Slide 1: 1st Quarter 2024 Earnings Results
1ST QUARTER 2024 EARNINGS RESULTS May 2024
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the second quarter of 2024 and beyond. Forward-looking statements include projections of sales, earni
Slide 3: 1st Quarter 2024 Earnings Results
1st QUARTER 2024 EARNINGS RESULTS 3
Slide 4: Q1 2024 Key Messages: Exceeded Q1 Guidance + Announces M&A
Exceeded Q1 Guidance + Announces M&A Q1 2024 Key Messages $1.24 (-26%) Q1 Revenue and EPS exceeded the high end of guidance Q1 2024 • Revenue of $536M (exceeded high end of guidance) EPS(1) • EPS(1) of $1.24 (exceeded high end of guidance) • Orders for Q1 were up 5% QoQ, indicating stability • Book-
Slide 5: Noteworthy Customer Wins
Noteworthy Customer Wins Validation of Solutions Winning in the Marketplace Award $10M+ Award $5M+ Vertical Mass Transit Vertical Healthcare Geography APAC Geography Americas 5
Slide 6: Belden to Acquire Precision Optical Technologies, Inc.
Belden to Acquire Precision Optical Precision Optical Technologies, Inc. Technologies, Inc Strengthens Core Fiber Infrastructure Offering with Optical Transceivers & PON Solutions Headquarters: Rochester, NY Acquisition Highlights • Valuable product portfolio to enhance our Broadband and fiber offer
Slide 7: Q1 2024 Financial Results Overview
Sequential Order Growth with Healthy Margins Q1 2024 - Financial Results Overview Orders +5% sequentially Book-to-Bill 1.03 $ Millions Q1 2024(1) Q1 2023(1) YoY Revenue $535.7 $641.8 -17% Revenue -17% YoY ahead of expectations set forth in prior Gross Profit $205.6 $247.8 -17% guidance Gross Profit
Slide 8: Q1 2024 Segment Results
Performance In Line with Expectations Q1 2024 Segment Results Industrial Automation Solutions Segment Enterprise Solutions Segment As expected, temporary softness persisted during the quarter As expected, continued moderation in demand as orders are with orders up QoQ despite ongoing destocking slig
Slide 9: Q1 2024 Balance Sheet and Cash Flow Highlights
Consistent Free Cash Flow Generation with a Healthy Balance Sheet Q1 2024 Balance Sheet and Cash Flow Highlights Cash and Cash Equivalent Net Leverage(1) TTM Free Cash Flow(2) Capital deployed towards share Stable leverage as the business Strong TTM free cash flow driven by repurchases combined with
Slide 10: Q2 2024 Guidance
Q2 2024 Guidance Guidance as of May 2, 2024 Q2 2024 Guidance Total Revenue ($million) $565 to $580 GAAP EPS $1.00 to $1.10 Adjusted EPS $1.30 to $1.40 The acquisition of Precision Optical Technologies. Inc. is not included in Q2 2024 guidance. The close date is subject to certain regulatory approval
Slide 11: Corporate Overview
CORPORATE OVERVIEW BELDEN INC. NYSE : BDC 11
Slide 12: Belden At-a-Glance
Belden At-a-Glance Belden delivers the infrastructure that makes 120+ Years the digital journey simpler, smarter and secure. in business Adjusted Adjusted Free 4Q-2023 Revenue EBITDA EPS Cash Flow Associates TTM Results (1) $2,512M $438M $6.83 $217M ~8,000 4Q-2023 TTM Segment Results Sales by Region
Slide 13: Only provider able to meet client needs at every touchpoint
Belden is the only provider able to meet client needs at every touchpoint in the digitization journey COLLECT CONTEXTUALIZE DELIVER Data Data Data Data Sources Destinations Acquisition Transmission Orchestration Management Sensors Network infrastructure and solutions Control Motors Monitoring Camera
Slide 14: Key Growth Drivers
Key Growth Drivers Industrial Automation Smart Buildings Broadband Investments in automation, Increasing digitization driving Ever-increasing industry 4.0, digital transformation a technology refresh cycle bandwidth usage High cost of labor, 5G & IoT increasing connectivity Network upgrades and rura
Slide 15: Belden's solution strategy simplifies digital transformation for customers
Belden’s solution strategy simplifies We help We provide We enable the digital transformation for our Optimize Productivity Safety customers by focusing on results Operations Enhancements Improvements Driven by unmatched product breadth and application expertise, Belden improves key KPIs for our cus
Slide 16: Belden - Value Creation Framework
Belden - Value Creation Framework GDP+ ~30% ORGANIC INCREMENTAL REVENUE GROWTH EBITDA MARGINS $8.00+ DISCIPLINED EPS by 2025 ROBUST FREE CASH CAPITAL ALLOCATION FLOW GENERATION net leverage allows cumulative over ~1.5x for substantial capital ~$1B next 4 years deployment over next 4 years (2022 – 20
Slide 17: Appendix
APPENDIX BELDEN
Slide 18: Statement of Operations
Statement of Operations Unaudited Three Months Ended March 31, 2024 April 2, 2023 (In thousands, except per share data) Revenues $ 535,675 $ 641,789 Cost of sales (334,079) (395,684) Gross profit 201,596 246,105 Selling, general and administrative expenses (110,768) (121,574) Research and developmen
Slide 19: Operating Segment Information
Operating Segment Information Unaudited Industrial Enterprise Automation Solutions Solutions Total Segments (In thousands, except percentages) For the three months ended March 31, 2024 Segment Revenues $ 234,089 $ 301,586 $ 535,675 Segment EBITDA 25,788 58,745 84,533 Segment EBITDA margin 11.0 % 19.
Slide 20: Operating Segment Reconciliation to Consolidated Results
Operating Segment Reconciliation to Consolidated Results Unaudited Three Months Ended March 31, 2024 April 2, 2023 (In thousands) Total Segment and Consolidated Revenues $ 535,675 $ 641,789 Total Segment EBITDA $ 84,533 $ 110,992 Total non-operating pension benefit 231 488 Eliminations (16) (29) Con
Slide 21: Balance Sheet
Balance Sheet Unaudited March 31, 2024 December 31, 2023 (Unaudited) (In thousands) ASSETS Current assets: Cash and cash equivalents $ 506,830 $ 597,044 Receivables, net 356,401 413,806 Inventories, net 374,419 366,987 Other current assets 76,739 79,142 Total current assets 1,314,389 1,456,979 Prope
Slide 22: Cash Flow Statement
Cash Flow Statement Unaudited Three Months Ended March 31, 2024 April 2, 2023 (In thousands) Cash flows from operating activities: Net income $ 37,309 $ 62,945 Adjustments to reconcile net income to cash flows from operating activities: Depreciation and amortization 26,987 23,416 Share-based compens
Slide 23: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In addition to reporting financial results in accordance with accounting principles generally Unaudited accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense
Slide 24: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) In addition to reporting financial results in accordance with accounting principles generally Unaudited accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciat
Slide 25: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) In addition to reporting financial results in accordance with accounting principles generally Unaudited accepted in the United States, we provide non-GAAP operating results adjusted for certain Twelve Months Ended items, including: asset impairments; a
Slide 26: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) In addition to reporting financial results in accordance with accounting principles generally Unaudited accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciat
Slide 27: Free Cash Flow GAAP to Non-GAAP Reconciliation
Free Cash Flow GAAP to Non-GAAP Reconciliation Unaudited We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of assets. We believe free Three Months Ended cash flow provides use
Slide 28: Reconciliation of Non-GAAP Measures: Q2 2024 Guidance
Reconciliation of Non-GAAP Measures Q2 2024 Guidance Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our Three Months Ended results are subject to the factors listed under "Forward- June 30, 2024
Slide 29: Thank You
Thank You Aaron Reddington CFA Vice President Investor Relations investor.relations@belden.com 29