Financial Analysis

5. FINANCING March 31, 2026 December 31, 2025 7.125 % senior notes due July 2028 $ $ 641.6 5.00 % senior notes due March 2027 750.0 8.25 % senior notes due March 2027 866.9 9.50 % senior secured notes due December 2031 1,000.0 4.75 % senior secured notes due September 2029 1,250.0 6.00 % senior secured notes due March 2026 1,500.0 Senior secured term loan due December 2029 3,150.0 Senior secured revolving credit facility 200.0 Total principal amount of debt 7,359.5 Less: Original issue discount, net of amortization ( 51.9 ) Less: Debt issuance costs, net of amortization ( 47.4 ) Less: Current portion Total long-term debt $ $ 7,260.2 In connection with the sale of the CCS segment that was completed on January 9, 2026, the Company repaid in full all outstanding indebtedness. For further discussion of the debt repayment and the divestiture of the CCS segment, see Note 2 in these condensed consolidated financial statements. In addition, on April 7, 2026, the Company entered into a revolving credit agreement providing for a senior secured asset-based revolving credit facility (the New Revolving Credit Facility) available to the Company and certain of its U.S. subsidiaries designated as co-borrowers therein, in an aggregate principal amount of up to $ 300.0 million , subject to borrowing base availability. See Note 8 for further discussion of the New Revolving Credit Facility . …

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Recent Accounting Pronouncements Adopted During the Three Months Ended March 31, 2026 In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The new guidance is expected to provide decision-useful information to investors and other financial statement users while reducing the time and effort necessary to analyze and estimate credit losses for current accounts receivable and current contract assets. The amendments in this update introduce a practical expedient when applying the guidance related to the estimation of expected credit losses for current accounts receivable and current contract assets resulting from transactions arising from contracts with customers . The guidance is effective for the Company on a prospective basis, beginning January 1, 2026 for the interim and annual periods. The Company has elected to apply this practical expedient to determine expected credit losses for current accounts receivable and contract assets, assuming conditions as of the balance sheet date do not change for the remaining life of the asset. The adoption of ASU 2025-05 did not have a material impact on the Companys condensed consolidated financial statements or disclosures. Issued but Not Adopted In December 2025, the FASB issued ASU No. 2025-12, Codification Improvements. The new guidance addresses various …

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7. RESTRUCTURING COSTS The Company incurs costs associated with restructuring initiatives intended to improve overall operating performance and profitability. The costs related to restructuring actions are generally cash-based and primarily consist of employee-related costs, which include severance and other one-time termination benefits. In addition to the employee-related costs, the Company records other costs associated with restructuring actions, such as the gain or loss on the sale of facilities and impairment costs arising from unutilized real estate or equipment. The Company attempts to sell or lease this unutilized space, but additional impairment charges may be incurred related to these or other excess assets. The Companys net pretax restructuring activity included in restructuring costs, net on the Condensed Consolidated Statements of Operations, by segment, was as follows: Three Months Ended March 31, 2026 2025 RUCKUS 4.5 1.6 Aurora 5.1 8.4 Corporate and other (1) 1.2 Total $ 9.6 $ 11.2 (1) The corporate and other line item above reflects general corporate restructuring costs that were previously allocated to the CCS segment, OWN segment and DAS business unit. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to the Companys remaining segments and partially offset by income from the Amphenol TSA. The corporate and other costs related to the CCS segment have been reallocated t …

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3. REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregated Net Sales See Note 6 for the presentation of net sales by segment and geographic region. Allowance for Doubtful Accounts Three Months Ended March 31, 2026 2025 Allowance for doubtful accounts, beginning of period $ 1.6 $ 1.6 Provision (benefit) ( 0.9 ) 0.5 Foreign exchange and other 0.2 Allowance for doubtful accounts, end of period $ 0.7 $ 2.3 Customer Contract Balances The following table provides the balance sheet location and amounts of contract assets, or unbilled accounts receivable, and contract liabilities, or deferred revenue, from contracts with customers: Contract Balance Type Balance Sheet Location March 31, 2026 December 31, 2025 Unbilled accounts receivable Accounts receivable, net of allowance for doubtful accounts $ 4.3 $ 9.4 Deferred revenue current Accrued and other liabilities $ 122.4 $ 106.5 Deferred revenue noncurrent Other noncurrent liabilities 99.9 93.7 Total contract liabilities $ 222.3 $ 200.2 There were no material changes to contract asset balances for the three months ended March 31, 2026 as a result of changes in estimates or impairments. The change in the contract liability balance from December 31, 2025 to March 31, 2026 was primarily due to upfront support billings to be recognized over the support term. During the three months ended March 31, 2026 , the Company …

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6. SEGMENTS AND GEOGRAPHIC INFORMATION The following is a brief description of the activities of the Companys business segments: RUCKUS - The segment provides wireless networks for enterprises and service providers. Product offerings include indoor cellular solutions such as indoor and outdoor Wi-Fi and LTE access points, access and aggregation switches; an Internet of Things suite, on-premises and cloud-based control and management systems; and software and software-as-a-service applications addressing security, location, reporting and analytics. Aurora - The segments product solutions include cable modem termination systems, video infrastructure, public key infrastructure solutions, distribution and transmission equipment and cloud solutions that enable facility-based service providers to construct a state-of-the-art residential and metro distribution network. The following table provides summary financial information by reportable segment: March 31, 2026 December 31, 2025 Identifiable segment-related assets: (1) RUCKUS $ 912.0 $ 839.6 Aurora 1,705.9 1,629.3 Total identifiable segment-related assets 2,617.9 2,468.9 Reconciliation to total assets: Cash and cash equivalents 2,510.0 754.4 Deferred income tax assets 303.9 1,765.9 Divested and other business assets (2) 11.2 57.3 Assets held for sale 4,324.5 Total assets $ 5,443.0 $ 9,371.0 (1) Assets related to reportable segments largely include accounts receivable, inventories, property, plant and equipment, goodwill, intangib …

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8. SUBSEQUENT EVENTS On April 7, 2026 , the Company declared a one-time special cash distribution (the Special Distribution). The Special Distribution of $ 10.00 per share was paid on April 27, 2026 , to stockholders of record of the Companys common stock at the close of business on April 17, 2026 . In addition, on April 7, 2026, the Company entered into a revolving credit agreement with Citibank, N.A., as administrative agent and collateral agent, and the other lenders party thereto (the New Revolving Credit Agreement) providing for the New Revolving Credit Facility available to the Company and certain of its U.S. subsidiaries designated as co-borrowers therein, in an aggregate principal amount of up to $ 300.0 million (of which up to $ 100.0 million is available for letters of credit), subject to borrowing base availability. On April 29, 2026, the Companys board of directors approved a new share repurchase program, replacing the previous program, authorizing, but not obligating the repurchase of up to an aggregate of $ 100.0 million of the Companys outstanding common stock. Repurchases under the stock repurchase programs may be made at managements discretion from time to time on the open market, in privately negotiated transactions or otherwise, in each case subject to compliance with all Securities and Exchange Commission rules and other legal requirements and may be made in part under one or more Rule 10b5-1 and Rule 10b-18 plans, which permit stock repurchases at times w …

SubsequentEventsTextBlock · excerpt; the full note is in the filing