BDC - Earnings call transcript Q4 2018

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Operator

Ladies and gentlemen, Thank you for standing by and welcome to this morning’s Belden Incorporated Conference call.

Just a reminder, this call is being recorded. At this time, you are in a listen-only mode. Later, we will conduct a question and answer session. [Operator Instructions] I would now like to turn the call over to Kevin Maczka. sir. ahead go Please

Kevin Maczka

financial a business, President, earlier Good results, and presentation, Belden’s and on Thank overview Conference are Fourth Kevin CFO. then release, have John provide and Belden’s press name Nick. our me will available Relations. will presentation us morning John review our reference at and issued this release this we Call. for Henk call. slide that today of is are remarks Vice am I we for Quarter operating President, currently Maczka. strategic online provide and by earnings morning, detailed you, Investor transcript We and and you With Q&A. CEO, prepared of followed a everyone. The Stroup, joining My prepared Treasurer Chairman, investor.belden.com. this Thank will of Henk a XXXX Belden’s Earnings our morning, these Derksen,

the Litigation during call, provisions of the Turning to in the looking presentation, upon this XXXX. make Act Slide Securities management Private certain Safe of reliance Harbor statements forward Reform in X will

more Annual Report and please review our For Form XX‐K. today's release on information, press

management accordance today’s to the Investor John? appendix over to financial Stroup. information will non‐GAAP call or financial President, we during Chairman, information. the reconciliation will of adjusted our In the information section associated I now closely of Relations turn call, GAAP Additionally, most CEO, communicate. our presentation financial a with non‐GAAP the G, the Regulation reference to and website contain John our and

John Stroup

Thank you, Kevin, everyone. morning and good

movements in a our Revenues the to progress with foreign revenues X.X% most end and manufacturing year. currency with our X and through to prices, today. results continue fourth expectation fourth Industrial with quarter unfavorable making adjusted When constraints quarter the in expectations across rates am in lead are fourth on organically quarter performance. to segment Recall turn of in reducing of the the referring be pleased I’ll our entered that reminder, X.X% we we million. portfolio. times. expanding our the for for presentation would capacity of consistent and a our adjusted the copper Slide increased $XXX.X year‐over‐year were that capacity review As I Please

from efforts in significant We prior drive EPS million. expect in XX.X% year year‐over‐year inventory fourth increased basis these the increased period EBITDA service going the the to in to customer year forward. EBITDA and in improvements prior XX.X%. XX quarter, from X.X% $X.XX margins quarter XX.X% to $XXX.X $X.XX. points to expanded levels the in

reminder, range a the benefitted We net from fourth As our the end the $XX times times was times. X our at reduced quarter from times quarter. target to of in fourth repurchase to tax quarter million the $XXX of an of fourth leverage This Net the completed near third low X.X X.X XXXX the by end million low final unusually quarter. in the deploying share rate. is X debt-to-EBITDA program

facility X% prior consistent successful our basis, XXXX. by $XXX.X benefitted robust from to X.X% increase constant and billion. software revenues driven deployment a resulted segment. and during segment. Solutions fourth discussion first X.X%, record shipments a cybersecurity share revenues, EPS. Please the in the of XXXX EBITDA increased share financial our a year and completed which new to We business, solutions, revenues our long‐term deployed attractive offering also $XX the X%. On and expenditures Cash X X.X% to initiatives review India. successful investments such to very organic Enterprise This meaningful year. $XXX repurchases, hardware goal a announced within we our in also of XXXX, to million Media brief growth NTX turn authorization, new by Live of million, facility Snell $X.XX. increased record and record a expected flow allowed EBITDA in Solutions with record count balanced turn XX.X% a pleased XX% also in results. our complemented Broadband and to for SAM, our in EBITDA, growth Enterprise $XXX.X I highlighted integrations. $XXX executing expense by a Full and business. margins future Please The interest This currency a our from are are SAM exceeding increased in were Live EPS record We of periods. that in integration significantly expect toward operations $X.XXX investments, XXXX generated or Cloud‐based We X we full grew Media, the increased acquisition a of Lower capital a new growth a share In business. capital as quarter. fund and Solutions Slide the important million, acquisitions. we we number successful to of also addition XX.X% million to net for begin drive fiber million results. to was of will the to in the XX.X% million. included year for our to repurchases, begin made two Media with Advanced acquisitions manufacturing organic $XXX segment to us toward Slide Enterprise improve products, strategic its with business

transmit our and reminder, to solutions and networks. sound, enterprise customers a across secure As video data, complex allow media and Enterprise

Revenues to year‐over‐year million, our benefit in from is increased End demand States, X.X% for organic live an basis. Our best efficiency. market key United segment reflected building X.X% on or to in building healthy markets market This include quarter. the continues increased smart and mile and $XXX.X smart buildings, This by in construction the that both this productivity contractor expectation and the the in XX% non‐residential year‐over‐year increased year. which innovative year‐over‐year needs quarter a and fourth trend XX.X% production. final broadband, full in power order the XA on fourth XX% as deliver products, relative that the cable data slowed Category quarter. third and organically X% revenues inventory broadband growth Ethernet. Recall Revenues broadband in in customer quarter basis XA to the approximately declined in over to increased flat. for final persisted mile management, and media Category expected, trend due of our cable

we our broadband for We to with softer increasing robust continue products seeing upgrades, growth benefit demand used are drive from inside‐the‐home. outside‐the‐home products, and our optic which fiber but subscribers network and

on As a modestly a result, full revenues basis. declined year

growth in softness offset We network in outside expect the to these continue, by the with trends home.

sequentially attractive fiber the allow us of and were in expand to the growth. that product area fourth We in Revenues also live our see in opportunities a would approximately further number outside‐the‐home offering quarter. production substantial inorganic media flat drive

integration Importantly, primarily prior gains expectations. Enterprise acquisition sequentially offset due exceeded to EBITDA us year increased basis throughout improved year and Solutions successfully pricing. margins from segment the increasing Pricing period, orders the input were cost our XX.X%, inflation. points and XXX to allowed

Industrial industrial our like secure data, customers much Solutions segment, harsh to in Enterprise, video, case, allow Industrial our sound, in to this but environments. now Turning and transmit and

key XX.X% Discrete to on respectively include segment basis. increased $XXX.X energy, markets manufacturing, organic this all verticals. largest and and on basis an verticals, Revenues manufacturing facilities, growth in in Our organic process X% million an facilities, X.X% key with and our strong transportation. process discrete grew

in strong investments benefit increased fourth automation, to Cybersecurity and from quarter Non‐renewal the to We these favorable we and bookings, in year‐over‐year demand remain from expect continue. demand machine robust indicator very XX% increasing in our best the a revenues, quarter. builders increasing trends XX% leading trends encouraging. third after continue of

traction to and customers. continue solutions Our new existing with Cloud‐based gain new

end-markets. non‐renewal increased Importantly, XX% bookings in Industrial

fourth We Solutions expanding are in segment of for specifically the EBITDA financial the performance. Henk? reach Industrial I additional and year quarter into full now further insight Henk vertical suite industrial products, to applications. margins were this most into quarter. our will designed with provide ask key comprehensive XX.X% our

Henk Derksen

Thank you, sheet, discussion a of segment balance start my John. comments of performance. followed flow with our our results, review results the close the and with a for by will quarter, cash I

Operating and million, X Please X.X%, these the factors, previously negatively quarter for $XX.X After a million increased that impacted organically $XX.X and turn a recognition million $XXX.X to Slide were the net revenues was revenue detailed reminder, from $XX in disclosed XX.X%, a impacted divestitures or were XXXX. related review. dollars quarter by were currency a EBITDA successful dollars, the for from acquisitions Gross of expense $XX.X from XX.X% to to be the revenues in adjusting adjusted million prices. million $XXX.X in copper prior translation revenues. year‐ago period compared the favorably in XX.X%, consolidated XX.X%, XX were I timing. as results increasing fourth was period. year prior referencing of by or Revenues from negatively lower Revenues Net to the $X.X impact, interest $XXX.X Please by refinancing $XX.X points quarter the million debt fourth points increasing XX.X% in increased margins points completed XX this in early XXXX. year‐over‐year increasing profit $XXX.X for million, actions expenses compared XXX million were prior increasing adjusting the period. period. million, EBITDA $XXX.X XX.X% prior the from million result to million XXXX. X.X% note the quarter, and in As margins will declined impacted After from million dollars, year basis $XX basis year period. today. year of basis or

interest As with the of XXXX. we for a foreign from expect until at our reminder, XXXX. rate average million of exchange XXXX, XXXX of year interest down debt no X.X% At current fixed maturities entirely $XX $XX in an to rates, full million is expense

to a fourth incremental in rate period of Our the planning prior XX.X% the effective was quarter initiatives. benefitted tax X.X% in XXXX. year from The compared discrete quarter, number tax

effective of full XX.X% the XX.X%, year, effective rate compared our In was to rate an expect in tax XXXX, tax For we XXXX. XX%.

of result in $X.XX to X.X% income the was revenues prior‐year results the and X. $XX.X quarter, prior to rate the a increasing in Earnings turn was $X.XX the operating now in net will share year compared million, million period. the per discuss I effective quarter, business from by tax segment. period. in Slide $XX As higher Please

copper Solutions for year‐over‐year segment during impacted prices. and on dollars Volume to on year‐over‐year. XX organically quarter, translation million for a $XX.X maintain factors, of these the million Currency organically. the million were and declined the increasing recognition the were adjusting increased initiatives. XX.X% prior customers The had year EBITDA mentioned $X.X basis copper that of made incurred our increase in impact basis. million our The X.X% increasing at acquisitions quarter, support Industrial year negatively solid temporary during $X.X were factors, but impacted We million. points points X.X% negative I by from declining completed costs adjusting driven pricing basis. XX.X% by revenues. $X.X remains period. additional across on‐time for favorably the margins chain. After generated in these the X% from by the lower currency our integration Revenues delivery still revenues significant year‐over‐year translation margins increasing X.X% organic prior quarter, markets the were from revenues year increased lead supply revenues related million and year‐over‐year points of adjusting basis with the resulted divestiture $XXX.X standards. $XXX.X quarter, prior Enterprise the industrial progress prior Our execution times XXXX, After the and offset price year Solutions end and to an by from EBITDA The MCS throughout impact period. robust revenues orders period. of XXX in and revenues segment acquisition Demand from year‐over‐year. was revenue extended the of successful After a benefits prices quarter, inefficiencies our previously, in on in generated XXX basis XX.X% increasing

to make to future as based new strategic solutions, periods. such which products, continue in growth cybersecurity we drive expected are investments addition, in In Cloud‐

If our sheet X, you balance I will please turn Slide will highlights. with begin to

million the The third reflects at was cash period. million, balance year‐over‐year to the of and generation. $XXX fourth $XXX the million Our decrease cash capital prior year flow in quarter deployments, the equivalents in compared quarter cash our and net end of $XXX

a in acquisitions. a on period. capital X.X XX were in Days turns, were turns the and the included share year‐over‐year days We very organic period outstanding This growth prior turns year. year‐ago the investments, prior to turns, strategic and days. sales quarter XX year X Inventory days from basis, increase record turns consistent pleased improved capital XXXX. successful in X.X in compared prior are with our turns in to X.X Working the deployments repurchases two significant with X

times. Our XX%, flow result $XX.X quarter, from Please the total in in cash prior year compared to billion debt the X and highlights. EBITDA few leverage Net net with quarter million fourth and from billion, third turn increasing principal to target Slide of increased Cash for the the period. was in the the million in as the operations fourth period. the X.X quarter, of X.X to was $XX.X at expenditures times from compared X range the capital. improved $X.XX third down end working times was a quarter year‐ago dollars, in $XXX.X capital $XXX.X a million quarter compared to $X.XX in‐line $X.XX were and for Net prior‐year to at quarter million flow of of the end the debt-to-EBITDA our times X billion

from we was prior and the initiatives. included $XX in year, $XX flow our new to our despite compared with million and XXXX, investments. of to capital products million, in flow software increasing investments $XXX the in increased increased full the the million India. free consistent Free facility increased organic capital in million year, growth generated prior quarter period. in $XXX.X expenditures as new manufacturing hardware cash For cash million net We $XXX year XX%, the This

am Valley to extremely have material that business. our revenue financial weakness I related disclosed Grass in remediated fully report the Finally, we previously reporting recognition to pleased in

call remarks. to controls our are outlook. this Stroup John? would to us. matter like CEO, glad back and the Our That my completes to turn now this effectively, John and prepared new President, Chairman, put behind are we for operating I

John Stroup

anticipate and Thank Please and facing revenue Enterprise growth in outlook. XXXX secular $XXX our XXXX for you, to and some to $XXX will EPS XXXX our increased of level to million, $X. between Henk. revenues XXXX turn our uncertainty headwinds We This quarter earnings XX Segment. global Slide We entered rates. an economic of and $X.XX be first pressure

revenues billion full the we EPS $X.XXX billion, and to year expect and For to $X.XX XXXX, between $X.XX. $X.XXX be of

results of of XXXX. and guidance modeling purposes, that of contemplate from interest expense financial any an turn approximately to the For $XX XX for year transactions XXXX. slide XXXX potential we for or full XX% This rate does the XXXX walks M&A benefit using share a guidance. in recommend bridge our Please effective not our tax million to high-end repurchases from

approximately to Media revenue revenue, In realize $X.XX business. Our XXXX and results included million. full EPS an $XX current rates, we incremental recognition recur in revenue $X.XX million expect timing adjusting in not in currency This items, million +X%. Live we XXXX in related approximately organic from the negatively to $XX XXXX, in will in our to EPS foreign impacted impact revenues favorable these be and XXXX also expect of to XXXX. our we $X After growth to expect by for year be ‐X% acquisitions. At

Lean meaningful remarks. growth enterprise please Looking prepared margin and proven Operator, out questions. expansion year, call longer‐term. our strategy, the we the to that system and am sheet, this balance concludes confident That beyond open have to I drive

Operator

from And Stifel. Please [Operator our comes Noelle go Instructions] first ahead. Dilts question from

Noelle Dilts

Hi. Thank you. morning. Good

John Stroup

Noelle. morning, Good

Noelle Dilts

for could I margins start in just and specifically XXXX at and And you was guidance, growth be could Industrial? your a us in terms if give Broadcast if your to to you I wanted XXXX, helpful. you high around hoping would for expecting rates level, sense that of expectations are of Thanks. Enterprise what looking speak that

John Stroup

Sure.

to be organically Enterprise would zero somewhere top-line our and and between between business from to a segment, I the on XX% business EBITDA lack lumpiness difficult somewhere Within somewhere bit XX% I Media the pattern. to you But EBITDA more negative last between be little, it perspective, would Enterprise one compared expect the to little of down you know, be Industrial and able expect But around given XX% visibility say predict. the the margins. for the to of XX% Industrial So, as in that X% be be the margin think would we us revenue it’s growth order a know, and perspective, in probably between probably itself, would maybe that’s Noelle, expect the for flat, business, business and Enterprise and to somewhere would margins X%. general, expect a us year. be to to we I hardest to somewhere From would it between we as predict X% –

Noelle Dilts

around Great. strong that growth are quite That’s Industrial of are of the terms the helpful. concerns think prevailing rates Any I some your that seeing, were economy? And this results of quarter, you just across seeing pockets weakness the the you verticals. given again then, industrial in

John Stroup

yet, a our China, good consistent the four in that Industrial again China. quarter, we good all business weakness haven’t really in yet. haven’t about across really geographically. fourth verticals We We Industrial Even in folks some talking We have Noelle. in a with had quarter seen business relatively been and our had quarter

So similar we in expecting XXXX. we XXXX to saw what for to Industrial be are growth

are we there there of it lots Industrial, although seen out slowing in yet. comments results our really in So, about haven’t

Noelle Dilts

John. Thanks, Great.

John Stroup

Yes.

Operator

next Okay, [Operator Please Longbow comes Shawn Our you. question thank go from Harrison ahead. Instructions] of Research.

Shawn Harrison

Hi, good morning everybody.

John Stroup

Shawn. morning, Good

ShawnHarrison

March obviously bridge the year John. good earnings, from in $X.XX get I for – rec March year-over-year you quarter was the the rev healthy benefit hoping was you helping I hoping but and a quarter. a had last morning, I dynamic think did to principally out pretty

hoping getting start-off. year to the out, from was of bridge to earnings this at are year, of you I March So figure last March

John Stroup

the recognition that quarter and A Media product QX. year invoiced Live shipped had from Yes, ago, so, are you business been our on right. revenue had first we in in

first quarter the of probably I think that in last was $X.XX about year.

to that a minor adjustment to terms the point. starting And is take for other the build adjustments, from the then, there up think relates minus that’s So volume. $X.XX $X.XX. will you you you currency, and in as it probably of about And $X.XX any I it then, there could get can

volume after we be go to you our Shawn. on up high-end. then And for the volume, We expecting to adjust get fall-through are the if you that

are think $X.XX, you if good $X.XX to So, year a ago. I take a for going you less that get point pretty starting

Shawn Harrison

and you standing At XXXX then, the business you of commentary, end of you question, EBITDA Industrial kind momentum are at but Why the think with your two And you John. growth, of have But looking Industrial longer-term some just tailwinds XXXX, highlighted, you platform a back to or and for Okay. of get now issues Enterprise and seeing PPC. its tale be lot in back. you’ve at cities a between a again? seems got the

CAT You in Smart got has the some the and the business of Live Media Building the challenges growth XA, challenges as with kind well. despite business secular

be what so, here? to the done company. of the portfolio can that back Because of seems be side the holding overall And other to growth the really invigorate

John Stroup

Yes, I’d with observation. agree so, your

the from that team of performance it’s with is tailwinds the and with I really while us it secular Obviously, a business. I well. think happy for our Industrial good executing conditions, very are think macroeconomic We be benefiting will

good feel we other right guess, got the I Dickens, referenced that’s little segment bit struggling you now. as And side, So the about a on really that. a table we’ve

conversations that pieces them had with businesses. and though think little view differently we’ve about lot our I a those three Board of of we bit the three might expect you a

headwinds like the non-residential some I I like is point think, spending. weather to we what I there. our Enterprise cyclical think secular going I trends. is have some But around positioned are fact at to the doing. team well business in

we to But that seeing temporary. more products. I think are outside-the-home headwind to with view of them bit inside-the-home. in we’ve I strategy facing invest issues continue little think our Broadband, short-term a Clearly, I as and the been

built lot ability and the We lot the in out to have a of our in have a being of investment. Broadband we confidence participate in XG also network confidence

long well as of that that fourth although has we to going So, think, and that’s what performed a run Shawn, lot confidence have the we you business in quarter have they saw weakness compared over done, typically a know, forward. the I

portfolio is has I do its a our As been how attention will continue me we it are relates the That’s headwinds that facing, and most I concerns about that getting performance most think that business at updates Media long it to we attention number I business anything business. our specific my of into say the fits to face. that secular how into do I or fitting as lot this improve tell think to business we it There giving to in is mentioned relates to run. how I the Live as QX, the if the the with a the any about portfolio more have it in you could others run. than our that that you share long can that point. don’t it But of business

Shawn Harrison

Thanks, John. Very helpful.

John Stroup

You are welcome.

Operator

Thank you.

comes question Please next SunTrust. from Will ahead Our of Stein go sir.

William Stein

you With taking for you the regard a please. participating on a update for then plans question. to ago? And in my that still Great. I customer company’s announced Broadcast quarters have can us are follow-up couple Thanks business, Whether financing that?

John Stroup

Yes.

I into to year are suspect entered leases you leases. we but capital not there where referring Will, the with operating our customers, So, projects were leases some that capital fact last

that’s think QX in as lot activity came in in down of recall. a I a wasn’t QX. QX. quite There It I peaked bit

you think substantially movement expect the will XXXX. a changing be in that see we from I in of today XX-K, I included it the and And year. there QX wouldn’t I end sheet our at of balance say, that So, submitted you the in would to the lot going to information balance if look really that’s wasn’t are

William Stein

Thank impact And related Thank that XXX.XXax. to or you. further problematic Wi-Fi - the anticipate Do say, standard CAT and other you. that’s let’s emerging, relates you you sell will the on it’s that then, follow-up Wi-Fi categories into? new X X have

John Stroup

the for that there prevalent points. items that say, of are in Buildings in I building, But would connection what is the Wi-Fi the Wi-Fi to becomes within connected more general, Smart opportunities noticed is we’ve knowledge as more that more creates my surface. So, on is which

end-point power to the So, in that Ethernet. often connected to our because are we addition can of distribute the products

would concern, in something reaction but that as – about a more I our concern. engineering the immediate team. view be, that I don’t a talk view we’ll with more surface, on don’t But as my detail it So

William Stein

John. Thanks,

John Stroup

Yes.

Operator

you. Thank

comes question Goldman from Sachs. go Mark next ahead. Delaney Please Our from

Mark Delaney

Yes. Good the Thanks for questions. taking morning.

First quarterly of of of you right, is bit question, us help If think could XXXX. may normal midpoint be revenue lower-end a think revenue think toward the I I midpoint at I mean, of using little off sequentials, the need of the instead XQ understand that view me math get seems the it to gets some building as guidance. it to point you it linearity the that stronger-than about seasonal a my And quarter.

come? So, may that where

John Stroup

So, first somewhere represent I XX% think, revenue. of between our typically, will our quarter XX% and total

year, the sometimes have only about to think some or bit tend you be lumpy. within that, to the a businesses movements our be more little quarter, there that around is could of Now that the some within thing

full for So, $XX where QX million is for and we I could But and gave million of $X consistent revenue. seasonality believe typical one the QX we guidance or would with have our between total the move quarter the XX% other. XX% that our from year to be

Mark Delaney

Thank you. quarters business cloud-based helpful, my bookings the a how of for Software? and Security Help the the follow-up on strength That’s Software is Got in then, now in understand what’s is XXXX us a embedded now. you John, in Software And And non-renewal it. business row from products? Security revenue mentioned John. outlook Security the much couple

John Stroup

Yes.

continue interest cloud licenses we is the move with it is strong. the to our however What from Cloud model, products be in product-lines. small to clearly or SCM, revenue as or relatively VM noticed in well have on continue both entire our Cloud-based still as invest compared that, to willingness our our more the cloud business impact is to deploying assets in and either an Cloud-based the the customers’ having forward to as relates to product-line So, perpetual strong their

say, overall But are would growth our benefits products are our roadmap getting we I I good from also customers historical investments legacy we seeing Cloud-based think the the confidence from in in are product making we So, in products. and are the seeing or the the products. our

Operator

you. Thank

from Steven comes Cross Research. go Please question ahead. next from Our Fox

Steven Fox

questions from please. Two Morning. me

of little the John, you What to First terms of down Broadband flat should X% and trends minus just think year growth Enterprise round sort bit. organic mentioned, you can flat Media and being we the in of traditional discussion all, to a out about, for being Enterprise? in down

John Stroup

business year, be I Broadband going next for tad. would up it is to a expect close to maybe flat, So, the

going be it’s strong had strong in expecting of products. in outside-the-home to last products We where think bit I battle a year. a fiber growth our are we growth

to that products. from see to think But going we expect that we are continue in headwinds We XXXX. inside-the-home continued

So, probably about think flat the my to would And of going be I be the Enterprise it’s best business, guess. then same. on more

somewhere It think looking going at between X% are X% be from you I and to growth. might vary quarter-to-quarter.

XA. I think you in are going to growth CAT see stronger

the product-lines. in we are and rest growth even of spending now, XE CAT Based in revenue slowdown on are X XXXX. seeing or what slow declining CAT you non-res we don’t see going right think see I through the to a

like that business will So, I in XXXX think it in probably XXXX. perform did

Steven Fox

you to then, business, you the spending and in GDP comfortable a be problem for seem the terms helpful. X% And of mean the if non-res as That’s X% slows the backdrop just for mentioned, that’s down so, traditional time, seems business. Enterprise But to or with growing in your at the going under you the helpful. maybe are there? cycle pricing, using in less in what you to meet on innovation customers else or Thanks. Any area to networks. what up there Whether Could on just the local cover would need expand be order color like. is competition, it’s maybe it

John Stroup

Yes.

fewer has challenge had has connected itself what see being I’d you in via to was to reach that fewer clearly jacks predominantly had traditional noticed we business been the as copper building couple aggressively. over that being say more changed. less over the equilibrium years, it So, for has devices. of things copper deployed headwind beginning the traditional fact for around last, that office, points connected. gets is are connect as the traditional more time, devices, a telephones Wi-Fi more And the Then two last There three years, though the we’ve is

connected. more Now being Wi-Fi you’ve got ports

You like and cameras, intelligent have sensors more devices security so forth.

the from moving trends think where I business I cycle? positive. to So, now the be think cyclically, question good think it’s is, in to secular in I going And negative are the the XXXX. is non-res

are is XXXX. Enterprise I expect way would business guidance was prudent that could to it But the the did we thought possibility do given. we’ve we sitting in think a do it better similarly our there the than where business to today,

Steven Fox

for Thanks the color.

John Stroup

You are welcome.

Operator

time. Thank at you. And we have no this additional questions

Kevin Maczka

everyone, thank Thank for and you you, joining today's Nick, Okay. call.

reach have If here to any Belden. questions, out you team IR please at the

is e-mail Our Have great day. investor.relations@belden.com. address a

Operator

concludes Thank our you, This ladies gentlemen. today. call and

You disconnect from you call, for and participating. may now thank the

Belden (BDC) 20 Feb 192018 Q4 Earnings call transcript