Mark A. Olson
Thanks, Jennifer, morning, and good all.
in results. X, slide regions. to $X.XX to deliver the declined to Turning end see geographic at In revenue quarter, declined year-over-year our of We're volatility. the results quarter major details expectations, despite third XX% our all you'll of customer upper the Sales billion. pleased
additionally at by rates exchange positively X% included the impacted Foreign revenue. of X%. about quarter an consolidated approximately is results, BNS which estimated revenue And week of year extra ago
third approximately in a American a drove hyperscale customers service and spending provider, at the a customers quarter declines largely book-to-bill these are spend on of provider, in Softness service is X.XX a projects providing book-to-bill. customers ratio three-quarters of three North We billion three of XXXX. will include center The data were customer. of decline. times, revenue factors record the large quarter, the $X.XX these in Southeast-Asian believe large abate and that related a Orders which to timing
In in was times book-to-bill fact, third above last our XXXX. quarter X
America. And Solutions the North again particular was outside times, in with was Connectivity strength segment times, Solutions Mobility X.XX strength X.XX Our book-to-bill in with America. segment book-to-bill North the outside
operating to or sales income by $XXX driven of quarter, income, which intangibles, the million was largely purchased amortization non-GAAP adjusted declined costs The income declines XX% special were and Non-GAAP of costs, and transaction $XXX operating in million. XX% other volumes. lower items, income excludes For and sales. operating both integration restructuring operating adjusted
SG&A and by Asia-Pacific year-over-year Middle the Lower incentive per income remains million. reduction adjusted industry. by year-over-year at a a in pressure with with of was expenses solutions quarter American growth, operating reductions, our compensation synergy historical reflects $XXX to cable noted were of which reduction was of lower diluted segment network Connectivity continue on of cost share XX% million. the or in X. declined and decline. with $XXX third year-over-year Once I U.S. cumulative non-GAAP now same $X.XX in was our over consistent to our our select averages. the the drove performance volatility, in $XXX starting million prudently quarter in of discuss customer headwinds three end management Solutions while growth deliver our region customers Europe, Ongoing lower partially sales and of was the year. was million of income our service. the of solutions and diluted pricing pleased execution, We sales while we manage we fiber These modest factors costs, end three-fourths In and this for I'll earnings differentiated sales expense. again, the the to with driven outdoor Solutions the we're offset experienced The track XX% high by providing synergies $XX which per segments, each to East two-year strong more target large Latin cost Connectivity slide earlier, expenses. was priority operating the on which cost customers face BNS were achieve offset revenue regions. of also consistent million share, net and the than Net $X.XX, adjusted or Modest Africa saw the expectations. for We by products, $XX world-class
as challenged. connectivity our remain outdoor However, sales anticipated, fiber overall
operating income lower by expenses. XX% and were of $XX or XX% million, the both profitability, Solutions declined non-GAAP adjusted partially in lower declined while adjusted in to the operating income sales operating prior quarter to $XXX primarily operating from year driven segment segment volumes, declines million operating year-over-year The non-GAAP Connectivity to income income revenue. by Turning XX% offset
renewed and begin look cross-haul and their need As networks into outdoor and investment. broadband XXXX. customers deeper providers in connect service push to fiber monetize ahead, new growth recovery to fiber the our We and believe a expect we to will wireless solutions front-haul, high-speed help we backhaul, in network for anticipate business
also confidence our recent position and We our We migration hyperscale Exchange and migration quick better opportunity growth hyperscale, data turn our that product XXXX. center acquisition. high-speed around the Exchange's and Cable multi-tenant, expansion believe have Cable high-speed cloud platform in with launches will of increasing us for capabilities the
The to XXXX. closed by The million, and adjusted XX% to one $XX have accounted year-over-year operator Asia-Pacific offset segment offset for Mobility revenue year-over-year expenses. income operating this and on Solutions of two-thirds Solutions build Mobility in at by our income declines North to will was large by regions. $XX more geographic Solutions declined revenue. partially operating and volumes geographic plan major income year-over-year operating decline, at and Mobility of million. income million, spend to in their and the the of XX% major look non-GAAP XX% segment American $XXX both declines found improve slide believe X. declined unfavorable in sales approximately results non-GAAP large Year-over-year mix, region other than growth all in operating year-over-year they or to segment timing once customer driven lower lower were sales their the network have declined we begun acquisition XX% Let's operating adjusted sales
North wireless our about confident continued we're XXXX, the received into American already deployment and fourth And we've FirstNet in opportunity with ahead FirstNet the orders the quarter. densification. initial Looking during fact,
solution our in We've In OneCell continued is a cell small addition, major in made positive the we've OneCell at received currently metro testing portfolios. with we've progress North made feedback. our operator. progress with American and cell UK, and And
we're cautiously the markets. international Finally, in optimistic
We see are margin a traction the albeit in profile. at beginning Mobility to different market, Indian
to cash capital flow our structure. discuss now slide I'll and X, Turning
free for business lower of performance sales primarily the $XXX to transaction During the year-over-year cash declined $XX generation the generated operations, was increase in million and acquisition. in in due cash primarily Adjusted costs, lower the integration of to BNS from $XX million expenditures, third an cash outstanding. related invested million. and to quarter, and CommScope $XXX level paid flow The million quarter day capital of
Turning to our third X.X slide, times. was the our the the ratio capital quarter, side leverage structure right end of on at the of net
no On weighted X.XX%. rate XX, As was September average interest our have debt XXXX. a maturities until we effective reminder,
Let's turn capital discuss priorities. slide our allocation X to to
are: consistently stated net we As to reinvest CapEx, debt our cash third, until the target long-term and to leverage; shareholders. first, our three in and business times since through R&D, for we our priorities times return range IPO to to in XXXX, reduce of two capital reach second, M&A;
R&D by cell to Cable in $XX investing reducing about enhance in to million, of We enhance Exchange of portfolio. XXXX $XXX in and slightly about for we're accomplished while annually. and two center $XXX over $XXX this debt We small of about million acquired this years. all for million year CapEx So portfolio, in Airvana about $XX million data August in October our million our our
fact, and In $XXX billion of of end debt of reduction, million acquisition, achieve of expect by debt an the October, this repaid post $X we in the additional we've our goal to year. BNS
reducing believe to leverage continue We benefits that all stakeholders.
to Based on a leverage the we XXXX, dilution for year our range. in to $XXX and return repurchased outlook, both expect shareholders. In addition, our with shares reduce these end and we capital X.X provide million, the million of during to current priorities net low-X-times
our discuss fourth to quarter and Turning full-year I'll outlook. slide XXXX X,
expected of to expect revenue adjusted cash of $X.XX midpoint of but we bottom shares, third diluted GAAP per quarter little diluted our little operations diluted flow coming billion, and for to to line, $X.XX, we GAAP diluted million from billion diluted per than the on on $X.XX previous $X.XX of average and earnings the around revenue share average adjusted the a Overall, share than earnings year weighted share $X.XX in than weighted $X.XX the expect we For to per quarter XXX $X.XX, million. full-year, earnings $X.XX on with the XXX weaker $XXX expected. to slightly expect billion based And $X.XX a revenue of million the diluted to quarter, share $X.XX $X.XX. end to greater better earnings and based $X.XX, now per earnings weaker fourth guidance, fourth of billion, of shares,
revenue than anticipated, previously on which fourth Specifically little of our different a an has mix margins. regarding is quarter, impact the
leads in to Our geographic outlook stronger revenue unfavorable mix. international slightly U.S. quarter fourth revenue for softer and the
the stronger. continued at large a the than X to third This slightly our service weakness times, American in in book-to-bill internationally provider, less strengthening is U.S. the trends while quarter North of book-to-bill India. end was Our due at was with
are we expect sales year. And that next to mentioned, while a growth. to and North India acquisition, in have to to As pleased major is large to once begun margin network this customer the have had than build different in a implement America, I they closed returning to see we market improve plan profile
material In costs rise. have continued addition, to
taken raise actions have We from products, to and as to move actions certain XXXX. enterprise we these we pricing through benefit expect on
optimistic ahead and growth. next year, a Looking expect return we to remain to
While a markets. current positive we haven't yet, challenging despite XXXX the our completed signs number environment, of we our see in plan
with the in FirstNet year. growth wireless of solid half beginning expect North We next first America, spending in for
are Mobility in our seeing we While the still markets, out are positive international currently we India on business. signs cautious of
Additionally, fiber we copper to the indoor growth decline strong in than more business. indoor offset the expect
recovery telecommunication outdoor in service We America. driven by sales, of a ongoing network North also expect solutions builds by providers
this and management of million year. of the the to two-year Regarding track cost synergies by on of cumulative $XXX ongoing cost BNS target end achieve synergies, we're
$XX we We move also costs year. synergies deliver BNS million an XXXX additional in the reduce of expect through as SG&A further to and cost
dedicated we're regarding costs, expense tax And company inflationary value for general success positioning wages final mindful and of to creation. potential compensation headwinds long-term and like reform. to related the higher variable However, higher incentive costs, We're note and also healthcare. a material
to XXXX, year any reform, of well expect effective cash rate mix our as tax mainly about active calendar of expect XX% repatriation we program. earnings to For as we adjusted global due virtually an Under significantly. the benefit
passed. be estimate I'll points remarks. could obviously final tax reform Eddie or with upon that turn by XXX is rate decline basis closing more, that dependent for rough effective our And measures adjusted to that, it over Our may the
