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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 September 30, 2020
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)
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 |
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 ☒
As of October 23, 2020 there were 198,644,631 shares of Common Stock outstanding.
CommScope Holding Company, Inc.
Form 10-Q
September 30, 2020
Table of Contents
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 |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Net sales |
$ |
2,168.1 |
|
|
$ |
2,380.2 |
|
|
$ |
6,304.1 |
|
|
$ |
6,046.4 |
|
Cost of sales |
|
1,432.6 |
|
|
|
1,770.3 |
|
|
|
4,271.3 |
|
|
|
4,378.5 |
|
Gross profit |
|
735.5 |
|
|
|
609.9 |
|
|
|
2,032.8 |
|
|
|
1,667.9 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
296.7 |
|
|
|
305.8 |
|
|
|
898.7 |
|
|
|
972.0 |
|
Research and development |
|
184.6 |
|
|
|
171.5 |
|
|
|
541.1 |
|
|
|
399.5 |
|
Amortization of purchased intangible assets |
|
158.1 |
|
|
|
163.9 |
|
|
|
473.5 |
|
|
|
387.3 |
|
Restructuring costs, net |
|
40.3 |
|
|
|
19.5 |
|
|
|
83.6 |
|
|
|
78.3 |
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
206.7 |
|
|
|
— |
|
Total operating expenses |
|
679.7 |
|
|
|
660.7 |
|
|
|
2,203.6 |
|
|
|
1,837.1 |
|
Operating income (loss) |
|
55.8 |
|
|
|
(50.8 |
) |
|
|
(170.8 |
) |
|
|
(169.2 |
) |
Other income (expense), net |
|
(16.9 |
) |
|
|
1.5 |
|
|
|
(30.2 |
) |
|
|
(3.6 |
) |
Interest expense |
|
(147.2 |
) |
|
|
(160.7 |
) |
|
|
(437.7 |
) |
|
|
(423.5 |
) |
Interest income |
|
1.3 |
|
|
|
1.8 |
|
|
|
4.2 |
|
|
|
15.9 |
|
Loss before income taxes |
|
(107.0 |
) |
|
|
(208.2 |
) |
|
|
(634.5 |
) |
|
|
(580.4 |
) |
Income tax (expense) benefit |
|
(9.3 |
) |
|
|
51.7 |
|
|
|
37.2 |
|
|
|
87.6 |
|
Net loss |
|
(116.3 |
) |
|
|
(156.5 |
) |
|
|
(597.3 |
) |
|
|
(492.8 |
) |
Series A convertible preferred stock dividend |
|
(14.1 |
) |
|
|
(13.8 |
) |
|
|
(41.8 |
) |
|
|
(26.9 |
) |
Deemed dividend on Series A convertible preferred stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3.0 |
) |
Net loss attributable to common stockholders |
$ |
(130.4 |
) |
|
$ |
(170.3 |
) |
|
$ |
(639.1 |
) |
|
$ |
(522.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
(0.66 |
) |
|
$ |
(0.88 |
) |
|
$ |
(3.26 |
) |
|
$ |
(2.70 |
) |
Diluted |
$ |
(0.66 |
) |
|
$ |
(0.88 |
) |
|
$ |
(3.26 |
) |
|
$ |
(2.70 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
196.9 |
|
|
|
194.1 |
|
|
|
195.9 |
|
|
|
193.5 |
|
Diluted |
|
196.9 |
|
|
|
194.1 |
|
|
|
195.9 |
|
|
|
193.5 |
|
See notes to unaudited condensed consolidated financial statements.
2
CommScope Holding Company, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(Unaudited – In millions)
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
September 30, |
|
|
September 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Comprehensive loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(116.3 |
) |
|
$ |
(156.5 |
) |
|
$ |
(597.3 |
) |
|
$ |
(492.8 |
) |
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss) |
|
63.7 |
|
|
|
(76.6 |
) |
|
|
(1.3 |
) |
|
|
(76.5 |
) |
Pension and other postretirement benefit activity |
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.6 |
) |
|
|
(0.2 |
) |
Gain (loss) on hedging instruments |
|
(9.0 |
) |
|
|
7.9 |
|
|
|
(21.9 |
) |
|
|
(4.0 |
) |
Total other comprehensive income (loss), net of tax |
|
54.6 |
|
|
|
(68.8 |
) |
|
|
(23.8 |
) |
|
|
(80.7 |
) |
Total comprehensive loss |
$ |
(61.7 |
) |
|
$ |
(225.3 |
) |
|
$ |
(621.1 |
) |
|
$ |
(573.5 |
) |
See notes to unaudited condensed consolidated financial statements.
3
CommScope Holding Company, Inc.
Condensed Consolidated Balance Sheets
(In millions, except share amounts)
|
|
Unaudited |
|
|
|
|
|
|
|
September 30, 2020 |
|
|
December 31, 2019 |
|
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
582.8 |
|
|
$ |
598.2 |
|
Accounts receivable, less allowance for doubtful accounts of
$43.1 and $35.4, respectively |
|
|
1,497.2 |
|
|
|
1,698.8 |
|
Inventories, net |
|
|
1,104.5 |
|
|
|
975.9 |
|
Prepaid expenses and other current assets |
|
|
230.9 |
|
|
|
238.9 |
|
Total current assets |
|
|
3,415.4 |
|
|
|
3,511.8 |
|
Property, plant and equipment, net of accumulated depreciation
of $665.5 and $553.8, respectively |
|
|
673.3 |
|
|
|
723.8 |
|
Goodwill |
|
|
5,254.1 |
|
|
|
5,471.7 |
|
Other intangible assets, net |
|
|
3,795.5 |
|
|
|
4,263.6 |
|
Other noncurrent assets |
|
|
562.7 |
|
|
|
460.7 |
|
Total assets |
|
$ |
13,701.0 |
|
|
$ |
14,431.6 |
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,147.3 |
|
|
$ |
1,148.0 |
|
Accrued and other liabilities |
|
|
878.3 |
|
|
|
862.0 |
|
Current portion of long-term debt |
|
|
32.0 |
|
|
|
32.0 |
|
Total current liabilities |
|
|
2,057.6 |
|
|
|
2,042.0 |
|
Long-term debt |
|
|
9,589.3 |
|
|
|
9,800.4 |
|
Deferred income taxes |
|
|
217.7 |
|
|
|
215.1 |
|
Other noncurrent liabilities |
|
|
540.5 |
|
|
|
537.8 |
|
Total liabilities |
|
|
12,405.1 |
|
|
|
12,595.3 |
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
Series A convertible preferred stock, $0.01 par value |
|
|
1,041.8 |
|
|
|
1,000.0 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value: Authorized shares: 200,000,000; |
|
|
|
|
|
|
|
|
Issued and outstanding shares: 1,041,819 Series A convertible preferred stock |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value: Authorized shares: 1,300,000,000; |
|
|
|
|
|
|
|
|
Issued and outstanding shares: 196,990,667 and 194,563,530, |
|
|
|
|
|
|
|
|
respectively |
|
|
2.1 |
|
|
|
2.0 |
|
Additional paid-in capital |
|
|
2,494.2 |
|
|
|
2,445.1 |
|
Retained earnings (accumulated deficit) |
|
|
(1,776.6 |
) |
|
|
(1,179.3 |
) |
Accumulated other comprehensive loss |
|
|
(220.8 |
) |
|
|
(197.0 |
) |
Treasury stock, at cost: 8,498,082 shares and 7,411,382 shares, |
|
|
|
|
|
|
|
|
respectively |
|
|
(244.8 |
) |
|
|
(234.5 |
) |
Total stockholders' equity |
|
|
254.1 |
|
|
|
836.3 |
|
Total liabilities and stockholders' equity |
|
$ |
13,701.0 |
|
|
$ |
14,431.6 |
|
See notes to unaudited condensed consolidated financial statements.
4
CommScope Holding Company, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited - In millions)
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
Operating Activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(597.3 |
) |
|
$ |
(492.8 |
) |
Adjustments to reconcile net loss to net cash generated by
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
618.8 |
|
|
|
514.5 |
|
Equity-based compensation |
|
|
90.0 |
|
|
|
58.7 |
|
Deferred income taxes |
|
|
(96.6 |
) |
|
|
(172.4 |
) |
Asset impairments |
|
|
206.7 |
|
|
|
— |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
200.9 |
|
|
|
165.3 |
|
Inventories |
|
|
(130.3 |
) |
|
|
356.3 |
|
Prepaid expenses and other assets |
|
|
32.2 |
|
|
|
63.8 |
|
Accounts payable and other liabilities |
|
|
(25.0 |
) |
|
|
(228.0 |
) |
Other |
|
|
39.1 |
|
|
|
(5.0 |
) |
Net cash generated by operating activities |
|
|
338.5 |
|
|
|
260.4 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(73.5 |
) |
|
|
(72.3 |
) |
Proceeds from sale of property, plant and equipment |
|
|
0.2 |
|
|
|
1.2 |
|
Proceeds from sale of long-term investments |
|
|
— |
|
|
|
9.3 |
|
Cash paid for ARRIS acquisition, net of cash acquired |
|
|
— |
|
|
|
(5,053.4 |
) |
Cash paid for Cable Exchange acquisition |
|
|
(3.5 |
) |
|
|
(11.0 |
) |
Other |
|
|
— |
|
|
|
1.1 |
|
Net cash used in investing activities |
|
|
(76.8 |
) |
|
|
(5,125.1 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
Long-term debt repaid |
|
|
(1,174.0 |
) |
|
|
(2,753.3 |
) |
Long-term debt proceeds |
|
|
950.0 |
|
|
|
6,933.0 |
|
Debt issuance costs |
|
|
(11.6 |
) |
|
|
(120.8 |
) |
Debt extinguishment costs |
|
|
(14.9 |
) |
|
|
— |
|
Series A convertible preferred stock proceeds |
|
|
— |
|
|
|
1,000.0 |
|
Dividends paid on Series A convertible preferred stock |
|
|
— |
|
|
|
(29.9 |
) |
Proceeds from the issuance of common shares under equity-based
compensation plans |
|
|
1.0 |
|
|
|
3.0 |
|
Tax withholding payments for vested equity-based compensation
awards |
|
|
(10.3 |
) |
|
|
(12.3 |
) |
Net cash generated by (used in) financing activities |
|
|
(259.8 |
) |
|
|
5,019.7 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(17.3 |
) |
|
|
(4.1 |
) |
Change in cash and cash equivalents |
|
|
(15.4 |
) |
|
|
150.9 |
|
Cash and cash equivalent at beginning of period |
|
|
598.2 |
|
|
|
458.2 |
|
Cash and cash equivalents at end of period |
|
$ |
582.8 |
|
|
$ |
609.1 |
|
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 |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
Number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
|
195,997,230 |
|
|
|
193,873,919 |
|
|
|
194,563,530 |
|
|
|
192,376,255 |
|
Issuance of shares under equity-based compensation plans |
|
|
1,469,968 |
|
|
|
569,086 |
|
|
|
3,513,837 |
|
|
|
2,476,179 |
|
Shares surrendered under equity-based compensation plans |
|
|
(476,531 |
) |
|
|
(192,283 |
) |
|
|
(1,086,700 |
) |
|
|
(601,712 |
) |
Balance at end of period |
|
|
196,990,667 |
|
|
|
194,250,722 |
|
|
|
196,990,667 |
|
|
|
194,250,722 |
|
Common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning and end of period |
|
$ |
2.0 |
|
|
$ |
2.0 |
|
|
$ |
2.0 |
|
|
$ |
2.0 |
|
Issuance of shares under equity-based compensation plans |
|
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
Balance at end of period |
|
$ |
2.1 |
|
|
$ |
2.0 |
|
|
$ |
2.1 |
|
|
$ |
2.0 |
|
Additional paid-in capital: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
|
$ |
2,474.3 |
|
|
$ |
2,410.7 |
|
|
$ |
2,445.1 |
|
|
$ |
2,385.1 |
|
Issuance of shares under equity-based compensation plans |
|
|
— |
|
|
|
0.3 |
|
|
|
0.9 |
|
|
|
3.0 |
|
Equity-based compensation |
|
|
34.0 |
|
|
|
28.0 |
|
|
|
90.0 |
|
|
|
58.7 |
|
Equity-based compensation assumed |
|
|
— |
|
|
|
— |
|
|