Sanmina Q1 FY19 Results January 28, 2019 WHAT WE MAKE, MAKES A - PowerPoint PPT Presentation

Sanmina Q1 FY’19 Results January 28, 2019 WHAT WE MAKE, MAKES A DIFFERENCE Concept to Delivery / Advanced Technology / Manufacturing & Global Supply Chain Solutions / Systems & Intelligence

Safe Harbor Statement Certain statements made during this presentation, including the Company's outlook for the second quarter fiscal 2019 results, the Company’s expectations for continuation of supply chain constraints and expectations for full fiscal 2019 revenue growth constitute forward-looking statements within the meaning of the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. Actual results could differ materially from those projected in these statements as a result of a number of factors, including adverse changes to the key markets we target; significant uncertainties that can cause our future sales and net income to be variable; reliance on a small number of customers for a substantial portion of our sales; risks arising from our international operations and the other factors set forth in the Company's annual and quarterly reports filed with the Securities Exchange Commission (“SEC”). In addition, during the course of today's presentation, we will refer to certain non-GAAP financial information. The corresponding GAAP financial information and a reconciliation of the non-GAAP results disclosed during this presentation to the most directly comparable GAAP measures are included on slide 17 of this presentation. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter any of the forward-looking statements made in this presentation, our earnings press release, the conference call or the Investor Relations section of our website whether as a result of new information, future events or otherwise, unless otherwise required by law. 2

Financial Results Compared to Outlook Q1'19 (A) Q1'19 Outlook WAS Revenue: $2. 19B $1. 875 - $1. 925B Non-GAAP Diluted EPS: $0. 83 $0. 68 - $0. 74 3

Financial Results (Unaudited) Three Month Period ($ in millions, except per share dat a) Q1’19 Q4’18 Q1’18 GAAP: Revenue $2,188 $1,876 $1,745 Gross profit $149 $121 $109 Operat ing expense $72 $111 $96 Operat ing income $78 $10 $14 Ot her expense $14 $6 $3 Taxes $26 $3 $166 Net (loss) income $38 $1 ($155) Dilut ed earnings (loss) per share $0.54 $0.01 ($2.16) (1) Non-GAAP (2) : Revenue $2,188 $1,876 $1,745 Gross profit $151 $124 $112 Operat ing expense $65 $65 $65 Operat ing income $86 $59 $47 Ot her expense $14 $7 $3 Taxes $13 $9 $8 Net income $59 $43 $36 Dilut ed earnings per share $0.83 $0.60 $0.48 (1) The first quart er of 2018 GAAP loss per share included a non-cash t ax charge of $2.27 per share as a result of t he U.S . Tax Cut s & Jobs Act and t he fourt h quart er of fiscal 2018 includes a non-cash goodwill impairment charge of $0.43 per share. (2) Non-GAAP financial result s exclude charges or gains relat ing t o: st ock-based compensat ion expenses, rest ruct uring cost s (including employee severance and benefit s cost s and charges relat ed t o excess facilit ies and asset s), acquisit ion and int egrat ion cost s (consist ing of cost s associat ed wit h t he acquisit ion and int egrat ion of acquired businesses int o our operat ions), impairment charges for goodwill and ot her asset s, amort izat ion expense and amount s associat ed wit h dist ressed cust omers, lit igat ion set t lement s, gains on sales of asset s and redempt ions of debt and adj ust ment s for deferred t ax and discret e t ax it ems. Please refer t o “ Reconciliat ion of Non-GAAP Measures” on slide 17 4 of t his present at ion. Numbers may not foot due t o rounding.

Q1’19 Revenue By End-Market Sequential Y-Y $ in Millions Q1’19 Communications Growth Growth Networks Medical 36% Communications Networks $780 13.0% 14.9% Communications (Networking, optical & wireless infrastructure) Networks Cloud Industrial/Medical/Defense/Automotive Solutions Cloud $1,182 18.3% 33.5% (Industrial equipment, energy, oil and gas, LIDAR, infotainment, control Solutions 10% systems, MRI, CT scan, blood glucose meters, infusion, ultrasound and defense & aerospace) Q1’19 Cloud Solutions $226 20.9% 25.3% (Cloud computing, storage systems, point-of-sale, casino gaming) Total $2,188 16.6% 25.4% Industrial/Automotive/ Industrial/Medical/ Defense/Automotive Defense 54% Top 10 Customers – 53.8% of Revenue 5

Segment Reporting - Revenue and Non-GAAP Gross Margin* ($ in Millions) Integrated Manufacturing Solutions Components, Products and Services $1,793 $456 $1,554 $375 $382 $1,490 $357 $1,429 $346 $1,375 6.3% 6.3% 6.2% 8.9% 9.1% 8.4% 5.8% 8.4% 5.7% 6.6% Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Integrated Manufacturing Solutions Components, Products & Services   PCB Assembly & Test Components  Products  ‒ Interconnect Systems Final System Assembly & Test ‒ Computing & Storage • High Technology Printed Circuits  Direct Order Fulfillment ‒ Defense & Aerospace • Backplane Assemblies ‒ Memory & SSD Modules • Cable Assemblies ‒ Optical & RF Modules ‒ Mechanical Systems  Services • Precision Machining ‒ Design & Engineering • Enclosures ‒ Logistics • Plastics ‒ Repair *Non-GAAP gross margin for IMS segment and CPS category includes inter-segment revenues that are eliminated under GAAP and excludes the same GAAP items that are excluded from the calculation of non-GAAP gross margin for the consolidated business. The reconciliation of non-GAAP gross margin for the consolidated business to GAAP gross margin is shown on slide 17. 6

Non-GAAP P&L Performance ($ in Millions, except per share data) Revenue Gross Profit / Margin $151 $2,188 $1,876 $1,813 $1,745 $124 $1,676 $117 $117 $112 7.0% 6.9% 6.6% 6.4% 6.4% Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Earnings Per Share Operating Income / Margin $0.83 $86 $0.60 $0.55 $0.50 $0.48 $59 $54 $52 $47 3.9% 3.1% 3.1% 3.0% 2.7% Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 7

Summary Balance Sheet ($ in Millions) 12/29/18 9/29/18 Cash and cash equivalents $409 $420 Accounts receivable, net 1,345 1,177 Contract Assets 419 - Inventories 1,054 1,374 Property, plant and equipment, net 644 643 Deferred tax assets 324 344 Other assets 122 127 Total assets $4,317 $4,085 Accounts payable $1,532 $1,547 Short-term debt 708 593 Long-term debt 14 14 Other liabilities 530 457 Total stockholders' equity 1,533 1,473 Total liabilities and stockholders' equity $4,317 $4,085 Numbers may not foot due to rounding. 8

Balance Sheet Metrics ($ in Millions) Cash and Cash Equivalents Inventory $ / Turns* $1,443 $1,374 $1,187 $1,122 $420 $1,080 $409 $405 $405 $1,054 $405 6.7x 6.1x 5.9x 5.7x 5.6x 5.5x Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'19 Old New Inventory turns (annualized) are calculated as the ratio of four times non-GAAP cost of sales for the quarter to average inventory. Non-GAAP Pre-Tax ROIC Cash Cycle Days* 24.2% 51.1 48.5 17.6% 47.2 47.1 45.9 16.2% 46.1 15.8% 14.9% Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q1'19 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Old New Refer to slide 18 for non-GAAP pre-tax ROIC reconciliation. Cash cycle days is calculated as days inventory on hand (ratio of average inventory for the quarter to average daily non-GAAP cost of sales for the quarter) plus days sales outstanding (ratio of average net accounts receivable to average daily net sales for the quarter) minus accounts payable days (ratio of 365 days divided by accounts payable turns - ratio of four times non-GAAP cost of sales for the quarter to average accounts payable). 9 * Q1'19 "Old" metrics for inventory turns and cash cycle days exclude the impact of the new revenue standard to provide comparability with prior periods. Q1'19 "New" metrics for inventory turns and cash cycle days include the impact of the new revenue standard and will become the basis for these measures going forward.

Q2’19 Outlook The following outlook is for the second fiscal quarter ending March 30, 2019. These statements are forward- looking and actual results may differ materially. Revenue: $1.9B - $2.0B (1) : GAAP Diluted EPS $0.59 - $0.69 Non-GAAP Diluted EPS: $0.70 - $0.80 (1) Includes stock-based compensation expense of $0.11. 10

Sanmina CEO Remarks WHAT WE MAKE, MAKES A DIFFERENCE Concept to Delivery / Advanced Technology / Manufacturing & Global Supply Chain Solutions / Systems & Intelligence 11

Q2’19 End-Market Outlook  Communications Networks (Networking, optical & wireless infrastructure)  Industrial/Medical/Defense/Automotive (Industrial equipment, energy, oil and gas, MRI, CT scan, blood glucose meters, infusion and ultrasound, LIDAR, infotainment, control systems and defense & aerospace)  Cloud Solutions (Cloud computing, storage systems, point-of-sale, casino gaming) Healthy Pipeline Excited About The Opportunities Ahead 12

Summary  Q1’19 Revenue up 16.6% sequentially and up 25.4% Y-Y – – Operating margin expanded 80 basis points sequentially to 3.9% – Solid demand across all of our end-markets  Q2’19 – Good outlook – Healthy pipeline – Continue to make operational improvements that support our overall financial performance and goals Expect Revenue Growth in FY’19 13