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2016 investor deck june v1
1.
© 2016 Belden
Inc. | belden.com | @BeldenInc June 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% 26.5% 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 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 appendix for reconciliation to comparable GAAP results. 2. Excluding excess cash, Average of 2012-2015. 3. See appendix for reconciliation to comparable GAAP results.
6.
© 2016 Belden
Inc. | belden.com | @BeldenInc 6 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 • >15% Cash ROIC on acquisitions made before 2012 2015 ROIC* = 12.0% Deploy capital to highest ROIC project * ROIC excluding excess cash
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 appendix for reconciliation to comparable GAAP results. 2. Peer margin based on 2015 expectations
8.
© 2016 Belden
Inc. | belden.com | @BeldenInc 8 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 appendix for reconciliation to comparable GAAP results
9.
© 2016 Belden
Inc. | belden.com | @BeldenInc 9 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%
10.
© 2016 Belden
Inc. | belden.com | @BeldenInc 10 High Quality Earnings: Free Cash Flow Generation Delivering 21.4% 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 appendix for reconciliation to comparable GAAP results 2. Excludes the cash payments for the Broadcast restructuring program that began in Q3 2015. $2.41 $3.07 $3.38 $2.47 $0.71 $1.80 $4.942 $3.03 $3.16 $4.28 $4.46 21.4% CAGR
11.
© 2016 Belden
Inc. | belden.com | @BeldenInc 11 4.2x 4.9x 4.9x 4.7x 4.6x 4.2x 4.7x 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
12.
© 2016 Belden
Inc. | belden.com | @BeldenInc 12 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
13.
© 2016 Belden
Inc. | belden.com | @BeldenInc 13 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%
14.
© 2016 Belden
Inc. | belden.com | @BeldenInc 14 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
15.
© 2016 Belden
Inc. | belden.com | @BeldenInc 15 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% =+ +
16.
© 2016 Belden
Inc. | belden.com | @BeldenInc 16 Continued Focus on Productivity Improvement Industrial Platform Cost Measures Industrial Tailwinds • Internet of Things • Industrial automation • Market-leading portfolio Industrial Headwinds • Stronger US dollar • Industrial production • Continued low oil prices • Capacity utilization rates Year Cash Investment Savings EPS Impact 2016 $23M $6M $0.11 2017 $15M $17M $0.32 2018 - $22M $0.41
17.
© 2016 Belden
Inc. | belden.com | @BeldenInc 17 Q2 and Full Year 2016 Guidance * Fiscal Year 2016 Revenues of between $570 and $590 million *Non-GAAPresults. See appendix for reconciliation to comparable GAAP results Q2 2016 EPS of between $1.20 and $1.30 per diluted share Revenues of between $2.320 and $2.370 billion EPS of between $5.15 and $5.45 per diluted share
18.
© 2016 Belden
Inc. | belden.com | @BeldenInc 18 GAAP to Non-GAAP Reconciliation Year Ended Three Months Ended December 31, 2016 July 3, 2016 Adjusted revenues $2.320 - $2.370 billion $570 - $590 million Deferred revenue adjustments ($7 million) ($2 million) GAAP revenues $2.313 - $2.363 billion $568 - $588 million Adjusted income per diluted share attributable to Belden stockholders $5.15 - $5.45 $1.20 - $1.30 Amortization of intangible assets ($1.64) ($0.43) Severance, restructuring, and acquisition integration costs ($0.56) ($0.12) Deferred gross profit adjustments ($0.11) ($0.03) GAAP income per diluted share attributable to Belden stockholders $2.84 - $3.14 $0.62 - $0.72 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 below regarding forward-looking statements. 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.
19.
© 2016 Belden
Inc. | belden.com | @BeldenInc 19 Q1 2016 Earnings Release Conference Call Presentation
20.
© 2016 Belden
Inc. | belden.com | @BeldenInc 20 • Delivered first quarter revenues of $543.8 million; • Expanded gross profit margins to 42.3%, an increase of 170 basis points from 40.6% in the year-ago period; • Generated EBITDA margins of 16.4%, an increase of 90 basis points from 15.5% in the year-ago period; • Repaid $51 million of debt during the quarter; and • Increased full-year adjusted revenues and adjusted EPS guidance. Q1 2016 Highlights Adjusted results. See Appendix for reconciliation to comparable GAAP results.
21.
© 2016 Belden
Inc. | belden.com | @BeldenInc 21 Precision A/V Cable and Connectivity 1st Quarter Segment Overview Revenue $41.7M EBITDA Margin 27.5% Revenue $53.9M EBITDA Margin 16.0% Revenue $135.9M EBITDA Margin 17.5% Revenue $141.1M EBITDA Margin 16.3% Revenue $171.3M EBITDA Margin 13.6% 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 Adjusted results. See Appendix for reconciliation to comparable GAAP results.
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© 2016 Belden
Inc. | belden.com | @BeldenInc 22 Q1 2016 Financial Summary Q1 2016 Q4 2015 Q1 2015 Revenue $543.8M $602.5M $569.5M Gross profit $229.8M $259.6M $231.0M Gross profit percentage 42.3% 43.1% 40.6% EBITDA $89.1M $114.6M $88.5M EBITDA percentage 16.4% 19.0% 15.5% Net Income1 $42.7M $69.3M $43.3M Earnings Per Share1 $1.01 $1.63 $1.00 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.
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© 2016 Belden
Inc. | belden.com | @BeldenInc 23 Segment Results 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 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% Q4 2015 Revenue $201.8M $147.2M $141.8M $62.8M $48.9M $602.5M EBITDA(1) $40.3M $24.7M $23.9M $11.5M $14.7M $114.6M EBITDA Margin 19.9% 16.8% 16.8% 18.4% 30.0% 19.0% Q1 2015 Revenue $176.5M $141.8M $153.0M $61.1M $37.1M $569.5M EBITDA(1) $23.1M $20.0M $24.2M $11.1M $9.9M $88.5M EBITDA Margin 13.1% 14.1% 15.8% 18.2% 26.7% 15.5%
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© 2016 Belden
Inc. | belden.com | @BeldenInc 24 Q1 2016 Balance Sheet Highlights Q1 2016 Q4 2015 Q1 2015 Cash and cash equivalents $146M $217M $167M Inventory turns 5.9x 7.1x 5.7x Days sales outstanding 60 days 62 days 63 days PP&E turns 6.8x 7.7x 6.9x Total debt principal amount $1.72B $1.75B $1.90B Net Leverage1 3.7x 3.6x 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.
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© 2016 Belden
Inc. | belden.com | @BeldenInc 25 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. Q1 2016 Q1 2015 Cash flows from operating activities $12.7M $(48.2)M Less: Net capital expenditures(1) $13.4M $15.5M Free cash flow (2) $(0.7)M $(63.7)M Cash used to acquire businesses(3) $15.3M $695.3M Share repurchases and dividends $2.1M $ 2.1M
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© 2016 Belden
Inc. | belden.com | @BeldenInc 26 Q2 2016(1) • Revenue of $570 - $590 million • Earnings Per Share2 of $1.20 - $1.30 Outlook 2016 Full Year(1) • Revenue of $2.320 - $2.370 billion • Earnings Per Share2 of $5.15 - $5.45 (1) Adjusted Outlook. See Appendix for reconciliation to comparable GAAP outlook. (2) All references to EPS refer to income per diluted share attributable to Belden stockholders.
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