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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
or
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from _________________ to________________
Commission File Number: 1-10560
BENCHMARK ELECTRONICS, INC.
(Exact name of registrant as specified in its charter)
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Texas |
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74-2211011 |
(State or other jurisdiction |
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(I.R.S. Employer |
of incorporation or organization) |
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Identification No.) |
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56 South Rockford Drive |
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85288 |
Tempe, Arizona |
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(Zip Code) |
(Address of principal executive offices) |
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(623) 300-7000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol |
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Name of each exchange on which registered |
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: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
☐ |
Non-accelerated filer |
☐ |
|
Smaller reporting company |
☐ |
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
As of October 30, 2023, there were 35,681,851 shares of common stock of Benchmark Electronics, Inc., par value $0.10 per share, outstanding.
TABLE OF CONTENTS
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements.
BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
(in thousands, except par value) |
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
259,542 |
|
|
$ |
207,430 |
|
Restricted cash |
|
|
1,218 |
|
|
|
— |
|
Accounts receivable, net of allowance for doubtful accounts of $960 and $514, respectively |
|
|
477,685 |
|
|
|
491,957 |
|
Contract assets |
|
|
190,085 |
|
|
|
183,613 |
|
Inventories |
|
|
725,349 |
|
|
|
727,749 |
|
Prepaid expenses and other assets |
|
|
51,838 |
|
|
|
41,392 |
|
Income taxes receivable |
|
|
1,352 |
|
|
|
8 |
|
Total current assets |
|
|
1,707,069 |
|
|
|
1,652,149 |
|
Property, plant and equipment, net |
|
|
231,661 |
|
|
|
211,478 |
|
Operating lease right-of-use assets |
|
|
122,104 |
|
|
|
93,081 |
|
Goodwill |
|
|
192,116 |
|
|
|
192,116 |
|
Deferred income taxes |
|
|
16,190 |
|
|
|
12,235 |
|
Other assets, net |
|
|
64,005 |
|
|
|
66,272 |
|
|
|
$ |
2,333,145 |
|
|
$ |
2,227,331 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Current installments of long-term debt |
|
$ |
4,281 |
|
|
$ |
4,275 |
|
Accounts payable |
|
|
382,170 |
|
|
|
424,272 |
|
Advance payments from customers |
|
|
189,058 |
|
|
|
197,937 |
|
Income taxes payable |
|
|
12,823 |
|
|
|
12,236 |
|
Accrued liabilities |
|
|
110,772 |
|
|
|
110,416 |
|
Total current liabilities |
|
|
699,104 |
|
|
|
749,136 |
|
Long-term debt, less current installments |
|
|
428,231 |
|
|
|
320,675 |
|
Operating lease liabilities |
|
|
114,279 |
|
|
|
86,687 |
|
Other long-term liabilities |
|
|
27,987 |
|
|
|
43,922 |
|
Deferred income taxes |
|
|
495 |
|
|
|
495 |
|
Commitments and contingencies |
|
|
|
|
|
|
Shareholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued |
|
|
— |
|
|
|
— |
|
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding – 35,653 and 35,164, respectively |
|
|
3,565 |
|
|
|
3,516 |
|
Additional paid-in capital |
|
|
525,784 |
|
|
|
519,238 |
|
Retained earnings |
|
|
548,874 |
|
|
|
519,895 |
|
Accumulated other comprehensive loss |
|
|
(15,174 |
) |
|
|
(16,233 |
) |
Total shareholders’ equity |
|
|
1,063,049 |
|
|
|
1,026,416 |
|
|
|
$ |
2,333,145 |
|
|
$ |
2,227,331 |
|
See accompanying notes to unaudited interim condensed consolidated financial statements.
1
BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(in thousands, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Sales |
|
$ |
719,695 |
|
|
$ |
771,575 |
|
|
$ |
2,147,622 |
|
|
$ |
2,135,687 |
|
Cost of sales |
|
|
650,618 |
|
|
|
704,825 |
|
|
|
1,947,556 |
|
|
|
1,952,579 |
|
Gross profit |
|
|
69,077 |
|
|
|
66,750 |
|
|
|
200,066 |
|
|
|
183,108 |
|
Selling, general and administrative expenses |
|
|
35,509 |
|
|
|
38,544 |
|
|
|
111,379 |
|
|
|
110,675 |
|
Amortization of intangible assets |
|
|
1,592 |
|
|
|
1,591 |
|
|
|
4,775 |
|
|
|
4,792 |
|
Restructuring charges and other costs |
|
|
1,635 |
|
|
|
1,331 |
|
|
|
6,348 |
|
|
|
4,518 |
|
Income from operations |
|
|
30,341 |
|
|
|
25,284 |
|
|
|
77,564 |
|
|
|
63,123 |
|
Interest expense |
|
|
(8,475 |
) |
|
|
(3,493 |
) |
|
|
(23,183 |
) |
|
|
(7,428 |
) |
Interest income |
|
|
1,343 |
|
|
|
452 |
|
|
|
4,223 |
|
|
|
843 |
|
Other income, net |
|
|
2,384 |
|
|
|
1,087 |
|
|
|
280 |
|
|
|
1,577 |
|
Income before income taxes |
|
|
25,593 |
|
|
|
23,330 |
|
|
|
58,884 |
|
|
|
58,115 |
|
Income tax expense |
|
|
5,181 |
|
|
|
4,501 |
|
|
|
12,121 |
|
|
|
11,105 |
|
Net income |
|
$ |
20,412 |
|
|
$ |
18,829 |
|
|
$ |
46,763 |
|
|
$ |
47,010 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.57 |
|
|
$ |
0.54 |
|
|
$ |
1.32 |
|
|
$ |
1.34 |
|
Diluted |
|
$ |
0.57 |
|
|
$ |
0.53 |
|
|
$ |
1.30 |
|
|
$ |
1.32 |
|
Weighted-average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
35,647 |
|
|
|
35,151 |
|
|
|
35,535 |
|
|
|
35,184 |
|
Diluted |
|
|
35,876 |
|
|
|
35,348 |
|
|
|
35,879 |
|
|
|
35,604 |
|
See accompanying notes to unaudited interim condensed consolidated financial statements.
2
BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(in thousands) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income |
|
$ |
20,412 |
|
|
$ |
18,829 |
|
|
$ |
46,763 |
|
|
$ |
47,010 |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(1,891 |
) |
|
|
(3,541 |
) |
|
|
(786 |
) |
|
|
(8,197 |
) |
Unrealized gain (loss) on derivatives, net of tax |
|
|
(621 |
) |
|
|
730 |
|
|
|
1,523 |
|
|
|
4,293 |
|
Other |
|
|
(110 |
) |
|
|
(22 |
) |
|
|
322 |
|
|
|
(63 |
) |
Other comprehensive income (loss) |
|
|
(2,622 |
) |
|
|
(2,833 |
) |
|
|
1,059 |
|
|
|
(3,967 |
) |
Comprehensive income |
|
$ |
17,790 |
|
|
$ |
15,996 |
|
|
$ |
47,822 |
|
|
$ |
43,043 |
|
See accompanying notes to unaudited interim condensed consolidated financial statements.
3
BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Shareholders’ Equity
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Shares |
|
|
Common Stock |
|
|
Additional Paid-in Capital |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive Loss |
|
|
Total Shareholders’ Equity |
|
Balances, December 31, 2022 |
|
|
35,164 |
|
|
$ |
3,516 |
|
|
$ |
519,238 |
|
|
$ |
519,895 |
|
|
$ |
(16,233 |
) |
|
$ |
1,026,416 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
12,331 |
|
|
|
— |
|
|
|
— |
|
|
|
12,331 |
|
Stock options exercised |
|
|
5 |
|
|
|
1 |
|
|
|
67 |
|
|
|
— |
|
|
|
— |
|
|
|
68 |
|
Vesting of restricted stock units |
|
|
721 |
|
|
|
72 |
|
|
|
(72 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes |
|
|
(237 |
) |
|
|
(24 |
) |
|
|
(5,780 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,804 |
) |
Dividends declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,784 |
) |
|
|
— |
|
|
|
(17,784 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
46,763 |
|
|
|
— |
|
|
|
46,763 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,059 |
|
|
|
1,059 |
|
Balances, September 30, 2023 |
|
|
35,653 |
|
|
$ |
3,565 |
|
|
$ |
525,784 |
|
|
$ |
548,874 |
|
|
$ |
(15,174 |
) |
|
$ |
1,063,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, June 30, 2023 |
|
|
35,642 |
|
|
$ |
3,564 |
|
|
$ |
522,247 |
|
|
$ |
534,470 |
|
|
$ |
(12,552 |
) |
|
$ |
1,047,729 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
3,674 |
|
|
|
— |
|
|
|
— |
|
|
|
3,674 |
|
Vesting of restricted stock units |
|
|
16 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes |
|
|
(5 |
) |
|
|
(1 |
) |
|
|
(135 |
) |
|
|
— |
|
|
|
— |
|
|
|
(136 |
) |
Dividends declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,008 |
) |
|
|
— |
|
|
|
(6,008 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
20,412 |
|
|
|
— |
|
|
|
20,412 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,622 |
) |
|
|
(2,622 |
) |
Balances, September 30, 2023 |
|
|
35,653 |
|
|
$ |
3,565 |
|
|
$ |
525,784 |
|
|
$ |
548,874 |
|
|
$ |
(15,174 |
) |
|
$ |
1,063,049 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Shares |
|
|
Common Stock |
|
|
Additional Paid-in Capital |
|
|
Retained Earnings |
|
|
Accumulated Other Comprehensive Loss |
|
|
Total Shareholders’ Equity |
|
Balances, December 31, 2021 |
|
|
35,213 |
|
|
$ |
3,521 |
|
|
$ |
507,447 |
|
|
$ |
479,992 |
|
|
$ |
(17,158 |
) |
|
$ |
973,802 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
13,282 |
|
|
|
— |
|
|
|
— |
|
|
|
13,282 |
|
Shares repurchased and retired |
|
|
(376 |
) |
|
|
(37 |
) |
|
|
(4,177 |
) |
|
|
(5,177 |
) |
|
|
— |
|
|
|
(9,391 |
) |
Stock options exercised |
|
|
33 |
|
|
|
3 |
|
|
|
468 |
|
|
|
— |
|
|
|
— |
|
|
|
471 |
|
Vesting of restricted stock units |
|
|
407 |
|
|
|
41 |
|
|
|
(41 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes |
|
|
(124 |
) |
|
|
(13 |
) |
|
|
(3,171 |
) |
|
|
— |
|
|
|
— |
|
|
|
(3,184 |
) |
Dividends declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,406 |
) |
|
|
— |
|
|
|
(17,406 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
47,010 |
|
|
|
— |
|
|
|
47,010 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,967 |
) |
|
|
(3,967 |
) |
Balances, September 30, 2022 |
|
|
35,153 |
|
|
$ |
3,515 |
|
|
$ |
513,808 |
|
|
$ |
504,419 |
|
|
$ |
(21,125 |
) |
|
$ |
1,000,617 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances, June 30, 2022 |
|
|
35,140 |
|
|
$ |
3,514 |
|
|
$ |
509,172 |
|
|
$ |
491,379 |
|
|
$ |
(18,292 |
) |
|
$ |
985,773 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
4,795 |
|
|
|
— |
|
|
|
— |
|
|
|
4,795 |
|
Stock options exercised |
|
|
1 |
|
|
|
— |
|
|
|
12 |
|
|
|
— |
|
|
|
— |
|
|
|
12 |
|
Vesting of restricted stock units |
|
|
18 |
|
|
|
2 |
|
|
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Shares withheld for taxes |
|
|
(6 |
) |
|
|
(1 |
) |
|
|
(169 |
) |
|
|
— |
|
|
|
— |
|
|
|
(170 |
) |
Dividends declared |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,789 |
) |
|
|
— |
|
|
|
(5,789 |
) |
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18,829 |
|
|
|
— |
|
|
|
18,829 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,833 |
) |
|
|
(2,833 |
) |
Balances, September 30, 2022 |
|