Vistance Networks, Inc. Segments Disclosure
17. INDUSTRY SEGMENTS, MAJOR CUSTOMERS, RELATED PARTY TRANSACTIONS AND GEOGRAPHIC INFORMATION
Segment Information
The following is a brief description of the activities of the Company's reportable segments:
RUCKUS - The segment provides wireless networks for enterprises and service providers. Product offerings include indoor cellular solutions such as indoor and outdoor Wi-Fi and long-term evolution (LTE) access points, access and aggregation switches; an Internet of Things suite, on-premises and cloud-based control and management systems; and software and software-as-a-service applications addressing security, location, reporting and analytics.
Aurora - The segment’s product solutions include cable modem termination systems, video infrastructure, public key infrastructure solutions, distribution and transmission equipment and cloud solutions that enable facility-based service providers to construct a state-of-the-art residential and metro distribution network.
Refer to Note 1 for discussion of product shifts and divestitures impacting the Company’s operating and reportable segment structure.
The following table provides summary financial information by reportable segment
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December 31, |
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2025 |
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2024 |
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Identifiable segment-related assets: (1) |
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RUCKUS |
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$ |
839.6 |
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$ |
886.5 |
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Aurora |
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|
1,629.3 |
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|
1,688.9 |
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Total identifiable segment-related assets |
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2,468.9 |
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2,575.4 |
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Reconciliation to total assets: |
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Cash and cash equivalents |
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754.4 |
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|
404.1 |
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Deferred income tax assets |
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1,765.9 |
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|
431.5 |
|
Divested and other business assets (2) |
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57.3 |
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140.4 |
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Assets held for sale |
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4,324.5 |
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5,196.1 |
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Total assets |
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$ |
9,371.0 |
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$ |
8,747.5 |
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The Company organizes its reportable segments based on the nature of products and services offered. Segment information is presented on the same basis that the Company's , who is the CODM, uses to manage its segments, evaluate financials results and make key operating decisions. The Company’s measurement of segment performance is adjusted EBITDA (earnings before interest, income taxes, depreciation and amortization). The Company defines adjusted EBITDA as operating income (loss), adjusted to exclude depreciation, amortization of intangible assets, restructuring costs, asset impairments, equity-based compensation, transaction, transformation and integration costs and other items that the Company believes are useful to exclude in the evaluation of operating performance from period to period because these items are not representative of the Company’s recurring business.
These financial metrics are used to view operating trends, perform analytical comparisons and benchmark performance between periods and among geographic regions and monitor budget-to-actual variances on a monthly basis. To manage operations and make decisions regarding resource allocations, the Company’s CODM is regularly provided and reviews expense information at a consolidated level for each segment. Each segment has a manager responsible for executing the Company’s strategic initiatives.
The following table provides net sales, cost of sales, total operating expenses, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment for the year ended December 31, 2025:
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RUCKUS (1) |
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Aurora |
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Corporate |
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Total |
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Net sales |
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$ |
698.9 |
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$ |
1,232.7 |
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$ |
— |
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$ |
1,931.6 |
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Cost and expenses: |
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Segment cost of sales |
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241.2 |
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709.2 |
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24.3 |
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Segment operating expenses |
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334.2 |
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285.9 |
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66.0 |
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Addback: Depreciation |
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(4.0 |
) |
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(14.3 |
) |
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(2.9 |
) |
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Segment adjusted EBITDA |
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127.5 |
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251.9 |
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(87.4 |
) |
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292.0 |
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Amortization of intangible assets |
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(138.4 |
) |
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Restructuring costs, net |
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(19.7 |
) |
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Equity-based compensation |
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(30.4 |
) |
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Transaction, transformation and integration costs |
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(29.9 |
) |
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Other |
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(4.8 |
) |
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Depreciation |
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(21.2 |
) |
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Operating income |
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47.6 |
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Other expense, net |
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7.3 |
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Income from continuing operations before income |
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$ |
54.9 |
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Depreciation |
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$ |
4.0 |
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$ |
14.3 |
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$ |
2.9 |
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$ |
21.2 |
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Additions to property, plant and equipment |
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$ |
3.5 |
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$ |
7.8 |
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$ |
11.7 |
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$ |
23.0 |
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The following table provides net sales, cost of sales, total operating expenses, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment for the year ended December 31, 2024:
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RUCKUS (1) |
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Aurora |
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Corporate |
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Total |
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Net sales |
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$ |
546.3 |
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$ |
835.8 |
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$ |
0.5 |
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$ |
1,382.6 |
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Cost and expenses: |
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Segment cost of sales |
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241.4 |
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522.3 |
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12.7 |
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Segment operating expenses |
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280.0 |
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|
226.0 |
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107.2 |
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Addback: Depreciation |
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(6.5 |
) |
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(18.5 |
) |
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(6.5 |
) |
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Segment adjusted EBITDA |
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31.4 |
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|
106.0 |
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(112.9 |
) |
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24.5 |
|
Amortization of intangible assets |
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(165.1 |
) |
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Restructuring costs, net |
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(36.7 |
) |
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Equity-based compensation |
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(19.5 |
) |
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Transaction, transformation and integration costs |
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(63.4 |
) |
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Depreciation |
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(31.5 |
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Operating loss |
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(291.7 |
) |
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Other expense, net |
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18.8 |
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Loss from continuing operations before income taxes |
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$ |
(272.9 |
) |
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Depreciation |
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$ |
6.5 |
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$ |
18.5 |
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$ |
6.5 |
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$ |
31.5 |
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Additions to property, plant and equipment |
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$ |
1.9 |
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$ |
3.5 |
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$ |
6.4 |
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$ |
11.8 |
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The following table provides net sales, cost of sales, total operating expenses, adjusted EBITDA, depreciation expense and additions to property, plant and equipment by reportable segment for the year ended December 31, 2023:
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RUCKUS (1) |
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Aurora |
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Corporate |
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Total |
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Net sales |
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$ |
767.7 |
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$ |
1,095.6 |
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$ |
0.5 |
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$ |
1,863.8 |
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Acquisition-related adjustments (3) |
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1.3 |
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— |
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— |
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1.3 |
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Segment net sales |
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769.0 |
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1,095.6 |
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0.5 |
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1,865.1 |
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Cost and expenses: |
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Segment cost of sales |
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303.1 |
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|
640.3 |
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20.5 |
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Segment operating expenses |
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334.6 |
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|
262.0 |
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|
175.8 |
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Addback: Depreciation |
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(9.5 |
) |
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(23.4 |
) |
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(13.5 |
) |
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Segment adjusted EBITDA |
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140.8 |
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216.7 |
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(182.3 |
) |
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175.2 |
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Amortization of intangible assets |
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(227.0 |
) |
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Restructuring costs, net |
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(29.4 |
) |
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Equity-based compensation |
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(31.3 |
) |
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Asset impairments |
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(472.3 |
) |
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Transaction, transformation and integration costs |
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(27.1 |
) |
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Acquisition accounting adjustments |
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(1.3 |
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Patent claims and litigation settlements |
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3.5 |
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Recovery of Russian accounts receivable |
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2.0 |
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Cyber incident costs |
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(5.5 |
) |
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Depreciation |
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(46.4 |
) |
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Operating loss |
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(659.6 |
) |
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Other expense, net |
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|
86.6 |
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Loss from continuing operations before income |
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$ |
(573.0 |
) |
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Depreciation |
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$ |
9.5 |
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$ |
23.4 |
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$ |
13.5 |
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$ |
46.4 |
|
Additions to property, plant and equipment |
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$ |
3.0 |
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$ |
13.1 |
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$ |
16.3 |
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$ |
32.4 |
|
Customer and Supplier Information
Net sales to Comcast Corporation and affiliates (Comcast) accounted for approximately 35%, 21% and 20% for the years ended December 31, 2025, 2024 and 2023, respectively. Net sales to Charter Communications, Inc. (Charter) accounted for approximately 13% and 14% for the years ended December 31, 2024 and 2023, respectively. Other than Comcast and Charter, no direct customer accounted for 10% or more of the Company’s total net sales during the years ended December 31, 2025, 2024 or 2023. Accounts receivable from Comcast and TD Synnex Corporation (TD Synnex) represented approximately 42% and 11%, respectively, of accounts receivable as of December 31, 2025, and 25% and 16%, respectively, as of December 31, 2024. Other than Comcast and TD Synnex, no direct customer accounted for 10% or more of the Company’s accounts receivable as of December 31, 2025 or 2024. Comcast and Charter are customers of the Aurora and RUCKUS segments, and TD Synnex is a customer of the RUCKUS segment.
The Company relies on sole suppliers or a limited group of suppliers for certain key components, subassemblies and modules and a limited group of contract manufacturers to manufacture a significant portion of its products. Any disruption or termination of these arrangements could have a material adverse impact on the Company’s results of operations.
Related Party Transactions
For a discussion of the Convertible Preferred Stock issued to Carlyle to finance the ARRIS acquisition, see Note 14 in these consolidated financial statements. Other than transactions related to the Convertible Preferred Stock and the Company’s continuing involvement with Vantiva discussed in Note 4, there were no material related party transactions for the years ended December 31, 2025, 2024 or 2023.
Geographic Information
Sales to customers located outside of the U.S. comprised 28.5%, 33.3% and 31.0% of total net sales during the years ended December 31, 2025, 2024 and 2023, respectively. Sales by geographic region, based on the destination of product shipments or service provided, were as follows:
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Year Ended December 31, 2025 |
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RUCKUS (1) |
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Aurora |
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Total |
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Geographic Region: |
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United States |
|
$ |
418.5 |
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$ |
962.2 |
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$ |
1,380.7 |
|
Europe, Middle East and Africa |
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|
144.6 |
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|
81.0 |
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|
225.6 |
|
Asia Pacific |
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|
99.0 |
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|
52.9 |
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|
151.9 |
|
Caribbean and Latin America |
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|
23.6 |
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|
65.0 |
|
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|
88.6 |
|
Canada |
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|
13.2 |
|
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|
71.6 |
|
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|
84.8 |
|
Consolidated net sales |
|
$ |
698.9 |
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|
$ |
1,232.7 |
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$ |
1,931.6 |
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|
Year Ended December 31, 2024 |
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RUCKUS (1) |
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Aurora |
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Corporate |
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Total |
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Geographic Region: |
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United States |
|
$ |
327.4 |
|
|
$ |
595.1 |
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|
$ |
— |
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|
$ |
922.5 |
|
Europe, Middle East and Africa |
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|
107.1 |
|
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|
53.2 |
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|
0.5 |
|
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|
160.8 |
|
Asia Pacific |
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|
79.7 |
|
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|
42.2 |
|
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|
— |
|
|
|
121.9 |
|
Caribbean and Latin America |
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|
23.1 |
|
|
|
75.0 |
|
|
|
— |
|
|
|
98.1 |
|
Canada |
|
|
9.0 |
|
|
|
70.3 |
|
|
|
— |
|
|
|
79.3 |
|
Consolidated net sales |
|
$ |
546.3 |
|
|
$ |
835.8 |
|
|
$ |
0.5 |
|
|
$ |
1,382.6 |
|
Long-lived assets, excluding intangible assets, consist substantially of property, plant and equipment and right of use assets. The Company’s long-lived assets, excluding intangible assets, located in the U.S., EMEA, APAC and CALA regions represented the following percentages of such long-lived assets: 80%, 2%, 10% and 8%, respectively, as of December 31, 2025 and 71%, 6%, 17% and 6%, respectively, as of December 31, 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 17, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 23, 2017 | |
| 2015 | Feb 19, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.