VISN

The following narrative is an analysis of the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025. The discussion is provided to increase the understanding of, and should be read in conjunction with, the unaudited condensed consolidated financial statements and accompanying notes included in this report, as well as the audited consolidated financial statements, related notes thereto and management’s discussion and analysis of financial condition and results of operations, including management’s discussion and analysis regarding the application of critical accounting policies and the risk factors in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Annual Report). We discuss certain financial measures in management’s discussion and analysis of financial condition and results of operations, including adjusted EBITDA, that differ from measures calculated in accordance with generally accepted accounting principles (GAAP) in the United States (U.S.). See “Reconciliation of Non-GAAP Measures” included below for more information about these non-GAAP financial measures, including our reasons for including the measures and material limitations with respect to the usefulness of the measures. Overview We are a global provider of intelligent network solutions. Our solutions for wired and wireless networks enable service providers, including cable, telephone and digital broadcast satellite operators and media programmers, to deliver media, voice and Internet Protocol (IP) data services. Our solutions are complemented by services including technical support, systems design and integration. We are a leader in digital video and IP television distribution systems, broadband access infrastructure platforms and equipment that delivers data and voice networks to homes. Our global leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions, and global manufacturing and distribution scale. Following the divestiture of the Connectivity and Cable Solutions (CCS) segment that was completed on January 9, 2026, we initiated a new restructuring plan to right-size our cost structure and align operations with our revised business scope. As a result of this transaction, the new restructuring plan and our prior transformation initiative, we incurred $8.4 million and $15.1 million of net restructuring costs and $7.6 million and $5.6 million of transaction, transformation and integration costs for the three and six months ended June 30, 2026, respectively. We incurred $1.6 million and $11.5 million of net restructuring costs and $12.3 million and $10.0 million of transaction, transformation and integration costs during the three and six months ended June 30, 2025, respectively. We expect to continue to incur such costs during the remainder of 2026 as we continue executing on our current transformation initiative, and the resulting charges and cash requirements could be material. In addition to the divestiture of the CCS segment, we completed the divestitures of our Home Networks (Home) business, Outdoor Wireless Networks (OWN) segment and Distributed Antenna Systems (DAS) business unit during 2025 and 2024. Unless otherwise noted, the following discussions relate solely to our continuing operations. For further discussion of the discontinued operations related to our CCS segment, OWN segment, DAS business unit and Home business, see Note 2 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein. On April 29, 2026, we entered into a definitive agreement with Belden Inc. (Belden), a Delaware corporation, pursuant to which Belden agreed to acquire our RUCKUS segment, which provides wireless networks for enterprise and service provider customers, in exchange for approximately $1.846 billion in cash, subject to certain adjustments. The divestiture of the RUCKUS segment met the “held for sale” criteria in the second quarter of 2026 per Accounting Standard Codification (ASC) 360-10, Impairment and Disposal of Long Lived Assets, and we have determined that it represents a strategic shift that will have a major effect on the Company’s operations. As such, the results of operations directly attributable to the RUCKUS segment have been reclassified to discontinued operations per ASC 205-20, Presentation of Financial Statements—Discontinued Operations, on the Condensed Consolidated Statements of Operations, retrospectively for all periods presented beginning in the second quarter of 2026. In addition, the assets and liabilities of the RUCKUS segment have been presented separately as assets and liabilities held for sale on the Condensed Consolidated Balance Sheets for both current and prior periods beginning in the second quarter of 2026. For further discussion of the divestiture and sale of the RUCKUS segment, see Notes 2 and 9 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein. 32 Our continuing operations results include general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit. These indirect costs, reflected on the corporate and other line item within our segment information below, are classified as continuing operations, since the costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to our remaining segments and partially offset by income from our transition service agreement with Amphenol Corporation (Amphenol TSA). The corporate and other costs related to the CCS segment have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA beginning in the first quarter of 2026. Beginning in the third quarter of 2026, the corporate and other costs related to the RUCKUS segment will be reallocated to our remaining segment and partially offset by income from the Transition Service Agreement with Belden (Belden TSA). Additionally, below we refer to certain supplementary Core financial measures, which reflect the results of the Aurora segment and exclude general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit, since these costs were not directly attributable to the discontinued operations. The Core results represent the business results as currently managed and reported by the Company. Future results and the composition of any business divested in the future may vary and differ materially from the presentation of the Core financial measures. See the “Segment Results” section below for a breakdown of Aurora’s results which represent our Core financial measures, and corporate and other costs which include the general corporate costs that were previously allocated to the divestitures. 33 CRITICAL ACCOUNTING POLICIES There have been no changes in our critical accounting policies as disclosed in our 2025 Annual Report. COMPARISON OF RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 WITH THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 Three Months Ended June 30, 2026 2025 Amount % of Net Sales Amount % of Net Sales Change % Change (dollars in millions, except per share amounts) Net sales $ 319.6 100.0 % $ 324.1 100.0 % $ (4.5 ) (1.4 )% Gross profit 112.9 35.3 148.2 45.7 (35.3 ) (23.8 ) Operating income (loss) (8.9 ) (2.8 ) 7.8 2.4 (16.7 ) (214.1 ) Core operating income (1) 7.0 2.2 49.6 15.3 (42.6 ) (85.9 ) Non-GAAP adjusted EBITDA (2) 35.8 11.2 52.7 16.3 (16.9 ) (32.1 ) Core adjusted EBITDA (1) (2) 45.5 14.2 80.2 24.7 (34.7 ) (43.3 ) Income from continuing operations 26.1 8.2 5.9 1.8 20.2 342.4 Diluted earnings (loss) from continuing operations per share $ 0.06 $ (0.05 ) $ 0.11 NM Six Months Ended June 30, 2026 2025 Amount % of Net Sales Amount % of Net Sales Change % Change (dollars in millions, except per share amounts) Net sales $ 618.0 100.0 % $ 559.7 100.0 % $ 58.3 10.4 % Gross profit 229.1 37.1 249.9 44.6 (20.8 ) (8.3 ) Operating loss (8.4 ) (1.4 ) (22.0 ) (3.9 ) 13.6 (61.8 ) Core operating income (1) 22.0 3.6 47.8 8.5 (25.8 ) (54.0 ) Non-GAAP adjusted EBITDA (2) 77.0 12.5 71.1 12.7 5.9 8.3 Core adjusted EBITDA (1) (2) 95.9 15.5 118.4 21.2 (22.5 ) (19.0 ) Income from continuing operations 42.7 6.9 338.4 60.5 (295.7 ) (87.4 ) Diluted earnings from continuing operations per share $ 0.12 $ 1.24 $ (1.12 ) (90.3 ) (1)Core financial measures reflect the results of the Aurora segment and exclude general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit, since these costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2025, these costs related to the OWN segment and DAS business unit have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA. These costs related to the CCS segment have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA beginning in the first quarter of 2026. Beginning in the third quarter of 2026, these costs related to the RUCKUS will be reallocated to our remaining segment and partially offset by income from the Belden TSA. (2)See “Reconciliation of Non-GAAP Measures” in this Management’s Discussion and Analysis of Financial Condition and Results of Operations, below. 34 Net sales Three Months Ended Six Months Ended June 30, % June 30, % 2026 2025 Change Change 2026 2025 Change Change (dollars in millions) Net sales $ 319.6 $ 324.1 $ (4.5 ) (1.4 )% $ 618.0 $ 559.7 $ 58.3 10.4 % Domestic 258.1 255.4 2.7 1.1 500.1 423.6 76.5 18.1 International 61.5 68.7 (7.2 ) (10.5 ) 117.9 136.1 (18.2 ) (13.4 ) Net sales for the three months ended June 30, 2026 decreased by $4.5 million, or 1.4% compared to the prior year period, primarily driven by unfavorable product mix, lower pricing and lower sales volume. For the six months ended June 30, 2026, net sales increased by $58.3 million, or 10.4% compared to the prior year period, primarily driven by higher sales volume, partially offset by unfavorable product mix and lower pricing. From a regional perspective, for the three months ended June 30, 2026 compared to the prior year period, net sales decreased in the Europe, Middle East and Africa (EMEA) region by $5.2 million and Canada by $2.7 million, but increased in the U.S. by $2.7 million, the Asia Pacific (APAC) region by $0.4 million and the Caribbean and Latin America (CALA) region by $0.3 million. For the six months ended June 30, 2026 compared to the prior year period, net sales increased in the U.S. by $76.5 million and the APAC region by $1.6 million, but decreased in Canada by $11.4 million, the CALA region by $6.5 million and the EMEA region by $1.9 million. Net sales to customers located outside of the U.S. comprised 19.2% and 19.1% of total net sales for the three and six months ended June 30, 2026, respectively, compared to 21.2% and 24.3% for the three and six months ended June 30, 2025, respectively. Foreign exchange rate changes did not have a material impact on our net sales during the three or six months ended June 30, 2026 compared to the prior year periods. For additional information on regional sales by segment, see “Segment Results” below and Note 6 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein. Gross profit, TSA income, SG&A expense and R&D expense Three Months Ended Six Months Ended June 30, % June 30, % 2026 2025 Change Change 2026 2025 Change Change (dollars in millions) Gross profit $ 112.9 $ 148.2 $ (35.3 ) (23.8 )% $ 229.1 $ 249.9 $ (20.8 ) (8.3 )% As a percent of sales 35.3 % 45.7 % 37.1 % 44.6 % TSA income 0.5 10.3 (9.8 ) (95.1 ) 1.6 19.0 (17.4 ) (91.6 ) As a percent of sales 0.2 % 3.2 % 0.3 % 3.4 % SG&A expense 64.1 79.7 (15.6 ) (19.6 ) 119.7 147.2 (27.5 ) (18.7 ) As a percent of sales 20.1 % 24.6 % 19.4 % 26.3 % R&D expense 30.8 43.1 (12.3 ) (28.5 ) 63.7 82.1 (18.4 ) (22.4 ) As a percent of sales 9.6 % 13.3 % 10.3 % 14.7 % Gross profit (net sales less cost of sales) Gross profit decreased by $35.3 million and $20.8 million, for the three and six months ended June 30, 2026, respectively, compared to the prior year periods primarily due to unfavorable product mix and lower pricing, partially offset by lower input costs. For the six months ended June 30, 2026, gross profit was also favorably impacted by an increase in sales volume compared to the prior year period. Transition service agreement income Transition service agreement (TSA) income is related to the TSA we entered into with Amphenol in conjunction with the closing of the transactions to divest of the CCS segment, OWN segment and DAS business unit. Under the TSAs, we provide and receive certain post-closing support on a transitional basis. The TSAs have varying terms for duration, depending on the services provided thereunder, and provide for options to extend. For additional information related to the TSAs, see Note 2 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein. 35 Selling, general and administrative expense Selling, general and administrative (SG&A) expense decreased by $15.6 million and $27.5 million for the three and six months ended June 30, 2026, respectively, compared to the prior year periods. For the three and six months ended June 30, 2026, the decrease was primarily due to decreased variable incentive compensation expense of $7.6 million and $8.2 million, respectively, and decreased legal expense of $4.9 million and $11.5 million, respectively, partially offset by higher transaction costs of $1.9 million and 2.3 million, respectively. Research and development expense Research and development (R&D) expense for the three and six months ended June 30, 2026 decreased by $12.3 million and $18.4 million, respectively, due to lower spending within the Aurora segment compared to the prior year periods. R&D activities generally involve ensuring that our products are capable of meeting the evolving technological needs of our customers, bringing new products to market and modifying existing products to better serve our customers. Amortization of purchased intangible assets and Restructuring costs, net Three Months Ended Six Months Ended June 30, % June 30, % 2026 2025 Change Change 2026 2025 Change Change (dollars in millions) Amortization of purchased intangible assets $ 19.0 $ 21.4 $ (2.4 ) (11.2 )% $ 40.6 $ 45.2 $ (4.6 ) (10.2 )% Restructuring costs, net 8.4 1.6 6.8 425.0 15.1 11.5 3.6 31.3 Amortization of purchased intangible assets For the three and six months ended June 30, 2026, amortization of purchased intangible assets was lower compared to the prior year periods because certain of our intangible assets became fully amortized. Restructuring costs, net The net restructuring costs recorded in the three and six months ended June 30, 2026 were primarily related to our new restructuring plan to right-size our cost structure and align operations with our revised business scope. For the three and six months ended June 30, 2026, our net restructuring costs were $8.4 million and $15.1 million, respectively, and we paid $4.6 million and $9.9 million, respectively, to settle restructuring liabilities. We expect to make cash payments of $6.6 million in the remainder of 2026 and $0.9 million during 2027 to settle our restructuring actions. Additional restructuring actions related to our restructuring efforts are expected to be identified, and the resulting charges and cash requirements could be material. Other income (expense), net Three Months Ended Six Months Ended June 30, % June 30, % 2026 2025 Change Change 2026 2025 Change Change (dollars in millions) Foreign currency gain (loss) $ (0.4 ) $ (2.2 ) $ 1.8 (81.8 )% $ 0.3 $ (4.9 ) $ 5.2 NM Other income (expense), net 2.0 (0.3 ) 2.3 NM 3.1 (1.4 ) 4.5 NM NM – Not meaningful Foreign currency gain (loss) Foreign currency gain (loss) includes the net foreign currency gains and losses resulting from the settlement of receivables and payables, foreign currency contracts and short-term intercompany advances in a currency other than the subsidiary’s functional currency. The change in foreign currency gain (loss) for the three and six months ended June 30, 2026 compared to the prior year periods was primarily driven by certain unhedged currencies. 36 Other income (expense), net Other income (expense), net for the three and six months ended June 30, 2026 was favorably impacted by gains on certain financial assets. For the six months ended June 30, 2025, other income (expense), net includes $1.1 million of debt issuance costs related to a debt refinancing transaction in the fourth quarter of 2024. Interest expense, Interest income and Income taxes Three Months Ended Six Months Ended June 30, % June 30, % 2026 2025 Change Change 2026 2025 Change Change (dollars in millions) Interest income $ 5.5 $ 3.1 $ 2.4 77.4 $ 26.2 $ 7.5 $ 18.7 249.3 % Income tax (expense) benefit 28.7 (2.5 ) 31.2 NM 22.3 359.2 (336.9 ) NM NM – Not meaningful Interest expense and Interest income In connection with the sale of the CCS segment that was completed on January 9, 2026, we repaid our third‑party debt at closing, and all interest expense was reported within discontinued operations. However, we expect to incur interest expense in the future. The increase in interest income compared to the prior year periods was primarily driven by interest earned on the net proceeds related to the sale of the CCS segment. Income tax (expense) benefit For the three and six months ended June 30, 2026, we recognized an income tax benefit of $28.7 million on a pretax loss of $2.6 million and an income tax benefit of $22.3 million on pretax income of $20.4 million, respectively. Our income taxes were less than the statutory rate of 21.0% for the three and six months ended June 30, 2026, primarily due to $21.0 million and $21.2 million, respectively, of tax benefit associated with the Company’s equity compensation plan. Additionally, we recognized $7.1 million of tax benefit for each of the three and six months ended June 30, 2026 related to remeasuring certain net deferred taxes. Offsetting these benefits for the three and six months ended June 30, 2026, were the unfavorable impacts of U.S. anti-deferral provisions. For the three and six months ended June 30, 2025, we recognized income tax expense of $2.5 million on pretax income of $8.4 million and an income tax benefit of $359.2 million on a pretax loss of $20.8 million, respectively. Our income taxes for the three and six months ended June 30, 2025, were favorably impacted by the tax benefit related to federal tax credits, as well as $361.1 million associated with a tax planning strategy for the six months ended June 30, 2025. Offsetting these benefits for the three and six months ended June 30, 2025, were the unfavorable impacts of U.S. anti-deferral provisions. 37 Segment Results Three Months Ended June 30, 2026 2025 Amount % of Net Sales Amount % of Net Sales Change % Change (dollars in millions) Net sales by segment: Aurora (1) $ 319.2 99.9 % $ 322.5 99.5 % $ (3.3 ) (1.0 ) % Corporate and other (2) 0.4 0.1 1.6 0.5 (1.2 ) (75.0 ) Consolidated net sales $ 319.6 100.0 % $ 324.1 100.0 % $ (4.5 ) (1.4 ) % Operating income (loss) by segment: Aurora (1) $ 7.0 2.2 % $ 49.6 15.4 % $ (42.6 ) (85.9 ) % Corporate and other (2) (15.9 ) NM (41.8 ) NM 25.9 NM Consolidated operating income (loss) $ (8.9 ) (2.8 ) % $ 7.8 2.4 % $ (16.7 ) (214.1 ) % Adjusted EBITDA by segment: Aurora (1) (3) $ 45.5 14.3 % $ 80.2 24.9 % $ (34.7 ) (43.3 ) % Corporate and other (2) (3) (9.7 ) NM (27.5 ) NM 17.8 (64.7 ) Non-GAAP consolidated adjusted EBITDA (3) $ 35.8 11.2 % $ 52.7 16.3 % $ (16.9 ) (32.1 ) % NM – Not meaningful (1)Aurora’s results represent our Core financial measures and exclude general corporate costs that were previously allocated to the RUCKUS segment and CCS segment, since these costs were not directly attributable to these discontinued operations. (2)The corporate and other line item above primarily reflects general corporate costs that were previously allocated to the RUCKUS segment and CCS segment. These indirect expenses have been classified as continuing operations, since the costs were not directly attributable to these discontinued operations. The corporate and other costs related to the CCS segment have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA beginning in the first quarter of 2026. Beginning in the third quarter of 2026, the corporate and other costs related to the RUCKUS segment will be reallocated to our remaining segment and partially offset by income from the Belden TSA. (3)See “Reconciliation of Non-GAAP Measures” within this Management’s Discussion and Analysis of Financial Condition and Results of Operations. 38 Six Months Ended June 30, 2026 2025 Amount % of Net Sales Amount % of Net Sales Change % Change (dollars in millions) Net sales by segment: Aurora (1) $ 617.6 99.9 % $ 547.5 97.8 % $ 70.1 12.8 % Corporate and other (2) 0.4 0.1 12.2 2.2 (11.8 ) (96.7 ) Consolidated net sales $ 618.0 100.0 % $ 559.7 100.0 % $ 58.3 10.4 % Operating income (loss) by segment: Aurora (1) $ 22.0 3.6 % $ 47.8 8.7 % $ (25.8 ) (54.0 ) % Corporate and other (2) (30.4 ) NM (69.8 ) NM 39.4 (56.4 ) Consolidated operating loss $ (8.4 ) (1.4 ) % $ (22.0 ) (3.9 ) % $ 13.6 (61.8 ) % Adjusted EBITDA by segment: Aurora (1) (3) $ 95.9 15.5 % $ 118.4 21.6 % $ (22.5 ) (19.0 ) % Corporate and other (2) (3) (18.9 ) NM (47.3 ) NM 28.4 (60.0 ) Non-GAAP consolidated adjusted EBITDA (3) $ 77.0 12.5 % $ 71.1 12.7 % $ 5.9 8.3 % NM – Not meaningful (1)Aurora’s results represent our Core financial measures and exclude general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit, since these costs were not directly attributable to these discontinued operations. (2)The corporate and other line item above primarily reflects general corporate costs that were previously allocated to the RUCKUS segment, CCS segment, OWN segment and DAS business unit. These indirect expenses have been classified as continuing operations, since the costs were not directly attributable to these discontinued operations. Beginning in the first quarter of 2025, the corporate and other costs related to the OWN segment and DAS business unit have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA. The corporate and other costs related to the CCS segment have been reallocated to our remaining segments and partially offset by income from the Amphenol TSA beginning in the first quarter of 2026. Beginning in the third quarter of 2026, the corporate and other costs related to the RUCKUS segment will be reallocated to our remaining segment and partially offset by income from the Belden TSA. (3)See “Reconciliation of Non-GAAP Measures” within this Management’s Discussion and Analysis of Financial Condition and Results of Operations. Aurora For the three months ended June 30, 2026, net sales decreased in the Aurora segment compared to the prior year period primarily due to unfavorable product mix, lower pricing and lower sales volume. For the six months ended June 30, 2026, net sales increased in the Aurora segment compared to the prior year period primarily due to higher sales volume, partially offset by unfavorable product mix and lower pricing. From a regional perspective, for the three months ended June 30, 2026, Aurora segment net sales decreased in the EMEA region by $4.8 million and Canada by $2.7 million, but increased in the U.S. by $3.5 million, the APAC region by $0.4 million and the CALA region by $0.3 million, compared to the prior year period. For the six months ended June 30, 2026 compared to the prior year period, net sales increased in the U.S. by $86.7 million and the APAC region by $1.6 million, but decreased in Canada by $11.4 million, the CALA region by $6.5 million and the EMEA region by $0.3 million. Foreign exchange rate changes did not have a material impact on our Aurora segment net sales during the three or six months ended June 30, 2026 compared to the prior year periods. 39 For the three and six months ended June 30, 2026, Aurora segment operating income and adjusted EBITDA decreased compared to the prior year periods primarily driven by unfavorable product mix, lower pricing, lower sales volume and higher SG&A, partially offset by lower input costs and lower R&D costs. For the six months ended June 30, 2026, Aurora segment operating income and adjusted EBITDA were also favorably impacted by higher sales volume. For the three and six months ended June 30, 2026, Aurora segment operating income was unfavorably impacted by increases in restructuring costs of $6.4 million and $3.1 million, respectively, and transaction, transformation and integration costs of $3.0 million and $4.8 million, respectively. Aurora segment operating income was favorably impacted by decreases in amortization expense of $2.4 million and $5.8 million, respectively, for the three and six months ended June 30, 2026. Restructuring costs, transaction, transformation and integration costs and amortization expense are not reflected in adjusted EBITDA. See “Reconciliation of Segment Adjusted EBITDA” below. LIQUIDITY AND CAPITAL RESOURCES The following table summarizes certain key measures of our liquidity and capital resources (in millions, except percentage data): June 30, 2026 December 31, 2025 $ Change % Change (dollars in millions) Cash and cash equivalents (1) $ 151.6 $ 922.8 $ (771.2 ) (83.6 ) % Working capital, net of assets and liabilities held for sale (2) and excluding cash and cash equivalents 419.2 90.0 329.2 365.8 Availability under Revolving Credit Facility (3) 137.0 584.5 (447.5 ) (76.6 ) Long-term debt (3) — 7,260.2 (7,260.2 ) (100.0 ) Total capitalization (4) 2,505.8 7,534.8 (5,029.0 ) (66.7 ) Long-term debt as a percentage of total capitalization — 96.4 % (1)Includes cash and cash equivalents in assets held for sale of $38.0 million as of June 30, 2026 and $309.2 million as of December 31, 2025. (2)Working capital is net of assets and liabilities held for sale and consists of current assets of $938.3 million less current liabilities of $405.5 million as of June 30, 2026 and current assets of $1,171.6 million less current liabilities of $468.1 million as of December 31, 2025. (3)In connection with the sale of the CCS segment on January 9, 2026, on the closing date, we repaid in full all outstanding indebtedness using a portion of the proceeds from the transaction and terminated all outstanding commitments under the prior revolving credit agreement dated as of April 4, 2019. We entered into a new senior secured asset-based revolving credit facility (Revolving Credit Facility) on April 7, 2026. (4)Total capitalization includes stockholders’ equity (deficit) for both periods presented, and also includes long-term debt and Series A Convertible Preferred Stock (Convertible Preferred Stock) as of December 31, 2025. Our principal sources of liquidity on a short-term basis are cash and cash equivalents and cash flows provided by operations. On a long-term basis, our potential sources of liquidity also include raising capital through the issuance of equity and/or debt. On April 7, 2026, we entered into a revolving credit agreement providing for a Revolving Credit Facility available to the Company and certain of our U.S. subsidiaries designated as co-borrowers therein, in an aggregate principal amount of up to $300.0 million, subject to borrowing base availability. For further discussion of the Revolving Credit Facility, see Note 5 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein. The primary uses of liquidity include working capital requirements, capital expenditures, business separation transaction costs, transformation costs, restructuring costs, litigation settlements, income tax payments, other contractual obligations, and periodic repurchases of our outstanding common stock. We currently believe that our existing cash, cash equivalents and cash flows from operations will be sufficient to meet our presently anticipated future cash needs. However, we may be required to obtain financing in the future to address our liquidity needs, and, subject to market conditions, we may from time to time seek to amend, refinance, restructure, exchange or repurchase our outstanding indebtedness and/or raise equity or other financing. Any debt we incur in the future may have terms (including cash interest rate, financial covenants and covenants limiting our operating flexibility or ability to obtain financings) that are not favorable to us, and any such equity financing may dilute the economic and/or voting interests of our existing stockholders, may be preferred in right of payment to our outstanding common stock or confer other privileges to the holders and may contain financial or operational covenants that restrict our operating flexibility or ability to obtain additional financings. Furthermore, our failure to obtain any necessary financing, or any future amendment, refinancing, restructuring, exchange or repurchases could have a material and adverse effect on our results of operations, cash flows, financial condition and liquidity. 40 We may experience volatility in cash flows between periods due to, among other reasons, variability in the timing of vendor payments and customer receipts. We may, from time to time, seek to obtain alternative sources of financing, by issuing debt or equity securities or incurring other indebtedness, if market conditions are favorable, utilizing trade credit, selling assets (including businesses or business lines) or securitizing receivables to meet future cash needs or to reduce our borrowing costs. Any issuance of equity or debt may be for cash or in exchange for our outstanding securities or indebtedness, or a combination thereof. Cash and cash equivalents decreased by $771.2 million during the six months ended June 30, 2026 as described under the Cash Flow Overview section below. In the second quarter of 2026, the Company paid a one-time special cash distribution of approximately $2,316.6 million, funded primarily from proceeds received from the sale of the CCS segment. The distribution included distributions paid on outstanding common shares as well as dividend equivalents associated with certain equity awards that were vested during the quarter and contributed to the decrease in cash and cash equivalents and stockholders' equity during the period. As of June 30, 2026, approximately 42% of our cash and cash equivalents were held outside the U.S. Working capital, net of assets and liabilities held for sale and excluding cash and cash equivalents, increased during the six months ended June 30, 2026 compared to the fourth quarter of 2025 primarily due to increases in prepaid expenses and inventory balances and a decrease in accrued and other liabilities, partially offset by increased accounts payable. The net decrease in total capitalization during the six months ended June 30, 2026 is primarily driven by the repayment of debt in connection with the sale of the CCS segment, partially offset by net income reflected for the period. 41 Cash Flow Overview Six Months Ended June 30, $ % 2026 2025 Change Change (dollars in millions) Net cash used in operating activities $ (299.4 ) $ (109.8 ) $ (189.6 ) 172.7 % Net cash generated by investing activities 10,537.5 2,023.7 8,513.8 420.7 Net cash used in financing activities (11,011.5 ) (2,015.6 ) (8,995.9 ) 446.3 % Operating Activities Six Months Ended June 30, 2026 2025 (in millions) Net income $ 5,803.1 $ 815.8 Adjustments to reconcile net income to net cash used in operating activities: Depreciation and amortization 62.5 153.2 Equity-based compensation 16.1 16.6 Deferred income taxes 1,236.0 1.3 Gain on disposal of discontinued operations (7,009.3 ) (869.2 ) Noncash write-off of unamortized DFF and OID 101.3 — Changes in assets and liabilities: Accounts receivable (40.0 ) (238.5 ) Inventories (116.0 ) (90.0 ) Prepaid expenses and other assets (184.6 ) (76.1 ) Accounts payable and other liabilities (183.0 ) 125.9 Other 14.5 51.2 Net cash used in operating activities $ (299.4 ) $ (109.8 ) During the six months ended June 30, 2026, the increase in net cash used in operating activities compared to the prior year period was primarily driven by a higher use of cash from working capital and higher variable incentive compensation payments and cash taxes paid, partially offset by lower interest in the current year period compared to the prior year period. Investing Activities Six Months Ended June 30, 2026 2025 (in millions) Additions to property, plant and equipment $ (4.2 ) $ (28.1 ) Proceeds from sale of property, plant and equipment — 10.0 Net proceeds from divestitures 10,541.7 2,041.8 Net cash generated by investing activities $ 10,537.5 $ 2,023.7 During the six months ended June 30, 2026, the increase in cash generated by investing activities compared to the prior year period was primarily driven by net proceeds of $10,541.7 million of net proceeds related to the sale of the CCS segment to Amphenol in the current year period compared to net proceeds of $2,034.5 million related to the sale of the OWN segment and DAS business unit and $7.3 million related to the sale of the OneCell business to Amphenol in the prior year period. The net cash generated by investing activities also benefited from favorable impacts due to decreased capital expenditures of $4.2 million compared to the prior year period. 42 Financing Activities Six Months Ended June 30, 2026 2025 (in millions) Long-term debt repaid $ (7,370.8 ) $ (2,049.0 ) Long-term debt proceeds — 50.0 Debt issuance costs (2.6 ) (5.7 ) Redemption of Series A convertible preferred stock (1,278.7 ) — Special dividends paid to common shareholders (2,316.3 ) — Dividends paid on Series A convertible preferred stock (1.7 ) — Proceeds from the issuance of common shares under equity-based compensation plans 1.8 — Tax withholding payments for vested equity-based compensation awards (43.2 ) (10.9 ) Net cash used in financing activities $ (11,011.5 ) $ (2,015.6 ) During the six months ended June 30, 2026, in connection with sale of the CCS segment, we repaid in full all outstanding indebtedness using a portion of the proceeds from the transaction which included repayment of our then-existing 2029 Term Loan in an aggregate outstanding principal amount of $3,150 million and the redemption of all outstanding Notes including (1) $1,000.0 million in outstanding aggregate principal amount of the 2031 Secured Notes, (2) $951.0 million in outstanding aggregate principal amount of the 2029 Secured Notes, (3) $641.6 million in outstanding aggregate principal amount of the 2028 Notes, (4) $866.9 million in outstanding aggregate principal amount of the 8.25% 2027 Notes and (5) $750.0 million in outstanding aggregate principal amount of the 5.00% 2027 Notes. We also recorded a loss of $11.3 million on the extinguishment of debt for the six months ended June 30, 2026. In addition, on the closing date, we paid $1,278.7 million of cash to redeem 100% of the Convertible Preferred Stock. During the six months ended June 30, 2025, we repurchased $299.0 million in aggregate principal amount of our 2029 Secured Notes and repurchased in full the $1,500.0 million outstanding amount of our 2026 Secured Notes. We also borrowed $50.0 million and repaid $250.0 million of outstanding borrowings under our Prior Revolving Credit Facility during the six months ended June 30, 2025. During the six months ended June 30, 2026, we paid approximately $2.6 million of upfront fees and expenses in connection with the new Revolving Credit Facility. In connection with the debt refinancing completed in December 31, 2024, we paid $5.7 million of debt issuance costs during the six months ended June 30, 2025. During the six months ended June 30, 2026, we paid a one-time special cash distribution of approximately $2,316.3 million, which was funded from proceeds generated from the sale of the CCS segment. During the six months ended June 30, 2026, we received proceeds of $1.8 million related to the exercise of stock options. In addition, during the six months ended June 30, 2026, employees surrendered shares of our common stock to satisfy their tax withholding requirements on vested restricted stock units (RSUs) and performance share units (PSUs), which reduced cash flows by $43.2 million compared to $10.9 million in the prior year period. 43 Reconciliation of Non-GAAP Measures We believe that presenting certain non-GAAP financial measures enhances an investor’s understanding of our financial performance. We further believe that these financial measures are useful in assessing our operating performance from period to period by excluding certain items that we believe are not representative of our recurring business. We also use certain of these financial measures for business planning purposes and in measuring our performance relative to that of our competitors. We believe these financial measures are commonly used by investors to evaluate our performance and that of our competitors. However, our use of the term “non-GAAP adjusted EBITDA” may vary from that of others in our industry. These financial measures should not be considered as alternatives to operating income (loss), net income (loss) or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance, operating cash flows or liquidity. We also believe presenting these non-GAAP results for the twelve months ended June 30, 2026 provides an additional tool for assessing our recent performance. Such amounts are unaudited and are derived by subtracting the data for the six months ended June 30, 2025 from the data for the year ended December 31, 2025 and then adding the data for the six months ended June 30, 2026. Consolidated Three Months Six Months Year Twelve Months Ended Ended Ended Ended June 30, June 30, December 31, June 30, 2026 2025 2026 2025 2025 2026 (in millions) Income (loss) from continuing operations $ 26.1 $ 5.9 $ 42.7 $ 338.4 $ 266.2 $ (29.5 ) Income tax expense (benefit) (28.7 ) 2.5 (22.3 ) (359.2 ) (300.6 ) 36.3 Interest income (5.5 ) (3.1 ) (26.2 ) (7.5 ) (16.7 ) (35.4 ) Interest expense 0.8 — 0.8 — — 0.8 Other (income) expense, net (1.6 ) 2.5 (3.4 ) 6.3 7.7 (2.0 ) Operating income (loss) (8.9 ) 7.8 (8.4 ) (22.0 ) (43.4 ) (29.8 ) Adjustments: Amortization of purchased intangible assets 19.0 21.4 40.6 45.2 88.5 83.9 Restructuring costs, net 8.4 1.6 15.1 11.5 16.3 19.9 Equity-based compensation 6.7 6.4 11.1 11.1 25.8 25.8 Transaction, transformation and integration costs (1) 7.6 5.7 12.3 10.0 20.1 22.4 Depreciation 3.0 4.9 6.3 10.4 18.6 14.5 Other (2) — 4.9 — 4.9 4.8 (0.1 ) Non-GAAP adjusted EBITDA $ 35.8 $ 52.7 $ 77.0 $ 71.1 $ 130.7 $ 136.6 (1)In 2026 and 2025, primarily reflects transaction costs related to our transformation initiative that began in 2021. (2)In 2025, reflects a pretax loss of $4.9 million related to the sale of our OneCell business. 44 Reconciliation of Segment Adjusted EBITDA Segment adjusted EBITDA is provided as a performance measure in Note 6 in the Notes to Unaudited Condensed Consolidated Financial Statements included herein. Below we reconcile segment adjusted EBITDA for each segment, individually, to operating income (loss) for that segment to supplement the reconciliation of the total segment adjusted EBITDA to consolidated operating income in Note 6. Aurora Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Operating income $ 7.0 $ 49.6 $ 22.0 $ 47.8 Adjustments: Amortization of purchased intangible assets 19.0 21.4 40.4 46.2 Restructuring costs 6.9 0.5 12.0 8.9 Equity-based compensation 4.3 2.5 7.1 4.5 Transaction, transformation and integration costs 5.5 2.5 8.3 3.5 Depreciation 2.8 3.6 6.0 7.5 Adjusted EBITDA $ 45.5 $ 80.2 $ 95.9 $ 118.4 Note: Components may not sum to total due to rounding. 45 FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q includes certain statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to future events and financial performance. These forward-looking statements are generally identified by their use of such terms and phrases as “intend,” “goal,” “estimate,” “expect,” “project,” “projections,” “plans,” “potential,” “anticipate,” “should,” “could,” “designed to,” “foreseeable future,” “believe,” “think,” “scheduled,” “outlook,” “target,” “guidance” and similar expressions, although not all forward-looking statements contain such terms. This list of indicative terms and phrases is not intended to be all-inclusive. These forward-looking statements are subject to various risks and uncertainties, many of which are outside our control, including, without limitation, our dependence on customers’ capital spending on data, communication and entertainment equipment, which could be negatively impacted by a regional or global economic downturn, among other factors; the potential impact of higher than normal inflation; concentration of sales among a limited number of customers; risks associated with our sales through channel partners; changes to the regulatory environment in which we and our customers operate; changes in technology; industry competition and the ability to retain customers through product innovation, introduction, and marketing; changes in cost and availability of key components, including memory chips, and the potential effect on customer pricing and timing of delivery of products to customers; risks related to our ability to implement price increases on our products and services; risks associated with our dependence on a limited number of key suppliers for certain components; risks related to the successful execution of our initiatives related to stranded costs reductions; potential difficulties in realigning manufacturing capacity and capabilities between our manufacturing facility and facilities of our contract manufacturers that may affect our ability to meet customer demands for products; possible future restructuring actions; the risk that our manufacturing operations, including our contract manufacturers on which we rely, encounter capacity, production, quality, financial or other difficulties causing difficulty in meeting customer demands; our ability to incur indebtedness at acceptable interest rates or at all; our ability to generate cash to service any future indebtedness; our ability to fully realize anticipated benefits from prior or future divestitures, acquisitions or equity investments; possible future additional impairment charges for fixed or intangible assets, including goodwill; our ability to attract and retain qualified key employees; labor unrest; product quality or performance issues, including those associated with our suppliers or contract manufacturers, and associated warranty claims; our ability to maintain effective management information technology systems and to successfully implement major systems initiatives; cyber security incidents, including data security breaches, ransomware or computer viruses; the use of open standards; the long-term impact of climate change; significant international operations exposing us to economic risks like variability in foreign exchange rates and inflation, as well as political, geopolitical and other risks, including the impact of wars, regional conflicts and terrorism; our ability to comply with governmental anti-corruption laws and regulations worldwide; the impact of export and import controls and sanctions worldwide on our supply chain and ability to compete in international markets; changes in the laws and policies in the U.S. affecting trade, including the risk and uncertainty related to tariffs or potential trade wars and potential changes to laws and policies, that may impact our products and costs; the costs of protecting or defending intellectual property; costs and challenges of compliance with domestic and foreign social and environmental laws; the impact of litigation and similar regulatory proceedings in which we are involved or may become involved, including the costs of such litigation; the scope, duration and impact of disease outbreaks and pandemics, such as COVID-19, on our business, including employees, sites, operations, customers, supply chain logistics and the global economy; our stock price volatility; income tax rate variability and ability to recover amounts recorded as deferred tax assets; and other factors beyond our control. These and other factors are discussed in greater detail under the heading "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2025 Annual Report on Form 10-K and may be updated from time to time in our annual reports, quarterly reports, current reports and other filings we make with the Securities and Exchange Commission. Although the information contained in this Quarterly Report on Form 10-Q represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements, which speak only as of the date made. We are not undertaking any duty or obligation to update this information to reflect developments or information obtained after the date of this Quarterly Report on Form 10-Q, except to the extent required by law.