TEMPE,
Ariz., May 1, 2024 /PRNewswire/ -- Benchmark
Electronics, Inc. (NYSE: BHE) today announced financial results for
the first quarter ended March 31,
2024.
First quarter 2024 results:
- Revenue of $676 million
- Generated net cash provided by operations of $48 million and positive free cash
flow(1) of $43
million
- GAAP and non-GAAP(1) gross margin of 10.0%
- GAAP and non-GAAP(1) operating margin of 3.8% and
4.9%, respectively
- GAAP and non-GAAP(1) earnings per share of
$0.38 and $0.55, respectively
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
(Amounts in millions,
except per share data)
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
Sales
|
|
$
|
676
|
|
|
$
|
691
|
|
|
$
|
695
|
|
|
Net income
|
|
$
|
14
|
|
|
$
|
18
|
|
|
$
|
12
|
|
|
Income from
operations
|
|
$
|
26
|
|
|
$
|
32
|
|
|
$
|
23
|
|
|
Net income –
non-GAAP(1)
|
|
$
|
20
|
|
|
$
|
23
|
|
|
$
|
19
|
|
|
Income from operations
– non-GAAP(1)
|
|
$
|
33
|
|
|
$
|
38
|
|
|
$
|
31
|
|
|
Diluted earnings per
share
|
|
$
|
0.38
|
|
|
$
|
0.49
|
|
|
$
|
0.35
|
|
|
Diluted earnings per
share – non-GAAP(1)
|
|
$
|
0.55
|
|
|
$
|
0.65
|
|
|
$
|
0.51
|
|
|
Operating
margin
|
|
|
3.8
|
%
|
|
|
4.6
|
%
|
|
|
3.3
|
%
|
|
Operating margin –
non-GAAP(1)
|
|
|
4.9
|
%
|
|
|
5.5
|
%
|
|
|
4.4
|
%
|
|
|
|
(1)
|
Beginning in the
quarter ended March 31, 2024, the Company began to exclude
stock-based compensation from non-GAAP results. 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.
|
"We are pleased with our strong performance in the first
quarter, which reflects our focus on driving operational efficiency
while continuing our strategic investments in support of our future
growth. We again delivered year-over-year improvement in both
GAAP and non-GAAP gross and operating margins which, coupled with
our reductions in inventory, resulted in our fourth consecutive
quarter of positive cash flow from operations and free cash flow.
These results underscore our commitment to drive long-term value to
both our customers and shareholders," said Jeff Benck, Benchmark's President and CEO.
Cash Conversion Cycle
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
Accounts receivable
days
|
|
|
56
|
|
|
|
59
|
|
|
|
60
|
|
|
Contract asset
days
|
|
|
24
|
|
|
|
23
|
|
|
|
25
|
|
|
Inventory
days
|
|
|
94
|
|
|
|
99
|
|
|
|
111
|
|
|
Accounts payable
days
|
|
|
(52)
|
|
|
|
(53)
|
|
|
|
(60)
|
|
|
Advance payments from
customers days
|
|
|
(28)
|
|
|
|
(30)
|
|
|
|
(27)
|
|
|
Cash conversion cycle
days
|
|
|
94
|
|
|
|
98
|
|
|
|
109
|
|
First Quarter 2024 Industry Sector Update
Revenue and percentage of sales by industry sector were as
follows.
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
(In
millions)
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
Semi-Cap
|
|
$
|
166
|
|
|
|
25
|
%
|
|
$
|
168
|
|
|
|
24
|
%
|
|
$
|
149
|
|
|
|
21
|
%
|
|
Complex
Industrials
|
|
|
141
|
|
|
|
21
|
%
|
|
|
132
|
|
|
|
19
|
%
|
|
|
144
|
|
|
|
21
|
%
|
|
Medical
|
|
|
115
|
|
|
|
17
|
%
|
|
|
126
|
|
|
|
18
|
%
|
|
|
137
|
|
|
|
20
|
%
|
|
A&D
|
|
|
106
|
|
|
|
16
|
%
|
|
|
102
|
|
|
|
15
|
%
|
|
|
79
|
|
|
|
11
|
%
|
|
Advanced
Computing
|
|
|
90
|
|
|
|
13
|
%
|
|
|
95
|
|
|
|
14
|
%
|
|
|
96
|
|
|
|
14
|
%
|
|
Next-Generation
Communications
|
|
|
58
|
|
|
|
8
|
%
|
|
|
68
|
|
|
|
10
|
%
|
|
|
90
|
|
|
|
13
|
%
|
|
Total
|
|
$
|
676
|
|
|
|
100
|
%
|
|
$
|
691
|
|
|
|
100
|
%
|
|
$
|
695
|
|
|
|
100
|
%
|
Revenue decreased quarter over quarter and year over year
primarily due to decreases in Medical, Advanced Computing and
Next-Generation Communication sales, which were partially offset by
an increase in Complex Industrials sales quarter-over-quarter and
increases in Semi-Cap and A&D sales year-over-year.
Second Quarter 2024 Guidance
- Revenue between $615 million -
$655 million
- Diluted GAAP earnings per share between $0.32 - $0.38
- Diluted non-GAAP earnings per share between $0.48 - $0.54
- Non-GAAP earnings per share guidance excludes restructuring
charges and other costs, amortization of intangible assets and,
beginning in the quarter ended March 31,
2024, stock-based compensation expense.
In the second quarter of 2024, restructuring charges are
expected to be approximately $2.0
million, stock-based compensation expense is expected to be
$4.4 million and the amortization of
intangible assets is expected to be $1.2
million.
First Quarter 2024 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: semiconductor capital equipment, complex
industrials, medical, commercial aerospace, defense, advanced
computing, and next generation telecommunications. 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 second 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,
stock-based compensation expense 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, 2023, 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 certain non‐GAAP information to provide
investors with additional information to analyze the Company's
performance and underlying trends. These non-GAAP financial
measures exclude restructuring charges, stock-based compensation
expense, amortization of intangible assets, acquired in business
combinations, certain legal and other settlement losses (gains),
customer insolvency losses (recoveries), asset impairments, other
significant non-recurring costs and the related tax impacts of all
of the above. 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.
On January 1, 2024, the Company
updated its definition of certain non-GAAP financial measures to
exclude stock-based compensation expense. The Company recast
its fiscal 2023 non-GAAP financial measures to present this
information on a consistent basis. See the reconciliation table
below.
|
Benchmark
Electronics, Inc. and Subsidiaries
Condensed Consolidated
Statements of Income
(Amounts in Thousands,
Except Per Share Data)
(UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Sales
|
|
$
|
675,575
|
|
|
$
|
694,695
|
|
|
Cost of
sales
|
|
|
608,167
|
|
|
|
630,737
|
|
|
Gross
profit
|
|
|
67,408
|
|
|
|
63,958
|
|
|
Selling, general and
administrative expenses
|
|
|
37,332
|
|
|
|
38,198
|
|
|
Amortization of
intangible assets
|
|
|
1,204
|
|
|
|
1,592
|
|
|
Restructuring charges
and other costs
|
|
|
3,343
|
|
|
|
1,426
|
|
|
Income from
operations
|
|
|
25,529
|
|
|
|
22,742
|
|
|
Interest
expense
|
|
|
(7,245)
|
|
|
|
(6,450)
|
|
|
Interest
income
|
|
|
1,992
|
|
|
|
1,258
|
|
|
Other (expense) income,
net
|
|
|
(1,177)
|
|
|
|
(2,165)
|
|
|
Income before income
taxes
|
|
|
19,099
|
|
|
|
15,385
|
|
|
Income tax
expense
|
|
|
5,097
|
|
|
|
3,025
|
|
|
Net income
|
|
$
|
14,002
|
|
|
$
|
12,360
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
|
Diluted
|
|
$
|
0.38
|
|
|
$
|
0.35
|
|
|
Weighted-average number
of shares used in
calculating earnings per share:
|
|
|
|
|
|
|
|
Basic
|
|
|
35,810
|
|
|
|
35,336
|
|
|
Diluted
|
|
|
36,401
|
|
|
|
35,592
|
|
|
Benchmark
Electronics, Inc. and Subsidiaries
Condensed Consolidated
Balance Sheets
(In
Thousands)
(UNAUDITED)
|
|
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
296,055
|
|
|
$
|
277,391
|
|
|
Restricted
cash
|
|
|
—
|
|
|
|
5,822
|
|
|
Accounts receivable,
net
|
|
|
417,396
|
|
|
|
449,404
|
|
|
Contract
assets
|
|
|
180,814
|
|
|
|
174,979
|
|
|
Inventories
|
|
|
637,675
|
|
|
|
683,801
|
|
|
Prepaid expenses and
other current assets
|
|
|
46,673
|
|
|
|
44,350
|
|
|
Total current
assets
|
|
|
1,578,613
|
|
|
|
1,635,747
|
|
|
Property, plant and
equipment, net
|
|
|
223,992
|
|
|
|
227,698
|
|
|
Operating lease
right-of-use assets
|
|
|
128,395
|
|
|
|
130,830
|
|
|
Goodwill and other
long-term assets
|
|
|
281,810
|
|
|
|
280,480
|
|
|
Total
assets
|
|
$
|
2,212,810
|
|
|
$
|
2,274,755
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current installments
of long-term debt
|
|
$
|
5,105
|
|
|
$
|
4,283
|
|
|
Accounts
payable
|
|
|
348,374
|
|
|
|
367,480
|
|
|
Advance payments from
customers
|
|
|
189,153
|
|
|
|
204,883
|
|
|
Accrued
liabilities
|
|
|
125,187
|
|
|
|
136,901
|
|
|
Total current
liabilities
|
|
|
667,819
|
|
|
|
713,547
|
|
|
Long-term debt, net of
current installments
|
|
|
310,117
|
|
|
|
326,674
|
|
|
Operating lease
liabilities
|
|
|
119,958
|
|
|
|
123,385
|
|
|
Other long-term
liabilities
|
|
|
29,749
|
|
|
|
32,064
|
|
|
Total
liabilities
|
|
|
1,127,643
|
|
|
|
1,195,670
|
|
|
Shareholders'
equity
|
|
|
1,085,167
|
|
|
|
1,079,085
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,212,810
|
|
|
$
|
2,274,755
|
|
|
Benchmark
Electronics, Inc. and Subsidiaries
Condensed Consolidated
Statements of Cash Flows
(In
Thousands)
(UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
14,002
|
|
|
$
|
12,360
|
|
|
Depreciation and
amortization
|
|
|
11,594
|
|
|
|
11,100
|
|
|
Stock-based
compensation expense
|
|
|
2,176
|
|
|
|
4,790
|
|
|
Accounts
receivable
|
|
|
30,960
|
|
|
|
30,398
|
|
|
Contract
assets
|
|
|
(5,835)
|
|
|
|
(10,521)
|
|
|
Inventories
|
|
|
45,222
|
|
|
|
2,780
|
|
|
Accounts
payable
|
|
|
(20,259)
|
|
|
|
15,375
|
|
|
Advance payments from
customers
|
|
|
(15,731)
|
|
|
|
(12,129)
|
|
|
Other changes in
working capital and other, net
|
|
|
(13,672)
|
|
|
|
(79,059)
|
|
|
Net cash provided by
(used in) operating activities
|
|
|
48,457
|
|
|
|
(24,906)
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Additions to property,
plant and equipment and software
|
|
|
(5,903)
|
|
|
|
(38,731)
|
|
|
Other investing
activities, net
|
|
|
(251)
|
|
|
|
19
|
|
|
Net cash used in
investing activities
|
|
|
(6,154)
|
|
|
|
(38,712)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Net debt
activity
|
|
|
(15,865)
|
|
|
|
78,316
|
|
|
Other financing
activities, net
|
|
|
(11,276)
|
|
|
|
(11,292)
|
|
|
Net cash (used in)
provided by financing activities
|
|
|
(27,141)
|
|
|
|
67,024
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes
|
|
|
(2,320)
|
|
|
|
854
|
|
|
Net increase in cash
and cash equivalents and restricted cash
|
|
|
12,842
|
|
|
|
4,260
|
|
|
Cash and cash
equivalents and restricted cash at beginning of year
|
|
|
283,213
|
|
|
|
207,430
|
|
|
Cash and cash
equivalents and restricted cash at end of period
|
|
$
|
296,055
|
|
|
$
|
211,690
|
|
|
Benchmark
Electronics, Inc. and Subsidiaries
Reconciliation of GAAP
to Non-GAAP Financial Results
(Amounts in Thousands,
Except Per Share Data)
(UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2024
|
|
|
2023
|
|
|
2023
|
|
|
Income from operations
(GAAP)
|
|
$
|
25,529
|
|
|
$
|
32,100
|
|
|
$
|
22,742
|
|
|
Restructuring charges
and other costs
|
|
|
3,343
|
|
|
|
2,054
|
|
|
|
1,426
|
|
|
Stock-based
compensation expense
|
|
|
2,176
|
|
|
|
2,955
|
|
|
|
4,790
|
|
|
Amortization of
intangible assets
|
|
|
1,204
|
|
|
|
1,204
|
|
|
|
1,592
|
|
|
Legal and other
settlement loss (gain)
|
|
|
855
|
|
|
|
—
|
|
|
|
—
|
|
|
Non-GAAP income from
operations
|
|
$
|
33,107
|
|
|
$
|
38,313
|
|
|
$
|
30,550
|
|
|
GAAP operating
margin
|
|
|
3.8
|
%
|
|
|
4.6
|
%
|
|
|
3.3
|
%
|
|
Non-GAAP operating
margin
|
|
|
4.9
|
%
|
|
|
5.5
|
%
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
(GAAP)
|
|
$
|
67,408
|
|
|
$
|
71,004
|
|
|
$
|
63,958
|
|
|
Stock-based
compensation expense
|
|
|
426
|
|
|
|
416
|
|
|
|
396
|
|
|
Non-GAAP gross
profit
|
|
$
|
67,834
|
|
|
$
|
71,420
|
|
|
$
|
64,354
|
|
|
GAAP gross
margin
|
|
|
10.0
|
%
|
|
|
10.3
|
%
|
|
|
9.2
|
%
|
|
Non-GAAP gross
margin
|
|
|
10.0
|
%
|
|
|
10.3
|
%
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general
and
administrative expenses
|
|
$
|
37,332
|
|
|
$
|
35,646
|
|
|
$
|
38,198
|
|
|
Stock-based
compensation expense
|
|
|
(1,750)
|
|
|
|
(2,539)
|
|
|
|
(4,394)
|
|
|
Legal and other
settlement (loss) gain
|
|
|
(855)
|
|
|
|
—
|
|
|
|
—
|
|
|
Non-GAAP selling,
general and
administrative expenses
|
|
$
|
34,727
|
|
|
$
|
33,107
|
|
|
$
|
33,804
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
|
$
|
14,002
|
|
|
$
|
17,552
|
|
|
$
|
12,360
|
|
|
Restructuring charges
and other costs
|
|
|
3,343
|
|
|
|
2,899
|
|
|
|
1,426
|
|
|
Stock-based
compensation expense
|
|
|
2,176
|
|
|
|
2,955
|
|
|
|
4,790
|
|
|
Amortization of
intangible assets
|
|
|
1,204
|
|
|
|
1,204
|
|
|
|
1,592
|
|
|
Legal and other
settlement loss (gain)
|
|
|
855
|
|
|
|
(37)
|
|
|
|
—
|
|
|
Income tax
adjustments(1)
|
|
|
(1,393)
|
|
|
|
(1,280)
|
|
|
|
(1,523)
|
|
|
Non-GAAP net
income
|
|
$
|
20,187
|
|
|
$
|
23,293
|
|
|
$
|
18,645
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
Diluted
(GAAP)
|
|
$
|
0.38
|
|
|
$
|
0.49
|
|
|
$
|
0.35
|
|
|
Diluted
(Non-GAAP)
|
|
$
|
0.55
|
|
|
$
|
0.65
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in
calculating diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
Diluted
(GAAP)
|
|
|
36,401
|
|
|
|
35,956
|
|
|
|
35,592
|
|
|
Diluted
(Non-GAAP)
|
|
|
36,401
|
|
|
|
35,956
|
|
|
|
35,592
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operations
|
|
$
|
48,457
|
|
|
$
|
137,080
|
|
|
$
|
(24,906)
|
|
|
Additions to property,
plant and
equipment and software
|
|
|
(5,903)
|
|
|
|
(11,026)
|
|
|
|
(38,731)
|
|
|
Free cash flow
(used)
|
|
$
|
42,554
|
|
|
$
|
126,054
|
|
|
$
|
(63,637)
|
|
|
|
|
(1)
|
This amount represents
the tax impact of the non-GAAP adjustments using the applicable
effective tax rates.
|
|
Benchmark
Electronics, Inc. and Subsidiaries
Reconciliation of
Non-GAAP Financial Results
Excluding Stock-Based
Compensation Expense to Previously Reported Amounts
(Amounts in Thousands,
Except Per Share Data)
(UNAUDITED)
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Mar 31,
|
|
|
Dec 31,
|
|
|
Sep 30,
|
|
|
Jun 30,
|
|
|
Mar 31,
|
|
|
|
2024(1)
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
2023
|
|
|
Non-GAAP income from
operations,
as previously reported
|
|
$
|
30,931
|
|
|
$
|
35,358
|
|
|
$
|
33,568
|
|
|
$
|
29,359
|
|
|
$
|
25,760
|
|
|
Stock-based
compensation expense
|
|
|
2,176
|
|
|
|
2,955
|
|
|
|
3,674
|
|
|
|
3,867
|
|
|
|
4,790
|
|
|
Non-GAAP income from
operations
|
|
$
|
33,107
|
|
|
$
|
38,313
|
|
|
$
|
37,242
|
|
|
$
|
33,226
|
|
|
$
|
30,550
|
|
|
Non-GAAP operating
margin, as previously reported
|
|
|
4.6
|
%
|
|
|
5.1
|
%
|
|
|
4.7
|
%
|
|
|
4.0
|
%
|
|
|
3.7
|
%
|
|
Non-GAAP operating
margin
|
|
|
4.9
|
%
|
|
|
5.5
|
%
|
|
|
5.2
|
%
|
|
|
4.5
|
%
|
|
|
4.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit,
as previously reported
|
|
$
|
67,408
|
|
|
$
|
71,004
|
|
|
$
|
69,077
|
|
|
$
|
67,031
|
|
|
$
|
63,958
|
|
|
Stock-based
compensation expense
|
|
|
426
|
|
|
|
416
|
|
|
|
420
|
|
|
|
423
|
|
|
|
396
|
|
|
Non-GAAP gross
profit
|
|
$
|
67,834
|
|
|
$
|
71,420
|
|
|
$
|
69,497
|
|
|
$
|
67,454
|
|
|
$
|
64,354
|
|
|
Non-GAAP gross margin,
as previously reported
|
|
|
10.0
|
%
|
|
|
10.3
|
%
|
|
|
9.6
|
%
|
|
|
9.1
|
%
|
|
|
9.2
|
%
|
|
Non-GAAP gross
margin
|
|
|
10.0
|
%
|
|
|
10.3
|
%
|
|
|
9.7
|
%
|
|
|
9.2
|
%
|
|
|
9.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP selling,
general and
administrative expenses, as previously
reported
|
|
$
|
36,477
|
|
|
$
|
35,646
|
|
|
$
|
35,509
|
|
|
$
|
37,672
|
|
|
$
|
38,198
|
|
|
Stock-based
compensation expense
|
|
|
(1,750)
|
|
|
|
(2,539)
|
|
|
|
(3,254)
|
|
|
|
(3,444)
|
|
|
|
(4,394)
|
|
|
Non-GAAP selling,
general and
administrative expenses
|
|
$
|
34,727
|
|
|
$
|
33,107
|
|
|
$
|
32,255
|
|
|
$
|
34,228
|
|
|
$
|
33,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income, as
previously reported
|
|
$
|
18,475
|
|
|
$
|
20,961
|
|
|
$
|
20,509
|
|
|
$
|
17,044
|
|
|
$
|
14,862
|
|
|
Stock-based
compensation expense
|
|
|
2,176
|
|
|
|
2,955
|
|
|
|
3,674
|
|
|
|
3,867
|
|
|
|
4,790
|
|
|
Income tax
adjustments(2)
|
|
|
(464)
|
|
|
|
(623)
|
|
|
|
(774)
|
|
|
|
(814)
|
|
|
|
(1,007)
|
|
|
Non-GAAP net
income
|
|
$
|
20,187
|
|
|
$
|
23,293
|
|
|
$
|
23,409
|
|
|
$
|
20,097
|
|
|
$
|
18,645
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted (Non-GAAP), as
previously reported
|
|
$
|
0.51
|
|
|
$
|
0.58
|
|
|
$
|
0.57
|
|
|
$
|
0.48
|
|
|
$
|
0.42
|
|
|
Diluted
(Non-GAAP)
|
|
$
|
0.55
|
|
|
$
|
0.65
|
|
|
$
|
0.65
|
|
|
$
|
0.56
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in
calculating diluted earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
(Non-GAAP)
|
|
|
36,401
|
|
|
|
35,956
|
|
|
|
35,876
|
|
|
|
35,676
|
|
|
|
35,592
|
|
|
|
|
(1)
|
Fiscal 2024 periods
have been included in the presentation above to show the effect of
excluding stock-based compensation expense from the non-GAAP
financial measures for comparability purposes. These non-GAAP
financial results are not previously reported.
|
|
(2)
|
This amount represents
the tax impact of the non-GAAP adjustments using the applicable
effective tax rates.
|
View original content to download
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SOURCE BENCHMARK ELECTRONICS