Belden (BDC) 2 May 242024 Q1 Earnings call transcript

Ladies and gentlemen, thank you for standing by. Welcome to this morning's Belden Reports First Quarter 2024 Results Call.

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

and thank earnings joining are conference and Ashish and first for Belden's everyone, and CEO, XXXX President quarter call.With Chand; morning you Parks. us for Belden's President CFO, Good Jeremy Vice Senior me today

press strategic to of morning, Ashish review The our business, and presentation, a financial have earnings Q&A.We currently and reference issued in slide on and of prepared operating release of prepared then will and overview our this the will Jeremy presentation provide will these call. provide by a transcript we earlier available a that this online our detailed Slide presentation. results, release, remarks are at investor.belden.com.Turning X followed

the Reform During Private of this call, of will Act certain management upon Harbor Securities Safe the make Litigation forward-looking reliance XXXX. provisions in statements

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

adjusted with associated our information call our financial the contains will during information will communicate.I non-GAAP of our closely of information. today's a to non-GAAP the to the appendix financial or we now the website President reconciliation accordance over reference the In and presentation Ashish Relations CEO, Chand. turn G, section most management call, GAAP to Investor Additionally, financial and Regulation

key We Thank accomplishments major we today.Let's everyone. Aaron, I X you, and joining like summary good first would of the achieved and really us for quarter you appreciate messages morning to turn the a to highlight. Slide in

stability. adjusted key for by that the saying referring a theme As start reminder, is quarter once be results today.First, me to let I'll the again,

solutions a period. period. in was Revenue first continues in up our both million of the were similar sequentially, at exceeded what prior the Orders to X.XX the we quarter EPS stable, prior totaled guidance up came in and this For resulting book-to-bill the in X% and X.XXx, high in saw the Demand EPS from environment. first end quarter, $XXX $X.XX. in and dynamic revenue of transformation our our

to conditions in Our million summarize Technologies customary our purchase encouraged and I we a to for pleased will experience I cash, resulting into am optical leading are and approval, configurations, excited to Optical new agreement detail Precision PON shortly, I exceeding components. of in markets, performance course. particularly definitive team related markets and continues here in closing market.Third, we meaningful further regulatory that business execution solutions high-return saying signed capital add Enterprise in create deploying and flow opportunities flow, free year. steps in optical are flat very period to XX-month team opportunities. the free our will network believe segment product Trailing consistent and cash produced for set generate same our cash with this to passive our acquisition transceivers of that Precision is steady value-added priorities. ample flow, or $XXX for software, broadband reinvest acquisition we the and to the expectations.Second, by Incorporated With we our cash proprietary am roughly Technologies, last with a recently $XXX let on Optical me at supplier announce approximately continue was subject headwinds what allocation million, just to see our to with but took the and firmware capital strong our go

leverage targeted XXX,XXX remains to line we leverage our in mostly shareholders first with with quarter. For share purchased X.Xx. the at X.Xx, of quarter, million net shares approximately through the returned our repurchases roughly over ratio $XX low in Further,

acquisition a to it Technologies, capital Slide a for please while is of second solutions turn which our QX deploy the in not the expect in Optical to of wins. we plans summary figures, Finally, reflected quarter.Now team X to close our Precision few towards noteworthy

a a take action.In our integrator, deploying Rail for me project system was directly let provide awarded secure STS quarter, customers was and and recent combined every India Chennai example, proven backbone first to we for team portfolio. the to were in solutions and real-world the our describe Metro moment as Chennai a in our Rail solutions wins top Reliability do in-house Hitachi customer. end with X working $XX-million-plus rail and with our were examples example, to In this we safety to passenger help of network customer As expertise a India. ensure Limited, network reliable product a priorities Metro looking in security. complex with

a successful test in sessions with connected wired Belden-designed enabled Metro, control also increase outages. reducing maintenance Belden solution testing train track communications-based and wireless predictive a network multiple cutting-edge Chennai components. IoT-based by proof-of-concept The Further, functionality operational to held for consultants utilizing solutions proved the including Our network system. efficiency

as KPIs hospital consultants, network Hitachi add to utilizing Our better to our for solutions and a experience.In use result with data The example, second reduced footprint, for With build a passenger business.Again, is our to products resilience, KPIs.I that were recommend Chennai allow and a able able awarded major patient edge complete highly Belden were our infrastructure through together outcomes, as multi-million These at to value network put components the are capabilities: computing a products in which high-quality reliable our the facility to together and Horizon, and an further team customers with solutions for STS software am we targeted single beyond DCX example, a of a cabling winning including of manufacturers. their network combined Belden trust system, leading-edge support produce.In customer's capabilities reliable of solutions team X streamlined customer, solution data brings India, platform. assist in software value-add gather our Belden ultimately to a for in our the the launched solutions our leading-edge hardware, more recently smaller capable core critical Americas. to and interoperability solutions customer and redevelopment focus dollar and a services consultants high-flex network winning and and that complexity along with these of improve enabled cabinets was our transformation cases. solution to to supporting Rail we the team is marketplace more they a we project Metro spans worked robust highlight solve to discrete fact, our in critical on allow emphasize a proud

industrial focus Horizon and a with of at that out simple our problems Our relationship point networks deepening customer I complex and assists to and secure services on highly highlight solving delivery in management this in real-time data-related manner. customers. enables enterprise the platform of is Belden, our and

and a products single and appropriate. growth few over our fiber highly will Precision optical mid beneficial exposure Optical to secular be core and Technologies networks, the revenue provide Rochester, Technologies' and and is be digits Our keys excited the Enterprise telcos, now Technologies' leading years. and our Technologies the dedicated to insight software add incredibly end drive market to to will of increase, always data to and Technologies demands immediately $XXX EBITDA adjusted deployments, turn infrastructure components. generate consultants combined segment.On markets.As our provide as help to and network financials, are comparable grow perfect products with Precision the with configurations, segment solutions the New to example Precision to Optical company's in company margins anticipate enable first networks of X people success.Now further further Precision a please of network most and Based supplier firmware are allowing quarter approximately fiber bandwidth enterprise with team will products upgrades, being products, Belden business next Optical the to offerings transceivers elements a look in centers, the Post-close, opportunities to our making critical strong Jeremy XXXX our our the good acquisition platform, offerings.I we deployments Horizon now we broadband position expect network will and our We of Belden in Optical closing team accretive attractive transceiver as proprietary components be will the use million. high-quality or accelerate. of we us into Belden.Precision us, Optical are transceivers Belden software, after components in Precision basis, performance. be acquisition. fiber Belden solutions and additional solutions provide Enterprise for for With tailwinds. will enhanced second will to types a and summary upgraded, we and we solutions York, Parks of as network rest the and customers have deals solutions benefiting MSOs, our the related addition deeper to impactful Slide expect our additional optical fully is of sit will are towards the multiple to in the expansions, cases high in that updates full team are to customers. value-added integrated, to and financial request passive for Further, year The and the quarter in our products, optical teams that the great PON as PON will from Technologies fiber optical are Optical anticipate

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

results Slide our I a be As will a reminder, referencing for to presentation turn X our please in review results. of today.Now, adjusted

down million. XX% our was decreased revenue XX% high guidance quarter million, year-over-year First end $XXX of organically $XXX the and of to exceeding

with year decreasing ended were As Automation basis Enterprise Industrial the for EPS Slide indicating the more lower in at our profit decreasing million, XXX margins Solutions to for million decreasing offset compared in down helped prior review in margins period. book-to-bill the prior-year and expected, XX.X%. with were a $X.XX, the with in benefits in for EBITDA range points down by presentation mix order came We stable target up EBITDA quarter our quarter.Gross partially Automation margins typical business in to X.XX now XX.X%, strength a XX% revenue organically line performed XX%.Net the our $X.XX.Turning of of as guidance we was of X% in Industrial basis to to segment quarter volume. X seasonality a XX% Decremental sequentially, Enterprise end was favorable offset income $XX above the expected, points of XX the $XX to XX% with softness revenues Solutions. $XX organically.Orders environment from experienced results. as of with million high

XX% in Orders continued impact our Industrial segment our to as stable aligned performance but soft Solutions up down and experienced segment of by For down revenue the downX EBITDA was the the Automation first sequentially, year-over-year. quarter, destocking.For % markets XX.X% the XX.X% margins the compared year. in was due Orders the quarter, in were prior were from our year. Automation with were prior quarter, expectations. slowness to in Industrial XX%

region, the in EMEA the destocking.For exhibit For our we particularly markets, margins revenue quarter, XX% which compared Solutions in end first year. XX.X% from XX% the year-over-year. weakness down EBITDA continues our quarter, in to sequentially, experienced and Enterprise Enterprise year. segment in discrete in prior down the was the XX% customer were were Orders quarter, to down prior X% Solutions in down the

cash see customer and please flow to turn buildings broadband Slide the continue both X markets.Next, we in and to smart highlights. for balance expected, our As sheet destocking

at balance first Our fourth was compared end million million cash $XXX in equivalents the of cash $XXX of XXXX. quarter and the to quarter the

financial first end debt the net to at of the leverage X.Xx was quarter. Our EBITDA

will Xx the we a long we the net to to cash we basis, before, forma maintain our our Precision after With have Technologies communicated close. X.Xx ample fund cash ability of term.We intend Optical over around estimate leverage leverage hand. net ratio of On quickly we with that the As to plan on generation, acquisition free pro approximately flow be delever.

cash debt not flow reminder, was our a until the our $XXX with trailing quarter, averaging our million. XX-month is XXXX fixed all free rates X.X%.Through of maturity at first next As debt

first the million to shares million $XXX with remaining $XX we During our approximately for repurchase authorization.Please XX on quarter, our Slide for current updated repurchased turn XXX,XXX outlook.

customer with be expected destocking with up headwinds seasonal anticipate normal For Relative continue. second stable patterns. line is the we quarter, first quarter, demand temporary to to other revenues slightly, to end and in the

close the in date quarter, we For closing Precision to is included range adjusted second and The not conditions guidance. $XXX to in and deteriorate $XXX regulatory $X.XX. do of current Technologies approvals not further, million certain The XXXX conditions. QX sales assuming EPS in the Optical range market million, expect subject customary is of the $X.XX acquisition of to

as Ashish. would remarks. the updates, my back concludes to provide I appropriate.That call like now prepared turn will to We

resulting the solutions we side demand Thank dynamic can next cycle.Reindustrialization expect higher secular stable. in see current beginning the customers the hopeful reiterate, uptick Belden improve is expected.Looking with EPS year, remain, revenue me Longer-term, in drivers. secular with we of forward of to in an in as investment are aligned you, came quarter on market and and the our just after weakness, as be half this products through many conditions back drivers for and from Jeremy.To see the to and into we get and We it and many environment the levels. growth and reduce described inventory, close, other our cycles let that best in first continuing business played steadiness anticipating a are second quarter, out the

We take expansion. us, is of the growth balance are advantage our and to of enable sheet to ahead opportunities our well-positioned strong

of Our to associates through a will this the please you your your a remarks. your and to team I transform open for work.That quarter. temporary take weakness to to like will Operator, contributions past as recognize prepared this call through our support moment execute and continue look our you like concludes the we opportunities appreciate possible.I for gain where to efforts continue share environment. would to and questions. thank hard Thank Belden would for challenging

come from Goldman Delaney our first with Sachs. [Operator Instructions] And will question Mark

more on Delaney. were Mark We when on behalf XQ. of relative with bit we will the inventory seeing stability, if think on give you orders; the messaging like and a is that's how around impact XQ of asking but in to just could to just destocking wondering to margins little question what Leung more gross wanted into the color line, understand dig you're going a you Morgan end

stability. witnessed Thanks, that Morgan. I Yes, think We we saw word the QX. is in -- key that

on go you down orders broadband POS, Industrial in a channel sequentially. led sequentially, although if smart sell-out up below were XX% orders Solutions, And partners further were buildings, I the orders as below you saw Enterprise If think And expected so up year-over-year. little, hood from about that, down, our look were was slightly by X% we seasonally.

starting to from what this is things that So we I conclude think can normalize. are

or see know receive are witnessing.So or are part X centers, for real it receiving destocking we consumption stay care, term of driven there of starting now the buildings, very the broader handling, think slower, to like every expect that positive different. that. all And firmly other takes core comes coming typically And situation broadband -- trends whole we the the fact history reindustrialization predict reindustrialization, commercial to which see yes, mean destocking is that we emerging, we inventory those said, data really many I that more investment precisely X hospitality, faster, every markets Now, midterm outlook focused I now investment from can't the and health to cycle. even Historically, it's about estate halfway in by are that I on are I whilst et is markets turn will example, through material here, as when cetera. bandwidth smart quarters, more is and because Industrial certain different. phenomenon.So also which we we longer back also are of

by quick like makes it target That reiterated XXXX. Right. $X you helpful. And looks really as then That's sense. the a EPS follow-up,

more to with contribution on the thoughts that track you're selling hit So just full solutions. kind your from still of if progress on and

Yes.

gross our was expect change actually which I might have your don't margins of significant levels. And any aspect margin around one missed in We gross in QX. prior sorry, question,

'XX The target clear is the first that shown is we've will repurchases. because cycle think we I progress We have fairly as Precision we the certainly invest, to be I And that the expected, to organic as we towards as it I when yes, EPS, see Technologies there through. target. right, will just including think we previously we as linear destocking that that goal. pull, those is make a we the on multiple yes, solutions, comfortable then, note, -- not mid- are consistent. good. led made by trends we M&A, announcement still us $X this And that need Optical that feel our about long-term But levers growth share at to this And get think we step continue to in about that point think is good articulated direction.

question next Securities. our Truist from Stein William will with And come

so the good considering derivative didn't results to reads. environment these relative sound on Congrats the

I First, that exceeded you're a the well similar end all companies to, ]. that that among result, least broadband, want we've heading other automation particular, then us the to heard you industrial negative about that. got [ and provide At types into you component QX really yet guess of sounded and ask I in markets about guidance exposed quarter's you

that difference? put more on? going in market maybe were you the is suddenly it there's can or exposure do nuanced think guidance? context, you uber-conservative else in end what is So Or you something maybe the Is

Thanks, Will.

I positive First appreciate all, comments. of your

little a by it's think segments. I specific

with start So maybe we industrial.

supplement are and type you to solve on And of customers around providing rip-and-replace competitive combination as what we on uniquely know, assets journey hardware does us focus but a that Will, solution, very really don't whatever for So of set digital real this versus and solutions. we been our is, we've KPIs, we software a have.

happen. the we not have their and solution from in plant, data network whatever supplement to that if somebody deriving for OEE example, can and go So they make is

results can is are we've our useful. various like solutions expensive, And we customer share our, ongoing group very I our are markets. markets It demonstrated of to industrial where good a example Chennai we think we when obvious times helps the comprehensive in quickly very wages not can train that capital that certain a is customer.So lead infrastructure which in high, which required, a say, component-providing has procurement-driven versus us control level. And outcome productivity a conversations. from seeing go an component cycle, a are the gain really examples purchase peer to for from where become to referred differentiated that become some also this, very only in we different in really, this So exposed let's is solution, is at case, to. fairly different a solution, you is do infrastructure and communication-based but Metro

that's market, the think is to more positively combination I we more So has the is the than hardware, software approach are and exposed helping.On the DOCSIS very are which and too, the telco our clearly this investing -- the remember, homes. of we've exposure side, expansion the MSOs to on new the seasonality. in It's is broadband of side, function-driven industrial their still to -- previously, just markets been referred expansions who passing with a step which and consistent solutions

the think differentiate less on broadband home. more buildings, that us. X So that Again, content too little business. interesting. outside fiber is that We've think is Precision a in that. grown help But points of And more certainly that we helping leverage also home step secular then developing and market.And are -- inside the because it's competitors, that smart I us. is it's makes even exposure it certainly consistently our a I Versus helping to good is

access we manufacturing buildings. like have to those markets the But markets our also to thanks need all remember, intelligent systems, discrete expertise. industrial traffic material handling First, or or

do. but competitors our so those don't easy to access markets, And have we

at of are can customers that some And industrial allowing to providing orchestration equipment, Second, earlier we we management, the infrastructure. and we is have spot in do now on of solution part we've leverage buildings building the a side level. we built or enterprise those active higher whole pull process, data But also conversations conversations are what our with same us which third, since on the this smart side. side selling

ultra-conservative to So differentiated terms of think exceeded think we point, are we when to I our markets.But guidance, don't from we and guided, your in we I in competitors in want expectations. -- thoughtful obviously, but all were so modest glad X we were we that be

I on If the follow-up, have Okay. Precision one acquisition. Really that's announced and great. can Optical,

up I'm change you origins found relationship you in at the put Day. agreement, really hoping the an you a coming company of it, and context, that If acquisition, how can did the can M&A that unfold? robust the you company last this in -- put cultivated way out contemplating detailed about how to pretty wind it's this Analyst And and

question. that's No, Will, Sure. great a

Precision just the is go I kind would as we So transformation. our we of to think solutions with like acquisition forward do

talk first me quickly and speak about I'll let to technology, then process. the So the

both basically, versa, way ends, are middle, think or we the else portion that now form-factor and this pluggable And these in discussions, up in of technical lose that experts devices it's Optical XX Technologies, the X XX ends. ] and miles, And of, use the the will end-to-end could infrastructure is because optical electrical currently to time. can about [ are signal how obviously, covering So transceivers.And everything a real signals intensity Precision convert market which these let's right? we say, vice for one transceivers they at the effectively, small in and to participate an about, there's but they over if we right? broadband a XXX you are the transceivers, sense SFP to provide miles, think miles, you in solution around example, that lot other So be have

So right? data the does those more obviously. is showing with what's and pull markets And other up those if same accounts.The allows components broadband those us that it loss only to selling technology were than in our So components centers, all more through us linked we in more convincingly help discussion budget. also standalone,

that's us. good that's So something for helping

than growing And a then about on server think So portfolio, our growing this it's you If Transceivers growing. even is based market, faster fiber. is storage interconnects, transceivers. faster market switch, right? than as all they obviously, are

our is a capability expands which -- it's with also a good gap-fill, new customers. this and existing So

acquisitions. articulated both. from or not said So it's gap-filling. case, technology we our looking that at we M&A said, do approach, in good transformative this us with And We be would bolt-ons new perspective.When focused on sales that course, solution we of we are help we

up okay, So on this. both showed checks approaching boxes do we funnel, it our way us high think said, sides. a this was right? is pretty So really the which on process them, good to I The

a sense. the it not competitive not a So platform would had they is very solution them We process in for really were franchise.So Belden appreciated that how of up good becoming long se, outcome. discussions. per positive and but their really broader They help sale grow part

those I going really we're excited broadband about is solutions-oriented, our And very very to They're into I business. supercharge welcoming think think very technology-focused. employees Belden. this

Steven And come Fox Fox with next our question Advisors. from will

rank went you just I driving And well. gave are had curious, all great, happened The Will's force dialed outperformance. questions specifically what to drove sort was if had answer issues My a the question you the QX, how that was a you of it I'm I of in the as big upside? couple it on then what first kind follow-up. would a follow-up quarter. picture into question through of

a there think on, couple were going of I things Steve.

I cycles, to that So industrial typically continue remember, talked seen but the I fact industrial manner. differentiated back I down share First Also faster, phenomenon a said, you've side, think faster past play that goes on like in of destocking right? about comes in out QX. in we all, take the

the and we you was a healthy a on enterprise business that, bit. more in I I broadband than because inventory bit QX service think reduction little think think outages. quite witnessed rebalancing there And that I saw the and little of was had suddenly, what level side, people in problems in a

half and approach a second an customers little their were overreaction, say, managing So maybe our chain how of XXXX. supply let's inventory in versus more to normalized the

not them markets the some So smart And that to only is also I to infrastructure. unique think but the us some think infrastructure at are talked able full the care the we I from across this growth was with point. that opportunities. combination been that's able I into it I right? of smart and monitor we've on true that fairly like solution said a pivot example traditional buildings, growing were third, go But not to at that to think about, successfully, next.And I automation health of data on allowed that flow buildings. in our lay portfolio And there gives Look the

So that's industrial kind of gain. rank the normalization, more more ordering: broadband, bounce really I back, think buildings, smart share gain, share

helpful. -- of I mentioned clear assessment channel range? quarters, makes things pace be a there versus anything terms growth. prior going helpful. more the conservative terms sort to And That's then outlook X X that of a either cycles recover get agree on you would more start think right like the the makes now just markets, you recover of in companies clear Great. to or recovery lot takes better and in are within you of destocking but taking industrial long time know inventories in and seems how can it that of that take towards more puts is Any of it's that to to sort with

actually agree the normalize. Yes. with thesis I broader time some in back and markets general come to around taking

main I X for are opportunities being I areas, exposure. derived geographical differentiated. from is And Steve. think, however, One, there those are think,

shape some those the more And OEM to sluggish larger exposure right, in know, context. Asian is out of whilst point, for at reshoring, be a to export-oriented as of East companies our exposure more is some a this where have more reindustrialization and you that in you the markets as are taking were also markets So like referring capacity. Europe, in America, the need U.S., Western projects seem people there build North

to I labor out able because markets as they where, would shortage, there like. not fast In projects would as argue fact, people build are are of their

that productive. opportunity. these I need to assets need can't our assets, reindustrialization we existing going solutions fixed into more fit they they new their are markets So into right And make deploy think geographically in that and because

there solutions management think I think then the data they the and components. think a sluggishness is orchestration because some provide, there's linked that, -- you cycle have or our really if which or data by by And a of So technology about of competitors. differentiated network you products and that geography.And some the portion to not active as I large some provide, differentiation seeing from is differentiation same of other is the the same little again inventory that we is really some

in I grow of whilst think combination that, question, X overall, little cycle. geography, quarters the But the is is have the cycles past think different. think I this on split faster, think solution that us us and to a situation stack X true.I I macro to that's indeed allowing shown the So uncertainty industrial is

geopolitics point. think are this different at I

So space. easy continue, but competitors think, it's differentiated in I will we this to versus remaining not predict, that

our Benchmark. [Operator with Williams Instructions] And next comes question from David

stability the here. the on the of I X guess business question Congratulations acquisition. on

about least Just device opportunity AI the and kind that's optical suppliers commentary driving, that thinking upbeat at around term. of their near about the

an center in acquisition. anticipate curious that -- of driven was by the demand, of opportunity area in much in maybe this really then if to play acquisition kind and through the you this that's how of that data Just capturing particular

David. Thanks,

like said derivative around server driven markets accelerated serve I Precision able interconnect data high-speed right. been serve certainly industrial management. that switch will being us I we Precision in is that's we because very of connectivity do customers enterprise as more think that we acquisition, think the help the will think Precision really around in side, our And and this at. because certainly we've the And center the solutions. certainly where is do trends share looking on something because that keenly way AI. with are that.And of Technologies now solutions, don't to is currently also But side haven't been But market of data storage, I on allow of gaining based important right? us the by you're modeling beneficiaries data ourselves second think right, orchestration I And AI yes, by to before, broadband centers our we a the if jointly So aspect AI I on think provider network whole sell a Optical we that data actually before.So and we a products we enable are enable must of directly we AI.

thinking I have your I market think markets, you companies universe on the those when maybe about that, at feel that about very we and in focus know broader coverage look growth is how we momentum. that positive

you then outside used your components an consumption? Fantastic. to a be Okay. this of it customer maybe to base? sell captive anticipate solution have Or opportunity those internal be do existing with will to And to more

far of of But would be a providers for I at it's to We it -- actually. think time. be to number over of would will a a right? I serve be these be and more captive less captive. going foreseeable more is solution the approach, captive kind together of going -- part going telcos. right broadband approach And it in part market that's this still to come we MSOs think right where now future, be side, this the point, more to because build on broader solutions less this bundle It's But the product broader

resilience, into So for think we for captive are But to or yes, about that. our especially interoperability and happy applications, other start building certainly of this centers be certain we part will solutions. data

of if apologies maybe And or bit just around you're Can And the you I that Fantastic. maybe if to late. improved expecting? a missed more, the that magnitude may. any have that destocking joined earlier, one areas colors deteriorated? I And I speak

is this David, Jeremy. Yes.

to difficult respect end users one and the item it the but fact just with at a the distribution magnitude as So that's discrete I at are of not to we OEMs. that the is seeing made destocking think destocking, elements quantify of

down -- So some great have customers in inventory, are distributors' respects and taking our it's the we don't visibility.

all think markets, year, industrial first a related and half to in perspective, from broadband behind you then first is obviously, last half think in last I we're from and that look smart to significant our at second half of still year, destocking in the and buildings. if drop-off I portion

#X discrete from the But driver the can't I I quantify can't you. #X key you storyline -- perspective, and So the number behind a obviously Pareto think for our it's a reduction. give item, I

to for I'll turn the any And back or question-and-answer additional over does conference session. now the that closing you remarks. conclude

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

the If you have please Belden. at any questions, contact IR here team

is investor.relations@belden.com. Thank Our e-mail you. address

do conclude conference. We excellent today's That your an you. Have does thank for you participation. day. Thank