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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2019

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to            

Commission file number 001-36146

 

CommScope Holding Company, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

27-4332098

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

1100 CommScope Place, SE

Hickory, North Carolina

(Address of principal executive offices)

28602

(Zip Code)

(828) 324-2200

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

COMM

 

The NASDAQ Stock Market

 

As of July 26, 2019 there were 194,105,783 shares of Common Stock outstanding.

 


 

 

CommScope Holding Company, Inc.

Form 10-Q

June 30, 2019

Table of Contents

 

Part I—Financial Information (Unaudited):

 

 

 

 

 

Item 1. Condensed Consolidated Financial Statements:

 

 

 

 

 

Condensed Consolidated Statements of Operations

 

2

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

 

3

 

 

 

Condensed Consolidated Balance Sheets

 

4

 

 

 

Condensed Consolidated Statements of Cash Flows

 

5

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity

 

6

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

 

7

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

38

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

56

 

 

 

Item 4. Controls and Procedures

 

57

 

 

 

Part II—Other Information:

 

 

 

 

 

Item 1. Legal Proceedings

 

58

 

 

 

Item 1A. Risk Factors

 

58

 

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

58

 

 

 

Item 3. Defaults Upon Senior Securities

 

58

 

 

 

Item 4. Mine Safety Disclosures

 

58

 

 

 

Item 5. Other Information

 

58

 

 

 

Item 6. Exhibits

 

59

 

 

 

Signatures

 

60

 

 

 

1

 


PART 1 -- FINANCIAL INFORMATION (UNAUDITED)

ITEM 1.  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

CommScope Holding Company, Inc.

Condensed Consolidated Statements of Operations

(Unaudited – In millions, except per share amounts)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net sales

 

$

2,566.7

 

 

$

1,239.9

 

 

$

3,666.3

 

 

$

2,360.4

 

Cost of sales

 

 

1,906.7

 

 

 

782.7

 

 

 

2,608.2

 

 

 

1,505.4

 

Gross profit

 

 

660.0

 

 

 

457.2

 

 

 

1,058.1

 

 

 

855.0

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

480.9

 

 

 

171.1

 

 

 

666.3

 

 

 

342.6

 

Research and development

 

 

177.8

 

 

 

47.8

 

 

 

228.0

 

 

 

97.6

 

Amortization of purchased intangible assets

 

 

164.1

 

 

 

66.4

 

 

 

223.5

 

 

 

133.7

 

Restructuring costs, net

 

 

46.4

 

 

 

7.2

 

 

 

58.8

 

 

 

12.7

 

Total operating expenses

 

 

869.2

 

 

 

292.5

 

 

 

1,176.6

 

 

 

586.6

 

Operating income (loss)

 

 

(209.2

)

 

 

164.7

 

 

 

(118.5

)

 

 

268.4

 

Other income (expense), net

 

 

0.7

 

 

 

(3.2

)

 

 

(5.0

)

 

 

(2.1

)

Interest expense

 

 

(165.3

)

 

 

(60.7

)

 

 

(262.8

)

 

 

(120.5

)

Interest income

 

 

2.3

 

 

 

2.1

 

 

 

14.1

 

 

 

3.5

 

Income (loss) before income taxes

 

 

(371.5

)

 

 

102.9

 

 

 

(372.2

)

 

 

149.3

 

Income tax (expense) benefit

 

 

37.5

 

 

 

(37.0

)

 

 

35.9

 

 

 

(49.6

)

Net income (loss)

 

 

(334.0

)

 

 

65.9

 

 

 

(336.3

)

 

 

99.7

 

Series A convertible preferred stock dividend

 

 

(13.1

)

 

 

 

 

 

(13.1

)

 

 

 

Deemed dividend on Series A convertible preferred stock

 

 

(3.0

)

 

 

 

 

 

(3.0

)

 

 

 

Net income (loss) attributable to common stockholders

 

$

(350.1

)

 

$

65.9

 

 

$

(352.4

)

 

$

99.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(1.81

)

 

$

0.34

 

 

$

(1.82

)

 

$

0.52

 

Diluted

 

$

(1.81

)

 

$

0.34

 

 

$

(1.82

)

 

$

0.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

193.6

 

 

 

192.2

 

 

 

193.2

 

 

 

191.8

 

Diluted

 

 

193.6

 

 

 

195.2

 

 

 

193.2

 

 

 

195.3

 

 

See notes to unaudited condensed consolidated financial statements.

2

 


CommScope Holding Company, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited – In millions)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(334.0

)

 

$

65.9

 

 

$

(336.3

)

 

$

99.7

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

9.9

 

 

 

(108.6

)

 

 

0.1

 

 

 

(61.8

)

Pension and other postretirement benefit activity

 

 

(0.1

)

 

 

(1.3

)

 

 

(0.1

)

 

 

(2.7

)

Gain (loss) on hedging instruments

 

 

(10.4

)

 

 

3.1

 

 

 

(11.9

)

 

 

2.5

 

Total other comprehensive loss, net of tax

 

 

(0.6

)

 

 

(106.8

)

 

 

(11.9

)

 

 

(62.0

)

Total comprehensive income (loss)

 

$

(334.6

)

 

$

(40.9

)

 

$

(348.2

)

 

$

37.7

 

 

See notes to unaudited condensed consolidated financial statements.

3

 


CommScope Holding Company, Inc.

Condensed Consolidated Balance Sheets

(Unaudited - In millions, except share amounts)

 

 

 

June 30, 2019

 

 

December 31, 2018

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

348.0

 

 

$

458.2

 

Accounts receivable, less allowance for doubtful accounts of

   $25.6 and $17.4, respectively

 

 

2,264.7

 

 

 

810.4

 

Inventories, net

 

 

1,404.1

 

 

 

473.3

 

Prepaid expenses and other current assets

 

 

284.4

 

 

 

135.9

 

Total current assets

 

 

4,301.2

 

 

 

1,877.8

 

Property, plant and equipment, net of accumulated depreciation

   of $482.2 and $437.7, respectively

 

 

767.3

 

 

 

450.9

 

Goodwill

 

 

5,759.1

 

 

 

2,852.3

 

Other intangible assets, net

 

 

4,670.6

 

 

 

1,352.0

 

Other noncurrent assets

 

 

438.5

 

 

 

97.5

 

Total assets

 

$

15,936.7

 

 

$

6,630.5

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,406.5

 

 

$

399.2

 

Accrued and other liabilities

 

 

854.9

 

 

 

291.4

 

Current portion of long-term debt

 

 

24.0

 

 

 

 

Total current liabilities

 

 

2,285.4

 

 

 

690.6

 

Long-term debt

 

 

10,302.5

 

 

 

3,985.9

 

Deferred income taxes

 

 

345.1

 

 

 

83.3

 

Other noncurrent liabilities

 

 

578.8

 

 

 

113.9

 

Total liabilities

 

 

13,511.8

 

 

 

4,873.7

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Series A convertible preferred stock, $0.01 par value

 

 

1,000.0

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value: Authorized shares: 200,000,000;

 

 

 

 

 

 

 

 

Issued and outstanding shares: 1,000,000 Series A convertible preferred stock

 

 

 

 

 

 

Common stock, $0.01 par value: Authorized shares: 1,300,000,000;

 

 

 

 

 

 

 

 

Issued and outstanding shares: 193,873,919 and 192,376,255,

 

 

 

 

 

 

 

 

respectively

 

 

2.0

 

 

 

2.0

 

Additional paid-in capital

 

 

2,410.7

 

 

 

2,385.1

 

Retained earnings (accumulated deficit)

 

 

(586.1

)

 

 

(249.8

)

Accumulated other comprehensive loss

 

 

(171.1

)

 

 

(159.2

)

Treasury stock, at cost: 7,153,511 shares and 6,744,082 shares,

 

 

 

 

 

 

 

 

respectively

 

 

(230.6

)

 

 

(221.3

)

Total stockholders' equity

 

 

1,424.9

 

 

 

1,756.8

 

Total liabilities and stockholders' equity

 

$

15,936.7

 

 

$

6,630.5

 

 

See notes to unaudited condensed consolidated financial statements.

4

 


CommScope Holding Company, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited - In millions)

 

 

 

Six Months Ended

 

 

 

June 30,

 

 

 

2019

 

 

2018

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

(336.3

)

 

$

99.7

 

Adjustments to reconcile net income (loss) to net cash generated by

   (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

301.0

 

 

 

178.3

 

Equity-based compensation

 

 

30.7

 

 

 

22.4

 

Deferred income taxes

 

 

(105.4

)

 

 

(24.6

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(304.0

)

 

 

(137.0

)

Inventories

 

 

132.2

 

 

 

(48.0

)

Prepaid expenses and other assets

 

 

24.2

 

 

 

(0.6

)

Accounts payable and other liabilities

 

 

(1.0

)

 

 

40.9

 

Other

 

 

(3.0

)

 

 

4.0

 

Net cash generated by (used in) operating activities

 

 

(261.6

)

 

 

135.1

 

Investing Activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

 

(48.0

)

 

 

(30.8

)

Proceeds from sale of property, plant and equipment

 

 

0.8

 

 

 

6.2

 

Cash paid for current year acquisitions, net of cash acquired

 

 

(5,049.9

)

 

 

 

Cash paid for prior year acquisition

 

 

(11.0

)

 

 

 

Other

 

 

6.6

 

 

 

1.3

 

Net cash used in investing activities

 

 

(5,101.5

)

 

 

(23.3

)

Financing Activities:

 

 

 

 

 

 

 

 

Long-term debt repaid

 

 

(2,553.3

)

 

 

 

Long-term debt proceeds

 

 

6,933.0

 

 

 

 

Debt issuance costs

 

 

(118.1

)

 

 

 

Series A convertible preferred stock proceeds

 

 

1,000.0

 

 

 

 

Deemed dividend paid on Series A convertible preferred stock

 

 

(3.0

)

 

 

 

Proceeds from the issuance of common shares under equity-based

   compensation plans

 

 

2.7

 

 

 

4.9

 

Tax withholding payments for vested equity-based compensation

  awards

 

 

(9.3

)

 

 

(15.5

)

Net cash generated by (used in) financing activities

 

 

5,252.0

 

 

 

(10.6

)

Effect of exchange rate changes on cash and cash equivalents

 

 

0.9

 

 

 

(9.5

)

Change in cash and cash equivalents

 

 

(110.2

)

 

 

91.7

 

Cash and cash equivalent at beginning of period

 

 

458.2

 

 

 

454.0

 

Cash and cash equivalents at end of period

 

$

348.0

 

 

$

545.7

 

 

See notes to unaudited condensed consolidated financial statements.

5

 


CommScope Holding Company, Inc.

Condensed Consolidated Statements of Stockholders' Equity

(Unaudited - In millions, except share amounts)

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Number of common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

 

193,456,207

 

 

 

192,077,678

 

 

 

192,376,255

 

 

 

190,906,110

 

Issuance of shares under equity-based compensation plans

 

 

510,460

 

 

 

138,864

 

 

 

1,907,093

 

 

 

1,707,573

 

Shares surrendered under equity-based compensation plans

 

 

(92,748

)

 

 

(2,045

)

 

 

(409,429

)

 

 

(399,186

)

Balance at end of period

 

 

193,873,919

 

 

 

192,214,497