CommScope Holding Company Inc (COMM) 2021 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CommScope Third Quarter 2021 Results Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎參加康普 2021 年第三季度業績電話會議。（操作員說明）

I would now like to hand the conference over to your first speaker, Mr. Russell Johnson, Vice President, Treasurer and Investor Relations. Sir, please go ahead.

我現在想將會議交給您的第一位發言人，財務主管和投資者關係副總裁 Russell Johnson 先生。先生，請繼續。

Good morning, and thank you for joining us today to discuss CommScope's Third Quarter 2021 results. With me on today's call are Chuck Treadway, President and CEO; Kyle Lorentzen, Executive Vice President and CFO; Tom Cloonan, Interim Chief Technology Officer; and Bud Watts, Chairman of the Board.

早上好，感謝您今天加入我們討論康普 2021 年第三季度的業績。與我一起參加今天電話會議的有總裁兼首席執行官 Chuck Treadway；執行副總裁兼首席財務官 Kyle Lorentzen；臨時首席技術官 Tom Cloonan；和董事會主席 Bud Watts。

You can find the slides that accompany this report on our Investor Relations website.

您可以在我們的投資者關係網站上找到本報告隨附的幻燈片。

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當前對業務的看法的前瞻性陳述，未來的實際結果可能會有重大差異。請參閱我們最近提交給美國證券交易委員會的文件，其中確定了可能影響未來業績的主要風險和不確定性。

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

在我將電話轉給查克之前，我有一些內務事項需要審查。今天，我們將討論某些調整後或非 GAAP 財務指標，這些指標在今天上午的收益材料中有更詳細的描述。非 GAAP 財務措施和其他相關披露的對賬包含在我們的收益材料中並發佈在我們的網站上。今天討論中的所有參考資料都將針對我們調整後的結果。除非另有說明，否則今天的報告中描述的所有季度增長率均按年計算。

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

我現在將電話轉給我們的總裁兼首席執行官 Chuck Treadway。查克？

Thank you, Russell, and good morning, everyone. Thank you all for taking the time to join our call this morning. I'm going to be starting on Slide 2.

謝謝你，拉塞爾，大家早上好。感謝大家今天早上抽出時間參加我們的電話會議。我將從幻燈片 2 開始。

During the third quarter, core CommScope recorded net sales of $1.69 billion, a 6% increase over prior year. We achieved this top line performance despite shortages of manufacturing components during the quarter. Our core adjusted EBITDA of $275 million represents a 12% decline over prior year. This decline was primarily driven by supply chain factors, including component shortages, increased commodity costs and higher freight costs.

第三季度，核心康普的淨銷售額為 16.9 億美元，比上年增長 6%。儘管本季度製造組件短缺，但我們實現了這一頂級業績。我們的核心調整後 EBITDA 為 2.75 億美元，比上一年下降 12%。這一下降主要是由供應鏈因素推動的，包括零部件短缺、商品成本增加和運費上漲。

Our strongest performing segment for the quarter was Outdoor Wireless Networks with revenues increasing 31%. This strength was led by sales to the 3 leading North American mobile operators who continue to ramp up 5G-related macro cell site equipment deployments and infrastructure upgrades. These operators are showing healthy demand for CommScope's base station antennas as well as other cell site infrastructure products, ranging from cabling and structural steel to power management solutions. And we also continue to make progress with our partner, Nokia, in commercializing our unique integrated active/passive antenna products. These innovative products can help operators solve some of the most challenging aspects of 5G deployments, including footprint, weight, wind loading and speed of installation.

我們本季度表現最強勁的部分是戶外無線網絡，收入增長了 31%。這一優勢得益於對北美 3 家領先移動運營商的銷售，這些運營商繼續加快與 5G 相關的宏基站設備部署和基礎設施升級。這些運營商對 CommScope 的基站天線以及其他基站基礎設施產品（從佈線和結構鋼到電源管理解決方案）表現出良好的需求。我們還繼續與我們的合作夥伴諾基亞取得進展，將我們獨特的集成有源/無源天線產品商業化。這些創新產品可以幫助運營商解決 5G 部署中一些最具挑戰性的問題，包括佔地面積、重量、風荷載和安裝速度。

In our Venue and Campus segment, revenue increased by 8%, driven by both our inside plant copper and fiber cabling solutions. We continue to see demand from data centers and a recovery in enterprise markets.

在我們的場館和園區部門，收入增長了 8%，這得益於我們的廠內銅纜和光纖佈線解決方案。我們繼續看到數據中心的需求和企業市場的複蘇。

In our RUCKUS business, we continue to see a healthy pace of new orders as RUCKUS backlog increased 31% in the quarter. However, our semiconductor allocations limited our ability to ship product and book revenue.

在我們的 RUCKUS 業務中，我們繼續看到新訂單的健康增長，因為本季度 RUCKUS 積壓訂單增加了 31%。然而，我們的半導體分配限制了我們運送產品和預訂收入的能力。

And finally, our DAS and Small Cell business unit saw softer sales as compared to the third quarter of 2020.

最後，與 2020 年第三季度相比，我們的 DAS 和 Small Cell 業務部門的銷售額有所下降。

In our Broadband Networks segment, revenues declined by 4% during the third quarter. And as discussed in our last call, this includes the impact of a large software license sale that did not repeat. While we continue to experience strong demand across the board for advanced cable network solutions and cable and connectivity products, we were impacted by component shortages, primarily in our Converged Network Solutions and Access Technologies business units.

在我們的寬帶網絡部門，第三季度收入下降了 4%。正如我們在上次電話會議中所討論的那樣，這包括沒有重複的大型軟件許可銷售的影響。雖然我們繼續對先進的有線網絡解決方案以及電纜和連接產品的全面需求強勁，但我們受到組件短缺的影響，主要是在我們的融合網絡解決方案和接入技術業務部門。

However, it is important to note that year-to-date Broadband Networks net sales are up 14% from prior year, and our backlog in Broadband Network segment continues to be robust and is up 34% since the beginning of the year. In our Cable and Connectivity business, we are essentially selling everything we can produce. We are also working hard to complete our Cable and Connectivity manufacturing expansion projects that we spoke about on previous calls.

然而，值得注意的是，年初至今的寬帶網絡淨銷售額比上年增長了 14%，我們在寬帶網絡領域的積壓訂單繼續強勁，自年初以來增長了 34%。在我們的電纜和連接業務中，我們基本上是在銷售我們可以生產的所有產品。我們也在努力完成我們在之前的電話會議上談到的電纜和連接製造擴展項目。

Moreover, we are seeing clear signs of CommScope's diverse portfolio of cable network solutions are continuing to generate significant value for cable customers. Capital investment in Cable Networks is growing, but it is also developing along very operator-specific lines with no one-size-fits-all choice regarding architecture evolution or upgrade path.

此外，我們看到明顯跡象表明，康普多樣化的有線網絡解決方案組合正在繼續為有線客戶創造巨大價值。有線網絡的資本投資正在增長，但它也在沿著非常特定於運營商的路線發展，在架構演進或升級路徑方面沒有放之四海而皆準的選擇。

The migration to new architectures will not be linear or an overnight process, but will continue to develop at least through the end of this decade. Many operators that we serve are moving deliberately with the introduction of new cable architectures and, for the time being, prefer to direct their investment capital towards optimizing their existing cable plants. For those customers, CommScope will remain a critical supplier of products ranging from software licenses and heading optics to access layer equipment.

向新架構的遷移不會是線性的或一夜之間的過程，但至少在本十年末將繼續發展。我們服務的許多運營商都在有意識地引入新的電纜架構，並且暫時更願意將他們的投資資本用於優化他們現有的電纜設備。對於這些客戶，康普仍將是重要的產品供應商，產品範圍從軟件許可和光學器件到接入層設備。

And our very large installed base of CMTS and optical nodes gives us a strong income with competitive advantage. Other operators are moving more aggressively to adapt new next-generation architecture solutions such as virtualization, distributed access architecture and fiber to the home. For those customers, CommScope is equally well positioned given our fast developing suite of next-generation hardware and software offerings. This is an area where our long history as a cable equipment leader as well as our large installed base provides a competitive advantage.

我們龐大的 CMTS 和光節點安裝基礎為我們帶來了強勁的收入和競爭優勢。其他運營商正在更積極地採用新的下一代架構解決方案，例如虛擬化、分佈式接入架構和光纖到戶。對於這些客戶，鑑於我們快速開發的下一代硬件和軟件產品套件，康普同樣處於有利地位。在這一領域，我們作為電纜設備領導者的悠久歷史以及我們龐大的安裝基礎提供了競爭優勢。

Operators understand that CommScope's new product offerings are not experimental, but are based on decades of hardened, optimized coding and are specifically designed to be backwards compatible with existing technology. These and other factors help make CommScope the vendor of choice for operators seeking to implement new network architectures in a cost-effective and low-risk manner.

運營商明白，康普的新產品不是實驗性的，而是基於數十年的強化、優化編碼，並專門設計為與現有技術向後兼容。這些和其他因素有助於使康普成為尋求以具有成本效益和低風險的方式實施新網絡架構的運營商的首選供應商。

I'm very pleased to report that we are already seeing clear evidence that our newest DAA solutions are making good traction with cable customers who are upgrading their current networks and preparing for future network evolution. During the third quarter, we announced that Alaska's largest cable operator, GCI, will use our RD-2322 device to support the deployment of Remote MAC-PHY. This cutting-edge product provides operators with the same field hardened and optimized code as previously described. It is an all-in-one box, distributed CMTS solution that moves both the MAC and PHY layer functions out of the hardened -- out of the head end to a fiber optic node in the network access player.

我很高興地向大家報告，我們已經看到明確的證據表明，我們最新的 DAA 解決方案對正在升級當前網絡並為未來網絡演進做準備的有線電視客戶產生了良好的吸引力。在第三季度，我們宣布阿拉斯加最大的有線電視運營商 GCI 將使用我們的 RD-2322 設備來支持遠程 MAC-PHY 的部署。這種尖端產品為操作員提供了與前面描述的相同的現場硬化和優化代碼。它是一個一體化的分佈式 CMTS 解決方案，將 MAC 和 PHY 層功能從強化的——從前端轉移到網絡接入播放器中的光纖節點。

Also during the quarter, we announced that Liberty Global will deploy CommScope's high-density remote PHY shelf. This cutting-edge solution will enable this important European operator to push fiber deeper into its network and enjoy the benefits of the distributed access architecture. These 2 customer wins demonstrate that CommScope is meeting current operator needs with new technologies, playing a leading role in the gradual migration of active cable functionality to the network edge and is poised for global broadband growth.

同樣在本季度，我們宣布 Liberty Global 將部署 CommScope 的高密度遠程 PHY 架。這一尖端解決方案將使這家重要的歐洲運營商能夠將光纖深入到其網絡中，並享受分佈式接入架構的好處。贏得這 2 個客戶表明康普正在通過新技術滿足當前運營商的需求，在有源電纜功能逐漸向網絡邊緣遷移方面發揮主導作用，並為全球寬帶增長做好準備。

I'll finish up my segment review with an update on Home Networks, which we consider noncore because our previously announced intention to spin off the business during the second quarter of 2022. Home Networks revenues declined by 28% during the quarter versus prior year. While we are feeling the effects of supply chain disruptions across CommScope, our Home Networks business top line has been the most challenged by the global shortage of semiconductor chips.

我將通過家庭網絡的更新來結束我的細分市場審查，我們認為家庭網絡是非核心業務，因為我們之前宣布有意在 2022 年第二季度剝離該業務。與去年同期相比，本季度家庭網絡收入下降了 28%。雖然我們感受到整個康普供應鏈中斷的影響，但我們的家庭網絡業務收入受到全球半導體芯片短缺的挑戰最大。

In addition to supply challenges, the business has also been negatively impacted by escalating prices of electronic components and freight. Because of supply chain constraints, our large Home Networks backlog continued to grow and remains above $1.1 billion.

除了供應挑戰外，該業務還受到電子元件和運費價格上漲的負面影響。由於供應鏈的限制，我們大量的家庭網絡積壓訂單繼續增長並保持在 11 億美元以上。

Overall, I want to emphasize that we continue to see strong and, in some cases, record demand for our portfolio of communications and networking technologies. Year-to-date, we have grown our core business revenue versus the same period last year by 11%. As a result of the strong demand and supply constraints, our core backlog ended the quarter above $2.2 billion.

總的來說，我想強調的是，我們繼續看到對我們的通信和網絡技術組合的強勁需求，在某些情況下，需求創歷史新高。年初至今，我們的核心業務收入與去年同期相比增長了 11%。由於強勁的需求和供應限制，我們的核心積壓訂單在本季度結束時超過 22 億美元。

The revenue growth and backlog build that we are achieving are direct evidence of the strength of our broad solutions portfolio. It is clear that many of our customers continue to show confidence in CommScope as a partner for building the networks of the future.

我們正在實現的收入增長和積壓工作直接證明了我們廣泛的解決方案組合的實力。很明顯，我們的許多客戶繼續對康普作為構建未來網絡的合作夥伴表現出信心。

During the quarter, our revenue performance was more than offset by significant headwinds related to the current supply chain environment. Like many other technology companies, we experienced supply constraints with semiconductor chips that negatively impacted both net sales and adjusted EBITDA.

在本季度，我們的收入表現被與當前供應鏈環境相關的重大不利因素所抵消。與許多其他科技公司一樣，我們經歷了半導體芯片的供應限制，這對淨銷售額和調整後的 EBITDA 都產生了負面影響。

In addition to component shortages, CommScope also felt based commodity inflation as well as higher freight costs. The net impact of input costs and freight inflation on the third quarter consolidated adjusted EBITDA was approximately $80 million. I can assure you that we are addressing these supply chain pressures with a sense of urgency across CommScope. While these disruptions may ultimately prove to be transitory, we cannot afford to operate under that assumption.

除了組件短缺，康普還感受到基礎商品通脹以及更高的運費。投入成本和運費通脹對第三季度合併調整後 EBITDA 的淨影響約為 8000 萬美元。我可以向您保證，我們正以一種緊迫感在整個康普解決這些供應鏈壓力。雖然這些中斷最終可能被證明是暫時的，但我們無法承受在這種假設下運營。

We are continuing to raise prices and take operational measures with the goal of offsetting the inflationary cost impacts. I want to emphasize that this catch-up process is not going to be immediate. While we are already making good progress on the pricing front, the reality is given our large backlog of negotiated orders as well as the lag built into pricing adjustment provisions in some of our customer contracts, the flow-through impact of price increases is going to take several quarters to fully materialize in our P&L.

我們將繼續提高價格並採取運營措施，以抵消通脹成本的影響。我想強調的是，這個追趕過程不會立竿見影。雖然我們已經在定價方面取得了良好進展，但現實是我們大量積壓的談判訂單以及我們一些客戶合同中定價調整條款的滯後，價格上漲的流動影響將需要幾個季度才能完全體現在我們的損益表中。

We expect to see the revenue and margin pressure that we experienced in the third quarter persist for the remainder of 2021 and into 2022. As we accelerate our efforts to recover inflationary impacts on our business through pricing and cost actions, I want to emphasize that CommScope is in the early stages of a fundamental business transformation. During the third quarter, we continued to make excellent progress on CommScope NEXT, and we now have over 100 targeted initiatives, either in-flight or are ready for implementation.

我們預計我們在第三季度經歷的收入和利潤壓力將持續到 2021 年剩餘時間和 2022 年。隨著我們加快努力通過定價和成本行動恢復通脹對我們業務的影響，我想強調的是，康普正處於基本業務轉型的早期階段。在第三季度，我們在 CommScope NEXT 方面繼續取得了出色的進展，我們現在有 100 多項有針對性的計劃，這些計劃正在實施中或準備實施。

Additionally, we have now put in place the management processes and tools to track progress on each CommScope NEXT initiative.

此外，我們現在已經實施了管理流程和工具來跟踪每個康普 NEXT 計劃的進展情況。

I'll now turn over the call to Kyle to provide further details on our third quarter results. Kyle?

我現在將電話轉給 Kyle，以提供有關我們第三季度業績的更多詳細信息。凱爾？

Thank you, Chuck, and good morning, everyone. Before getting started on the overview of our financial results, I wanted to thank Chuck and the Board for giving me the opportunity to become CommScope's Chief Financial Officer. I'm very excited by the prospect of working with the entire management team as we continue our efforts to transform the business.

謝謝查克，大家早上好。在開始概述我們的財務業績之前，我要感謝查克和董事會給我機會成為康普的首席財務官。在我們繼續努力轉變業務的過程中，我對與整個管理團隊合作的前景感到非常興奮。

My primary responsibility since joining CommScope a year ago has been to lead the transformation office and the CommScope NEXT initiative. From this perspective, it has become clear to me that CommScope has tremendous potential to create shareholder value.

自一年前加入康普以來，我的主要職責是領導轉型辦公室和康普 NEXT 計劃。從這個角度來看，我很清楚康普在創造股東價值方面具有巨大潛力。

As we now move into the full implementation phase of CommScope NEXT, a key component of my role as CFO and a critical requirement for success will be ensuring that we have tight linkage between the financial oversight function and the goals of CommScope NEXT. Clear and transparent financial management processes, combined with effective tools for tracking progress and driving accountability, will also be critical performance drivers going forward.

隨著我們現在進入 CommScope NEXT 的全面實施階段，我作為 CFO 的一個關鍵組成部分和成功的關鍵要求將確保我們在財務監督職能和 CommScope NEXT 的目標之間建立緊密聯繫。清晰透明的財務管理流程，結合用於跟踪進度和推動問責制的有效工具，也將成為未來的關鍵績效驅動因素。

I'm now turning to Slide 3 for an overview of our consolidated results. During the third quarter, regarding the consolidated business, net sales decreased 3% to $2.11 billion. Orders for the quarter were $2.34 billion, yielding a book-to-bill ratio of 1.1x.

我現在轉向幻燈片 3 以概述我們的綜合結果。第三季度，就合併業務而言，淨銷售額下降 3% 至 21.1 億美元。本季度訂單為 23.4 億美元，訂單出貨率為 1.1 倍。

Adjusted EBITDA of $259 million decreased 24%, and adjusted EBITDA margin was 12.3%. Adjusted EBITDA included a $12.7 million charge for bad debt expense related to one customer in the Home Network segment. Adjusted earnings per share was $0.29 per share and decreased 43% from the prior year period.

調整後的 EBITDA 為 2.59 億美元，下降 24%，調整後的 EBITDA 利潤率為 12.3%。調整後的 EBITDA 包括與家庭網絡部門一位客戶相關的 1,270 萬美元壞賬費用。調整後每股收益為每股 0.29 美元，比去年同期下降 43%。

Shifting focus to our core CommScope businesses, net sales increased 6% in the quarter to $1.69 billion. Core adjusted EBITDA declined 12% from prior year to $275 million, while adjusted EBITDA as a percentage of sales was 16.2%. I'd remind you that the third quarter of last year benefited from a significant Broadband Networks software license sale of approximately $25 million. Normalizing for this item, year-over-year net sales would have increased 8%, and adjusted EBITDA would have declined more modestly at around 4%.

將重點轉移到我們的核心康普業務上，本季度淨銷售額增長 6% 至 16.9 億美元。核心調整後 EBITDA 較上年下降 12% 至 2.75 億美元，而調整後 EBITDA 佔銷售額的百分比為 16.2%。我要提醒您，去年第三季度受益於大約 2500 萬美元的重要寬帶網絡軟件許可銷售。將該項目正常化，淨銷售額同比增長 8%，調整後的 EBITDA 將溫和下降 4% 左右。

Orders for the core business were again very solid, yielding a core book-to-bill ratio of over 1.1x. Our core business backlog remains strong at more than $2.2 billion and is up 61% year-to-date. As Chuck mentioned, despite solid growth in the quarter, the entire company continues to be impacted by significant challenges related to the global supply chain environment. It should be noted that on a year-to-date basis, despite a difficult cost and component availability environment, core CommScope net sales were ahead of prior year by 11% and adjusted EBITDA by 10%.

核心業務的訂單再次非常穩定，核心訂單出貨比超過 1.1 倍。我們的核心業務積壓訂單仍然強勁，超過 22 億美元，今年迄今增長了 61%。正如 Chuck 所提到的，儘管本季度實現了穩健增長，但整個公司繼續受到與全球供應鏈環境相關的重大挑戰的影響。應該指出的是，從年初至今，儘管成本和組件可用性環境困難，康普的核心淨銷售額比上一年高出 11%，調整後的 EBITDA 高出 10%。

Turning to Slide 4 for an overview of the supply chain situation. CommScope is feeling the impacts of the challenging global supply chain environment. We are a technology company that is very dependent on the supply of key electronic components as well as a manufacturer of products with high content of various commodity and freight inputs. As a result, component shortages in commodity and freight inflation are having significant revenue and cost impacts across all our business segments.

轉到幻燈片 4 以了解供應鏈情況的概況。康普正感受到充滿挑戰的全球供應鏈環境的影響。我們是一家非常依賴關鍵電子元件供應的科技公司，也是一家各種商品和貨運投入含量高的產品製造商。因此，商品短缺和貨運通脹對我們所有業務部門的收入和成本產生了重大影響。

Component shortages and, in particular, semiconductors, had a meaningful impact on our ability to deliver on the strong customer demand we continue to see during the third quarter. On a full year basis, if we had a normal supply of electronic components with no shortages or delays, our order flow would have been able to support approximately $600 million of incremental revenue to what we now expect to ship for 2021. Of this amount, approximately $260 million is related to our core business and the remainder of approximately $340 million is attributable to Home Networks.

組件短缺，尤其是半導體，對我們滿足第三季度持續出現的強勁客戶需求的能力產生了重大影響。從全年來看，如果我們的電子元件供應正常，沒有短缺或延誤，我們的訂單流將能夠支持我們現在預計 2021 年出貨量的大約 6 億美元的增量收入。其中，約 2.6 億美元與我們的核心業務相關，其餘約 3.4 億美元歸屬於 Home Networks。

As Chuck mentioned earlier, in addition to component shortages, we continue to experience significant inflationary headwinds that we're actively working to mitigate. These impacts have been most severe in the areas of key input commodities such as copper, steel, aluminum, resin, electronic components and freight costs. While we have been dealing with input price inflation since the beginning of the year, these impacts accelerated during the third quarter. The net impact of input costs and freight inflation on the third quarter adjusted EBITDA in our core business was approximately $70 million.

正如 Chuck 之前提到的，除了組件短缺之外，我們還繼續面臨著我們正在積極努力減輕的重大通脹逆風。這些影響在銅、鋼、鋁、樹脂、電子元件和運費等關鍵投入商品領域最為嚴重。雖然自年初以來我們一直在應對投入品價格通脹，但這些影響在第三季度加速了。輸入成本和運費通脹對我們核心業務第三季度調整後 EBITDA 的淨影響約為 7000 萬美元。

Although these inflationary increases may end up being transitory, the negative impact they are having on our business requires that we take significant mitigating actions now. We have already started to increase prices to offset some of these impacts, and we will be implementing additional price actions across all our businesses throughout the balance of 2021 and into 2022. We will also continue additional cost and operational measures to supplement our pricing actions. Our goal will be to fully offset our input and freight cost increases.

儘管這些通脹上升最終可能只是暫時的，但它們對我們業務的負面影響要求我們立即採取重大緩解措施。我們已經開始提高價格以抵消其中一些影響，並且我們將在 2021 年餘下時間和 2022 年期間對所有業務實施額外的價格行動。我們還將繼續採取額外的成本和運營措施來補充我們的定價行動。我們的目標是完全抵消我們的投入和運費成本的增加。

However, given the size of our backlog as well as the terms of our sales contracts, we are not targeting a full recovery of these impacts until the end of 2022. This implies that we will continue to feel the impact of supply chain disruptions on our financial results into 2022 with a gradual recovery of profitability throughout the year.

但是，鑑於我們積壓的規模以及我們的銷售合同條款，我們的目標是在 2022 年底之前完全恢復這些影響。這意味著到 2022 年，我們將繼續感受到供應鏈中斷對我們財務業績的影響，全年盈利能力將逐步恢復。

To further highlight the impact that inflation is having on our business, we can provide the following data. While we expect core revenue to grow mid-single-digit percent year-over-year in the fourth quarter, due to continuing supply chain pressures, we are expecting the fourth quarter of 2021 to be roughly $50 million to $60 million lower than the third quarter on an adjusted EBITDA basis for the core business.

為了進一步強調通貨膨脹對我們業務的影響，我們可以提供以下數據。雖然我們預計第四季度核心收入將同比增長中個位數百分比，但由於持續的供應鏈壓力，我們預計 2021 年第四季度將比第三季度低約 5000 萬至 6000 萬美元核心業務調整後的 EBITDA 基礎上的季度。

Turning to Slide 5 for an overview of our segment highlights and beginning with the Broadband Networks segment. Net sales of $780 million declined 4%, primarily driven by North America and Asia Pacific regions. While we continue to see growth in our Network, Cabling and Connectivity business, this was offset by declines in Access Technologies and Converged Network Solutions.

轉到幻燈片 5 以概述我們的細分市場亮點，並從寬帶網絡細分市場開始。淨銷售額為 7.8 億美元，下降 4%，主要受北美和亞太地區的推動。雖然我們繼續看到網絡、佈線和連接業務的增長，但這被接入技術和融合網絡解決方案的下滑所抵消。

Adjusted EBITDA of $158 million declined 22%, primarily driven by lower sales volumes and rising input costs. We also faced a difficult compare in the third quarter due to a large high-margin software license sale that did not repeat. Despite supply constraints and commodity cost inflation, on a year-to-date basis, Broadband revenues and adjusted EBITDA were up 14% and 18%, respectively.

調整後的 EBITDA 為 1.58 億美元，下降 22%，主要原因是銷量下降和投入成本上升。由於沒有重複的高利潤軟件許可銷售，我們在第三季度也面臨困難的比較。儘管存在供應限制和商品成本通脹，但從年初至今，寬帶收入和調整後的 EBITDA 分別增長了 14% 和 18%。

Overall demand in the business continues to be solid with our backlog for Broadband Networks over 50% more than the prior year. This continued growth -- demand growth and backlog build is particularly apparent in our Network Cabling and Connectivity business. This business unit continues to benefit from a variety of fiber expansion projects by cable operators and telcos as well as government broadband stimulus. We expect this growth to continue as operators push fiber deeper into networks and as the release of RDOF funds accelerates.

業務的整體需求繼續保持穩定，我們對寬帶網絡的積壓訂單比上一年增加了 50% 以上。這種持續增長——需求增長和積壓在我們的網絡佈線和連接業務中尤為明顯。該業務部門繼續受益於有線電視運營商和電信公司的各種光纖擴展項目以及政府的寬帶刺激計劃。我們預計，隨著運營商將光纖深入網絡以及 RDOF 資金的釋放加速，這種增長將繼續下去。

As Chuck noted, during the third quarter, we continue to see a strong trend of cable operator investment in existing networks as well as continuation of the gradual trend of adopting distributed access network models. We expect the investment cycle in existing networks to have a long tail, and we are equally well positioned to serve those operators making the transition to network architects.

正如 Chuck 指出的那樣，在第三季度，我們繼續看到有線運營商對現有網絡的強勁投資趨勢以及採用分佈式接入網絡模型的漸進趨勢的延續。我們預計現有網絡的投資週期會有一個長尾，我們同樣有能力為那些正在向網絡架構師轉型的運營商提供服務。

Finally, we expect to benefit from continued investment by operators into driving fiber deeper into networks as well as an accelerating pace of greenfield fiber network builds.

最後，我們預計將從運營商的持續投資中受益，以推動光纖更深入地進入網絡，以及加快新建光纖網絡建設的步伐。

Turning to Venue and Campus Networks on Slide 6. Net sales of $555 million increased 8% with strength across all regions. Segment growth was driven by our business connectivity infrastructure business unit, which supplies indoor copper and fiber cabling for enterprises and data center customers. This growth was partially offset during the quarter by net sales declines at RUCKUS and in our DAS and Small Cell business unit.

轉向幻燈片 6 上的場館和校園網絡。淨銷售額 5.55 億美元，增長 8%，所有地區都表現強勁。該部門的增長是由我們的業務連接基礎設施業務部門推動的，該業務部門為企業和數據中心客戶提供室內銅纜和光纖佈線。這一增長在本季度被 RUCKUS 以及我們的 DAS 和 Small Cell 業務部門的淨銷售額下降部分抵消。

Adjusted EBITDA of $56 million is modestly due to a combination of volume increase and early progress on pricing initiatives, offset by input cost inflation. Backlog versus prior year period increased by over $430 million or 159%. And since the beginning of the year, backlog has increased by 148%. Without supply constraints, we would have shipped approximately $65 million of additional products in the quarter.

調整後的 EBITDA 為 5600 萬美元，由於銷量增加和定價計劃的早期進展相結合，被投入成本通脹所抵消。積壓訂單與去年同期相比增加了 4.3 億美元或 159%。自年初以來，積壓訂單增加了 148%。如果沒有供應限制，我們將在本季度額外運送大約 6500 萬美元的產品。

Our business connectivity infrastructure unit drove the overall segment growth for the quarter. Within the business unit, we continue to see a post-COVID recovery of commercial real estate and infrastructure project activity that is supporting new spending on indoor copper and fiber cabling. These product lines also benefited from continued government stimulus spending for education and health care-related connectivity projects.

我們的業務連接基礎設施部門推動了本季度整體細分市場的增長。在業務部門內，我們繼續看到 COVID 後商業房地產和基礎設施項目活動的複蘇，這支持了室內銅纜和光纖佈線的新支出。這些產品線還受益於政府對教育和醫療保健相關連接項目的持續刺激支出。

We were also able to make solid progress during the quarter with various pricing initiatives designed to recover commodity impacts on our cabling product lines. In addition to the above, demand for indoor fiber products from data center customers remains robust with strong momentum in expansion and upgrade-related spending by multi-tenant enterprise and hyperscale data centers.

我們還通過各種旨在恢復商品對我們的佈線產品線的影響的定價舉措，在本季度取得了穩步進展。除此之外，數據中心客戶對室內光纖產品的需求依然強勁，多租戶企業和超大規模數據中心的擴展和升級相關支出勢頭強勁。

In our distributed antenna systems business, 4G- and 5G-related venue upgrades remain a key driver of incremental sales. During the quarter, as has been the case throughout 2021, we saw a steady progression of smaller upgrade projects related to hospitals, airports and entertainment venues as opposed to large-scale stadium deployments that we executed during 2020.

在我們的分佈式天線系統業務中，與 4G 和 5G 相關的場地升級仍然是增量銷售的主要驅動力。在本季度，與整個 2021 年的情況一樣，我們看到與醫院、機場和娛樂場所相關的小型升級項目穩步推進，而不是我們在 2020 年執行的大型體育場館部署。

And our OneCell business unit continues to scale up, driven by several more 4G sites going on air. We're also expanding our 5G engagements with customers as we look to deploy solutions for both public and private networks.

在更多 4G 站點開通的推動下，我們的 OneCell 業務部門繼續擴大規模。我們也在擴大與客戶的 5G 合作，因為我們希望為公共和專用網絡部署解決方案。

Finally, the technology evolution to WiFi 6 and 6E and government stimulus spending are driving very strong demand and backlog growth in our RUCKUS business. We are also seeing a recovery in the hospitality vertical as a pickup in both business and tourist travel is driving hotel operators to upgrade their networks.

最後，WiFi 6 和 6E 的技術發展以及政府刺激支出正在推動我們 RUCKUS 業務的強勁需求和積壓增長。我們還看到酒店垂直行業的複蘇，因為商務和旅遊的回暖正在推動酒店運營商升級他們的網絡。

RUCKUS also benefited during the third quarter from healthy demand from multi-dwelling unit and educational verticals. Despite these encouraging demand trends, RUCKUS sales were materially impacted during the third quarter by semiconductor shortages that limit our ability to ship WiFi access points and campus switches to customers at a rate that matched our order inflow.

RUCKUS 在第三季度還受益於多住宅單元和教育垂直領域的健康需求。儘管有這些令人鼓舞的需求趨勢，但 RUCKUS 的銷售額在第三季度受到半導體短缺的重大影響，這限制了我們以與訂單流入相匹配的速度向客戶運送 WiFi 接入點和園區交換機的能力。

Turning to Outdoor Wireless Networks on Slide 7. Net sales of $356 million increased significantly, up 31% from prior year, driven primarily by North America. From a business unit perspective, we saw the greatest revenue benefit from our diverse portfolio of macro cell tower infrastructure solutions.

轉到幻燈片 7 上的戶外無線網絡。淨銷售額 3.56 億美元顯著增長，比上年增長 31%，主要受北美推動。從業務部門的角度來看，我們從多樣化的宏基站基礎設施解決方案組合中看到了最大的收入收益。

Segment adjusted EBITDA of $61 million increased 13% over prior year and was primarily driven by higher volumes, partially offset by input cost inflation and freight increases. Outdoor Wireless performance during the third quarter was largely driven by continued ramping of telco operator investment spending to upgrade macro cell sites for 5G service.

部門調整後的 EBITDA 為 6100 萬美元，比上年增長 13%，這主要是由於銷量增加，部分被投入成本通脹和運費增加所抵消。第三季度戶外無線業務的表現主要受到電信運營商投資支出持續增加的推動，以升級宏基站以提供 5G 服務。

As operators focus on macro cell site preparation, we are seeing healthy global demand for a wide variety of Outdoor Wireless products. Our Outdoor Wireless segment's backlog remained strong, which is a trend we have seen for much of 2021. We believe that this backlog is very solid with some visibility into 2022.

隨著運營商專注於宏基站站點準備工作，我們看到全球對各種戶外無線產品的健康需求。我們的戶外無線部門的積壓訂單依然強勁，這是我們在 2021 年大部分時間看到的趨勢。我們認為，這一積壓工作非常穩固，到 2022 年都有一定的可見性。

During the third quarter, we saw a continued demand from telco operators for our suite of base station antennas, but also for cell site infrastructure solutions such as HELIAX cabling, structural steel, cabinets and power management solutions. As heavier and more power intensive equipment is added to the macro site, wind loads, power regulation and operating costs become more important considerations and should continue to benefit CommScope's broad, everything but the radio portfolio of products for macro cell sites.

在第三季度，我們看到電信運營商對我們的基站天線套件以及 HELIAX 佈線、結構鋼、機櫃和電源管理解決方案等蜂窩站點基礎設施解決方案的持續需求。隨著宏基站中增加了更重、功率更密集的設備，風荷載、功率調節和運營成本成為更重要的考慮因素，並且應該繼續使 CommScope 的廣泛產品受益，除了用於宏基站的無線電產品組合。

We also continue to be encouraged by operator interest in our active/passive hybrid antenna collaboration with Nokia and its potential to simplify 5G deployments. And we expect to have more news to share about this exciting technology evolution in the coming months.

我們還繼續受到運營商對我們與諾基亞的有源/無源混合天線合作及其簡化 5G 部署潛力的興趣的鼓舞。我們希望在接下來的幾個月裡有更多關於這一激動人心的技術發展的新聞可以分享。

Stepping outside of North America, during the quarter, we made strong progress in several international markets, securing a base station antenna win at a major European operator and making new headway as a potential important player in Japan's 5G network infrastructure.

走出北美，在本季度，我們在幾個國際市場取得了長足進展，贏得了一家主要歐洲運營商的基站天線，並作為日本 5G 網絡基礎設施的潛在重要參與者取得了新的進展。

Turning to Slide 8 for our Home Networks segment. Net sales of $415 million declined 28% year-over-year and in all regions, except for Asia Pacific. From a business unit perspective, sales declined in both video and broadband gateway product lines.

轉到我們的家庭網絡部分的幻燈片 8。除亞太地區外，所有地區的淨銷售額為 4.15 億美元，同比下降 28%。從業務部門的角度來看，視頻和寬帶網關產品線的銷售額均有所下降。

Adjusted EBITDA of negative $16 million declined $46 million from the prior year, which include the impact of bad debt expense. The profitability decline was driven most significantly by lower volumes and higher input costs. Home Networks products rely heavily on semiconductor chips, and our inability to source chips in the required quantity continues to materially impact the ability of Home Networks to deliver products to serve the demand we are seeing.

調整後的 EBITDA 為負 1600 萬美元，較上年減少 4600 萬美元，其中包括壞賬費用的影響。盈利能力下降的主要原因是銷量下降和投入成本上升。Home Networks 產品嚴重依賴半導體芯片，我們無法採購所需數量的芯片，這繼續嚴重影響 Home Networks 交付產品以滿足我們所看到的需求的能力。

Home's profitability was also negatively impacted by rising component input and freight costs, in addition to expedite fees. On the positive side, Home Networks continues to build strong and high-quality backlog, and our visibility for orders now extends well into 2022. Selling price increases have been announced and are being implemented to offset the inflationary costs.

除了加急費用外，Home 的盈利能力也受到組件投入和運費上漲的負面影響。從積極的方面來看，Home Networks 繼續建立強大和高質量的積壓訂單，我們對訂單的可見性現在可以延伸到 2022 年。銷售價格上漲已經宣布並正在實施，以抵消通貨膨脹成本。

As an update on the Home Networks spin-off, we are continuing to make progress on separating the business from core CommScope and expect to execute the spin-off as planned during the second quarter of 2022.

作為家庭網絡分拆的最新消息，我們在將業務與康普核心業務分離方面繼續取得進展，並預計將在 2022 年第二季度按計劃執行分拆。

Now turning to our cash flow overview on Slide 9. For the third quarter, cash flow from operations generated $67 million, and adjusted free cash flow was $64 million. For the quarter, we saw nearly $110 million of inventory increases, however, this was roughly offset by other working capital changes. Given the supply chain issues that we have discussed today, we expect our levels of inventory to remain elevated until supply disruptions improve. This is due primarily to extended transit times of our inputs and finished goods and the need to hold higher inventories of certain components to offset supply volatility.

現在轉向我們在幻燈片 9 上的現金流概覽。第三季度，運營現金流產生 6700 萬美元，調整後的自由現金流為 6400 萬美元。本季度，我們看到庫存增加了近 1.1 億美元，但這大致被其他營運資金變化所抵消。鑑於我們今天討論的供應鏈問題，我們預計我們的庫存水平將保持在較高水平，直到供應中斷得到改善。這主要是由於我們的投入和成品的運輸時間延長，以及需要持有更高的某些組件庫存以抵消供應波動。

Considering the above as well as lower EBITDA, driven by supply constraints and input cost inflation, we now expect full year cash flow generation to remain softer than originally expected. This situation should gradually improve as we realize the effects of our initiatives to offset inflation. In the meantime, we will continue to prudently manage cash and working capital.

考慮到上述因素以及供應限制和投入成本通脹導致的較低 EBITDA，我們現在預計全年現金流量產生仍將低於原先預期。隨著我們抵消通脹舉措的效果逐漸顯現，這種情況應該會逐漸改善。與此同時，我們將繼續審慎管理現金和營運資金。

Turning to Slide 10 for an overview of our liquidity and capital structure. During the third quarter, we continue to take steps to proactively manage and derisk our balance sheet. We successfully refinanced $1.25 billion of secured notes due in 2024 with a new 8-year tranche of secured notes due in 2029. This refinancing pushed out a large tranche of debt and extended our next debt maturity to 2025. It also reduced our interest rate on this tranche of debt by 75 basis points and lowered annual interest expense by over $9 million.

轉到幻燈片 10，了解我們的流動性和資本結構概況。在第三季度，我們繼續採取措施主動管理我們的資產負債表並降低風險。我們成功地為 2024 年到期的 12.5 億美元有擔保票據與 2029 年到期的新的 8 年期有擔保票據進行了再融資。這次再融資推出了大量債務，並將我們的下一個債務期限延長至 2025 年。它還將我們對這部分債務的利率降低了 75 個基點，並將年度利息支出降低了超過 900 萬美元。

During the third quarter, our cash and liquidity once again remained strong. We ended the quarter with over $411 million in cash and no outstanding draws under our ABL. The company's total available liquidity was nearly $1.1 billion. We made no significant net debt repayments during the quarter beyond the required $8 million of term loan amortization.

第三季度，我們的現金和流動性再次保持強勁。我們在本季度結束時擁有超過 4.11 億美元的現金，並且根據我們的 ABL 沒有未清償的提款。公司的可用流動資金總額接近 11 億美元。除了所需的 800 萬美元定期貸款攤銷外，我們在本季度沒有償還任何重大淨債務。

The company ended the quarter with net leverage of 7.1x, an increase from 6.6x at the end of the second quarter. We remain committed to our longer-term goal of significantly reducing leverage and expect to provide insight into our path and timetable toward this goal as we refine our CommScope NEXT strategy around cost efficiency and growth.

公司本季度末的淨槓桿率為 7.1 倍，高於第二季度末的 6.6 倍。我們仍然致力於顯著降低杠桿率的長期目標，並期望在我們圍繞成本效率和增長完善我們的 CommScope NEXT 戰略時，提供對我們實現這一目標的路徑和時間表的洞察。

I will now turn the call back to Chuck.

我現在將把電話轉回給查克。

Thank you, Kyle. I'm now on Slide 11. I want to reiterate my confidence in the path forward we've laid out based on CommScope NEXT, and also confirm my commitment to achieve at least $500 million of incremental annual run rate, adjusted EBITDA for core CommScope by the end of 2023.

謝謝你，凱爾。我現在在幻燈片 11 上。我想重申我對我們基於 CommScope NEXT 制定的前進道路的信心，並確認我的承諾，即到 2023 年底，核心 CommScope 的調整後 EBITDA 實現至少 5 億美元的年度增量運營率。

We will be holding a virtual strategic transformation update on December 14, which we will provide further details on various initiatives that make up CommScope NEXT. During this event, we also plan to provide guidepost designed to enable investors to judge our progress and performance for future periods as we implement CommScope NEXT.

我們將在 12 月 14 日舉行虛擬戰略轉型更新，我們將提供有關構成 CommScope NEXT 的各種計劃的更多詳細信息。在此活動期間，我們還計劃提供指南，旨在讓投資者在我們實施 CommScope NEXT 時判斷我們未來期間的進展和表現。

And I also want to thank our employees for remaining resilient through the continued challenges of the pandemic and operating environment. I'm proud of the unwavering support of our team to mitigate these issues and position CommScope for the next level of growth and profitability.

我還要感謝我們的員工在大流行病和運營環境的持續挑戰中保持韌性。我為我們的團隊堅定不移地支持緩解這些問題並使 CommScope 獲得更高水平的增長和盈利能力而感到自豪。

We'll now open up the call for questions. Operator?

我們現在將打開問題電話。操作員？

(Operator Instructions) Your first question comes from the line of Amit Daryanani from Evercore.

（操作員說明）您的第一個問題來自 Evercore 的 Amit Daryanani。

So I guess I have 2 questions. The first one is sort of understand that the supply chain impact that you talked about, I think, a $50 million to $60 million of EBITDA impact in December. Can you talk about what does that mean for your free cash flow in December quarter? Is it going to be positive, I guess? Or it would be the negative zone? And then how does that $50 million to $60 million headwind play out into calendar '22 for you?

所以我想我有兩個問題。第一個是了解你談到的供應鏈影響，我認為，12 月份的 EBITDA 影響為 5000 萬至 6000 萬美元。你能談談這對你在 12 月季度的自由現金流意味著什麼嗎？我想這會是積極的嗎？還是負區？那麼這 5000 萬到 6000 萬美元的逆風如何影響到你的 22 年日曆？

I didn't catch the last part of the question. How does the $50 million or $60 million play out in what?

我沒有聽清問題的最後一部分。5000 萬或 6000 萬美元在哪些方面發揮作用？

In next year into calendar '22, does that sort of neutralize by the time you exit next year? Or does it remain around that $50 million run rate?

在明年進入 22 年日曆時，這種情況會在您明年退出時抵消嗎？還是保持在 5000 萬美元左右？

Yes. So obviously, with the lower EBITDA forecast, it is going to impact our cash as we think about Q4. When we think about how that $50 million to $60 million impacts as we move into '22, I think as we said, obviously, we're taking mitigating actions. Those mitigating actions will start to ramp up against our goal of trying to offset those inflationary impacts. So I think we'll see a gradual improvement as we go through 2022 off of the Q4 base.

是的。很明顯，EBITDA 預測較低，這將影響我們考慮第四季度的現金。當我們考慮 5000 萬到 6000 萬美元對我們進入 22 年的影響時，我認為正如我們所說，顯然，我們正在採取緩解措施。這些緩解措施將開始加強我們試圖抵消這些通貨膨脹影響的目標。所以我認為，隨著我們從第四季度開始到 2022 年，我們會看到逐步改善。

Got it. Chuck, you're going through a fairly sizable business transformation with CommScope NEXT and more. I'm curious with your perspective, and you've done this in the past as well, I think, what is the difference, if any, of doing this in the public domain versus perhaps doing it privately? And given the headwinds that you're seeing, should we think about the CommScope NEXT benefits you've talked about in the past being pushed out further from the prior time line?

知道了。Chuck，您正在通過 CommScope NEXT 等進行相當規模的業務轉型。我對你的觀點很好奇，你過去也這樣做過，我想，在公共領域這樣做與私下這樣做有什麼區別（如果有的話）？考慮到您所看到的不利因素，我們是否應該考慮將您過去談到的康普 NEXT 優勢從之前的時間線中進一步推遲？

Great. I'll take the second question first. And I would say that the supply chain challenges actually are really giving us, I'd say, more of a sense of urgency in the company. So it's really helping us accelerate what we're trying to do. I mean we're doing a ton of work under the water, if you will, if you want to say. A lot going on in terms of growth, in cost, in portfolio optimization. So we continue to see all that. In fact, we had already made significant progress in price to cover the inflationary impacts on the enterprise side. So now, obviously, that has to flow through the system. Now we have to go look at the service provider contracts and review all those, and we have those already starting up -- those conversations already starting up. I mean these are decade-long relationships. So we feel like we're going to get through that.

偉大的。我先回答第二個問題。我想說的是，供應鏈的挑戰實際上給了我們更多的公司緊迫感。所以它真的幫助我們加快了我們正在努力做的事情。我的意思是我們正在水下做大量工作，如果你願意的話，如果你想說的話。在增長、成本和投資組合優化方面發生了很多事情。所以我們繼續看到這一切。事實上，我們已經在價格方面取得了重大進展，以覆蓋企業方面的通脹影響。所以現在，很明顯，它必須流經系統。現在我們必須查看服務提供商合同並審查所有這些合同，我們已經開始了這些合同——那些對話已經開始了。我的意思是這些是長達十年的關係。所以我們覺得我們會度過難關。

But I'd say overall, compared to other transformations in the past, I think we're on a great path. We're on a great track. There's tons of opportunity here. We continue to see it. We have hundreds of initiatives, tons of action items. And now we have tools that we're putting in place to measure and track those. I think the teams are feeling very positive about where we're going in terms of lining up our strategies by product line, which is something that we might have not done in the past or at least clearly communicated. We're making the right level of investments.

但總的來說，與過去的其他轉型相比，我認為我們正走在一條偉大的道路上。我們走在一條偉大的軌道上。這裡有很多機會。我們繼續看到它。我們有數百個倡議，大量的行動項目。現在我們有了可以衡量和跟踪這些的工具。我認為團隊對我們在按產品線排列戰略方面的進展感到非常積極，這是我們過去可能沒有做過的事情，或者至少沒有明確溝通過。我們正在進行適當的投資。

I mean you think about the investments that we doubled down on in DAA and fiber to the home, our HGS PON product is going to be coming out. Remote MAC-PHY, we win in business remote PHY as well. I mean this is just primarily tied to more focus on our lines of business. We're getting to the business unit level to the general managers. They're understanding what they want to do, where they want to invest. It is unfortunate that we're hit with the supply chain challenges, but that doesn't affect or take anything away from where we're going with CommScope NEXT. And like I said, we're still calling out by the end of 2023, we're going to have the $500 million run rate. So I'm still on track for that.

我的意思是你想想我們在 DAA 和光纖到戶方面加倍的投資，我們的 HGS PON 產品即將問世。Remote MAC-PHY，我們也贏在了business remote PHY。我的意思是，這主要與更加關注我們的業務線有關。我們正在進入業務部門級別的總經理。他們明白自己想做什麼，想投資哪裡。不幸的是，我們遇到了供應鏈挑戰，但這不會影響或影響我們使用 CommScope NEXT 的目標。就像我說的，我們仍在呼籲到 2023 年底，我們將達到 5 億美元的運行率。所以我仍然在朝著這個方向前進。

Your next question comes from the line of George Notter from Jefferies.

你的下一個問題來自 Jefferies 的 George Notter。

I'd love to just kind of keep going on the topic of pricing increases. If memory serves, I think you guys were talking about a 7% price increase that you were in the process of instituting, I think, that was a few months ago, 3 months ago. But can you talk now about what the game plan is in terms of price increases? Anything you can tell us in terms of size, timing?

我很樂意繼續討論價格上漲的話題。如果沒記錯的話，我想你們是在談論你們正在製定的 7% 的價格上漲，我想那是幾個月前，3 個月前。但是你現在能談談在提價方面的遊戲計劃是什麼嗎？你能告訴我們任何關於規模、時間的信息嗎？

And then also, I understand certainly that you've got to work through the backlog in order to institute those pricing increases. But it seems like end of 2022, to get that fully instantiated, seems like that's a pretty long duration. So maybe you can talk more about pricing.

然後，我當然知道你必須處理積壓工作才能實施這些價格上漲。但似乎要到 2022 年底才能完全實例化，這似乎是一個相當長的持續時間。所以也許你可以多談談定價。

I'll start and then Kyle can add to it. I would say, as we shared with you before, or I don't know if we did or not, but I'll share it now, we went after the enterprise business because there was a lot of copper inflation, and we started going after that, I'd say, 6 months ago. And we're seeing that already in average quotation price levels increased, and we're starting to see that flow through. That's why you see the Venue and Campus business pretty much flat year-over-year in terms of EBITDA is because of that effect. And although we haven't seen the full effect of that better price flow-through, through our Venue and Campus business, we will see that continuing to flow through as our backlogs draw down.

我先開始，然後 Kyle 可以添加。我會說，正如我們之前與您分享的那樣，或者我不知道我們是否這樣做了，但我現在就分享一下，我們追求企業業務，因為有很多銅通貨膨脹，我們開始在那之後，我會說，6 個月前。我們看到平均報價水平已經上升，我們開始看到這種流動。這就是為什麼你看到場館和校園業務在 EBITDA 方面同比持平的原因是因為這種影響。儘管我們還沒有看到更好的價格流通的全部效果，但通過我們的場館和校園業務，我們將看到隨著積壓訂單的減少，這種情況會繼續流通。

On the service provider side, our intention is to pass through this inflationary cost. I think everybody understands what's going on in the world, and they understand what we're dealing with. And so we're going through those contracts. And where we have enterprise customers, we're able to move faster. Where we have contracts we're looking through the contracts, going through, having those discussions and getting it passed through. And we're going to depend on our decade-long -- decades-long relationships to work through this.

在服務提供商方面，我們的目的是轉嫁這種通貨膨脹成本。我認為每個人都了解世界上正在發生的事情，他們也了解我們正在處理的事情。所以我們正在審閱這些合同。在我們擁有企業客戶的地方，我們能夠更快地行動。在我們有合同的地方，我們正在查看合同，通過，進行這些討論並使其通過。我們將依靠我們長達十年——長達數十年的關係來解決這個問題。

To your point about the timing of it, our anticipation is we will get through the pricing and we'll start to have the full impact by the middle of the year. So we'll start to see that flown out at full impact third and fourth quarter. I don't know, Kyle, if you want to add anything?

至於你關於它的時間點，我們的預期是我們將通過定價，我們將在今年年中開始產生全面影響。因此，我們將開始看到它在第三和第四季度全面發揮作用。我不知道，凱爾，如果你想補充什麼？

That's fine.

沒關係。

Anything you guys can say in terms of just the magnitude of pricing increases and I guess as you get through this, will you be able to fully offset the impact of higher input costs or partially offset that? What's the end game?

你們可以就價格上漲的幅度說些什麼，我想當你們通過這個時，你們能夠完全抵消更高投入成本的影響或部分抵消嗎？遊戲的結局是什麼？

Yes. I mean I think we have line of sight to a large portion of the offset. As Chuck said, some of that has been implemented. Some is in process of being implemented. So I think our comment on that would be we have line of sight to a good portion of the offset. Obviously, some of those we still need to implement and have some conversations with customers about that. But I think we feel that we've got a good path forward to offsetting a good portion of it.

是的。我的意思是我認為我們有很大一部分偏移量的視線。正如 Chuck 所說，其中一些已經實施。有些正在實施中。所以我認為我們對此的評論是我們對偏移量的很大一部分有視線。顯然，其中一些我們仍然需要實施並與客戶就此進行一些對話。但我認為我們覺得我們已經找到了一條很好的道路來抵消其中的很大一部分。

The next question comes from the line of Simon Leopold from Raymond James.

下一個問題來自 Raymond James 的 Simon Leopold。

You noted that the pricing -- sorry, this is Victor in for Simon. You noted that the price increases will take several quarters for the impact to kind of fully flow through the financials. And then those vendors are expecting that the headwinds are going to persist into 2022. But if the dynamic around the supply environment changes significantly at that point, how does CommScope kind of address the issues at that point? And are there things that you guys can do to shift the business model to give you guys more flexibility around that? Or is this just kind of something that's innate in the business and kind of something that we just have to learn to live with?

你注意到定價 - 抱歉，這是西蒙的維克多。您指出，價格上漲將需要幾個季度的時間才能完全影響財務狀況。然後這些供應商預計逆風將持續到 2022 年。但是，如果那時供應環境的動態發生了重大變化，康普將如何解決此時的問題？你們有什麼可以做的來改變商業模式，讓你們在這方面有更大的靈活性嗎？還是這只是業務中與生俱來的東西，是我們必須學會忍受的東西？

I think when we look at the price increases, I mean, we were thinking this would be more transitory, but we have to act as though it's permanent, and that's what we're going to be doing. And hopefully, it does abate, but we can't wait. So in terms of that, that's our approach.

我認為當我們考慮價格上漲時，我的意思是，我們認為這將是暫時的，但我們必須表現得好像它是永久性的，這就是我們將要做的。希望它確實會減弱，但我們等不及了。因此，就此而言，這就是我們的方法。

In terms of looking at our, I guess, supply chain and where do we see it going, I mean, we don't have a crystal ball for that. But I would say what our goal is to offset whatever inflation we do see with pricing, we're going to go after this shot. And hopefully, this will cover us until this thing abates.

就我們而言，我想，供應鏈以及我們看到它的發展方向，我的意思是，我們沒有水晶球。但我要說的是，我們的目標是通過定價來抵消我們確實看到的任何通貨膨脹，我們將繼續努力。希望這會覆蓋我們，直到這件事平息為止。

The only comment that I would make on that is, obviously, we're focusing on the pricing aspect. But there obviously is -- there are operational levers that we're pulling at the same time. And we feel like we're obviously a large organization that has lots of levers that we can pull. So although we're focused on pricing here, there's a lot of work going on from an operational standpoint as well to help us get to that goal.

我對此唯一的評論是，很明顯，我們關注的是定價方面。但顯然有 - 我們正在同時拉動運營槓桿。我們覺得我們顯然是一個大型組織，我們可以利用很多槓桿。因此，儘管我們在這裡專注於定價，但從運營的角度來看，還有很多工作正在進行，以幫助我們實現這一目標。

Okay. That's helpful. And just in addition to the backlog trends that you mentioned, have you had any specific conversations with customers in more detail these days that give you confidence into your visibility around the demand?

好的。這很有幫助。除了您提到的積壓趨勢之外，這些天您是否與客戶進行了更詳細的具體對話，讓您對您對需求的可見性充滿信心？

Yes. I would say -- if I just go through the segments quickly, I would say the Broadband, I would say, the backlog there is very sticky. I'd say many of our active products basically don't have a substitution, and we're getting a ton of visibility from our customers more than we would have had in the past. And I would say on the other half of our business, nonactive, I mean we're able to sell everything we can make right now. So I feel good about our backlog there.

是的。我會說 - 如果我只是快速瀏覽這些部分，我會說寬帶，我會說，那裡的積壓非常棘手。我想說我們的許多活躍產品基本上沒有替代品，而且我們從客戶那裡獲得的知名度比過去更高。我會說我們業務的另一半，非活躍的，我的意思是我們現在能夠出售我們可以製造的一切。所以我對我們在那裡的積壓感覺很好。

On OWN, look, we have solid service provider relationships where we actually are developing joint forecasted demand, which I think is, again, more than we've ever seen in the past and a lot more visibility, which is really helping us and gives me a lot of confidence that the backlog is solid.

在 OWN 上，看，我們擁有穩固的服務提供商關係，我們實際上正在開發聯合預測需求，我認為這再次比我們過去看到的更多，而且可見度更高，這確實幫助了我們並提供了我非常有信心積壓是可靠的。

On the VCN side, again, I think half of our business, we're able to sell everything we make. I'd say when you think of more of the active products there, I think there are possibilities for substitution. But I would say that we have a large specification position and where we do have product and when we're getting product, we're making sure we're protecting our positions there.

在 VCN 方面，我認為我們一半的業務，我們能夠出售我們製造的一切。我會說當你想到那裡有更多的活性產品時，我認為有替代的可能性。但我要說的是，我們有一個很大的規格位置，我們有產品的地方，當我們獲得產品時，我們確保我們在那裡保護我們的位置。

The next question comes from the line of Meta Marshall from Morgan Stanley.

下一個問題來自摩根士丹利的 Meta Marshall。

This is [Karun] on for Meta. So you sort of noted an $80 million impact to EBITDA in the quarter. I guess just I wanted to get more detail around whether it was more so inability to deliver versus higher costs? Is there any breakdown that you can provide or more color around the breakdown between those two?

這是 Meta 的 [Karun]。所以你注意到本季度對 EBITDA 產生了 8000 萬美元的影響。我想我只是想了解更多關於無法交付與更高成本是否更是如此的細節？您是否可以提供任何細分或圍繞這兩者之間的細分提供更多顏色？

That number is all related to cost.

這個數字都與成本有關。

Okay. Got it. That's helpful. And then just a quick follow-up. I guess you sort of saw a step-up in S&M spend despite sort of seeing revenue come down. So I was just wondering if that's more so to do with new incentives going into place? Or just curious as to any other color for what were the primary drivers for that step-up.

好的。知道了。這很有幫助。然後只是快速跟進。我猜你看到了 S&M 支出的增加，儘管收入有所下降。所以我只是想知道這是否與新激勵措施的實施有關？或者只是好奇任何其他顏色的主要驅動因素是什麼。

Can you repeat the beginning of the question? It was just a little bit garbled.

你能重複問題的開頭嗎？只是有點亂碼。

Yes, no problem. So you sort of saw a step-up in S&M spend despite sort of seeing revenue come down. Just wondering if you can provide any color for what drove that step-up.

是沒有問題。因此，儘管收入有所下降，但您還是看到了 S&M 支出的增加。只是想知道您是否可以提供任何顏色來說明是什麼推動了這一升級。

Yes. From that perspective, -- It's more of a timing issue. Obviously, we have things that come on quarter-to-quarter. It's not -- I wouldn't take anything into that. Obviously, one thing I would say is, obviously, as we start launching some of the CommScope NEXT initiatives, I think as we've talked about, some of those are going to require some investment. And yes, clearly, we're going to see an uptick in that. But I think as we get into the CommScope NEXT piece, we're going to see margin driven by those investments in 2022.

是的。從這個角度來看，--這更像是一個時間問題。顯然，我們每個季度都有事情發生。這不是 - 我不會考慮任何事情。顯然，我要說的一件事是，顯然，當我們開始啟動一些 CommScope NEXT 計劃時，我認為正如我們所討論的那樣，其中一些將需要一些投資。是的，很明顯，我們會看到這種情況有所上升。但我認為，當我們進入 CommScope NEXT 部分時，我們將在 2022 年看到這些投資推動的利潤率。

The next question comes from the line of Sami Badri from Credit Suisse.

下一個問題來自瑞士信貸的 Sami Badri。

First question is for you, Chuck. I know you're talking about the CommScope NEXT strategy and the $500 million, and you are reiterating that view. But one big clarification, is this going to be $500 million on top of the CommScope NEXT initial introduction, which was a while ago, right? So is that building off of a time that had a much higher adjusted EBITDA base level in 2021? Or is that building off of where it's rebasing down to, which is post 3Q '21 results? That's the first question.

第一個問題是給你的，查克。我知道你在談論 CommScope NEXT 戰略和 5 億美元，你在重申這個觀點。但需要澄清的是，這是否會在不久前推出的 CommScope NEXT 初始介紹之上增加 5 億美元，對嗎？那麼，這是建立在 2021 年調整後 EBITDA 基準水平高得多的時期之上的嗎？或者是建立在它重新定位的地方，這是 21 年第三季度的結果？這是第一個問題。

And then second question is for Kyle, and welcome to the team, Kyle. It's on free cash flow. And then some of the numbers you're putting into adjusted free cash flow, one number that really sticks out is the transaction transformation and integration costs where you booked $26.3 million. Can you unpack this? Because the last time you did a transformative transaction was a couple of years ago, and we're probably in the third cycle of reviewing the charges and the exits of product lines in your business. And you haven't spun off Home Networks yet. So why is that number increasing? And why is it still considered an adjustment if we're so far away from when we were supposed to be adjusting integration into your company?

然後第二個問題是凱爾，歡迎來到團隊，凱爾。這是自由現金流。然後是你投入調整後自由現金流的一些數字，一個真正突出的數字是交易轉換和整合成本，你預訂了 2630 萬美元。你能拆開這個嗎？因為您上一次進行變革性交易是幾年前的事了，我們可能正處於審查您業務中的費用和產品線退出的第三個週期。而且您還沒有剝離 Home Networks。那麼為什麼這個數字在增加呢？如果我們離我們應該調整整合到貴公司的時間很遠，為什麼它仍然被認為是調整？

So I'll take the first question. And what I would say is the $500 million, when we said it before, is still what we're saying now. It's on top of where we were in 2020. We can't look at the inflationary cost right now. I mean that's what we're trying to drive. We didn't change our number based on that.

所以我會回答第一個問題。我要說的是 5 億美元，當我們以前說過時，我們現在仍然在說。它高於我們在 2020 年的水平。我們現在不能看通貨膨脹成本。我的意思是這就是我們想要推動的。我們沒有基於此更改我們的號碼。

Yes. So I think not getting too much into the details, I mean, obviously, some of -- we're obviously spending money on our integration cost today. It's not just about CommScope NEXT because we are spending some money there. But it's also about we are spending some money on the spend for the Home Networks business. As it relates to the add-back, obviously, we implemented sort of our first wave of the CommScope NEXT initiative with some reorganization within our overhead structure. And quite honestly, that will continue sort of work its way through in the '22 and even in the '23 period.

是的。所以我認為不要過多地了解細節，我的意思是，很明顯，我們今天顯然在整合成本上花錢。這不僅僅是關於 CommScope NEXT，因為我們在那里花了一些錢。但這也與我們在家庭網絡業務上的支出有關。由於它涉及回加，顯然，我們實施了我們的第一波 CommScope NEXT 計劃，並在我們的間接結構中進行了一些重組。老實說，這將在 22 世紀甚至 23 世紀期間繼續進行。

Got it. One other follow-up, and this is a question I get from a lot of investors is, you do have strategic partnerships and relationships with big telcos, cable companies and probably cloud operators as well as multi-tenant data center operators. And if my memory serves me correctly, you do sign set price lists for basically all these major customers, and those price lists are revised either annually or every 2 years.

知道了。另一個後續行動，這是我從很多投資者那裡得到的一個問題，你確實與大型電信公司、有線電視公司、可能還有云運營商以及多租戶數據中心運營商建立了戰略合作夥伴關係和關係。如果我沒記錯的話，你會為所有這些主要客戶簽署固定價目表，並且這些價目表每年或每 2 年修訂一次。

Now the big issue, I think, a lot of people have is you now have set price lists on the old terms. A lot of channel checks came in and said that there was a significant amount of purchase orders submitted. And then now you have inflationary factors coming in on your cost base, which is creating a big squeeze on your gross profit. Can you just walk us through when the next big price increases are going to be for your major customers, just so we can understand how you're going to navigate 2022 and out into 2023?

我認為，現在的大問題是，很多人現在已經按照舊條款設置價目表。很多渠道支票進來，說有大量的採購訂單提交。然後現在你的成本基礎上出現了通貨膨脹因素，這對你的毛利潤造成了很大的擠壓。您能否介紹一下您的主要客戶下一次大幅提價的時間，以便我們了解您將如何度過 2022 年和 2023 年？

Well, I think it's important to note that many of those contracts have provisions in it for inflationary effects. So now we have to go back and have those conversations about that inflation and have -- and then I would say, in other cases where we don't have it, we have to just depend on our relationships because we've had them for years. And this is how we have to work through things. I mean you have to open up paper, but this is pretty much unprecedented. So I think we're open to have those -- we're going to have those conversations. We're having those conversations, and we're expecting that we're going to work through this. But obviously, it's hundreds of contracts. I mean some of them, I just don't know the timing of all those on the call.

好吧，我認為重要的是要注意其中許多合同中都有針對通貨膨脹影響的條款。所以現在我們必須回去討論通貨膨脹，然後我會說，在我們沒有通貨膨脹的其他情況下，我們只能依靠我們的關係，因為我們已經有了它們年。這就是我們必須解決問題的方式。我的意思是你必須打開紙，但這幾乎是前所未有的。所以我認為我們願意接受這些——我們將進行這些對話。我們正在進行這些對話，我們希望我們能夠解決這個問題。但顯然，這是數百份合同。我的意思是他們中的一些人，我只是不知道所有這些人的時間安排。

The next question comes from the line of Steven Fox from Fox Advisors.

下一個問題來自 Fox Advisors 的 Steven Fox。

Two questions, if I could. First of all, I'm not fully clear on how you're overcoming the semiconductor constraints you're dealing with. How are you going to sort of remove that sales bottleneck? And should -- and how long do you think it will take?

兩個問題，如果可以的話。首先，我不完全清楚你是如何克服你正在處理的半導體限制的。您打算如何消除銷售瓶頸？應該——您認為需要多長時間？

And then secondly, can you talk about where we are with ramping capacity in terms of outdoor cabling and connectors and whether you're considering maybe more capacity additions, given what you're seeing in the end markets?

其次，您能否談談我們在室外佈線和連接器方面的容量提升情況，以及您是否正在考慮增加容量，考慮到您在終端市場上看到的情況？

Yes, on the semiconductor side, I mean, you have the big Broadcom, Qualcomm and MaxLinear those type of chip companies. We're having a lot of conversations with them, and we're working on our allocations and trying to get more than what we would have gotten in the past. And so those are pretty much daily, weekly conversations as they get more online, we're going to be able to get more.

是的，在半導體方面，我的意思是，你有大型的 Broadcom、Qualcomm 和 MaxLinear 這些類型的芯片公司。我們與他們進行了很多對話，我們正在研究我們的分配，並試圖獲得比過去更多的東西。所以這些幾乎是每天、每週的對話，因為他們越來越在線，我們將能夠獲得更多。

There's also the rest of the components, which are -- there are some areas that are challenged as well, where we're able to get some on the spot market. And we also are seeing capacity increases by them as well. But I would argue that this is going to be probably choppy throughout 2022.

還有其餘的組件，它們是 - 有些領域也面臨挑戰，我們能夠在現貨市場上獲得一些。我們也看到他們也在增加容量。但我認為這可能會在整個 2022 年起伏不定。

In terms of the capacity expansion, I would say things are already starting to come online, and we should have most of it online, if not all of it online by the end of this year.

在產能擴張方面，我想說的是已經開始上線了，我們應該在今年年底之前大部分上線，如果不是全部上線的話。

Great. That's helpful. What -- yes, go ahead. Sorry.

偉大的。這很有幫助。什麼——是的，繼續。對不起。

The only thing I'd add in capacity is in addition to more capacity, we're always looking at places that we have opportunity. One of the things that we're doing from an operational standpoint is taking our assets and continuing to debottleneck them. So I think we've made some good strides in Q3 around freeing up capacity with just what the assets we have.

我唯一要增加的容量是除了更多容量之外，我們一直在尋找我們有機會的地方。從運營的角度來看，我們正在做的一件事是利用我們的資產並繼續消除它們的瓶頸。因此，我認為我們在第三季度通過我們擁有的資產釋放產能方面取得了一些不錯的進展。

And Kyle makes a great point because there will be some things that are coming online maybe Q1, Q2 just to continue in that space as we continue to reduce the bottlenecks.

凱爾提出了一個很好的觀點，因為隨著我們繼續減少瓶頸，可能會有一些東西上線，可能是第一季度，第二季度只是為了繼續在那個領域。

And just one clarification on the conversations ongoing with customers that go outside of like networking cable where price increases are more understood for copper and stuff like that. Are these conversations talking about putting in inflation riders or something that's more permanent to account both ways for inflation? And where you have customers that really need product, aren't they paying up for that inflation to get that product sort of in a spot way?

只是對正在進行的與客戶的對話進行了澄清，這些對話超出了網絡電纜的範圍，在這些網絡電纜中，價格上漲更容易理解銅和類似的東西。這些談話是在談論增加通貨膨脹附加條件還是更持久的東西來解釋通貨膨脹的兩種方式？在您擁有真正需要產品的客戶的地方，他們不是為通貨膨脹付出代價以現貨方式獲得該產品嗎？

Yes. I would say the commodities are an important part of our price -- of our cost structure, but it's not the full part of our cost structure. So it's not like we have commodity clauses, but we do have conversations with them and it's a lot -- as you say, it's a lot easier to move in the enterprise space. Everybody understands what's going on there. And I think because of their electrical buys and other buyers, they all understand what's going on with inflation. So I think that's helping us there. What's the second one?

是的。我會說商品是我們價格的重要組成部分——我們成本結構的重要組成部分，但它不是我們成本結構的全部部分。所以這不像我們有商品條款，但我們確實與他們進行了對話，而且很多——正如你所說，在企業領域移動要容易得多。每個人都明白那裡發生了什麼。而且我認為由於他們購買的電器和其他買家，他們都明白通貨膨脹是怎麼回事。所以我認為這對我們有幫助。第二個是什麼？

Well, just in terms of where you're sort of holding up your customer network builds, would they -- are they expediting in that?

好吧，就您在哪些地方阻礙客戶網絡建設而言，他們會 - 他們會加快嗎？

Yes. Across the board, we've had many customers that are actually offering to pay expedited fees or offering to pay for increased component costs to make sure that they secure demand.

是的。總的來說，我們有許多客戶實際上願意支付加急費用或願意支付增加的組件成本，以確保他們獲得需求。

Your next question comes from the line of Rod Hall from Goldman Sachs.

你的下一個問題來自高盛的 Rod Hall。

This is [Bala] on for Rod. First, a quick clarification on the price increases. As you think about the time line of this increases, are you more thinking to pass on large expedite fees, et cetera, relatively immediately, whereas higher input costs would be to probably take longer because you need to rework the contracts? And I've got a follow-up.

這是 Rod 的 [Bala]。首先，快速澄清價格上漲。當您考慮這種增加的時間線時，您是否更多地考慮相對立即轉嫁大筆加速費用等，而更高的投入成本可能需要更長的時間，因為您需要重新制定合同？我有後續行動。

I'm really sorry. Can you repeat the question? We're having a little bit of audio challenges.

我真的很抱歉。你能重複這個問題嗎？我們遇到了一些音頻挑戰。

Sure, no worries. Cost inflation related to logistics and expedite fee, would that pass through relatively immediately, whereas higher input costs would probably take longer because you might need to rework the contracts with customers.

當然，不用擔心。與物流和加急費用相關的成本膨脹會相對迅速地通過，而更高的投入成本可能需要更長的時間，因為您可能需要與客戶重新簽訂合同。

Yes. I think the answer to that question is in some places in our business, we are implementing expedite sort of freight surcharge fee that we can get to a little bit quicker. Obviously, in some of our contracts, we have contractual language that limits our ability to potentially do that. So obviously, it's a pretty big mixed bag across each of our product lines as to the flexibility that we have to do that.

是的。我認為這個問題的答案在我們業務的某些地方，我們正在實施加速運費附加費，我們可以更快地收取運費。顯然，在我們的一些合同中，我們的合同語言限制了我們這樣做的能力。很明顯，就我們必須做到這一點的靈活性而言，我們每個產品線都是一個相當大的混合包。

I think as Chuck mentioned in our enterprise business, we obviously have been pretty aggressive just on the base price increases. I think the last piece that we would sort of mention is that we talk about our backlog, our backlog being at $3.3 billion. There's also challenges that we have relative to the backlog and what we can do with our backlog from a repricing standpoint. So working through the backlog is sort of as we talk about why this is going to take a little bit of time to work through because obviously some of that backlog is priced on a historical basis that we can't just go out and change necessarily.

我認為正如查克在我們的企業業務中提到的那樣，我們顯然只是在基本價格上漲方面非常激進。我想我們最後要提到的是我們談論我們的積壓訂單，我們的積壓訂單為 33 億美元。我們還面臨著與積壓相關的挑戰，以及從重新定價的角度來看我們可以如何處理我們的積壓。因此，處理積壓工作有點像我們談論為什麼這需要一點時間來完成，因為顯然其中一些積壓工作是根據歷史定價的，我們不能只是出去進行必要的更改。

Got it. And Chuck, one follow-up. Coming back to the question on the visibility on the Outdoor Wireless business, you talked about joint development road maps, et cetera, with larger customers. I just wondered, the time line of this visibility in that business today, how does that compare to typical? Is it much longer? Do you have visibility into multiple years going -- looking forward into the future? Just any color there would be helpful.

知道了。和查克，一個跟進。回到有關戶外無線業務知名度的問題，您談到了與更大客戶的聯合開發路線圖等。我只是想知道，今天該業務中這種可見性的時間線，與典型相比如何？它更長嗎？您是否了解多年的發展情況 - 展望未來？任何顏色都會有幫助。

Yes, I would say all the major providers are being very cooperative and really upfront and supportive of what we need to see visibility-wise because the lead time of parts and components. They understand they're experiencing the same thing. So we're getting probably -- I mean I wasn't here years past, but I'd say we're getting, I'd say, at least twice the visibility, if not 3x the visibility that we used to have in fact like a full year out, I'd say.

是的，我想說所有主要供應商都非常合作，非常坦誠，支持我們需要看到的可見性，因為零部件的交貨時間。他們知道他們正在經歷同樣的事情。所以我們可能 - 我的意思是我幾年前不在這裡，但我想說我們的知名度至少是以前的兩倍，如果不是 3 倍的話事實上就像整整一年，我會說。

Your next question comes from the line of Samik Chatterjee from JPMorgan.

你的下一個問題來自摩根大通的 Samik Chatterjee。

This is [Angela Jen] on for Samik Chatterjee. And congrats on the new CFO role.

這是 Samik Chatterjee 的 [Angela Jen]。並祝賀新的首席財務官角色。

Thank you.

謝謝。

Just one question. I wanted to follow up on the Outdoor Wireless visibility. When we saw the outlook from AT&T and Horizon, it looks like CapEx will really be ramping in 4Q and into '22, at least it seems to imply double-digit growth, at least in 4Q, if not in '22. Are you seeing that similar sort of trend? And how sustainable is double-digit growth given your increased visibility in the Outdoor Wireless space?

只有一個問題。我想跟進 Outdoor Wireless 的可見性。當我們看到 AT&T 和 Horizon 的前景時，看起來資本支出確實會在第四季度和 22 年開始增長，至少這似乎意味著兩位數的增長，如果不是在 22 年，至少在第四季度也是如此。你看到類似的趨勢了嗎？考慮到您在戶外無線領域的知名度不斷提高，兩位數增長的可持續性如何？

Yes. Well, I would say we're not going to be able to give you guidance on that at that level. But what I would say is things are heating up, and there's a lot to do in 5G. So I mean this is going to be multiyear, I don't know if this whole decade, but it's significant.

是的。好吧，我會說我們無法在那個級別為您提供指導。但我要說的是，事情正在升溫，5G 方面還有很多工作要做。所以我的意思是這將是多年，我不知道是否是整個十年，但這很重要。

Do you think it will outpace the rate at which your other segments are growing?

您認為它會超過其他細分市場的增長速度嗎？

Again, we're not going to give that type of guidance, and we just don't have that type.

同樣，我們不會提供那種類型的指導，我們只是沒有那種類型。

This concludes our question-and-answer session. I would now like to turn the conference back to our CEO, Chuck Treadway. Sir, please go ahead.

我們的問答環節到此結束。我現在想把會議轉回我們的首席執行官 Chuck Treadway。先生，請繼續。

Yes. Look, thank you very much for your support of CommScope, and thank you for your questions today. And we look forward to talking to you at Investor Day coming up in December. Thank you.

是的。看，非常感謝您對康普的支持，也感謝您今天提出的問題。我們期待在 12 月即將到來的投資者日與您交談。謝謝。

Thank you. And this concludes CommScope Third Quarter 2021 Results Call. Thank you for participating. You may now disconnect.

謝謝。康普 2021 年第三季度業績電話會議到此結束。感謝您的參與。您現在可以斷開連接。