2016 investor deck august v1

1. © 2016 Belden Inc. | belden.com | @BeldenInc
August 2016
Belden
Leading the Way to an
Interconnected World

2. © 2016 Belden Inc. | belden.com | @BeldenInc 2
Leading The Way to an Interconnected World
Delivering highly-engineered signal transmission
solutions for mission-critical applications in a diverse set of global markets
Business Platforms Applications Vertical Markets
Data
Sound
Video
Industrial
Enterprise
Broadcast

3. © 2016 Belden Inc. | belden.com | @BeldenInc 3
Five Business Platforms Delivering
Innovative Connectivity Solutions
Broadcast Enterprise
Industrial
Connectivity
Industrial IT
Solutions
Network
Security
• Industrial and I/O
Connectors
• Industrial Cable
• Distribution Boxes
• Customized
Connectivity Solutions
• Ethernet Switches
• Wireless Systems
• Routers and
Gateways
• Security Devices
• Network Management
Software
• Copper and Fiber
Connectivity
• Racks and Enclosures
• Ethernet, Fiber Optic
and Coaxial Cabling
• Custom Infrastructure
Solutions
• Broadcast Connectors
• Routers and Interfaces
• Broadband
Connectivity
• Multi-Viewers and
Monitoring and Control
Systems
• Playout Systems
• Vulnerability
Assessment
• Security Configuration
Management
• Log Intelligence
• Analytics and
Reporting

4. © 2016 Belden Inc. | belden.com | @BeldenInc 4
A Global Signal Transmission Solutions Company
Broadcast
Enterprise
Connectivity
Industrial
Connectivity
Industrial IT
Network
Security
Market Size1
$4.0B $4.2B $4.0B $1.3B $4.3B
3-Year Market
Growth Rate
1-3% 1-3% 0-2% 1-3% 10-12%
Market Share1
18% 14% 16% 20% 4%
2015 Revenue $740.0M $605.9M $603.3M $244.3M $167.1M
2015 EBITDA
Margin
15.4% 16.5% 16.6% 17.7% 26.7%
Key Markets
• Broadband
• Broadcast
Studios
• Mobile
Production
• Finance
• Healthcare
• Commercial
Buildings
• Discrete
• Process
• Energy
• Transportation
• Finance
• Energy
• Retail
• Government
• Industrial
1. Served addressable market..

5. © 2016 Belden Inc. | belden.com | @BeldenInc 5
2008 Versus 2015
Market
Broadcast
Enterprise
Industrial
Product
Networking
Connectivity
Cable
2008
Market Product
2015
Divested cable
Acquired software,
networking and
connectivity
Network Security Security
Broadcast
Enterprise
Industrial
Networking
Connectivity
Cable

6. © 2016 Belden Inc. | belden.com | @BeldenInc 6
Financial Performance
Revenues (M) EBITDA Margin1 Return on
Invested Capital2 Free Cash Flow3
2005 $1,246 8.5% 4.1% $37M
2015 $2,361 17.0% 12.0% $182M
Variance 6.6% CAGR
Improvement of
850 bps
Average of
13.1%
17.3% CAGR
Driving best-in-class shareholder value
1. Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results .
2. Excluding excess cash, Average of 2012-2015.
3. See investor.belden.com for reconciliation to comparable GAAP results

7. © 2016 Belden Inc. | belden.com | @BeldenInc 7
Connectivity Peers
Cable Peers
10.0%
20.0%
30.0%
40.0%
50.0%
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
A Common Misperception About Belden
“Belden is a Wire and Cable company.”
Improvement of
1,930 bps
Belden’s Gross Profit Margin Exceeds Connectivity Peers
1. Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results

8. © 2016 Belden Inc. | belden.com | @BeldenInc 8
10 Year EPS Growth
0%
5%
10%
15%
20%
25%
Peer A S&P 500 Peer B Peer C Peer D Belden
Since 2005, Belden has generated
upper quartile EPS growth of 22%

9. © 2016 Belden Inc. | belden.com | @BeldenInc 9
A Quality Balance Sheet with Long Term Maturities
Fixed long term debt with no significant maturities until 2022
$3 $3 $3 $8
$243
$700
$553
$200
$-
$200
$400
$600
$800
2016 2017 2018 2019 2020 2021 2022 2023 2024
Note: Pro forma debt maturity schedule reflects expected TLB amortization
Euro-denominated debt based on conversion rate at 17/3/16

10. © 2016 Belden Inc. | belden.com | @BeldenInc 10
4.2x
4.9x 4.9x
4.7x 4.6x
4.2x
4.5x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
2010 2011 2012 2013 2014 2015 2016
Net Interest Coverage Ratio Has Been Consistent
Incurrence
Covenant
Belden generates more than 2x the required EBITDA
Net Interest Coverage Ratio

11. © 2016 Belden Inc. | belden.com | @BeldenInc 11
A Disciplined Capital Deployment Strategy
Innovation and
Market Expansion
Share
Repurchase
M&A
Invest in
growth opportunities
Repurchase Belden stock
at attractive prices
Identify product and market
opportunities, and acquire with
a disciplined approach
• Product innovation
• Productivity
improvement
• Capital expenditure
• Repurchased 7.4 million
shares at $47.43 average
• ~16% of outstanding
shares
• $350M invested since
2011
• >$2.8 billion invested
since 2007
• >13% Cash ROIC on
acquisitions made
before 2015
2015 ROIC* = 12.0%
Deploy capital to highest ROIC project
* ROIC excluding excess cash

12. © 2016 Belden Inc. | belden.com | @BeldenInc 12
Operational
Excellence
BUSINESS
MODEL
Free Cash Flow
Greater Than Net
Income1
LEAN Enterprise
Market Delivery System
Talent Development
80% of capital
allocated to M&A
Continued Execution of Business Model to Drive
Ongoing Transformation
Cash
Generation
Portfolio
Improvement
1. Adjusted Net Income. See investor.belden.com for reconciliation to comparable GAAP results

13. © 2016 Belden Inc. | belden.com | @BeldenInc 13
A Commitment To Operational Excellence
LEAN
Enterprise
Market Delivery
System
Talent
Development
Operational efficiency
through continuous
improvement on a
company-wide basis
Four inter-related
processes that provide
the foundation for
organic growth
Create and enhance
career opportunities for
talented new and
current associates
LEAN metrics are
utilized company-wide;
not just in
manufacturing
A global commercial
team capable of solving
complex networking
applications
98% retention rate of
high-potential
associates
75% internal fill rate

14. © 2016 Belden Inc. | belden.com | @BeldenInc 14
High Quality Earnings: Free Cash Flow Generation
Delivering 21.3% CAGR in free cash flow per share
0
1
2
3
4
5
6
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
FCF per Share1
1. Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results
2. Adjusted amount. Excludes the $25.4M of Broadcast restructuring program that began in Q3 2015.
$2.41
$3.07
$3.38
$2.47
$0.71
$1.80
$4.882
$3.03 $3.16
$4.28
$4.46
21.3% CAGR

15. © 2016 Belden Inc. | belden.com | @BeldenInc 15
Buy leading companies…
• That fit a strategic framework
• With top management teams
Our Inorganic Strategy
• That offer innovative products
• With opportunity for significant synergy
TALENTED
GLOBAL TEAM
IDENTIFYING
ATTRACTIVE
OPPORTUNITIES
THAT FIT WITHIN
OUR STRATEGIC
FRAMEWORK
To FURTHER our LEADERSHIP within each platform
Broadcast Enterprise Industrial Network Security

16. © 2016 Belden Inc. | belden.com | @BeldenInc 16
10%
12%
14%
16%
18%
20%
2010 2011 2012 2013 2014 2015
Consistent Margin Progression
We have shown the ability to consistently
improve margins in a low-growth environment
EBITDA
Margin
Goal:
18 - 20%
11.9% 11.7%
13.0%
15.7% 15.5%
EBITDA Margin (%)1
17.0%Peer Average
1. Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results

17. © 2016 Belden Inc. | belden.com | @BeldenInc 17
Transformation To Drive Continued Margin Expansion
14%
16%
18%
20%
2015 Leverage Mix Productivity Inorganic 2018
140 bps
20 bps
120 bps
20 bps 20.0%
17.0%

18. © 2016 Belden Inc. | belden.com | @BeldenInc 18
Opportunity Exists to Drive Increased Shareholder Value
4x
8x
12x
16x
EV/EBITDAMultiple
10% 15% 20% 25% 30%5%
EBITDA-Capex Margin
A
B
C
Increased free cash flow margin drives multiple expansion
Legacy Peers
E
C
D
A
B
Best In Class
Peers
F
2008
Today

19. © 2016 Belden Inc. | belden.com | @BeldenInc 19
Business Model Goals
THREE YEAR FINANCIAL GOALS
Growth 5 - 7%
EBITDA 18 - 20%
Return on Invested Capital 13 - 15%
Free Cash Flow Exceed Net Income
• Headwinds
− Weak global growth
− Strong US dollar
− Sustained low oil prices
• Tailwinds
− Cybersecurity
− Broadband demand
− Strength in enterprise
Market Growth
1-3%
Share Capture
2%
Inorganic Activity
2%
Total
Growth
5-7%
=+ +

20. © 2016 Belden Inc. | belden.com | @BeldenInc 20
Accelerating Shareholder Value with
Strong Financial Performance
Balanced
Profitable
Well
Capitalized
Value
Creating
Consistent growth and balance across regions
and platforms drives predictable results
Business transformation delivering an
improved business model
Excellent cash flow generation, low cost of
capital creates significant strategic advantage
Disciplined approach to deploying capital
creates value

21. © 2016 Belden Inc. | belden.com | @BeldenInc 21
Updated Guidance

22. © 2016 Belden Inc. | belden.com | @BeldenInc 22
Q3 and Full Year 2016 Guidance
*
Fiscal Year 2016
Revenues
of between
$595 and $615
million
*Non-GAAP results. See following slide for reconciliation to comparable GAAP results
Q3 2016
EPS
of between
$1.20 and
$1.30 per
diluted share
Revenues
of between
$2.355 and
$2.385 billion
EPS
of between
$5.15 and
$5.35 per
diluted share

23. © 2016 Belden Inc. | belden.com | @BeldenInc 23
GAAP to Non-GAAP Reconciliation
Year Ended Three Months Ended
December 31, 2016 October 2, 2016
Adjusted revenues $2.355 - $2.385 billion $595 - $615 million
Deferred revenue adjustments ($7 million) ($2 million)
GAAP revenues $2.348 - $2.378 billion $593 - $613 million
Adjusted income per diluted share attributable to Belden stockholders $5.15 - $5.35 $1.20 - $1.30
Amortization of intangible assets ($1.61) ($0.41)
Severance, restructuring, and acquisition integration costs ($0.55) ($0.26)
Deferred gross profit adjustments ($0.11) ($0.02)
GAAP income per diluted share attributable to Belden stockholders $2.88 - $3.08 $0.51 - $0.61
Our guidance for revenues and income per diluted share attributable to Belden stockholders is based upon information currently
available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the
factors listed under "Forward-Looking statements" in this release. In addition, our actual results are likely to be impacted by other
additional events for which information is not available, such as asset impairments, purchase accounting effects related to acquisitions,
severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on
debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.

24. © 2016 Belden Inc. | belden.com | @BeldenInc 24
Q2 2016 Earnings Release
Conference Call Presentation

25. © 2016 Belden Inc. | belden.com | @BeldenInc 25
Our commentary and responses to your questions may contain forward-looking
statements, including our outlook for the 2016 third quarter, second half and full year.
Forward-looking statements also include projections of sales, earnings, general
economic conditions, market conditions, working capital, market shares, free cash flow,
pricing levels, and effective tax rates. Belden undertakes no obligation to update any
such statements to reflect later developments, except as required by law. Information on
factors that could cause actual results to vary materially from those discussed today is
available in the press release announcing 2016 second quarter results, our most recent
Annual Report on Form 10-K as filed with the SEC on February 25, 2016 (including
those discussed under “Risk Factors” in Part I, Item 1A and in “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in Part II,
Item 7), and our subsequent filings with the Securities and Exchange Commission.
Safe Harbor Statement
Non-GAAP Measures
On this call we will discuss some non-GAAP measures (denoted by footnote) in
discussing Belden’s performance, and the reconciliation of those measures to the most
comparable GAAP measures is contained within this presentation or available at our
investor relations website, investor.belden.com.

26. © 2016 Belden Inc. | belden.com | @BeldenInc 26
• Achieved revenues of $603.4 million, an increase of 2.6%
organically from the prior-year period;
• Generated EBITDA margins of 17.9%, increasing 120 basis
from 16.7% in the year-ago period;
• Achieved EPS of $1.54, up 27% over last year’s $1.21;
• Generated an additional $57.5 million in free cash flow year-
to-date compared to the year-ago period;
Q2 2016 Highlights
Adjusted results. See Appendix for reconciliation to comparable GAAP results.
All references to EPS refer to income attributable to Belden stockholders per diluted share.

27. © 2016 Belden Inc. | belden.com | @BeldenInc 27
Precision A/V
Cable and Connectivity
Q2 2016 Segment Overview
Revenue $39.1M
EBITDA Margin 24.3%
Revenue $62.5M
EBITDA Margin 20.3%
Revenue $160.4M
EBITDA Margin 18.4%
Revenue $147.8M
EBITDA Margin 18.3%
Revenue $193.5M
EBITDA Margin 15.2%
Broadcast
Enterprise
Connectivity
Industrial
Connectivity
Industrial
IT
Network
Security
Camera Mounted
Fiber Solutions
Signal Processing
& Routing
Monitoring
Systems
Automation Playout
& Branding
Systems
Industrial and
I/O Connectors
Industrial
Cables
IP/Networking
Cables
I/O Modules/
Active
Distribution
Boxes
Customer-Specific
Wiring
Copper and Fiber
Connectivity
Racks and
Enclosures
Ethernet,
Fiber Optic and Coaxial
Cables, Security
& Routing
Wireless Switches Connectivity
Vulnerability AssessmentTargeted Attack Detection Threat Analytics
Drop, Headend and
Hardline Connectors

28. © 2016 Belden Inc. | belden.com | @BeldenInc 28
Q2 2016 Financial Summary
Q2 2016 Q1 2016 Q2 2015
Revenue $603.4M $543.8M $598.5M
Gross profit $252.0M $229.8M $249.5M
Gross profit percentage 41.8% 42.3% 41.7%
EBITDA $108.1M $89.1M $100.1M
EBITDA percentage 17.9% 16.4% 16.7%
Net Income1 $65.5M $42.7M $52.2M
Earnings Per Share1
$1.54 $1.01 $1.21
Adjusted results. See Appendix for reconciliation to comparable GAAP results.
(1) All references to Net Income and EPS refer to income attributable to Belden stockholders and income attributable to Belden
stockholders per diluted share.

29. © 2016 Belden Inc. | belden.com | @BeldenInc 29
Q2 2016 Segment Results
Consolidated are adjusted results. See Appendix for reconciliation to comparable GAAP results.
(1) Consolidated results include income from our equity method investment.
Broadcast
Enterprise
Connectivity
Industrial
Connectivity
Industrial IT
Network
Security
Consolidated
Q2 2016
Revenue $193.5M $160.4M $147.8M $62.5M $39.1M $603.4M
EBITDA(1) $29.5M $29.6M $27.1M $12.7M $9.5M $108.1M
EBITDA Margin 15.2% 18.4% 18.3% 20.3% 24.3% 17.9%
Q1 2016
Revenue $171.3M $135.9M $141.1M $53.9M $41.7M $543.8M
EBITDA(1) $23.3M $23.7M $23.0M $8.6M $11.5M $89.1M
EBITDA Margin 13.6% 17.5% 16.3% 16.0% 27.5% 16.4%
Q2 2015
Revenue $174.9M $161.8M $160.9M $61.3M $39.6M $598.5M
EBITDA(1) $22.9M $30.0M $28.7M $10.2M $8.8M $100.1M
EBITDA Margin 13.1% 18.4% 17.8% 16.6% 22.1% 16.7%

30. © 2016 Belden Inc. | belden.com | @BeldenInc 30
Q2 2016 Balance Sheet Highlights
Q2 2016 Q1 2016 Q2 2015
Cash and cash equivalents $176M $146M $208M
Inventory turns 7.1x 5.9x 6.0x
Days sales outstanding 60 days 60 days 64 days
PP&E turns 7.6x 6.8x 7.3x
Total debt principal amount $1.71B $1.72B $1.92B
Net Leverage1 3.6x 3.7x 3.9x
(1) Net leverage calculated as (A) total debt less cash and cash equivalents divided by (B) trailing twelve months Adjusted EBITDA plus trailing twelve months stock based compensation
expense plus trailing twelve months long-term incentive plan expense for certain acquired companies.

31. © 2016 Belden Inc. | belden.com | @BeldenInc 31
Q2 2016 Cash Flow Highlights
(1) Capital expenditures, net of proceeds from the disposal of tangible assets. See Appendix for reconciliation.
(2) Free cash flow is not a term defined by generally accepted accounting principles (GAAP) and our definition may or may not be used consistently with other companies that define this term.
See Appendix for reconciliation to comparable GAAP results.
(3) Net of cash acquired.
Q2 2016 Q2 2015 YTD 2016 YTD 2015
Cash flows from operating activities $ 47.8M $ 53.3M $60.5M $ 5.0M
Less: Net capital expenditures(1) $ 11.7M $ 11.7M $ 25.1M $ 27.1M
Free cash flow (2) $ 36.1M $ 41.6M $ 35.4M $ (22.1M)
Cash used to acquire businesses(3) $ 2.5M $ 0.0M $ 17.8M $ 695.3M
Cash dividends paid $ 2.1M $ 2.1M $ 4.2M $ 4.2M

32. © 2016 Belden Inc. | belden.com | @BeldenInc 32
July 3, 2016 June 28, 2015 July 3, 2016 June 28, 2015
Revenues $ 601,631 $ 585,755 $ 1,143,128 $ 1,132,712
Cost of sales (353,418) (351,479) (669,880) (690,787)
Gross profit 248,213 234,276 473,248 441,925
Selling, general and administrative expenses (123,057) (127,584) (245,463) (267,632)
Research and development (36,652) (36,632) (72,785) (72,831)
Amortization of intangibles (26,263) (25,917) (51,795) (52,421)
Operating income 62,241 44,143 103,205 49,041
Interest expense, net (24,049) (24,769) (48,445) (48,615)
Income fromcontinuing operations before taxes 38,192 19,374 54,760 426
Income taxbenefit 3,558 2,303 3,415 1,615
Income fromcontinuing operations 41,750 21,677 58,175 2,041
Loss fromdisposal of discontinued operations, net of tax - (86) - (86)
Net income 41,750 21,591 58,175 1,955
Less: Net loss attributable to noncontrolling interest (99) - (198) -
Net income attributable to Belden stockholders $ 41,849 $ 21,591 $ 58,373 $ 1,955
Weighted average number of common
shares and equivalents:
Basic 42,085 42,655 42,046 42,596
Diluted 42,548 43,233 42,493 43,224
Basic income per share attributable to Belden stockholders:
Continuing operations $ 0.99 $ 0.51 $ 1.39 $ 0.05
Disposal of discontinued operations - - - -
Net income $ 0.99 $ 0.51 $ 1.39 $ 0.05
Diluted income per share attributable to Belden stockholders:
Continuing operations $ 0.98 $ 0.50 $ 1.37 $ 0.05
Disposal of discontinued operations - - - -
Net income $ 0.98 $ 0.50 $ 1.37 $ 0.05
Dividends declared per share $ 0.05 $ 0.05 $ 0.10 $ 0.10
Three Months Ended Six Months Ended
(In thousands, except per share data)
Statement of Operations
Unaudited

33. © 2016 Belden Inc. | belden.com | @BeldenInc 33
Broadcast
Solutions
Enterprise
Connectivity
Industrial
Connectivity
Industrial
IT
Network
Security Total Segments
For the three months ended July 3, 2016
Segment Revenues $ 193,521 $ 160,401 $ 147,808 $ 62,510 $ 39,141 603,381$
Segment EBITDA 29,505 29,575 27,064 12,676 9,515 108,335
Segment EBITDA margin 15.2% 18.4% 18.3% 20.3% 24.3% 18.0%
Depreciation expense 4,061 3,429 2,709 660 1,128 11,987
Amortization of intangibles 13,420 432 601 1,506 10,304 26,263
Severance, restructuring, and acquisition integration costs 1,319 1,207 2,371 943 29 5,869
Deferred gross profit adjustments 494 - - - 1,256 1,750
For the three months ended June 28, 2015
Segment Revenues $ 174,923 $ 161,827 $ 160,875 $ 61,270 39,618$ 598,513$
Segment EBITDA 22,878 29,792 28,680 10,178 8,772 100,300
Segment EBITDA margin 13.1% 18.4% 17.8% 16.6% 22.1% 16.8%
Depreciation expense 4,140 3,180 2,869 584 919 11,692
Amortization of intangibles 12,595 429 807 1,479 10,607 25,917
Severance, restructuring, and acquisition integration costs 3,283 83 1,163 - 378 4,907
Deferred gross profit adjustments (924) - - - 14,364 13,440
For the three months ended April 3, 2016
Segment Revenues 171,272$ 135,892$ 141,091$ 53,882$ 41,663$ 543,800$
Segment EBITDA 23,267 23,736 22,987 8,609 11,467 90,066
Segment EBITDA margin 13.6% 17.5% 16.3% 16.0% 27.5% 16.6%
Depreciation expense 3,962 3,389 2,718 524 1,070 11,663
Amortization of intangibles 12,931 429 591 1,510 10,071 25,532
Severance, restructuring, and acquisition integration costs 4,378 500 865 2,665 - 8,408
Purchase accounting effects of acquisitions 195 - - - - 195
Deferred gross profit adjustments 614 - - - 1,689 2,303
(In thousands, except percentages)
Operating Segment Information
Unaudited

34. © 2016 Belden Inc. | belden.com | @BeldenInc 34
July 3, 2016 June 28, 2015 April 3, 2016
Total Segment Revenues $ 603,381 $ 598,513 $ 543,800
Deferred revenue adjustments (1,750) (12,758) (2,303)
Consolidated Revenues $ 601,631 $ 585,755 $ 541,497
Total Segment EBITDA $ 108,335 $ 100,300 $ 90,066
Income fromequity method investment 661 343 (170)
Eliminations (886) (544) (831)
Consolidated Adjusted EBITDA (1) 108,110 100,099 89,065
Amortization of intangibles (26,263) (25,917) (25,532)
Deferred gross profit adjustments (1,750) (13,440) (2,303)
Severance, restructuring, and acquisition integration costs (5,869) (4,907) (8,408)
Depreciation expense (11,987) (11,692) (11,663)
Purchase accounting effects related to acquisitions - - (195)
Consolidated operating income 62,241 44,143 40,964
Interest expense, net (24,049) (24,769) (24,396)
Consolidated income fromcontinuing operations before taxes $ 38,192 $ 19,374 $ 16,568
(1) Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.
(In thousands)
Three Months Ended
Operating Segment Reconciliation to Consolidated
Results
Unaudited

35. © 2016 Belden Inc. | belden.com | @BeldenInc 35
July 3, 2016 December 31, 2015
(Unaudited)
Current assets:
Cash and cash equivalents 175,772$ 216,751$
Receivables, net 393,436 387,386
Inventories, net 198,625 195,942
Other current assets 51,403 37,079
Total current assets 819,236 837,158
Property, plant and equipment, less accumulated depreciation 314,697 310,629
Goodwill 1,404,099 1,385,115
Intangible assets, less accumulated amortization 614,422 655,871
Deferred income taxes 34,747 34,295
Other long-lived assets 67,689 67,534
3,254,890$ 3,290,602$
Current liabilities:
Accounts payable 204,272$ 223,514$
Accrued liabilities 291,944 323,249
Current maturities of long-termdebt 2,500 2,500
Total current liabilities 498,716 549,263
Long-termdebt 1,681,866 1,725,282
Postretirement benefits 106,862 105,230
Deferred income taxes 43,700 46,034
Other long-termliabilities 39,291 39,270
Stockholders’ equity:
Common stock 503 503
Additional paid-in capital 609,061 605,660
Retained earnings 733,852 679,716
Accumulated other comprehensive loss (59,069) (58,987)
Treasury stock (401,089) (402,793)
Total Belden stockholders’ equity 883,258 824,099
Noncontrolling interest 1,197 1,424
Total stockholders' equity 884,455 825,523
3,254,890$ 3,290,602$
(In thousands)
ASSETS
LIABILITIES AND STOCKHOLDERS’ EQUITY
Balance Sheet

36. © 2016 Belden Inc. | belden.com | @BeldenInc 36
July 3, 2016 June 28, 2015
Cash flows fromoperating activities:
Net income $ 58,175 $ 1,955
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 75,445 75,654
Share-based compensation 8,587 9,891
Taxbenefit related to share-based compensation (116) (5,288)
Changes in operating assets and liabilities, net of the effects of currency exchange
rate changes and acquired businesses:
Receivables (3,750) (6,250)
Inventories 368 (11,837)
Accounts payable (20,730) (43,689)
Accrued liabilities (39,356) (4,363)
Accrued taxes (17,759) (10,214)
Other assets 2,457 (1,736)
Other liabilities (2,867) 923
Net cash provided by operating activities 60,454 5,046
Cash flows frominvesting activities:
Capital expenditures (25,124) (27,224)
Cash used to acquire businesses, net of cash acquired (17,848) (695,345)
Proceeds fromdisposal of tangible assets 41 80
Net cash used for investing activities (42,931) (722,489)
Cash flows fromfinancing activities:
Payments under borrowing arrangements (51,250) (625)
Cash dividends paid (4,204) (4,235)
Withholding taxpayments for share-based payment awards, net of proceeds fromthe exercise of stock options (3,598) (11,439)
Borrowings under credit arrangements - 200,000
Debt issuance costs paid - (643)
Taxbenefit related to share-based compensation 116 5,288
Net cash provided by (used for) financing activities (58,936) 188,346
Effect of foreign currency exchange rate changes on cash and cash equivalents 434 (3,646)
Decrease in cash and cash equivalents (40,979) (532,743)
Cash and cash equivalents, beginning of period 216,751 741,162
Cash and cash equivalents, end of period $ 175,772 $ 208,419
Six Months Ended
(In thousands)
Cash Flow Statement
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37. © 2016 Belden Inc. | belden.com | @BeldenInc 37
GAAP to Non-GAAP Reconciliation
July 3, 2016 June 28, 2015 April 3, 2016
GAAP revenues 601,631$ 585,755$ 541,497$
Deferred revenue adjustments 1,750 12,758 2,303
Adjusted revenues 603,381$ 598,513$ 543,800$
GAAP gross profit 248,213$ 234,276$ 225,034$
Severance, restructuring, and integration costs 1,826 1,783 2,092
Deferred gross profit adjustments 1,750 13,440 2,303
Accelerated depreciation 206 25 206
Purchase accounting effects related to acquisitions - - 195
Adjusted gross profit 251,995$ 249,524$ 229,830$
GAAP gross profit margin 41.3% 40.0% 41.6%
Adjusted gross profit margin 41.8% 41.7% 42.3%
GAAP net income attributable to Belden stockholders 41,849$ 21,591$ 16,524$
Interest expense, net 24,049 24,769 24,396
Loss from disposal of discontinued operations - 86 -
Noncontrolling interest (99) - (99)
Income tax expense (benefit) (3,558) (2,303) 143
Total non-operating adjustments 20,392 22,552 24,440
Amortization of intangible assets 26,263 25,917 25,532
Severance, restructuring, and integration costs 5,869 4,907 8,408
Deferred gross profit adjustments 1,750 13,440 2,303
Accelerated depreciation 206 42 206
Purchase accounting effects related to acquisitions - - 195
Total operating income adjustments 34,088 44,306 36,644
Depreciation expense 11,781 11,650 11,457
Adjusted EBITDA 108,110$ 100,099$ 89,065$
GAAP net income margin 7.0% 3.7% 3.1%
Adjusted EBITDA margin 17.9% 16.7% 16.4%
GAAP income from continuing operations 41,750$ 21,677$ 16,425$
Operating income adjustments from above 34,088 44,306 36,644
Tax effect of adjustments (10,420) (13,768) (10,494)
Adjusted income from continuing operations 65,418$ 52,215$ 42,575$
GAAP income from continuing operations 41,750$ 21,677$ 16,425$
Less: Net loss attributable to noncontrolling interest (99) - (99)
GAAP income from continuing operations attributable to Belden stockholders 41,849$ 21,677$ 16,524$
Adjusted income from continuing operations 65,418$ 52,215$ 42,575$
Less: Net loss attributable to noncontrolling interest (99) - (99)
Less: Amortization expense attributable to noncontrolling interest, net of tax 16 - 16
Adjusted income from continuing operations attributable to Belden stockholders 65,501$ 52,215$ 42,658$
GAAP income from continuing operations per diluted share attributable to Belden stockholders 0.98$ 0.50$ 0.39$
Adjusted income from continuing operations per diluted share attributable to Belden stockholders 1.54$ 1.21$ 1.01$
GAAP and Adjusted diluted weighted average shares 42,548 43,233 42,440
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 plant consolidation activities; purchase accounting effects related to acquisitions, such as
the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses)
recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; discontinued operations; and other costs.
We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the
adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.
We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the
adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and
how management oversees our business operations on a day-to-day basis. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair
value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation
is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and
other impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the
costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted
results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures,
accompanied by the disclosure of the costs of these programs, provides valuable insight.
Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.
(In tho us ands , except percentages and per s hare amo unts )
Three Months Ended
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38. © 2016 Belden Inc. | belden.com | @BeldenInc 38
July 3, 2016 June 28, 2015 July 3, 2016 June 28, 2015
GAAP net cash provided by operating activities 47,775$ 53,251$ 60,454$ 5,046$
Capital expenditures, net of proceeds from
the disposal of tangible assets (11,662) (11,694) (25,083) (27,144)
Non-GAAP free cash flow 36,113$ 41,557$ 35,371$ (22,098)$
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
investors regarding our ability to generate cash frombusiness operations that is available for acquisitions and other investments,
service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to
monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with
financial measures reported according to accounting principles generally accepted in the United States. Our definition of free
cash flow may differ fromdefinitions used by other companies.
Three Months Ended Six Months Ended
(In tho us a nds )
Free Cash Flow GAAP To Non-GAAP Reconciliation
Unaudited