKUS business, as we think about the three businesses that we have, has the least amount of concentration. So on a blend basis, ANS has a lot of -- more concentration than RUCKUS. And I think it's something that we've been managing, and we'll continue to manage as we move forward.

是的，我們不會提供相關細節。但正如您所了解的，ANS 業務的集中度更高。然而，在我們考慮的三項業務中，RUCKUS 業務的集中度最低。因此，從混合角度來看，ANS 的濃度比 RUCKUS 高得多。我認為這是我們一直在管理的事情，我們會在前進的過程中繼續管理。

Got it. Okay, All right, super. Thanks so much. Appreciate it.

知道了。好的，好的，非常好。非常感謝。非常感謝。

(Operator Instructions) Tim Savageaux, Northland Capital Markets.w

（操作員指示）Tim Savageaux，Northland Capital Markets.w

Hey, good afternoon. And congrats on the deal and the results. I, too, was going to ask a concentration question. But instead, I do want to dig a little bit deeper into ANS, however, maybe along a couple of fronts, which is can you give us -- you mentioned the kind of surge in DOCSIS 4.0 revenue.

嘿，下午好。祝賀這筆交易和取得的成果。我原本也想問一個有關注意力的問題。但相反，我確實想更深入地研究 ANS，也許沿著幾個方面，您能否給我們 - 您提到了 DOCSIS 4.0 收入的激增。

As you look at the business now, I guess, how much could we reasonably say is sort of next-gen or growth business versus what we might consider legacy CMTS, give us -- and really, along with that, how does that translate in your mind into a growth rate? I mean it seems to me across both businesses, you ought to be able to grow double digits here. But I'd be interested in your view on that.

我想，當您現在審視這項業務時，我們可以合理地說，相對於我們可能認為的傳統 CMTS，這項下一代或成長業務能為我們帶來多少收益？實際上，除此之外，您認為這如何轉化為成長率？我的意思是，在我看來，這兩項業務都應該能夠實現兩位數的成長。但我對你對此的看法很感興趣。

Yeah. I mean I don't think we want to get into the specifics about the new-gen versus the prior generation in ANS, I think what we could sort of tell you is that with the things that happened in the first half of the year, on a revenue basis, the majority of our revenue is coming from next-gen products in ANS, the legacy technology and business that we have on a revenue basis is clearly less than 50%.

是的。我的意思是，我認為我們不想詳細討論 ANS 的新一代產品與上一代產品的區別，我想我們可以告訴你的是，根據上半年發生的事情，從收入來看，我們的大部分收入來自 ANS 的下一代產品，而傳統技術和業務在我們收入中所佔的比例顯然不到 50%。

And as that technology -- and we've said this in the past, as the upgrade cycle continues to gain momentum, we'd expect the legacy business to continue to decline and the next-gen business to replace that revenue.

隨著這項技術——我們過去也說過，隨著升級週期繼續增強，我們預計傳統業務將繼續下滑，而下一代業務將取代這筆收入。

One thing I'd add to that, we support our customers that have, let's say, existing technologies that they want to extend, so think about like doing more high splits and getting better down speeds and up speeds with new modems.

我想補充一點，我們支援那些擁有現有技術並希望擴展的客戶，因此可以考慮使用新數據機進行更多的高分割並獲得更好的下載速度和上傳速度。

So in some cases, it's existing technology with some different splits and then some modems, but they're going to be able to extend the life of their product portfolio. And I would say that's kind of like somewhere in the middle between new and existing but that just gives you a little more color on it.

因此在某些情況下，它是現有技術，具有一些不同的分割和一些調製解調器，但他們將能夠延長其產品組合的壽命。我想說的是，這有點像是介於新與現有之間的東西，但這只會給你更多的色彩。

Okay. And if I could follow up, did you guys want to sign up for double-digit growth for RemainCo going forward?

好的。如果我可以跟進的話，你們是否希望 RemainCo 未來能達到兩位數的成長？

No. I think as we talked about in our prepared remarks, I mean, we're watching particularly in ANS, we're watching the upgrade cycle. And I think we've said now a couple of quarters that although it's gaining momentum, it still hasn't picked up across all the customer base. And the one thing on the ANS business that we'll see is it will continue to be sort of cyclical from the standpoint of how those projects come in and how we ship those products.

不。我想，正如我們在準備好的演講中談到的那樣，我的意思是，我們正在特別關注 ANS，我們正在關注升級週期。我認為我們已經說過幾個季度了，儘管它正在獲得發展勢頭，但它還沒有覆蓋整個客戶群。我們將看到的 ANS 業務的一個特點是，從這些項目如何進入以及我們如何運送這些產品的角度來看，它將繼續具有一定的周期性。

So I think there's different profiles in the two businesses. So we're not here to guide to '26. But even in '25, we sort of guided toward a lower second half than first half, really, driven from what I talked about just from a project standpoint timing and some of the license revenue we get. So again, I don't think we're here to guide '26 yet.

所以我認為這兩家企業的情況有所不同。所以我們在這裡不是為了指導 26 年。但即使在 25 年，我們預計下半年的業績也會低於上半年，這實際上是從專案時間表和我們獲得的一些授權收入的角度考慮的。所以，我再說一遍，我認為我們還沒準備好指導 26 年。

But in '25, if you think about the $325 million to $350 million, that's a significant improvement over 2024.

但在 25 年，如果你考慮 3.25 億美元到 3.5 億美元，這比 2024 年有了顯著的改善。

Okay. Congrats again.

好的。再次恭喜。

(Operator Instructions) Simon Leopold, Raymond James.

（操作員指示）西蒙·利奧波德、雷蒙德·詹姆斯。

Simon your line is open, please check your mute button.

西蒙，您的線路已開通，請檢查您的靜音按鈕。

Yeah, thank you. I wanted to see if you could help us understand the breakout of free cash flow between RemainCo and the CCS segment within your forecast? Is that something you're able to split?

是的，謝謝。我想看看您是否可以幫助我們了解您預測中的 RemainCo 和 CCS 部門之間的自由現金流突破？這是你能分割的東西嗎？

Yeah, that's not something that we have. As I mentioned earlier, clearly, CCS is performing well, and it will be a contributor to our cash generation that we're going to see in the second half of the year.

是的，我們沒有這個東西。正如我之前提到的，CCS 顯然表現良好，它將成為我們下半年現金創造的貢獻者。

And the other thing I wanted to see if you could comment on is, clearly, you have not had troubles with tariffs, and so that has not pressured your results. But I'm wondering if there's any possibility that it affected your customer behavior in whether or not you perceived or potential that there were pull forwards of customers buying ahead of any new tariff rules. Is that something you can discern, or do you have a comment on that?

我還想看看您是否可以評論一下另一件事，很明顯，您沒有遇到關稅問題，因此這並沒有給您的業績帶來壓力。但我想知道，是否有可能它影響了您的客戶行為，無論您是否察覺到或有可能出現客戶提前購買新關稅規則的情況。您能辨別出這一點嗎？或者您對此有何評論？

Yeah. Look, I would say that our customers understood and recognize that we have a flexible global manufacturing network in a very broad supplier base. And I would say most of our products in Mexico are being exempt under the USMCA exemption. And then we had a large percentage or all, we had a tariff exemption on the RUCKUS products as well.

是的。我想說，我們的客戶理解並認識到我們擁有一個在非常廣泛的供應商基礎上靈活的全球製造網絡。我想說的是，我們在墨西哥的大多數產品都受到 USMCA 豁免的豁免。然後，我們對 RUCKUS 產品的大部分或全部實施了關稅豁免。

So I mean, those two cases, there might have been some pull in maybe in the RUCKUS side because they weren't sure about what this exemption was going to do. But so far, it looks like it's going to stay.

所以我的意思是，這兩個案例可能在 RUCKUS 方面有所影響，因為他們不確定這項豁免會產生什麼作用。但到目前為止，這種情況似乎還會持續下去。

This concludes the question-and-answer session. I would now like to turn it back to Chuck Treadway for closing remarks.

問答環節到此結束。現在我想請查克·特雷德韋 (Chuck Treadway) 致最後總結。

Well, thank you for your time today, and I appreciate your interest in our company, and have a great rest of your week. Thank you.

好的，非常感謝您今天抽出時間，感謝您對我們公司的關注，祝您本週剩餘時間過得愉快。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。