On this page of StockholderLetter.com we present the latest annual shareholder letter from CommScope Holding Company, Inc. — ticker symbol COMM. Reading current and past COMM letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Three-year selected financial data (Unaudited in millions, except per share amounts) Year ended December 31 Result of operations 2023 2024 2025 Net sales Gross profit Restructuring costs, net $1,863.8 900.3 29.4 472.3 (659.6) 11.1 (652.8) (61.8) (1,568.6) $1,382.6 605.1 36.7 (291.7) 10.9 (206.0) (65.2) (380.7) $1,931.6 955.9 19.7 47.6 16.7 324.3 (68.9) 2,214.8 210.9 210.9 214.4 214.4 230.0 Earnings (loss) from continuing operations per share: Basic Diluted $(3.39) $(3.39) $(1.27) $(1.27) $1.16 $1.11 Earnings (loss) per share: Basic Diluted $(7.44) $(7.44) $(1.78) $(1.78) $10.09 $9.63 Non-GAAP adjusted results: Core non-GAAP adjusted EBITDA(2)(3) Non-GAAP adjusted EBITDA(3) Non-GAAP adjusted earnings per share(3) $357.5 175.2 $0.34 $137.4 24.5 $0.10 $379.4 292.0 $0.77 Other information(4): Net cash generated by operating activities Depreciation and amortization Additions to property, plant and equipment Free cash flow $297.3 561.2 60.7 236.6 $273.1 370.5 25.3 247.8 $322.9 277.0 70.3 252.6 Asset impairments Operating income (loss) Interest income Income (loss) from continuing operations Series A convertible preferred stock dividends Net income (loss) attributable to common stockholders Earnings (loss) per share information: Weighted average number of shares outstanding: Basic Diluted Balance sheet data Cash and cash equivalents Goodwill and other intangible assets, net Property, plant, and equipment, net Total assets Working capital Long-term debt, including current maturities Series A convertible preferred stock Stockholders deficit (1) Amounts have been recast to reflect the discontinued CCS segment, OWN segment, DAS business unit and Home business, and reflect only our continuing operations, unless otherwise noted. (2) Core non-GAAP adjusted EBITDA reflects the results of our RUCKUS and Aurora segments, in the aggregate, and excludes general corporate costs that were previously allocated to the CCS segment, OWN segment, DAS business unit and Home segment, since these costs were not directly attributable to the discontinued operations. 2 (1) 219.5 As of December 31 $356.2 1,903.7 129.6 9,332.5 316.3 9,278.6 1,162.1 (3,024.7) $404.1 1,738.9 82.2 8,747.5 164.2 9,238.4 1,227.3 (3,456.1) $754.4 1,603.7 58.6 9,371.0 5.7 7,260.2 1,278.7 (1,004.1) (3) See reconciliation of GAAP measures to Non-GAAP measures (page 8). (4) Cash flows related to the discontinued operations have not been segregated; accordingly, this other information includes the results of continuing and discontinued operations.
Dear Vistance Networks Stockholders, In 2025, Core Vistance Networks, reported net sales fully redeem our preferred equity. This transaction has of $1.93 billion, increasing 40% from the previous year, brought greater stability to our day-to-day operations and our adjusted EBITDA of $379 million reflects a 176% and boosted our customers confidence in our long-term increase from the prior year. partnerships. We plan to distribute the excess cash in the form of a special distribution paid in April of 2026. These results underscore the value of our general manager model strategy and the innovation it Another exciting development resulting from the CCS drives, keeping us positioned to maintain and extend transaction is our new brand Vistance Networks. As our leadership in the markets we serve. By pushing part of the sale of CCS, the CommScope name and control and accountability to our business leaders, brand conveyed to Amphenol, requiring a new name Vistance Networks saw robust growth across all for the remaining business. Vistance Networks is now business segments. The general manager model drives the parent company of our Aurora Networks (Aurora) innovation and steers our research and development segment (formally Access Networks Solutions (ANS)) (R&D) investments into more advantageous directions. and RUCKUS Networks (RUCKUS) segment. Vistance Additionally, the general manager model improved our Networks was selected because it captures our mission balance sheet management by placing decisions on of converting vision into performance. Vistance controlling costs and managing inventory in the hands Networks reflects the spirit of our mission of innovation, of those best positioned to make informed, accountable reliability, and performance as we continue to deliver the choices. Years of disciplined strategy and our continued breakthrough intelligent networking technologies that focus on controlling what we can control proved their make the connected world run. value in 2025 by positioning us to take full advantage of market opportunities as they arose. In selecting Aurora as a new name for ANS, we chose to give a nod to our long heritage of innovation in Another significant event in 2025 was the announcement delivering next-generation access network solutions. of the sale of our Connectivity and Cable Solutions (CCS) Long-time industry experts may remember Aurora, segment to Amphenol Corporation (Amphenol), which which, through a series of acquisitions, eventually closed in early 2026. This transformational transaction became part of CommScope through the acquisition unlocked share value while strengthening our balance of ARRIS International plc in 2019. This reminder of our sheet. The $10 billion of net proceeds from this sale longstanding expertise coupled with our passion for allowed us to completely pay off our existing debt and innovation sets the stage for a successful future. 2025 Annual Report 3
Although the sale of the CCS segment, and the exciting speed up problem solving and meet service level new era of Vistance Networks captured the headlines, agreements, thus ensuring a seamless experience for the there was much more to our success in 2025, and it user. RUCKUS AI, among other new solutions, broadens was rooted in exceptional results across our remaining the overall value customers receive in partnering with business segments. RUCKUS for their Wi-Fi network needs. We have also invested in our sales teams and our go-to-market Firstly, Aurora revenue of $1.2 billion increased 47% strategy to better reach adjacent vertical markets and year-over-year, and adjusted EBITDA of $252 million support new product introductions to position us for increased 138% year-over-year. Aurora s remarkable growth in 2026. growth was fueled by the deployment of our new DOCSIS 4.0 FDX amplifier and node products. We Vistance Networks exited 2024 challenged by our debt are the only solution provider offering the full DOCSIS position. However, the close of the sale of our Outdoor 4.0 access technology ecosystem, including nodes, Wireless Networks (OWN) segment and Distributed DAA modules and amplifiers, which uniquely positions Antenna Systems business to Amphenol at the beginning the business to support any operator s path to 10G of 2024 allowed us to repay a meaningful portion of services. It is still early in the DOCSIS 4.0 upgrade our outstanding debt. We then announced the sale of cycle, and we will be ready with a full array of products the CCS segment and began preparing for separation. and solutions to support our customers in their network Meanwhile, we continued to stay laser focused on the upgrades. This progress is directly traceable to our performance of each of our segments. 2025 finished on commitment to powering the R&D pipeline even a strong note and we are well positioned for 2026. through the previous market downturn. In addition, our acquisition of Casa Systems vCCAP technology Reflecting on the many changes that have taken place positioned us for our first vCCAP win with a Tier 1 over the last 12 months, I begin the new year with a deep service provider in Europe. sense of anticipation and energy. Vistance Networks will continue to drive innovation, invest in the R&D pipeline Secondly, RUCKUS revenue of $699 million increased and meet our customers challenges while exceeding by 28% year-over-year, and adjusted EBITDA of $128 their visions, and prove day after day that we are, million increased 306% year-over-year. The Wi-Fi 7 and will remain, the trusted solutions partner to networks upgrade-cycle contributed to the growth in 2025 and all over the world. We will keep doing what has been is expected to continue over the next couple of years. effective to date, leveraging the general manager model RUCKUS introduced its first Wi-Fi 7 access point in late to continue driving innovation in a profitable direction 2023, which helped us move ahead in the technology and delivering increased value to both our customers curve. We have subsequently solidified our leading role and stockholders. in this technology. For instance, the RUCKUS Wi-Fi 7 platform is driven by RUCKUS AI, a cloud service As the new era begins, we reflect on an exciting future for network assurance and business intelligence built on a strong legacy of integrity and innovation to enhance Wi-Fi 7 network resilience. RUCKUS AI and I cannot wait to get started on the next phase of simplifies network management by presenting key our evolution. information to operators to improve network visibility, Chuck Treadway President and Chief Executive Officer 4
2025 financial and operational performance Throughout 2025, Vistance Networks experienced market recovery, new product introductions, vertical expansion and the beginning of upgrade cycles by customers. Staying focused on what we can control, we have strengthened our position and will continue to innovate intelligent network solutions to lead the industry. These are the top-line company-wide results for 2025: Vistance Networks delivered net sales of $1.9 billion, increasing by 40% YoY. with net leverage at 4.8x, well below the 6.0x expectation we had committed for 2026. Net Vistance Networks Core adjusted EBITDA leverage was down from 7.8x at the end of 2024. of $379 million increased by 176% YoY. Adjusted earnings per share were $0.77, an increase of 670% YoY. Vistance Networks (including CCS) ended the year Vistance Networks announced that we entered into an agreement with Amphenol to sell the CCS segment for ~$10.5 billion. With the proceeds, For the full year 2025, Vistance Networks delivered the Company expects to repay all debt, redeem $323 million of cash flow from operations and, all preferred equity and distribute excess cash free cash flow of $253 million both higher than to shareholders after transaction closing. was expected at the beginning of the year, despite increased use of cash for working capital. 2025 Annual Report 5
 • shareholder letter icon 3/23/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/27/2023 COMM Stockholder Letter
 • stockholder letter icon 3/25/2024 COMM Stockholder Letter
 • stockholder letter icon 3/24/2025 COMM Stockholder Letter
 • stockholder letter icon More "Miscellaneous" Category Stockholder Letters


COMM Shareholder/Stockholder Letter Transcript:

2025
Annual Report

Three-year selected financial data
(Unaudited       in millions, except per share amounts)
Year ended December 31
Result of operations
2023
2024
2025
Net sales
Gross profit
Restructuring costs, net
$1,863.8
900.3
29.4
472.3
(659.6)
11.1
(652.8)
(61.8)
(1,568.6)
$1,382.6
605.1
36.7
(291.7)
10.9
(206.0)
(65.2)
(380.7)
$1,931.6
955.9
19.7
47.6
16.7
324.3
(68.9)
2,214.8
210.9
210.9
214.4
214.4
230.0
Earnings (loss) from continuing operations per share:
Basic
Diluted
$(3.39)
$(3.39)
$(1.27)
$(1.27)
$1.16
$1.11
Earnings (loss) per share:
Basic
Diluted
$(7.44)
$(7.44)
$(1.78)
$(1.78)
$10.09
$9.63
Non-GAAP adjusted results:
Core non-GAAP adjusted EBITDA(2)(3)
Non-GAAP adjusted EBITDA(3)
Non-GAAP adjusted earnings per share(3)
$357.5
175.2
$0.34
$137.4
24.5
$0.10
$379.4
292.0
$0.77
Other information(4):
Net cash generated by operating activities
Depreciation and amortization
Additions to property, plant and equipment
Free cash flow
$297.3
561.2
60.7
236.6
$273.1
370.5
25.3
247.8
$322.9
277.0
70.3
252.6
Asset impairments
Operating income (loss)
Interest income
Income (loss) from continuing operations
Series A convertible preferred stock dividends
Net income (loss) attributable to common stockholders
Earnings (loss) per share information:
Weighted average number of shares outstanding:
Basic
Diluted
Balance sheet data
Cash and cash equivalents
Goodwill and other intangible assets, net
Property, plant, and equipment, net
Total assets
Working capital
Long-term debt, including current maturities
Series A convertible preferred stock
Stockholders    deficit
(1) Amounts have been recast to reflect the discontinued CCS segment, OWN segment, DAS business
unit and Home business, and reflect only our continuing operations, unless otherwise noted.
(2) Core non-GAAP adjusted EBITDA reflects the results of our RUCKUS and Aurora segments,
in the aggregate, and excludes general corporate costs that were previously allocated to the
CCS segment, OWN segment, DAS business unit and Home segment, since these costs were not
directly attributable to the discontinued operations.
2
(1)
219.5
As of December 31
$356.2
1,903.7
129.6
9,332.5
316.3
9,278.6
1,162.1
(3,024.7)
$404.1
1,738.9
82.2
8,747.5
164.2
9,238.4
1,227.3
(3,456.1)
$754.4
1,603.7
58.6
9,371.0
5.7
7,260.2
1,278.7
(1,004.1)
(3) See reconciliation of GAAP measures to Non-GAAP measures (page 8).
(4) Cash flows related to the discontinued operations have not been
segregated; accordingly, this other information includes the results of
continuing and discontinued operations.

Dear Vistance
Networks
Stockholders,
In 2025, Core Vistance Networks, reported net sales
fully redeem our preferred equity. This transaction has
of $1.93 billion, increasing 40% from the previous year,
brought greater stability to our day-to-day operations
and our adjusted EBITDA of $379 million reflects a 176%
and boosted our customers    confidence in our long-term
increase from the prior year.
partnerships. We plan to distribute the excess cash in the
form of a special distribution paid in April of 2026.
These results underscore the value of our general
manager model strategy and the innovation it
Another exciting development resulting from the CCS
drives, keeping us positioned to maintain and extend
transaction is our new brand   Vistance Networks. As
our leadership in the markets we serve. By pushing
part of the sale of CCS, the CommScope name and
control and accountability to our business leaders,
brand conveyed to Amphenol, requiring a new name
Vistance Networks saw robust growth across all
for the remaining business. Vistance Networks is now
business segments. The general manager model drives
the parent company of our Aurora Networks (Aurora)
innovation and steers our research and development
segment (formally Access Networks Solutions (ANS))
(R&D) investments into more advantageous directions.
and RUCKUS Networks (RUCKUS) segment. Vistance
Additionally, the general manager model improved our
Networks was selected because it captures our mission
balance sheet management by placing decisions on
of converting vision into performance. Vistance
controlling costs and managing inventory in the hands
Networks reflects the spirit of our mission of innovation,
of those best positioned to make informed, accountable
reliability, and performance as we continue to deliver the
choices. Years of disciplined strategy   and our continued
breakthrough intelligent networking technologies that
focus on controlling what we can control   proved their
make the connected world run.
value in 2025 by positioning us to take full advantage of
market opportunities as they arose.
In selecting Aurora as a new name for ANS, we chose
to give a nod to our long heritage of innovation in
Another significant event in 2025 was the announcement
delivering next-generation access network solutions.
of the sale of our Connectivity and Cable Solutions (CCS)
Long-time industry experts may remember Aurora,
segment to Amphenol Corporation (Amphenol), which
which, through a series of acquisitions, eventually
closed in early 2026. This transformational transaction
became part of CommScope through the acquisition
unlocked share value while strengthening our balance
of ARRIS International plc in 2019. This reminder of our
sheet. The $10 billion of net proceeds from this sale
longstanding expertise coupled with our passion for
allowed us to completely pay off our existing debt and
innovation sets the stage for a successful future.
2025 Annual Report
3

Although the sale of the CCS segment, and the exciting
speed up problem solving and meet service level
new era of Vistance Networks captured the headlines,
agreements, thus ensuring a seamless experience for the
there was much more to our success in 2025, and it
user. RUCKUS AI, among other new solutions, broadens
was rooted in exceptional results across our remaining
the overall value customers receive in partnering with
business segments.
RUCKUS for their Wi-Fi network needs. We have also
invested in our sales teams and our go-to-market
Firstly, Aurora revenue of $1.2 billion increased 47%
strategy to better reach adjacent vertical markets and
year-over-year, and adjusted EBITDA of $252 million
support new product introductions to position us for
increased 138% year-over-year. Aurora   s remarkable
growth in 2026.
growth was fueled by the deployment of our new
DOCSIS 4.0 FDX amplifier and node products. We
Vistance Networks exited 2024 challenged by our debt
are the only solution provider offering the full DOCSIS
position. However, the close of the sale of our Outdoor
4.0 access technology ecosystem, including nodes,
Wireless Networks (OWN) segment and Distributed
DAA modules and amplifiers, which uniquely positions
Antenna Systems business to Amphenol at the beginning
the business to support any operator   s path to 10G
of 2024 allowed us to repay a meaningful portion of
services. It is still early in the DOCSIS 4.0 upgrade
our outstanding debt. We then announced the sale of
cycle, and we will be ready with a full array of products
the CCS segment and began preparing for separation.
and solutions to support our customers in their network
Meanwhile, we continued to stay laser focused on the
upgrades. This progress is directly traceable to our
performance of each of our segments. 2025 finished on
commitment to powering the R&D pipeline even
a strong note and we are well positioned for 2026.
through the previous market downturn. In addition,
our acquisition of Casa Systems   vCCAP technology
Reflecting on the many changes that have taken place
positioned us for our first vCCAP win with a Tier 1
over the last 12 months, I begin the new year with a deep
service provider in Europe.
sense of anticipation and energy. Vistance Networks will
continue to drive innovation, invest in the R&D pipeline
Secondly, RUCKUS revenue of $699 million increased
and meet our customers    challenges while exceeding
by 28% year-over-year, and adjusted EBITDA of $128
their visions, and prove   day after day    that we are,
million increased 306% year-over-year. The Wi-Fi 7
and will remain, the trusted solutions partner to networks
upgrade-cycle contributed to the growth in 2025 and
all over the world. We will keep doing what has been
is expected to continue over the next couple of years.
effective to date, leveraging the general manager model
RUCKUS introduced its first Wi-Fi 7 access point in late
to continue driving innovation in a profitable direction
2023, which helped us move ahead in the technology
and delivering increased value to both our customers
curve. We have subsequently solidified our leading role
and stockholders.
in this technology. For instance, the RUCKUS Wi-Fi
7 platform is driven by RUCKUS AI, a cloud service
As the new era begins, we reflect on an exciting future
for network assurance and business intelligence
built on a strong legacy of integrity and innovation   
to enhance Wi-Fi 7 network resilience. RUCKUS AI
and I cannot wait to get started on the next phase of
simplifies network management by presenting key
our evolution.
information to operators to improve network visibility,
Chuck Treadway
President and Chief Executive Officer
4

2025 financial and operational performance
Throughout 2025, Vistance Networks experienced market recovery, new product introductions, vertical expansion and
the beginning of upgrade cycles by customers. Staying focused on what we can control, we have strengthened our
position and will continue to innovate intelligent network solutions to lead the industry.
These are the top-line company-wide results for 2025:

Vistance Networks delivered net sales of

$1.9 billion, increasing by 40% YoY.

with net leverage at 4.8x, well below the 6.0x
expectation we had committed for 2026. Net
Vistance Networks Core adjusted EBITDA
leverage was down from 7.8x at the end of 2024.
of $379 million increased by 176% YoY.

Adjusted earnings per share were
$0.77, an increase of 670% YoY.

Vistance Networks (including CCS) ended the year

Vistance Networks announced that we entered
into an agreement with Amphenol to sell the CCS
segment for ~$10.5 billion. With the proceeds,
For the full year 2025, Vistance Networks delivered
the Company expects to repay all debt, redeem
$323 million of cash flow from operations and,
all preferred equity and distribute excess cash
free cash flow of $253 million     both higher than
to shareholders after transaction closing.
was expected at the beginning of the year, despite
increased use of cash for working capital.
2025 Annual Report
5


shareholder letter icon 3/23/2026 Letter Continued (Full PDF)
 

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