Slide 1: Q2 2021 Earnings Release
Q2 2021 EARNINGS RELEASE Conference Call | August 4, 2021 Q2 2021 Earnings Release |
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 third quarter and full- year 2021, and the continuing impact of the global pandemic. Forward-look
Slide 3: Q2 2021 Financial Highlights
Q2Financial Goals 2021 Highlights Revenue of $603M, EBITDA increased 90% EPS of $1.21, Increased FY 2021 compared to guidance year over year to compared to guidance revenue guidance from of $93.4M of $0.88 - $0.98 and $2.130 - $2.180 billion $535M - $550M $0.46 in the year ago to EBITDA margin of pe
Slide 4: Q2 2021 Financial Summary
Q2 2021 Financial Summary Q2 2021 Q1 2021 Q2 2020 Revenue $602.8M $536.4M $424.8M Gross profit $215.2M $193.1M $150.5M Gross profit percentage 35.7% 36.0% 35.4% EBITDA $93.4M $80.1M $49.1M EBITDA percentage 15.5% 14.9% 11.6% Net Income(1) $54.7M $42.4M $20.3M Earnings Per Share(2) $1.21 $0.94 $0.46
Slide 5: Q2 2021 Segment Results
Q2 2021 Segment Results Industrial Enterprise Consolidated Solutions Solutions Q2 2021 Revenue $335.3M $267.5M $602.8M EBITDA(1) $56.7M $35.3M $93.4M EBITDA Margin 16.9% 13.2% 15.5% Q1 2021 Revenue $310.0M $226.4M $536.4M EBITDA(1) $51.4M $28.1M $80.1M EBITDA Margin 16.6% 12.4% 14.9% Q2 2020 Revenue
Slide 6: Q2 2021 Balance Sheet Highlights
Q2 2021 Balance Sheet Highlights Q2 2021 Q1 2021 Q2 2020 Cash and Cash Equivalents $423M $371M $360M Working Capital Turns 7.6x 6.7x 5.5x Days Sales Outstanding 53 54 60 Inventory Turns 5.1x 5.0x 4.5x Total Debt Principal Amount $1.54B $1.53B $1.56B Net Leverage(1) 3.3x 4.0x 3.6x (1) Net leverage is
Slide 7: Attractive Pro Forma Maturity Schedule
Attractive Pro Forma Maturity Schedule $M $600 Euro-denominated debt $534 New $500 at a pre-tax cost of 3.6% Issuance in July $415 $400 $356 No maturities until $356 $300 2026 - 2031 $237 $200 No maintenance $100 covenants $0 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Extending the 2025
Slide 8: Q2 2021 Cash Flow Highlights
Q2 2021 Cash Flow Highlights YTD YTD Q2 2021 Q2 2020 2021 2020 Cash flows from operating $68.1M $39.9M $26.7M ($12.1M) activities Less: Net capital expenditures(1) $16.4M $19.8M ($27.6M) ($38.6M) Free cash flow(2) $51.7M $20.1M ($1.0M) ($50.8M) (1) Q2 2020 is inclusive of Grass Valley, net of procee
Slide 9: Outlook
Outlook Q3 2021 • Revenue of $590 - $605 million • Earnings Per Share(1) of $1.11 - $1.21 Full Year 2021 • Revenue of $2.320 - $2.350 billion • Earnings Per Share(1) of $4.37 - $4.57 Full Year 2021 Assumptions • Interest expense of $62 million • Tax rate of 19.5% Adjusted Outlook. See Appendix for r
Slide 10: Investment Thesis
Investment Thesis ACCELERATING EBITDA MARGIN DE-LEVERING ORGANIC GROWTH EXPANSION Aligned with secular growth EBITDA margin potential Robust free cash flow markets above prior peaks growth Improved product/solution Operating leverage Returning to the targeted roadmap leverage range of 2x – 3x Produc
Slide 11: Questions?
QUESTIONS? Q2 2021 Earnings Release |
Slide 12: Appendix
APPENDIX Q2 2021 Earnings Release |
Slide 13: Statement of Operations
Statement of Operations Q2 2021 Earnings Release | 13
Slide 14: Operating Segment Information
Operating Segment Information Q2 2021 Earnings Release | 14
Slide 15: Operating Segment Reconciliation to Consolidated Results
Operating Segment Reconciliation to Consolidated Results Q2 2021 Earnings Release | 15
Slide 16: Balance Sheet
Balance Sheet Q2 2021 Earnings Release | 16
Slide 17: Cash Flow Statement
Cash Flow Statement Q2 2021 Earnings Release | 17
Slide 18: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to pla
Slide 19: Reconciliation of Non-GAAP Measures (continued)
Reconciliation of Non-GAAP Measures (continued) In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expens
Slide 20: Free Cash Flow GAAP to Non-GAAP Reconciliation
Free Cash Flow GAAP to Non-GAAP Reconciliation 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 tangible assets. We believe free cash flow provides useful information to i
Slide 21: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures Our guidance for income from continuing operations per diluted share attributable to Belden common stockholders is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results