Good morning, everyone. I'm Russell Johnson, Vice President, Treasurer, and Investor Relations at CommScope. I'd like to welcome everyone to CommScope's 2021 Strategic Transformation Update. I also wanna thank all of you for your interest in CommScope at this unique and exciting time in our company's history. Before we get started, let's take a look at today's agenda. Our Chief Executive Officer, Chuck Treadway, will begin the program with an overview of CommScope's business. As part of this overview, you'll also be hearing from several of our business segment and product line leaders about some of the highlights of our technology portfolio and why we believe that CommScope's cutting-edge solutions are so vital to building the communications networks of the future. Next, we'll introduce you to our Chief Financial Officer, Kyle Lorentzen, our Chief Commercial Officer, Jack Carlson, and our Chief Human Resources Officer, Robyn Mingle. Kyle, Jack, and Robyn will provide an in-depth description of our strategic transformation program, CommScope NEXT. As many of you already know, CommScope NEXT is a comprehensive program designed to accelerate our profitable growth and drive shareholder value. After that, our CFO, Kyle, will present you with a brief overview of our financial plan for the next three years. The plan reflects our excitement about the strong market and technology tailwinds that are benefiting CommScope and the substantial value that we expect CommScope NEXT to create in the coming years. Finally, after some closing thoughts from our CEO, Chuck, we'll open up the program for questions and answers. Before we begin, I want to remind everyone that elements of today's presentation contain forward-looking statements that are based on our current view of our business and markets. These elements are subject to change, and we ask that you view them in that light. Please also note that the principal risk factors that may impact our performance are identified in our most recent SEC filings. Finally, note that today's presentation refers to certain non-GAAP and adjusted financial metrics. Reconciliations for these metrics can be found in the appendix to today's presentation. With that, it's my pleasure to turn the program over to our CEO, Chuck Treadway. Thank you, Russell, and good morning to all of you. I'm Chuck Treadway, and it's my great pleasure to be with you this morning. It's been just over a year since I became CEO of CommScope, and from my perspective, I'm very optimistic about the opportunities that lie ahead for our company. My excitement and optimism are based on the following things. First, CommScope is well-positioned to benefit from the technological and market tailwinds that are transforming the way people connect and communicate. Second, our company is a recognized leader in the core markets we serve. We have leading brands that our customers have known and trusted for decades. Third, we are drawing on our long history of innovation to develop the next generation of networking technologies for a world that demands greater speed and ubiquitous, always-on connectivity. Finally, we've embarked on CommScope NEXT, our comprehensive transformation program that will drive $500 million of annual EBITDA expansion by the end of 2023 to enable us to significantly increase our cash flow and reduce our leverage. Our discussion today will focus on CommScope's core businesses, excluding Home Networks, which we are in the process of spinning off. CommScope Core consists of three business segments: Venue and Campus Networks, Broadband Networks, and Outdoor Wireless Networks. With approximately $6 billion in revenue and $1.1 billion in adjusted EBITDA, CommScope Core is a global leader in network connectivity. Our name is synonymous in the industry with best-in-class networking solutions. Across our three segments, we provide a differentiated portfolio of products to more than 60 service providers and more than 10,000 enterprise channel partners. CommScope is constantly pushing the boundaries of technology innovation to create the world's most advanced wired and wireless networks. To be the leader in network infrastructure technology, we invest more than $600 million a year in R&D. We have registered over 10,500 patents globally, which is a testament to our ability to invest in the right markets and create distinctive technologies. Finally, all of this is made possible by the global family of over 20,000 employees, innovators, customer experts, and technologists that empower us to anticipate what's next and invent what's possible. Every day, we work tirelessly together with our customers to bring the best networking solutions to the world. Now, I would like to talk more about the markets and the customers we serve. CommScope serves large and growing markets. Our total product addressable market, which excludes end markets in China, is about $51 billion. We expect our combined addressable markets to continue to grow at 6% per year. Venue and Campus is our largest and fastest-growing segment with an addressable market of $23 billion. It is poised to benefit from the accelerating adoption of newer and even faster Wi-Fi solutions. In addition, we are in the early stages of a private networking revolution, which will require seamless integration of licensed and unlicensed spectrum, plus integration of the wired and wireless connectivity solutions that are at the heart of our venue and campus portfolio. This is followed by Broadband Networks, which has a TAM of $21 billion, which is benefiting from increased investment by both cable operators and telcos. Cable operators are actively investing in their legacy networks to enhance performance and are upgrading their network architectures to prepare for even better and increasing bandwidth needs. In addition, we foresee many years of continued robust spending on fiber optics connectivity by telcos to replace their aging copper infrastructure and invest in symmetrical gigabit-plus speeds, and by new providers using government funds to bridge the digital divide. Outdoor Wireless Networks has a TAM of $6.5 billion. As all of you know, we are in the early stages of a transition to 5G, which will generate a decade or more of investment in new wireless infrastructure. Not only outdoors with thousands of macro cell sites, but also indoor across office buildings and business locations around the world. Given our innovative end-to-end portfolio, CommScope is well-positioned to continue to grow with this market. The growth in our core markets is being driven by five key trends. An exponential increase in the demand for data, acceleration in 5G deployment, fiber everywhere, driven by the need for ubiquitous connectivity and high upstream and downstream speeds, an emerging recognition that security networks are a national security priority, and a continuing evolution in the network architecture to support the exploding demand. Let me take a few minutes to delve deeper into each of these trends and discuss how they are creating growth opportunities for CommScope. To expand more upon the first two market tailwinds I mentioned, COVID has further accelerated the pace of digital transformations, and we are witnessing a 30%+ year-over-year increase in data consumption globally. This massive increase in data consumption is driving the need for network infrastructure upgrades across the board. In parallel, we are beginning to see an acceleration in 5G deployments, with global 5G penetration set to jump 5x from 2020- 2023. As operators transition towards 5G, they must address the network deployment issues of site acquisition and upgrade, power, backhaul, and in-building wireless coverage. This need for better network infrastructure has already sparked an investment cycle. Operators are globally estimated to spend around $1 trillion between 2019 and 2025 as they capture emerging growth in 5G. Given our wide range of product offerings and strong existing customer relationships, CommScope will be a major partner for operators as they continue to invest in their networks. Given the high growth rate in global data consumption and the shift to work from home, the demand for upstream bandwidth continues to increase, prompting operators to accelerate fiber deployments as a future-proof solution. We expect some 280 million incremental households to be connected with fiber by 2023. Additionally, 5G will require significant densification to support demand, and in response, we expect operators will deploy approximately 1.3 million incremental small cells globally by 2023. This will require a high density of fiber in major markets to support backhaul across macro and small cell deployments. This trend of fiber everywhere is also supported by large investments for rural network expansion. Driving ubiquitous connectivity is a high priority for governments around the world as they look to close the digital divide. To illustrate, federal government initiatives, including the Rural Digital Opportunity Fund and Build Back Better plan, have collectively allocated approximately $85 billion to improve broadband access across the United States. Countries such as Germany are also planning significant public and private investments to improve rural connectivity. Investments of such scale have already started generating robust demand across our portfolio of cable and connectivity solutions. CommScope is actively investing in its manufacturing capacity and in new technologies to take advantage of the fiber everywhere revolution. The last market tailwind I wanna highlight is growing national security concerns around 5G infrastructure standards. Over the last few years, as 5G network deployment has gained traction, there has been a growing appreciation that wireless connectivity technology is very important to national security. This has led to governments around the world being selective about the network equipment suppliers that operators can deploy in their respective markets. Increasingly, such governments emphasize a preference for their national carriers to source technology from trusted and reliable equipment vendors such as CommScope. As a result, these recent global developments present CommScope with unique opportunities to fill in market gaps and expand its global footprint. Overall, I'm excited about the opportunities that these trends are creating for CommScope. Building on favorable market tailwinds, now I want to transition to CommScope's portfolio of market-leading brands and unique and innovative product offerings. We have an industry-leading end-to-end product portfolio that's well-positioned to capture the market opportunities created by today's technology and market tailwinds. Our Broadband Networks segment provides a comprehensive portfolio of broadband connectivity solutions, including head-end equipment, fiber and copper cables, closures, nodes, and amplifiers. Our Outdoor Wireless Networks segment features an everything but the radio portfolio, which includes passive antennas and integrated active passive antenna solution, power management solutions, steel accessories, and HELIAX cables. Lastly, our Venue and Campus Networks segment offers a complete portfolio of inside plant copper and fiber solutions, Wi-Fi access points, switches, DAS, and small cells, as well as software solutions. The portfolio includes wired and wireless connectivity products for both public and private networks and enterprise buildings, campuses, venues, and high-density data centers. We feel very good about our overall market positioning and the innovations we're bringing to the market within each segment. Across our broad portfolio, we are market leaders in many product categories that we compete in. This is strong evidence of the value and trust that our customers place in CommScope's technologies and our successful history of innovation. Our strong market position across our portfolio provides us with a variety of advantages that are difficult for smaller competitors and new market entrants to replicate. Service providers and enterprises naturally think of CommScope when planning their network deployments, and they bring us in early as thought partners while designing their network architectures. We have ready access to key decision-makers across our broad customer and partner base. Our channel partners view us as key supplier that allows them to compete more effectively for the largest and most complex projects. Along with market leading positions across segments, CommScope has a portfolio of industry-leading brands, over 50 brands in all. Our brands are recognized for their wide range of product offerings, as well as for their superior level of product quality, innovation, and customer satisfaction. Our brands are built on a history of innovation. CommScope continues to invest heavily in R&D across our segments. Over the last year, we invested $600 million in R&D, highlighting our commitment to driving innovation. These investments in R&D have created a large body of intellectual property for CommScope that is a source of sustainable market differentiation. Now, I will hand it over to Ric Johnsen, who will tell you more about Broadband Networks. Hi, everyone. I'm Ric Johnsen, Senior Vice President and segment leader of Broadband Networks at CommScope. It is my pleasure to speak with you about our Broadband Networks segment. Before we get into more detail, I want to introduce what we do in the Broadband Networks. First, a few words about who we serve. In the markets we serve, our segment delivers products and solutions to cable and telecom operators throughout the world. We have a strong footprint in North America, Europe, Central and South America, Australia, and are expanding our footprint into Japan, India, and Southeast Asia. In short, we serve nearly every tier one telco and MSO in the world and most tier two and tier three MSOs and telcos. Second, we are dedicated to helping our customers to be successful. Our mission in Broadband Networks is to help our customers deploy, upgrade, optimize, and maintain their most important asset, their network, efficiently and effectively. We do this through our extensive product portfolio, which spans hybrid fiber coax, passive optical networking, software and network transformation services through our global footprint that allows us to bring innovation and expertise across our customer base. It is no surprise that we are number one or number two in most outside plant categories. Our CMTS Data Core, access tech, and on our video business, our customers recognize the value of the integrated portfolio of solutions from a single industry-proven provider. Thirdly, what is behind our strong market position? CommScope is the only provider that offers a comprehensive portfolio of solutions, one that spans many network architectures and combines products with engineering and project management services to support the deployment of our customers' networks. Our MSO customers rely on our end-to-end portfolio to support their data and video products and our software and services to maximize the performance of their HFC networks. We're now focusing on our telco customer and expanding on our connectivity and cable infrastructure solutions with the addition of XGS-PON optical line terminals, performance management software, and engineering and project management services to help accelerate the bandwidth expansions in their access network. There is no other provider that offers the scale and variety of services provided by CommScope. Our innovation engine is only getting started. We have several key initiatives that will usher in the next wave of growth for our segment. We are leading the way on DOCSIS HFC migrations to 10G, which I'll talk more about here shortly. We are expanding our fiber offering through the next generation passive optical network investments. Building on our industry-leading hardware portfolio, we are evolving our product offerings as our customers are pivoting to software-based solutions to reduce their network complexity. Now let me share more about how we are leading the way on HFC migrations. We are witnessing an unprecedented demand from our customers that we don't see abating anytime soon. This demand is driven by continued explosion in bandwidth requirements. We are all experiencing this in our daily lives. For example, work from home, school from home, transact from home. As the number of network endpoints grows, the bandwidth demand is only going to increase. While we are already seeing 1 Gb-2 Gb speeds being offered in certain high-density metro areas, we believe customers will expect 10 gig services to become available over the next 10 years. That's five time increase versus today. Operators and MSOs are adapting quickly to meet the needs of their end customers. As they adapt, they really see three options on the table. First is to continue investing in upgrading their HFC networks. The second is to make the gradual transition to next generation distributed access architecture. The third is to expand to fiber to the home through PON-based solutions. This won't be an either/or choice, as many operators will utilize a blend of all three options for the foreseeable future. Moreover, the timing and pace of network transitions will be operator specific. By way of example, one North American MSO served by CommScope utilizes a roughly 20-80 split between HFC and a next generation DAA today. Over the next five years plans to reverse this mix to 80-20. Some North American MSOs are taking a measured approach to network transition and are likely to spend most of their network CapEx on optimizing their existing HFC infrastructure. On the other hand, in major international markets, we are seeing operators jump directly from HFC, supporting DOCSIS 3.0 or 3.1 to an all-fiber PON-based architecture. The key point here is that operators across the globe are looking for technology partners like CommScope that can serve them at scale no matter what architecture, mix, and transition model they pursue. CommScope's ability to support customers in all three directions of network development and scale is what gives us a strong natural advantage versus our competition. To help you understand this important point, I'd like to provide some further color on our product line and its key capabilities. If our customers are looking for continued investment in their existing infrastructure, we can support them through our industry-leading HFC solutions such as the E6000 CMTS and our headend optics that deliver 1 gig speeds today, as well as our existing E6000 platform, which can support from low to mid to high split in the upstream capacity. For customers migrating to distributed access architecture, we provide a Remote PHY and a Remote MAC-PHY solution that are easily deployable across CommScope's very large install base of HFC nodes. As cable customers migrate to either Remote PHY or Remote MAC-PHY solutions, we can expect this migration to drive a greater need for our amplifier solution. CommScope amplifiers will enable higher bandwidths by supporting the migration of split frequencies, as well as the ability to eventually support DOCSIS 4.0 with full duplex and extended spectrum capabilities. Finally, we are leveraging our rich history from Motorola as industry leaders in GPON and EPON to reenter the market with a next generation XGS-PON solution designed to help our customers who are pushing fiber deeper into their existing networks or building greenfield fiber to the home plants. Let me dig a little bit deeper into each of these options and why CommScope is well positioned to win. On HFC, we are seeing a sizable number of customers migrating from Gen 1 to Gen 2 on our E6000 headend CMTS platform. Customers want to leverage their existing headend hardware to deliver additional bandwidth and maximize the return on legacy capital investments they have made. In addition, the complexity of this network architecture has resulted in multiple MSOs waiting for DOCSIS 4.0 before they move away completely to a distributed architecture. Our Gen 2 E6000 machines have significantly more service groups per chassis as compared to Gen 1 and deliver a material improvement in performance and throughput. They optimize both the upstream and the downstream DOCSIS 3.1 and provide a base for multiple deployment architectures. Additionally, our existing E6000 footprint can support the trend we see with many large customers pursuing mid or high spectrum splits to address the uplink demands in the existing networks. Operators can achieve these mid to high level splits with a simpler reconfiguration of E6000, offering the compelling benefit of minimizing both operating and capital expenses. So far, 40% of our customers have made the migration to E6000 Gen 2, and we anticipate the demand for this migration to continue to grow. While many of our customers today are still prioritizing upgrades to their existing HFC networks. Other MSOs are making a faster move to distributed access architecture with Remote PHY and Remote MAC-PHY devices. There are several reasons for this. First, operators want to take advantage of DAA's benefits of increased bandwidth capacity and improved fiber efficiencies. Second, they want to decrease the load on headend facility space and power systems. Third, they view DAA solutions such as Remote PHY and Remote MAC-PHY as a way to prepare their networks for the future architecture evolution such as DOCSIS 4.0. CommScope's very large installed base in both headend hardware and nodes, coupled with our expertise in delivering both Remote PHY and Remote MAC-PHY DAA solutions, give us a distinct competitive advantage as DOCSIS technology architectures evolve. CommScope is the only provider that can help MSOs make this seamless transition from legacy HFC to various DAA-based solutions at a pace that matches the needs of each customer. In addition, our ServAssure Domain Manager software application is a natural complement to our strength in hardware solutions. As DAA drives the deployment of thousands of smart devices in the access layer, network complexity will naturally increase. Our ServAssure software enables the efficient provisioning and management of large number of field devices, allowing operators to remotely manage capacity and install software upgrades from a centralized location across multiple devices. This capability reduces the complexity burden of more distributed networks and decreases the need for costly truck rolls and field deployed technicians. To support the need for greater bandwidth while pursuing either of the two network upgrade options just discussed, MSOs can also leverage our growing RF amplifier product line. Serving the over 750,000 installed nodes in the field today are an installed base of approximately 8 million CommScope RF amplifiers. CommScope is the largest manufacturer in the world of this product line. Our next generation amplifiers are proving to be the product of choice for leading MSOs, with increasing demand from our customers deploying both E6000 Gen 2 and DAA-based solutions. These amplifiers allow extended bandwidth up to 1.8 GHz and will increase upstream bandwidth. We're also in development of a new amplifier to support full duplex operations up to DOCSIS 4.0. Given our large installed base of access layer equipment, operators that choose CommScope next generation amplifiers enjoy the benefit of faster, lower-cost deployments because they can leverage existing housing for their upgrade process. CommScope has a legacy of leadership in PON. We pioneered and delivered existing GPON architectures that are running in major operator systems today. We are now refocusing those assets and capabilities to bring to market a next generation XGS-PON solution within the next few months. We already participate in a remote OLT portion for 10 gig EPON solutions with the capability to be DOCSIS provision being sold into some cable markets today. However, it is our strategic evolution into XGS-PON that will allow CommScope to participate in a truly end-to-end solution for the telco space as well. I'll reiterate something Chuck mentioned earlier. We are market leaders in passive infrastructure for North American connectivity and cable. For active components, we are the leaders in CMTS, headend optics, nodes, RF amplifiers, and video systems. We pioneered the existing footprint of GPON, and our return to active XGS-PON space will allow us to offer an unmatched capability to provide end-to-end active and passive solutions to cable MSOs and telco providers. For these reasons, we are extremely excited about the future of CommScope's Broadband Networks segment. With that, I'd like to pass things over to Farid to speak to you about the great things ahead for our Outdoor Wireless Networks segment. Thanks, Ric. Hi, everyone. My name is Farid Firouzbakht. I'm the SVP and segment leader for Outdoor Wireless Networks here at CommScope. Let me first start by providing a brief overview of our Outdoor Wireless Networks segment. In broad terms, we primarily serve two areas of mobility networks. Macro tower solutions and metro tower solutions. Our macro tower solution provides a complete everything but the radio portfolio products for a macro cell site. Let me illustrate what that means. If you look at the picture of a macro cell site on the left side of this slide, you'll see that our product portfolio for the top of the cell tower includes base station passive antennas, integrated active passive hybrid antennas, radio frequency conditioning, and structural steel. Along the length of the tower, you'll find our HELIAX solutions, which consists of products that provide power, fiber, and coaxial connectivity, as well as a variety of accessories. Lower down the tower, you will find CommScope microwave antennas, and finally, at the base of the site, CommScope's cabinet enclosures and power management solution such as PowerShift. Shifting to the metro sites in the middle of the slide, we supply products and solutions that enable operators to densify their networks. The image you see here is an example of one of our many metro cell solutions. In this case, the solution is both a fully functioning light pole as well as a miniature cell tower. We enable operators to deploy miniaturized versions of cell sites deep into their network footprint while blending seamlessly into the background of a cityscape and still providing the functionality of common street furniture, light poles, or signage. For Outdoor Wireless Networks, our strategy and initiatives are clear. We will deploy our unique Universal Active Passive Antennas to help operators more efficiently upgrade existing sites or add new sites at lower cost. We will maintain our market leadership position across the mobility networks of North America. We will also double down on taking our solution to the rest of the world. While doing all of this, we will continue to drive best-in-class operational excellence and efficiency. Let me dive deeper into the 5G acceleration trend and how CommScope is positioned to ride these tailwinds to drive growth. It is clear that the 5G rollout is starting to accelerate. There are an estimated 230,000 macro cell sites in the U.S. These sites are always undergoing maintenance, optimization, and additions. However, what is even more exciting for us is the demand from the introduction of new spectrum driven by the C-band auction, which took place in December of last year, as well as first phase of DoD Mid-Band Spectrum Auction, which ended a few weeks ago. The availability of these spectrum assets will drive significant investment over the next few years as operators rush to deploy the spectrum and capitalize on their investment. Deploying these new spectrum bands and delivering 5G service will require significant new infrastructure to be installed at around 90,000 macro cell towers over the next three years through a combination of new macro sites and upgrades to existing sites. As 5G rollout accelerates, operators need to execute on three fronts. First, they need to upgrade existing sites by either adding more equipment or by replacing older equipment with newer solutions. Second, to support the exponential increase in penetration, they need to also build and deploy additional macro cell sites. Third, given lower radius coverage of higher spectrum bands, operators need to invest in network densification. Operators will have to invest in all three of the above to meet the increased demand, which creates significant opportunities for CommScope. At CommScope, we supply and assist operators on all three fronts as they transition to 5G. Whether an operator is deploying a brand-new macro site or upgrading an existing site, CommScope's everything but the radio portfolio can serve as a comprehensive infrastructure resource for tower build-outs. We are also developing highly innovative solutions such as our Universal Active Passive Antennas that are designed to help mobile operators solve the most difficult challenges of 5G deployments. As operators progress from macro site build-outs to densifying their networks, our metro cell solutions are also very well positioned for growth. At this point, I'd like to share with you some further details on one of our newest wireless innovations. Our Universal Active Passive Antenna platform or UAPA combines the elements of both active and passive antenna technologies in a reduced footprint at the top of the tower. UAPA has the potential to greatly simplify and accelerate 5G related tower deployments. With the addition of new frequency bands, cell towers are becoming increasingly congested, with space at the top of the tower at a particular premium. Installing additional antennas adds weight and increases wind loading and can even cause safety concerns for operators. Our patented interleaved UAPA antenna technology combines 4G and 5G capabilities and performance into a unified space efficient form factor. Compared to installing separate passive and active antennas, UAPA takes up much less space at the top of the tower, and therefore can ease zoning requirements and reduce operator lease costs. UAPA also reduces wind loading by nearly 25%, a dramatic improvement over traditional configurations. Operators that choose our UAPA solution not only reduce complexity, but can also enhance flexibility and optionality as our antenna technology offers compatibility with traditional OEM as well as Open RAN vendors of radio units. In sum, our UAPA solution offers valuable performance enhancements today and is an excellent way to future-proof mobile networks to accommodate the coming deployments of TDD spectrum bands and other upgrade paths as well. At present, CommScope has multiple operator trials of UAPA underway. I'm very excited about the prospects of this new technology and its ability to help our mobile operator customers solve their most difficult deployment challenges. Now moving to another exciting outdoor wireless network solution. PowerShift is the industry's first intelligent plug-and-play DC power supply solution. It can be found in both the macro and metro layer of networks. With the evolution from 4G to 5G, the installation of higher capacity mobile equipment with greater power requirements is driving an increase in power consumption at all cell sites. This is proving to be a challenge for mobile operators from a perspective of cost, efficiency, and safety. Fortunately, CommScope has unique power management solutions that can help solve these issues. These solutions are called PowerShift Macro and PowerShift Metro. PowerShift is our patented technology that optimizes the transmission of electrical power by regulating voltage at the remote radio unit, therefore eliminating the need for other equipment on top of already overcrowded towers. PowerShift also increases the runtime of battery backups, allowing remote radios to stay active up to 50% longer in case of a power outage. Simply put, PowerShift can meet a mobile operator's complete connectivity-related power requirements. Whether the job calls for adding or replacing remote radios, building new macro sites or deploying DAS, PowerShift benefits operators by simplifying installations, reducing CapEx, and increasing remote radio uptime on battery backup. Also, on the subject of cell site infrastructure, I want to mention our HELIAX product family. This is another important CommScope innovation that can greatly simplify and improve an operator's tower connectivity experience. As 5G deployments ramp, antenna radio connections are growing more complex. For over 75 years, our HELIAX product line of cables and connectors has continuously evolved with the goal of speeding installation, managing complexity, and contending with harsh environmental conditions. HELIAX solutions address a wide variety of cell site connectivity challenges and optimize total cost of ownership for operators. We now offer a complete line of coaxial and fiber to the antenna cable products, as well as a variety of cluster connector solutions. Finishing our Outdoor Wireless Networks segment overview, I want to say a few words about how we support our customers' densification efforts through our metro cell concealment initiatives. As you can tell from some of the pictures of our actual metro cell concealment solutions shown on this slide, CommScope offers customized aesthetic solution that help operators overcome the many zoning challenges they can encounter when deploying large numbers of antennas in an urban environment. CommScope offers a broad range of concealment solutions ranging from mini cell towers that double as light poles to illuminated street signs that can attach to the side of a building. When it comes to network densification, CommScope's goal is to offer not only advanced network technologies, but to also meet demanding municipality requirements for aesthetic appearance and zoning. We can offer solutions that accommodate multiple radio operators and designs that can be customized on a city-by-city basis. With that, thank you very much. I will now hand it over to Bart for an overview of the Venue and Campus Networks segment. Bart? Thank you, Farid. Hello, everyone. My name is Bart Giordano. I'm the Senior Vice President of RUCKUS here at CommScope. I'm very excited about sharing with you a quick overview of the Venue and Campus Network segment. Venue and Campus is a complicated sounding name for a segment, but one that's quite easy to understand. Simply put, in this segment, we provide both public and private networks for campuses, venues, data centers, and buildings. For our enterprise and data center customers, we provide both copper and fiber cable and connectivity solutions. In addition, we have an industry-leading offering around Wi-Fi access points and switching, as well as distributed antenna systems in both licensed and unlicensed small cells. It's truly an exciting time to be in this space as 5G and IoT deployments continue to accelerate. With this acceleration, we're seeing increased adoption of indoor network solutions by, for example, new smart factories that need a wide range of devices connected to a secure network. In addition, hyperscalers are building data centers at a rapid pace to keep up with the ever-increasing demand for cloud computing. In line with these market trends, we've been building our public and private network offerings to drive growth. We've also been enhancing our sales and go-to-market model, including making significant investments in areas that we have historically underserved. We're building out new vertical specific technology solutions so that we can transition to more solution-led sales and unlock highly customized business outcomes for our customers. Let's dive deeper now into private networks and our capabilities there. Everyone here is familiar with 5G, and everyone here is, of course, familiar with Wi-Fi. Enterprise executives are too. According to a June 2020 study, 76% of executives believe 5G will be critical networking technology for their company in three years, and 70% feel the same about Wi-Fi. 93% plan for 5G and Wi-Fi 6 co-adoption in the next three years. When these executives talk about 5G, they're not only referring to 5G coverage provided by the mobile operators like AT&T and Verizon, they're also talking about bespoke private networks based on cellular technology, but deployed directly by enterprise or by so-called neutral host on their behalf. These private cellular networks are ideal for applications that are poorly served by existing networks. They might require a customer-specific mix of higher security, higher reliability, mobility, as in moving vehicles, coverage area or quality of service. The private network market is expected to grow to approximately $5.1 billion in 2025, of which $2.3 billion is associated with the radio access network or RAN portion that CommScope provides. This growth is driven in large part by critical applications in manufacturing, energy and utilities, transportation and logistics, and the public sector. This compares to a public in-building cellular market of $2.4 billion in 2025 and a Wi-Fi market of $11 billion in 2025. As those earlier quotes suggest, no single one of these product categories can meet every wireless need. Enterprises need systems that can operate in a variety of spectrum to address different enterprise needs. Wi-Fi is the de facto standard for wireless local area networks or WLANs. One reason for this is Wi-Fi's use of unlicensed spectrum, accessible to anyone in the 2.4 GHz, 5 GHz and now the 6 GHz unlicensed bands. It's not just Wi-Fi, by the way. The unlicensed spectrum is also used by technologies such as Zigbee and Bluetooth low energy, or BLE, for low power, short-range connectivity to IoT devices. There's a more fundamental need, if you will, the ability to make phone calls on the cellular network when you're inside a building. Everyone's familiar with the experience of having poor cell coverage indoors. To address this, you need licensed band systems to extend the operator's network indoors using that licensed spectrum that they own. Of course, when you do so, you make available all the attributes of the operator's network, voice and data. Getting back to private networks. If you want to operate your own private cellular LTE or 5G network, you're gonna need a system that operates on so-called shared or lightly licensed spectrum, such as the U.S. CBRS band. This is spectrum that enterprises themselves can access. CommScope is the only vendor that can deliver an indoor wireless option in each of these three spectrum categories. With RUCKUS, we're a top five enterprise Wi-Fi vendor with an end-to-end enterprise wireless LAN and LAN portfolio featuring industry-best Wi-Fi performance. Every RUCKUS access point or AP provides not just Wi-Fi connectivity, but also IoT connectivity with short-range Zigbee and BLE protocols. This is what we call a converged AP. In-building cellular systems typically operate on licensed band frequencies owned by the operators, and CommScope is the market share leader for distributed antenna systems or DAS, which is the preferred technology for large venues such as stadiums. It's common to see CommScope DAS, RUCKUS Wi-Fi, and SYSTIMAX cabling deployed simultaneously in these large venues. Small cells have been used in outdoor wireless networks for more than 20 years and are only recently becoming popular for indoor applications. That is where ONECELL fits in as a key component to both our in-building cellular and private network strategy. With the acquisition of RUCKUS in 2019, CommScope acquired the industry's first enterprise small cell solution to make use of the U.S. CBRS band. This spectrum is available to enterprises and other organizations in a localized area for nominal cost. Until the FCC made that spectrum available, there was no way for an enterprise to deploy its own private network based on cellular technology. The availability of that spectrum and similarly licensed spectrum in a growing number of European countries is driving the private network opportunity. No other vendor offers such a complete portfolio of wireless solutions. Let me tell you a little more about Wi-Fi and the rest of the RUCKUS portfolio. The core of any enterprise network is made up of APs and switches. We offer a full line of fixed switches distinguished by price performance and the industry's highest performing APs, as recently validated by a third-party consultant. For control and management, also a fundamental component of any enterprise network, we offer two approaches. Network controllers based on-premise, including in the data center, and a public cloud-managed. The former is used by larger organizations with ample dedicated IT resources for whom we offer the world's highest scaling ability, while the latter is ideal for those with lean IT teams. Artificial intelligence, or AI, and machine learning, or ML, are technologies finding their way into nearly every industry, and networking is no exception. Using these technologies, RUCKUS Analytics helps customers get the most from their RUCKUS network, whether on-premise managed or cloud managed. This subscription service provides an enterprise IT team with comprehensive visibility into network operations. It accelerates troubleshooting and helps IT teams meet their network service level agreements. Just as important, RUCKUS Analytics sets RUCKUS on the path to delivering autonomous networking. That is, a network that automatically detects, then fixes problems without IT intervention. Getting users and devices onto the network easily and securely is a requirement for every organization. RUCKUS Network Access and Policy Software is a cloud service used to deliver secure network access for any user and any device on any network, while allowing users to connect their wireless devices quickly and easily without IT intervention. As with all RUCKUS offerings, we differentiate based on simplicity and ease of use. Finally, our IoT networking portfolio addresses network convergence. Convergence in this case meaning the convergence of IT and operational or OT networks. We're able to build for our customers a single network that addresses both sets of needs, thus eliminating the requirement for separate overlay networks. Equally important, we deliver complete IoT solutions such as automated door locks for hotels or vape detection for schools in conjunction with best-of-breed solution partners from all over the world. With that, I'd like to turn things over to Upendra Pingle to speak more about small cells. Thank you, Bart. Good morning, everyone. My name is Upendra Pingle. I'm the SVP of DAS and small cell here at CommScope. ONECELL is our flagship in-building licensed spectrum solution. With ONECELL, we offer the most sophisticated indoor small cell in the world. ONECELL will be our go-to radio product for 5G private and public networks, the former utilizing shared or lightly licensed spectrum, and the latter utilizing carrier-owned licensed spectrum. ONECELL has the unique ability to simultaneously support multiple mobile operators and multiple frequency bands. The radio modules can be configured in any mix of operators or bands. This gives it significant advantage for public networks because it means that you don't need to deploy a separate network to support each carrier or band. Additionally, CommScope pioneered the virtual cell technology used in ONECELL, in which each radio point, as we call them, is part of a single virtual cell. This gives ONECELL a huge advantage for both public and private networks. How is that advantageous? Because the name of the game in all wireless networks is spectral efficiency. How many bits can you pack into a given slice of spectrum? On this measure, ONECELL is unmatched when it comes to indoor systems, delivering what's known as a channel reuse factor of eight, and correspondingly, up to an eight times advantage in spectral efficiency. Put simply, it means that the throughput is substantially better with ONECELL than with any other competitive product. Another significant feature is that with ONECELL, you can identify the user location, something that is critical when you think of someone needing to call 911 from a high-rise building. Last and most important, ONECELL radio points can be upgraded from 4G to 5G via software, meaning no need to change hardware for the same band. When existing connectivity alternatives don't work, we have our CBRS product line. Like ONECELL, our RUCKUS CBRS LTE products are small cells that walk and talk like Wi-Fi access point, so much so that we refer to them as LTE access points. We pioneered this product category, and we're a founding member of the CBRS Alliance, now known as the OnGo Alliance. We offer both indoor and outdoor access points. Indoor is needed for the most obvious enterprise requirements. Why outdoor? Because there are many outdoor environments, including those found in ports and transportation hubs, for which applications need the coverage and/or mobility characteristics that these networks support. Enterprises are not service providers, so they don't have the technical capability to manage a complex mobile network like those operated by carriers. We simplify it for them with the goal of making these networks as easy to deploy as Wi-Fi in a matter of hours or days. We are developing a common management platform to manage these CBRS LTE networks, Wi-Fi networks, and ONECELL-based networks. CommScope is ideally positioned to bring these technologies and go-to-market models together to address enterprise private network opportunity. With RUCKUS, ONECELL. Details on a few of them. First, Phoenix Raceway. This was the site of one of the world's first CBRS band private networks, deployed before the CBRS band was even available for commercial use. We deployed outdoor CBRS radios in and around the racetrack, delivering connectivity in all the places Wi-Fi couldn't reach. The network supported racetrack staff as well as point-of-sale devices, perfect private network application. Second, Memorial Health System. At this clinic in Springfield, Illinois, we responded to pandemic-specific requirements by developing rapid deployment kits to quickly enable connectivity to healthcare locations of all shapes and sizes. We deployed our CBRS LTE system outside the facility to reach COVID testing tents, where the network was used for secure and reliable connectivity to medical devices. Both of these are live examples of our proven capabilities, and you'll see more from us in the near future. Thank you for your interest, and with that, I'll hand it back to Chuck. Thank you, Ric, Farid, Bart, and Upendra. I will now shift our focus to CommScope NEXT. In this section, we will discuss the ongoing evolution of CommScope as a company, CommScope NEXT and its journey, and the financial impact of the transformation plan. Through CommScope NEXT, we are in the process of driving a broad-based transformation. This change touches almost every aspect of our business across our organizational, commercial, and operating models. Let me highlight a few areas. From an organizational standpoint, I inherited a matrix structure that centralized decision-making at a high level and drove limited accountability. Therefore, at the beginning of 2021, we transitioned to a general management model by which we manage the business across 14 different business units, with general managers being responsible for their respective business unit P&L. This transition has forced us to evaluate the profitability of our business at a granular level and allowed us to make trade-offs across businesses supported by decision-grade information. From a commercial perspective, we were mostly focused on North America, where we enjoy a leading position and have relied on acquisitions to drive growth. Over the past year, we have started expanding our global footprint while maintaining deep relationships with North American customers. Additionally, we have transitioned from an inorganic growth focus to one that emphasizes organic growth based on customer-backed innovation and scaling software and services that were historically bundled into hardware sales. Lastly, from an operational standpoint, we had a legacy of realizing cost reductions by driving acquisition-related synergies rather than adopting a clean sheet mindset to fundamentally transform our operations. Embedding this approach into how we think about operations and cost reductions has already identified large potential savings. Given all the changes that have taken place, it's important to understand that we are still on our journey to evolve from where we were in 2020 to where we wanna be by the end of 2023. As we move forward, our focus is on rigorous execution of the changes needed to realize our vision. Over the last year, we've taken several steps to drive this transformation and put in place the foundation to accelerate our transformation. Let me provide you with some details on the journey we have been on for the last 12 months. Our journey began with a comprehensive company-wide diagnostic. We studied the whole organization to understand what is working and what is not. We asked ourselves, "What should CommScope look like in the future, and what would it take to achieve that vision?" After studying the results of the assessment that we ran, we made certain organizational and operating model changes to start moving from a matrix structure to a general management model. For example, we moved our sales teams into the segments to provide them with more direct control and accountability of their revenue performance. In parallel, we conducted a holistic review of our portfolio of assets to better understand how each piece contributed to our long-term strategy. As we proceeded with this review, it became clear that the Home Networks segment's distinct financial and strategic profile did not align with the rest of our portfolio. As a result, in April, we announced our intention to spin off Home Networks into an independent, publicly traded company. After announcing the Home Networks spin off, we began a detailed business review to understand the true growth and margin potential of CommScope Core. This effort identified an opportunity to expand EBITDA by $500 million on a run rate basis by end of 2023, which we announced during our May 2021 earnings call. We brought our senior leadership team together to introduce the goal of CommScope NEXT and kickstart an effort to create granular bottom-up plans to achieve the target. We have also aligned our leadership and employees with the goals and purpose of CommScope NEXT and internally announced a special leadership performance stock unit incentive tied to the execution of the transformation plan. As these plans have been developed, we have instituted a robust governance structure to ensure rigorous execution of our plans, as well as tracking and management to tie financial impact of plans directly to the P&L. In addition to setting up this foundation, we also instituted many no-regret actions to realize early wins. For example, we have deployed spend control towers across our manufacturing sites and G&A, conducted global multi-round RFPs, and initiated price increases in the enterprise space. However, it is important to keep in mind that the impact of these initiatives will compound as we go through 2022 and 2023. We're beginning to see impact from quick wins and expect further acceleration throughout 2022, especially as backlog and inventory moves through the system. Now that I've given you some details on the journey that has led us to CommScope NEXT, let me tell you more about what CommScope NEXT means to us. CommScope NEXT is a broad-based transformation plan to drive $500 million increase in run rate EBITDA by the end of 2023. The plan is based on three primary pillars. Portfolio management and optimization, profitable growth, and operational efficiency. Our first pillar is portfolio management and optimization, since that is the cornerstone of our transformation. Adequately managing and optimizing our portfolio is fundamental to executing our vision as it allows us to reallocate resources from non-core assets to businesses with the highest potential and value. Given the importance of this first pillar, we have already initiated various changes over the last 12 months. For example, we've decided to spin off Home Networks and have moved to a general management model in CommScope Core. This enables us to manage our portfolio more granularly, assign responsibilities, and build a culture of accountability and ownership. Our second pillar is profitable growth. In terms of driving revenue growth, we are focusing our efforts on five key levers. These include investing in our capacity to meet growing demand and backlogs, enhancing sales coverage in North America to increase presence in under-penetrated areas, focusing on high-priority service providers outside North America to grow our international presence, building new products and scaling software solutions to address emerging market opportunities, and optimizing enterprise pricing to capture value. Our last pillar is operational efficiency. As part of driving efficiency, we want to eliminate unnecessary non-value-added complexity and cost by streamlining duplicative systems and redundant processes. Here, we wanna focus on improving both direct and indirect procurement processes, optimizing the period overhead structure, and driving an improvement in our manufacturing productivity. To successfully execute on all these fronts, we have built CommScope NEXT on a foundation of cultural change and accountability and talent development. Together, these three pillars, built on the right foundations, will enable CommScope to consistently deliver attractive financial performances and unlock greater shareholder value. I believe CommScope NEXT will mark a new chapter in our history, and its successful implementation will be my highest priority. Before delving into our first pillar, portfolio management and optimization, it's important to understand how CommScope is currently organized. CommScope is a portfolio of business units grouped into three broad segments organized primarily around end customer segments, Broadband Networks, Outdoor Wireless Networks, and Venue and Campus Networks. We have used these segments and business units in the past to assign responsibility and conduct our operations. As we look closer into our various business units and product lines, we started looking at our businesses differently. We found that there's a product family view of our product portfolio that cuts across our existing segments. This new product family-based view is relevant because each of the four product families is different and operates in a distinct market and has different financial and investment profiles. The first product family is cable and connectivity that consists of CommScope's end-to-end fiber and copper network solutions from inside to outside plant. This product family represents roughly 50% of CommScope's revenue. The second is access technology and video systems, which consists of HFC broadband network products along with other video solutions to enable cable operators to deliver content and bandwidth on their HFC networks and to help them evolve their network architecture over time. The third group is outdoor wireless, which provides wireless service providers with a variety of products for outdoor wireless networks, including antennas, filters, steel accessories, and other integrated solutions. Lastly, CommScope also has a compelling private networks and DAS offering, which combines our licensed and unlicensed spectrum solutions across RUCKUS, Small Cell, and distributed antenna system products. In addition, we have industry-leading software solutions embedded across all of the four product families that we will further build out and scale. With these four product families in its portfolio, CommScope is uniquely positioned with no common peer across the market. As you can see, we have a different set of peers for each of our product families. In terms of revenues, Cable and Connectivity is CommScope's largest product family with $2.8 billion in revenue. In the future, as we continue to benefit from the favorable tailwinds, we expect to see significant growth in our Cable and Connectivity business. Our second-largest product family, Access Technology and Video Systems, is experiencing a flatter growth trajectory. This is because the market is undergoing significant technological disruption. MSOs are gradually transitioning from a legacy CMTS node-based architecture to distributed access architecture and PON solutions. Therefore, as we change our product mix to keep up with the evolving market landscape, we expect to witness flatter growth over the next few years, given our strong position in the legacy markets. Our third product family, Outdoor Wireless, with $1 billion in revenue, is also experiencing moderate growth moving forward. With the migration from 4G to 5G, the requirements of operators are changing. Again, as CommScope repositions itself by both investing in new technology and leveraging its everything but the radio portfolio, we expect to see moderate growth over the next few years as spend on 4G is replaced by spend on 5G. For private networks and DAS, CommScope is the only vendor with Wi-Fi and licensed and unlicensed spectrum solutions, and therefore, we believe that the business is very well positioned and will enjoy a high future growth rate. Lastly, as we continue to adopt a software-first approach, we believe software solutions and services will be a key growth area for us moving forward. Currently, our software business is in its early stages as solutions are embedded across our products. However, in the future, we will transform our emerging software solutions into standalone offerings, and through increased investment and focus, we plan to drive double-digit growth across them. Altogether, I am very excited to see what the future holds for us and how we can continue to grow these product families. In summary, executing on CommScope NEXT will lead to an acceleration in our revenue growth and margin expansion and will allow us to reduce our leverage ratio significantly. Specifically, we believe that the growth initiative in CommScope NEXT will increase our revenues from $7.5 billion- $8 billion by 2024, which represents a 7%-10% revenue CAGR and above market growth rate. The revenue increase, combined with operational efficiency initiatives in CommScope NEXT, will allow us to expand our adjusted EBITDA margins from 18% to approximately 20%. Overall, we expect to deliver an adjusted EBITDA of $1.6 billion-$1.8 billion in 2024. Further, we expect our cash generation to improve with the transformation we are driving, and we expect the increase in EBITDA to translate into free cash flow of $600 million-$700 million by 2024, allowing us to reduce our leverage ratio in the range of 4x-5x. As these numbers imply, achieving this financial plan will deliver significant value for our investors, and our team is excited and committed to delivering on this plan. Overall, I am confident that executing on CommScope NEXT will solidify our position as the leader in network connectivity solutions and help us deliver significant value to our investors. I would now like to ask Kyle Lorentzen, our CFO, to lead you on a deep dive into CommScope NEXT. Thank you, Chuck. I'm Kyle Lorentzen, the EVP and Chief Financial Officer at CommScope. As Chuck described earlier, CommScope NEXT is a broad-based transformation effort that aims to accelerate growth and significantly expand margins. Over the next few minutes, I will cover a few key themes. First, CommScope NEXT is different than any other transformation CommScope has done historically. Second, we have detailed plans in place to deliver the $500 million in EBITDA expansion. Third, we are already executing these plans and seeing results that are in line with or above what we expected. CommScope NEXT is based on a proven transformation playbook that Chuck and I have successfully applied several times in the past. Key elements of the approach are defining a top-down vision for our company and building granular bottom-up plans to achieve the vision. Ensuring that impact from each project and initiative is linked back to the P&L, so we can prioritize the initiatives as well as track execution all the way through into our financials. Leveraging technology and digital tools to provide real-time visibility across the entire transformation so that Chuck, I, or any of our leaders can understand how initiatives are progressing and take any corrective actions as needed. Implementing a rigorous governance model, starting from Chuck and our executive leadership team, all the way down to frontline employees. Cascading CommScope NEXT initiatives into X-Matrix templates to embed the transformation into how we manage our business. As Chuck mentioned earlier, we are also aligning the entire company's incentives to meet our CommScope NEXT goals. I firmly believe that CommScope NEXT will mark a defining chapter in the history of this company. By focusing on creating, implementing, and tracking granular bottom-up plans, we will deliver an increase of $500 million in 2023 exit run rate EBITDA and drive shareholder value. In the past, I have seen firsthand that execution at pace is critical for these transformations to succeed. Therefore, our transformation playbook puts extra emphasis on execution, rigor, including tracking, governance, and digital tools. Now I will spend the next few minutes delving deeper into these areas to highlight the foundation we have established. Over the last few months, we have worked collectively to build granular plans to help achieve our CommScope NEXT targets. Through this effort, we have identified 500+ underlying initiatives. For each initiative, our teams have defined initiative charters. These charters are a single source of truth to understand the details about any initiative. They contain important information around initiative ownership and stakeholders, specific action plans and milestones, detailed financial impact and timelines, and key risks and interdependencies. In this way, we have complete accountability for each initiative and can get additional resources up to speed on an initiative as needed. These 500+ initiatives have been categorized into 230 distinct projects, each of which has an executive sponsor. These projects have in turn been mapped to six key work streams to allow for efficient tracking and reporting. We will discuss these work streams in greater detail shortly. Each one of these 500+ initiatives has been entered into our digital management tools so that we have a single repository to track progress. This single repository is a customized tool called NextTrack. This is our central project management tool where all the initiatives have been uploaded along with their detailed charters. NextTrack is the one single source of truth across the organization for CommScope NEXT. The NextTrack tool has integrated action plan and milestone visualization capabilities that allow us to holistically see the interdependencies across various initiatives within CommScope NEXT. This gives us the ability to identify any potential synergies or risks sooner and take actions accordingly. NextTrack allows us to link the impact from our initiatives to financials. It has customized real-time dashboards to highlight both the project status as well as how financial impact is being realized and accrued. This enables us to prioritize initiatives and understand any upcoming risks. Early identification of risks can help us act fast and mitigate any delays. These dashboards also help us be more efficient during the reviews as we get real-time direct information for our meetings. We have set up a robust governance model to manage the execution of initiatives. We are using cascading sets of meetings to govern the entire transformation. Starting at the top, the project sponsor and the executive leadership team meet monthly to take any decisions needed and resolve any unanticipated roadblocks to ensure all pieces of the transformation are on track. Ahead of these steering committee meetings, the business units and functions meet bi-weekly for reviews where they discuss progress and decide if anything needs to be brought to the attention of the steering committee. As I mentioned earlier, we have a sponsor for each project. During sponsor reviews, teams pressure test strategies and review plan execution. These meetings ensure that teams are making progress according to plans week after week and help drive accountability and ownership throughout the organization. Lastly, working team meetings are held as required to drive execution of the initiative. CommScope NEXT projects and initiatives have also been linked to our overall operational management cadence. The X-Matrix template that we have rolled out company-wide connects our long-term strategic objectives with near-term actions needed to deliver these goals. Top-level improvement priorities, or TLIPs, are captured to create visibility to immediate in-year priorities. Specific targets to improve, or TTIs, are defined to reflect critical KPIs that will be tracked to ensure we are progressing against each initiative. To create the linkage with CommScope NEXT, each initiative has been mapped one to one against the specific TLIP and set of targets to improve. As a result, our management process creates a clear link between our long-term vision and the immediate actions we are taking to deliver the results. In addition, the X-Matrix also creates visibility to the various stakeholders responsible for implementation. This helps facilitate alignment across the organization and ensures that all initiative owners have a clear understanding of how their work impacts the company. Given the advantages of the tool, all of our business units and functions have developed their respective X-Matrices and integrated them into our ongoing operating rhythm. Initiative charters, NextTrack, and the Strategy X-Matrix are some of the tools we are using to establish a disciplined governance model and enforce execution rigor. Let me now shift my attention back to the growth and operational efficiency pillars of CommScope NEXT. Now that we have discussed the rigorous approach of CommScope NEXT, let me talk more about the key work streams within CommScope NEXT. Overall, CommScope NEXT has six key work streams, growth, pricing, direct and indirect procurement, manufacturing productivity, and period overhead efficiency. While the growth and pricing work streams are focused on revenue expansion, the other four work streams are focused on operational transformation to drive EBITDA improvement. Our growth work stream is focused on expanding global strategic accounts to drive increase in wallet share, building new solutions to address vertical markets and help our customers achieve their desired business outcomes, and investing in capacity to meet the growing demand. The pricing work stream is focused on optimizing our enterprise pricing to improve margins along with recovering inflationary cost pressures we are facing. Direct and indirect procurement work streams are focused on improving our category and vendor management capabilities and centralizing spend control to increase transparency and provide more control. The productivity work stream is focused on driving operational efficiency in our manufacturing processes so we can drive more output with our existing assets. Finally, our period overhead efficiency work stream is focused on streamlining and optimizing our processes to reduce the business overhead costs. Overall, out of the 230 projects that I had referenced earlier, 80 are focused on growth and pricing, while the other 150 are focused on operational transformation. Together, these projects will drive a $500 million increase in run rate EBITDA by the end of 2023. Of this, we expect $300 million will come from growth and pricing, while the remaining $200 million will come from cost-focused work streams. I'd now like to pass the program to Jack Carlson, our Chief Commercial Officer, to cover the growth work streams. Thank you, Kyle. I'm Jack Carlson, the Chief Commercial Officer at CommScope, and it's my pleasure to take a few minutes today to talk about our growth work stream. As Chuck mentioned, CommScope has historically focused on inorganic growth. When I assumed the position as CCO, I performed a comprehensive assessment of our commercial model and capabilities. Our findings revealed we had four key themes to drive growth. Our manufacturing capacity needed to grow, particularly within high growth product markets. We were adding more capacity across our product portfolio to meet strong demand from our customers, as evidenced by our increasing backlog. Investments are only being made in those products having immediate fast growth projections along with clear visibility to long-term demand. Also, our evaluation revealed we have underserved key geographic areas and vertical markets. Therefore, we are strengthening our North American enterprise sales coverage to reach these areas and accelerate our market share growth. Additionally, CommScope has a strong position with North American service providers. We have an excellent opportunity to expand our presence globally. We have begun expanding our key account coverage of service providers outside of North America. Lastly, we are launching new products and services based on our deep understanding of end users' articulated and unarticulated needs and scaling software solutions where we have differentiated IP. As part of CommScope NEXT, we have already 60 in-flight projects around these four themes. Next, I will now walk through each of these four themes in greater detail and describe a sampling of initiatives for each theme that we have undertaken, as well as the overall financial impact we aim to drive. As I mentioned, CommScope is experiencing substantial growth in demand for our products, which has created a record backlog. To ensure we can meet this increased demand, we are making significant investments in our capacity. Let me walk you through an example of what we are doing in our fiber, cable, and connectivity business. We are witnessing unprecedented levels of investment to support the ongoing fiber everywhere revolution. For instance, the U.S. federal government has allocated approximately $85 billion across the Rural Digital Opportunity Fund and the Build Back Better plan to drive ubiquitous connectivity and support rural network expansion. As a result, service providers around the world continue to deploy more fiber, driving up our order intake and dramatically increasing our backlog. For certain product lines, we have seen up to a 4x increase in year-to-date backlog. Because of this increased demand, we have started making investments across our fiber cable and connectivity product portfolio, including cabinets, closures, hardened terminals, fiber drop cables, and assemblies. In total, we plan to invest $80 million in de-bottlenecking and capacity expansion across our entire portfolio. As Chuck and Kyle mentioned earlier, we have already started these investment projects and expect to have 85% of the additional capacity online by the first half of 2022. This investment in capacity will help us drive an increase of $100 million in EBITDA by the end of 2023. The second lever of the growth work stream is enhancing our enterprise sales coverage within North America. After conducting a granular analysis of the markets we play in, we found out there is $3.4 billion of addressable market opportunity in North America, where we are significantly under-penetrated today. In these markets, we do not have any direct sales presence, and overall, we cover less than a third of the addressable market opportunity through our current dedicated sales deployment. We also found that our sellers are highly productive, with each seller on average delivering $5 million in annual sales. Based on these findings, we have started investing in expanding our sales force. We have identified 15 high-potential metro areas where we will focus our initial efforts. In parallel, we have identified five high-priority vertical markets that we will focus on. These include large public venues such as stadiums, transportation hubs, and convention centers, data centers, higher education, commercial real estate, and industrial manufacturing. We are encouraged by the traction we are already seeing in these verticals. As part of making a stronger pivot towards vertical solution selling, we have identified 10 additional verticals we will build our vertical specific product and application solution capabilities along with enhanced go-to-market strategies. To do so, we are launching a new fresh out program and are in the process of hiring more than 30 additional sales resources, with 10 of them already hired this year. In addition, we have started upskilling more than 200 existing sellers to enable them to sell more software and services. All in all, we strongly believe these efforts will help us drive at least $20 million in 2023 exit run rate EBITDA. Our third growth lever focuses on service providers in international markets. As Chuck mentioned earlier, CommScope has historically been very North America-focused. This imbalance in our business strategy is clearly apparent in our sales performance as only 35% of our revenue comes from outside North America. When we look at the broader market, we find that almost 60% of service provider spend is outside of North America and China. Since we have many of the products we need, this means that currently we are missing out on significant market opportunity. Given the market landscape, as part of CommScope NEXT, we have made a strategic decision to increase our international presence and pursue additional service provider opportunities outside of North America. In line with that, we have identified 45 high potential service providers in markets across Japan, India, Europe, the Middle East, and Latin America. We have conducted an in-depth assessment of the markets and built specific account plans through which we have identified close to $1 billion of opportunities across these 45 accounts. A key part of the strategy is to provide additional focus and coverage to these accounts by increasing our key account management team. Our game plan is to mimic our North American success by establishing important relationships as near to the top of these customers as possible. Our goal overall is to drive $40 million in EBITDA by 2023, and we are already seeing an impact from this initiative. We have hired five additional key account managers and secured more than $100 million in incremental orders this year. We feel very confident in our ability to achieve our target. The last growth lever of CommScope NEXT is focused on scaling up our differentiated software assets and IP. Until last year, our focus was on hardware sales, whereas software sales were largely driven by software embedded within the hardware or bundled with the hardware. However, after conducting an in-depth assessment of our portfolio, we realized that CommScope has industry-leading software solutions in specific market areas. Given the increasing demand for digital solutions, we have decided to build upon and scale our differentiated software assets. Allow me to provide a few examples of industry-leading software solutions that CommScope is working to scale up. RUCKUS is an AI-enabled converged network management solution that provides IT teams with troubleshooting tools to deliver exceptional user experiences. To scale this solution, we are establishing a team of 30 full-time equivalent customer success managers. Additionally, to unlock true value, we are also developing a subscription-based business model around this offering. To manage network systems, CommScope provides two solutions, ServAssure and Domain Manager. These platforms are used for network surveillance and performance management of today's distributed network architecture. To facilitate growth of our network management solutions, we are expanding their product applicability to additional use cases, including XGS-PON. Within our E6000 CMTS hardware, we have a proprietary embedded software to provide support for both integrated and core converged cable access platforms. To further grow this solution, CommScope is proactively driving migration of legacy customers to E6000 and Generation 2. To manage DAS and small cells, we offer comprehensive monitoring platforms that provide automated support with robust fault, configuration, and inventory management capabilities. To remain at the cutting edge of innovation, we are investing in processes that will enable at least two major releases to the solutions every year. Lastly, for device and software security, CommScope provides a secure access solution in the form of public key infrastructure. This solution allows companies to test and issue certificates for devices to enable authentication for use on networks. To grow this offering, we are employing a go-to-market strategy geared towards small and mid-sized businesses where we see significant market opportunities. Through these initiatives, we expect to grow our software revenue from $250 million in 2021- $350 million in 2023. This would represent an 18% compounded annual growth rate in our software revenue. It's worth noting that this revenue would feature higher margins than the rest of CommScope's business. Now I'll hand back over to Kyle so he can walk you through the other five work streams of CommScope NEXT. Thank you, Jack. Our second CommScope NEXT work stream is pricing. This is an area where CommScope has lacked sophistication in the past. During our initial assessment, we uncovered various challenges in our pricing policies, tools, and governance that led to price leakage and limited our ability to react to inflationary cost increases in a timely manner. Examples of these challenges include our inability to accurately price various SKUs as we had incomplete and fragmented views of both competitive pricing and impacts of cost inflation. Many long-tail SKUs had lower margins when, in fact, we should have expected those products to have higher margins due to the narrow demand. Rigid pricing guidelines that did not update regularly to reflect market conditions, coupled with little control and discipline over discounting as sales teams chased revenue and bookings. This was exacerbated by limited use of tools and governance to provide the basic visibility that we needed. We had unnecessarily complicated processes that led to errors. Lastly, we had multiple owners of pricing, which meant we had no real owner of pricing. These challenges further impeded our ability to respond to cost increases, which proved especially detrimental to us in the recent inflationary environment. However, we have already taken several corrective actions to stop the leakage and recover inflationary cost pressures. We started an effort in June to revamp our enterprise pricing processes, policies, tools, and governance. As part of this effort, there are several actions we have taken already which we expect will yield results starting this quarter. These include developing and deploying pricing analytic tools to better model the effects of inflation and discounting, and building real-time pricing dashboards to drive greater visibility into actual performance. In addition, we have set up a weekly governance rhythm, simplified our policies, and built stronger backlog and competitive intelligence into our tools. We have also defined clear ownership of pricing to ensure accountability. Our goal with enterprise pricing optimization is to drive a $100 million increase in 2023 exit run rate EBITDA. The actions we have already taken in this area are expected to yield a $50 million run rate improvement in the coming quarters. We will now dive deeper into the cost-focused work streams. Our review of CommScope's direct procurement capabilities revealed several opportunities to better leverage our scale and improve our adoption of new sourcing techniques. First, whereas CommScope previously used should-be cost models based on the current supply bases, capabilities, and cost structure, we're now challenging our teams and suppliers to reach a best-in-class cost structure. Second, we would rarely, if ever, run global RFPs that leverage the full CommScope spend base. Negotiations were more product or site-specific. Third, most of our sourcing efforts were site-specific, leading to fragmentation of the supply base and a lack of knowledge sharing across our sourcing professionals. As part of CommScope NEXT, we're going into negotiations with industry-leading cost models that target best-in-class cost structures. We've also consolidated our global spend and launched global multi-round RFPs to evaluate many more suppliers than before. We're building and reinforcing partnerships with the world's most competitive and capable suppliers. Finally, in going to market as one CommScope, we're also making sure our most talented sourcing professionals around the world are leading negotiations and coaching their colleagues to achieve maximum impact. For example, within a particular plastics SKU. We recently conducted four global multi-round RFPs evaluating 40+ suppliers and leveraging more than 10 industry-leading cost models to drive our negotiations. Our goal is to drive $50 million in run rate EBITDA expansion by 2023 by focusing on negotiating our largest SKUs first. We are making strong progress toward this goal already, having taken actions that to date have yielded $9 million of annual savings and given us line of sight to an additional $13 million worth of savings. Switching to indirect procurement, our incoming situation was not much better than in direct procurement. More than 60% of our indirect spend was decentralized and often sourced without purchase orders. In addition, 99% of our vendors covered less than 5 sites because we did not negotiate as a global entity. This created a highly fragmented supplier base and led to smaller spend per vendor, so we could not leverage our buying power. As part of CommScope NEXT, we have centralized indirect procurement and established stronger governance by standing up spend control towers. We now review all purchase orders above $5,000 in our facilities and apply industry-leading procurement practices to find incremental savings. To avoid delays, we have set up four different spend control towers, three for the various regions and one for our centralized G&A functions. Our goal is to drive $50 million in run rate EBITDA expansion from indirect procurement by 2023. We are very encouraged by the early signs here. To date, we have reviewed over $50 million of spend through these spend control towers and captured $5 million in savings. As we conducted our holistic organizational assessment late last year, we realized that CommScope's matrix management structure led to substantial role duplication across the company. There were corporate business segments, regional and functional teams doing similar tasks. In addition, CommScope had not conducted a thorough location analysis after multiple acquisitions. In many cases, our R&D resources were located in higher cost areas, even though the same skills were available in lower cost areas. In addition, we found that G&A costs were not optimized in a true clean sheet manner, and as a result exceeded top quartile benchmarks. As part of CommScope NEXT, we have focused on providing greater ownership and accountability to our business segments. To this end, we have moved functions such as product marketing into the segments to eliminate duplication. In addition, we have also completed a comprehensive talent location and real estate assessment to drive a shift toward lower cost locations, both through offshoring and real estate consolidations and reductions. We are also moving to outsource certain functions to third parties that can provide equivalent services at lower costs. Through these projects, we aim to drive another $50 million in run rate EBITDA expansion by 2023. You may recall that some of the actions have already been announced publicly. The total impact from those actions is expected to be $30 million. We have shared a lot of details with you about the projects and initiatives within CommScope NEXT to achieve our goal of a $500 million increase in 2023 exit run rate EBITDA. Across the 230 initiatives I have referenced, we have identified over $950 million in EBITDA improvement opportunities that are at various stages of maturity. We anticipate that as we mature the initiatives and take them to execution, there will be some natural fall off. This is why we have built a pipeline of initiatives significantly higher than our targets. We will continue to add ideas, projects, and initiatives to the funnel as we keep going. With that, now I would like to hand it over to Robyn Mingle, our Chief Human Resources Officer, who will share with you how a renewed focus on our people will be a key element in making CommScope NEXT successful. Thank you, Kyle. Hi, everyone. My name is Robyn Mingle, and I'm CommScope's Chief Human Resources Officer. I'm excited to talk with you about how we're embedding the right behaviors, mindsets, and capabilities to successfully deliver on our CommScope NEXT commitments. Before I dive into a few specifics of what we're doing, it's important to mention that we've taken a holistic approach to how we execute. Our talent and teams are the secret sauce that will deliver CommScope NEXT. As a result, we're investing in our talent and teams to build the right behaviors, mindsets, and capabilities. We're doing this by focusing on a few select key levers. First is the establishment of our CommScope NEXT University. Through this people investment, we're developing our next generation of enterprise leaders and driving an ownership mindset among our employees. We want them to feel empowered to take responsibility without fear, to drive innovation and deliver results. More on CommScope NEXT University in a moment. We have also set up a special performance-based incentive program for our teams that are directly linked to our achievement of CommScope NEXT targets. Actions definitely speak louder than words. While our transformation is line led, we have clear and specific expectations about the leadership behaviors that need to be and are being role modeled each and every day. Our leaders are focused on growing our talent, building their capabilities, and developing a culture of responsibility and accountability. Leading by example is a must. Lastly, we've developed a clear and effective communication plan for our leaders and all employees. In fact, our recent company-wide pulse survey from October found that more than 80% of our employees saw a clear link between their work and CommScope's objectives. Now, let's dig in a little deeper into CommScope NEXT University. Success of CommScope NEXT will be driven by our next level leaders. As Chuck mentioned earlier, we've engaged our top 85 leaders to help drive this transformation. To expand their skills and prepare them to be the leaders of this transformation, we're establishing our own internal talent development and upskilling program called NEXT University. Our objective is to leverage state-of-the-art learning techniques with cross-functional and diverse cohorts within CommScope to develop our next group of enterprise leaders. All of our senior leadership team, along with our functional leaders, business unit GMs, as well as key account managers, product line managers, and plant managers will go through the various offerings of NEXT University. We want all leaders to truly understand and internalize what it means and how to operate in a general management model, and how to drive organic growth and build a culture of collaboration and accountability. We firmly believe our talent will be the biggest success driver for CommScope NEXT, so investing in them to build a strong foundation is critically important. As I mentioned a bit earlier, we have also offered to targeted leaders a special one-time performance stock unit award to drive team commitment and alignment around CommScope NEXT. The award is aligned with CommScope's fiscal year 2021 through fiscal year 2023 adjusted EBITDA goals. We want our teams to have skin in the game. Our success in CommScope NEXT will be directly attributable to our people, and this incentive plan is our way of showing the appreciation and sharing the value we jointly create. The additional motivation becomes even more apparent to those who are driving and will be delivering our CommScope NEXT targets since the potential payout ranges from 0.5x- 3 x, depending on our results. For sure, we're aiming to disproportionately reward overachievement. As you can see, we've already taken several significant steps to influence the behaviors and mindsets of all of our employees. Every day, we're talking about and driving CommScope NEXT globally. At the same time, we're strategically investing in building more and better leadership muscle and expanding people's capabilities so they're better equipped to succeed. Today, we already have great alignment and momentum in the organization, but we will stay laser focused on building and sustaining that momentum going forward. I'd now like to hand it back to Kyle to present the key takeaways of CommScope NEXT. Before we switch over to the financial overview section, I want to wrap up by reminding everyone about the key highlights of CommScope NEXT. We hope that you can appreciate the detailed planning that has gone into building out our CommScope NEXT transformation plan. Let me emphasize a few key takeaways. First and foremost, we will drive a $500 million expansion in run rate EBITDA by the end of 2023. We have identified 230 projects to achieve our targets. Our current initiative funnel is valued at $950 million, and we will continue to ideate and generate incremental opportunities. We have transitioned to a portfolio-based general management model, which is a critical pillar of our success to drive clarity, granularity, accountability, and responsibility. Lastly, our employees will be critical in making CommScope NEXT successful. We have started to and will continue to invest in our talent development programs to build our next generation of leaders. With that, I'll now transition into the financial overview section and share more details with you on our overall financial aspirations. I hope that everyone now has a better appreciation for the significant effort that has gone into the design and execution of our CommScope NEXT strategy. At this point, I'm very pleased to have the opportunity to share our views on CommScope's financial ambitions, as well as how we plan to communicate our targets and results to investors going forward. The core elements of our go-forward financial plan are centered around generating improved growth and business performance. This, in turn, will improve cash flow and enable reinvestment in the business, as well as faster debt repayment. As we look out to 2022 and beyond, we expect CommScope NEXT to drive significant improvement in profitable organic growth. We expect to make steady progress each year, and by 2024, to push annual revenues in our core business to $7.5 billion or more. As the profitable growth materializes, and as we continue to make progress on the cost and portfolio optimization front, we are targeting a sustainable improvement in adjusted EBITDA margins of 200 basis points, reaching 20% by 2024. The end result of driving growth and better margin performance will be a significant improvement in our EBITDA and cash flows. Executing on this plan will deliver an adjusted EBITDA of $1.6 billion-$1.8 billion and free cash flow of $600 million-$700 million by 2024. We will utilize this cash flow to reinvest in the highest potential return areas of our business as well as to repay debt. Taken together, this combination of EBITDA growth and debt repayment will enable a much faster pace of deleveraging of our balance sheet over the next several years. This will help us to reduce our leverage ratio below 5x by 2024. Using the pillars of CommScope NEXT is the basic framework for how we will manage and plan our business. We have developed a multi-year growth and profitability plan that lays out our future performance expectation and establishes milestone targets against which we will measure our success. Taking our 2020 pro forma core CommScope results as a baseline, we are now targeting an approximate 50% increase in adjusted EBITDA over the next three years. This means we will expect our adjusted EBITDA to grow from $1.1 billion in 2020 to more than $1.6 billion in 2024. In addition to growth-led EBITDA expansion, we also expect improvement in adjusted EBITDA margins from 18%- 20% by 2024 to drive a significant portion of this overall EBITDA increase. In terms of near-term progress, we still expect full year 2021 results to face headwinds due to price inflation and other supply chain pressures. We will continue to feel these headwinds during the first half of 2022, with gradual improvement over the course of the year as pricing initiatives and other CommScope NEXT benefits begin to flow through our results. Our current view is that we should finish 2022 with full year core adjusted EBITDA in the range of $1.15 billion-$1.25 billion. Post 2022, we are targeting an acceleration of CommScope NEXT impacts in the areas of growth and cost, as well as continued efforts around portfolio optimization. This should put us on track for adjusted EBITDA of $1.6 billion or more in 2024, with sustainable adjusted EBITDA margins of 20%. Overall, we have put in place a very balanced approach to achieving a higher level of business performance underpinned by the principles of CommScope NEXT. Putting CommScope back on a path of profitable growth and higher margins will go a long way towards restoring the confidence of equity and debt investors in the company's investment thesis. An equally important goal of CommScope NEXT and the business performance it will drive is to substantially reduce CommScope's leverage. Using our third quarter 2021 adjusted pro forma leverage of 7.1x as a starting point, we are confident that CommScope NEXT will enable steady progress on deleveraging over the next three years, ultimately returning the company to below 4x during 2025. This will return CommScope to the leverage levels that we last enjoyed immediately prior to the acquisition of ARRIS in mid 2019 and will drive a host of related benefits, including interest expense, improved cash flow conversion, and greater balance sheet flexibility. Moreover, as we both increase our enterprise value and simultaneously reduce the proportion of debt in our capital structure, the end result should be much improved equity valuation that more accurately reflects our business's intrinsic value. Before handing the program back to Chuck for some closing remarks, I'd like to provide my thoughts on how we plan to communicate our plans and progress with investors going forward. Our view is that CommScope is exposed to durable multi-year technology drivers, and our investors should care most about management's midterm strategy and plans for the business. Therefore, our philosophy will be to provide a set of guideposts designed to help investors understand our forward-looking strategy and to assess our progress against longer-term targets. Specifically, we plan to provide, during the fourth quarter of each year, three years of updated annual target ranges for adjusted EBITDA and leverage. As we move into the year and go through our regular cadence of reporting quarterly results, we will also provide qualitative updates on key drivers and performance factors as they relate to our expectations for the full year period. However, because of significant concentration of sales with large customers and limited visibility into short-term customer CapEx cycles, we do not intend to provide quarterly guidance or to provide interim updates to our full year guideposts. We may make exceptions to this approach in certain cases if we believe there have been significant unforeseen developments or material changes to our outlook. Overall, we believe this approach should provide investors with greater transparency. into how we are managing the business, as well as how we are performing against the targets we set for ourselves. Now I'd like to pass the program back to Chuck for some concluding remarks. Thank you, Kyle, Jack, and Robyn. Before we open it up to questions, I wanna quickly wrap up by sharing my thoughts on where CommScope is heading. I am 100% committed to rebuilding CommScope's capacity to deliver organic growth. As we shared with you today, a large portion of our EBITDA improvement is targeted to come from revenue increase as we focus on expanding our share of wallet with both enterprise and service provider customers, as well as growing our sales outside of North America. We will continue to provide comprehensive end-to-end solutions to our customers and be their trusted partners as they build out future-proof networks. We will continue to invest in R&D to build market-leading technology solutions. In many respects, the Universal Active Passive Antennas product that Farid described for you earlier is a model for the type of innovative, high-potential solution that we will invest in going forward. CommScope will bring many more such innovations to market to help solve the most pressing needs of our customers. We also commit to building a scaled software and services business. We're investing both in our software offerings as well as in software specific sales and go-to-market engines in order to accelerate growth in those areas. We will adopt industry-leading processes and best practices to drive a radically different and leaner cost structure. We will have a simpler and more focused organization that will be more agile, drive a culture of ownership, and above all, meets its commitments to stakeholders. Once again, I wanna thank you all for your interest in CommScope. I hope that you now have a better appreciation of both CommScope and our strategic transformation program, CommScope NEXT, and that you will share my sense of optimism about the road ahead of us. With that, we will now open it up for questions. You know, thank you everyone for joining us this morning. I really appreciate your time. Before we open up for Q&A, I think it's probably a good idea for us to introduce the team. You know Kyle and I, but I think there's an opportunity now to learn more about our impressive collection of experts that we have up on the podium with us today. Maybe we start with Ric Johnsen. Hi, everyone. I'm Ric Johnsen. I'm the Senior Vice President of Broadband Networks, and I have over 30 years of industry experience. For the past 12 years, I've been part of the CommScope leadership team at the business unit level. I have led three of the four business units that make up the segment, and I look forward to one of the pieces here that we move forward in with the organization. Some of the other key things, I was instrumental in the integration of the TE BNS business, as well as the ARRIS business units into CommScope. I hold a Bachelor of Science degree in General Engineering from the United States Military Academy at West Point, and a Master's in Electrical Engineering from the Naval Postgraduate School in Monterey, California. Hi, everybody. My name is Farid Firouzbakht. I'm Senior Vice President of Outdoor Wireless Networks. I have been with CommScope for 16 years, during which time I have pretty much run every single one of the business units that currently make up Outdoor Wireless Networks. I have a bachelor's and master's degree in electrical engineering from University of Wisconsin, Madison. Thanks, Farid. Bart? Good morning, everybody. My name is Bart Giordano. I spent the last 20 years in the networking and wireless industries in a variety of business and technical roles. For the last six years, I've had the pleasure of working at RUCKUS, going back to when we were an independent company, RUCKUS Wireless. During that period, I've ran the wireless and cloud business. I've had the opportunity to run global sales, and now I lead the business as SVP for the RUCKUS Networks product line. Go ahead, Upendra. Good morning. My name is Upendra Pingle, and I'm responsible for the DAS and small cell business. I've been with CommScope for 16 years, and I've held multiple leadership positions, both in our outdoor and indoor businesses. I have a BS in production engineering from University of Mumbai and an MBA from UT Dallas. Thanks, everyone. I think now I'll turn it over to Mick to give us some Q&A. Great. Thanks, Chuck. And as a reminder, if you haven't done so already, please submit your questions through the Q&A feature on the platform that you're using to view today's experience, and we'll address as many as possible. Also, given the volume we've already received, we've tried to consolidate our questions into categories to address as much as we can. Chuck, let's get started with a few on why we're here. Let's learn more about CommScope NEXT. You set a very aggressive goal of driving $500 million in EBITDA expansion, and this is significantly higher than what we've seen CommScope deliver historically. What gives you confidence that this time is different, and why should we believe in the plan? I appreciate that. I'd say first, CommScope NEXT is based on a playbook that I've successfully implemented many times before. It starts with aggressive top-down targets, but it's matched with detailed bottom-up plans. I would say historically, CommScope has not done a good job at tracking initiatives or plans. I think what we have now in place with our Wave tool and what we're gonna do there, we're gonna be looking at things on a daily, weekly, monthly, quarterly basis to really put that robust governance in place to ensure that we hold ourselves accountable for what we're trying to deliver on the targets. We've also engaged our top 85 leaders extensively in the process. I'm very excited about the team we have in place. I mean, obviously you see what we have up here, but it, you know, there's a lot of talent in this company I'm really excited about. We have now a great mix of leaders that have both, you know, decades of experience within CommScope and then new people that are coming in with fresh ideas, and proven transformation methodologies that we're kind of injecting into the business. I feel very good about where we are in the plan. Great. Maybe we'll jump into the growth vector specifically. CommScope has had a challenged history of driving organic growth. Why would that be different this time? I think there's several factors. You know, I'd probably say four specifically we'll talk about today, and we talked about them on a slide in the presentation. I'd say first is the investments that we're making in capacity, to serve the high backlog that we already have. You know, and I have Ric with us here today, so maybe Ric could talk about that capacity expansion in terms of a magnitude of what it is compared to what you've done in the past. Thanks, Chuck. We're seeing a strong industry demand across a lot of the infrastructure builds in both the U.S., Europe, and other parts of the world. It has driven a very big backlog for us. Under Chuck's leadership, we've taken a different approach to what we're doing with capacity, and we've done a substantial investment with over $80 million going into infrastructure builds to add capacity to the manufacturing facilities within CommScope to support the broadband business, and about 85% of that capacity will be online by the end of the first half of 2022. I think we're well positioned for the growth and the EBITDA potential that we can drive from that growth going forward. Thanks, Chuck. Yep. I'd say now as if you think about the second piece of our vector, it's really about how do we invest in under-penetrated areas, specifically in North America, and I think we found lots of those. I think where Bart is with us today, you could speak a little bit about what we've done in Ruckus in particular. You bet. You know, I think RUCKUS as a business has a long history of driving above-market organic growth in the Wi-Fi industry. More recently, we've started investing in adjacent technologies like IoT, private networks, cloud analytics that are gonna expand our addressable market. In parallel, we're making investments in sales capacity expansion so that we can cover areas of the market where we've been historically underrepresented. I think the future is very bright when you think about organic growth for our networking and other businesses. I think the third point would be, you know, we're expanding our focus outside of North America. Obviously, we're very happy with our North American position, but we do have opportunities to enhance that growth outside by investing in key account management. I think in Farid's group, I think you've had quite an experience with that, and maybe you could share some of your thoughts. Exactly. North American market, as Chuck said, is a very, very critical market for us. We have been successful outside of North America, but we are putting extra focus there by adding sales team, key account managers, and if you supplement that with the technology leadership we have with our attention to quality and all that, I think we believe we are gonna be able to grow even more outside of North America and be able to have a much more global footprint than we have today. I'd say the last piece of this thing is just a broader macroeconomic conditions, an increased concern over national security with telecom OEMs. I think all these things put us in a great position to take advantage of these favorable market tailwinds. As I shared with you before, I think how we're gonna be tracking these with our tools to make sure we're holding ourselves accountable, I think is a big piece of this equation. Great. You know, maybe let's move to the cost optimization bucket. You know, again, given CommScope's history of, in this case, being successful in taking cost out, you know, what gives you confidence that you can find this additional $200 million in savings? You know, I'd say CommScope historically has grown through acquisitions as well as ARRIS. They've gotten their cost takeouts, I would say, from the synergy-based savings. Now we have the opportunity to look at all these acquisitions and the businesses themselves and see how we can optimize them for efficiency. We talked about it, you know, on a few slides, you know, where we talked about things that we're gonna do to drive incremental improvement in savings and costs. I mean, but one of them, you think about direct and indirect procurement. I mean, on the direct side, we're putting in should-cost models all of us have experienced and start to see the benefits of that. In addition to that indirect spend, we're looking at spend control towers, where we're looking at things, you know, above $50,000, Kyle, we're actually involved in it, and all of our segmented business unit teams are looking a lot closer at that spend. We feel really good about that $200 million as cost savings. Great. Maybe one for Kyle now. With what you shared in the presentation, Kyle, is there any upside to the $500 million given that, you know, we indicated there's line of sight to $950 million? Yeah. Thanks, Mick. I just think when we put our plan together, our target obviously is $500 million of annual EBITDA. We have line of sight to $950 million. Just think like any plan, we understand that some initiatives are gonna overdrive, some are gonna underdrive. So, you know, that commitment of $500 million, you know, we feel very confident in that, because of the fact that we have line of sight to $950 million. $500 million isn't gonna stop us. We're gonna try to drive for as much of the value as we can get in our pipeline. So we obviously have an opportunity to overdrive, but our target for right now is $500 million. Great. Maybe to get calibrated on modeling the impact of CommScope NEXT. Is the $500 million incremental to market momentum? You know, do your targets for revenue and EBITDA numbers mean that CommScope isn't anticipating any growth in financials outside of CommScope NEXT program? Maybe I can start with, you know, just the growth assumptions in the plan to start with. If you go back to slide eight, we showed our market growth at about 6% on an annual basis through the forecast period. When we factor in the CommScope NEXT initiatives and our growth plans, that CAGR goes up to about 7.5%. When we take our base business and think about the incremental component of CommScope NEXT, there's a lot of things that, you know, move within our base business. We have inflationary impacts, we've got merit increases. You know, there's a lot of moving parts that go into our base business. What we've really committed to, which we've communicated in the past, is the $500 million incremental off of our $1.1 billion of 2020 core adjusted EBITDA. So when we, you know, when we think about the $500 million, we are focused on that as being incremental. What we really are committed to and focused on as an organization is the exit rate at the end of 2023 being at the $1.6 billion. So the $500 million is incremental. You know, for us, the number to focus on is that $1.6 billion of exit rate EBITDA at the end of 2023. Great. Thanks, Kyle. Maybe back to Chuck here. Did the CommScope NEXT plan construction change from earlier this year? You know, I think from the presentation, it now looks like we're driving towards $300 million from growth and pricing, and then $200 million of actions from cost optimization. Is that a function of, as you dug deeper, there was just less room for anticipated cost optimization? No, you know, I think the key is the $500 million incremental target. The pipeline that we talked about, $950 million, is there for us to grab. As we build these plans, we started to sharpen our initiative list, and, you know, we feel really good about growth. I mean, we talked about some of it already here, you know, in the presentation as well. We feel really good about growth. On the cost side, I mean, that pipeline is continuing to grow as well, and we feel good about that $200 million. Great. Thanks, Chuck. It looks like we got a, you know, few questions related to portfolio optimization, so why don't we jump into that pillar? Chuck, you had mentioned that your portfolio review would be complete by mid-year. Is that now complete? And if so, what does that mean? Yes, we have completed our portfolio review. I would say as of now, there are no further announcements in addition to the home network spend that you're all aware of. I would say by looking at this portfolio the way we've done, I think we've all seen an opportunity to better optimize the business, look at it from a general management perspective. I think there's opportunities for us to really drive improvement here. The other thing I would say is, as we look at these new product family groupings, we've identified a lot more clarity in terms of, you know, performance management, who our peers are, and it's gonna allow us to drive, you know, more realistic, I'd say, valuations for our business. I think there's opportunity there for us. Great. You know, speaking of Home Networks, how's the separation progressing? Look, we're working towards a separation in Q2 of 2022. You know, anything you can tell us about leverage on the business, debt structure, dividend back to CommScope and anything additional there? Yeah. You know, as all of you know and you've seen our results, the Home EBITDA has declined since last year. This is gonna have an impact on us in terms of leverage we can put on this business, we will update you all when we get more information here. Great. Before we jump to some of the, you know, segment speakers for questions, given what you shared in the presentation, is CommScope considering changing the way it reports on its business to align with some of those product views? Are you looking to change the way your segments are organized? Is that part of CommScope NEXT? I would say yes, we are looking at that, and we'll get back with you as we have more information. All right, great. Let's go to the segments, and maybe we'll start with Ric. Ric, you know, it was mentioned that there's a lot of macro tailwinds driving demand in fiber infrastructure. Can you elaborate more on how CommScope is positioned to capture all the growth there? Thanks, Mick. I think the key thing here is that we have global demand coming in and expanding our footprint. We talk about unprecedented levels of backlog and our capacities being invested in to support that type of backlog going forward. I think a lot of times people, when they look at broadband, forget our role in the infrastructure side of the business. Our passive infrastructure that supports both HFC as well as fiber deployments is a substantial part of the broadband's network, and we're either number one or number two leader across the world in both of those types of product lines. We're looking to have a substantial growth in this area, and with growth and volume comes a lot more in the profitability side. We're very excited about what we're doing with our infrastructure products and the market that we are seeing driving growth in that area. Great. Then maybe to the active side of your broadband business. For the three network upgrade options that you covered under broadband, how much revenue is gonna migrate to options like DAA and PON? You know, and how should we think about the impact of that to margins and revenue over the next two to three years? Yeah, Mick, on slide 19, we really started to address the three options that we have. You know, people are investing in different ways based on their networks, the scale level their networks are at, where they have for CapEx and OpEx spending available to their businesses. We're trying to provide multiple solutions. We don't think one size fits all, and I think that that's gonna be a little undetermined right now. Especially with all the construction going on in the market, how fast and the timing are still a big question. As we look at the move to a DAA architecture, it's really a little bit overstated in a market standpoint. We have one major customer really committed to it and moving, and we play a substantial role in there. We are providing the remote PHY devices in both the modules and nodes to help support that deployment. Many of the other customers are still evaluating options and are more in the trial mode of trying to understand the network evolution and how they're gonna manage it. I think we'll see customers going slowly to DAA. DOCSIS 4.0 might be a significant player in the inflection point of when we see DAA. We also, on an international basis, we're seeing a lot more operators trend toward fiber, and especially the fiber investments that are being funded through a lot of the government initiatives around the world. I think that we have the devices there. We see remote PHY, remote MAC-PHY being drivers for the future, along with what we're gonna do with our XGS-PON to complement our PON infrastructure products as drivers across the market. Great. Thanks, Ric. Maybe one for Farid on outdoor wireless. You know, operators are spending $1 trillion by 2025. Can you tell us how this investment cycle impacts outdoor wireless, and how is your business impacted by the transition from 4G to 5G? Sure. First of all, that $1 trillion is investment in other areas such as, you know, network equipment, radios and so on, which, Outdoor Wireless Networks is not a player in. I wanna start by giving you a quotation on 5G that I heard from one of the operator. I thought that was really interesting. They said 5G is the biggest civil engineering program of all the Gs. Let me explain what that means. You've seen some of the towers on the side of the highways. They're already very crowded. Now with 5G, there are gonna be new frequencies, there's gonna be new equipment that's gonna have to be deployed on top of the tower, already crowded towers. The impact is gonna be like a domino effect. We are gonna have weight issues, we are gonna have wind load issues on top of the towers, and all of those things are areas that outdoor wireless can be a, you know, player. You know, we've got our power products, the power solutions, PowerShift, as I mentioned. It helps the high-power radios be working in a more optimal way. We have got our steel products, which helps with reinforcement that the headends need on top of the tower. We've got our HELIAX products that enable you to have power and fiber connectivity to the new radios. The last item, which is the BSA, base station antenna, that part- It's gonna continue having growth, but it's not gonna be to the level that we have seen in the past on the passive side of things. There's gonna be a transition period where passive and active are gonna start combining. You know, the logic is very simple. Every time there's a frequency, you can't be deploying a new radio, standalone radio on top of the tower. What CommScope's expertise is to be able to integrate all these into a very complex packaging, which combines multiple antennas under one radio. That's where our value add is. We have been working with operators, and the goal is for us to be able to explain to operators what value add CommScope can bring to the table. The product that I'm mentioning, we call it active passive or UAPA, as I described in my presentation. Our expectation is that this product is gonna be available towards the latter part of 2022, second half roughly. That's great. Thanks, Farid. Maybe, Upendra and Bart on private wireless networks. You know, can you provide any additional color on what CommScope's capabilities are to provide private network solutions? You know, things like what differentiates us, you know, have we seen any early indications of an advantage that we may have over others? And then last, I guess, how material can we expect this opportunity to be? Okay. Thank you, Mick. Yes, private networks is an exciting opportunity for all of us. We believe that CommScope is in a very unique position to leverage that growth. We have the entire portfolio. When we look at wireline, as in copper and fiber, when we look at wireless, as in Wi-Fi and switching, and in cellular, we have the entire portfolio. Last couple of years, we have done 60+ trials, as I mentioned in the presentation, in the private LTE market, and we have gained a tremendous amount of knowledge and experience through these trials. What we are gonna do is we are gonna use that experience as we migrate from 4G to 5G. As these trials migrate from just trials to mass deployments, we are gonna leverage all that experience. We've already developed a common management platform between 4G and 5G. This transition from trials to the mass deployment is gonna be very, very seamless for us. What's next? We think private networks is gonna be an opportunity across small, medium, large enterprises. We see it's an opportunity across both outdoor and indoor. We see it's an opportunity across both the shared spectrum, case in point CBRS, as well as the licensed spectrum that operators will drive. We are looking at all these opportunities across the entire spectrum. What's more, we are developing an umbrella cloud management platform, just like what we have with our RUCKUS Wi-Fi portfolio, that can manage all these CommScope solutions together. So you don't have to have. You can have a single vendor, a single vision across the entire management platform. This is something we have been doing in our RUCKUS Wi-Fi platform so that we can provide the ease of use and the analytics that we're already doing for years. Bart, you may want to expand on that. Yeah. Thanks very much, Upendra. My personal belief is that private networks and 5G represent the next wave of innovation in enterprise networking, and it's gonna drive significant growth for us. In addition to the unique portfolio advantages that Upendra mentioned we have, Ruckus was also a pioneer in CBRS. Shared spectrum is gonna be sort of a linchpin of the innovation that we see for private 5G networks and is gonna anchor many of the use cases that enterprise IT organizations deploy. In addition, and as I mentioned earlier, we've been making adjacent investments in places like IoT, and I think a lot of the initial use cases and deployment models for private 5G networks are going to revolve around industrial IoT, factory automation, and similar types of market opportunities. Finally, you know, we already occupy a lot of the routes to market that are going to be consuming this new technology. Whether that is a traditional operator who's going to expand their managed services offering to incorporate private 5G networks or traditional enterprise channel partners that RUCKUS serves today, or even the hyperscalers who are making massive investments to develop the public cloud infrastructure that these networks will run on, these are our customers today, and we're gonna continue to serve them with this new wave of technology in the enterprise 5G arena. Great. Well, thanks, guys. You know, maybe a few on pricing, you know, mainly back to Chuck before we wrap. Chuck, how are customers reacting to the pricing actions you spoke to a few weeks ago? Are there any big customers that have pushed back? Well, I'd start by saying, look, we have a decades-long relationship with customers, and they value us as one of their key suppliers. I think all of us recognize that. I think everybody understands what's going on with inflation and the challenges that we're dealing with right now. I mean, naturally, I think, you know, many of our customers are just working with us and many of them, in many cases, we're already past the, you know, the price increase, and we're already moving forward. We are working others, but I, you know, I would leverage the fact that we do have the relationships, and we will get there. I mean, we have a few more to go, but I feel confident about where we're going now. Great. On a similar note, maybe to close things out and just follow up on that, you know, how are you driving EBITDA expansion through pricing and not just recovering inflation? Yeah, you know, I think when you think about our service provider business, I mean, these are kinda contracts that are set, like, years at a time, a year at a time. When you think about on the enterprise side, there's thousands of orders that are coming in, you know, weekly. And we've recognized that there's opportunities for us to track and to understand, you know, customer and sales relationships, where we do have opportunity to make sure that we're following the process and procedures to tighten those, you know, tighten those up and tighten those bands up, where we feel like we can still be very effective price-wise and, you know, serve our customers effectively, but just manage our business, and we think we have an opportunity there. All right. Well, thank you very much, Chuck. You know, I'll turn it back to you for some closing thoughts before we sign off. Well, I'd just say, look, thank you for your time. I mean, what, it's like two and a half hours. We really appreciate all of your support, for you listening to us and letting us tell our story to you. We're very confident about where we're going. I hope you understand and can believe as well as we do, that we got this $500 million run rate by the end of 2023 and beyond. Appreciate your confidence in us, and thank you for your investment in CommScope, and we look forward to talking to you again. Thank you.