Transcript
| ©2017 Belden Inc. belden.com @beldeninc1
Investor Day 2017
| ©2017 Belden Inc. belden.com @beldeninc2
Our commentary and responses to your questions may contain forward-looking statements, including our outlook for 2017 and 2018 financial performance. Forward-looking statements include, among other items, 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 on our investor relations website, our most recent Annual Report on Form 10-K as filed with the SEC on February 17, 2017 (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.
Non-GAAP MeasuresWe will be discussing 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 website www.Belden.com under Investor Relations.
Safe Harbor Statement
| ©2017 Belden Inc. belden.com @beldeninc3
Confirming 2017 Guidance
Company Overview
Topics– Proven Track Record– Favorable Secular Trends– Capital Allocation Framework– New 3-Year Financial Goals– 2018 Guidance
Q&A
Agenda
1
2
3
4
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Confirming Q4 and Full-Year 2017 Guidance
Adjusted guidance. See appendix for reconciliation to comparable GAAP guidance.
Revenuesof between
$641 million and$661 million
EPSof between
$1.71 and $1.81 per diluted share
Q4 2017
Revenuesof between
$2.425 billion and$2.445 billion
EPSof between
$5.45 and $5.55 per diluted share
FISCAL YEAR 2017
| ©2017 Belden Inc. belden.com @beldeninc5 Adjusted results. See appendix for reconciliation to comparable GAAP results.1. 2005 – 2017E. 2017 based on high-end of guidance.
Belden Overview
Operational ExcellenceDisciplined Capital AllocationProven Management Team
DEPLOYS A Robust Business System
Revenue CAGR +6%FCF CAGR +16%
DELIVERSStrong, Consistent Results1
EBITDA +1,040 bps ROIC +940 bps
BandwidthVideo Consumption
BENEFITS From Favorable Secular Trends
Industrial AutomationSmart Buildings
What is Belden? A Leading Global Connectivity Company that …
SERVES Two Primary End-Markets
EnterpriseIndustrial
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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/VRacks Connectivity Tools
Cameras Switchers ReplayRouting 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 ManagementAutomated Production Control
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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 FirewallsNetwork 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
| ©2017 Belden Inc. belden.com @beldeninc9
PROVEN TRACK
RECORD
FAVORABLESECULARTRENDS
NEW FINANCIAL
GOALS
2018GUIDANCE
CAPITALALLOCATIONFRAMEWORK
We have consistently
achieved our goals
Increasing demand
for connectivity
Disciplined and balanced
approach
Significant growth and margin
opportunities
Need copy for this block
| ©2017 Belden Inc. belden.com @beldeninc10
PROVEN TRACK
RECORD
FAVORABLESECULARTRENDS
NEW FINANCIAL
GOALSWe have
consistently achieved our goals
2018GUIDANCE
CAPITALALLOCATIONFRAMEWORK
| ©2017 Belden Inc. belden.com @beldeninc11
Proven Track Record
REVENUE EBITDA MARGIN
FREE CASH FLOW
RETURN ON INVESTED
CAPITAL1
2005 $1.246B 8.5% $37M 4.1%
2017E2 $2.445B 18.9% $225M 13.5%
Variance 6% CAGR Improvement of 1,040 bps 16% CAGR Improvement of
940 bps
Management’s best estimate. Non-GAAP results. See appendix for reconciliation to comparable GAAP results.1. Excluding excess cash. 2. Based on high-end of 2017 guidance.
SIGNIFICANTLY IMPROVED FINANCIAL PERFORMANCE
| ©2017 Belden Inc. belden.com @beldeninc12
Creating Shareholder Value
BELDEN’S TOTAL SHAREHOLDER RETURN HAS OUTPERFORMED INDUSTRIAL AND BROADER MARKET INDICES
As of market close 11/17/2017. Source: Bloomberg.
0%
50%
100%
150%
200%
250%
1 YEAR 2 YEAR 5 YEAR 12 YEAR
Russell 2000
S&P 1500 Industrials
S&P 500
297%
16%
150%
39%
- - - -
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OperationalExcellence
Cash Generation
PortfolioImprovement
BUSINESSMODEL
Driven by the Belden Business Model
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Operational Excellence
Belden Business Systems
Lean Enterprise
Market Delivery System
Talent Development
Continuous improvement Attract, retain, and develop talent
Market selection and penetration
| ©2017 Belden Inc. belden.com @beldeninc15
$37
$131
$180
$147
$112 $86
$148 $138
$261
$225
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Robust Free Cash Flow Generation
Free Cash Flow16% CAGR
Leverage on Growth
Working Capital Improvement
Fixed Asset Efficiency
(millions)
$157$149
Adjusted results. See appendix for reconciliation to comparable GAAP results. 1. Based on management’s best estimates.
1
$187
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REVENUE MIX
Improved Portfolio Composition
DIVESTED Lower-margin cable
ACQUIRED Higher-margin software,
networking, and connectivityCABLE
CONNECTIVITY
CABLE
CONNECTIVITY
NETWORKING
SOFTWARE
REVENUE MIX
Based on management’s best estimates.
2005
2017
1.2BRevenues
Gross Profit
21
$
%
2.4BRevenues
Gross Profit
42
$
%
| ©2017 Belden Inc. belden.com @beldeninc17
PROVEN TRACK
RECORD
FAVORABLESECULARTRENDS
NEW FINANCIAL
GOALSIncreasing demand
for connectivity
2018GUIDANCE
CAPITALALLOCATIONFRAMEWORK
| ©2017 Belden Inc. belden.com @beldeninc18
Favorable Secular Trends
INDUSTRIALAUTOMATION
Increasing pressure
to automate production
SMARTBUILDINGS
Integrated networks require
connectivity
BANDWIDTH
Insatiabledemand for high-speed
internet
VIDEO CONSUMPTION
Increasing quality and quantity
of video consumption
| ©2017 Belden Inc. belden.com @beldeninc19
Industrial Automation
Sources: “The Skills Gap in Manufacturing”, Deloitte, 2015; Bureau of Economic Analysis; Eurostat; Federal Reserve.
DRIVING IP ADOPTIONIP 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 STATESPRODUCT CUSTOMIZATION
20252MUnfilled
manufacturing jobs globally
2015
SKILLS GAP AND WAGE INFLATION
Connect new technologies with legacy systems
Collaboration between operationaland information technologies
Manage security risks
Factory connected to the enterprise
Remote access
Open standards
2016 = 7.7 yearsAverage age of manufacturing assets highest since 1951
| ©2017 Belden Inc. belden.com @beldeninc20
Smart Buildings
Driving Investment … High-Spec Copper Cabling
Cat 6A+26% CAGR1
(2015 – 2021)
ConnectivityLAN 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 BusinessAnalytics
Improve Efficiency and Sustainability
| ©2017 Belden Inc. belden.com @beldeninc21
CREATING CHALLENGES FOR OUR CUSTOMERS
LIVE BROADCAST63% 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 CONSUMPTIONIS CHANGING
VIDEO QUALITY51% CAGR of UHD televisions installed (2016 – 2021)
VIDEO FORMATS26% CAGR of over-the-top subscribers (2014 – 2017)
UHD CONTENT CREATIONRequires higher bandwidth than legacy protocols can provide
DELIVERING CONTENT ON MULTIPLE PLATFORMSChallenges existing workflow
Sources: Cisco VNI, 2017; Bloomberg; Major Networks.
PRODUCING LIVE EVENTSIs complex and has the highest cost of failure
| ©2017 Belden Inc. belden.com @beldeninc22
Bandwidth
Creating Opportunityfor our Customers …
… Driving Significant Investment
Internet traffic will grow 3x by 2021
Video traffic will exceed 80% in 2021
Today,the number of NETWORKEDDEVICES
MSO revenue per high-speed data user
= 2XGlobal
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 NETWORKEDDEVICES
= 4XGlobal
Population
73% of internet traffic today is video
Global fixed broadband speeds will double by 2021
| ©2017 Belden Inc. belden.com @beldeninc23
PROVEN TRACK
RECORD
POWERFULSECULARTRENDS
NEW FINANCIAL
GOALSDisciplined
and balancedapproach
2018GUIDANCE
CAPITALALLOCATIONFRAMEWORK
| ©2017 Belden Inc. belden.com @beldeninc24
Well-Capitalized and Strategically Advantaged
~$1.7 BILLION ~$475 million
≤ 3.0x
Management’s best estimate. 1. Estimated cash available for deployment.
| ©2017 Belden Inc. belden.com @beldeninc25
$237 $200
$352
$235
$528
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
SIGNIFICANTLY IMPROVED BALANCE SHEET
1. Euro-denominated debt. Using exchange rate as of 10/1/17.
A Quality Balance Sheet with Long-Term Maturities
1111
Fixed, Long-Term MaturitiesEuro-Denominated
Debt Improves Earnings Exposure to the Euro
Pre-Tax Cost of Debt= 3.9%
(millions)
| ©2017 Belden Inc. belden.com @beldeninc26
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
| ©2017 Belden Inc. belden.com @beldeninc27
Organic Investment Opportunities
PRODUCT DEVELOPMENT
Significant opportunities in cloud, wireless, and
high-speed connectivity
WE ARE INCREASING INVESTMENT IN HIGH-ROIC ORGANIC OPPORTUNITIES
END-CUSTOMER EXPERIENCE
Increasing solution selling and improving the
pre-purchase experience
MARKETEXPANSION
Increasing manufacturing and sales presence in attractive
vertical and geographic markets
| ©2017 Belden Inc. belden.com @beldeninc28
Investing to improve solution selling to large
global customers
PROJECT FUSION
Organic Investment Examples
$6M Capital Investment
53% ROIC
$14M Revenues
$39M Incremental Revenues
$7M Incremental Revenues
Expanding manufacturing capabilities for high-speed
connectivity products
HIGH-SPEEDCONNECTIVITY
Integrated software securing cloud and on-premise assets
CLOUD SOLUTIONS
Improving market access in a
high-growth region
INDIA FOOTPRINTEXPANSION
$15M Capital Investment
45% ROIC
$23M Revenues(2020 Expectations)
(2020 Expectations) (2020 Expectations)
(2020 Expectations)
| ©2017 Belden Inc. belden.com @beldeninc29
Proven Acquisition Approach
ü That fit within our strategic frameworkü With leading brandsü That offer innovative productsü With opportunity for significant cost or commercial synergy
BUY LEADING COMPANIES
Furthering our leadership within each platform
| ©2017 Belden Inc. belden.com @beldeninc30
1 Revenue Growth
In-line with Beldenend markets
2 GrossProfit %
Greater than Beldengross profit margins
3 EBITDA Margin %
Below Belden;opportunity to
bring to Belden corporate average
= ROIC
In-line with Belden corporate goals
PURCHASE PRICE: $200-$250M
Post-Synergy EV / EBITDA Multiple: ~7x
Typical Bolt-On Profile for Belden
| ©2017 Belden Inc. belden.com @beldeninc31
$0.76 Annualized EPS Accretionfrom 2017 Capital Allocation 2
2017 Achievements
$63M of capital expenditure
$10M allocated towards a new manufacturing
facility in India
ORGANICINVESTMENTS
Management’s best estimate. Adjusted results. See appendix for reconciliation to comparable GAAP results. 1. Cash used to acquire business, net of cash acquired. 2. In first full year of each action being completed.
$166M purchase price1
$0.27 EPS accretion in first full year of
ownership
THINKLOGICAL ACQUISITION
$200M debt reduction
Reduced pre-tax cost of debt to 3.9%
Annualized EPS accretion of $0.47
DEBT REDUCTIONAND REFINANCING
$200M authorization
$12M deployed in Q3
SHAREREPURCHASE
| ©2017 Belden Inc. belden.com @beldeninc32
PROVEN TRACK
RECORD
FAVORABLESECULARTRENDS
NEW FINANCIAL
GOALS
2018GUIDANCE
Significant growth and margin
opportunities
CAPITALALLOCATIONFRAMEWORK
| ©2017 Belden Inc. belden.com @beldeninc33 Adjusted results. Please see appendix for comparable GAAP results. 1. High-end of guidance. 2. Constant currency. 3. ROIC excluding excess cash.
3-YEAR FINANCIAL PERFORMANCE(2014 – 20171)
3-YEAR FINANCIAL GOALS(2017 – 2020)
RevenueCAGR2 4% 5-7%
EBITDA Margin 15.5% à 18.9%(+340 bps)
20-22%
Free Cash FlowCAGR 13% 13-15%
Return on Invested Capital3
13.0% à 13.5%(+50 bps)
13-15%
Financial Performance
| ©2017 Belden Inc. belden.com @beldeninc34
Fiscal Year 2018 Outlook
Revenuesof between
$2.492 billion and $2.542 billion
EPSof between
$5.95 and $6.20 per diluted share
Management’s best estimate. Adjusted results. See appendix for reconciliation to comparable GAAP results.
| ©2017 Belden Inc. belden.com @beldeninc35
2018 Assumptions
$68M interest expense
Tax Rate of 20% versus approximately 18% in 2017
Organic growth of 1-3%
No impact of potential 2018 M&A and Share Repurchases
| ©2017 Belden Inc. belden.com @beldeninc36
$5.50
2017 Mid-Point
Tax Rate Interest Expense
2017 Acquisition / Divestiture
Currency Productivity Organic Growth
2018
2018 EPS Bridge
Management’s best estimate. Adjusted results. See appendix for reconciliation to comparable GAAP results.1. Assumes MCS business is divested before fiscal 2018.
$0.11-$0.36
$0.13$0.08$0.05$0.26($0.18)
$5.95-$6.20
1
CLEAR PATH TO ACHIEVING 8-13% EARNINGS GROWTH IN 2018
| ©2017 Belden Inc. belden.com @beldeninc37
Accretive M&A Potential
Investment Thesis
Revenue +6% CAGR to $2.4B | EBITDA +1,040 bps to 18.9% | FCF +16% CAGR to $225M | ROIC +940 bps to 13.5%
15.5% in 2014 | 18.9% in 2017 | 20-22% goal by 2020
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.
Proven Track Record 2005 – 2017R
EBITDA Margin Upside
Secular Tailwinds
Industrial Automation | Smart Buildings | Video Consumption | Bandwidth
$1.7B dry powder available 2018 – 20201 | ~$0.16 -$0.18 EPS accretion per $100M deployed2
| ©2017 Belden Inc. belden.com @beldeninc38
Appendix
| ©2017 Belden Inc. belden.com @beldeninc39
Reconciliation of Non-GAAP Measures: 2017 Q4 and Full-Year Earnings GuidanceOur guidance for income per diluted share attributable to Belden common stockholders is based upon information currentlyavailable regarding events and conditions that will impact our future operating results. In particular, our results are subject tothe factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impactedby other additional events for which information is not available, such as asset impairments, purchase accounting effectsrelated to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposalof tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related toevents or conditions that are not yet known.
Year Ended Three Months EndedDecember 31, 2017 December 31, 2017
Adjusted income per diluted share attributable to Belden common stockholders $5.45 - $5.55 $1.71 - $1.81Amortization of intangible assets ($1.51) ($0.07)Loss on debt extinguishment ($0.76) $0.00Severance, restructuring, and acquisition integration costs ($0.59) ($0.02)Purchase accounting effects related to acquisitions ($0.09) ($0.01)
GAAP income per diluted share attributable to Belden common stockholders $2.50 - $2.60 $1.61 - $1.71
| ©2017 Belden Inc. belden.com @beldeninc40
Reconciliation of Non-GAAP Measures: Adjusted EBITDA
December 31, 2017 Estimate December 31, 2016 December 31, 2015 December 31, 2014
GAAP revenues 2,445,000$ 2,356,672$ 2,309,222$ 2,308,265$
Deferred revenue adjustments - 6,687 51,361 11,954 Patent settlement - (5,554) - -
Adjusted revenues 2,445,000$ 2,357,805$ 2,360,583$ 2,320,219$
GAAP net income attributable to Belden 144,785$ 128,003$ 66,204$ 74,449$ Interest expense, net 83,365 95,050 100,613 81,573 Loss on debt extinguishment 52,441 2,342 - - Income tax expense (benefit) (15,949) (1,185) (26,568) 7,114 Loss (Income) from discontinued operations - - 242 (579) Loss (Gain) from disposal of discontinued operations - - 86 562 Noncontrolling interest (305) (357) (24) - Amortization of intangible assets 104,055 98,385 103,791 58,426 Depreciation expense 45,600 47,208 46,551 43,736 Severance, restructuring, and acquisition integration costs 41,050 38,770 47,170 70,827 Impairment of assets held for sale - 23,931 - - Deferred gross profit adjustments - 6,687 52,876 10,777 Purchase accounting effects related to acquisitions 6,133 (2,079) 9,747 12,540 Patent settlement - (5,554) - -
Adjusted EBITDA 461,175$ 431,201$ 400,688$ 359,425$
GAAP net income margin 5.9% 5.4% 2.9% 3.2%Adjusted EBITDA margin 18.9% 18.3% 17.0% 15.5%
Years Ended
(In thousands, except percentages)
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; accelerateddepreciation 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; certain revenues and gains(losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is immaterial to our financial statements. When we calculate the tax effect ofthe 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 helpthem 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 thepurchase 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 thispresentation 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 adjustmentsbecause they generally are not related to the acquired business' core operating performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businessesand/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 theadjusted 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.
(Unaudited)
| ©2017 Belden Inc. belden.com @beldeninc41
Reconciliation of Non-GAAP Measures: Free Cash Flow
We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capitalexpenditures net of the proceeds from the disposal of tangible assets. We believe free cash flow provides useful informationto investors regarding our ability to generate cash from business operations that is available for acquisitions and otherinvestments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financialmeasure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only inconjunction with financial measures reported according to accounting principles generally accepted in the United States. Ourdefinition of free cash flow may differ from definitions used by other companies.
(Unaudited)
2017E 2016 2015 2014 2013 2012
Net cash provided by operating activities 288,000$ 314,794$ 241,460$ 200,887$ 175,335$ 143,507$
Capital expenditures, net of proceeds from the disposal of tangible assets (63,000) (53,582) (54,436) (43,575) (37,040) (31,435) Working capital settlement in connection with the sale of consumer electronics assets - - - - - 32,333 Acquisition and divestiture transaction costs - - - - - 4,928
Free cash flow 225,000$ 261,212$ 187,024$ 157,312$ 138,295$ 149,333$
Years ended December 31,
(In thousands)
| ©2017 Belden Inc. belden.com @beldeninc42
Reconciliation of Non-GAAP Measures: 2018 Earnings GuidanceOur guidance for income per diluted share attributable to Belden common stockholders is based upon information currentlyavailable regarding events and conditions that will impact our future operating results. In particular, our results are subject tothe factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted byother additional events for which information is not available, such as asset impairments, purchase accounting effects relatedto acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangibleassets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditionsthat are not yet known.
Year EndedDecember 31, 2018
Adjusted income per diluted share attributable to Belden common stockholders $5.95 - $6.20Amortization of intangible assets ($1.26)Severance, restructuring, and acquisition integration costs ($0.36)
GAAP income per diluted share attributable to Belden common stockholders $4.33 - $4.58
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