Slide 1: Fourth Quarter and Fiscal Year End Results
Fourth Quarter and Fiscal Year End Results Quarter Ended September 27, 2014 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement Certain statements made during this presentation, including the Company's outlook for the first 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 mat
Slide 3: Non-GAAP Financial Results Compared to Outlook
Non-GAAP Financial Results Compared to Outlook Q4'14 (A) Q4'14 Outlook WAS Revenue: 1.69B $1.60 - $1.65B Diluted earnings per share: $0.61 $0.50 - $0.55 3
Slide 4: Financial Results
Financial Results (Unaudited) Three Month Periods Twelve Month Periods ($ in millions, exc ept per share data) Q4'14 Q3'14 Q4'13 FY'14 FY'13 GAAP: Revenue $1,686 $1,605 $1,505 $6,215 $5,917 Net income $133 $21 $39 $197 $79 (1) Diluted earnings per share $1.52 $0.24 $0.44 $2.27 $0.93 (2) Non-GAAP : R
Slide 5: Non-GAAP P&L Metrics
Non-GAAP P&L Metrics ($ 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) 9/27/14 6/28/14 9/28/13 Cash and cash equivalents $467 $552 $403 Accounts receivable, net $979 $973 $945 Inventories $893 $880 $782 Property, plant and equipment, net $563 $564 $540 Other assets $411 $321 $326 Total assets $3,313 $3,290 $2,996 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: Solid Balance Sheet Improvements
Solid Balance Sheet Improvements ($ in Millions) Cash Flow From Operations (GAAP) Long-Term Debt (GAAP) Includes Current Portion $1,438 $1,241 $1,182 $837 $563 $534 FY'09 FY'10 FY'11 FY'12 FY'13 FY'14 Net Interest Expense (GAAP) Gross Leverage (Total Debt/EBITDA) Excludes interest rate swap. 9
Slide 10: Q1'15 Outlook
Q1’15 Outlook(1) The following outlook is for the first fiscal quarter ending December 27, 2014. These statements are forward-looking and actual results may differ materially. Revenue: $1.65 - $1.70B Non-GAAP EPS: $0.55 - $0.60 (1) The above identified outlook for the quarter ending December 27, 201
Slide 11: CEO Remarks
Pa wall SANMINA CEO Remarks Communications * Computing & Storage * Medical Systems * Defense & Aerospace * Multimedia * Clean Technology ° Industrial * Automotive What we make, makes a difference™
Slide 12: Q4'14 Revenue Breakdown By End-Market
Q4’14 Revenue Breakdown By End-Market ($ in Millions) Industrial/Medical/ Defense $622M / 37% Communications Networks $702M / 41% Computing and Storage $213M / 13% Multimedia $150M / 9% Communications Networks Industrial/Medical/Defense Computing & Storage Multimedia (Networking, Wireline & Wireless
Slide 13: Q1'15 End-Market Outlook
Q1’15 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 Q1’15 Communications Networks FLAT (Networking, Wireline & Wireless Infrastruct
Slide 14: Summary
Summary Q4’14: Solid results – Excellent execution FY’14: Good year as we managed the quality of growth Q1’15: Demand stable – focused on market and customer diversification FY’15: Remains positive, solid foundation to continue to build on Consistent and Predictable Results 14
Slide 15: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended September 27, 2014
Slide 16: GAAP Condensed Consolidated Balance Sheet
GAAP Condensed Consolidated Balance Sheet September 27, September 28, (in thousands) 2014 2013 (Unaudited) ASSETS Current assets: Cash and cash equivalents $ 466,607 $ 402,875 Accounts receivable, net 979,475 944,816 Inventories 893,178 781,560 Prepaid expenses and other current assets 111,714 75,33
Slide 17: GAAP Condensed Consolidated Statement of Operations
GAAP Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended Twelve Months Ended Sept. 27, Sept. 28, Sept. 27, Sept. 28, (in thousands, except per share amounts) 2014 2013 2014 2013 Net sales $ 1,686,169 $ 1,505,323 $ 6,215,106 $ 5,917,124 Cost of sales 1,554,551 1,389,989 5,72
Slide 18: Reconciliation of GAAP to Non-GAAP Measures
Reconciliation of GAAP to Non-GAAP Measures (Unaudited) Three Month Periods Twelve Month Periods ($ in thousands, except per share data) Q4'14 Q3'14 Q4'13 FY14 FY13 GAAP Revenue $ 1,686,169 $ 1,604,727 $ 1,505,323 $ 6,215,106 $ 5,917,124 Adjustments Distressed customer charges (2) 1,856 - - 1,856 -
Slide 19: Reconciliation of GAAP to Non-GAAP Measures (Continued)
Reconciliation of GAAP to Non-GAAP Measures (Continued) (Unaudited) Three Month Periods Twelve Month Periods ($ in thousands, except per share data) Q4'14 Q3'14 Q4'13 FY14 FY13 GAAP Interest and Other, net $ (11,142) $ (14,330) $ (6,177) $ (37,943) $ (54,223) Adjustments Loss on dedesignation of int
Slide 20: What we make, makes a difference
What we make, makes a difference” pa wat SANMINA 20