Slide 1: First Quarter Fiscal 2015 Results
First Quarter Fiscal 2015 Results Quarter Ended December 27, 2014 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made during this presentation, including the Company's outlook for the second quarter, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ ma
Slide 3: Non-GAAP Financial Results Compared to Outlook
Non-GAAP Financial Results Compared to Outlook Q1'15 (A) Q1'15 Outlook WAS Revenue: 1.67B $1.65 - $1.70B Diluted earnings per share: $0.61 $0.55 - $0.60 3
Slide 4: Financial Results
Financial Results (Unaudited) Three M onth Periods ($ in millions, ex c ept per share data) Q1'15 Q4'14 Q1'14 GAAP: Revenue $1,671 $1,686 $1,447 Net inc ome $23 $133 $23 (1) Diluted earnings per share $0.26 $1.52 $0.26 (2) Non-GAAP : Revenue $1,671 $1,688 $1,447 Gross profit $132 $133 $113 O peratin
Slide 5: Non-GAAP P&L Metrics
Non-GAAP P&L Metrics ($ in Millions) Revenue Gross Profit / Margin Operating Income / Margin Net Interest Expense *Q3’14 includes $1 million of additional interest incurred related to the redemption and refinancing of the 7% Senior Notes due 2019. 5
Slide 6: Segment Reporting – Revenue and Non-GAAP Gross Margin
Segment Reporting – Revenue and Non-GAAP Gross Margin* ($ in Millions) Integrated Manufacturing Solutions Components, Products and Services Integrated Manufacturing Solutions Components, Products & Services PCB Assembly & Test Components Products Final System Assembly & Test ‒ Interconnect S
Slide 7: Summary Balance Sheet
Summary Balance Sheet ($ in Millions) 12/27/14 9/27/14 12/28/13 Cash and cash equivalents $391 $467 $407 Accounts receivable, net $973 $979 $917 Inventories $908 $893 $792 Property, plant and equipment, net $565 $563 $562 Other assets $389 $411 $352 Total assets $3,226 $3,313 $3,030 Accounts payable
Slide 8: Balance Sheet Metrics
Balance Sheet Metrics ($ in Millions) Cash and Cash Equivalents Inventory $ / Turns Cash Cycle Days ROIC 8
Slide 9: Q2'15 Outlook
Q2’15 Outlook(1) The following outlook is for the second fiscal quarter ending March 28, 2015. These statements are forward-looking and actual results may differ materially. Revenue: $1.575 - $1.625B Non-GAAP EPS: $0.50 - $0.55 (1) Outlook for the quarter ending March 28, 2015 is provided only on a
Slide 10: CEO Remarks
Pa wall SANMINA CEO Remarks Communications Networks e Industrial e« MedicalSystems e Defense & Aerospace « Embedded Computing & Storage What we make, makes a difference™
Slide 11: End-Market Breakdown
End-Market Breakdown ($ in Millions) Communications Networks Industrial/Medical/Defense Embedded Computing & Storage Networking Industrial equipment Casino gaming equipment Optical infrastructure Energy Set-top boxes Wireless infrastructure Oil and gas Cinematography Medical equi
Slide 12: Q1'15 Revenue Breakdown By End-Market
Q1’15 Revenue Breakdown By End-Market Industrial/Medical/ Defense 38% Communications Networks 41% Embedded Computing & Storage 21% Communications Networks Industrial/Medical/Defense Embedded Computing & Storage (Networking, optical & wireless infrastructure) (Industrial equipment, energy, oil and ga
Slide 13: Q2'15 End-Market Outlook
Q2’15 End-Market Outlook Collaborative Integrated Direct Order Interconnect Mechanical Optical / RF Products and Design and Manufacturing Fulfillment Systems Systems Solutions Services Engineering Solutions and Logistics Q2’15 Communications Networks (Networking, optical & wireless infrastructure)
Slide 14: Summary
Summary Q1’15: ‒ Good quarter - In line with our expectations ‒ Solid operating margin Q2’15: ‒ Revenue down sequentially, primarily due to seasonality ‒ Based on outlook, first half FY’15 should grow 10%+ compared to first half FY’14 FY’15: ‒ Continue to diversify in focused markets ‒ Optimis
Slide 15: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended December 27, 2014
Slide 16: GAAP Condensed Consolidated Balance Sheet
GAAP Condensed Consolidated Balance Sheet December 27, September 27, ($ in thousands) 2014 2014 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 391,149 $ 466,607 Accounts receivable, net 972,958 979,475 Inventories 907,735 893,178 Prepaid expenses and other current assets 109,664 111,
Slide 17: GAAP Condensed Consolidated Statement of Operations
GAAP Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended ($ in thousands, except per share data) Dec. 27, Dec. 28, 2014 2013 Net sales $ 1,671,162 $ 1,447,498 Cost of sales 1,544,816 1,336,713 Gross profit 126,346 110,785 Operating expenses: Selling, general and administrat
Slide 18: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures (Unaudited) Three Month Periods ($ in thousands, except per share data) Q1'15 Q4'14 Q1'14 GAAP Revenue $ 1,671,162 $ 1,686,169 $ 1,447,498 Adjustments Distressed customer charges (2) - 1,856 - Non-GAAP Revenue $ 1,671,162 $ 1,688,025 $ 1,447,498 GAAP Gross Profit
Slide 19: Reconciliation of Non-GAAP Measures (Continued)
Reconciliation of Non-GAAP Measures (Continued) (Unaudited) Three Month Periods ($ in thousands, except per share data) Q1'15 Q4'14 Q1'14 GAAP Interest and Other, net $ (7,676) $ (11,142) $ (5,789) Adjustments Loss on repurchases of debt (4) 2,913 3,587 - Litigation settlements (5) (273) - - Non-GAA
Slide 20: What we make, makes a difference
What we make, makes a difference” pa wat SANMINA 20