Slide 1: Q1 Fiscal 2025 Financial Results
Q1 Fiscal 2025 Financial Results January 27, 2025
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 second 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 Securiti
Slide 4: Financial Overview
Financial Overview Jon Faust
Slide 5: Non-GAAP Financial Highlights
Non-GAAP Financial Highlights Q1 FY’25 Outlook WAS Revenue $2.01B $1.925B - $2.025B Gross Margin 9.0% 8.4% - 8.8% Operating Margin 5.6% 5.3% - 5.7% Diluted EPS $1.44 $1.30 - $1.40 Solid Start to Fiscal 2025 Refer to GAAP to non-GAAP reconciliation on slide 21. 5
Slide 6: Non-GAAP P&L Performance
Non-GAAP P&L Performance ($ in millions, except per share data) Revenue Non-GAAP Gross Margin $2,006 9.0% 8.8% $1,875 $165 $180 Q1'24 Q1'25 Q1'24 Q1'25 Non-GAAP Operating Margin Non-GAAP Diluted Earnings Per Share 5.5% 5.6% $1.44 $113 $1.30 $102 Q1'24 Q1'25 Q1'24 Q1'25 Refer to GAAP to non-GAAP reco
Slide 7: Segment Reporting: Revenue and Non-GAAP Gross Margin
Segment Reporting: Revenue and Non-GAAP Gross Margin* ($ in millions) Integrated Manufacturing Solutions Components, Products and Services $1,506 $1,623 $416 $394 7.6% 7.9% 13.0% 12.5% Q1'24 Q1'25 Q1'24 Q1'25 *Revenue and non-GAAP gross margin for IMS segment and CPS category includes inter-segment
Slide 8: Balance Sheet
Balance Sheet ($ in millions) 12/28/2024 Cash and cash equivalents $ 642 Key Takeaways: Accounts receivable, net 1,354 Contract assets 387 Strong cash position Inventories 1,426 No borrowings under $800M Revolver at quarter end Property, plant and equipment, net 605 Substantial liquidity: ~$1.
Slide 9: Q1 FY'25 Cash Flow Highlights
Q1 FY’25 Cash Flow Highlights Cash Flow from Operations: $64 million $17 million Net CapEx: Investing in growth markets, technology and capabilities to support long-term growth Free Cash Flow: $47 million Non-GAAP EBITDA $145 million $16 million for 0.2 million shares Share Repurchases:
Slide 10: Capital Allocation Strategy
Capital Allocation Strategy Focused on Growth Strategic Share Organic Growth M&A and Reduce Debt Repurchases Partnerships ROI Based Approach Board Authorized an Additional $300 Million for Share Repurchases 10
Slide 11: Q2 FY'25 Outlook
Q2 FY’25 Outlook The following outlook is for the second fiscal quarter ending March 29, 2025*. Q2 FY’25 Revenue: $1.9B - $2.0B GAAP Diluted EPS: $1.03 - $1.13 Non-GAAP Diluted EPS: $1.30 - $1.40 *The outlook and certain statements made during this presentation, including our financial outlook for t
Slide 12: Business Overview
SANMINA Business Overview Jure Sola
Slide 13: Q1 FY'25 Overview
Q1 FY’25 Overview Solid execution Revenue and non-GAAP operating margin towards the high end of our outlook Non-GAAP gross margin and EPS exceeded our outlook Customers continue to work down inventory New programs ramping Strong Momentum 13
Slide 14: Revenue by End-Market
Revenue by End-Market ($ in millions) Q1 FY’24 Q1 FY’25 Industrial & Energy/Medical/ $1,257 $1,269 Defense & Aerospace/Automotive Communications Networks and $618 $737 Cloud Infrastructure Total $1,875 $2,006 Q1 FY’25 Top 10 Customers – 50.1% of Revenue 14
Slide 15: Key Markets to Drive Future Growth
Key Markets to Drive Future Growth Industrial & Energy Medical Defense & Aerospace Automotive & Transportation High Density / High Performance Networks Cloud Infrastructure Providing Leading Technology to Customers in Heavily Regulated Markets 15
Slide 16: FY'25 Outlook – Focused on Profitable Growth
FY’25 Outlook – Focused on Profitable Growth Revenue growth in the high single digits Market diversification with higher margin opportunities Margin expansion and earnings growth Generate strong cash flow Maximize shareholder value Investing in Faster Growing and Higher Margin End-Markets
Slide 17: Summary
Summary Ongoing diversification in growth markets Manufacturing footprint is well aligned with customer needs Consistent cash generation to fund the business with a disciplined approach Remain focused on the fundamentals and future financial performance Continue to be a partner of choice w
Slide 18: Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP
Consolidated Financial Statements Reconciliation of GAAP vs. Non-GAAP Quarter Ended: December 28, 2024
Slide 19: Condensed Consolidated Balance Sheets
ty SANMINA Sanmina Corporation Condensed Consolidated Balance Sheets (in thousands) (GAAP) (Unaudited) December 28, September 28, 2024 2024 ASSETS Current assets: Cash and cash equivalents $ 642,402 §$ 625,860 Accounts receivable, net 1,354,199 1,337,562 Contract assets 386,633 384,077 Inventories 1
Slide 20: Condensed Consolidated Statements of Income
ty SANMINA Sanmina Corporation Condensed Consolidated Statements of Income (in thousands, except per share amounts) (GAAP) (Unaudited) Three Months Ended : 70,845 64,785 1,436 2,190 i a Interest and other, net g 8 Income before income taxes 8 3 i Net income before noncontrolling interest 70,884 60,3
Slide 21: 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 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 GAAP Gross profit $ 167,915 $ 171,293 $ 153,539 $ 154,757 $ 160,840 GAAP Gross margin 8.4 % 8.5 % 8.3 % 8.4 % 8.6 % Adjustments Sto
Slide 22: Condensed Consolidated Cash Flow
Sanm ina Corporation Condensed Consolidated Cash Flow (in thousands) (GAAP) (Unaudited) Three Month Periods Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Net income before noncontrolling interest $ 70,884 $ 67,340 $ 54,738 $ 55,309 $ 60,364 Depreciation 31,845 31,654 29,764 30,274 30,726 Other, net 21,154 30,110 19
Slide 23: Pre-Tax Return on Invested Capital (ROIC)
Sanm ina Corporation Pre-Tax Return on Invested Capital (ROIC) ($ in thousands) (Unaudited) Three Month Periods Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 GAAP Operating income $ 88,610 $ 89,590 $ 82,367 $ 75,961 $ 87,576 x 4.0 4.0 4.0 4.0 4.0 Annualized GAAP Operating income 354,440 358,360 329,468 303,844 350,
Slide 24: 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 Decem ber 28, Septem ber 28, Decem ber 30, 2024 2024 2023 EBITDA GAAP Operating Income $ 88,610 $ 89,590 $ 87,576 Depreciation 31,845 31,654 30,726 GAAP EBITDA $ 120,455 $ 121,244 $
Slide 25: Thank You
Thank You