CommScope Holding Company, Inc. (NASDAQ:COMM) Q2 2024 Earnings Conference Call August 8, 2024 8:30 AM ET

Company Participants

Massimo DiSabato - VP of IR
Chuck Treadway - President and CEO
Kyle Lorentzen - EVP and CFO

Conference Call Participants

Meta Marshall - Morgan Stanley
Samik Chatterjee - JPMorgan
George Notter - Jefferies
Steven Fox - Fox Advisors
Simon Leopold - Raymond James
Matt Niknam - Deutsche Bank
Simon Leopold - Raymond James

Operator

Good day, and thank you for standing by. Welcome to the CommScope 2024 Second Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

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

Massimo DiSabato

Good morning, and thank you for joining us today to discuss CommScope's 2024 second quarter results. I'm Massimo DiSabato, Vice President of Investor Relations for CommScope. And with me on today's call are Chuck Treadway, President and CEO; and Kyle Lorentzen, Executive Vice President and CFO 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. Good morning, everyone.

I'll begin on Slide 2. In the second quarter, CommScope delivered net sales of $1.387 billion and adjusted EBITDA of $302 million driven by strength in our CCS and OWN segments. For core CommScope, which excludes the OWN and DAS businesses, we reported net sales of $1.05 billion and core adjusted EBITDA of $201 million for the second quarter of 2024.

I will start my comments today addressing the recently announced deal to sell our OWN and DAS businesses to Amphenol. As we have discussed in previous calls, we have been exploring alternatives to optimize our capital structure. One of the alternatives we mentioned was asset sales. We believe that the OWN and DAS deal offers significant value at an opportune time for a strategic buyer.