Slide 1: Second Quarter Fiscal 2014 Financial Results
Second Quarter Fiscal 2014 Financial Results Quarter Ended March 29, 2014 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made during this presentation, including the Company's outlook for the third quarter and expectations regarding fiscal 2014, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act o
Slide 3: Non-GAAP Financial Results Compared to Outlook
Non-GAAP Financial Results Compared to Outlook Q2'14 (A) Q2'14 Outlook WAS Revenue: $1.48B $1.425 - $1.475B Diluted earnings per share: $0.44 $0.36 - $0.42 3
Slide 4: Financial Results
Financial Results (Unaudited) Three M onth Periods ($ in millions, ex c ept per share data) Q2'14 Q1'14 Q2'13 GAAP: Revenue $1,477 $1,447 $1,428 Net inc ome $21 $23 $21 Diluted earnings per share $0.24 $0.26 $0.25 Non-GAAP(1): Gross profit $121 $113 $102 Operating expense $68 $64 $62 Operating inc o
Slide 5: Non-GAAP P&L Metrics
Non-GAAP P&L Metrics ($ in Millions) Revenue Gross Profit / Margin Operating Income / Margin Net Interest Expense 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) 3/29/14 12/28/13 3/30/13 Cash and cash equivalents $391 $407 $412 Accounts receivable, net $953 $917 $871 Inventories $800 $792 $799 Property, plant and equipment, net $546 $562 $548 Other assets $330 $352 $335 Total assets $3,020 $3,030 $2,965 Accounts payable
Slide 8: Balance Sheet Metrics
Balance Sheet Metrics ($ in Millions) Cash and Cash Equivalents Inventory $ / Turns Cash Cycle Days ROIC 52.0 48.3 48.5 47.3 46.0 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 8
Slide 9: Q3’14 Outlook
Q3’14 Outlook(1) The following outlook is for the third fiscal quarter ending June 28, 2014. These statements are forward-looking and actual results may differ materially. Revenue: $1.50 - $1.60B Non-GAAP EPS: $0.45 - $0.49 (1) The above identified outlook for the quarter ending June 28, 2014 is on
Slide 10: CEO Remarks
wa Ze SANMINA-SCI* CEO Remarks Multimedia Clean Technology Industrial Automotive What we make, makes a difference
Slide 11: Q2’14 Revenue Breakdown By End-Market
Q2’14 Revenue Breakdown By End-Market ($ in Millions) Multimedia $147 / 10% Communications Computing & Storage Networks $185 / 13% $642 / 43% Defense/Industrial/ Medical $503 / 34% Communications Networks Defense/Industrial/Medical Computing and Storage Multimedia (Networking, Wireline & Wireless (I
Slide 12: Q3’14 End-Market Outlook
Q3’14 End-Market Outlook Collaborative Integrated Direct Order Interconnect Mechanical Optical / RF Products and Design and Manufacturing Fulfillment Systems Systems Solutions Services Engineering Solutions and Logistics Q3’14 Communications Networks (Networking, Wireline & Wireless Infrastructure
Slide 13: Summary
Summary Q2’14: Good results, per our expectations Q3’14: Programs ramping and demand improving Strong customer base and expanding FY’14: Second half remains positive Predictable and Sustainable Results 13
Slide 14: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended March 29, 2014
Slide 15: GAAP Condensed Consolidated Balance Sheet
GAAP Condensed Consolidated Balance Sheet March 29, September 28, ($ in thousands) 2014 2013 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 390,622 $ 402,875 Accounts receivable, net 953,347 944,816 Inventories 799,663 781,560 Prepaid expenses and other current assets 88,218 75,337 T
Slide 16: GAAP Condensed Consolidated Statement of Operations
GAAP Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended Six Months Ended Mar. 29, Mar. 30, Mar. 29, Mar. 30, ($ in thousands, except per share data) 2014 2013 2014 2013 Net sales $ 1,476,712 $ 1,427,642 $ 2,924,210 $ 2,922,587 Cost of sales 1,357,745 1,327,338 2,694,458 2,
Slide 17: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) Three Month Periods Six Month Periods ($ in thousands, except per share data) Q2'14 Q1'14 Q2'13 FY14 FY13 GAAP Gross Profit $ 118,967 $ 110,785 $ 100,304 $ 229,752 $ 197,232 GAAP gross margin 8.1% 7.7% 7.0% 7.9% 6.7% Adjustments Stock compensat
Slide 18: Reconciliation of GAAP to Non-GAAP Measures (Continued)
Reconciliation of GAAP to Non-GAAP Measures (Continued) (Unaudited) Three Month Periods Six Month Periods ($ in thousands, except per share data) Q2'14 Q1'14 Q2'13 FY14 FY13 GAAP Provision for Income Taxes $ 17,775 $ 10,630 $ 12,960 $ 28,405 $ 15,993 Adjustments Nonrecurring tax items (9,823) (3,259
Slide 19: What we make, makes a difference
What we make, makes a difference” pa wat SANMINA 19