BDC - Earnings call transcript Q2 2022

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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 call over to Jeremy Parks. sir. ahead, go Please

Jeremy Parks

With Good earlier a for and earnings Belden's Jeremy and Vestjens. Financial This Bettina. President I is joining CEO, then overview and conference you of us is Roel Officer. Chief Belden's today second will Parks, this morning, you, morning thank Belden's provide everyone, Roel for issued call. me strategic Thank quarter business, XXXX on this our we and a and operating our results, prepared our currently online detailed earnings presentation, Q&A. by will The remarks provide prepared release will have available these release, financial at We morning, that we transcript a this review followed presentation of investor.belden.com. and are press of slide call. reference

presentation. Slide in to X the Turning

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

please information, XX-K. most press on release today's report annual review and recent more our Form For

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Roel Vestjens

you, morning, Thank Jeremy, everyone. good and

As a today. reminder, results I'll be referring to adjusted

for Now summary please of to Slide a turn X today's presentation.

like Day I Exchange Before of themes Stock our Investor XXth. we of begin New the to we that event revisit some would hosted discussion June quarter results, second key from at on York the the the

Belden highlighted company. Investor Day, we transformed a during As is

revenue pressures, that improved. years, growth the significantly included performance EPS last period pandemic-driven digit inflationary three chain and businesses and mid-single recession, a growth portfolio and and of supply disruptions. Our financial delivered over are lasting our double-digit a extreme EBITDA We

markets. automation and reshoring. the and bottlenecks and accelerated Remote for aftermath more changing workspaces and shortages, trends longer-term the secular the pandemic We "smarter." now all and need in each need specific discussed, chain for are become bandwidth these I virtually driving are additional To of are ensure outcomes, Labor rather end, processes commercial driving focused of the our inflation, As on and ensuing supply complete work to executing solutions, from our trends. important end-to-end benefits that that individual enhanced secular providing are we number of than a products. have customer to buildings business initiatives Belden for

all better revitalized further capabilities acquisitions with integrated recent new a dramatically have serve hardware software the innovative product have a digital our corporate We and augment customers product to portfolio solutions. and world. broader for our to foundation And of provided this to We did fulfill our new roadmap. build our purpose, much

We in expansion, robust expect margin more this EPS by result or and sustainable $X organic to XXXX. driving and to growth

returns this would to our expect plans, shareholders. As we into our very execute for we compelling translate

Turning to Xth results, our am straight pleased quarter financial another very quarter, expectations. the I strong we exceeding delivered

strong share the capital be Accordingly, continues bringing to Our a million. $XXX executed value. shareholder to drive through another and strategy of now of expectation July, are our XXXX, revenue to we organic revised our represents X% The year. guidance guidance X%. half to prior XX% first of total balanced in $XX million year-to-date allocation increasing the compared XX%, After to repurchases growth to we consolidated for

growth end, of EPS XX% we at high to the XX%. our year resulting $X.XX Additionally, full in increased by guidance EPS

our in meaningful second to Slide the X presentation delivered expansion a again this highlights. of quarter. turn review for We and please margin Now growth quarter

over performance, XX% $XXX our year year over year. am XX% organically up which with guidance pleased $XXX Second I range to quarter year increased million, $XXX to of revenue million revenues exceeding million. the was

had built to reshoring backlog another broad and great increased organic Solutions healthy, of second segments. We year-over-year Enterprise Solutions drivers both shortages, segments. and industrial. in Market organically revenues and Automation second Enterprise in strong solutions strong healthy, the demand conditions share labor Orders see based were basis production. Solutions remain in across quarter. increased and respond and we an Our quarter Industrial Industrial we Automation was compelling XX% for end both continue performance XX% longer-term in on the driven markets capture. automation as revenues requirements, customers the quarter, capacity by industrial to again

by teams, to revenues segment, our focus benefit from I increased facilities. pleased continue Revenues verticals, execution in this organically, Smart by and for XG connectivity the the long-term centers, networks. Broadband fiber ever-increasing by Within the upgrade to as driven products. such be organically. in driven the XX% growth high-speed commercial Buildings resulting We and healthcare and investments on see our XX% broadband strong market, as strong our for demand with required trends data government, increased secular in demand we

growth We drive support to to continue in business invest plans. and our our strategic

facility Now grand which in Kochi, XG. product for new India, manufacturing in R&D one hub the key a serves great development Broadband our & example is as and global opening recent of

EBITDA million. In meet our year fiber $X.XX XX.X%. year from to technologies exemplifies strict and addition for an over period increased continued expanding margins of of second our standards to XX.X% new to period quality that the XX the compared testing fiber quarter customers. our most $X.XX. to laboratory the our over R&D EPS guidance been This capacity, has key features the points, also in to to facility in facility EBITDA year range expanded XX% increased $X.XX cutting-edge commitment manufacturing certified year-ago growth. year-ago in XX% $X.XX, the year basis $XXX to to

our X.Xx, net with In for Belden, well-positioned this proud quarter target X.Xx. excellent of quarter another now very and below I of the teams. am the achievements ended leverage was summary, our of of we Additionally,

products implementation in of continue We Belden to from supplier and partner value-added of infrastructure trusted transition a the design networking solutions. to a

performance. second making performance. Jeremy I into our financial Jeremy? to financial now insight great is quarter will which reflected We are additional in progress, strong ask provide our

Jeremy Parks

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

referencing adjusted reminder, on I in million row. results were over XX% quarter, million or the over increasing million organic basis. second Revenues in $XXX for a remained year quarter the will $XX As year were million, quarter Revenues order a increased in $XXX and the healthy of XX%, today. from an be XXXX. Incoming rates $XXX third

in was bill year-ago in Industrial increasing period. to X.XXx, in XX and the in Our Gross to basis book quarter Automation. Enterprise were XX.X% X.XX the compared X.XX margins profit points including ratio XX.X%,

the interest $X foreign that first benefiting productivity was XX $XXX million, proactively year-ago gross $XX rates. profit the period. the EBITDA expense XXXX. favorable At inflationary in measures foreign expect debt to well from early expense on declined $XX We completed through margins continue million, XX.X% pressures compared margins. higher from support we address in approximately recovery exchange to to in rates, the to points we XX%, million to $XX year-ago were current million compared increasing demonstrating basis XXXX, leverage compared exchange increasing period, to in in prior-year interest million Net or volumes. period, solid EBITDA XX.X%, the repayment quarter price as as and million be operating $XX

in the was Our effective second rate quarter. tax XX%

resulting effective approximately margin was in tax full in and XX.X%. the pleased to $X.XX, $X.XX rate expansion such tax approximately XX% expect in to growth quarter year the prior-year deliver robust a again of $XX the XXXX. And of the of compared XX% We an income We Net increasing per XXXX, rate effective very period. quarter. half was second million earnings to compared $XX this for million, share second quarter in were

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

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

increasing Solutions XX% Our segment. now revenues in Enterprise The organic operating key an and verticals. basis XX% manufacturing, XX.X% the and Segment quarter, favorable in year-ago EBITDA XXXX. compared in in our points generated quarter our of growth increased growth the discrete Automation basis, on transit. segment Industrial urning in $XXX million market solid increasing each with to include due margins XX% primary $XXX Automation the energy, volume facilities, second quarter, segment revenues mass on from of double-digit of million XXX process markets period, to leverage were pricing. the to Industrial

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

XX% in an markets the XXXX. Revenues smart in the second key organically, Our year-over-year and million Buildings and of segment The basis. XX% million with $XXX Broadband and Enterprise Solutions include buildings, growth XG. of quarter and increased generated market in Smart organic $XXX similar Smart from both Buildings XG. quarter, XX% on the revenues Segment increasing increased broadband during revenues

XG in solid capture revenues organic data centers, XG including revenue verticals, In focus & represented on the increased the XX% contributed continued an year-over-year our our approximately XX% the share Revenues Broadband especially and on for of for and strong to performance. due to fiber products. quarter, Our growth fiber demand connectivity healthcare, strong government, products Broadband and basis business.

products segment year, in XX% only in the approximately to and up first & prior represent were quarter, Enterprise the EBITDA ago. three the full XX.X% in period XX.X% For fiber quarter. margins we to the XG, Broadband from Solutions expect XX.X% XX% of years approximately year compared

pressures in significantly, temporary quarter. EBITDA As cost improved sequential expected, margins after facing the first

X Slide please for our will balance sheet you If to highlights. turn

in in quarter the in period. quarter XXXX. at of the second prior-year turns prior the to balance the of quarter million inventory support the the period with improvement Our to the and levels $XXX five the sales sequential Days in the X.X in in the cash cash days second robust turns, increased days throughout in $XXX pleased outstanding growth were am expected $XXX inventory compared prior during end in XX first million XXXX. X.X, and after the I prior-year were to quarter. Inventory quarter and strategically compared XX first days we equivalents was million XX with line quarter and

compares Our first is quarter and in X.Xx now X.Xx. financial net our year X.Xx leverage of of level This to target below X.Xx, ago. a the debt-to-EBITDA

Day, leverage to net maintain X.Xx communicated in our As forward. approximately Investor we of recent going intend we

During second repurchases million share This and total to fiscal XXX,XXX our July, quarter shares year-to-date through $XXX for average $XX approximately repurchased the brings an million. of price we $XX.XX. for

Following $XXX repurchases, remaining million these authorization. on have existing our we

we forward, financial maintain to disciplined a policy. Going intend

in balanced, flow strategic turn be from considering will period. flow Please the were highlights. for priorities X investments the for from million compared growth strong Free million, capital. to prior-year prior-year Net and up initiatives second growth receivable $XX $XX $XX quarter, a $XX flow few million was also compared the quarter was Total the first impacted allocation in in Free prior-year slightly million by period. quarter $XX million while to to revenues M&A $XX repurchases. Slide organic in to million emphasizing in the operations to the flow levels, additional working expenditures was period. sequentially. million in the $XX capital capital share cash cash compared in quarter Accounts by increased cash Our due cash

following capital improve, We half of levels expect typical second in to seasonal the patterns. working year the

for the call President back such, I to As remarks. to continue exceed Vestjens, That year Roel? prepared flow Roel like the $XXX would to XXXX, my our cash outlook. CEO, free turn expect full now the and concludes for we million. to

Roel Vestjens

turn Slide Thank outlook. our to Please X you, Jeremy. for

for We and guidance are increasing XXXX. our EPS revenue

and the record is backlog the second of considerable challenges with dynamic and very While half with enter we year stable market markets. end the environment uncertainties,

in and third line fourth We quarters to the expect with essentially the be second underlying in quarter. volume

anticipate second revenues quarter lower million, $XX to with $X.XX a revenues million minimal However, lower impact to EPS. due quarter U.S. approximately $XXX third pass-through XXXX stronger be of to third by to EPS and of compared expected copper we $XXX pricing, million dollar are to quarter $X.XX. Accordingly, and to revenues,

of full to now For $X.XX of we billion. $X.XX to revenues compared guidance $X.XX $X.XX billion billion, the billion to year, expect prior

guidance consolidated compared growth of both now XX%, in X% revised X%. solid Our XX% to of with represents segments, to organic our growth to expectation prior

compared EPS year to $X.XX $X.XX, guidance to full $X.XX to prior of $X.XX. XXXX expect to our be We

growth Please EPS full turn For our to to new XXXX, represents Slide the XX% of XX. XX%. guidance year

EPS would value our on The of reiterate consisting more EPS Before to built exceptional strategy to greater is framework flow quarter. by is or like framework. of allocation leverage free I $X healthy summary, we growth financial cycle, commitment XXXX. and drive to another a conclude, margins, disciplined $X we creation GDP In generation, over significant capital EBITDA at revenue the incremental a net X.Xx. cash targeting than The delivered

to secular well strategic Our positioned the our to from I margin our I questions. open continue continue shareholders. initiatives broadband robust trends is gain buildings. driving our the industrial smart and favorable that growth growth XG, concludes remarks, That by am value the and benefit am prepared organic for to to in execution traction, teams the Bettina will our please significant expansion, and Belden encouraged & deliver Company. across call confident automation, of teams

Operator

first Our today question Capital. comes Loop from Instructions] Chris [Operator Dankert of

ChrisDankert

taking Thanks growth, all better-than-expected the Hi, internal for starting off growth sales of that I'm at initiatives what guys. looking can market the what questions. good the growth, guess break down quarter morning, versus of drove kind your I when behind some key drivers and you here? at share gain impressive in of growth kind

Roel Vestjens

the Yes. appreciate question. I

first reiterate to was all, of broad-based. So that want I growth the

we in significant Enterprise perspective, them. was platforms Solutions a the within very three define We growth regions growth and growth as broad-based. - all in geographical in the also So, From platform businesses. all both had

and So the Pacific. in East even Africa Americas, Asia and Europe, Middle

to growth. we Pacific, had Asia close XX% organic

of then So pretty fair market to capture, is taking other to see, and competitors we numbers a people have compared look in at If numbers that that it's and I I we're share. compare been to it's the try think share growth that the if space, issued market or say what digest of numbers then growing are some think by the the what clear I then I faster. some

believe the gaining do indeed our share So growth that I gaining that initiatives we're traction strategic are and market. in

ChrisDankert

Thank at again just for business secular a Analyst broadband Day. clear to bit, highlighted then you dig the behind pretty the you the in that. industrial business drivers and And

I think back of was of year the business your the smart that above into As X? the in here? specific And as we smart for what's going buildings here, of forward book-to-bill move half kind about outlook buildings kind

Roel Vestjens

it Yes, was.

it think X.XX I was --

Jeremy Parks

Yes, smart it in was X.XX buildings.

Roel Vestjens

Yes.

Jeremy Parks

be the above growth still mid-single of And digits. in was year roughly X. in second expectation is smart the that half it will So the buildings

Roel Vestjens

Yes.

we high-growth there are been three in example, real sometimes asked. health XX.X% verticals commercial that for in data are we've as But estate So last to investing when reminder. what we're verticals. doing for years, we've And numbers QX, just a care, those and reporting those resources combined sometimes other QX. the growth from the centers, been reallocating And grew government in explicitly

much So And smart are are buildings that same. those secular we're verticals in. there the the investing pretty the within trends

data bandwidth for more smarter, more getting and cetera, automation, So by et hospitals and et doctors, data need cetera. centers more with smarter use of

to traction those continue in gain we So segments.

Operator

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

Mark Delaney

congratulations Yes. Good morning. the And thank you very much for taking good the question. on And results.

guidance weaker that a add for revenue consistent first, what more in or as you pretty little currency with third on a seasonality, quarter? better is into of could hoping more sequentially, copper normal elaborate bit think but contextualize FX is I down think on go you're more you little seeing markets maybe I the terms the think getting are I just constant I better a impact, next quarter, back bit to which and if basis, pass-through

Jeremy Parks

Yes.

in FX So it quarter $XX to put into and copper total is Mark, third million. about impact in the context, just

look when did we it end we're at a guiding in you second with that's high quarter. pretty think I So what the consistent just sequentially,

a we copper of impact QX. little Now bit and had in FX

it's guidance, There's impact. it's to So $XX about $XX million prior $XX sequential a million. impact million a relative

Mark Delaney

that? of terms in an I or guess better into weaker getting sort end feeding market of

Jeremy Parks

Yes.

are guidance the the three no in trajectory in think markets. sequentially businesses. I shipments the growth significant assumes any all of roughly in of volume-wise three flat end There changes

Mark Delaney

mentioned press your question bookings as uncertain And that And on demand as release in just still times, Roel, my environment. the highly very comments broader both strong. obviously second you was the well

bookings. $XXX perhaps million think tick in did book-to-bill implies I But quarter-on-quarter. to X.XX think slightly down bookings north of I

you're you seeing So think I'm any the weakness Or it say that and more macroeconomic just just curious, those do signs not trying but uncertain, is you're it's booking numbers? you're in to of in seeing business? XQ noise

Roel Vestjens

to I we're make in comparisons booking Yes. the so was been still a than ago. strongly, mean $XXX our million we a sense seeing quarters compared been I not that we more growth million. yet. it, No, three have a booked Not although it. QX some point, are row, of Mark. lot the at QX, in because anymore, that We appreciate have don't year highlighted $XXX-plus year-over-year - these fact that bookings

- one orders our QX. take from another Revenue - quarter a don't that. other, to exceeded very, strong don't I take the very if if microscope, exceeded even in sequential I if Orders I business magnifying one I were So I take glass, from anything. a expectations Maybe delays see and even slight it's milliscule. a but to find I

no, So we good, Mark. feel still

Operator

question Fox ahead. go Please Advisors. Fox next of Our from comes Steven

Steven Fox

Thanks. Good morning.

revenues, First question, where we on the the I you out versus if curious started was could year. zoom

you As started you'd mentioned, thinking to the X%. year grow X% you

later. to now organically, your the follow-up. And XX% the of talking I would biggest you're thinking X Now a be What XX% months then versus drivers have difference then? in

Roel Vestjens

Yes, we to in said in initiatives. share our there programs. I growth think markets stronger. about about feel main I in will good hang capture are and all our there. markets that reiterate, good honesty I But feel Like the think the continue our hanging strategic difference We

those And to we've after innovation we're after investments the think rate, our feel our think stepped secular better that's driver. positioned. and by I benefit biggest the I we able increased markets the up from R&D And better. significantly trends up within far We clean portfolio.

the within all continued the had fiber they're broadband faster segment, the our with that verticals that And and smart within Industrial we it's emphasis serve of within it's growing and So anticipated. I XG, at than verticals If Automation, significantly outside on just the that previously investments. our effort I growth home investments buildings, it's highlighted the look we broad-based. of

Steven Fox

bit And a parcel and of we a about looking most cetera. follow-up range plant. date, et Can capacity sort broadband mentioned of then detail on, like seeing can a there's that? the you XG, as little sort world more part combination you demand and you're all rural talk at expansion of the issues going from of a unmet benefiting whether And of how because versus earnings it's India to of of where maybe the today in and some question, broadband XG, there's your ramps, with just you're then

Roel Vestjens

appreciate growth - Our thank that. you we

few different question dynamics. So a let me different few answer the vectors, a on

So our States. the in very but growth is broad-based across strong United the world,

funds now deployed, those. being the seeing expect, As you would are because we're RDOF

So about we feel very good there. position our

one. the of that's our had So we anticipated. is outside Two than grew home faster even

Now home higher. a little declined anticipated. inside more was Overall, the bit than growth

and XG So we telcos them more continues to continues pay fiber that and investments also and and And with then build. that come making our are to and grow. Belden they infrastructure see broadband more the to the MSOs the to off, to mix grow help

one out So number. I'll throw just

we call. mentioned think on I the

For XX% and become was the of year, that we fiber, our like now to only XX% in and expect XX% XXXX. revenues XXXX in

the a States. United strong are but versus you drivers in secular, inside, so the or will, very of if So outside either copper broad-based, fiber, lot

Steven Fox

everything just And talk India of the and one of that in of into sort that piece just puzzle the just mix capacity about? Can you else expansion that close fits you out. talked your about how to

Roel Vestjens

course. question. the Yes, I appreciate Yes, of

MSOs. whether whether So lot what for we feel or India. XG it's of through we America typical bullish significant bullish call feel it's through the about broadband, is need in expansion, there We directly a

the part a in of lot eyeing talent, fiber of talent There's been we've country. So that Kochi.

the build of and for the tailored fiber. two rest so testing combined one as to well expansion manufacturing R&D and thoughts facility, as significant so Asia potentially local serve specifically market facilities, we facilities, So

try factories that future for on in So to are down, as cannot current market. Indian expansion coming we up it's bullish and not our alleviate keep much stable so so we other because actually bottlenecks times the we lead as but it's that capacity are very the more

Operator

will of a from Stifel. go Please [Operator ahead. Instructions] take Dilts We question Noelle now

Noelle Dilts

bit my comment for Thanks taking a I by you're could how for on you margin XXXX? expectations questions. about was guys. Hi, hoping thinking just segment

Jeremy Parks

sure. Yes, Yes.

basis both points company, of would both improving on consolidated imply would now, view So the guidance look at the close if XX year-over-year would range to of be I margin XXX of the I And to basis in kind say right expansion. number points. basis, will XXX as segments that you roughly a

both good So think I that and leverage of we're to because the businesses good there's opportunities in growth. going get

Noelle Dilts

and Investor bit my And any growth of kind would mid-single-digit the over lower looks Day, little be of just this 'XX. on you 'XX laid then at to you really, expect environment? the guess that XXXX environment, on, 'XX how guidance. as a out directionally the current at you multiyear given Any I look macro question and sort is over Okay. thoughts current macro thoughts

Roel Vestjens

Yes. in tough, obviously, appreciate I But the right? I question, then morning news if the economic I'm I understand and positive bit mean I'm a the follow in I negative. afternoon, the Noelle. it's little

uncertain highly still out it's So there.

a very taking prudent we're So approach.

a of We It's trends the look a beyond and we year. are half our cost terms feel manner there and we we to hold. XXXX. secular look our hard structure. thoughtful of about investing, the We end at but the and are can we're and investing in even believe where XXXX, at a is areas bit in the at of if 'XX good when little second investments that or in And responsible will only recession very keep

Noelle Dilts

software there Okay. were of and seeing hoping, And on how a I at what kind an are and again, give Day. the you last, update just Could topic Investor task then you're progressing? things big was us

Roel Vestjens

reactions of feel I excited. Yes, very very within We Yes. received. good Belden Industrial business. product the that demand Yes, our the We about the Horizon we're good the this we customers. very question. very much about feel launched appreciate Automation We

we through - period, on cable visibility that products the on active or recall, have of the And our all our may of collecting we're products. in that not provides data top pyramid. our and this which now may into connectors product and our we you visualized As products through

say that June following our I expectations. very even honestly can exceeded we're XX, customer that. excited So about our expectations And

complete from also very about cloud, solution the not to feel being on we able a provide to just or floor on platform machine So industrial a sensor customers the the or the efficiency factory the our improve bullish we but and further for them present their to data through can the which improve machine. that efficiency that further of analyze of the capture now we

happy very we're yes, So

Operator

Stein comes Please Our Securities. next Truist from go ahead. of William question

William Stein

Thanks Great. for by pricing my remind on influenced I'm very questions. margins copper. taking the congrats can about you us mechanisms which And hoping results. and the through are good

way So that there's by I up, [technical bit to is I on we difficulty] along fallen, a action a think [technical know wonder market I whether And the driven of more customer customers. of that a have innovations? pass follow-up. dual and or struggle to or it's as contractual difficulty] sort then things And

Roel Vestjens

Well, first all, appreciate comment. of I the Okay.

on a the up. really not way it's Secondly, struggle

So would I our contractually agreed half - or about of cable about of upon half is copper say beforehand.

same So the a copper adjusted as down. automatically that way on prices then And band that's are "automatic". quite exceeds There's if narrow band.

customers the prices negotiation. expect way transparent, But on. price up, way other think to but long, it it's means swings want also. copper park, the we'll down, that I pass I say a even mean so in walk our which to our yes, it's adjust the really we since on we for For - don't not half, dealing a been on fully we've with I and understand a - it's

benefit. don't or month little that. So we don't to of a on quarter a bit do get of trying another play another the We for hold games to

transparency over years. credibility the this this built and we So

our customers So understand.

William Stein

thinking data data center The I build guidance for I guided ask understand very to going helpful. year, One next provide next positive for I and growth could next year. for you're the I'm is you're year, wonder I'll center think year. not trends. that's for specifically full about quarter for demand And for next but case and you've how about sure still

lower freezes plans. at expenses we've CapEx However, in things and these of hiring their webscale into way some that, And that's at not investments, making least that. clear like operating companies it's its about heard also

some might light that you the And so so set I'm coming shed we your can year hoping for part business. expectations of for

Roel Vestjens

course. Yes, of

it. what here's answer So I would

remember next please That's that and serve, color outlook firstly, the for data year. first And So that and reports pretty that receive. still centers. good for foremost, the we enterprise-owned to we according is

you're what we are to, and the centers. the providers, think guys data big sell cloud referring don't to I hyperscale

continuing that deliberate made not we years that's serve few us is and a well. - to is So back, that a that choice

So hiring issuing hiring big players slowing by most cloud affected the freezes the they we're down not or that done. - have recently

Operator

there at Parks, time. no continue. are Jeremy this Please questions further

Jeremy Parks

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

questions, is investor.relations@belden.com. any Belden. IR at have address team e-mail out to reach the you If Their here please

Operator

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

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

Belden (BDC) 3 Aug 222022 Q2 Earnings call transcript