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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

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)

 

Texas

 

74-2211011

(State or other jurisdiction

 

(I.R.S. Employer

of incorporation or organization)

 

Identification No.)

 

 

 

56 South Rockford Drive

 

85288

Tempe, Arizona

 

(Zip Code)

(Address of principal executive offices)

 

 

 

(623) 300-7000

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Common Stock, par value $0.10 per share

 

BHE

 

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.

 

Large accelerated filer

 

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

 

Page

 

 

 

PART I—FINANCIAL INFORMATION

 

 

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Income

2

 

Condensed Consolidated Statements of Comprehensive Income

3

 

Condensed Consolidated Statements of Shareholders’ Equity

4

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Condensed Consolidated Financial Statements

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

31

Item 4.

Controls and Procedures

31

 

 

 

PART II—OTHER INFORMATION

 

 

 

Item 1.

Legal Proceedings

33

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

33

Item 5.

Other Information

 

Item 6.

Exhibits

34

 

 

SIGNATURES

35

 

 


 

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