Slide 1: 4th Quarter 2014 Earnings Release Conference Call
4th Quarter 2014 Earnings Release Conference Call February 5, 2015 © 2015 Belden Inc. | belden.com | @BeldenInc PROPRIETARY AND CONFIDENTIAL. COPYING RESTRICTED. FOR INTERNAL USE ONLY.
Slide 2: Safe Harbor Statement; Non-GAAP Measures
Safe Harbor Statement Our commentary and responses to your questions may contain forward-looking statements, including our outlook for the 2015 first quarter and full year. Forward- looking statements include projections of sales, earnings, general economic conditions, market conditions, working cap
Slide 3: Q4 2014 Highlights
Q4 2014 Highlights Grew revenues by 19.0% year-over-year; Achieved organic revenue growth of 7.2% from the prior year period; Expanded gross profit margins to 37.4%, increasing 220 basis points from 35.2% in the year-ago period; Delivered record operating profit margins of 14.5%, a 70 basis
Slide 4: FY 2014 Highlights
FY 2014 Highlights Achieved record revenues of $2.32 billion, an increase of 11.3% year-over-year; Expanded gross profit margins to a record 37.0%, increasing 180 basis points from 35.2% in the year-ago period; Delivered record income from continuing operations per diluted share of $4.23, up 1
Slide 5: 4th Quarter Segment Overview
4th Quarter Segment Overview Broadcast Solutions Enterprise Connectivity Revenue $253.2M Revenue $110.8M Operating Profit Margin 15.5% Operating Profit Margin 10.2% Automation Playout Camera Mounted Signal Processing Precision A/V Monitoring Racks and Copper and Fiber Ethernet, & Branding Fiber Solu
Slide 6: Q4 2014 Financial Summary
Q4 2014 Financial Summary Q4 2014 Q3 2014 Q4 2013 Revenue $613.7M $613.1M $515.9M Gross profit $229.4M $230.2M $181.6M Gross profit percentage 37.4% 37.6% 35.2% EBITDA percentage 16.3% 15.7% 15.8% Operating income $ 88.8M $ 85.6M $ 71.4M Operating income percentage 14.5% 14.0% 13.8% Income from cont
Slide 7: Segment Results
Segment Results Enterprise Industrial Broadcast Industrial IT Consolidated Connectivity Connectivity Q4 2014 Revenue $253.2M $110.8M $173.7M $76.0M $613.7M Operating income(1) $39.2M $11.4M $23.3M $15.3M $88.8M Operating income percentage 15.5% 10.2% 13.4% 20.1% 14.5% Q3 2014 Revenue $256.6M $115.3M
Slide 8: Q4 2014 Balance Sheet Highlights
Q4 2014 Balance Sheet Highlights Q4 2014 Q3 2014 Q4 2013 Cash and cash equivalents $741.2M $449.1M $613.3M Inventory turns 6.9x 7.0x 6.4x Days sales outstanding 59 days 62 days 56 days Working capital turns 11.9x 8.0x 9.1x PP&E Turns 7.7x 7.6x 6.8x Total debt $1.77B $1.54B $1.36B © 2015 Belden Inc.
Slide 9: Cash Flow Highlights
Cash Flow Highlights Q4 2014 Q4 2013 FY 2014 FY 2013 Cash flows from operating activities $ 145.2M(1) $ 113.8M $ 231.7M(1) $ 236.4M(2) Less: Net capital expenditures(3) $ 14.3M $ 8.8M $ 43.6M $ 37.0M Free cash flow (4) $ 130.9M $ 105.0M $ 188.2M $ 199.4M Cash used to acquire businesses(5) $ 34.8M $
Slide 10: Outlook
Outlook Q1 2015(1) • Revenue of $565 - $585 million • Adjusted income from continuing operations per diluted share of $0.94 - $1.04 2015 Full Year(1) • Revenue of $2.475 - $2.525 billion • Adjusted income from continuing operations per diluted share of $5.28 - $5.58 (1) Adjusted outlook. See Appendi
Slide 11: Prior to Current Outlook Bridge
Prior to Current Outlook Bridge Revenues (in millions) Revenues(1) Diluted EPS(1) Prior Outlook (January 5, 2015) $2,565 - $2,615 $5.35 - $5.65 Lower Copper Prices (35) - Strengthening US Dollar (73) (0.15) Acquisition of Coast 18 0.08 Current Outlook (February 5, 2015) $ 2,475 - $2,525 $5.28 - $5.5
Slide 12: Questions?
Questions? © 2015 Belden Inc. | belden.com | @BeldenInc © 2015 Belden Inc. | belden.com | @BeldenInc 12
Slide 13: Appendix
Appendix © 2015 Belden Inc. | belden.com | @BeldenInc 13
Slide 14: Statements of Operations and Comprehensive Income
Statements of Operations and Comprehensive Income © 2015 Belden Inc. | belden.com | @BeldenInc 14
Slide 15: Operating Segment Information
Operating Segment Information © 2015 Belden Inc. | belden.com | @BeldenInc 15
Slide 16: Balance Sheet
Balance Sheet © 2015 Belden Inc. | belden.com | @BeldenInc 16
Slide 17: Cash Flow Statement
Cash Flow Statement © 2015 Belden Inc. | belden.com | @BeldenInc 17
Slide 18: Free Cash Flow GAAP to Non-GAAP Reconciliation
Free Cash Flow GAAP to Non-GAAP Reconciliation © 2015 Belden Inc. | belden.com | @BeldenInc 18
Slide 19: Q4 2014 GAAP to Non-GAAP Reconciliation
Q4 2014 GAAP to Non-GAAP Reconciliation © 2015 Belden Inc. | belden.com | @BeldenInc 19
Slide 20: Q4 2014 GAAP to Non-GAAP Reconciliation
Q4 2014 GAAP to Non-GAAP Reconciliation © 2015 Belden Inc. | belden.com | @BeldenInc 20
Slide 21: Q4 2014 GAAP to Non-GAAP Reconciliation – Segments
Q4 2014 GAAP to Non-GAAP Reconciliation – Segments © 2015 Belden Inc. | belden.com | @BeldenInc 21
Slide 22: Q4 2013 GAAP to Non-GAAP Reconciliation – Segments
Q4 2013 GAAP to Non-GAAP Reconciliation – Segments © 2015 Belden Inc. | belden.com | @BeldenInc 22
Slide 23: Reconciliation of Non-GAAP Measures 2015 Revenue and Earnings Guidance
Reconciliation of Non-GAAP Measures 2015 Revenue and Earnings Guidance © 2015 Belden Inc. | belden.com | @BeldenInc 23