v3.25.2
Segments and Geographic Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments and Geographic Information

9. SEGMENTS AND GEOGRAPHIC INFORMATION

The following is a brief description of the activities of the Company’s business segments:

CCS - The segment provides fiber optic and copper connectivity and cable solutions for use in telecommunications, cable television, residential broadband networks, data centers and business enterprises. The CCS portfolio includes network solutions for indoor and outdoor network applications. Indoor network solutions include optical fiber and twisted pair structured cable solutions, intelligent infrastructure management hardware and software and network rack and cabinet enclosures. Outdoor network solutions are used in both local-area and wide-area networks and “last mile” fiber-to-the-home installations, including deployments of fiber-to-the-node, fiber-to-the-premises and fiber-to-the-distribution-point to homes, businesses and cell sites.

Ruckus - The segment provides wireless networks for enterprises and service providers. Product offerings include indoor cellular solutions such as indoor and outdoor Wi-Fi and long-term evolution (LTE) access points, access and aggregation switches; an Internet of Things suite, on-premises and cloud-based control and management systems; and software and software-as-a-service applications addressing security, location, reporting and analytics.

ANS - The segment’s product solutions include cable modem termination systems, video infrastructure, public key infrastructure solutions, distribution and transmission equipment and cloud solutions that enable facility-based service providers to construct a state-of-the-art residential and metro distribution network.

Refer to Note 1 for discussion of product shifts and divestitures impacting the Company’s operating and reportable segment structure.

The following table provides summary financial information by reportable segment:

 

 

June 30,
2025

 

 

December 31,
2024

 

Identifiable segment-related assets: (1)

 

 

 

 

 

 

CCS

 

$

4,045.7

 

 

$

3,603.7

 

Ruckus (2)

 

 

876.0

 

 

 

886.5

 

ANS

 

 

1,710.3

 

 

 

1,688.8

 

Corporate and other (3)

 

 

—

 

 

 

93.9

 

Total identifiable segment-related assets

 

 

6,632.0

 

 

 

6,272.9

 

Reconciliation to total assets:

 

 

 

 

 

 

Cash and cash equivalents

 

 

571.1

 

 

 

564.9

 

Deferred income tax assets

 

 

521.1

 

 

 

537.7

 

Divested business assets (4)

 

 

19.2

 

 

 

14.5

 

Assets held for sale

 

 

—

 

 

 

1,357.5

 

Total assets

 

$

7,743.4

 

 

$

8,747.5

 
(1)
Assets related to business segments largely include accounts receivable, inventories, property, plant and equipment, goodwill, intangible assets and certain limited other assets. All other items are reflected in corporate and other. Accounts receivable and inventory are ascribed based on underlying sales or activity. Property, plant and equipment are attributed to a particular business segment based on that item’s primary user and reflect an allocation of certain corporate-shared assets. Intangible assets and goodwill are largely directly associated with a particular reporting unit and attributed on that basis.
(2)
Includes balances of the OneCell business for periods prior to its disposition.
(3)
The corporate and other line item above reflects assets related to the OWN segment and DAS business unit which were not transferred upon sale.
(4)
The divested business assets line item above reflects certain assets retained by the Company related to continuing involvement in divested businesses. The Company has entered into the Vantiva Supply Agreement, pursuant to which the Company will sell the retained inventory to Vantiva at cost, or market price if below cost, for a period of two years following the close of the transaction. In addition, the Company has entered into the Amphenol MSA related to the OWN segment and DAS business unit, pursuant to which the Company will continue to manufacture and supply certain products to the divested business for a period of twelve months. The assets reflect the inventory pursuant to the above agreements. Inventory related to the Home business was $2.7 million and $14.5 million as of June 30, 2025 and December 31, 2024, respectively. Inventory related to the OWN segment and DAS business unit was $16.5 million as of June 30, 2025.

The Company organizes its business segments based on the nature of products and services offered. Segment information is presented on the same basis that the Company’s Chief Executive Officer, who is the chief operating decision-maker, uses to manage its segments, evaluate financial results and make key operating decisions. The Company’s measurement of segment performance is adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization). The Company defines adjusted EBITDA as operating income (loss), adjusted to exclude depreciation, amortization of intangible assets, restructuring costs, asset impairments, equity-based compensation, transaction, transformation and integration costs and other items that the Company believes are useful to exclude in the evaluation of operating performance from period to period because these items are not representative of the Company’s recurring business.

These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions and monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, the Company’s chief operating decision-maker is regularly provided and reviews expense information at a consolidated level for each segment. Each segment has a manager responsible for executing the Company’s strategic initiatives.

The following table provides net sales, cost of sales, total operating expenses, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment for the three months ended June 30, 2025:

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Total

 

Net sales

 

$

875.4

 

 

$

190.2

 

 

$

322.5

 

 

$

1,388.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Segment cost of sales

 

 

565.0

 

 

 

59.8

 

 

 

170.9

 

 

 

 

Segment operating expenses

 

 

112.6

 

 

 

85.0

 

 

 

75.0

 

 

 

 

Addback: Depreciation

 

 

(13.3

)

 

 

(1.1

)

 

 

(3.6

)

 

 

 

Segment adjusted EBITDA

 

 

211.1

 

 

 

46.5

 

 

 

80.2

 

 

 

337.8

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

(51.6

)

Restructuring costs, net

 

 

 

 

 

 

 

 

 

 

 

(3.0

)

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

(9.1

)

Transaction, transformation and integration costs

 

 

 

 

 

 

 

 

 

 

 

(15.2

)

Other

 

 

 

 

 

 

 

 

 

 

 

(4.9

)

Depreciation

 

 

 

 

 

 

 

 

 

 

 

(18.0

)

Operating income

 

 

 

 

 

 

 

 

 

 

 

236.0

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

(165.2

)

Income from continuing operations before income taxes

 

 

 

 

 

 

 

 

 

 

$

70.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

13.3

 

 

$

1.1

 

 

$

3.6

 

 

$

18.0

 

Additions to property, plant and equipment

 

$

10.4

 

 

$

0.6

 

 

$

1.6

 

 

$

12.6

 
(1)
Includes balances of the OneCell business for periods prior to its disposition.

The following table provides net sales, cost of sales, total operating expenses, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment for the three months ended June 30, 2024:

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Corporate
and other (2)

 

 

Total

 

Net sales

 

$

728.4

 

 

$

129.8

 

 

$

195.4

 

 

$

—

 

 

$

1,053.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment cost of sales

 

 

469.0

 

 

 

67.6

 

 

 

116.0

 

 

 

1.9

 

 

 

 

Segment operating expenses

 

 

101.7

 

 

 

68.5

 

 

 

48.9

 

 

 

11.2

 

 

 

 

Addback: Depreciation

 

 

(13.7

)

 

 

(1.4

)

 

 

(4.1

)

 

 

(0.7

)

 

 

 

Segment adjusted EBITDA

 

 

171.4

 

 

 

(4.9

)

 

 

34.6

 

 

 

(12.4

)

 

 

188.7

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(55.5

)

Restructuring costs, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.9

)

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.1

)

Transaction, transformation and integration costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19.9

)

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(19.9

)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

91.4

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(160.0

)

Loss from continuing operations before income
   taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(68.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

13.7

 

 

$

1.4

 

 

$

4.1

 

 

$

0.7

 

 

$

19.9

 

Additions to property, plant and equipment

 

$

3.3

 

 

$

0.4

 

 

$

0.7

 

 

$

0.8

 

 

$

5.2

 
(1)
Includes balances of the OneCell business for periods prior to its disposition.
(2)
The corporate and other line item above reflects general corporate costs that were previously allocated to the OWN segment, DAS business unit and Home segment. These indirect expenses have been classified as continuing operations, since the costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2024, the corporate and other costs related to the Home segment have been reallocated to the Company’s remaining segments and partially offset by income from the Vantiva TSA. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to the Company’s remaining segments and partially offset by income from the Amphenol TSA.

The following table provides net sales, cost of sales, total operating expenses, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment for the six months ended June 30, 2025:

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Corporate
and other (2)

 

 

Total

 

Net sales

 

$

1,599.5

 

 

$

353.3

 

 

$

547.5

 

 

$

—

 

 

$

2,500.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment cost of sales

 

 

1,017.9

 

 

 

121.7

 

 

 

298.3

 

 

 

0.9

 

 

 

 

Segment operating expenses

 

 

214.7

 

 

 

162.7

 

 

 

138.3

 

 

 

4.1

 

 

 

 

Addback: Depreciation

 

 

(26.4

)

 

 

(2.4

)

 

 

(7.5

)

 

 

(0.1

)

 

 

 

Segment adjusted EBITDA

 

 

393.3

 

 

 

71.3

 

 

 

118.4

 

 

 

(4.9

)

 

 

578.1

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(105.6

)

Restructuring costs, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(14.2

)

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(16.2

)

Transaction, transformation and integration costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30.8

)

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4.9

)

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(36.4

)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

370.0

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(343.6

)

Income from continuing operations before income
   taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

26.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

26.4

 

 

$

2.4

 

 

$

7.5

 

 

$

0.1

 

 

$

36.4

 

Additions to property, plant and equipment

 

$

24.6

 

 

$

0.7

 

 

$

2.8

 

 

$

—

 

 

$

28.1

 

 

(1)
Includes balances of the OneCell business for periods prior to its disposition.
(2)
The corporate and other line item above reflects general corporate costs that were previously allocated to the OWN segment, DAS business unit and Home segment. These indirect expenses have been classified as continuing operations, since the costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2024, the corporate and other costs related to the Home segment have been reallocated to the Company’s remaining segments and partially offset by income from the Vantiva TSA. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to the Company’s remaining segments and partially offset by income from the Amphenol TSA.

 

The following table provides net sales, cost of sales, total operating expenses, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment for the six months ended June 30, 2024:

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Corporate
and other (2)

 

 

Total

 

Net sales

 

 

1,333.1

 

 

 

238.0

 

 

 

383.5

 

 

 

—

 

 

 

1,954.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment cost of sales

 

 

896.8

 

 

 

123.2

 

 

 

235.7

 

 

 

3.8

 

 

 

 

Segment operating expenses

 

 

195.0

 

 

 

139.9

 

 

 

109.5

 

 

 

20.6

 

 

 

 

Addback: Depreciation

 

 

(27.5

)

 

 

(3.6

)

 

 

(10.1

)

 

 

(1.5

)

 

 

 

Segment adjusted EBITDA

 

 

268.8

 

 

 

(21.5

)

 

 

48.4

 

 

 

(22.9

)

 

 

272.8

 

Amortization of intangible assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(124.6

)

Restructuring costs, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(31.5

)

Equity-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10.9

)

Transaction, transformation and integration costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26.5

)

Depreciation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(42.7

)

Operating income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

36.6

 

Other expense, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(321.0

)

Loss from continuing operations before income
   taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(284.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation

 

$

27.5

 

 

$

3.6

 

 

$

10.1

 

 

$

1.5

 

 

$

42.7

 

Additions to property, plant and equipment

 

$

6.9

 

 

$

0.8

 

 

$

1.8

 

 

$

1.4

 

 

$

10.9

 
(1)
Includes balances of the OneCell business for periods prior to its disposition.
(2)
The corporate and other line item above reflects general corporate costs that were previously allocated to the OWN segment, DAS business unit and Home segment. These indirect expenses have been classified as continuing operations, since the costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2024, the corporate and other costs related to the Home segment have been reallocated to the Company’s remaining segments and partially offset by income from the Vantiva TSA. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to the Company’s remaining segments and partially offset by income from the Amphenol TSA.

Sales to customers located outside of the U.S. comprised 27.2% and 28.9% of total net sales for the three and six months ended June 30, 2025, respectively, compared to 35.4% and 35.0% of total net sales for the three and six months ended June 30, 2024. Sales by geographic region, based on the destination of product shipments or service provided, were as follows:

 

 

Three Months Ended June 30, 2025

 

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Total

 

Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

627.8

 

 

$

129.1

 

 

$

254.2

 

 

$

1,011.1

 

Europe, Middle East and Africa

 

 

95.6

 

 

 

29.7

 

 

 

19.4

 

 

 

144.7

 

Asia Pacific

 

 

108.2

 

 

 

23.1

 

 

 

14.4

 

 

 

145.7

 

Caribbean and Latin America

 

 

25.7

 

 

 

5.0

 

 

 

16.8

 

 

 

47.5

 

Canada

 

 

18.1

 

 

 

3.3

 

 

 

17.7

 

 

 

39.1

 

Consolidated net sales

 

$

875.4

 

 

$

190.2

 

 

$

322.5

 

 

$

1,388.1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Total

 

Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

472.7

 

 

$

78.9

 

 

$

129.5

 

 

$

681.1

 

Europe, Middle East and Africa

 

 

102.5

 

 

 

21.8

 

 

 

13.5

 

 

 

137.8

 

Asia Pacific

 

 

111.3

 

 

 

21.6

 

 

 

6.1

 

 

 

139.0

 

Caribbean and Latin America

 

 

25.4

 

 

 

4.5

 

 

 

22.5

 

 

 

52.4

 

Canada

 

 

16.5

 

 

 

3.0

 

 

 

23.8

 

 

 

43.3

 

Consolidated net sales

 

$

728.4

 

 

$

129.8

 

 

$

195.4

 

 

$

1,053.6

 

 

 

 

Six Months Ended June 30, 2025

 

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Total

 

Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

1,131.3

 

 

$

234.4

 

 

$

413.0

 

 

$

1,778.7

 

Europe, Middle East and Africa

 

 

188.8

 

 

 

61.1

 

 

 

41.0

 

 

 

290.9

 

Asia Pacific

 

 

193.0

 

 

 

42.7

 

 

 

23.2

 

 

 

258.9

 

Caribbean and Latin America

 

 

50.4

 

 

 

8.9

 

 

 

31.9

 

 

 

91.2

 

Canada

 

 

36.0

 

 

 

6.2

 

 

 

38.4

 

 

 

80.6

 

Consolidated net sales

 

$

1,599.5

 

 

$

353.3

 

 

$

547.5

 

 

$

2,500.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

 

 

CCS

 

 

Ruckus (1)

 

 

ANS

 

 

Total

 

Geographic Region:

 

 

 

 

 

 

 

 

 

 

 

 

United States

 

$

860.9

 

 

$

139.7

 

 

$

270.4

 

 

$

1,271.0

 

Europe, Middle East and Africa

 

 

201.7

 

 

 

45.0

 

 

 

25.7

 

 

 

272.4

 

Asia Pacific

 

 

195.4

 

 

 

39.1

 

 

 

14.6

 

 

 

249.1

 

Caribbean and Latin America

 

 

48.9

 

 

 

9.2

 

 

 

38.5

 

 

 

96.6

 

Canada

 

 

26.2

 

 

 

5.0

 

 

 

34.3

 

 

 

65.5

 

Consolidated net sales

 

$

1,333.1

 

 

$

238.0

 

 

$

383.5

 

 

$

1,954.6

 
(1)
Includes balances of the OneCell business for periods prior to its disposition.