BDC - Earnings call transcript Q3 2021

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden Inc Conference Call.

Just a reminder, this call is being recorded. [Operator Instructions] I would now like to turn the conference over to Kevin Maczka. Please go ahead, sir.

Kevin Maczka

David. you, Thank and Belden's everyone, for us joining Good quarter thank XXXX for third earnings today morning, you conference call. Kevin My is Maczka. name I'm Investor Belden's of Treasurer. Vice Relations and President Vestjens; are Parks. Jeremy and With and Belden's this Vice President morning CEO, me Roel and Senior CFO, President a a results, provide followed review will by Jeremy provide business, then financial overview Q&A. strategic Roel of our our of and will detailed operating and this we call. and our we've this prepared will earnings reference presentation slide issued on We morning, that release a earlier The and at remarks presentation, press currently are prepared release, these of transcript available investor.belden.com. online

to now slide Turning X in the presentation.

will certain management call, this statements. During make forward-looking

Investor For with communicate. website XX-Q, Relations release of financial and additionally, and Roel? closely Regulation associated to a our G, the will financial over more Roel the financial Vestjens. our I the reference our Form information call, today's today's call non-GAAP now on will most reconciliation the management non-GAAP appendix section report information information, the please and to during adjusted to our presentation GAAP we review CEO, accordance contain most In of press or quarterly President turn information.

Roel Vestjens

summary takeaways. X with referring and to I order growth a to turn global the and teams our Slide As results for by and accelerate our thank EPS in margins. for remain of like our the rates. I'd revenues of total We end quarter executing a strategic ranges. encouraged high today. our plans guidance our Demand am diligently robust, be expand adjusted third trends delivered to another presentation quarter, Please reminder, to I'll outstanding exceeded that

opportunities customers business. with across our We continue to strengthen relationships and capitalize our on

product focus increasingly and selling innovation. benefiting from on solution We are our new

performance engineering, service gaining demonstrates our Our design, recognize who with momentum us strong capabilities. and for our are customers, initiatives financial that

are successfully challenging navigating operating the environment. We

in to proactive despite pressures inflationary supporting chain Our supply challenges taking teams and customers our expand and are steps margins our industry. significant the

our balance sheet. strengthened we quarter the further During

As declined quarter. free the cash flow, generated leverage the we third increased net at X.Xx of to EBITDA and end

report of Xx to is We of within pandemic. the pleased first this outbreak our to the back are that Xx the since time for targeted range

guidance Finally, year reflect In of excellent the we and the improved year. expected quarter outlook to and another than better global quarter very EPS are the our remainder in again achievements of performance Belden, and XXXX was once of proud teams. revenue summary, full an increasing for I am for this our the

update strategic our X. performance more Now, to initiatives. third on some before like turn we quarter important to Please in review you I Slide would detail,

As you One know, sustainable Belden's senior I enhance initiatives our leadership initiative drive and to is growth. number have been selling compelling strategic a key to solid team value-added solution and pursuing capabilities. of organic

differentiated software uniquely product cable, and solutions, networking, and and offer sales, connectivity, individual services. Belden complete products to Beyond positioned is including

Given analyze increasingly and to to data. Belden of solve our their amounts and product collect vast issues and application breadth networking them turning to expertise, enable customers complex are

to highlight teams and optimize selling like our wins that illustrate recent safety. with two operations, their sales to are increase and I automation productivity, engineering Our project improve industrial engaging in would capabilities. customers solution

our equipment Belden First, customer in assessment. This factory a leader that handling complete recently world engagement systems engaged floor provide we in area, include operators. automation and racks, a long-time conveyors, with the network to is logistics warehouse recently other material large a that to expanded warehouse

each vehicles, supply In utilizes the for chain we implementation This this in comprehensive to include guided customer. systems the will than site. two in design a automated milestone a of Belden value-added advanced examples engagements result at optimizing a XX networks, or of facilities illustrate solution project, and transitioning with a significant customer. application communication design As solutions. are revenue is networking growing AGV large-scale opportunity new wireless customer next-generation This of a we that that a operation engaged recent this across provider a recent implementation from just partner to of second of represents of this AGVs more with supplier and expect AGVs, hundreds warehouses. rapidly award, how the These for deploy product robotic

We new are turn Slide an important on progress product. about very initiative. the of making for excited we Please review innovative growth X to this a are now

communications designed customers innovative our cellular that is network. Edge. to and is provide are like One via their to able throughout integrated a single market were Customers will data value-added ProLinx the previously Company multiple this strategy. called This We industrial new develop to investments monitor making support I'd solutions use be to new automation and machines a targeted the help highlight products product now gateway new whereas cloud-based that to product the establish required to connection functionality. device, components remote same secure in

new and increase solutions networking to and products support growth innovative customers our We opportunities. our expect developing complete to continue

please X Now in the for review third presentation to a of highlights. our quarter Slide turn

again and total I meaningful margin mentioned, delivered we revenues this our and with As expectations. EPS quarter, expansion growth that exceeded

expected to in segments. of expanded and contributions EBITDA year-over-year revenues our and on with period million, to increased an million. margins Solutions EPS broad basis in year-over-year increased revenues to basis. XX% the $X.XX, $X.XX. compared XX.X% to from increased Solutions to XX.X%. XXX both XX% XX% Enterprise The $X.XX quarter and $XXX year-over-year guidance period to $XXX from the EBITDA the year-ago to year-ago to was compared range points, guidance growth Industrial $X.XX based, a Organic million. $XXX million performance better is $XXX key organic XX% Third range than increased of priority, year-over-year our

again. guidance are once We our increasing

year end For of by $X.XX, the ranges we our increasing high million XXXX, the and guidance respectively. are EPS revenue full and $XX

see costs, strategic increased Market to a industrial. continue compelling Turning in requirements, the organically growth and productivity market revenues to forward. and healthy, great drivers Solutions for Belden We increasing going of very demand other and increasing automation markets. is number capacity another expect respond this conditions factors. and had marketplace, in our the third now key differentiated solutions in we in to longer-term as to industrial highly deliver labor Industrial customers XX% quarter quarter. remain we solid

to end revenues by Turning Solutions third quarter, trends on Buildings. driven and significant and increased market improving the organic Enterprise. capture year-over-year Broadband, in XX% Enterprise Smart an basis now XG share in

the Broadband by to the broadband Within increased XG organically. high-speed provide see X% driven this desire segment, greater for market secular access. trends revenues and ever-increasing in in demand and strong the We

Revenues this increased XX% XX% both they their exceeding as expectations. an our sequentially We have organic Smart year-over-year in support market, sustainable basis, and and competitive continuously in Telco on Buildings are and MSO customers and suited expand networks. to advantages ideally we substantially upgrade

and encouraged very the are execution teams. are seeing this strong in we improvement We market by our by the

from are We commercial focus benefiting data and on verticals growth such our as facilities. healthcare centers

enabling summarize, In superior operational capture. lead times great are had addition, continued To share performance and quarter. another we improved our

We now organic financial initiatives Jeremy are growth, strategic I additional ask to are into that traction. committed insight our provide driving to robust Jeremy? performance. will encouraged quarter gaining and are our third

Jeremy Parks

results sheet review. Please the results a by Roel. flow review my followed detailed performance. consolidated the cash and comments I for turn of start our you, balance will a and to quarter, segment X of with Slide for discussion a Thank

the I million Revenues quarter XX%, $XXX basis. in and from As adjusted will on quarter, sequentially XXXX. million, an increasing organic referencing increased of $XXX Revenues million year-over-year results a reminder, third the in be or $XXX X% today. XX% were

in during to remained seen have the Incoming the Gross strong channel X.XX period. robust XX were strong second to in with profit by We and the margins orders in in XX% bill order and book performance year demand. rates our quarter this XX.X%, quarter. Solutions very not significant the revenue increasing in we Enterprise believe X.XX including compared This points restocking ago in a to year-over-year ratio approximately increasing the sequentially end and partners, X.XXx, resulted basis of compared consistent flat is Solutions. XX.X% quarter, Industrial

As reminder, higher selling raise with costs we to copper gross minimal revenue impact a dollars. as profit resulting prices, increase, in

had pass XXX unfavorable higher As In third an basis profit a the of impact points. gross decrease. result, quarter, of copper margins through prices the

Excluding the have through, impact year-over-year. would of profit this gross basis points pass increased XXX margins

environment. performance current pleased especially with inflationary are We the given the

we additional million in $XX points to support pressures increasing price profit was and measures margins margins. period. and XXX $XXX compared We EBITDA prior-year will addressing period. productivity basis the proactively gross were million, ago this persist, to recovery inflationary XX.X% increasing XX%, in through the expect year that EBITDA compared $XX likely or are million, to XX%,

XXXX. increased interest through pass period. million the volumes. the be was EBITDA impact solid have At to rates, $XX in approximately basis demonstrating expect higher pricing, on we higher copper operating points would year-ago exchange consistent with leverage expense expense Net year-over-year, XXX interest foreign of current margins Excluding

in tax rate items. tax third incremental benefited from effective Our was as XX.X% quarter, the discrete we planning

$X.XX, full Earnings expansion rate tax per XXXX. Net margin the of in compared effective were quarter. fourth XXXX. to XX% for quarter an the million, growth in period. in approximately share and the in increasing robust in year third very were expect third XX% $XX the was deliver million We pleased quarter to $X.XX We the compared prior-year quarter $XX and to such the income XX.X%

the in results. our I Industrial presentation X segment segment. review slide begin to now our will a business Turning Solutions with for of

harsh allow audio, a customers and in data our As to Industrial solutions transmit secure and reminder, video environments. industrial

our generated facilities, in XX% energy, revenues transit. third integrated in revenues period. basis The in $XXX to and of reflects broad million Industrial quarter, leverage include XX% compared industrial operating Segment on market in XXXX. Solutions quarter, XX% cybersecurity year-over-year higher markets our process of points each Our increasing quarter XXX margins increasing volumes. of million strength organically, primary year key with to verticals. from based increased Industrial EBITDA XX.X% solutions segment across were for discrete the mass bookings year-ago Solutions the in the Non-renewal The markets. $XXX manufacturing, increased XX.X% segment primarily the increase date

our Turning segment. Enterprise now to

video Our and transmit customers to allow Enterprise data and audio, complex secure networks. enterprise across solutions

segment million organically. million X% of XXXX. during The market healthy Revenues Segment increasing Our markets share of year-over-year include on generated and increased broadband, XG in Broadband $XXX and in third the $XXX solid Solutions due XX% end the increased smart quarter, key organic quarter to and revenues demand capture. buildings. basis XX% revenues XG Enterprise an from

compared were resulted year-over-year to XX% our to Revenues reminder, basis XG XX.X% Demand XX% organic the a pre-Covid sequentially share increased XXXX, increased XX% revenues exceeding performance As market the in Solutions Improving and capture conditions basis, operational XXX segment in compared further quarter. margins EBITDA points strong in year period. during the Enterprise the year fiber quarter, substantially Buildings the XX% increasing period. up quarter on an with expectations. our increasing in strong, for market orders prior are double-digits in products to broadband and and Smart and remains third revenues the date. Broadband

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

Our the cash and million cash in of was and second in the equivalents to million third balance quarter year end quarter the period. prior $XXX $XXX the at million compared $XXX

comfortable X.X period. Inventory in in compared and We in prior Working turns were our year. compared position. X.X, and capital compared are and days the of to the prior-year XX sales very current quarter liquidity in to X.X XX quarter prior outstanding X.X the in in XX turns X.X were Days' to quarter the the prior-year X.X, prior prior with period. the

to Xx. our this X.Xx back to quarter. the Net in and second of quarter. improved to quarter times first X.X Xx at within This of the leverage net the leverage the financial targeted Xx is in end debt range significantly quarter again compares of third Our EBITDA

trend net strongest for which the free quarter, cash leverage expect quarter of even flow We lower fourth year generation. the the in to seasonally is

now discuss debt now our will Turning schedule. XX. to maturity slide I

reminder, our at the quarter As attractive interest was fixed entirely end debt a the rates. third at of

no near-term debt. on have no maintenance and We this covenants maturities

and During to extend the took steps strengthen maturities. the further sheet quarter, balance we our

XXX We transaction used our we July The the notes million the from during XXX quarter in redeem the third full XX-year maturing on the proceeds Specifically, in very transaction. issued these EUR this interest outstanding notes new million is We rate on notes. EUR were XXXX XXXX. in to X.XXX%. with pleased

from the XX% strategic now XXXX, was million in the $XX $XX in prior-year $XX Net As turn $XX the projects. highlights. compared period. average for to period. range in the were for few quarter to capital The in million plans. increasing And This XX% increasing XXXX quarter, flow result, to flow Please of in compared prior-year expenditures cash million rate million, $XX prior-year maturities timing XX change free an of provides from flow the year-over-year was capital significant our Cash a quarter to finally, primarily interest the cash flexibility Slide period. million, debt X.X%. financial million as to reflects third the $XX compared execute our a operations with we

for pleased with $XX $XXX the approximately million million, better flow ago now of approximately of million year to free cash are cash We generation than back in Roel? my million date CEO, period. Vestjens, is the for free to expect compared XXXX. the full flow and call year That year $XX We like which Roel $XX I the XXXX, would prepared to remarks. the to President outlook. turn now our concludes

Roel Vestjens

encouraging, Please to you, executing and our Thank outlook. remain at Jeremy. our for high are a global level. turn XX teams Demand Slide trends

XXXX supply $XXX improved quarter environment. to expected of for the to XXXX reflect $X.XX. fourth and better We are revenues of outlook the quarter operating chain performance considering and to year EPS increasing than million, our anticipate while million guidance We and full quarter, fourth in an $XXX third challenging $X.XX

year we increasing million. end now of billion $XX year For our of are prior billion guidance $X.XX compared to the guidance high revenue $X.XXX $X.X range XXXX, $X.XX full billion, to expect billion. the revenues by full We of to

to consolidated guidance of to XXXX XX%, implies growth $X.XX to approximately to to XX%. to We expectation guidance compared of revised now expect compared XX% $X.XX, of prior organic year be $X.XX our full Our full year to $X.XX. prior EPS XX%

full Our Please XX% and the revised growth XX%. implies to guidance to revenue for to XX% growth of slide of XX. EPS turn XX%, year total

about to conclude, we I our optimistic reiterate Before future. like would that am I

around business are improved drive we our performance. substantially bold markets, we taking growth align to secular actions As business

value results to growth team expansion, execute our investments new our to organic please than and benefits year margin concludes David, strategic Our remarks. solution this deliver in will to open prepared and That shareholders. I our innovation. much significant show our expected confident better the of robust selling plan driving call product that the continue questions. our for am

Operator

The first Benchmark Reuben from is of Garner Your [Operator question Instructions] Company.

ReubenGarner

setup. to passing the then Thanks. facing I it's Good out about if that is. any pricing about I do, on going easiest Congrats the some curious and how the, just you outlook. of there's is the current price save chain morning, I environment know cost environment cost that other results could and you're copper, and strong everyone. am sure supply I'm not I'm through other talk any the inflation Maybe material going questions how there.

RoelVestjens

Okay, so you all, the thank for first kind words. of

pass think whether we're value obviously costs enhance that We're those global our input costs I've pressures. pleased And are that provide Secondly, increased is I all on the with rise, customers other but that shortages seeing that seeing customers. very yes, seeing copper we been our those it we're to the or ability to pricing. of our to material illustrates

chain. perceived illustrates are the it value how perceived value position think I is our our in our And customers. we by

a revenue, additional saw, we're of the the doing passing it as decent on consumers. of pretty but by created the growth, more is revenue by at that our all to margin you So importantly, job

ReubenGarner

What running buildings heard then about from to going there. any slowdown? to expect is perspective, do indications into you're we'll demand there you we're that growth broader the that doesn't sound It commercial comments some some maybe world just guys in continue seeing into see a business, an I've your seeing are XXXX? a you and been see issues. Or like update smart Perfect, going

RoelVestjens

appreciate the I question. Yes,

within enterprise buildings, we're results our especially anticipated. were two the there's So - specifically and And then than the drivers. better were But two strong. they smart seeing, segment, solution

that number most overall XX, the there. out XX. ABI about carefully recent above still we all, is think, I right of watch First the It's index,

the we importantly, could of job. from within I year commercial of and if think the may good we end as centers. growing Reuben, business, most smart reallocating estate you are you But I was last resources a it core it notably is real year, that some we're growing. think verticals healthcare, think doing I to beginning faster buildings, data remember, the And said the more will, So of be

of our one third in I'll approximately revenues. you So Belden data XX% is give center and XX%, now point, the grew data revenue quarter

helping doing accordingly. job we're our allocating centers, data design good a resources So customers and at

Operator

Our Stein Truist comes of Securities. from William next question

WilliamStein

question. state on or us want current you. about shortages Great, your to thanks your and my to the chain? your question. of as internally ask relative to for lack Can of that I and are taking bookings. or the effect having us Remind talk Thank do to that's whether revenue supply capacity hurting is you business what suppliers,

RoelVestjens

you so strong. bookings thank the Jeremy for question. Well, first as as our extremely all, Well, of were explained, we've

book X.X. book second we the row a to it's think quarter where in above a bill a in had that's I

So high, force. relative that we at securing QX, doing required, materials for But guide honest. labor be a reason secondly, to hanging to to good example. on the been our the so I why we're hence so backlog think And has never and the job QX, is can strong

So teams challenges. - three we're that and not good to at demonstrated a are a for quarters yes, job row, our But now we we're the doing the that so in customers. as where we've immune labor the material can to able pretty satisfy securing

WilliamStein

And like how I understand maybe Can and bill I for backlog? of you book today? Perhaps is your lines, very us that duration of meaningful remind strong that what same the along Belden, forget it is. looks to typically, the

JeremyParks

Yes, will. I Jeremy. is me, this Excuse

typically that demand. So worth not right, for that's operating us. a you're at weeks' four eight generally maybe of We're backlog significant the backlog to

For now, it's than more significant that.

versus ordering significantly customers. ago. it where a was year more earlier up seeing by is are backlog the So And we

orders placing maybe So out. customers quarters the even are two quarter, next for

moment. orders is that not So meaningful enlarge as are of it's company. is with is most place strong taking reason us for the so phenomenon a which by backlog the metric at still that part But the the us,

Operator

with comes Dilts Stifel. from next Noelle Our question

NoelleDilts

congratulations and was guys, kind touch outlook quarter. if the goal. expectations. on of could period, know, margin year kind the last in you of longer the about long your just Hi, XX% XX% term December I to hoping term talked on strong I you

the portfolio, Thanks. But an about seems copper you're it million the with a like I us years. over next lower thinking former think of you now on targets update how give kind few $XXX more target. margin cable, could maybe with margin that's of stretch

RoelVestjens

Yes, thank you, I kind the words. Noelle. appreciate

our is role, still that forefront So roles. enter our

has good margin effect. including feel not So goal We copper achieving EBITDA term XX% indeed, to it A that of an has changed. the longer XX$ goal. about

published being was a than basis at XXX an and higher goal, copper least points. we when rate, that has certain So that now of copper significantly effect at

So but report published, to approximately we goal. this XX%, feel way. goal compared if it's XX% we're to our XX% about we year, XX% achieving on well we that that the And good

NoelleDilts

the then obviously, if about And great. so. look little year. at incrementally where thinking But more feeling you we you're year. thoughts talk you'll look of how to or out and in you're maybe Okay, we And more growth back of next XXXX bit probably where kind year, for month any cautious were more about positive, as sort last a a I initial on think

RoelVestjens

good that Yes, days. there. the question, We I feel still out our this about good appreciate early Noelle. year, But we pretty made. little bit about murky the obviously results investments a we've still It's feel it's

announced mentioned QX for XXXX I But guidance February. in remarks, in provide we my we results they're will prepared think off. our fair it's to say when As that paying I

Operator

next comes Fox Advisors. Steven Fox Your from question of

StevenFox

questions. Hi, A good morning. couple

absorbing it looking wondering a you But know I like outsider you're lot it dig seamlessly passing seems obviously was doesn't into inflation. hit. it's if an in, that. like to almost if margin seem from could all, much pressures of I inflation not, on customers. of a your you're you're First

that some could bunch why the just broadband. through into and times, the you you're some you that's And sort outperforming So industrial I the field. if of can of Thanks. a other work was especially in players in share then the of secondly, market mentioned you of whys case gains behind curious dig

RoelVestjens

Yes.

So appreciate the question.

value. of a the So first all, I of testament think it's

in So and our customers, selling with increased that our and solution I hand the to think value goes the perceived hand provide value approach. we

in one machine if if I on So if that price I component, user, solution floor, of it's that we they competitors that my whether sells merely an somebody pass examples prepared one it's complete harder think end builder, gave a factory expect to our as owns or whether with provide in increase, the remarks. a it's the sell, a two

hard. So that, think purchasing it's our work teams I

we that Our supply value and to work that sales and think teams pass perceived ability our on derive customers chain pricing. inflationary people hard. But work I are generate hard, how our for being we it's that ultimately, the

of is hear We're our market we've at segment. share building - the advantage, I least from we doing side, for running terms keeping broadband that's fairly And the the we performance. have smart advantage a property intimacy customers That's think In competitive think gained in and quite that that in terms factories at protection On market reason that better decent channel and I the I job, share gain a XG, have. what in think significant operational it's performance. customer doing our partners. of I maintaining our and and our intellectual delivery times job the we lead sustainable our suppose, and on our we capital

jointly our pretty do a the with tied and to customer and develop executing solutions very, growing business. base, decent hence we're customers, our So very at job

StevenFox

industrial? And how about

RoelVestjens

side, highly to We've on we've made our that's to, gave R&D, made appropriate with it the automation our remain that down develop selling were investments customer why approach. the that in solutions innovation in the our our prepared customers. the two sure we innovative, investments industrial and centers, solution So remarks to we jointly examples in appropriate examples comes make the industrial

success attribute in would industrial I automation. how So that's the

Operator

Mark of Sachs. Goldman Your from comes next question Delaney

MarkDelaney

Thanks morning. the questions. for very much taking Good Yes.

would strength. visit details center, could strength, more business of hyperscale? was area an helpful be that? the that more showing more Is part on provide start. First Thanks. as details called Just company on out I on some an you the to of some of that data hoping that on-premise

RoelVestjens

are Appreciate in of are more we were Yes. the early pleased cycle, And the of with centers. question. then the virtually getting terms data in more of customers the Thank asking Indeed, we enterprise very success. on value And add Mark. design data the And all us involved. centers. data centers type you, the to

to the It's we area So on. importance area an not strategic not is that focus us. hyperscale an that of

MarkDelaney

Understood. do And on was I'm you think the my curious, bookings to you're question stimulus come? potentially business, seeing passed some realized yet. some broadband very mostly Or to of you that for broadband been the passes? bookings that support potential bookings And bill, come But infrastructure would you good. projects. broadband in there's had to was have still projects think potentially customers hasn't I tied those anticipating more bill that are Thanks. money if

RoelVestjens

really Mark, I the appreciate question.

those are to the still news. bookings That's come. good So

of that come. yet All to is tailwind

bill to out, secondly, Rural not Development rightfully you been either. pointed has funds yet, RDOF, And that was distributed fund not the passed Opportunity passed. As Fund those the earlier, have

to come. lot a is still there's tailwind that of So

Operator

Loop from Your of comes next Denker Chris question Capital.

ChrisDenker

any we of there? guess morning, you are obviously seeing be we to Again, think about helpful? over comfortable bit we Obviously, part up color curiosity, forward, about just success seeing slide R&D of level? good couple think but spending are Do take kind just the big quarters? of next the solution that'd at we a there's this of How growth do Or going folks spending nice little uptake Hey, everyone. are need further, I sales a appreciate when impact highlighted R&D, we here. having out the R&D that, here, deck, organic

RoelVestjens

is Sure. Yes, that question. to I rewarding the investments it appreciate indeed the very Well, are off. paying see

as revenue. noticing that. comfortable So the of we're percentage And thank current you of for a with investment level

the of they're the funds the of teams we revenue, So percentage we've feel tracking investments, investments. a And utilizing the R&D We're with. effectively. executing, as the that comfortable the I level made probably are is think productivity this

ChrisDenker

across the for too kind And to take Got got it, business, better a try on early maybe tact different Understand you've on that it's strength slightly strength just and than a the the that. start the I'll But seasonal booking 'XX. and this. given fair to of order you assume no, year. thank

RoelVestjens

feel good. we feel feel there. said, we're still what I good But doing. murky as about the out We good is about company. Yes, it We

to shareholders So all able that guidance on should comments we our make when to accordance have are to of provide should expectations that and actually follow I through and the Belden. have we want sure make and you them deliver we in that that that

February wait we'll until XXXX. for provide guidance to So

Operator

there further questions this continue. Kevin at time. Maczka, are no Please

Kevin Maczka

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

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

address is Thank Our email you. investor.relations@belden.com.

Operator

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

Thank may for disconnect you your from the You call. now participation.

Kevin Maczka	Vice President, Treasurer and Investor Relations
Roel Vestjens	President, Chief Executive Officer and Director
Jeremy Parks	Senior Vice President of Finance and Chief Finance Officer
Reuben Garner	The Benchmark Company
William Stein	Truist Securities
Noelle Dilts	Stifel
Steven Fox	Fox Advisors
Mark Delaney	Goldman Sachs
Chris Denker	Loop Capital

Belden (BDC) 3 Nov 212021 Q3 Earnings call transcript