CommScope Holding Company Inc (COMM) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to CommScope's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加康普公司2025年第三季財報電話會議。【操作說明】請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Massimo Disabato, VP, Investor Relations. Please go ahead.

現在我謹將會議交給今天的主講人，投資者關係副總裁 Massimo Disabato。請繼續。

Good morning, and thank you for joining us today to discuss CommScope's 2025 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，感謝各位今天蒞臨現場，與我們共同探討康普公司2025年第三季業績。我是 CommScope 投資者關係副總裁 Massimo Disabato。今天和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。

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與本報告配對的幻燈片。請注意，我們今天的一些評論將包含基於我們目前對業務看法的前瞻性陳述，而實際的未來結果可能會有重大差異。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. All references during today's discussion will be on our adjusted results. All quarterly growth rates described during today's presentation are on a year-over-year basis, unless otherwise noted.

在把電話轉給查克之前，我還有一些雜事要處理。今天，我們將討論一些調整後的或非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GAAP財務指標的調節表及其他相關揭露資訊包含在我們的獲利資料中，並發佈在我們的網站上。今天討論中所有提及的內容都將基於我們調整後的業績。除非另有說明，今天報告中描述的所有季度成長率均為年增速。

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

現在我將把電話交給我們的總裁兼執行長查克·特雷德韋。

Thank you, Massimo. Good morning, everyone. I'll begin on Slide 2. I'm pleased to announce in the third quarter, CommScope delivered net sales of $1.63 billion, a year-over-year increase of 51% and adjusted EBITDA of $402 million, a year-over-year increase of 97%. These very positive results were generated by strong performance in all of our segments. The third quarter also marked the sixth consecutive quarter that we sequentially improved adjusted EBITDA. The adjusted EBITDA as a percentage of revenue of 24.7% was a record for CommScope since the ARRIS acquisition, reaffirming our strategy of managing what we can control and maximizing on favorable market conditions.

謝謝你，馬西莫。各位早安。我將從第二張投影片開始。我很高興地宣布，康普公司第三季淨銷售額為 16.3 億美元，年增 51%；調整後 EBITDA 為 4.02 億美元，年成長 97%。這些非常積極的成果得益於我們所有業務板塊的強勁表現。第三季也是我們連續第六個季度實現調整後 EBITDA 的環比成長。經調整的 EBITDA 佔營收的百分比為 24.7%，這是 CommScope 自收購 ARRIS 以來創下的紀錄，再次印證了我們管理可控因素並最大限度地利用有利市場條件的策略。

Our RemainCo business comprised of ANS and RUCKUS delivered net sales of $516 million in the third quarter, which was 49% above the prior year and delivered $91 million of adjusted EBITDA in the quarter, an increase of 95% versus the third quarter of 2024. RemainCo adjusted EBITDA as a percentage of sales was 17.5%, 400 basis points above the prior year. These businesses continue to benefit from the upgrade cycles as well as new product introductions. In addition to our strong EBITDA performance, we ended the quarter with $705 million of cash, an increase of $134 million in the quarter. This further strengthens our liquidity position, and we expect to generate incremental cash in the fourth quarter.

我們的 RemainCo 業務（包括 ANS 和 RUCKUS）第三季淨銷售額為 5.16 億美元，比上年同期成長 49%；該季調整後 EBITDA 為 9,100 萬美元，比 2024 年第三季成長 95%。RemainCo 調整後的 EBITDA 佔銷售額的百分比為 17.5%，比前一年高 400 個基點。這些企業持續受益於產品升級週期和新產品推出。除了強勁的 EBITDA 業績外，我們本季末的現金餘額為 7.05 億美元，比上一季增加了 1.34 億美元。這將進一步增強我們的流動性狀況，我們預計將在第四季度產生更多現金。

With that, now I'd like to give you an update on each of our businesses, starting with the 2 businesses that will make up RemainCo, ANS and RUCKUS.

接下來，我想向大家介紹我們各個業務的最新情況，首先是組成 RemainCo 的兩家公司：ANS 和 RUCKUS。

Starting with ANS. Net sales of $338 million were up 77% in the third quarter compared to the prior year, and adjusted EBITDA was up 169%. These increases were primarily driven by our continued deployment of our new DOCSIS 4.0 amplifier and node products. Our FDX amplifier deployment with Comcast continues to go well, and this is reflected in our results. As stated before, 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.

從答案開始。第三季淨銷售額為 3.38 億美元，較上年同期成長 77%；調整後 EBITDA 成長 169%。這些成長主要得益於我們持續部署新的 DOCSIS 4.0 放大器和節點產品。我們與 Comcast 合作部署的 FDX 擴大機進展順利，這也反映在我們的業績上。如前所述，我們相信 ANS 憑藉數十年來對客戶生態系統的了解以及為服務提供者提供的廣泛新產品，在利用最新的 DOCSIS 升級週期以及發展其傳統的 DOCSIS 3.1 網路方面處於有利地位。

Our product range includes all areas of the HFC network, including DOCSIS 3.1, 3.1E and DOCSIS 4.0 solutions. During the third quarter, we announced that CommScope achieved record-breaking speeds at the CableLabs DOCSIS 4.0 at DAA Technology Interop event. Powered by CommScope's Evo virtual CCAP platform, the team achieved unprecedented speeds of 16.25 gigabits per second in the downstream across 2 load balance DOCSIS 4.0 modems for multiple manufacturers using various chipsets.

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。第三季度，我們宣布 CommScope 在 DAA Technology Interop 活動上舉辦的 CableLabs DOCSIS 4.0 活動中實現了破紀錄的速度。透過 CommScope 的 Evo 虛擬 CCAP 平台，該團隊在 2 個負載平衡 DOCSIS 4.0 數據機上實現了前所未有的 16.25 吉比特/秒的下行速度，適用於使用各種晶片組的多個製造商。

In related test, the CommScope team also achieved downstream speeds of over 9.4 gigabits per second on a single DOCSIS 4.0 modem. These breakthroughs show that a DOCSIS 4.0 network can compete with the fiber-to-the-home speeds. Additionally, over the last quarter, we found traction with our newly released PON portfolio at a major North American service provider, which will deliver multi-gigabit bandwidth and scalable options for growth.

在相關測試中，CommScope 團隊還在單一 DOCSIS 4.0 數據機上實現了超過每秒 9.4 吉比特的下行速度。這些突破表明，DOCSIS 4.0 網路可以與光纖到府的速度相媲美。此外，在過去一個季度中，我們新推出的 PON 產品組合在北美一家大型服務提供商處獲得了認可，該產品組合將提供多千兆頻寬和可擴展的成長選項。

We also deployed our virtual broadband network gateway solution with a major MSO. The vBNG solution is a software-based service that serves as a virtualized alternative to traditional gateways. vBNGs provide scalable, agile and cost-effective broadband services. They help manage subscriber sessions, advanced routing and flexible deployment in various architectures like cloud-native and container-based networks for HFC, PON and mobile networks.

我們也與一家大型MSO公司合作部署了我們的虛擬寬頻網路網關解決方案。vBNG解決方案是一種基於軟體的服務，可作為傳統網關的虛擬化替代方案。 vBNG提供可擴展、靈活且經濟高效的寬頻服務。它們有助於管理使用者會話、進階路由以及在各種架構（如雲端原生和基於容器的網路）中的靈活部署，適用於 HFC、PON 和行動網路。

At the SCTE Tech Expo last month, we showcased our entire suite of products and solutions that help customers upgrade their networks in the most agile ways possible. On display were DOCSIS 4.0 and unified solutions, including the RPDs and smart amplifiers. Coming out of the show, there seems to be some resurgence of excitement for DOCSIS 4.0 and DOCSIS 3.1E.

在上個月的 SCTE 技術博覽會上，我們展示了我們全套產品和解決方案，這些產品和解決方案可以幫助客戶以最靈活的方式升級他們的網路。展出了 DOCSIS 4.0 和統一解決方案，包括 RPD 和智慧放大器。展會結束後，人們對 DOCSIS 4.0 和 DOCSIS 3.1E 的興趣似乎有所回升。

In addition, during the show, we jointly announced with Comcast that the CommScope DOCSIS 4.0 FDX amplifiers feature an AI-driven management core, which auto detects and corrects network events in real time to deliver superior intelligence, performance and reliability across Comcast's access network.

此外，在展會期間，我們與 Comcast 共同宣布，CommScope DOCSIS 4.0 FDX 擴大機採用 AI 驅動的管理核心，可自動偵測和修正網路事件，從而在 Comcast 的存取網路中提供卓越的智慧性、效能和可靠性。

CommScope has long been a world leader in network amplifiers with nearly 10 million shipped since the exception of DOCSIS 1.0 in 1997. In 2026, CommScope plans to introduce amplifiers and remote PHY devices that deliver DOCSIS 4.0 unified operation, supporting both the 1.8 gigahertz extended spectrum DOCSIS and FDX networks with a single device.

CommScope 長期以來一直是網路擴大機領域的全球領導者，自 1997 年 DOCSIS 1.0 以來，其出貨量已接近 1000 萬台。CommScope 計劃在 2026 年推出擴大機和遠端 PHY 設備，以實現 DOCSIS 4.0 統一操作，透過單一裝置同時支援 1.8 吉赫茲擴展頻譜 DOCSIS 和 FDX 網路。

As we have stated in the past, we are the only solution provider offering the full DOCSIS 4.0 access technology ecosystem, including nodes, DAA modules and amplifiers. CommScope is uniquely positioned to support any operator's path to 10G services.

正如我們過去所聲明的，我們是唯一一家提供完整的 DOCSIS 4.0 接入技術生態系統的解決方案提供商，包括節點、DAA 模組和放大器。CommScope 擁有獨特的優勢，能夠支援任何營運商轉型為 10G 服務。

We continue to move forward with our new unified products that are now in the lab testing phase and expected to be available in the first half of 2026. We are pleased with the direction that ANS is headed. As the market shifts towards DOCSIS 4.0, we have positioned our product portfolio to take advantage of many upgrade paths. The new products position ANS to maintain performance as the market shifts away from some of our legacy products.

我們正在繼續推動新的統一產品研發，這些產品目前正處於實驗室測試階段，預計將於 2026 年上半年上市。我們對ANS的發展方向感到滿意。隨著市場向 DOCSIS 4.0 轉型，我們已調整產品組合，以利用多種升級途徑。隨著市場逐漸拋棄我們的一些傳統產品，新產品使 ANS 能夠保持其市場地位。

Turning to RUCKUS. Revenue was up 15% in the third quarter compared to the prior year. RUCKUS adjusted EBITDA of $36 million was up $10 million or 38% versus Q3 of 2024. In the third quarter, we saw continued strong demand for RUCKUS driven by our Wi-Fi 7 products and subscription services as well as our go-to-market initiatives.

轉向 RUCKUS。第三季營收比上年同期成長15%。RUCKUS 調整後的 EBITDA 為 3,600 萬美元，比 2024 年第三季增加了 1,000 萬美元，增幅達 38%。第三季度，在我們的 Wi-Fi 7 產品和訂閱服務以及市場推廣舉措的推動下，RUCKUS 的需求持續強勁成長。

During the quarter, we deployed our first T670 outdoor Wi-Fi access points for large private venues. It is a high-density AI-driven Wi-Fi 7 outdoor access point with a unique programmable directional antenna. We received U.S. federal government certification for our ICX 8200 as one of the first companies to achieve the new FIPS 140-3 certification across our ICX product line, enabling sales to U.S. federal customers. RUCKUS switches are designed to handle next-generation wireless and IoT networks, delivering exceptional and reliable performance.

本季度，我們為大型私人場所部署了首批 T670 戶外 Wi-Fi 接入點。它是一款高密度人工智慧驅動的 Wi-Fi 7 室外存取點，配備獨特的可編程定向天線。我們的 ICX 8200 獲得了美國聯邦政府的認證，成為首批在整個 ICX 產品線中獲得新的 FIPS 140-3 認證的公司之一，從而能夠向美國聯邦客戶銷售產品。RUCKUS 交換器專為處理新一代無線和物聯網網路而設計，可提供卓越可靠的效能。

Also at the SCTE Tech Expo, we demonstrated our mobile data offload product. This provides MSOs and their mobile customers with higher data speeds, better reliability, seamless roaming and lower data cost to the operator. Enabled with our cloud-based RUCKUS AI, it delivers unmatched network visibility, analytics and troubleshooting to ensure exceptional customer experience.

在 SCTE 技術博覽會上，我們也展示了我們的行動數據卸載產品。這為MSO及其行動客戶提供更高的數據速度、更好的可靠性、無縫漫遊以及更低的營運商數據成本。借助我們基於雲端的 RUCKUS AI，它能夠提供無與倫比的網路可視性、分析和故障排除能力，從而確保卓越的客戶體驗。

Utilizing our high-density T670 access point, we provide the required reliability and high throughput that is necessary for mobile data offload. This solution is focused on improving data flow, reducing latency and increased gross data offload tonnage. Customers have expressed interest in this technology, and we expect this to scale in 2026.

利用我們高密度的 T670 接入點，我們提供了行動數據卸載所需的可靠性和高吞吐量。此解決方案旨在改善資料流，降低延遲，並提高總資料卸載量。客戶對這項技術表現出了興趣，我們預計這項技術將在 2026 年實現規模化應用。

With the strong year-over-year improvements in the pipeline of innovations, we feel that the challenges in 2024 with channel inventory are now well behind us. We continue to benefit from new products and our vertical market strategies. In addition, we are beginning to see the impact of adding incremental selling resources as indicated by our increase in sales funnel opportunities.

由於創新產品線逐年大幅提升，我們認為 2024 年通路庫存方面的挑戰已經遠遠超過了我們。我們持續受益於新產品和垂直市場策略。此外，我們開始看到增加銷售資源的影響，銷售通路機會的增加證明了這一點。

We have also seen additional traction in North American service provider market as more customers are interested in our RUCKUS One MDU solutions. These solutions take advantage of our RUCKUS One platform and help managed service providers accelerate time to market and reduce operational costs. This fundamentally changes the deployment economics and delivers faster returns on investment.

隨著越來越多的客戶對我們的 RUCKUS One MDU 解決方案感興趣，我們在北美服務供應商市場也看到了進一步的成長勢頭。這些解決方案利用了我們的 RUCKUS One 平台，幫助託管服務供應商加快產品上市速度並降低營運成本。這從根本上改變了部署經濟效益，並能更快獲得投資回報。

On top of the strong growth in 2025, RUCKUS is well positioned for strong growth in 2026, driven by our Wi-Fi 7 product offering, growing demand and our strategic go-to-market investments.

在 2025 年的強勁成長之後，RUCKUS 憑藉其 Wi-Fi 7 產品、不斷增長的需求以及策略性的市場推廣投資，已做好充分準備，在 2026 年實現強勁增長。

Despite the announced transaction, I will give a brief update on CCS. In the third quarter, CCS revenue was $1.1 billion, an increase of 51% year-over-year. CCS adjusted EBITDA of $312 million or an increase of 79% as a result of revenue growth, mix and cost leverage.

儘管已經宣布了交易，但我還是會簡要介紹 CCS 的最新情況。第三季度，CCS 營收為 11 億美元，年增 51%。由於營收成長、產品組合優化和成本槓桿作用，CCS 調整後的 EBITDA 為 3.12 億美元，成長 79%。

The CCS segment will continue to be a strong cash flow generator until the close of the transaction. Based on current views, we're raising our full year CommScope adjusted EBITDA guidance to $1.30 billion to $1.35 I want to give you an update on the divestiture of our CCS businesses to Amphenol. The sale of the CCS business was approved by our shareholders on October 16. Based on current progress, we now expect the sale to close in the first quarter of 2026. The transaction will allow us to return significant capital to our shareholders and immediately improves our leverage situation.

在交易完成之前，CCS業務部門將繼續產生強勁的現金流。根據目前的觀點，我們將 CommScope 全年調整後 EBITDA 預期上調至 13 億美元至 13.5 億美元。我想向大家報告我們將 CCS 業務剝離給安費諾的最新情況。CCS業務的出售已於10月16日獲得股東批准。根據目前的進展情況，我們預計此交易將於 2026 年第一季完成。這筆交易將使我們能夠向股東返還大量資金，並立即改善我們的槓桿狀況。

The CCS business has found a great home with Amphenol, and we look forward to working with them to close the transaction. RemainCo will consist of the ANS and RUCKUS segments. Both of these businesses are recovering from challenging market conditions over the last 2 years. However, they have seen strong recovery in 2025. Based on the third quarter strength and Q4 visibility, we now expect RemainCo to deliver between $350 million and $375 million of adjusted EBITDA in 2025.

CCS業務在安費諾找到了一個非常好的歸宿，我們期待與他們合作完成交易。RemainCo 將由 ANS 和 RUCKUS 兩個部門組成。這兩家企業都在從過去兩年充滿挑戰的市場環境中復甦。然而，他們預計 2025 年將強勁復甦。根據第三季的強勁表現和第四季的可預見性，我們現在預計 RemainCo 在 2025 年將實現 3.5 億美元至 3.75 億美元的調整後 EBITDA。

As we service our customers, we have the right products, solutions and scale to win new business. We will continue to focus on what we can control with a strategic focus on supporting our customers, innovating for the demands of future advanced networks and increasing equity value. And with that, I'd like to turn things over to Kyle to talk more about our third quarter results.

在為客戶提供服務的過程中，我們擁有合適的產品、解決方案和規模來贏得新業務。我們將繼續專注於我們能夠控制的事情，策略重點是支持我們的客戶，為滿足未來先進網路的需求而進行創新，並提高股權價值。接下來，我想把麥克風交給凱爾，讓他來詳細談談我們第三季的業績。

Thank you, Chuck, and good morning, everyone. I'll start with an overview of our third quarter results on Slide 3. For CommScope, we reported adjusted EBITDA of $402 million for the third quarter of 2025, which increased 97% from prior year. Third quarter adjusted EBITDA results were up 19% sequentially versus the second quarter of 2025. Our adjusted EBITDA as a percentage of revenues was 24.7%, the best we have seen since the ARRIS acquisition and increased by 580 basis points year-over-year and 40 basis points versus the second quarter of 2025.

謝謝你，查克，大家早安。我將從幻燈片 3 開始概述我們第三季的業績。CommScope 2025 年第三季調整後 EBITDA 為 4.02 億美元，比上年同期成長 97%。第三季調整後 EBITDA 業績較 2025 年第二季較上季成長 19%。我們調整後的 EBITDA 佔收入的百分比為 24.7%，這是自 ARRIS 收購以來我們所見到的最佳水平，同比增長 580 個基點，比 2025 年第二季度增長 40 個基點。

For the third quarter, CommScope reported net sales of $1.63 billion, an increase of 51% from the prior year, driven by an increase in all segments. Adjusted EPS was $0.62 per share versus a loss of $0.06 per share in the third quarter of 2024. Order rates were down 8% sequentially in the third quarter of 2025, driven by seasonality and project timing. CommScope backlog ended the quarter at $1.32 billion, down $110 million or 8% versus the end of the second quarter 2025.

CommScope第三季淨銷售額為16.3億美元，較上年同期成長51%，主要得益於所有業務部門的成長。調整後每股收益為 0.62 美元，而 2024 年第三季每股虧損 0.06 美元。受季節性因素和專案進度影響，2025 年第三季訂單率較上季下降 8%。CommScope 的積壓訂單在本季末為 13.2 億美元，比 2025 年第二季末減少了 1.1 億美元，降幅為 8%。

With our CCS transaction announcement, I would like to separately discuss the strong performance of our 2 businesses that will make up RemainCo, ANS and RUCKUS. Third quarter revenue in these 2 businesses was $516 million, up 49% year-over-year. The stronger revenue resulted in adjusted EBITDA in the RemainCo businesses of $91 million, up 95% versus prior year. We are pleased with the RemainCo third quarter results as they came in above our forecast.

在我們宣布 CCS 交易的同時，我想單獨討論我們旗下兩家公司（將組成 RemainCo、ANS 和 RUCKUS）的強勁表現。這兩個業務第三季的營收為 5.16 億美元，年增 49%。強勁的收入使得 RemainCo 業務的調整後 EBITDA 達到 9,100 萬美元，比上年增長 95%。我們對 RemainCo 第三季的業績感到滿意，因為業績超出了我們的預期。

Turning now to our third quarter segment highlights on Slide 4. Starting with our ANS segment. Net sales of $338 million increased 77% from the prior year as customer inventory levels stabilized and shipments of our DOCSIS 4.0 products have increased. ANS adjusted EBITDA of $54 million was up $34 million or 169% from the prior year, driven by higher revenue.

現在請看投影片 4，了解我們第三季的亮點。首先是我們的ANS部分。淨銷售額達 3.38 億美元，比上年增長 77%，原因是客戶庫存水準趨於穩定，以及我們的 DOCSIS 4.0 產品出貨量增加。受營收成長的推動，ANS 調整後的 EBITDA 為 5,400 萬美元，比上年增長 3,400 萬美元，增幅達 169%。

ANS had a very challenging 2024 as customers continue to delay their upgrade cycle and the legacy business continued to decline. In the fourth quarter, we expect revenue to decrease due to project timing. However, we expect adjusted EBITDA to increase slightly.

2024 年，ANS 面臨非常嚴峻的挑戰，因為客戶不斷推遲升級週期，傳統業務也持續下滑。預計第四季度收入將因專案進度安排而下降。不過，我們預計調整後的 EBITDA 將略有成長。

As we have discussed in the past, ANS is a project-driven business with timing of projects driving some volatility in results, both from a revenue and EBITDA perspective. We experienced a strong rebound in revenue and adjusted EBITDA year-to-date as our investments made over the last 3 years on product development have positioned us for the pending upgrade cycle. The business remains well positioned to take advantage of upgrade cycles while offsetting declines in the legacy business.

正如我們過去所討論的，ANS 是一家以專案為導向的企業，專案的進度安排會導致業績出現一些波動，無論是從收入還是 EBITDA 的角度來看都是如此。由於過去 3 年我們在產品開發方面的投資，我們為即將到來的升級週期做好了準備，因此今年迄今為止，我們的收入和調整後 EBITDA 都出現了強勁反彈。該企業仍處於有利地位，能夠利用升級週期，同時抵銷傳統業務的下滑。

RUCKUS net sales of $179 million increased by 15% versus the third quarter of 2024, driven by normalized inventory in the channel and stronger market demand as well as our go-to-market initiatives. RUCKUS adjusted EBITDA of $36 million increased 38% from the prior year, driven by the increases in revenue and favorable onetime items in the quarter of approximately $3 million, offset by investment in go-to-market. We continue to see strong market conditions driven by the Wi-Fi 7 upgrade cycle. We expect the strong market conditions to remain in 2026.

RUCKUS 淨銷售額為 1.79 億美元，比 2024 年第三季成長 15%，這得益於通路庫存正常化、市場需求增強以及我們的市場推廣措施。RUCKUS 調整後的 EBITDA 為 3,600 萬美元，比上年增長 38%，主要得益於收入增長和當季約 300 萬美元的有利一次性項目，但被市場推廣投資所抵消。我們持續看到受 Wi-Fi 7 升級週期推動的強勁市場狀況。我們預計強勁的市場狀況將在2026年繼續維持。

As noted in previous calls, the overhang from channel inventory lasted through the first half of 2024. We are now seeing the benefits of normalized inventory in the channel as well as growing market demand. We continue to drive our go-to-market strategies and RUCKUS new product initiatives.

如同先前的電話會議中所提到的，通路庫存的過剩一直持續到 2024 年上半年。我們現在看到了通路庫存正常化帶來的好處，同時也看到了市場需求的成長。我們將繼續推進市場推廣策略和 RUCKUS 新產品計劃。

In addition, we are beginning to see the impact of adding incremental selling resources. However, the net benefit of these new resources will not be realized until 2026. With the additional selling resources, new products and vertical market focus, we are well positioned to grow as we move into 2026. Fourth quarter adjusted EBITDA is expected to decline compared to third quarter results due to the elimination of onetime benefits in the third quarter and seasonality.

此外，我們開始看到增加銷售資源所帶來的影響。然而，這些新資源的淨收益要到 2026 年才能實現。憑藉額外的銷售資源、新產品和垂直市場重點，我們已做好充分準備，在邁向 2026 年的過程中成長。由於第三季一次性收益的取消以及季節性因素，預計第四季度調整後 EBITDA 將比第三季業績有所下降。

Finishing with CCS, as Chuck mentioned, net sales of $1.1 billion increased 51% from the prior year. CCS adjusted EBITDA of $312 million increased 79% from the prior year. CCS adjusted EBITDA as a percentage of revenue for the quarter remained strong at 28%, driven by favorable mix and cost leverage. The business continues to perform well, and we look forward to continuing to generate strong cash flow ahead of the sale to Amphenol.

最後是 CCS，正如 Chuck 所提到的，淨銷售額為 11 億美元，比前一年增長了 51%。CCS調整後的EBITDA為3.12億美元，比上年成長79%。受有利的產品組合和成本槓桿作用的推動，CCS 本季調整後的 EBITDA 佔營收的百分比保持強勁，達到 28%。公司業務持續表現良好，我們期待在出售給安費諾之前繼續產生強勁的現金流。

Turning to Slide 5 for an update on cash flow. During the quarter, we generated cash flow from operations of $151 million and free cash flow of $135 million. Due to strong results and updated adjusted EBITDA guidepost, we now expect cash to be up approximately $250 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.

請翻到第 5 張投影片，了解現金流的最新情況。本季度，我們產生的營運活動現金流為 1.51 億美元，自由現金流為 1.35 億美元。由於業績強勁，且調整後的 EBITDA 指引有所更新，我們現在預計現金將比年初增加約 2.5 億美元。在本指導意見中，我們仍然預期營運資金和資本支出將超過 2 億美元，這主要得益於業務成長。

Turning to Slide 6 for an update on our liquidity and capital structure. During the quarter, our cash and liquidity remained strong. We ended the quarter with $705 million in global cash and total available cash and liquidity of $1.28 billion. During the quarter, our cash balance increased by $134 million. In the quarter, we purchased no debt or equity on the open market. However, going forward, we may continue to use cash opportunistically to buy back debt and equity. The company ended the quarter with net leverage ratio of 5.5x.

請翻到第 6 張投影片，了解我們流動性和資本結構的最新情況。本季度，我們的現金和流動性保持良好。本季末，我們全球現金餘額為 7.05 億美元，可用現金和流動資金總額為 12.8 億美元。本季度，我們的現金餘額增加了 1.34 億美元。本季度，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，我們可能會繼續伺機利用現金回購債務和股權。該公司本季末的淨槓桿率為 5.5 倍。

I will conclude my prepared remarks with some commentary around our expectations for the fourth quarter of 2025. We will continue to focus on running the businesses and delivering results while preparing for the closing of the CCS transaction in the first quarter of 2026.

最後，我將就我們對 2025 年第四季的預期做一些評論。我們將繼續專注於營運業務並取得業績，同時為 2026 年第一季完成 CCS 交易做好準備。

As Chuck mentioned earlier, this is a transformational transaction that creates shareholder value by strengthening the balance sheet. With expected net proceeds of approximately $10 billion, we expect to repay all of our existing debt and redeem our preferred equity. With our excess cash and modest new leverage on the remaining company, we plan to distribute the excess cash to our shareholders as a special dividend within 60 to 90 days of the transaction closing. The exact amount of the special dividend will be determined after closing by the Board.

正如 Chuck 之前提到的，這是一筆變革性的交易，它透過增強資產負債表來創造股東價值。預計淨收益約為 100 億美元，我們將用這筆資金償還所有現有債務並贖回優先股。憑藉我們多餘的現金和對剩餘公司的適度新槓桿，我們計劃在交易完成後的 60 至 90 天內，將多餘的現金以特別股息的形式分配給我們的股東。特別股息的具體金額將在交易結束後由董事會決定。

On the performance side, we have seen 6 quarters of sequential quarterly adjusted EBITDA improvement. During the third quarter of 2025, we have continued to see strong performance in all of our business segments. The ANS and RUCKUS segments continue to perform well with third quarter adjusted EBITDA of $91 million, up 95% over prior year.

在業績方面，我們已經連續 6 個季度實現了季度調整後 EBITDA 的成長。2025年第三季度，我們所有業務部門均持續保持強勁的業績表現。ANS 和 RUCKUS 業務部門持續表現良好，第三季調整後 EBITDA 為 9,100 萬美元，比去年同期成長 95%。

As a result of the continued strong results, we are raising our 2025 RemainCo adjusted EBITDA guidepost from $325 million to $350 million, up to $350 million to $375 million. The midpoint of this RemainCo guidance indicates a sequential adjusted EBITDA decline in the fourth quarter, driven by seasonality, particularly in the RUCKUS business. As for CommScope, we are raising our 2025 CommScope adjusted EBITDA guidepost from $1.15 billion to $1.2 billion, up to $1.3 billion to $1.35 billion.

由於業績持續強勁，我們將 2025 年 RemainCo 調整後 EBITDA 指引目標從 3.25 億美元至 3.5 億美元上調至 3.5 億美元至 3.75 億美元。RemainCo 的這份業績指引的中點表明，受季節性因素影響，第四季度調整後 EBITDA 將環比下降，尤其是在 RUCKUS 業務方面。至於 CommScope，我們將 2025 年 CommScope 調整後 EBITDA 指引從 11.5 億美元至 12 億美元上調至 13 億美元至 13.5 億美元。

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

最後，我想把發言權交還給查克，讓他做些總結發言。

Thank you, Kyle. In closing, we have delivered another strong quarter driven by strong market conditions and our focus on internal initiatives. The CCS transaction is ahead of schedule and is now expected to close in the first quarter of 2026. This is a transformational transaction for CommScope that unlocks equity value, allows us to return significant cash to our shareholders and strengthens the businesses.

謝謝你，凱爾。總之，在強勁的市場環境和我們對內部措施的重視下，我們又實現了強勁的季度業績。CCS交易進展順利，預計於2026年第一季完成。這對康普公司來說是一項變革性的交易，它釋放了股權價值，使我們能夠向股東返還大量現金，並增強了業務實力。

Additionally, we are encouraged by both the performance and positioning of the RemainCo businesses, ANS and RUCKUS. Both businesses exceeded our projections in the quarter, and this performance demonstrates the strong positioning of RUCKUS and ANS. The deleveraging that comes with the CCS transactions positions these businesses for success, growth and value creation. Finally, I would like to thank our team for strong execution.

此外，我們對 RemainCo 旗下業務 ANS 和 RUCKUS 的業績和市場地位都感到鼓舞。這兩個業務在本季度都超出了我們的預期，這一業績表明 RUCKUS 和 ANS 的市場地位非常穩固。CCS交易帶來的去槓桿化將使這些企業處於成功、成長和價值創造的關鍵地位。最後，我要感謝我們團隊出色的執行力。

The hard work and dedication of our team with strong support of our equity holders, debt holders, customers and suppliers has driven strong results and positioned all of our businesses for future success. And with that, we'll now open the line for questions.

團隊的辛勤工作和奉獻精神，以及股東、債權人、客戶和供應商的大力支持，推動了我們取得優異的成績，並為我們所有業務的未來成功奠定了基礎。接下來，我們將開放提問環節。

[Operator Instructions] Our first question comes from Simon Leopold, Raymond James.

[操作員說明] 我們的第一個問題來自雷蒙德詹姆斯公司的西蒙利奧波德。

First, maybe hopefully, an easier one is, could you -- I understand you can't quantify the special dividend, but could you help us understand the criteria and how the Board may think about it? And then you did offer some, I think, encouraging comments on the RUCKUS outlook for '26. I was less clear how you're thinking about ANS trends specifically for '26. You did mention, I think, down sequentially on some seasonal patterns, but wondering about how that's setting up.

首先，或許可以問一個比較簡單的問題——我知道您無法量化特別股息，但您能否幫助我們了解相關標準以及董事會可能會如何考慮這個問題？然後，我認為你對 RUCKUS 在 2026 年的前景提出了一些令人鼓舞的評論。我不太清楚你對 2026 年 ANS 趨勢的具體看法。我想你確實提到過一些季節性模式，但我想知道這方面的情況如何。

Yes, I'll take your first one, Simon. Relative to the dividend, as you can expect, when we closed the CCS transaction, which we now are indicating that, that will happen in the first quarter, the Board will take into account all the relevant factors that you would expect them to take into account. What's our cash position at the time, business performance. I don't think there's anything specific. I think it's a combination of things that they'll look at to determine what's the right level of dividend to do at the time.

是的，西蒙，我想要你的第一個。關於股息，正如您所預期的，當我們完成 CCS 交易時（我們現在表示，這將在第一季度發生），董事會將考慮您所期望他們考慮的所有相關因素。我們當時的現金狀況如何？業務表現如何？我覺得沒什麼特別的。我認為他們會綜合考慮多種因素，來決定當時適當的股利水準。

And to answer your second part of your question, Simon, is, look, we're seeing some resurgence in DOCSIS upgrade activity. Comcast, as you know, is moving forward with FDX, and they're doing that at expected, I'd say, better-than-expected levels. And I'd say, overall, we're seeing a general uptick in DOCSIS for 2026. And as you -- as we talked about in the call, 2025 was a strong rebound. And we -- moving forward, we see this business with modest growth and strong cash flow generation. We see the growth coming from new products. And as you mentioned, it's a decline in our legacy products. I think that would be the way I'd size it up.

至於你問題的第二部分，西蒙，你看，我們看到 DOCSIS 升級活動出現了一些復甦跡象。如你所知，康卡斯特正在推進FDX項目，而且他們的進展符合預期，我認為甚至比預期還要好。總的來說，我認為到 2026 年，DOCSIS 將會普遍成長。正如我們在電話會議中討論的那樣，2025 年是一個強勁的反彈年。展望未來，我們認為這項業務將保持溫和成長，並產生強勁的現金流。我們看到成長主要來自新產品。正如您所提到的，我們的傳統產品正在衰落。我覺得我會這樣衡量它。

Our next question comes from Samik Chatterjee, JPMorgan.

下一個問題來自摩根大通的薩米克·查特吉。

I have a couple. Maybe just on the DOCSIS upgrades and the record amplifier shipments that you're seeing. I know you talked about sort of customers coming in better than expected at this point. But how should we think about sort of where you are in the cycle? What visibility are customers giving you in terms of their upgrade plans into next year? Just trying to get sort of more bookends around like is this going to be a few quarters? Or do you see a longer cycle just because of also BEAD coming in to sort of support this in 2026? How should we think about that, if you can help? And I have a follow-up.

我有一對。或許只是因為你看到的 DOCSIS 升級和唱片擴大機的出貨量。我知道你之前說過，目前來看，顧客數量比預期多。但我們該如何看待你在這個週期中的位置？客戶對明年的升級計畫有哪些了解？我只是想弄清楚大概情況，例如這會持續幾個季度嗎？或者，您認為週期會更長，僅僅是因為 BEAD 也將在 2026 年加入進來，為這一進程提供支援？我們應該如何考慮這個問題？如果您能幫忙的話。我還有一個後續問題。

Sure. I would say we're in the early innings of the DOCSIS upgrade. And I think this is a multiyear, several year process to put it in perspective, and we're in the very early innings.

當然。我認為我們目前還處於 DOCSIS 升級的初期階段。我認為這是一個需要數年時間的過程，我們現在還處於非常早期的階段。

Okay. Okay. Great. And in relation to -- maybe just a follow-up on that, you did expect -- you had earlier outlined ANS to moderate a bit into the quarter. I mean the upside surprise that you saw was just overall amplifier shipments? Or was there a software pull-in as well along with it driving the upside?

好的。好的。偉大的。關於這一點——也許只是後續跟進，您之前也預料到了——您曾概述過 ANS 在本季度會略有緩和。我的意思是，你看到的意外驚喜只是擴大機整體出貨量的成長嗎？或者說，除了軟體方面的推動之外，是否還有其他因素也推高了股價？

Yes. I think in the quarter, there was no real software impact in the quarter. I think we had indicated on a sequential basis that the ANS business was going to be down on an EBITDA basis, driven by a really, really strong second quarter that we had that was impacted by the software. So as we went into Q3, it was more of a hardware mix for us, which drove the sequential decline, albeit still a pretty solid quarter for ANS.

是的。我認為本季軟體方面沒有造成真正的衝擊。我認為我們已經按季度表明，ANS 業務的 EBITDA 將會下滑，這是因為我們第二季業績非常強勁，但受到了軟體的影響。因此，進入第三季後，我們的硬體組合更加多元化，這導致了環比下滑，儘管對於 ANS 來說，這仍然是一個相當穩健的季度。

Okay. And maybe if you can let me squeeze one more in here. Just trying to think about the EBITDA for the RemainCo and how should we think about maybe a bit more of a walk between the EBITDA and what should be a more normalized cash flow for the RemainCo business? What would you sort of call out in terms of capital investments to support the business on an ongoing basis? And how should we think about sort of normalized cash flow?

好的。或許你可以讓我再加一個進去。我只是想思考一下剩餘公司 (RemainCo) 的 EBITDA，以及我們應該如何考慮 EBITDA 與剩餘公司業務更正常的現金流之間的差異？就持續支持業務發展的資本投資而言，您認為應該專注於哪些方面？那我們該如何看待正常化的現金流呢？

Yes. I mean we -- obviously, we've provided some indication on what at least the '25 RemainCo EBITDA guidepost would be at the $350 million to $375 million. I think when we look at that -- look at the RemainCo businesses, I think working capital and sort of taxes are sort of -- would be sort of normal. I think the one place where we probably see a little bit of pickup from a cash flow basis versus the total CommScope would be in CapEx.

是的。我的意思是，顯然，我們已經給出了一些跡象，表明至少 2025 年 RemainCo 的 EBITDA 指導值將在 3.5 億美元至 3.75 億美元之間。我認為當我們審視 RemainCo 的業務時，我認為營運資金和稅收情況應該會比較正常。我認為，從現金流角度來看，CommScope 整體業績可能會略有成長的領域是資本支出。

These businesses tend to be less capital intensive than the CCS business. And then ultimately, to get to the actual cash flow number, as we've talked about in our prepared remarks and the proxy, whatever leverage we would put on the business would clearly have some impact on the cash flow, which will determine once we get to the CCS transaction and the leverage of that we'll put on the business.

這些企業的資本密集度往往低於碳捕獲與封存（CCS）企業。最終，正如我們在準備好的發言稿和委託書中所討論的那樣，為了得出實際的現金流數字，我們對業務施加的任何槓桿顯然都會對現金流產生一些影響，這將決定我們完成 CCS 交易後，我們將對業務施加的槓桿。

[Operator Instructions] Our next question comes from Kevin Niederpruem with Bank of America.

【操作員說明】下一個問題來自美國銀行的 Kevin Niederpruem。

I got a few questions for you. My first question is similar to Samik's, but it's about the Wi-Fi business. Can you explain with us and share with us where you currently view the Wi-Fi 7 cycle?

我有一些問題想問你。我的第一個問題和 Samik 的問題類似，但它是關於 Wi-Fi 業務的。您能否向我們解釋一下，並分享您目前對 Wi-Fi 7 週期的看法？

Sure, sure. I would say our inventory issues are behind us at this point. I mean, as you see that the Q3 revenue was up 15% year-over-year. What's really driving all this are our new products and solutions. I think we're gaining traction with our RUCKUS ONE product line. And I'd say that includes the subscriptions. We are seeing a Wi-Fi refresh, and I would say we're in the early innings of that. And I would say, in general, strong market conditions, specifically for access points.

當然，當然。我認為我們的庫存問題現在已經解決了。我的意思是，正如你所看到的，第三季營收年增了 15%。真正推動這一切發展的是我們的新產品和解決方案。我認為我們的 RUCKUS ONE 產品線正在逐漸獲得市場認可。我認為這其中也包括訂閱費用。我們正在見證 Wi-Fi 技術的革新，我認為我們目前還處於革新的初期階段。總的來說，我認為市場狀況良好，特別是對於接入點而言。

And the other thing that's going on in our business is we're investing approximately $20 million a year in incremental sales resources, and we started that this year. These resources, combined with our new products, our vertical market initiatives, focus on RUCKUS ONE subscriptions and I would say some channel initiatives are going to support revenue growth. And I believe it's going to be like a 2x market growth rate over the next several years.

我們公司正在做的另一件事是，我們每年投入約 2000 萬美元用於增加銷售資源，我們從今年開始這樣做。這些資源，加上我們的新產品、垂直市場舉措，都集中在 RUCKUS ONE 訂閱上，我認為一些通路舉措將支持收入成長。我相信未來幾年市場成長率將達到兩倍左右。

Got it. My next question is more about the ANS segment. This quarter and a little bit of last quarter, you called out more of these FDX smart amplifiers driving growth. Are you able to give us some information on the CMTS, the nodes or any of the other stuff in between, how that performed throughout the quarter?

知道了。我的下一個問題更多是關於ANS部分。在本季和上個季度的大部分時間裡，您都提到了更多推動成長的 FDX 智慧擴大機。您能否向我們提供一些關於 CMTS、節點或任何其他相關內容的信息，以及它們在本季度中的表現？

Yes. I think as we think about sort of a little bit of a different question. But on the node and RPD side, we see continued strength there as well, particularly the FDX side of the business. I think as Chuck mentioned in one of the earlier answers, on the legacy CMTS side, that is a declining business, and we'll see that slowly decline over time. And then I think on the virtual CMTS side, as we've talked about in the last couple of calls, we're gaining some traction there. We've had a couple of wins, particularly in Europe.

是的。我認為，我們不妨思考另一個問題。但在節點和RPD方面，我們也看到了持續的強勁勢頭，特別是FDX業務方面。我認為正如 Chuck 在之前的答案中提到的那樣，就傳統的 CMTS 業務而言，這是一個正在衰落的業務，我們將看到它隨著時間的推移而逐漸衰落。然後，我認為在虛擬 CMTS 方面，正如我們在最近幾次電話會議中討論的那樣，我們正在取得一些進展。我們贏了幾場，尤其是在歐洲賽場上。

Got it. And then my last question is more broad-based around competition. Can you parse out for us the competition and more of the players that you're seeing in both the ANS side and the RUCKUS side?

知道了。最後一個問題更廣泛地圍繞著競爭。你能為我們分析一下ANS和RUCKUS兩隊之間的競爭情況，以及你看到的球員狀況嗎？

Well, I'd say on the ANS side, I mean, there's a wide range of, let's say, smaller players or niche players. I think you think about like a Telista, you think about a Vecima, when you think about the larger players, more larger than those guys, you think about Harmonics and then you got ATX. Those would be the players in that space. And what was your other question?

嗯，就ANS而言，我的意思是，有很多規模較小的玩家或利基玩家。我想，如果你想到像 Telista 這樣的品牌，你會想到 Vecima，如果你想到比這些品牌更大的品牌，你會想到 Harmonics，然後你就會想到 ATX。這些就是該領域的參與者。你剛才問的另一個問題是什麼？

Is the competition on RUCKUS.

RUCKUS上的競爭對手是誰？

Yes. I mean that would be Cisco, HP, Juniper, Extreme. That would be the ones I'd call out Arista.

是的。我的意思是，那應該是思科、惠普、瞻博網路、Extreme。我會點名批評Arista。

The only thing I would comment around competition is in the ANS business, it's very product specific. We are one of the few companies that supply into the DOCSIS space sort of all the products, and each product has a different set. So like your amplifiers would have different competitors than like your CMTS. And I also think when you look at the RUCKUS business, we are heavily weighted to enterprise. We're more heavily weighted to access points. So even when you get into the businesses, it's -- a lot of it has to do with being product-specific or market specific. But I think generally, on a broad basis, Chuck hit the sort of the major competitors that we're seeing.

關於競爭，我唯一想說的是，在自動導航系統（ANS）產業，競爭非常注重產品特性。我們是少數幾家能夠為 DOCSIS 領域提供幾乎所有產品的公司之一，而且每種產品都有不同的配置。所以，你的擴大機和你的 CMTS 的競爭對手就不同。而且我認為，當你審視 RUCKUS 的業務時，你會發現我們非常重視企業客戶。我們更專注於接入點。所以即使你進入商業領域，很多事情也與產品或市場有關。但我認為整體而言，從大局來看，查克擊中的正是我們現在看到的那些主要競爭對手。

Our next question comes from George Notter with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 George Notter。

This is Brenden on for George. I wanted to ask a question about the 2025 EBITDA guide. It looks like you guys raised the guidance for the core RemainCo business, but any color on what you expect for CCS to do next quarter? I think some of the guidance raised in the RemainCo was maybe offset by CCS possibly. Anything there would be awesome.

這是布倫丹代替喬治發言。我想問一個關於 2025 年 EBITDA 指南的問題。看來你們提升了對核心 RemainCo 業務的業績預期，但對於 CCS 下個季度的業績預期，你們有什麼具體說明嗎？我認為 RemainCo 中提出的一些指導意見可能被 CCS 抵消了。那裡的任何東西都會很棒。

I think we mentioned in our prepared remarks that just based on some seasonality, albeit still a very strong quarter for CCS, the CCS EBITDA at this point in time, we'd call it down a little bit. But again, not necessarily from strength of market, more just from Q4 seasonally being a little bit of a softer quarter for us historically.

我認為我們在準備好的發言稿中提到過，儘管 CCS 的這個季度業績仍然非常強勁，但由於季節性因素，我們預計 CCS 目前的 EBITDA 會略微下調一些。但再次強調，這並不一定是因為市場強勁，更多的是因為從歷史上看，第四季通常是我們業績較為疲軟的季度。

I'm showing no further questions at this time. I would now like to turn it back to Chuck Treadway, President and Chief Executive Officer, for closing remarks.

我目前沒有其他問題要問。現在我謹將發言權交還給總裁兼執行長查克·特雷德韋，請他作總結發言。

Yes. Thank you all for your time today. I appreciate your interest in CommScope, and I'd like to wish all of you a great rest of your week.

是的。感謝各位今天抽出時間。感謝您對康普公司的關注，並祝您本週餘下的時間一切順利。

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了。