Fourth quarter 2023 results:
- Revenue of $691 million
- 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:
- Revenue of $2.8 billion
- 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,
Ariz., Jan. 31, 2024 /PRNewswire/ -- Benchmark
Electronics, Inc. (NYSE: BHE) today announced financial results for
the fourth quarter and year ended December
31, 2023.
|
|
Three Months
Ended
|
|
|
|
December 31,
|
|
|
September
30,
|
|
|
December 31,
|
|
(Amounts in millions,
except per share data)
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Sales
|
|
$
|
691
|
|
|
$
|
720
|
|
|
$
|
751
|
|
Net income
|
|
$
|
18
|
|
|
$
|
20
|
|
|
$
|
21
|
|
Income from
operations
|
|
$
|
32
|
|
|
$
|
30
|
|
|
$
|
27
|
|
Net income –
non-GAAP(1)
|
|
$
|
21
|
|
|
$
|
21
|
|
|
$
|
21
|
|
Income from operations
– non-GAAP(1)
|
|
$
|
35
|
|
|
$
|
34
|
|
|
$
|
33
|
|
Diluted earnings per
share
|
|
$
|
0.49
|
|
|
$
|
0.57
|
|
|
$
|
0.60
|
|
Diluted earnings per
share – non-GAAP(1)
|
|
$
|
0.58
|
|
|
$
|
0.57
|
|
|
$
|
0.60
|
|
Operating
margin
|
|
|
4.6
|
%
|
|
|
4.2
|
%
|
|
|
3.6
|
%
|
Operating margin –
non-GAAP(1)
|
|
|
5.1
|
%
|
|
|
4.7
|
%
|
|
|
4.3
|
%
|
|
|
|
|
Year Ended
|
|
|
|
|
|
December 31,
|
|
(Amounts in millions,
except per share data)
|
|
|
|
2023
|
|
|
2022
|
|
Sales
|
|
|
|
$
|
2,839
|
|
|
$
|
2,886
|
|
Net income
|
|
|
|
$
|
64
|
|
|
$
|
68
|
|
Income from
operations
|
|
|
|
$
|
110
|
|
|
$
|
90
|
|
Net income –
non-GAAP(1)
|
|
|
|
$
|
73
|
|
|
$
|
75
|
|
Income from operations
– non-GAAP(1)
|
|
|
|
$
|
124
|
|
|
$
|
104
|
|
Diluted earnings per
share
|
|
|
|
$
|
1.79
|
|
|
$
|
1.91
|
|
Diluted earnings per
share – non-GAAP(1)
|
|
|
|
$
|
2.04
|
|
|
$
|
2.09
|
|
Operating
margin
|
|
|
|
|
3.9
|
%
|
|
|
3.1
|
%
|
Operating margin –
non-GAAP(1)
|
|
|
|
|
4.4
|
%
|
|
|
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.
|
"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
|
|
December 31,
|
|
|
September
30,
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Accounts receivable
days
|
|
|
59
|
|
|
|
60
|
|
|
|
59
|
|
Contract asset
days
|
|
|
23
|
|
|
|
24
|
|
|
|
22
|
|
Inventory
days
|
|
|
99
|
|
|
|
100
|
|
|
|
97
|
|
Accounts payable
days
|
|
|
(53)
|
|
|
|
(53)
|
|
|
|
(56)
|
|
Advance payments from
customers days
|
|
|
(30)
|
|
|
|
(26)
|
|
|
|
(26)
|
|
Cash conversion cycle
days
|
|
|
98
|
|
|
|
105
|
|
|
|
96
|
|
Fourth Quarter 2023 Industry Sector Update
Revenue and
percentage of sales by industry sector were as follows.
|
|
December 31,
|
|
|
September
30,
|
|
|
December 31,
|
|
(In
millions)
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
Medical
|
|
$
|
126
|
|
|
|
18
|
%
|
|
$
|
149
|
|
|
|
21
|
%
|
|
$
|
144
|
|
|
|
19
|
%
|
Semi-Cap
|
|
|
168
|
|
|
|
24
|
|
|
|
165
|
|
|
|
23
|
|
|
|
178
|
|
|
|
24
|
|
A&D
|
|
|
102
|
|
|
|
15
|
|
|
|
100
|
|
|
|
14
|
|
|
|
90
|
|
|
|
12
|
|
Industrials
|
|
|
132
|
|
|
|
19
|
|
|
|
154
|
|
|
|
21
|
|
|
|
143
|
|
|
|
19
|
|
Advanced
Computing
|
|
|
95
|
|
|
|
14
|
|
|
|
66
|
|
|
|
9
|
|
|
|
92
|
|
|
|
12
|
|
Next Gen
Communications
|
|
|
68
|
|
|
|
10
|
|
|
|
86
|
|
|
|
12
|
|
|
|
104
|
|
|
|
14
|
|
Total
|
|
$
|
691
|
|
|
|
100
|
%
|
|
$
|
720
|
|
|
|
100
|
%
|
|
$
|
751
|
|
|
|
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.
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.
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.
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.
Benchmark
Electronics, Inc. and Subsidiaries
|
|
|
|
Condensed Consolidated
Statements of Income
(Amounts in Thousands,
Except Per Share Data)
(UNAUDITED)
|
|
|
|
|
|
Three Months
Ended
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
Sales
|
|
$
|
691,354
|
|
|
$
|
750,644
|
|
|
$
|
2,838,976
|
|
|
$
|
2,886,331
|
|
Cost of
sales
|
|
|
620,350
|
|
|
|
678,517
|
|
|
|
2,567,906
|
|
|
|
2,631,096
|
|
Gross
profit
|
|
|
71,004
|
|
|
|
72,127
|
|
|
|
271,070
|
|
|
|
255,235
|
|
Selling, general and
administrative expenses
|
|
|
35,646
|
|
|
|
39,540
|
|
|
|
147,025
|
|
|
|
150,215
|
|
Amortization of
intangible assets
|
|
|
1,204
|
|
|
|
1,592
|
|
|
|
5,979
|
|
|
|
6,384
|
|
Restructuring charges
and other costs
|
|
|
2,054
|
|
|
|
4,049
|
|
|
|
8,402
|
|
|
|
8,567
|
|
Income from
operations
|
|
|
32,100
|
|
|
|
26,946
|
|
|
|
109,664
|
|
|
|
90,069
|
|
Interest
expense
|
|
|
(8,692)
|
|
|
|
(5,466)
|
|
|
|
(31,875)
|
|
|
|
(12,894)
|
|
Interest
income
|
|
|
2,033
|
|
|
|
887
|
|
|
|
6,256
|
|
|
|
1,730
|
|
Other (expense) income,
net
|
|
|
(3,105)
|
|
|
|
3,860
|
|
|
|
(2,825)
|
|
|
|
5,437
|
|
Income before income
taxes
|
|
|
22,336
|
|
|
|
26,227
|
|
|
|
81,220
|
|
|
|
84,342
|
|
Income tax
expense
|
|
|
4,784
|
|
|
|
5,008
|
|
|
|
16,905
|
|
|
|
16,113
|
|
Net income
|
|
$
|
17,552
|
|
|
$
|
21,219
|
|
|
$
|
64,315
|
|
|
$
|
68,229
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.49
|
|
|
$
|
0.60
|
|
|
$
|
1.81
|
|
|
$
|
1.94
|
|
Diluted
|
|
$
|
0.49
|
|
|
$
|
0.60
|
|
|
$
|
1.79
|
|
|
$
|
1.91
|
|
Weighted-average number
of shares used in
calculating earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
35,658
|
|
|
|
35,166
|
|
|
|
35,566
|
|
|
|
35,179
|
|
Diluted
|
|
|
35,956
|
|
|
|
35,630
|
|
|
|
35,973
|
|
|
|
35,718
|
|
Benchmark
Electronics, Inc. and Subsidiaries
|
|
|
|
Condensed Consolidated
Balance Sheets
(In
Thousands)
(UNAUDITED)
|
|
|
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
277,391
|
|
|
$
|
207,430
|
|
Restricted
cash
|
|
|
5,822
|
|
|
|
—
|
|
Accounts receivable,
net
|
|
|
449,404
|
|
|
|
491,957
|
|
Contract
assets
|
|
|
174,979
|
|
|
|
183,613
|
|
Inventories
|
|
|
683,801
|
|
|
|
727,749
|
|
Other current
assets
|
|
|
44,350
|
|
|
|
41,400
|
|
Total current
assets
|
|
|
1,635,747
|
|
|
|
1,652,149
|
|
Property, plant and
equipment, net
|
|
|
227,698
|
|
|
|
211,478
|
|
Operating lease
right-of-use assets
|
|
|
130,830
|
|
|
|
93,081
|
|
Goodwill and other,
net
|
|
|
280,480
|
|
|
|
270,623
|
|
Total
assets
|
|
$
|
2,274,755
|
|
|
$
|
2,227,331
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current installments
of long-term debt
|
|
$
|
4,283
|
|
|
$
|
4,275
|
|
Accounts
payable
|
|
|
367,480
|
|
|
|
424,272
|
|
Advance payments from
customers
|
|
|
204,883
|
|
|
|
197,937
|
|
Accrued
liabilities
|
|
|
136,901
|
|
|
|
122,652
|
|
Total current
liabilities
|
|
|
713,547
|
|
|
|
749,136
|
|
Long-term debt, less
current installments
|
|
|
326,674
|
|
|
|
320,675
|
|
Operating lease
liabilities
|
|
|
123,385
|
|
|
|
86,687
|
|
Other long-term
liabilities
|
|
|
32,064
|
|
|
|
44,417
|
|
Shareholders'
equity
|
|
|
1,079,085
|
|
|
|
1,026,416
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,274,755
|
|
|
$
|
2,227,331
|
|
Benchmark
Electronics, Inc. and Subsidiaries
|
|
|
|
Condensed Consolidated
Statements of Cash Flows
(In
Thousands)
(UNAUDITED)
|
|
|
|
|
|
Year Ended
|
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
|
|
$
|
64,315
|
|
|
$
|
68,229
|
|
Depreciation and
amortization
|
|
|
45,410
|
|
|
|
44,252
|
|
Stock-based
compensation expense
|
|
|
15,286
|
|
|
|
18,485
|
|
Accounts
receivable
|
|
|
42,050
|
|
|
|
(136,455)
|
|
Contract
assets
|
|
|
8,634
|
|
|
|
(28,370)
|
|
Inventories
|
|
|
45,071
|
|
|
|
(206,247)
|
|
Accounts
payable
|
|
|
(35,320)
|
|
|
|
(16,656)
|
|
Advance payments from
customers
|
|
|
6,946
|
|
|
|
79,813
|
|
Other changes in
working capital and other, net
|
|
|
(18,098)
|
|
|
|
(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
|
|
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.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/benchmark-reports-fourth-quarter-and-fiscal-year-2023-results-302049770.html
SOURCE Benchmark Electronics, Inc.