Financial Data and Key Metrics Changes - In Q4 2024, CommScope reported core net sales of $1.17 billion, a year-over-year increase of 27%, and core adjusted EBITDA of $240 million, a year-over-year increase of 69% [7][34] - For the full year 2024, core CommScope delivered net sales of $4.21 billion, a decrease of 8% from the prior year, with core adjusted EBITDA of $756 million, flat compared to the prior year [8][31] - The company ended the year exceeding its provided core adjusted EBITDA range of $700 million to $750 million [9] Business Line Data and Key Metrics Changes - The CCS segment saw a revenue growth of 36% in Q4, with adjusted EBITDA increasing by 110% [13][37] - The core NICS segment's revenue was up 13% in Q4, with adjusted EBITDA increasing by 285% [20][41] - ANS segment net sales increased by 12% in Q4, but adjusted EBITDA decreased by 27% due to lower software revenue and unfavorable product mix [43][44] Market Data and Key Metrics Changes - The enterprise fiber business within CCS grew 73% year-over-year, representing 22% of CCS revenue in 2024 [14][39] - The data center market is projected to grow at over 30% annually, driven by demand for AI-focused data centers [15][39] - The company expects strong growth in broadband and structured cabling as customer inventory normalizes [18][19] Company Strategy and Development Direction - CommScope is focused on business growth, free cash flow generation, and deleveraging following the sale of its OWN and DAS businesses [11] - The company is investing in new capacity and product development to meet projected market growth, particularly in the data center segment [16][19] - The strategy includes enhancing market share through new product launches and improved customer support [28][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in recovery, citing sequential quarterly improvements and positive customer conversations [66][67] - The company anticipates a strong rebound in 2025, with projected core adjusted EBITDA in the range of $1.0 billion to $1.05 billion [10][55] - Management acknowledged challenges in the ANS segment but remains optimistic about upcoming upgrade cycles and product launches [24][45] Other Important Information - The company generated $278 million from cash flow from operations in Q4, with free cash flow of $271 million [47] - CommScope ended the quarter with $663 million in cash and total available liquidity of approximately $1.1 billion [49][50] - The net leverage ratio improved to 7.8x, down from 9.1x in the prior quarter [52] Q&A Session Summary Question: Guidance on core adjusted EBITDA for next year - Management indicated confidence in the recovery, with expectations of over $950 million adjusted EBITDA going forward, driven by data center business and FDX launch [66][67] Question: Market share gains in enterprise fiber business - Management highlighted strong growth in the enterprise fiber business, driven by new products and market demand, with expectations of continued share gains [71][74] Question: Data center business split between hyperscale and traditional enterprise - The data center business is weighted towards hyperscalers, but growth is also coming from other cloud data center customers [82][83] Question: Anticipated rollout of FDX amplifiers - Management expects to ship approximately $300 million worth of FDX amplifiers in 2025, with a significant ramp-up expected in Q2 and Q3 [97][99] Question: Strategic activity post-OWN and DAS sale - Management is focused on running the business and capitalizing on growth opportunities in the data center market and new product launches [103]

Rick Cui / 客户服务总监 电话: +86 13801127537 邮箱:rick@counterpointresearch.com 媒体采访 Haylee Xu / 市场专员 电话: +86 15959754429 邮箱:haylee.xu@counterpointresearch.com 智能手机市场热点洞察 全球智能手机市场回暖，经历2年低迷后2024重回增长 印度智能手机市场预计将在2025年突破500亿美元 以旧换新再加码，补贴政策推动中国智能手机市场短期回暖 2024年中国智能手机销量同比增长1.5% 2024 年 Q4 美国智能手机销售同比下降 3% ，300 美元以下市场表现疲软 AI 与半导体行业热点洞察 TSMC 2024年第四季度财报的见解和数据 信息图：2024年Q3 | 半导体、代工厂份额与智能手机应用处理器市场份额 Intel 面临的竞争挑战：市场份额、制造能力、AI 领导地位 Open AI连续12天的新品发布活动展示了公司战略及未来行业趋势 GenAI的存储解决方案第二部分：HBM的竞争态势 科技创新与市场前瞻 苹果与阿里巴巴合作解析：技术布局与市场影响 CES 202 ...

为何参加 全球 AI 领袖齐聚，深度解析行业趋势 本次研讨会将邀请全球 AI 领域的优秀分析师与专家，包括： Peter Richardson Counterpoint Research 副总裁 Peter Richardson，拥有27年移动行业经验，将为大家带来 "解析人工智能生态系统" 的主题演讲。 会议介绍 在科技变革的浪潮中，AI 已成为产业革新的核心驱动力，深度重塑经济与产业生态，创造无限机 遇。作为科技市场研究机构，Counterpoint Research 将于 2025年3月20日 在深圳举办 AI 360 研讨 会，汇聚全球 AI 领域的优秀分析师、专家学者、行业领袖，共同探讨 AI 从基础到前沿领域的发 展、机遇与经济价值。 Tarun Pathak Counterpoint Research 研究总监 Tarun Pathak，深入剖析AI生态系统的核心架构。 Ethan Qi Counterpoint Research 中国区研究负责人 Ethan Qi，专注于半导体和零部件产业在 AI 时代的机会与挑战。 Archie Zhang Counterpoint Research 高级分 ...

DeepSeek 的大语言模型（LLM）因其在性能上接近 ChatGPT ，但成本却大幅降低而受到关注。市 场的即时反应褒贬不一。虽然数据训练成本，比如数据标注和归类等方面的成本可能没有体现出 来，而这部分成本由政府支持，但 DeepSeek 在训练效率和低成本方面的优势依然十分明显。 DeepSeek 能否助力中国芯片制造？ 中国的存储芯片或已具备成本竞争力 ： 假设中国政府对构成总成本很大一部分的固定成本提供支持 ，那么与同行相比，中国已能实现有竞争力的成本。例如，2024 年第一季度 DRAM （动态随机存 取存储器）每 Gb （ 千兆字节 ）的价格为 $0.34 ，此时高价的 HBM （高带宽存储器）对平均售价 的影响较小。而韩国 DRAM 的总成本大约为售价的 67% ，约为 $0.23 ，在不计固定成本的情况 下，中国的成本可能低至 $0.20 。（不过，中国的固定成本远高于韩国。） 高效的软件为低端硬件打开市场： 中国的策略是通过规模优势弥补与竞争对手在性能上的差距。华 为最新的 GPU —— Ascend 920 支持 HBM2 和 HBM2e ，而这些对于行业同行来说已是两年前的标 准，并未 ...

WNS (WNS) Q3 2025 Earnings Call January 23, 2025 08:00 AM ET Company Participants David Mackey - EVP of Finance & Head of IRKeshav Murugesh - Group CEO & DirectorNate Sison - SPEAKERBryan Bergin - MD - Equity ResearchPuneet Jain - Associate - Equity Research Conference Call Participants Surinder Thind - Equity Research AnalystMaggie Nolan - Research Analyst - Technology, Media & CommunicationsDavid J. koning - Associate Director of Research & Senior Research Analyst Operator Good morning, and welcome to the ...