0000863436false00008634362024-01-312024-01-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): January 31, 2024 |
BENCHMARK ELECTRONICS, INC.
(Exact name of Registrant as Specified in Its Charter)
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Texas |
001-10560 |
74-2211011 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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56 South Rockford Drive |
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Tempe, Arizona |
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85288 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: (623) 300-7000 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the 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:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common Stock, par value $0.10 per share |
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BHE |
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The 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 January 31, 2024, Benchmark Electronics, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter and year ended December 31, 2023. A copy of the press release and accompanying investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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 thereunto duly authorized.
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BENCHMARK ELECTRONICS, INC. |
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Date: |
January 31, 2024 |
By: |
/s/ Stephen J. Beaver |
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Stephen J. Beaver, Esq. Senior Vice President, General Counsel and Chief Legal Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
BENCHMARK REPORTS FOURTH QUARTER AND FISCAL YEAR 2023 RESULTS
Fourth quarter 2023 results:
•Generated net cash provided by operations of $137 million and positive free cash flow(1) of $126 million
•GAAP and non-GAAP(1) gross margin of 10.3%
•GAAP operating margin of 4.6% and non-GAAP(1) operating margin of 5.1%
•GAAP and non-GAAP(1) earnings per share of $0.49 and $0.58, respectively
Full year 2023 results:
•Delivered net cash provided by operations of $174 million and positive free cash flow(1) of $97 million
•GAAP and non-GAAP(1) gross margin of 9.5%, up 70 basis points year-over-year
•GAAP operating margin of 3.9% and non-GAAP(1) operating margin of 4.4%
•GAAP and non-GAAP(1) earnings per share of $1.79 and $2.04, respectively
TEMPE, AZ, January 31, 2024 – Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the fourth quarter and year ended December 31, 2023.
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Three Months Ended |
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December 31, |
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September 30, |
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December 31, |
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(Amounts in millions, except per share data) |
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2023 |
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2023 |
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2022 |
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Sales |
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$ |
691 |
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$ |
720 |
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$ |
751 |
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Net income |
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$ |
18 |
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$ |
20 |
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$ |
21 |
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Income from operations |
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$ |
32 |
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$ |
30 |
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$ |
27 |
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Net income – non-GAAP(1) |
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$ |
21 |
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$ |
21 |
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$ |
21 |
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Income from operations – non-GAAP(1) |
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$ |
35 |
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$ |
34 |
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$ |
33 |
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Diluted earnings per share |
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$ |
0.49 |
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$ |
0.57 |
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$ |
0.60 |
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Diluted earnings per share – non-GAAP(1) |
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$ |
0.58 |
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$ |
0.57 |
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$ |
0.60 |
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Operating margin |
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4.6 |
% |
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4.2 |
% |
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3.6 |
% |
Operating margin – non-GAAP(1) |
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5.1 |
% |
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4.7 |
% |
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4.3 |
% |
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Year Ended |
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December 31, |
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(Amounts in millions, except per share data) |
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2023 |
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2022 |
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Sales |
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$ |
2,839 |
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$ |
2,886 |
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Net income |
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$ |
64 |
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$ |
68 |
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Income from operations |
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$ |
110 |
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$ |
90 |
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Net income – non-GAAP(1) |
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$ |
73 |
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$ |
75 |
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Income from operations – non-GAAP(1) |
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$ |
124 |
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$ |
104 |
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Diluted earnings per share |
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$ |
1.79 |
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$ |
1.91 |
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Diluted earnings per share – non-GAAP(1) |
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$ |
2.04 |
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$ |
2.09 |
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Operating margin |
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3.9 |
% |
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3.1 |
% |
Operating margin – non-GAAP(1) |
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4.4 |
% |
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3.6 |
% |
(1) A reconciliation of non-GAAP results to the most directly comparable GAAP measures and a discussion of why management believes these non-GAAP results are useful is included below.
1
“Benchmark delivered another solid year of performance in 2023 as we continued to execute to our strategic plan. I’m particularly pleased with our free cash flow performance which was aided by inventory reductions. At the same time, our operational discipline allowed us to expand both gross and operating margin despite the dynamic environment,” said Jeff Benck, Benchmark’s President and CEO.
Benck continued “Looking forward, we expect the current demand softness across several of our end-markets will likely persist through the first half of 2024, driven by customers closely managing inventories. However, as demonstrated by our performance this past year, I am confident in our ability to deliver further margin expansion and positive free cash flow in 2024.”
Cash Conversion Cycle
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December 31, |
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September 30, |
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December 31, |
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2023 |
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2023 |
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2022 |
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Accounts receivable days |
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59 |
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60 |
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59 |
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Contract asset days |
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23 |
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24 |
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22 |
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Inventory days |
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99 |
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100 |
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97 |
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Accounts payable days |
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(53 |
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(53 |
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(56 |
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Advance payments from customers days |
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(30 |
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(26 |
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(26 |
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Cash conversion cycle days |
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98 |
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105 |
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96 |
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Fourth Quarter 2023 Industry Sector Update
Revenue and percentage of sales by industry sector were as follows.
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December 31, |
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September 30, |
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December 31, |
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(In millions) |
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2023 |
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2023 |
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2022 |
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Medical |
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$ |
126 |
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18 |
% |
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$ |
149 |
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21 |
% |
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$ |
144 |
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19 |
% |
Semi-Cap |
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168 |
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24 |
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165 |
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23 |
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178 |
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24 |
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A&D |
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102 |
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15 |
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100 |
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14 |
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90 |
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12 |
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Industrials |
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132 |
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19 |
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154 |
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21 |
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143 |
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19 |
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Advanced Computing |
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95 |
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14 |
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66 |
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9 |
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92 |
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12 |
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Next Gen Communications |
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68 |
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10 |
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86 |
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12 |
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104 |
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14 |
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Total |
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$ |
691 |
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100 |
% |
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$ |
720 |
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100 |
% |
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$ |
751 |
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100 |
% |
Revenue decreased year over year primarily due to a decrease in Next Gen Communications of 35% and a decrease in Medical of 13%, partially offset by an increase in A&D of 13%.
First Quarter 2024 Guidance
•Revenue between $625 million - $665 million
•Diluted GAAP earnings per share between $0.32 - $0.38
•Diluted non-GAAP earnings per share between $0.42 - $0.48 (excluding restructuring charges and other costs and amortization of intangibles)
Restructuring charges are expected to range between $3.1 million and $3.5 million in the first quarter of 2024 and the amortization of intangibles is expected to be $1.2 million in the first quarter.
Fourth Quarter 2023 Earnings Conference Call
The Company will host a conference call to discuss the results today at 5:00 p.m. Eastern Time. The live webcast of the call and accompanying reference materials will be accessible by logging on to the Company's website at www.bench.com. A replay of the broadcast will also be available on the Company's website.
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About Benchmark Electronics, Inc.
Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain and delivering world-class manufacturing services in the following industries: commercial aerospace, defense, advanced computing, next generation telecommunications, complex industrials, medical, and semiconductor capital equipment. Benchmark's global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.
For More Information, Please Contact:
Paul Mansky, Investor Relations and Corporate Development
1-623-300-7052 or paul.mansky@bench.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, express or implied, concerning the Company’s outlook and guidance for first quarter and fiscal year 2024 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges and amortization of intangibles, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company's operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.
3
Non-GAAP Financial Measures
Management discloses non‐GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non‐GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non‐GAAP information is not necessarily comparable to the non‐GAAP information used by other companies. Non‐GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.
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4
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2023 |
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2022 |
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2023 |
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2022 |
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Sales |
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$ |
691,354 |
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$ |
750,644 |
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$ |
2,838,976 |
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$ |
2,886,331 |
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Cost of sales |
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620,350 |
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678,517 |
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2,567,906 |
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2,631,096 |
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Gross profit |
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71,004 |
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72,127 |
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271,070 |
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255,235 |
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Selling, general and administrative expenses |
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35,646 |
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39,540 |
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147,025 |
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150,215 |
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Amortization of intangible assets |
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1,204 |
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1,592 |
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5,979 |
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6,384 |
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Restructuring charges and other costs |
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2,054 |
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4,049 |
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8,402 |
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8,567 |
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Income from operations |
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32,100 |
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26,946 |
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109,664 |
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90,069 |
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Interest expense |
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(8,692 |
) |
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(5,466 |
) |
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(31,875 |
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(12,894 |
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Interest income |
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2,033 |
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|
887 |
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6,256 |
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1,730 |
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Other (expense) income, net |
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(3,105 |
) |
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3,860 |
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(2,825 |
) |
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5,437 |
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Income before income taxes |
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22,336 |
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26,227 |
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81,220 |
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84,342 |
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Income tax expense |
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4,784 |
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5,008 |
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16,905 |
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16,113 |
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Net income |
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$ |
17,552 |
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$ |
21,219 |
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$ |
64,315 |
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$ |
68,229 |
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Earnings per share: |
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Basic |
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$ |
0.49 |
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$ |
0.60 |
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$ |
1.81 |
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$ |
1.94 |
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Diluted |
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$ |
0.49 |
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$ |
0.60 |
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$ |
1.79 |
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$ |
1.91 |
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Weighted-average number of shares used in calculating earnings per share: |
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Basic |
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35,658 |
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35,166 |
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35,566 |
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35,179 |
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Diluted |
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35,956 |
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35,630 |
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35,973 |
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35,718 |
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5
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(In Thousands)
(UNAUDITED)
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December 31, |
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2023 |
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2022 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
277,391 |
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$ |
207,430 |
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Restricted cash |
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5,822 |
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|
— |
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Accounts receivable, net |
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449,404 |
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|
491,957 |
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Contract assets |
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174,979 |
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|
183,613 |
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Inventories |
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683,801 |
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727,749 |
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Other current assets |
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44,350 |
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|
41,400 |
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Total current assets |
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1,635,747 |
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1,652,149 |
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Property, plant and equipment, net |
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227,698 |
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|
211,478 |
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Operating lease right-of-use assets |
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|
130,830 |
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|
93,081 |
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Goodwill and other, net |
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|
280,480 |
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|
|
270,623 |
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Total assets |
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$ |
2,274,755 |
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$ |
2,227,331 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Current installments of long-term debt |
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$ |
4,283 |
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$ |
4,275 |
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Accounts payable |
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|
367,480 |
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|
424,272 |
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Advance payments from customers |
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|
204,883 |
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|
|
197,937 |
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Accrued liabilities |
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|
136,901 |
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|
122,652 |
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Total current liabilities |
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713,547 |
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|
749,136 |
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Long-term debt, less current installments |
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326,674 |
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|
320,675 |
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Operating lease liabilities |
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123,385 |
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|
86,687 |
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Other long-term liabilities |
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32,064 |
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|
|
44,417 |
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Shareholders’ equity |
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|
1,079,085 |
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|
|
1,026,416 |
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Total liabilities and shareholders’ equity |
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$ |
2,274,755 |
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$ |
2,227,331 |
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6
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(In Thousands)
(UNAUDITED)
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Year Ended |
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|
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December 31, |
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|
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2023 |
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|
2022 |
|
Cash flows from operating activities: |
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|
|
|
|
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Net income |
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$ |
64,315 |
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$ |
68,229 |
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Depreciation and amortization |
|
|
45,410 |
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|
44,252 |
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Stock-based compensation expense |
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|
15,286 |
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|
18,485 |
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Accounts receivable |
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|
42,050 |
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|
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(136,455 |
) |
Contract assets |
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|
8,634 |
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(28,370 |
) |
Inventories |
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|
45,071 |
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|
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(206,247 |
) |
Accounts payable |
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(35,320 |
) |
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(16,656 |
) |
Advance payments from customers |
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|
6,946 |
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|
79,813 |
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Other changes in working capital and other, net |
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(18,098 |
) |
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|
(518 |
) |
Net cash provided by (used in) operating activities |
|
|
174,294 |
|
|
|
(177,467 |
) |
|
|
|
|
|
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
Additions to property, plant and equipment and software |
|
|
(77,739 |
) |
|
|
(46,774 |
) |
Other investing activities, net |
|
|
601 |
|
|
|
5,600 |
|
Net cash used in investing activities |
|
|
(77,138 |
) |
|
|
(41,174 |
) |
|
|
|
|
|
|
|
Cash flows from financing activities: |
|
|
|
|
|
|
Share repurchases |
|
|
— |
|
|
|
(9,391 |
) |
Net debt activity |
|
|
5,509 |
|
|
|
194,261 |
|
Other financing activities, net |
|
|
(29,087 |
) |
|
|
(25,641 |
) |
Net cash provided by (used in) financing activities |
|
|
(23,578 |
) |
|
|
159,229 |
|
|
|
|
|
|
|
|
Effect of exchange rate changes |
|
|
2,205 |
|
|
|
(4,907 |
) |
Net increase (decrease) in cash and cash equivalents and restricted cash |
|
|
75,783 |
|
|
|
(64,319 |
) |
Cash and cash equivalents and restricted cash at beginning of year |
|
|
207,430 |
|
|
|
271,749 |
|
Cash and cash equivalents and restricted cash at end of year |
|
$ |
283,213 |
|
|
$ |
207,430 |
|
7
Benchmark Electronics, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Year Ended |
|
|
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
|
2023 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Income from operations (GAAP) |
|
$ |
32,100 |
|
|
$ |
30,341 |
|
|
$ |
26,946 |
|
|
$ |
109,664 |
|
|
$ |
90,069 |
|
Amortization of intangible assets |
|
|
1,204 |
|
|
|
1,592 |
|
|
|
1,592 |
|
|
|
5,979 |
|
|
|
6,384 |
|
Restructuring charges and other costs |
|
|
2,054 |
|
|
|
1,437 |
|
|
|
799 |
|
|
|
7,281 |
|
|
|
5,710 |
|
Gain on assets held for sale |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(393 |
) |
Asset impairment |
|
|
— |
|
|
|
198 |
|
|
|
— |
|
|
|
1,121 |
|
|
|
— |
|
Settlement |
|
|
— |
|
|
|
— |
|
|
|
3,250 |
|
|
|
— |
|
|
|
3,250 |
|
Customer insolvency (recovery) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(599 |
) |
Non-GAAP income from operations |
|
$ |
35,358 |
|
|
$ |
33,568 |
|
|
$ |
32,587 |
|
|
$ |
124,045 |
|
|
$ |
104,421 |
|
GAAP operating margin |
|
|
4.6 |
% |
|
|
4.2 |
% |
|
|
3.6 |
% |
|
|
3.9 |
% |
|
|
3.1 |
% |
Non-GAAP operating margin |
|
|
5.1 |
% |
|
|
4.7 |
% |
|
|
4.3 |
% |
|
|
4.4 |
% |
|
|
3.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit (GAAP) |
|
$ |
71,004 |
|
|
$ |
69,077 |
|
|
$ |
72,127 |
|
|
$ |
271,070 |
|
|
$ |
255,235 |
|
Customer insolvency (recovery) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(425 |
) |
Non-GAAP gross profit |
|
$ |
71,004 |
|
|
$ |
69,077 |
|
|
$ |
72,127 |
|
|
$ |
271,070 |
|
|
$ |
254,810 |
|
GAAP gross margin |
|
|
10.3 |
% |
|
|
9.6 |
% |
|
|
9.6 |
% |
|
|
9.5 |
% |
|
|
8.8 |
% |
Non-GAAP gross margin |
|
|
10.3 |
% |
|
|
9.6 |
% |
|
|
9.6 |
% |
|
|
9.5 |
% |
|
|
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
$ |
35,646 |
|
|
$ |
35,509 |
|
|
$ |
39,540 |
|
|
$ |
147,025 |
|
|
$ |
150,215 |
|
Customer insolvency (recovery) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
174 |
|
Non-GAAP selling, general and administrative expenses |
|
$ |
35,646 |
|
|
$ |
35,509 |
|
|
$ |
39,540 |
|
|
$ |
147,025 |
|
|
$ |
150,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (GAAP) |
|
$ |
17,552 |
|
|
$ |
20,412 |
|
|
$ |
21,219 |
|
|
$ |
64,315 |
|
|
$ |
68,229 |
|
Amortization of intangible assets |
|
|
1,204 |
|
|
|
1,592 |
|
|
|
1,592 |
|
|
|
5,979 |
|
|
|
6,384 |
|
Restructuring charges and other costs |
|
|
2,899 |
|
|
|
1,437 |
|
|
|
799 |
|
|
|
8,126 |
|
|
|
5,710 |
|
Gain on assets held for sale |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(393 |
) |
Asset impairment |
|
|
— |
|
|
|
198 |
|
|
|
— |
|
|
|
1,121 |
|
|
|
— |
|
Settlement |
|
|
(37 |
) |
|
|
(3,375 |
) |
|
|
(2,344 |
) |
|
|
(4,567 |
) |
|
|
(2,955 |
) |
Customer insolvency (recovery) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(599 |
) |
Income tax adjustments(1) |
|
|
(657 |
) |
|
|
245 |
|
|
|
(5 |
) |
|
|
(1,598 |
) |
|
|
(1,644 |
) |
Non-GAAP net income |
|
$ |
20,961 |
|
|
$ |
20,509 |
|
|
$ |
21,261 |
|
|
$ |
73,376 |
|
|
$ |
74,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (GAAP) |
|
$ |
0.49 |
|
|
$ |
0.57 |
|
|
$ |
0.60 |
|
|
$ |
1.79 |
|
|
$ |
1.91 |
|
Diluted (Non-GAAP) |
|
$ |
0.58 |
|
|
$ |
0.57 |
|
|
$ |
0.60 |
|
|
$ |
2.04 |
|
|
$ |
2.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number of shares used in calculating diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (GAAP) |
|
|
35,956 |
|
|
|
35,876 |
|
|
|
35,630 |
|
|
|
35,973 |
|
|
|
35,718 |
|
Diluted (Non-GAAP) |
|
|
35,956 |
|
|
|
35,876 |
|
|
|
35,630 |
|
|
|
35,973 |
|
|
|
35,718 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operations |
|
$ |
137,080 |
|
|
$ |
37,583 |
|
|
$ |
(52,749 |
) |
|
$ |
174,294 |
|
|
$ |
(177,467 |
) |
Additions to property, plant and equipment and software |
|
|
(11,026 |
) |
|
|
(19,664 |
) |
|
|
(13,180 |
) |
|
|
(77,739 |
) |
|
|
(46,774 |
) |
Free cash flow (used) |
|
$ |
126,054 |
|
|
$ |
17,919 |
|
|
$ |
(65,929 |
) |
|
$ |
96,555 |
|
|
$ |
(224,241 |
) |
(1) This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.
8
Benchmark Electronics Fourth Quarter and Fiscal Year 2023 Financial Results January 31, 2024
Forward-Looking 2024 Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, express or implied, concerning the Company’s outlook and guidance for first quarter and fiscal year 2024 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges and amortization of intangibles, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of our operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update. Non-GAAP Financial Information Management discloses non‐GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non‐GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non‐GAAP information is not necessarily comparable to the non‐GAAP information used by other companies. Non‐GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.
Fourth Quarter 2023 Results Revenue of $691 million Total revenue impacted by $38 million reduction in supply chain premiums (SCP)* versus the prior year GAAP and non-GAAP** gross margin of 10.3%, expanded 70 basis points year-over-year GAAP operating margin of 4.6% with non-GAAP** of 5.1%, expanded 80 basis points year-over-year GAAP EPS of $0.49 and non-GAAP** EPS of $0.58, above mid-point of guidance range Free Cash Flow of $126 million aided by $57 million sequential reduction in inventory and contract assets Net Debt reduced to $48 million, a $124 million, or 72%, sequential decrease * Component pass-through revenue for supply chain premiums (SCP) with no impact on non-GAAP operating income or EPS ** See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results
Fiscal Year 2023 Results Revenue of $2.8 billion Total revenue impacted by $209 million reduction in supply chain premiums (SCP)* versus prior year GAAP and non-GAAP** gross margin of 9.5%, expanded 70 basis points year-over-year GAAP operating margin of 3.9% with non-GAAP** of 4.4%, up 80 basis points year-over-year GAAP EPS of $1.79 and non-GAAP** EPS of $2.04 Delivered $97 million in Free Cash Flow, exceeding our annual target range of $70 - $80 million * Component pass-through revenue for supply chain premiums (SCP) with no impact on non-GAAP operating income or EPS ** See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results
Roop Lakkaraju Chief Financial Officer
Fourth Quarter 2023 GAAP Revenue by Market Sector Q4-23 Dec 31, 2023 Revenue by Mix and Market Sector Sep 30, 2023 Dec 31, 2022 For the Three Months Ended (Dollars in Millions) Sector Mix % Revenue Mix % Revenue Q/Q Mix % Revenue Y/Y Medical 18% $126 21% $149 (15)% 19% $144 (13%) Semi-Cap 24% $168 23% $165 2% 24% $178 (6%) Aerospace & Defense 15% $102 14% $100 2% 12% $90 13% Industrials 19% $132 21% $154 (14%) 19% $143 (8%) Advanced Computing 14% $95 9% $66 44% 12% $92 3% Next Gen Comms 10% $68 12% $86 (21%) 14% $104 (35%) Total Revenue 100% $691 100% $720 (4%) 100% $751 (8%)
Sector Results Excluding Supply Chain Premiums Q4 2023 (Dollars in Millions) Total Revenue Supply Chain Premiums (SCP) Revenue adjusted for SCP Y/Y adjusted for SCP Medical $126 ($2) $124 (7%) Semi-Cap $168 $0 $168 (5%) Aerospace & Defense $102 $0 $102 15% Industrials $132 ($4) $128 8% Advanced Computing $95 $0 $95 3% Next Gen Comms $68 ($2) $66 (31%) See APPENDIX 3 for a reconciliation of GAAP Sales to non-GAAP Sales Adjusted for Supply Chain Premiums
Fourth Quarter 2023 Financial Summary (Dollars in Millions, except EPS) Dec 31, 2023 Sep 30, 2023 Q/Q Dec 31, 2022 Y/Y Net Sales $691 $720 (4%) $751 (8%) GAAP Gross Margin 10.3% 9.6% 70 bps 9.6% 70 bps GAAP SG&A $35.6 $35.5 0% $39.5 (10%) GAAP Operating Margin 4.6% 4.2% 40 bps 3.6% 100 bps GAAP Diluted EPS $0.49 $0.57 (14%) $0.60 (18%) GAAP ROIC 9.1% 7.1% 200 bps 7.4% 170 bps Net Sales $691 $720 (4%) $751 (8%) Non-GAAP Gross Margin 10.3% 9.6% 70 bps 9.6% 70 bps Non-GAAP SG&A $35.6 $35.5 0% $39.5 (10%) Non-GAAP Operating Margin 5.1% 4.7% 40 bps 4.3% 80 bps Non-GAAP Diluted EPS $0.58 $0.57 2% $0.60 (3%) Non-GAAP ROIC 9.3% 9.4% (10) bps 9.9% (60) bps See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results GAAP ROIC = (GAAP TTM income from operations – GAAP Tax Impact) / (Average Invested Capital for last 5 quarters) Non-GAAP ROIC = (non-GAAP TTM income from operations + Stock-based compensation – non-GAAP Tax Impact) ÷ [Average Invested Capital for last 5 quarters]
Fiscal Year 2023 Reported Revenue by Market Sector FY-23 Revenue by Mix and Market Sector For the Twelve Months Ended Dollars in Millions Dec 31, 2023 Dec 31, 2022 Sector Mix % Revenue Mix % Revenue Y/Y Medical 20% $557 21% $593 (6%) Semi-Cap 23% $646 25% $722 (11%) Aerospace & Defense 13% $362 12% $348 4% Industrials 21% $596 21% $593 1% Advanced Computing 12% $338 10% $310 9% Next Gen Comms 12% $340 11% $320 6% Total Revenue 100% $2,839 100% $2,886 (2%)
Sector Results Excluding Supply Chain Premiums Fiscal Year 2023 (Dollars in Millions) Total Revenue Supply Chain Premiums (SCP) Revenue adjusted for SCP Y/Y adjusted for SCP Medical $557 ($12) $545 9% Semi-Cap $646 ($3) $643 (9%) Aerospace & Defense $362 ($1) $361 6% Industrials $596 ($32) $564 17% Advanced Computing $338 $0 $338 10% Next Gen Comms $340 ($11) $329 16% See APPENDIX 3 for a reconciliation of GAAP Sales to non-GAAP Sales Adjusted for Supply Chain Premiums
Fiscal Year 2023 Financial Summary (Dollars in Millions, except EPS) Dec 31, 2023 Dec 31, 2022 Y/Y (%) Net Sales $2,839 $2,886 (2%) GAAP Gross Margin 9.5% 8.8% 70 bps GAAP SG&A $147.0 $150.2 (2%) GAAP Operating Margin 3.9% 3.1% 80 bps GAAP Diluted EPS $1.79 $1.91 (6%) GAAP ROIC 9.1% 7.4% 170 bps Net Sales $2,839 $2,886 (2%) Non-GAAP Gross Margin 9.5% 8.8% 70 bps Non-GAAP SG&A $147.0 $150.4 (2%) Non-GAAP Operating Margin 4.4% 3.6% 80 bps Non-GAAP Diluted EPS $2.04 $2.09 (2%) Non-GAAP ROIC 9.3% 9.9% (60) bps See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results GAAP ROIC = (GAAP TTM income from operations – GAAP Tax Impact) / (Average Invested Capital for last 5 quarters) Non-GAAP ROIC = (non-GAAP TTM income from operations + Stock-Based Compensation – non-GAAP Tax Impact) ÷ [Average Invested Capital for last 5 quarters]
Non-GAAP Financial Summary Excluding Supply Chain Premiums (Dollars in Millions, except EPS) See APPENDIX 1 and APPENDIX 2 for reconciliations of GAAP to non-GAAP Financial Results
Cash Conversion Cycle Update Q4-23 Q3-23 Q2-23 Q1-23 Q4-22 Accounts Receivable Days 59 60 59 60 59 Contract Asset Days 23 24 23 25 22 Inventory Days 99 100 102 111 97 Accounts Payable Days (53) (53) (56) (60) (56) Advance Payments from Customer Days (30) (26) (25) (27) (26) Cash Conversion Cycle Days 98 105 103 109 96
Liquidity Update (1) Free Cash Flow (FCF) is defined as net cash provided by (used in) operations less capex Debt Structure (In Millions) Dec 31, 2023 Senior Secured Term Loan $127 Revolving Credit Facility Drawn Amount $205 * Leverage ratio is Net Debt / LTM Adjusted EBITDA, as defined in the credit facility, which are non-GAAP measures Strong balance sheet and leverage ratio Working down inventory to help drive free cash flow Significantly reduced net debt position in the quarter For the Twelve Months Ended For the Three Months Ended (In Millions) Dec 31, 2023 Dec 31, 2022 Dec 31, 2023 Sep 30, 2023 Dec 30, 2022 Cash Flows from (used in) Operations $174 ($177) $137 $38 ($53) FCF (1) $97 ($224) $126 $18 ($66) Cash $283 $207 $283 $261 $207 International $270 $168 $270 $238 $168 US $13 $39 $13 $23 $39
Capital Allocation Update Capital Expenditures Share Repurchases In FY 2023, paid $78 million in capital expenditures Since 2018, invested $305 million in additions to property, plant and equipment and software Capital expenditures tightly aligned to future organic growth objectives Cash Dividends In FY 2023, paid cash dividends of $23 million Since 2018, paid cumulative cash dividends of $136 million Committed to supporting return of capital via consistent dividend payments No share repurchases in FY 2023 but plan to resume in FY 2024 Since 2018, 15.7 million shares repurchased for $409 million Approximately $155 million remains available under Board authorized share repurchase program Capex for Fiscal Year 2024 expected to be $55 - $65 million Continuing to support current dividend Will evaluate share repurchases opportunistically
First Quarter 2024 Guidance Q1 2024 Net Sales $625 - $665 million Gross Margin – non-GAAP 9.8% - 10.2% Operating Margin – non-GAAP 4.5% - 4.7% Other Expenses, Net $8.5 million Effective Tax Rate 23% – 25% Diluted EPS – GAAP $0.32 - $0.38 Diluted EPS – non-GAAP $0.42 - $0.48 Diluted Weighted-Average Shares ~ 36.0 million This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers.
Business Trends Jeff Benck - CEO
Sector Outlook 1H 2024 Sector Commentary Semi-Cap Early signs of a potential recovery late 2024, but first half expected to remain consistent with recent levels We continue to out-perform the market and are winning new business Medical Seeing broad-based softness across the industry driven by inventory re-balancing and demand normalization New win momentum in recent quarters driven by near-shoring Industrials Demand reduction coupled with inventory rebalancing expected to weigh on performance in 1H 2024 Continuing to invest given the market opportunity Aerospace & Defense Commercial aerospace remains strong Defense is benefitting from ramp of existing programs and broadening of new wins within our customer base Next Gen Comms Reductions in capital spending are broadly impacting the sector Demand expected to remain challenged throughout 2024 Advanced Computing Large HPC build completing in Q1 2024 Working new opportunities to drive future revenue growth
Summary 2023 was a year of strong execution Generated $97 million in Free Cash Flow Invested to exploit the Semi-Cap secular growth opportunity Delivered on Gross and Operating Margin expansion Significantly reduced Net Debt 2024 objectives Manage volatility while continuing to progress to our target model profitability Continue to work down inventory, driving positive Free Cash Flow Return capital to investors in the form of continued dividends and opportunistic share repurchasing
Appendix
(Dollars in Thousands, Except Per Share Data) – (UNAUDITED) APPENDIX 1 - Reconciliation of GAAP to non-GAAP Financial Results
(Dollars in Millions) – (UNAUDITED) APPENDIX 2 - Reconciliation of Supply Chain Premiums
(Dollars in Millions) – (UNAUDITED) APPENDIX 3 - Reconciliation of Supply Chain Premiums by Sector
v3.24.0.1
Document And Entity Information
|
Jan. 31, 2024 |
Cover [Abstract] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Jan. 31, 2024
|
Entity Registrant Name |
BENCHMARK ELECTRONICS, INC.
|
Entity Central Index Key |
0000863436
|
Entity Emerging Growth Company |
false
|
Entity File Number |
001-10560
|
Entity Incorporation, State or Country Code |
TX
|
Entity Tax Identification Number |
74-2211011
|
Entity Address, Address Line One |
56 South Rockford Drive
|
Entity Address, City or Town |
Tempe
|
Entity Address, State or Province |
AZ
|
Entity Address, Postal Zip Code |
85288
|
City Area Code |
(623)
|
Local Phone Number |
300-7000
|
Entity Information, Former Legal or Registered Name |
Not Applicable
|
Written Communications |
false
|
Soliciting Material |
false
|
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Pre-commencement Issuer Tender Offer |
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Common Stock, par value $0.10 per share
|
Trading Symbol |
BHE
|
Security Exchange Name |
NYSE
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