Cyclical telecommunications investment spending Performance below expectations in 2017 Leading market positions Good track record of cost management Leverage at 4.1x at the end of 2017, expected to decline to the mid- to high-3x area in 2018. Commitment to debt repayment until net leverage is 3x or less, which could be interrupted to pursue acquisitions Lower effective tax rate due to U.S. tax reform S&P Global Ratings' expected unadjusted free operating cash flow (FOCF) in the low- to mid-$500 million range in 2018 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. (CommScope), and that a modest rebound in 2018, along with its commitment
