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    Michael Fischer

    Senior Managing Director and equity research analyst at Evercore ISI

    Michael Fischer is a Senior Managing Director and equity research analyst at Evercore ISI, specializing in covering large-cap casino, gaming, and lodging companies such as Las Vegas Sands, MGM Resorts International, Wynn Resorts, and Caesars Entertainment. He is recognized for his strong track record and is consistently ranked among top Wall Street analysts, with a success rate above 60% and average annualized returns exceeding industry benchmarks on platforms like TipRanks. Fischer began his finance career in the early 2010s, previously holding research roles at investment firms before joining Evercore ISI in the mid-2010s, where he rapidly advanced to his current senior leadership position. He holds FINRA Series 7, 63, 86, and 87 licenses, and is known for his insightful sector analysis and media appearances on outlets such as CNBC and Bloomberg.

    Michael Fischer's questions to CommScope Holding Company (COMM) leadership

    Michael Fischer's questions to CommScope Holding Company (COMM) leadership • Q1 2025

    Question

    Michael Fischer from Evercore ISI asked about the long-term potential for free cash flow conversion from EBITDA in a normalized environment, excluding current working capital and capex headwinds. He also questioned the reasoning behind the guidance for a sequential decline in NICS adjusted EBITDA for Q2.

    Answer

    CFO Kyle Lorentzen indicated that in a normalized environment, the over $200 million invested in working capital and capex in 2025 would theoretically fall back into free cash flow. He explained the expected Q2 sequential decline in NICS EBITDA is due to one-time favorable inventory adjustments in Q1 and the timing of booking incentive compensation costs, with a return to growth expected in the second half of the year.

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