Vistance Networks Inc 2025年度报告

Three-year selected financial data(1) Earnings (loss) per share information: Non-GAAP adjusted results: Core non-GAAP adjusted EBITDA(2)(3)Non-GAAP adjusted EBITDA(3)Non-GAAP adjusted earnings per share(3) Other information(4): Net cash generated by operating activitiesDepreciation and amortizationAdditions to property, plant and equipmentFree cash flow Balance sheet data Cash and cash equivalentsGoodwill and other intangible assets, netProperty, plant, and equipment, netTotal assetsWorking capitalLong-term debt, including current maturitiesSeries A convertible preferred stockStockholders’ deficit Dear VistanceNetworksStockholders, fully redeem our preferred equity. This transaction hasbrought greater stability to our day-to-day operationsand boosted our customers’ confidence in our long-termpartnerships. We plan to distribute the excess cash in theform of a special distribution paid in April of 2026. In 2025, Core Vistance Networks, reported net salesof $1.93 billion, increasing 40% from the previous year,and our adjusted EBITDA of $379 million reflects a 176%increase from the prior year. These results underscore the value of our generalmanager model strategy and the innovation itdrives, keeping us positioned to maintain and extendour leadership in the markets we serve. By pushingcontrol and accountability to our business leaders,Vistance Networks saw robust growth across allbusiness segments. The general manager model drivesinnovation and steers our research and development(R&D) investments into more advantageous directions.Additionally, the general manager model improved ourbalance sheet management by placing decisions oncontrolling costs and managing inventory in the handsof those best positioned to make informed, accountablechoices. Years of disciplined strategy—and our continuedfocus on controlling what we can control—proved theirvalue in 2025 by positioning us to take full advantage ofmarket opportunities as they arose. Another exciting development resulting from the CCStransaction is our new brand—Vistance Networks. Aspart of the sale of CCS, the CommScope name andbrand conveyed to Amphenol, requiring a new namefor the remaining business. Vistance Networks is nowthe parent company of our Aurora Networks (Aurora)segment (formally Access Networks Solutions (ANS))and RUCKUS Networks (RUCKUS) segment. VistanceNetworks was selected because it captures our missionof converting vision into performance. VistanceNetworks reflects the spirit of our mission of innovation,reliability, and performance as we continue to deliver thebreakthrough intelligent networking technologies thatmake the connected world run. In selecting Aurora as a new name for ANS, we choseto give a nod to our long heritage of innovation indelivering next-generation access network solutions.Long-time industry experts may remember Aurora,which, through a series of acquisitions, eventuallybecame part of CommScope through the acquisitionof ARRIS International plc in 2019. This reminder of ourlongstanding expertise coupled with our passion forinnovation sets the stage for a successful future. Another significant event in 2025 was the announcementof the sale of our Connectivity and Cable Solutions (CCS)segment to Amphenol Corporation (Amphenol), whichclosed in early 2026. This transformational transactionunlocked share value while strengthening our balancesheet. The $10 billion of net proceeds from this saleallowed us to completely pay off our existing debt and Although the sale of the CCS segment, and the excitingnew era of Vistance Networks captured the headlines,there was much more to our success in 2025, and itwas rooted in exceptional results across our remainingbusiness segments. speed up problem solving and meet service levelagreements, thus ensuring a seamless experience for theuser. RUCKUS AI, among other new solutions, broadensthe overall value customers receive in partnering withRUCKUS for their Wi-Fi network needs. We have alsoinvested in our sales teams and our go-to-marketstrategy to better reach adjacent vertical markets andsupport new product introductions to position us forgrowth in 2026. Firstly, Aurora revenue of $1.2 billion increased 47%year-over-year, and adjusted EBITDA of $252 millionincreased 138% year-over-year. Aurora’s remarkablegrowth was fueled by the deployment of our newDOCSIS 4.0 FDX amplifier and node products. Weare the only solution provider offering the full DOCSIS4.0 access technology ecosystem, including nodes,DAA modules and amplifiers, which uniquely positionsthe business to support any operator’s path to 10Gservices. It is still early in the DOCSIS 4.0 upgradecycle, and we will be ready with a full array of productsand solutions to support our customers in their networkupgrades. This progress is directly traceable to ourcommitment to powering the R&D pipeline eventhrough the previous market downturn. In addition,our acquisition of Casa Systems® vCCAP technologypositioned us for our first