CommScope Holding Company, Inc. (NASDAQ:COMM) Q1 2023 Earnings Conference Call May 4, 2023 8:30 AM ET

Company Participants

Massimo Disabato - VP, IR

Chuck Treadway - President, CEO & Director

Kyle Lorentzen - EVP & CFO

Conference Call Participants

Steven Fox - Fox Advisors LLC

Simon Leopold - Raymond James

George Notter - Jefferies

Matt Niknam - Deutsche Bank

Ana Goshko - Bank of America

Amit Daryanani - Evercore

Shannon Cross - Crédit Suisse

Meta Marshall - Morgan Stanley

Operator

Thank you for standing by and welcome to the CommScope's 2023 First Quarter Results Conference Call. [Operator Instructions]. As a reminder, today's call is being recorded. I will now turn the conference to your host, Massimo Disabato Vice President of Investor Relations. Please go ahead sir.

Massimo Disabato

Good morning, and thank you for joining us today to discuss CommScope's 2023 first quarter results. I am Massimo Disabato Vice President of Investor Relations for CommScope. With me on today's call are Chuck Treadway, President and CEO; and Kyle Lorentzen, Executive Vice President and CFO.

You can find the slides that accompany this report on our Investor Relations website. Please note that some of our comments today will contain forward-looking statements based on our current view of our business, and actual future results may differ materially. Please see our recent SEC filings, which identify the principal risks and uncertainties that could affect future performance.

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.

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

Chuck Treadway

Thank you, Massimo and good morning, everyone. I'll begin on Slide 2. I'm pleased to share that we delivered chord net sales of $1.66 billion and core adjusted EBITDA of $350 million for the first quarter of 2023. As we anticipated in our February release, seasonality, project timing, customer inventory adjustments, and slower demand in certain areas of the business negatively impacted our top line in the first quarter with coordinate sales declining by 4%.