Exhibit 99.1

	1 North Brentwood Boulevard	Phone: 314.854.8000
	15th Floor	Fax: 314.854.8003
	St. Louis, Missouri 63105
		www.Belden.com

News Release

Belden Announces Results for Third Quarter 2019, Intent to Divest Grass Valley and Cost Reduction Program

St. Louis, Missouri - October 30, 2019 - Belden Inc. (NYSE: BDC), a leading global supplier of specialty networking solutions, today reported fiscal third quarter 2019 results for the period ended September 29, 2019. The Company also announced two significant outcomes of its comprehensive strategic portfolio review. These include the intent to divest the Live Media business (“Grass Valley”) and a new broad-based cost reduction program that is expected to result in $40 million of annualized savings.

Third Quarter 2019

Revenues for the quarter totaled $620.3 million, decreasing $35.5 million, or 5.4%, compared to $655.8 million in the third quarter 2018. Net loss was $(297.0) million, compared to $85.9 million in the prior-year period. Net loss included a $337.0 million after-tax non-cash impairment charge related to Grass Valley. EPS totaled $(6.70) compared to $1.80 in the third quarter 2018.

Excluding Grass Valley, adjusted revenues totaled $533.1 million, decreasing $20.9 million, or 3.8%, compared to $554.0 million in the third quarter 2018. Excluding Grass Valley, adjusted EPS was $1.18 compared to $1.29 in the third quarter 2018. Adjusted results are non-GAAP measures, and a non-GAAP reconciliation table is provided as an appendix to this release.

John Stroup, President, CEO, and Chairman of Belden Inc., said, “Revenues were near the midpoint of our expected range excluding Grass Valley. Consistent with our expectations, demand trends remained softer in some of our key Industrial markets in the third quarter, but we are encouraged by the improving trends in our Broadband business.”

Intent to Divest Grass Valley

Subsequent to the end of the third quarter, the Company made the decision to pursue the divestiture of Grass Valley. Based on the approval of Belden’s Board of Directors to divest this business and the probability that such divestiture will be consummated, Grass Valley’s financial results will be presented as discontinued operations in our fourth quarter and full year 2019 financial statements and prior periods will be recast for consistency.

Mr. Stroup remarked, “We completed a rigorous strategic review of our portfolio of businesses, and today’s announcement marks an important outcome. We concluded that it is in the best interests of our shareholders, customers, and employees to separate Grass Valley from Belden. This will enable Grass Valley to more effectively execute its strategic plan and pursue growth opportunities. Further, this separation will simplify Belden’s portfolio and improve organic growth and revenue visibility.”

“The remaining Belden portfolio will consist of strong businesses in attractive Industrial and Enterprise markets, each aligned with powerful secular trends. These include industrial automation, cybersecurity, broadband & 5G, and smart buildings. This portfolio, while smaller, offers improved predictability and multiple platforms for accelerating organic growth and margin expansion. In addition, we continue to see numerous opportunities for disciplined capital deployment as we invest in compelling inorganic opportunities in these robust markets,” said Mr. Stroup.

Cost Reduction Program

The divestiture of Grass Valley provides an opportunity for a broad-based organizational recalibration. As a result, the Company announced a cost reduction program that is designed to improve performance and enhance margins, delivering a $40 million annualized reduction in selling, general, and administrative expenses. The Company intends to deliver improvements by streamlining the organizational structure and investing in technology to drive productivity. These actions will begin immediately, with some benefit in 2020, and the full benefit in 2021.

“Belden has a long track record of substantial growth, margin expansion, and shareholder value creation, but we are not satisfied with our recent performance. We are reaffirming our commitment to our stated financial goals, including a total revenue CAGR of 5-7% and EBITDA margins of 20-22%. The Company will be well-positioned to achieve these goals after executing these actions. Importantly, the expected cost savings will more than offset the free cash flow dilution associated with the divestiture of Grass Valley,” said Mr. Stroup.

Outlook

“Near-term demand trends remain challenging, but our simplified portfolio of businesses is aligned with long-term secular trends and positioned for profitable growth. We are updating our expectations of revenue and EPS from continuing operations since Grass Valley will be presented as discontinued operations in our fourth quarter and full year 2019 financial statements,” said Mr. Stroup.

The Company expects fourth quarter 2019 revenues to be $510 - $530 million. For the full year ending December 31, 2019, the Company now expects revenues to be $2.092 - $2.112 billion.

The Company expects fourth quarter 2019 GAAP EPS to be $0.00 - $0.15. For the full year ending December 31, 2019, the Company now expects GAAP EPS of $2.04 - $2.19. This full year 2019 guidance relates to income from continuing operations and excludes Grass Valley, the $337.0 million after-tax non-cash impairment charge related to Grass Valley and an estimated loss of $75 million upon a sale of Grass Valley, primarily related to its accumulated foreign currency translation losses, as these items will be included in income (losses) from discontinued operations.

The Company expects fourth quarter 2019 adjusted EPS to be $1.00 - $1.15. For the full year ending December 31, 2019, the Company now expects adjusted EPS of $4.32 - $4.47.

Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss results of the quarter. The listen-only audio of the conference call will be broadcast live via the Internet at http://investor.belden.com. The dial-in number for participants in the U.S. is 888-599-8686; the dial-in number for participants outside the U.S. is 720-543-0302. 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 and Earnings per Share (EPS)

All references to Net Income and EPS within this earnings release refer to net income attributable to Belden and income from continuing operations per diluted share attributable to Belden common stockholders, respectively.

Use of Non-GAAP Financial Information

Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. GAAP to non-GAAP reconciliations accompany the condensed consolidated financial statements included in this release and have been published to the investor relations section of the Company’s website at http://investor.belden.com.

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 29, 2019			September 30,  2018			September 29, 2019			September 30,  2018
	(In thousands, except per share data)
Revenues	$	620,318		$	655,774		$	1,845,023		$	1,929,978
Cost of sales	(384,916		)	(394,917		)	(1,143,870		)	(1,180,931		)
Gross profit	235,402			260,857			701,153			749,047
Selling, general and administrative expenses	(120,169		)	(132,716		)	(365,439		)	(396,430		)
Research and development expenses	(31,351		)	(33,471		)	(100,539		)	(107,781		)
Amortization of intangibles	(22,243		)	(25,533		)	(67,952		)	(74,990		)
Goodwill and other asset impairment	(342,146		)	—			(342,146		)	—
Gain from patent litigation	—			62,141			—			62,141
Operating income (loss)	(280,507		)	131,278			(174,923		)	231,987
Interest expense, net	(14,200		)	(14,472		)	(42,561		)	(46,538		)
Non-operating pension benefit	489			1,356			1,517			824
Loss on debt extinguishment	—			—			—			(22,990		)
Income (loss) before taxes	(294,218		)	118,162			(215,967		)	163,283
Income tax expense	(2,797		)	(32,304		)	(13,580		)	(46,063		)
Net income (loss)	(297,015		)	85,858			(229,547		)	117,220
Less: Net income (loss) attributable to noncontrolling interests	(6		)	(23		)	60			(148		)
Net income (loss) attributable to Belden	(297,009		)	85,881			(229,607		)	117,368
Less: Preferred stock dividends	971			8,732			18,437			26,198
Net income (loss) attributable to Belden common stockholders	$	(297,980	)	$	77,149		$	(248,044	)	$	91,170
Weighted average number of common shares and equivalents:
Basic	44,444			40,510			41,090			40,960
Diluted	44,444			47,678			41,090			41,268
Basic income (loss) per share attributable to Belden common stockholders:	$	(6.70	)	$	1.90		$	(6.04	)	$	2.23
Diluted income (loss) per share attributable to Belden common stockholders:	$	(6.70	)	$	1.80		$	(6.04	)	$	2.21
Common stock dividends declared per share	$	0.05		$	0.05		$	0.15		$	0.15

BELDEN INC.

OPERATING SEGMENT INFORMATION

(Unaudited)

		Enterprise Solutions			Industrial Solutions			Total  Segments
	(In thousands, except percentages)
For the three months ended September 29, 2019
Segment Revenues		$	368,080		$	252,238		$	620,318
Segment EBITDA		56,814			44,614			101,428
Segment EBITDA margin		15.4		%	17.7		%	16.4		%
Depreciation expense		7,381			4,766			12,147
Amortization of intangibles		9,780			12,463			22,243
Amortization of software development intangible assets		1,161			36			1,197
Severance, restructuring, and acquisition integration costs		4,045			—			4,045
Purchase accounting effects of acquisitions		(186		)	—			(186		)
Goodwill and other asset impairment		342,146			—			342,146
For the three months ended September 30, 2018
Segment Revenues		$	392,080		$	266,923		$	659,003
Segment EBITDA		72,210			53,750			125,960
Segment EBITDA margin		18.4		%	20.1		%	19.1		%
Depreciation expense		7,092			4,579			11,671
Amortization of intangibles		12,322			13,211			25,533
Amortization of software development intangible assets		620			—			620
Severance, restructuring, and acquisition integration costs		9,528			2,160			11,688
Purchase accounting effects of acquisitions		821			—			821
Deferred revenue adjustments		3,229			—			3,229
For the nine months ended September 29, 2019
Segment Revenues		$	1,064,469		$	780,554		$	1,845,023
Segment EBITDA		149,855			139,531			289,386
Segment EBITDA margin		14.1		%	17.9		%	15.7		%
Depreciation expense		22,655			14,515			37,170
Amortization of intangibles		29,270			38,682			67,952
Amortization of software development intangible assets		3,119			87			3,206
Severance, restructuring, and acquisition integration costs		10,904			—			10,904
Purchase accounting effects of acquisitions		1,845			—			1,845
Goodwill and other asset impairment		342,146			—			342,146
For the nine months ended September 30, 2018
Segment Revenues		$	1,142,765		$	795,102		$	1,937,867
Segment EBITDA		199,943			153,401			353,344
Segment EBITDA margin		17.5		%	19.3		%	18.2		%
Depreciation expense		21,465			14,097			35,562
Amortization of intangibles		35,301			39,689			74,990
Amortization of software development intangible assets		1,344			—			1,344
Severance, restructuring, and acquisition integration costs		46,949			10,061			57,010
Purchase accounting effects of acquisitions		2,359			—			2,359
Deferred revenue adjustments		7,889			—			7,889

BELDEN INC.

OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
	(In thousands)
Total Segment Revenues	$	620,318		$	659,003		$	1,845,023		$	1,937,867
Deferred revenue adjustments	—			(3,229		)	—			(7,889		)
Consolidated Revenues	$	620,318		$	655,774		$	1,845,023		$	1,929,978
Total Segment EBITDA	$	101,428		$	125,960		$	289,386		$	353,344
Eliminations	(343		)	(627		)	(1,086		)	(1,616		)
Total non-operating pension benefit	489			1,356			1,517			824
Consolidated Adjusted EBITDA (1)	101,574			126,689			289,817			352,552
Goodwill and other asset impairment	(342,146		)	—			(342,146		)	—
Amortization of intangibles	(22,243		)	(25,533		)	(67,952		)	(74,990		)
Interest expense, net	(14,200		)	(14,472		)	(42,561		)	(46,538		)
Depreciation expense	(12,147		)	(11,671		)	(37,170		)	(35,562		)
Severance, restructuring, and acquisition integration costs	(4,045		)	(11,688		)	(10,904		)	(57,010		)
Amortization of software development intangible assets	(1,197		)	(620		)	(3,206		)	(1,344		)
Purchase accounting effects related to acquisitions	186			(821		)	(1,845		)	(2,359		)
Loss on debt extinguishment	—			—			—			(22,990		)
Deferred revenue adjustments	—			(3,229		)	—			(7,889		)
Loss on sale of assets	—			—			—			(94		)
Gain from patent litigation	—			62,141			—			62,141
Costs related to patent litigation	—			(2,634		)	—			(2,634		)
Consolidated income (loss) before taxes	$	(294,218	)	$	118,162		$	(215,967	)	$	163,283

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

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

	September 29, 2019			December 31, 2018
	(Unaudited)
	(In thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	296,742		$	420,610
Receivables, net	460,044			465,939
Inventories, net	290,995			316,418
Other current assets	74,876			55,757
Total current assets	1,122,657			1,258,724
Property, plant and equipment, less accumulated depreciation	384,183			365,970
Operating lease right-of-use assets	78,788			—
Goodwill	1,265,006			1,557,653
Intangible assets, less accumulated amortization	471,386			511,093
Deferred income taxes	88,118			56,018
Other long-lived assets	31,857			29,863
	$	3,441,995		$	3,779,321
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	275,889		$	352,646
Accrued liabilities	301,599			364,276
Total current liabilities	577,488			716,922
Long-term debt	1,403,670			1,463,200
Postretirement benefits	127,090			132,791
Deferred income taxes	75,192			39,943
Long-term operating lease liabilities	73,436			—
Other long-term liabilities	40,309			38,877
Stockholders’ equity:
Preferred stock	—			1
Common stock	503			503
Additional paid-in capital	807,087			1,139,395
Retained earnings	667,703			922,000
Accumulated other comprehensive loss	(29,111		)	(74,907		)
Treasury stock	(307,482		)	(599,845		)
Total Belden stockholders’ equity	1,138,700			1,387,147
Noncontrolling interests	6,110			441
Total stockholders’ equity	1,144,810			1,387,588
	$	3,441,995		$	3,779,321

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

	Nine Months Ended
	September 29, 2019			September 30, 2018
	(In thousands)
Cash flows from operating activities:
Net income (loss)	$	(229,547	)	117,220
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Goodwill and other asset impairment	342,146			—
Depreciation and amortization	108,328			111,896
Share-based compensation	12,115			14,657
Loss on debt extinguishment	—			22,990
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:
Receivables	6,002			(25,338		)
Inventories	32,261			(16,642		)
Accounts payable	(78,346		)	(81,296		)
Accrued liabilities	(70,368		)	(29,474		)
Income taxes	(19,650		)	4,463
Other assets	(9,088		)	(13,267		)
Other liabilities	(4,336		)	(4,350		)
Net cash provided by operating activities	89,517			100,859
Cash flows from investing activities:
Capital expenditures	(74,068		)	(63,451		)
Cash used to acquire businesses, net of cash acquired	(50,951		)	(84,580		)
Proceeds from disposal of tangible assets	19			1,556
Proceeds from disposal of business	—			40,171
Net cash used for investing activities	(125,000		)	(106,304		)
Cash flows from financing activities:
Payments under share repurchase program	(50,000		)	(125,000		)
Cash dividends paid	(32,153		)	(32,421		)
Withholding tax payments for share-based payment awards	(2,063		)	(2,004		)
Other	(232		)	—
Payments under borrowing arrangements	—			(484,757		)
Debt issuance costs paid	—			(7,609		)
Redemption of stockholders' rights agreement	—			(411		)
Borrowings under credit arrangements	—			431,270
Net cash used for financing activities	(84,448		)	(220,932		)
Effect of foreign currency exchange rate changes on cash and cash equivalents	(3,937		)	(5,704		)
Decrease in cash and cash equivalents	(123,868		)	(232,081		)
Cash and cash equivalents, beginning of period	420,610			561,108
Cash and cash equivalents, end of period	$	296,742		$	329,027

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						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
	(In thousands, except percentages and per share amounts)
GAAP revenues	$	620,318		$	655,774		$	1,845,023		$	1,929,978
Deferred revenue adjustments	—			3,229			—			7,889
Adjusted revenues	$	620,318		$	659,003		$	1,845,023		$	1,937,867
Less: Grass Valley adjusted revenue	87,221			104,966			263,434			324,217
Adjusted revenues excluding Grass Valley	$	533,097		$	554,037		$	1,581,589		$	1,613,650
GAAP gross profit	$	235,402		$	260,857		$	701,153		$	749,047
Amortization of software development intangible assets	1,197			620			3,206			1,344
Severance, restructuring, and acquisition integration costs	792			4,820			1,777			21,482
Deferred revenue adjustments	—			3,229			—			7,889
Purchase accounting effects related to acquisitions	(186		)	558			532			1,833
Adjusted gross profit	$	237,205		$	270,084		$	706,668		$	781,595
Less: Grass Valley adjusted gross profit	37,709			51,409			114,105			152,624
Adjusted gross profit excluding Grass Valley	$	199,496		$	218,675		$	592,563		$	628,971
GAAP gross profit margin	37.9		%	39.8		%	38.0		%	38.8		%
Adjusted gross profit margin	38.2		%	41.0		%	38.3		%	40.3		%
Adjusted gross profit margin excluding Grass Valley	37.4		%	39.5		%	37.5		%	39.0		%

GAAP selling, general and administrative expenses	$	(120,169	)	$	(132,716	)	$	(365,439	)	$	(396,430	)
Severance, restructuring, and acquisition integration costs	3,253			6,341			8,364			30,287
Costs related to patent litigation	—			2,634			—			2,634
Purchase accounting effects related to acquisitions	—			263			1,313			526
Loss on sale of assets	—			—			—			94
Adjusted selling, general and administrative expenses	$	(116,916	)	$	(123,478	)	$	(355,762	)	$	(362,889	)
GAAP research and development expenses	$	(31,351	)	$	(33,471	)	$	(100,539	)	$	(107,781	)
Severance, restructuring, and acquisition integration costs	—			527			763			5,241
Adjusted research and development expenses	$	(31,351	)	$	(32,944	)	$	(99,776	)	$	(102,540	)
GAAP net income (loss) attributable to Belden	$	(297,009	)	$	85,881		$	(229,607	)	$	117,368
Interest expense, net	14,200			14,472			42,561			46,538
Income tax expense	2,797			32,304			13,580			46,063
Loss on debt extinguishment	—			—			—			22,990
Non-controlling interests	(6		)	(23		)	60			(148		)
Total non-operating adjustments	16,991			46,753			56,201			115,443
Goodwill and other asset impairment	342,146			—			342,146			—
Amortization of intangible assets	22,243			25,533			67,952			74,990
Severance, restructuring, and acquisition integration costs	4,045			11,688			10,904			57,010
Amortization of software development intangible assets	1,197			620			3,206			1,344
Purchase accounting effects related to acquisitions	(186		)	821			1,845			2,359
Deferred revenue adjustments	—			3,229			—			7,889
Costs related to patent litigation	—			2,634			—			2,634
Loss on sale of assets	—			—			—			94
Gain from patent litigation	—			(62,141		)	—			(62,141		)
Total operating income adjustments	369,445			(17,616		)	426,053			84,179
Depreciation expense	12,147			11,671			37,170			35,562
Adjusted EBITDA	$	101,574		$	126,689		$	289,817		$	352,552
Less: Grass Valley adjusted EBITDA	12,228			24,260			33,894			63,676
Adjusted EBITDA excluding Grass Valley	$	89,346		$	102,429		$	255,923		$	288,876
GAAP net income (loss) margin	(47.9		)%	13.1		%	(12.4		)%	6.1		%
Adjusted EBITDA margin	16.4		%	19.2		%	15.7		%	18.2		%
Adjusted EBITDA margin excluding Grass Valley	16.8		%	18.5		%	16.2		%	17.9		%
GAAP net income (loss) attributable to Belden	$	(297,009	)	$	85,881		$	(229,607	)	$	117,368
Operating income adjustments from above	369,445			(17,616		)	426,053			84,179
Loss on debt extinguishment	—			—			—			22,990
Tax effect of adjustments above	(11,385		)	8,776			(22,857		)	(17,859		)
Impact of Tax Cuts and Jobs Act enactment	—			4,835			—			5,308
Amortization expense attributable to noncontrolling interest, net of tax	—			(17		)	—			(50		)
Adjusted net income attributable to Belden	$	61,051		$	81,859		$	173,589		$	211,936
Less: Grass Valley adjusted net income	7,227			20,224			20,196			45,799
Adjusted net income attributable to Belden excluding Grass Valley	$	53,824		$	61,635		$	153,393		$	166,137

GAAP net income (loss) attributable to Belden	$	(297,009	)	$	85,881	$	(229,607	)	$	117,368
Less: Preferred stock dividends	971			—		18,437			26,198
GAAP net income (loss) attributable to Belden common stockholders	$	(297,980	)	$	85,881	$	(248,044	)	$	91,170
Adjusted net income attributable to Belden excluding Grass Valley	$	53,824		$	61,635	$	153,393		$	166,137
Less: Preferred stock dividends	—			—		18,437			26,198
Adjusted net income attributable to Belden common stockholders excluding Grass Valley	$	53,824		$	61,635	$	134,956		$	139,939
GAAP income (loss) per diluted share attributable to Belden common stockholders	$	(6.70	)	$	1.80	$	(6.04	)	$	2.21
Adjusted income per diluted share attributable to Belden common stockholders excluding Grass Valley	$	1.18		$	1.29	$	3.27		$	3.39
GAAP diluted weighted average shares	44,444			47,678		41,090			41,268
Adjustment for assumed conversion of preferred stock into common stock	1,130			—		—			—
Adjustment for anti-dilutive shares that are dilutive under adjusted measures	166			—		209			—
Adjusted diluted weighted average shares	45,740			47,678		41,299			41,268

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

(Unaudited)

	Three Months Ended												Year Ended			Three Months Ended
	April 1, 2018			July 1, 2018			September 30, 2018			December 31, 2018			December 31, 2018			March 31, 2019			June 30, 2019		September 29, 2019
	(In thousands, except percentages)
GAAP revenues	$	605,565		$	668,639		$	655,774		$	655,390		$	2,585,368		$	587,175		$	637,530	$	620,318
Deferred revenue adjustments	1,858			2,802			3,229			(1,277		)	6,612			—			—		—
Less: Grass Valley adjusted revenues	108,708			110,543			104,966			102,061			426,278			87,035			89,178		87,221
Adjusted revenues excluding Grass Valley	$	498,715		$	560,898		$	554,037		$	552,052		$	2,165,702		$	500,140		$	548,352	$	533,097
GAAP gross profit	$	230,594		$	257,596		$	260,857		$	259,365		$	1,008,412		$	224,728		$	241,023	$	235,402
Amortization of software development intangible assets	236			488			620			844			2,188			937			1,072		1,197
Severance, restructuring, and acquisition integration costs	9,431			7,231			4,820			6,648			28,130			562			423		792
Deferred revenue adjustments	1,858			2,802			3,229			(1,277		)	6,612			—			—		—
Purchase accounting effects related to acquisitions	502			773			558			—			1,833			—			718		(186		)
Less: Grass Valley adjusted gross profit	48,496			52,718			51,409			46,565			199,188			39,313			37,083		37,709
Adjusted gross profit excluding Grass Valley	$	194,125		$	216,172		$	218,675		$	219,015		$	847,987		$	186,914		$	206,153	$	199,496
GAAP gross profit margin	38.1%			38.5%			39.8%			39.6%			39.0%			38.3%			37.8%		37.9%
Adjusted gross profit margin excluding Grass Valley	38.9%			38.5%			39.5%			39.7%			39.2%			37.4%			37.6%		37.4%
GAAP net income (loss) attributable to Belden	$	2,618		$	28,869		$	85,881		$	43,526		$	160,894		$	25,202		$	42,200	$	(297,009	)
Interest expense, net	16,978			15,088			14,472			15,021			61,559			14,193			14,168		14,200
Income tax expense	4,420			9,339			32,304			13,556			59,619			5,621			5,162		2,797
Loss on debt extinguishment	19,960			3,030			—			—			22,990			—			—		—
Non-controlling interest	(48		)	(77		)	(23		)	(35		)	(183		)	(24		)	90		(6		)
Total non-operating adjustments	41,310			27,380			46,753			28,542			143,985			19,790			19,420		16,991
Goodwill and other asset impairment	—			—			—			—			—			—			—		342,146
Amortization of intangible assets	24,418			25,039			25,533			23,839			98,829			23,341			22,368		22,243
Severance, restructuring, and acquisition integration costs	20,394			24,928			11,688			11,603			68,613			3,775			3,082		4,045
Deferred revenue adjustments	1,858			2,802			3,229			(1,277		)	6,612			—			—		—
Purchase accounting effects related to acquisitions	502			1,036			821			1,138			3,497			1,313			718		(186		)
Amortization of software development intangible assets	236			488			620			844			2,188			937			1,072		1,197
Loss on sale of assets	94			—			—			—			94			—			—		—
Non-operating pension settlement loss	—			—			—			1,342			1,342			—			—		—
Costs related to patent litigation	—			—			2,634			—			2,634			—			—		—
Gain from patent litigation	—			—			(62,141		)	—			(62,141		)	—			—		—
Total operating income adjustments	47,502			54,293			(17,616		)	37,489			121,668			29,366			27,240		369,445
Depreciation expense	11,865			12,026			11,671			12,053			47,615			12,723			12,301		12,147
Less: Grass Valley adjusted EBITDA	18,803			20,613			24,260			18,804			82,480			11,415			10,251		12,228
Adjusted EBITDA excluding Grass Valley	$	84,492		$	101,955		$	102,429		$	102,806		$	391,682		$	75,666		$	90,910	$	89,346
GAAP net income margin	0.4%			4.3%			13.1%			6.6%			6.2%			4.3%			6.6%		-47.9%
Adjusted EBITDA margin excluding Grass Valley	16.9%			18.2%			18.5%			18.6%			18.1%			15.1%			16.6%		16.8%

GAAP net income (loss) attributable to Belden	$	2,618		$	28,869		$	85,881		$	43,526		$	160,894		$	25,202		$	42,200		$	(297,009	)
Operating income adjustments from above	47,502			54,293			(17,616		)	37,489			121,668			29,366			27,240			369,445
Loss on debt extinguishment	19,960			3,030			—			—			22,990			—			—			—
Tax effect of adjustments above	(12,112		)	(13,577		)	8,776			(7,979		)	(25,838		)	(6,419		)	(5,053		)	(11,385		)
Impact of Tax Cuts and Jobs Act enactment	(473		)	—			4,835			4,689			9,997			—			—			—
Amortization expense attributable to noncontrolling interests, net of tax	(17		)	(16		)	(17		)	(16		)	(66		)	—			—			—
Less: Grass Valley adjusted net income	12,578			12,997			20,224			19,105			64,904			6,761			6,208			7,227
Adjusted net income attributable to Belden excluding Grass Valley	$	44,900		$	59,602		$	61,635		$	58,604		$	224,741		$	41,388		$	58,179		$	53,824
GAAP net income (loss) attributable to Belden	$	2,618		$	28,869		$	85,881		$	43,526		$	160,894		$	25,202		$	42,200		$	(297,009	)
Less: Preferred stock dividends	8,733			8,733			—			8,733			34,931			8,733			8,733			971
GAAP net income (loss) attributable to Belden common stockholders	$	(6,115	)	$	20,136		$	85,881		$	34,793		$	125,963		$	16,469		$	33,467		$	(297,980	)
Adjusted net income attributable to Belden excluding Grass Valley	$	44,900		$	59,602		$	61,635		$	58,604		$	224,741		$	41,388		$	58,179		$	53,824
Less: Preferred stock dividends	8,733			8,733			—			—			34,931			8,733			—			—
Adjusted net income attributable to Belden common stockholders excluding Grass Valley	$	36,167		$	50,869		$	61,635		$	58,604		$	189,810		$	32,655		$	58,179		$	53,824
GAAP income (loss) per diluted share attributable to Belden common stockholders	$	(0.15	)	$	0.49		$	1.80		$	0.87		$	3.08		$	0.42		$	0.84		$	(6.70	)
Adjusted income excluding Grass Valley per diluted share attributable to Belden common stockholders	$	0.86		$	1.24		$	1.29		$	1.25		$	4.63		$	0.82		$	1.25		$	1.18
GAAP diluted weighted average shares	41,633			40,974			47,678			40,031			40,956			39,660			39,611			44,444
Adjustment for assumed conversion of preferred stock into common stock	—			—			—			6,857			—			—			6,857			1,130
Adjustment for anti-dilutive shares that are dilutive under adjusted measures	377			—			—			—			—			—			—			166
Adjusted diluted weighted average shares	42,010			40,974			47,678			46,888			40,956			39,660			46,468			45,740

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						Nine Months Ended
	September 29, 2019			September 30, 2018			September 29, 2019			September 30, 2018
	(In thousands)
GAAP net cash provided by operating activities	$	67,872		$	130,221		89,517			$	100,859
Capital expenditures, net of proceeds from the disposal of tangible assets	(23,299		)	(23,919		)	(74,049		)	(61,895		)
Non-GAAP free cash flow	$	44,573		$	106,302		$	15,468		$	38,964

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

2019 EARNINGS GUIDANCE

	Year Ended December 31, 2019	Three Months Ended December 31, 2019
Adjusted income per diluted share attributable to Belden common stockholders	$4.32 - $4.47	$1.00 - $1.15
Amortization of intangible assets	(1.69)	(0.48)
Severance, restructuring, and acquisition integration costs	(0.58)	(0.52)
Purchase accounting effects of acquisitions	(0.01)	—
GAAP income per diluted share attributable to Belden common stockholders	$2.04 - $2.19	$0.00 - $0.15

Our guidance for income per diluted share attributable to Belden common stockholders 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, purchase accounting effects related to acquisitions, severance, restructuring, and acquisition integration costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, discontinued operations, and other gains (losses) related to events or conditions that are not yet known.

Forward-Looking Statements

This release and any statements made by us concerning the release may contain forward-looking statements including our expectations for the fourth quarter and full-year 2019, the Grass Valley divestment plan and the results of our restructuring program. Forward-looking statements include statements regarding future financial performance (including revenues, 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 inability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); the inability to achieve our strategic priorities in emerging markets; the increased influence of chief information officers and similar high-level executives; the presence of substitute products in the marketplace; the inability of the Company to develop and introduce new products and competitive responses to our products; the increased prevalence of cloud computing; the inability to successfully complete and integrate acquisitions in furtherance of the Company’s strategic plan; the impact of changes in global tariffs and trade agreements; difficulty in forecasting revenue due to the unpredictable timing of orders related to customer projects; foreign and domestic political, economic and other uncertainties, including changes in currency exchange rates; changes in tax laws and variability in the Company’s quarterly and annual effective tax rates; the impact of a challenging global economy or a downturn in served markets; the competitiveness of the global markets in which we operate; volatility in credit and foreign exchange markets; the cost and availability of raw materials including copper, plastic compounds, electronic components, and other materials; the inability to obtain components in sufficient quantities on commercially reasonable terms; disruptions in the Company’s information systems including due to cyber-attacks; 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; the inability to retain senior management and key employees; 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 quarter ended December 31, 2018, filed with the SEC on February 20, 2019. 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 a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial and enterprise markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

Contact:

Belden Investor Relations

314-854-8054

Investor.Relations@Belden.com