Cyclical telecommunications investment spending Performance below expectations in 2017 Leading market positions Good track record of cost management Leverage to increase to 4.3x at the end of 2017 Commitment to debt repayment until net leverage is 3x or less New $100 million share buyback authorization S&P Global Ratings' expected unadjusted free operating cash flow (FOCF) in the mid- to high-$400 million range in 2017 The outlook reflects our view that 2017 will represent a cyclical low point for Hickory, N.C.-based communications equipment and component provider CommScope Holding Co. Inc., and that this along with its commitment to debt repayment until net leverage is 3x or less, will result in leverage maintained well below our downside threshold. We could lower the
