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CommScope Holding (COMM) Marvin Edwards on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Conference Call

April 28, 2016 08:30 AM ET


Jennifer Crawford - Manager, IR

Mark A. Olson - EVP and CFO

Marvin S. Edwards, Jr. - President and CEO


Rod Hall - JPMorgan

Amir Rozwadowski - Barclays

Vijay Bhagavath - Deutsche Bank

Jess Lupert - Wells Fargo Securities

Mark Delaney - Goldman Sachs

Simon Leopold - Raymond James & Associates

George Notter - Jefferies

Shawn Harrison - Longbow Research

Steven Fox - Cross Research


Good morning. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the CommScope First Quarter 2016 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the call over to Ms. Jennifer Crawford, Director of Investor Relations. Ma’am you may begin.

Jennifer Crawford

Thank you, Regina. Good morning and thank you for joining us today to discuss CommScope’s first quarter 2016 results. With me on the call are Eddie Edwards, CommScope’s President and CEO; Mark Olson, CommScope’s Executive Vice President and CFO; and Phil Armstrong, CommScope’s Senior Vice President of Corporate Finance.

You can find the slides that accompany this review on our Investor Relations website. Before I cover a few housekeeping items, I would like to remind you that we will host our CommScope Investor Day at the NASDAQ market site in New York on Monday, May 16, 2016 beginning at 8:30 AM Eastern. Please see the Investor Relations events and presentations page of our website for registration details and additional information. Now to our housekeeping items.

On slide two, you will find our cautionary language related to forward-looking statements. During this conference call, we will make forward-looking statements regarding our financial position, plans, and outlook that are based on information currently available to management, management’s belief, and a number of assumptions concerning future events. Forward-looking statements are not a guarantee of performance and are subject to a number of uncertainties and other factors, which could cause the actual results to differ materially from those currently expected.

For a more detailed description of factors that could cause such a difference, please see our first quarter 10-Q filed earlier this morning and other SEC filings. And providing forward-looking statements, the company is not undertaking any duty or obligation to update these statements as a result of new information, future events or otherwise. Please note that all dollar figures and percentages are approximations.

In addition to GAAP information, we will provide certain non-GAAP measures. We believe that presenting these non-GAAP or adjusted measures provides additional meaningful information to investors. Detailed reconciliations of GAAP to adjusted measures can be found in the appendix to our slide presentation. In addition we will discuss historical pro forma BNS results for first quarter of 2015 as though the BNS acquisition had been completed on January 1, 2015. This pro forma information has not been prepared in accordance with U.S., Generally Accepted Accounting Principles. Accordingly the pro forma financial information may not be indicative of the results that would have been realized.

Slide three is our agenda for this morning. Mark will review the quarter results, highlight our two segments’ performance, discuss cash flow, liquidity, and capital structure and then provide our outlook for the second quarter and calendar year 2016. Finally, Eddie will make closing comments before we open the line for Q&A. To make sure everyone has the opportunity to ask a question on today’s call, we request you ask one question and return to the queue for any additional questions.