Slide 1: Q4 and Fiscal 2024 Financial Results
Q4 and Fiscal 2024 Financial Results November 4, 2024
Slide 2: Today's Presenters
Today’s Presenters Jure Sola Jon Faust Chairman & CEO EVP & CFO 2
Slide 3: Safe Harbor Statement
Safe Harbor Statement Certain statements made during this presentation, including our financial outlook for the first quarter fiscal 2025 and expectations for fiscal 2025 generally, constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securitie
Slide 4: Financial Overview
Financial Overview Jon Faust
Slide 5: Non-GAAP Financial Highlights
Non-GAAP Financial Highlights Q4’24 Outlook WAS Revenue $2.02B $1.9B - $2.0B Gross Margin 8.7% 8.3% - 8.8% Operating Margin 5.3% 5.3% - 5.7% Diluted EPS $1.43 $1.30 - $1.40 Solid Finish to FY’24 Refer to GAAP to non-GAAP reconciliation on slide 24. 5
Slide 6: Q/Q Non-GAAP P&L Performance
Q/Q Non-GAAP P&L Performance ($ in millions, except per share data) Revenue Non-GAAP Gross Margin 8.7% 8.8% 8.9% 8.5% 8.7% $2,052 $2,018 $1,875 $1,835 $1,841 $179 $165 $163 $175 $157 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Non-GAAP Operating Margin Non-GAAP Diluted Earnings Per S
Slide 7: Segment Reporting: Revenue and Non-GAAP Gross Margin
Segment Reporting: Revenue and Non-GAAP Gross Margin* ($ in millions) Integrated Manufacturing Solutions Components, Products and Services $1,639 $1,628 $1,506 $1,461 $1,478 $440 $418 $394 $398 $388 13.0% 12.9% 13.6% 10.8% 11.5% 8.0% 7.6% 7.7% 7.6% 7.3% Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q4'23 Q1'24 Q2'2
Slide 8: Y/Y Non-GAAP P&L Performance
Y/Y Non-GAAP P&L Performance ($ in millions, except per share data) Revenue Non-GAAP Gross Profit / Margin $8,935 8.5% 8.7% $7,920 $7,568 8.1% 8.1% $6,738 $763 $638 $661 $543 FY'21 FY'22 FY'23 FY'24 FY'21 FY'22 FY'23 FY'24 Non-GAAP Operating Income / Margin Non-GAAP Diluted Earnings Per Share 5.8% $
Slide 9: Balance Sheet
Balance Sheet ($ in millions) 9/28/2024 Cash and cash equivalents $ 626 Key Takeaways: Accounts receivable, net 1,338 Contract assets 384 Strong cash position Inventories 1,336 No borrowings under $800M Revolver at quarter end Property, plant and equipment, net 616 Substantial liquidity: ~$1.5
Slide 10: Q4 FY'24 Cash Flow Highlights
Q4 FY’24 Cash Flow Highlights ($ in millions) Cash Flow from Operations: $52 million Net CapEx: $23 million Free Cash Flow: $29 million $139 million Non-GAAP EBITDA: FY’24: $528 million 0.9 million shares for $65 million Share Repurchases: FY’24: Approximately 4.0 million shares for $2
Slide 11: Q1'25 Outlook
Q1’25 Outlook The following outlook is for the first fiscal quarter ending December 28, 2024*. Q1’25 Revenue: $1.925B - $2.025B GAAP Diluted EPS: $1.03 - $1.13 Non-GAAP Diluted EPS: $1.30 - $1.40 New Tax Rate Range: 20% - 22% *The outlook and certain statements made during this presentation, includi
Slide 12: Business Overview
Business Overview Jure Sola
Slide 13: Q4'24 Overview
Q4’24 Overview Solid execution Revenue and non-GAAP EPS exceeded outlook Non-GAAP gross margin and operating margin in line with outlook Sequential and Y/Y growth in the communications networks and cloud infrastructure segment Sequential growth in the industrial, medical, defense & aerospa
Slide 14: Revenue by End-Market
Revenue by End-Market ($ in millions) Q4’23 Q3’24 Q4’24 Industrial/Medical/ $1,343 $1,181 $1,253 Defense & Aerospace/Automotive Communications Networks and $709 $660 $765 Cloud Infrastructure Total $2,052 $1,841 $2,018 Q4’24 Top 10 Customers – 51.3% of Revenue 14
Slide 15: FY'24 Market Diversification
FY’24 Market Diversification Industrial Communications Networks Medical Cloud Infrastructure Defense & Aerospace and Automotive Industrial/Medical/Defense/Automotive Communications Networks and Cloud Infrastructure 65% 35% 15
Slide 16: End-Market View: Positive Trends
End-Market View: Positive Trends Industrial, Medical, Defense & Aerospace and Automotive Industrial & Energy Solid base, new projects in the pipeline, lot of opportunity Energy generation and storage Power controls and management Factory automation and semiconductor capital equipment/ lithog
Slide 17: Sanmina's Cloud & Data Center End-to-End Solutions
Sanmina’s Cloud & Data Center End-to-End Solutions * Sanmina Divisions 17
Slide 18: FY'25 Outlook
FY’25 Outlook Revenue Growth from new and existing programs Grow High Single Digits Diversification within target markets Margin expansion driven by: • Revenue growth Margin EPS • Market/program diversification with higher margin opportunities Expansion Growth • Manufacturing efficiencies • OP
Slide 19: Sanmina's Priorities Are Aligned And Focused
Sanmina’s Priorities Are Aligned And Focused “Customer Centric Strategy” - Continue to build around our great diversified customer base Deliver competitive advantage by providing leading technology in heavily regulated markets Remain focused on long-term growth, margin expansion and strong cas
Slide 20: Summary
Summary FY’24 was a transition year – Finished with solid momentum With a strong customer base, we expect FY’25 to be a growth year Ongoing diversification in growth markets Manufacturing footprint is well aligned with customer needs Consistent cash generation to fund the business with a d
Slide 21: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended: September 28, 2024
Slide 22: Condensed Consolidated Balance Sheets
Sanm ina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) Septem ber 28, Septem ber 30, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 625,860 $ 667,570 Accounts receivable, net 1,337,562 1,230,771 Contract assets 384,077 445,757 Inventories 1,335,744
Slide 23: Condensed Consolidated Statements of Income
Sanm ina Corporation Condensed Consolidated Statem ents of Incom e (in thousands, except per share am ounts) (GAAP) (Unaudited) Three Months Ended Tw elve Months Ended Septem ber 28, Septem ber 30, Septem ber 28, Septem ber 30, 2024 2023 2024 2023 Net sales $ 2,017,505 $ 2,052,019 $ 7,568,328 $ 8,93
Slide 24: Reconciliation of GAAP to Non-GAAP Measures
Sanm ina Corporation Reconciliation of GAAP to Non-GAAP Measures (in thousands, except per share am ounts) (Unaudited) Three Month Periods Tw elve Month Periods Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 FY24 FY23 FY22 FY21 GAAP Gross profit $ 171,293 $ 153,539 $ 154,757 $ 160,840 $ 173,428 $ 640,429 $ 743,211 $
Slide 25: Condensed Consolidated Cash Flow
Sanm ina Corporation Condensed Consolidated Cash Flow (in thousands) (GAAP) (Unaudited) Three Month Periods Tw elve Month Periods Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 FY24 FY23 Net income before noncontrolling interest $ 67,340 $ 54,738 $ 55,309 $ 60,364 $ 65,355 $ 237,751 $ 327,513 Depreciation and amorti
Slide 26: Pre-Tax Return on Invested Capital (ROIC)
Sanm ina Corporation Pre-Tax Return on Invested Capital (ROIC) ($ in thousands) (Unaudited) Three Month Periods Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 GAAP Operating income $ 89,590 $ 82,367 $ 75,961 $ 87,576 $ 99,266 x 4.0 4.0 4.0 4.0 4.0 Annualized GAAP Operating income 358,360 329,468 303,844 350,304 397,
Slide 27: Reconciliation of GAAP to Non-GAAP Measures: EBITDA
Sanm ina Corporation Reconciliation of GAAP to Non-GAAP Measures: EBITDA (in thousands) (Unaudited) Three Months Ended Tw elve Months Ended Septem ber 28, June 29, Septem ber 30, Septem ber 28, Septem ber 30, 2024 2024 2023 2024 2023 EBITDA GAAP Operating Income $ 89,590 $ 82,367 $ 99,266 $ 335,494
Slide 28: Thank You
NY SANMINA Thank You