# EDGAR Filing Document

**Accession Number:** 0000913142
**File Stem:** 0000913142-23-000004
**Filing Date:** 2023-2
**Character Count:** 44625
**Document Hash:** fb60bf14092bbeaaf2fc251b592d0daa
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913142-23-000004.hdr.sgml**: 20230208

**ACCESSION NUMBER**: 0000913142-23-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230208

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230208

**DATE AS OF CHANGE**: 20230208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BELDEN INC.
- **CENTRAL INDEX KEY:** 0000913142
- **STANDARD INDUSTRIAL CLASSIFICATION:** DRAWING AND INSULATING NONFERROUS WIRE [3357]
- **IRS NUMBER:** 363601505
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12561
- **FILM NUMBER:** 23597155

**BUSINESS ADDRESS:**
- **STREET 1:** 1 NORTH BRENTWOOD BLVD
- **STREET 2:** 15TH FLOOR
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63105
- **BUSINESS PHONE:** 314-854-8000

**MAIL ADDRESS:**
- **STREET 1:** 1 NORTH BRENTWOOD BLVD
- **STREET 2:** 15TH FLOOR
- **CITY:** ST. LOUIS
- **STATE:** MO
- **ZIP:** 63105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BELDEN CDT INC.
- **DATE OF NAME CHANGE:** 20040716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CABLE DESIGN TECHNOLOGIES CORP
- **DATE OF NAME CHANGE:** 19931006

?xml version="1.0" ? bdc-20230208

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

_____________________

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(D) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of report (Date of earliest event reported): February 8, 2023

**Belden Inc.** 

(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)

_____________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-12561** | **36-3601505** |
| **(State or other jurisdiction of incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**1 North Brentwood Boulevard, 15th Floor** 

**St. Louis, Missouri 63105** 

**(Address of Principal Executive Offices, including Zip Code)**

**(314) 854-8000** 

**(Registrant's telephone number, including area code)**

**n/a**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if this Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| **Common stock, $0.01 par value** | **BDC** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02. Results of Operations and Financial Condition.**

On February 8, 2023, Belden Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and full year 2022. A copy of the press release is attached as Exhibit 99.1 and is incorporated into this current report.

The information in this Item 2.02 and in the press release (attached as Exhibit 99.1 to this current report) shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise be subject to the liabilities of that Section or Section 11 and 12(a)(2) of the Securities Act of 1933, as amended. The information contained in this Item 2.02 and in the accompanying exhibit shall not be incorporated by reference into any filing with the U.S. Securities and Exchange Commission made by the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

**Item 9.01. Financial Statements and Exhibits.**

---

| | |
|:---|:---|
| *d) Exhibits.* | |
| **<u>Exhibit Number</u>** | |
| 99.1 | <u>[Company news release dated](companynewsreleasedatedfeb.htm)[February](companynewsreleasedatedfeb.htm)[8](companynewsreleasedatedfeb.htm)[, 202](companynewsreleasedatedfeb.htm)[3](companynewsreleasedatedfeb.htm)[, titled "](companynewsreleasedatedfeb.htm)[Belden Reports Record Revenues and EPS for Full Year 2022 and Strong Results for Fourth Quarter 2022](companynewsreleasedatedfeb.htm)["](companynewsreleasedatedfeb.htm)</u> |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | BELDEN INC. | BELDEN INC. |
| Date: February 8, 2023 | By: | /s/ Brian E. Anderson |
|  |  | Brian E. Anderson |
|  |  | Senior Vice President-Legal, General |
|  |  | Counsel and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | | |
|:---|:---|:---|
| ![graphica11.jpg](graphica11.jpg) | | |
| ![graphica11.jpg](graphica11.jpg) | 1 North Brentwood Boulevard | **Phone: 314.854.8000** |
| ![graphica11.jpg](graphica11.jpg) | 15th Floor | Fax: 314.854.8003 |
| ![graphica11.jpg](graphica11.jpg) | St. Louis, Missouri 63105 | |
| ![graphica11.jpg](graphica11.jpg) | | **www.Belden.com** |

---

**News Release**

**Belden Reports Record Revenues and EPS for Full Year 2022 and Strong Results for Fourth Quarter 2022**

**St. Louis, Missouri – February 8, 2023** - Belden Inc. (NYSE: BDC) (the "Company"), a leading global supplier of network infrastructure solutions, today reported fiscal fourth quarter and full year results for the period ended December 31, 2022.

"Belden delivered another strong quarter of continued growth with expanding margins. For the full year 2022, we achieved both record revenues and record EPS. I am proud of how our teams navigated this challenging year by focusing on customer success and business outcomes. Our strength in 2022 was broad-based, demonstrating the strong secular growth trends benefiting our strategically positioned portfolio. For the full year, revenues grew 16% organically with improved profitability and expanded margins. We continue to invest our capital strategically in new product innovation, selective bolt-on acquisitions, and share repurchases. Our balance sheet is strong, as we ended the year with net leverage of 1.0x, down from 2.1x a year ago," said Roel Vestjens, President and CEO of Belden Inc.

**Fourth Quarter 2022**

GAAP revenues for the quarter totaled $659 million, increasing $47 million, or 8%, compared to $612 million in the year-ago period. Organic year-over-year growth for the quarter was 12%, with Industrial Automation Solutions at 18% and Enterprise Solutions at 6%. Net income was $61 million, compared to $80 million in the year-ago period. Net income as a percentage of revenue was 9.3%, compared to 13.1% in the year-ago period. EPS totaled $1.40 for the quarter, compared to $1.76 in the year-ago period.

Adjusted revenues for the quarter totaled $659 million, increasing $48 million, or 8%, compared to $611 million in the year-ago period. Adjusted EBITDA was $115 million, increasing $14 million, or 14%, compared to $101 million in the year-ago period. Adjusted EBITDA margin was 17.4%, up 90 bps, compared to 16.5% in the year-ago period. Adjusted EPS was $1.75, increasing 35% compared to $1.30 in the year-ago period. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

**Full Year 2022**

GAAP and Adjusted revenues for the year totaled a record $2.606 billion, increasing $305 million, or 13%, compared to $2.301 billion in the prior year. Organic growth for the year was 16%, with Industrial Automation Solutions at 19% and Enterprise Solutions at 13%. Net income was $268 million, compared to $199 million in the prior year. Net income as a percentage of revenue was 10.3%, compared to 8.6% in the prior year. EPS totaled an annual record $6.01, compared to $4.37 in the prior year, up 38%.

------

Adjusted EBITDA was $444 million, increasing $72 million, or 19%, compared to $372 million in the prior year. Adjusted EBITDA margin was 17.0%, up 90 bps, compared to 16.1% in the year-ago period. Adjusted EPS was an annual record $6.41, increasing 35% compared to $4.75 in the prior year.

**Outlook**

"2022 was a record year for Belden with growth across the business. While macro conditions remain uncertain as we enter 2023, our portfolio is designed to deliver organic growth in excess of GDP. We are confident in our ability to execute our strategy and generate sustainable, long-term shareholder value. Our transformed portfolio aligns Belden with key long-term secular trends that have lengthy investment cycles. Investments in automation, reshoring, increased connectivity, increasing bandwidth usage, and network upgrades all bode well for Belden to produce sustainable earnings growth. We ended 2022 with low leverage and significant liquidity, which will allow us to invest in future organic and inorganic growth opportunities. After record performance in 2022, we are confident in our ability to deliver at least $8.00 of adjusted EPS by 2025," said Mr. Vestjens.

The table below provides guidance for both the full year 2023, as well as the first quarter of 2023.

<u>Full Year 2023:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues between $2.670 billion and $2.720 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic growth between 3% and 5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP EPS between $5.73 and $6.13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS between $6.60 and $7.00

<u>First Quarter 2023:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenues between $615 million and $630 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Organic growth between 3% and 6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP EPS between $1.29 and $1.39

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EPS between $1.50 and $1.60

**Earnings Conference Call**

Management will host a conference call today at 8:30 am ET to discuss results. The listen-only audio of the conference call will be broadcast live via the Internet at <u>https://investor.belden.com</u>. The dial-in number for participants is 888-394-8218 with confirmation code 2705002. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.

**Net Income, Earnings per Share (EPS), Net Leverage, and Organic Growth**

All references to net income and EPS within this earnings release refer to income from continuing operations and income from continuing operations per diluted share attributable to Belden stockholders, respectively. Net leverage is calculated as (A) total debt less cash and cash equivalents divided by (B) the sum of trailing twelve months Adjusted EBITDA plus trailing twelve months stock-based compensation expense. Organic growth is calculated as the change in revenues excluding the impacts of changes in currency exchange rates and copper prices, as well as acquisitions and divestitures.

------

**BELDEN INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
| Revenues | $659072 | $611959 | $2606485 | $2301260 |
| Cost of sales | (412594) | (404030) | (1690196) | (1529417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 246478 | 207929 | 916289 | 771843 |
| Selling, general and administrative expenses | (129889) | (108485) | (448636) | (378027) |
| Research and development expenses | (28599) | (22117) | (104350) | (90227) |
| Amortization of intangibles | (9761) | (7685) | (37860) | (30630) |
| Asset impairments |  |  |  | (9283) |
| Gain on sale of asset |  |  | 37891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 78229 | 69642 | 363334 | 263676 |
| Interest expense, net | (7984) | (16061) | (43554) | (62693) |
| Loss on debt extinguishment |  |  | (6392) | (5715) |
| Non-operating pension benefit | 1709 | 1355 | 4005 | 4476 |
| Gain on sale of note receivable |  | 27036 |  | 27036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations before taxes | 71954 | 81972 | 317393 | 226780 |
| Income tax expense | (10631) | (1506) | (49645) | (27939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income from continuing operations | 61323 | 80466 | 267748 | 198841 |
| Loss from discontinued operations, net of tax |  | (132039) | (3685) | (136384) |
| Gain (loss) on disposal of discontinued operations, net of tax | 692 | 1860 | (9241) | 1860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | 62015 | (49713) | 254822 | 64317 |
| Less: Net income attributable to noncontrolling interest | 48 | 56 | 159 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Belden stockholders | $61967 | $(49769) | $254663 | $63925 |
| Weighted average number of common shares and equivalents: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 42819 | 44927 | 43845 | 44802 |
| &nbsp;&nbsp;&nbsp;Diluted | 43705 | 45729 | 44537 | 45361 |
| Basic income (loss) per share attributable to Belden stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $1.43 | $1.79 | $6.10 | $4.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations |  | (2.94) | (0.08) | (3.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal of discontinued operations | 0.02 | 0.04 | (0.21) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $1.45 | $(1.11) | $5.81 | $1.43 |
| Diluted income (loss) per share attributable to Belden stockholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $1.40 | $1.76 | $6.01 | $4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations |  | (2.94) | (0.08) | (3.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disposal of discontinued operations | 0.02 | 0.04 | (0.21) | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $1.42 | $(1.11) | $5.72 | $1.41 |
| Common stock dividends declared per share | $0.05 | $0.05 | $0.20 | $0.20 |

---

------

**BELDEN INC.**

**OPERATING SEGMENT INFORMATION**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| | **Enterprise <br>Solutions** | **Industrial Automation Solutions** | **Total <br>Segments** |
| | **(In thousands, except percentages)** | **(In thousands, except percentages)** | **(In thousands, except percentages)** |
| **<u>For the three months ended December 31, 2022</u>** | | | |
| Segment Revenues | $303403 | $355669 | $659072 |
| Segment EBITDA | 42699 | 70436 | 113135 |
| *Segment EBITDA margin* | *14.1 %* | *19.8 %* | *17.2 %* |
| Depreciation expense | 6173 | 6053 | 12226 |
| Amortization of intangibles | 4544 | 5217 | 9761 |
| Amortization of software development intangible assets | 2 | 1017 | 1019 |
| Severance, restructuring, and acquisition integration costs | 1595 | 950 | 2545 |
| Adjustments related to acquisitions and divestitures | 8684 | 596 | 9280 |
| **<u>For the three months ended December 31, 2021</u>** |  |  |  |
| Segment Revenues | $294312 | $316295 | $610607 |
| Segment EBITDA | 39806 | 59662 | 99468 |
| *Segment EBITDA margin* | *13.5 %* | *18.9 %* | *16.3 %* |
| Depreciation expense | 5613 | 5489 | 11102 |
| Amortization of intangibles | 4393 | 3292 | 7685 |
| Amortization of software development intangible assets | 22 | 392 | 414 |
| Severance, restructuring, and acquisition integration costs | 6044 | 5284 | 11328 |
| Adjustments related to acquisitions and divestitures |  | (750) | (750) |
| **<u>For the twelve months ended December 31, 2022</u>** |  |  |  |
| Segment Revenues | $1198478 | $1408007 | $2606485 |
| Segment EBITDA | 161517 | 277079 | 438596 |
| Segment EBITDA margin | *13.5 %* | *19.7 %* | *16.8 %* |
| Depreciation expense | 23387 | 23282 | 46669 |
| Amortization of intangibles | 17595 | 20265 | 37860 |
| Amortization of software development intangible assets | 54 | 3821 | 3875 |
| Severance, restructuring, and acquisition integration costs | 9200 | 7485 | 16685 |
| Adjustments related to acquisitions and divestitures | 5589 | 2244 | 7833 |
| **<u>For the twelve months ended December 31, 2021</u>** |  |  |  |
| Segment Revenues | $1074426 | $1226834 | $2301260 |
| Segment EBITDA | 144509 | 222684 | 367193 |
| Segment EBITDA margin | *13.4 %* | *18.2 %* | *16.0 %* |
| Depreciation expense | 21627 | 21446 | 43073 |
| Amortization of intangibles | 17595 | 13035 | 30630 |
| Amortization of software development intangible assets | 94 | 1485 | 1579 |
| Severance, restructuring, and acquisition integration costs | 13800 | 10067 | 23867 |
| Adjustments related to acquisitions and divestitures | (7052) | 2017 | (5035) |
| Asset impairments |  | 9283 | 9283 |

---

------

**BELDEN INC.**

**OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS**

**(Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| Total Segment Revenues | $659072 | $610607 | $2606485 | $2301260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions |  | 1352 |  |  |
| Consolidated Revenues | $659072 | $611959 | $2606485 | $2301260 |
| Total Segment EBITDA | $113135 | $99468 | $438596 | $367193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total non-operating pension benefit | 1709 | 1355 | 4005 | 4476 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension settlement loss | 235 |  | 1189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Eliminations | (75) | (47) | (231) | (120) |
| Consolidated Adjusted EBITDA (1) | 115004 | 100776 | 443559 | 371549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | (12226) | (11102) | (46669) | (43073) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | (9761) | (7685) | (37860) | (30630) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions and divestitures | (9280) | 750 | (7833) | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | (7984) | (16061) | (43554) | (62693) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, restructuring, and acquisition integration costs | (2545) | (11328) | (16685) | (23867) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of software development intangible assets | (1019) | (414) | (3875) | (1579) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension settlement loss | (235) |  | (1189) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  | (6392) | (5715) |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairments |  |  |  | (9283) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of asset |  |  | 37891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of note receivable |  | 27036 |  | 27036 |
| Income from continuing operations before taxes | $71954 | $81972 | $317393 | $226780 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1)Consolidated Adjusted EBITDA is a non-GAAP measure. See Reconciliation of Non-GAAP Measures for additional information.

------

**BELDEN INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

 **(Unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31, 2022** | **December 31, 2021** |
| | **(In thousands)** | **(In thousands)** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $687676 | $641563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | 440102 | 383444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 341563 | 345203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 66866 | 58283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets of discontinued operations |  | 449152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1536207 | 1877645 |
| Property, plant and equipment, less accumulated depreciation | 381864 | 343564 |
| Operating lease right-of-use assets | 73376 | 75571 |
| Goodwill | 862253 | 821448 |
| Intangible assets, less accumulated amortization | 246830 | 238155 |
| Deferred income taxes | 14642 | 31736 |
| Other long-lived assets | 46503 | 29558 |
|  | $3161675 | $3417677 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $350058 | $377765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 289861 | 278108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities of discontinued operations |  | 96993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 639919 | 752866 |
| Long-term debt | 1161176 | 1459991 |
| Postretirement benefits | 67828 | 120997 |
| Deferred income taxes | 58582 | 51113 |
| Long-term operating lease liabilities | 59250 | 61967 |
| Other long-term liabilities | 30970 | 14661 |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock | 503 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 825669 | 833627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 751522 | 505717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (5871) | (70566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (428812) | (313994) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Belden stockholders' equity | 1143011 | 955287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 939 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1143950 | 956082 |
|  | $3161675 | $3417677 |

---

------

**BELDEN INC.**

**CONDENSED CONSOLIDATED CASH FLOW STATEMENTS**

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
| | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31, 2022** | **December 31, 2021** |
| | **(In thousands)** | **(In thousands)** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income | $254822 | $64316 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 88738 | 87988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 23676 | 24871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 6392 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill and other asset impairment |  | 140461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | (627) | 3575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of asset | (37891) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of the effects of currency exchange rate changes, acquired businesses and disposals: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | (33605) | (119012) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 5558 | (92984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (20595) | 135666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (5416) | 61241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes | 2335 | (6448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | 2881 | (12692) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (4972) | (20642) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 281296 | 272055 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of businesses, net of cash sold | 334574 | 45735 |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of tangible assets | 43534 | 30234 |
| &nbsp;&nbsp;&nbsp;Purchase of intangible assets |  | (3650) |
| &nbsp;&nbsp;Cash used for acquisitions and investments, net of cash acquired | (104603) | (73340) |
| &nbsp;&nbsp;&nbsp;Capital expenditures | (105094) | (90982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used for) investing activities | 168411 | (92003) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Payments under borrowing arrangements | (230639) | (360304) |
| &nbsp;&nbsp;&nbsp;Payments under share repurchase program | (150000) |  |
| &nbsp;&nbsp;&nbsp;Cash dividends paid | (8949) | (9056) |
| &nbsp;&nbsp;&nbsp;Withholding tax payments for share-based payment awards | (7186) | (5570) |
| &nbsp;&nbsp;&nbsp;Payments under financing lease obligations | (157) | (3151) |
| &nbsp;&nbsp;&nbsp;Debt issuance costs paid |  | (8173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments to noncontrolling interest holders |  | (2682) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 3717 |  |
| &nbsp;&nbsp;&nbsp;Borrowings under credit arrangements |  | 356010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used for financing activities | (393214) | (32926) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (12574) | (5363) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in cash and cash equivalents | 43919 | 141763 |
| Cash and cash equivalents, beginning of period | 643757 | 501994 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $687676 | $643757 |

---

The Condensed Consolidated Cash Flow Statement includes the results of discontinued operations up to the disposal date, February 22, 2022.

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**BELDEN INC.**

**RECONCILIATION OF NON-GAAP MEASURES**

**(Unaudited)**

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory and deferred revenue to fair value and transaction costs; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; gains (losses) on debt extinguishment; certain revenues and gains (losses) from patent settlements; discontinued operations; and other costs. We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. When we calculate the tax effect of the adjustments, we include all current and deferred income tax expense commensurate with the adjusted measure of pre-tax profitability.

We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. As an example, we adjust for the purchase accounting effect of recording deferred revenue at fair value in order to reflect the revenues that would have otherwise been recorded by acquired businesses had they remained as independent entities. We believe this presentation is useful in evaluating the underlying performance of acquired companies. Similarly, we adjust for other acquisition-related expenses, such as amortization of intangibles and other impacts of fair value adjustments because they generally are not related to the acquired business' core business performance. As an additional example, we exclude the costs of restructuring programs, which can occur from time to time for our current businesses and/or recently acquired businesses. We exclude the costs in calculating adjusted results to allow us and investors to evaluate the performance of the business based upon its expected ongoing operating structure. We believe the adjusted measures, accompanied by the disclosure of the costs of these programs, provides valuable insight.

Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| | **(In thousands, except percentages and per share amounts)** | **(In thousands, except percentages and per share amounts)** | **(In thousands, except percentages and per share amounts)** | **(In thousands, except percentages and per share amounts)** |
| GAAP revenues | $659072 | $611959 | $2606485 | $2301260 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions |  | (1352) |  |  |
| Adjusted revenues | $659072 | $610607 | $2606485 | $2301260 |
| GAAP gross profit | $246478 | $207929 | $916289 | $771843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, restructuring, and acquisition integration costs | 1317 | 7002 | 10088 | 11308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of software development intangible assets | 1019 | 414 | 3875 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions and divestitures |  | (1352) | 1648 | 2349 |
| Adjusted gross profit | $248814 | $213993 | $931900 | $787079 |
| *GAAP gross profit margin* | *37.4 %* | *34.0 %* | *35.2 %* | *33.5 %* |
| *Adjusted gross profit margin* | *37.8 %* | *35.0 %* | *35.8 %* | *34.2 %* |
| GAAP selling, general and administrative expenses | $(129890) | $(108485) | $(448637) | $(378027) |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, restructuring, and acquisition integration costs | 1228 | 4326 | 6597 | 12559 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions and divestitures | 9280 | 602 | 7833 | (7384) |
| Adjusted selling, general and administrative expenses | $(119382) | $(103557) | $(434207) | $(372852) |
| GAAP and adjusted research and development expenses | $(28599) | $(22117) | $(104350) | $(90227) |
| GAAP income from continuing operations | $61323 | $80466 | $267748 | $198841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 7984 | 16061 | 43554 | 62693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 10631 | 1506 | 49645 | 27939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment |  |  | 6392 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension settlement loss | 235 |  | 1189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of note receivable |  | (27036) |  | (27036) |
| Total non-operating adjustments | 18850 | (9469) | 100780 | 69311 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset impairments |  |  |  | 9283 |
| &nbsp;&nbsp;&nbsp;&nbsp;Severance, restructuring, and acquisition integration costs | 2545 | 11328 | 16685 | 23867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 9761 | 7685 | 37860 | 30630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of software development intangible assets | 1019 | 414 | 3875 | 1579 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments related to acquisitions and divestitures | 9280 | (750) | 7833 | (5035) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of asset |  |  | (37891) |  |
| Total operating income adjustments | 22605 | 18677 | 28362 | 60324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 12226 | 11102 | 46669 | 43073 |
| Adjusted EBITDA | $115004 | $100776 | $443559 | $371549 |
| *GAAP income from continuing operations margin* | *9.3 %* | *13.1 %* | *10.3 %* | *8.6 %* |
| *Adjusted EBITDA margin* | *17.4 %* | *16.5 %* | *17.0 %* | *16.1 %* |
| GAAP income from continuing operations | $61323 | $80466 | $267748 | $198841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interest | 48 | 56 | 159 | 392 |
| GAAP net income from continuing operations attributable to Belden<br>stockholders | $61275 | $80410 | $267589 | $198449 |
| GAAP income from continuing operations | $61323 | $80466 | $267748 | $198841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Operating income adjustments from above | 22605 | 18677 | 28362 | 60324 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Loss on debt extinguishment |  |  | 6392 | 5715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Non-operating pension settlement loss | 235 |  | 1189 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Gain on sale of note receivable |  | 27036 |  | 27036 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Net income attributable to noncontrolling interest | 48 | 56 | 159 | 392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Tax effect of adjustments above | 7809 | 12595 | 18169 | 21957 |
| Adjusted net income from continuing operations attributable to Belden<br>stockholders | $76306 | $59456 | $285363 | $215495 |
| GAAP income from continuing operations per diluted share attributable to<br>Belden stockholders (EPS) | $1.40 | $1.76 | $6.01 | $4.37 |
| Adjusted income from continuing operations per diluted share attributable to Belden stockholders (Adjusted EPS) | $1.75 | $1.30 | $6.41 | $4.75 |
| GAAP and adjusted diluted weighted average shares | 43705 | 45729 | 44537 | 45361 |

---

------

**BELDEN INC.**

**RECONCILIATION OF NON-GAAP MEASURES**

**(Unaudited)**

We define free cash flow, which is a non-GAAP financial measure, as net cash from operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
| | **December 31, 2022** | **December 31, 2021** | **December 31, 2022** | **December 31, 2021** |
| | **(In thousands)** | **(In thousands)** | **(In thousands)** | **(In thousands)** |
| GAAP net cash provided by operating activities | $202496 | $170136 | $281296 | $272055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (54844) | (35413) | (105094) | (90982) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of assets |  | 26985 | 43534 | 30234 |
| Non-GAAP free cash flow | $147652 | $161708 | $219736 | $211307 |

---

**BELDEN INC.**

**RECONCILIATION OF NON-GAAP MEASURES**

**2023 Guidance**

---

| | | |
|:---|:---|:---|
| | **Year Ended**<br>**December 31, 2023** | **Three Months Ended**<br>**April 2, 2023** |
| | **(In thousands)** | **(In thousands)** |
| GAAP income from continuing operations per diluted share attributable to Belden common stockholders | $5.73 - $6.13 | $1.29 - $1.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 0.69 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Severance, restructuring, and acquisition integration costs | 0.16 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adjustments related to acquisitions and divestitures | 0.02 | 0.01 |
| Adjusted income from continuing operations per diluted share attributable to Belden common stockholders | $6.60 - $7.00 | $1.50 - $1.60 |

---

Our guidance is based upon information currently available regarding events and conditions that will impact our future operating results. In particular, our results are subject to the factors listed under "Forward-Looking Statements" in this release. In addition, our actual results are likely to be impacted by other additional events for which information is not available, such as asset impairments, adjustments related to acquisitions and divestitures, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known. Such information is not available for our 2025 fiscal year, and therefore we are unable to estimate 2025 GAAP income from continuing operations per diluted share attributable to Belden common stockholders.

------

**Forward-Looking Statements**

This release contains, and any statements made by us concerning the subject matter of this release contain, forward-looking statements, including our expectations for the first quarter and full year 2023 and adjusted EPS for 2025. Forward-looking statements also include any statements regarding future financial performance (including revenues, growth, expenses, earnings, margins, cash flows, dividends, capital expenditures and financial condition), plans and objectives, and related assumptions. In some cases these statements are identifiable through the use of words such as "anticipate," "believe," "estimate," "forecast," "guide," "expect," "intend," "plan," "project," "target," "can," "could," "may," "should," "will," "would" and similar expressions. Forward-looking statements reflect management's current beliefs and expectations and are not guarantees of future performance. Actual results may differ materially from those suggested by any forward-looking statements for a number of reasons, including, without limitation: the impact of disruptions in the global supply chain, including the inability to obtain raw materials and components in sufficient quantities on commercially reasonable terms; the lack of certainty as to the duration and magnitude of the impact of COVID-19 and the economic recovery from that impact; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; the impact of a challenging global economy or a downturn in served markets; the inability to successfully complete and integrate acquisitions in furtherance of the Company's strategic plan; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects as well as the impacts of channel inventory; inflation and changes in the price and availability of raw materials leading to higher input and labor costs; the inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to retain key employees; the increased influence of chief information officers on purchasing decisions; disruptions in the Company's information systems including due to cyber-attacks leading to exposures of personally identifiable information; changes in tax laws and variability in the Company's quarterly and annual effective tax rates; the competitiveness of the global markets in which we operate; the presence of substitute products in the marketplace; the increased prevalence of cloud computing; the inability of the Company to develop and introduce new products and competitive responses to our products; the inability to achieve our strategic priorities in emerging markets; the impact of changes in global tariffs and trade agreements; volatility in credit and foreign exchange markets; the presence of activists proposing certain actions by the Company; perceived or actual product failures; risks related to the use of open source software; disruption of, or changes in, the Company's key distribution channels; assertions that the Company violates the intellectual property of others and the ownership of intellectual property by competitors and others that prevents the use of that intellectual property by the Company; the impact of regulatory requirements and other legal compliance issues; the impairment of goodwill and other intangible assets and the resulting impact on financial performance; disruptions and increased costs attendant to collective bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the period ended December 31, 2021, filed with the SEC on February 15, 2022. Although the content of this release represents our best judgment as of the date of this report based on information currently available and reasonable assumptions, we give no assurances that the expectations will prove to be accurate. Deviations from the expectations may be material. For these reasons, Belden cautions readers to not place undue reliance on these forward-looking statements, which speak only as of the date made. Belden disclaims any duty to update any forward-looking statements as a result of new information, future developments, or otherwise, except as required by law.

**About Belden**

Belden Inc. delivers the infrastructure that makes the digital journey simpler, smarter and secure. We're moving beyond connectivity, from what we make to what we make possible through a performance-driven portfolio, forward-thinking expertise and purpose-built solutions. With a legacy of quality and reliability spanning 120-plus years, we have a strong foundation to continue building the future. We are headquartered in St. Louis and have manufacturing capabilities in North America, Europe, Asia, and Africa. For more information, visit us at www.belden.com; follow us on Facebook, LinkedIn and Twitter.

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**Contact:**

**Belden Investor Relations**

**Aaron Reddington, CFA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(317) 219-9359**

**<u>Investor.Relations@Belden.com</u>**