Google it. We are all probably impacted.
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Who’s building the DOCSIS 4.0 equipment? Contract manufacturers and this horrible leadership can’t even keep that from being a quarter after quarter loss, it’s continually throwing good money after bad.
HN is not shutting down folks. 10G speeds that are bidirectional a big part of DOCSIS 4.0, which they are working on now.
I suppose you will know the games up is if there are no new products starting development. Is that the case?
CS will not be transparent with employees if the plan is to shutdown HN. They will quietly dismantle it until it is totally gone. Employees will only know the extent of the layoffs, etc. via the grapevine.
The only time I have seen a corporate entity be transparent with employees about a shutdown is after an acquisition announcement. At that point, typically a retention bonus program is setup to help with an orderly transition or shutdown. The affected employees can openly search for a new job and know the desired timing. They can also decide if the retention incentives are sufficient or if they are better off just leaving as soon as they find another job and forgoing the incentives.
If the plan is to wind down HN how are they going to sell that to the employees in a truthful manner?
Whats a buyout bump?
I could lose my job for sharing but hardest hit segments and regions… layoff announcements taking place now leading up to earnings call:
Home to see largest number of losses, leadership refuses to operative at a loss so winding down existing agreements and cutting losses as the $200m per year loss will be used to pay down debt.
ANS is going to be gutted, another $1b operating loss in Q1 against $250M in sales.
OWN will see a lot of cuts due to declining sales but still profitable.
Existing APAC and LATAM regions completely slimming down to focus on CCS, NICS, and will let OWN hang around. Canada will hang on only if Canadian customers agree to price increases.
Approach will be to sell assets instead of business units. Horsham office space to be sold for pennies on the dollar. Anyone tagged to Horsham office receiving layoff notice next two weeks.
Heard severance cut again, max 3 mos for VP and below. 6 mos for SVP
J Chow getting a buyout bump.
CS data posted in VS official page of you know where and how to look
Layoffs happening in HN now. Anybody have details?
The silence is deafening , in times of crisis at least 'try' and reassure investors, markets and employees. No, there is so much speculation, conjecture and a touch of fear to be honest. Everyone understand this GM model, but you need a plan, why silo everything and disrupt business practice intentionally - Splitting business across multiple lines of business is just absurd unless you have a PLAN, Tell everyone one what that plan is so all can at least try and get behind it - Msg to the ELT , Communicate Communicate and communicate some more, stop hiding and stop taking advantage of the good will of employees.
CS is projected to report 30% growth in YoY earnings for Q1 but 2% reduction in revenue. What the street is assuming by this forecast is that CS was able to secure product price increases to offset part but not all of inflation. Also, AT&T, Charter, Comcast, and Verizon are all announcing to the street that after two years of investing in network infrastructure they are going to pull back the spending reigns a little. These four customers account for a significant majority of CS revenue.
Might as well ride it out but don't see why anyone would work more than 25-30 hours a week. If you are asked to take on more, work less. There is no benefit coming to any employee unless you are in the inner inner circle.
The chatter of bankruptcy will continue until management confirm that they have secured refinancing. As far as the market is concerned, CS have huge debt repayments due between 2025 and 2029 without any clear indication regarding how the situation will be managed. Times like this, the captain should be seen walking the decks, calming nerves rather than remaining silent, which allows imagination to run riot.
Regarding cost cutting measures, they have carried out layoffs pretty much every quarter since the Arris acquisition. I think it is pretty obvious that laying off employees will not resolve the debt burden. New and innovative products which the markets require, motivating the sales teams to bring in orders, and it wouldnt hurt to award the remaining employees, who will need to do more with less, some of those $0 stocks which they are giving out to the management who got the company into its current financial predicament in the first place. No point blaming HN, and OWN. Management made the decision to borrow $7.5B to acquire Arris on top of the $3B existing debt.
The chatter on some of the trading message boards is bankruptcy a strong possibility. However, wouldn't they try to cut costs first? And since they aren't having mass layoffs, I think that is way overblown. So everybody calm down.
I wouldnt have thought anything would happen on a Monday
Who needs employees when you have 2 planes.
When are we likely to find out if we're affected?
Perhaps Chuck's hands are tied by Carlyle. After all, he is a Carlyle man who was installed to execute their ultimate plan for CS which doesn't include them losing their $1B investment. Then again, the plan might be to allow CS to go bankrupt which would allow Carlyle to take the viable parts of the company private for cents on the dollar. They then rinse and repeat by carrying out an IPO a few years later.
What I don't understand is why the c-suite feels that status quo is the way to go with how things are going. Let me explain. The stock price is at an all-time low, the $9.7B in debt has hardly been touched sine the ARRIS acquisition, there have been very few layoffs in the last year, HN continues to operate as a ugly stepchild, 50k shares of stock have been handed out to all the business unit heads and much more. Why hasn't anything been done to shake things up? The market has lost confidence and it is well known that notes are coming due in less than 2 years that will not be supported by the FCF.
Is the earnings so good for 1Q that the company feels that things are moving along nicely? Nothing else seems further from the truth. What am I missing here?
Why is the CIO not fired yet?
Hard to believe that Chuck would throw in the towel by filing for bankruptcy without putting up a good fight for survival. What about the refinancing which was mentioned?
The C-suite have been awarding themselves vast quantities of $0 stock which I'd think they would want to cash in while there are still potential bag holders who will buy the stock.
That said, from CS took over Arris, the C-suite have only had 2 key successful accomplishments: 1-Laying off workers, and 2-Creating a tribal division between core CS and HN. Nothing new to carve out new markets, and thereby achieve the oft mentioned EBITDA growth.
Does it matter? Slt cashed out and are probably relaxing somewhere warm.
What I’ve heard is that they don’t value legal, outside a 5 attorneys and one paralegal and everyone else is our. They are hiring a third party firm to support 95% of finance and HR functions (some offshore India based company). Heard SVP of Home business is out and plan is to use third party manufacturers to wind down existing consumer premise equipment agreements. Slimming down for bankruptcy filing. No potential buyers due to excessive debt load.
It was fun while it lasted folks.
Layoffs were delayed from end of March due to hack and finally coming week of 24th. This should be interesting and hoping I am one to go because I have a new gig lined up ready to go.
Any news on business units?
Heard there are going to massive layoffs in legal and HR. Target of 50-60% HC reduction, essential personnel only.
Read or watch “The Smartest Guys in the Room”.
A class action is inevitable at this stage. Problem is, that would likely finish off the company. When the Titanic hits the iceberg, one would expect the captain to be visible, doing his uttermost to calm the passengers & the market. So far, silence. MCap now below $1B, even more silence. Chuck MIA?
Well I hear it happen about 4-5 weeks ago. They refuse to pay the ransom thinking IT could rebuild the data and the hackers wouldn’t release the data stolen. They only planned to notify everyone if it was, but that is like putting a co---m afterwards, and does no good. This mgmt team is full of snakes and it’s every man & woman for themselves.
Sounds like time to gather for a class action lawsuit for their negligence. They have a few assets left the debtors won’t take.
Wonder what tingle’s message will be.
Another sign CommScope doesn’t care about its employees. Saved a few penny’s rather than take adequate measures to encrypt employee highly sensitive personal data and information. CommScope, in the US, does not comply to the most basic requirements of the GDPR. Why? Because it would cost an extra $200k a year.
Expect CommScope’s stock to drop into the high $3 range and stay there and then drop. The upcoming SEC disclosure informing investors that CommScope is unable to meet its debt obligations that are coming due in the next 18 months is only going to make matters worst.
Freeze your credit.
This is horrendous..employees need to be kept in the loop.horrible way to learn this ..externally
Looks like banking information too. This is horrible. And there is nothing we can do.