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Q1 presentation deck website version
1.
| ©2017 Belden
Inc. belden.com @beldeninc1 Belden Overview Q1 2018
2.
| ©2017 Belden
Inc. belden.com @beldeninc2 Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results. 1. 2005 – 2017 Belden Overview Operational Excellence Disciplined Capital Allocation Proven Management Team DEPLOYS A Robust Business System Revenue CAGR +6% FCF CAGR +15% DELIVERS Strong, Consistent Results1 EBITDA +970 bps ROIC +910 bps Bandwidth Video Consumption BENEFITS From Favorable Secular Trends Industrial Automation Smart Buildings What is Belden? A Leading Global Connectivity Company that … SERVES Two Primary End-Markets Enterprise Industrial
3.
| ©2017 Belden
Inc. belden.com @beldeninc3 Belden Overview KEY MARKETS Industrial Discrete Manufacturing Process Facilities Transportation Energy Enterprise Smart Buildings Final Mile Broadband Live Media Production Data Audio Video Connectivity Cable Networking Software APPLICATIONS SOLUTIONS A Leading Global Connectivity Company
4.
| ©2017 Belden
Inc. belden.com @beldeninc4 Transmitting and Securing Data, Sound, and Video in Complex Enterprise and Media Networks Fiber Copper A/V KEY SOLUTIONS Enterprise Smart Buildings KEY MARKETS Cable Connectivity Networking Software Fiber Copper A/V Racks Connectivity Tools Cameras Switchers Replay Routing Playout Extended LAN Commercial A/V Broadband Deployment (Fiber/Copper) Live News and Sports Production Stadium Infrastructure Final Mile Broadband Live Media Production Editing Playout Asset Management Automated Production Control
5.
| ©2017 Belden
Inc. belden.com @beldeninc5 Fiber Copper KEY SOLUTIONS Industrial Discrete Manufacturing Process Facilities Transportation Energy KEY MARKETS Cable Connectivity Networking Software Active I/O Modules Passive Distribution Boxes Connectors Wireless Gateways Switches Routers Security Configuration Management Firewalls Network Management Vulnerability Management Factory Floor Automation Process Automation Transportation Control Systems and Wireless Smart Grid Infrastructure Transmitting and Securing Data, Sound, and Video in Harsh Industrial Environments
6.
| ©2017 Belden
Inc. belden.com @beldeninc6 Proven Track Record REVENUE EBITDA MARGIN FREE CASH FLOW RETURN ON INVESTED CAPITAL1 2005 $1.246B 8.5% $37M 4.1% 2017 $2.389B 18.2% $192M 13.2% Variance 6% CAGR Improvement of 970 bps 15% CAGR Improvement of 910 bps Non-GAAP results. See investor.belden.com for reconciliation to comparable GAAP results. 1. Excluding excess cash. SIGNIFICANTLY IMPROVED FINANCIAL PERFORMANCE
7.
| ©2017 Belden
Inc. belden.com @beldeninc7 REVENUE MIX Improved Portfolio Composition DIVESTED Lower-margin cable ACQUIRED Higher-margin software, networking, and connectivity CABLE CONNECTIVITY CABLE CONNECTIVITY NETWORKING SOFTWARE REVENUE MIX 2005 2017 1.2B Revenues Gross Profit 21 $ % 2.4B Revenues Gross Profit 41 $ %
8.
| ©2017 Belden
Inc. belden.com @beldeninc8 Favorable Secular Trends INDUSTRIAL AUTOMATION Increasing pressure to automate production SMART BUILDINGS Integrated networks require connectivity BANDWIDTH Insatiable demand for high-speed internet VIDEO CONSUMPTION Increasing quality and quantity of video consumption
9.
| ©2017 Belden
Inc. belden.com @beldeninc9 2017 Leverage on Organic Growth Mix Productivity 2020 Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results. 1. Assuming 4% organic revenue CAGR. THE BELDEN BUSINESS SYSTEM WILL CONTINUE TO DRIVE MARGIN EXPANSION 130 bps1 60 bps 90 bps 21.0% A Path to Increased Profitability 18.2%
10.
| ©2017 Belden
Inc. belden.com @beldeninc10 $240 $200 $361 $240 $541 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 SIGNIFICANTLY IMPROVED BALANCE SHEET 1. Euro-denominated debt. Using exchange rate as of 12/31/17. A Quality Balance Sheet with Long-Term Maturities 1111 Fixed, Long-Term Maturities Euro-Denominated Debt Improves Earnings Exposure to the Euro Pre-Tax Cost of Debt = 3.9% (millions)
11.
| ©2017 Belden
Inc. belden.com @beldeninc11 Well-Capitalized and Strategically Advantaged ~$1.7 BILLION~$430 million ≤ 3.0x Management’s best estimate. 1. Estimated cash available for deployment.
12.
| ©2017 Belden
Inc. belden.com @beldeninc12 Organic Investments in capital expenditures to support organic growth and sustain core businesses Highly selective M&A to expand our product offering into our current customer set and realize significant synergies Belden Capital Allocation Framework Based on management’s best estimates. Percent of Capital ~25% ~55% ~20% We invest only where we can leverage the Belden Business System to generate best-in-class ROIC Share Repurchase when the market price is below the NPV of our strategic plan and Dividends
13.
| ©2017 Belden
Inc. belden.com @beldeninc13 EPS Accretion from Capital Deployment 9% $100M $0.16 $300M $0.48 $500M $0.80 $700M $1.12 ROIC Assumes Tax Rate = 24%, Number of Shares = 48.9M, Depreciation = 2% of Revenues Deployed Capital YEAR 1
14.
| ©2017 Belden
Inc. belden.com @beldeninc14 Adjusted results. Please see appendix for comparable GAAP results. 1. Constant currency. 2. ROIC excluding excess cash. 3-YEAR FINANCIAL GOALS (2017 – 2020) Revenue CAGR1 5-7% EBITDA Margin 20-22% Free Cash Flow CAGR 13-15% Return on Invested Capital2 13-15% 3-Year Financial Goals
15.
| ©2017 Belden
Inc. belden.com @beldeninc15 Investment Thesis Attractive Valuation3 Proven Track Record 2005-2017 EBITDA Margin Upside Secular Tailwinds Accretive M&A Potential Revenue +6% CAGR to $2.4B | EBITDA +970 bps to 18.2% | FCF +15% CAGR to $192M | ROIC +910 bps to 13.2% 15.5% in 2014 | 18.2% in 2017 | 20-22% goal by 2020 Industrial Automation | Smart Buildings | Video Consumption | Bandwidth $1.7B dry powder available 2018 – 20201 | ~$0.16 -$0.18 EPS accretion per $100M deployed2 9x EV/EBITDA | 12x P/E | 7% FCF Yield Adjusted results. See investor.belden.com for reconciliation to comparable GAAP result. 1. Management’s best estimate 12/5/17. Estimated cash available for deployment from organic activities. 2. Expectations for year-one assuming 9-10% ROIC. 3. Stock price as of 2/2/2018. Denominator based on 12-month forward consensus
16.
| ©2017 Belden
Inc. belden.com @beldeninc16 Q4 2017 Earnings
17.
| ©2017 Belden
Inc. belden.com @beldeninc17 Q4 2017 Overview Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results.. All references to Net Income refer to income from continuing operations attributable to Belden. All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders • Revenues of $604.9M, decreasing 50 basis points year-over-year • Generated EBITDA of $110.2M • EPS of $1.62, increasing 14.1% year-over-year • Increased full-year 2018 revenue guidance to $2.528 - $2.578 billion from $2.492 - $2.542 billion
18.
| ©2017 Belden
Inc. belden.com @beldeninc18 FY 2017 Highlights Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results.. All references to Net Income refer to income from continuing operations attributable to Belden. All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders • Record revenues of $2.389B • Generated record EBITDA of $434.3M • Record net income of $265.0M, increasing 10.4% • Strengthened balance sheet, acquired Thinklogical and increased investment in attractive organic growth initiatives
19.
| ©2017 Belden
Inc. belden.com @beldeninc19 Revenue $162.6M EBITDA Margin 19.9% Revenue $110.0M EBITDA Margin 25.8% Revenue $174.7M EBITDA Margin 12.7% Revenue $157.7M EBITDA Margin 16.7% Precision A/V Cable & Connectivity Q4 2017 Segment Overview Cameras Signal Processing & Routing Monitoring Systems Automation Playout & Branding Systems Industrial I/O Connectors Industrial Cables IP/Networking Cables I/O Modules/ Active Distribution Boxes Customer-Specific Wiring Copper & Fiber Connectivity Racks & Enclosures Ethernet, Fiber Optic & Coaxial Drop, Headend & Hardline Connectors Broadcast Solutions Enterprise Solutions Industrial Solutions Network Solutions Wireless, Gateways Embedded Switches & Routers Network Management Software Vulnerability & Configuration Management Firewalls KVM Switches
20.
| ©2017 Belden
Inc. belden.com @beldeninc20 Q4 2017 Financial Summary Adjusted results. See investor.belden.com for reconciliation to comparable GAAP results. (1) All references to Net Income refer to adjusted net income attributable to Belden (2) All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders Q4 2017 Q3 2017 Q4 2016 Revenue $604.9M $621.7M $608.2M Gross profit $237.7M $255.4M $264.1M Gross profit percentage 39.3% 41.1% 43.4% EBITDA $110.2M $119.2M $122.5M EBITDA percentage 18.2% 19.2% 20.1% Net Income(1) $79.0M $73.9M $70.3M Earnings Per Share(2) $1.62 $1.49 $1.42
21.
| ©2017 Belden
Inc. belden.com @beldeninc21 Q4 2017 Segment Results Consolidated are adjusted results. See investor.belden.com for reconciliation to comparable GAAP results. (1) Consolidated results include income / (loss) from our equity method investment. Broadcast Solutions Enterprise Solutions Industrial Solutions Network Solutions Consolidated Q4 2017 Revenue $174.7M $157.7M $162.6M $110.0M $604.9M EBITDA(1) $22.2M $26.3M $32.3M $28.3M $110.2M EBITDA Margin 12.7% 16.7% 19.9% 25.8% 18.2% Q3 2017 Revenue $193.8M $167.1M $160.5M $100.4M $621.7M EBITDA(1) $35.7M $26.4M $30.5M $24.9M $119.2M EBITDA Margin 18.4% 15.8% 19.0% 24.8% 19.2% Q4 2016 Revenue $208.8M $150.2M $146.7M $102.4M $608.2M EBITDA(1) $48.6M $20.7M $27.5M $26.0M $122.5M EBITDA Margin 23.3% 13.8% 18.8% 25.4% 20.1%
22.
| ©2017 Belden
Inc. belden.com @beldeninc22 Q4 2017 Balance Sheet Highlights (1) Net leverage is 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. Q4 2017 Q3 2017 Q4 2016 Cash and cash equivalents $561M $461M $848M Working Capital Turns 8.6x 7.1x 15.4x PP&E turns 7.2x 7.7x 7.9x Total debt principal amount $1.58B $1.55B $1.64B Net Leverage(1) 2.3x 2.3x 1.8x
23.
| ©2017 Belden
Inc. belden.com @beldeninc23 Q4 2017 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 investor.belden.com for reconciliation to comparable GAAP results. (3) Net of cash acquired. Q4 2017 Q4 2016 FY 2017 FY 2016 Cash flows from operating activities $151.7M $167.4M $255.3M $314.8M Less: Net capital expenditures(1) $29.8M $17.8M $63.2M $53.6M Free cash flow (2) $121.9M $149.6M $192.1M $261.2M Cash used to acquire businesses(3) $0.0M $1.0M $166.9M $18.8M Dividends / Share Repurchases $24.3M $9.8M $68.4M $16.1M
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| ©2017 Belden
Inc. belden.com @beldeninc24 Outlook (1) Adjusted Outlook. See investor.belden.com for reconciliation to comparable GAAP outlook. (2) All references to Earnings Per Share refer to adjusted net income per diluted share attributable to Belden common stockholders. Q1 2018 • Revenue of $575 - $595 million • Earnings Per Share(1)(2) of $1.05 - $1.15 2018 Full Year • Revenue of $2.528 - $2.578 billion • Earnings Per Share(1)(2) of $5.95 - $6.20
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| ©2017 Belden
Inc. belden.com @beldeninc25 Appendix
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| ©2017 Belden
Inc. belden.com @beldeninc26 Industrial Automation Sources: “The Skills Gap in Manufacturing”, Deloitte, 2015; Bureau of Economic Analysis; Eurostat; Federal Reserve. DRIVING IP ADOPTION IP BENEFITS IP CHALLENGES TRENDS ASSET REPLACEMENT INDICATORS FLEXIBILITY … LABOR SUBSTITUTION … SHORTER LEAD-TIMES LOWER COST OF CAPITAL AGING EQUIPMENT … CAPACITY UTILIZATION AT MULTI-YEAR HIGHS … 84% EU 77% UNITED STATES PRODUCT CUSTOMIZATION 2025 2M Unfilled manufacturing jobs globally 2015 SKILLS GAP AND WAGE INFLATION Connect new technologies with legacy systems Collaboration between operational and information technologies Manage security risks Factory connected to the enterprise Remote access Open standards 2016 = 7.7 years Average age of manufacturing assets highest since 1951
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| ©2017 Belden
Inc. belden.com @beldeninc27 Smart Buildings Driving Investment … High-Spec Copper Cabling Cat 6A +26% CAGR1 (2015 – 2021) Connectivity LAN Connectivity Points +3% CAGR1 (2015 – 2021) Audio/ Visual Lighting Fire/ Alarm HVAC Control/ Instrumentation Local Area Network Security 1. “Convergence and Digitization of Commercial Buildings in U.S.”, BSRIA, May 2017. Deliver New User Experiences Enable Business Analytics Improve Efficiency and Sustainability
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| ©2017 Belden
Inc. belden.com @beldeninc28 CREATING CHALLENGES FOR OUR CUSTOMERS LIVE BROADCAST 63% of television ad spend is allocated to live events vs. pre-produced content BROADCASTERS NEED TO ADOPT IP TECHNOLOGIES TO ADDRESS THESE CHALLENGES Video Consumption VIDEO CONSUMPTION IS CHANGING VIDEO QUALITY 51% CAGR of UHD televisions installed (2016 – 2021) VIDEO FORMATS 26% CAGR of over-the-top subscribers (2014 – 2017) UHD CONTENT CREATION Requires higher bandwidth than legacy protocols can provide DELIVERING CONTENT ON MULTIPLE PLATFORMS Challenges existing workflow Sources: Cisco VNI, 2017; Bloomberg; Major Networks. PRODUCING LIVE EVENTS Is complex and has the highest cost of failure
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| ©2017 Belden
Inc. belden.com @beldeninc29 Bandwidth Creating Opportunity for our Customers … … Driving Significant Investment Internet traffic will grow 3x by 2021 Video traffic will exceed 80% in 2021 Today, the number of NETWORKED DEVICES MSO revenue per high-speed data user = 2X Global Population 2014 2017 2020E $44.94 $52.75 $60.80 Sources: Cisco VNI, 2017; SNL Global Market Intelligence, 2017; Sell-side consensus estimates as of 10/9/17. By 2021, the number of NETWORKED DEVICES = 4X Global Population 73% of internet traffic today is video Global fixed broadband speeds will double by 2021
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