Second quarter 2023 results:
- Revenue of $733 million
- GAAP operating income of $24
million, up 9% year-over-year
- Non-GAAP(1) operating income of $29 million, up 28% year-over-year
- GAAP earnings per share of $0.39
and non-GAAP earnings per share of $0.48
TEMPE,
Ariz., July 31, 2023 /PRNewswire/ -- Benchmark
Electronics, Inc. (NYSE: BHE) today announced financial results for
the second quarter ended June 30,
2023.
|
|
Three Months
Ended
|
|
|
|
June 30,
|
|
|
Mar 31,
|
|
|
June 30,
|
|
|
In millions, except
EPS
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
Sales
|
|
$
|
733
|
|
|
$
|
695
|
|
|
$
|
728
|
|
|
Net income
|
|
$
|
14
|
|
|
$
|
12
|
|
|
$
|
17
|
|
|
Income from
operations
|
|
$
|
24
|
|
|
$
|
23
|
|
|
$
|
22
|
|
|
Net income –
non-GAAP(1)
|
|
$
|
17
|
|
|
$
|
15
|
|
|
$
|
18
|
|
|
Income from operations
– non-GAAP(1)
|
|
$
|
29
|
|
|
$
|
26
|
|
|
$
|
23
|
|
|
Diluted earnings per
share
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
|
$
|
0.49
|
|
|
Diluted EPS –
non-GAAP(1)
|
|
$
|
0.48
|
|
|
$
|
0.42
|
|
|
$
|
0.50
|
|
|
Operating
margin
|
|
|
3.3
|
%
|
|
|
3.3
|
%
|
|
|
3.1
|
%
|
|
Operating margin –
non-GAAP(1)
|
|
|
4.0
|
%
|
|
|
3.7
|
%
|
|
|
3.1
|
%
|
|
|
(1)
A reconciliation of GAAP and non-GAAP results is
included below.
|
"Benchmark delivered a strong quarter, exceeding the high end of
our guidance ranges on revenue and non-GAAP operating income.
Our team's ability to navigate continued supply chain challenges
and progress on operational efficiencies enabled us to deliver
these results," said Jeff Benck,
Benchmark's President and CEO.
Benck continued "As we enter the second half, we are confident
that our diversified portfolio and investments in future growth
position us to both navigate the dynamic near-term macro
environment and capture incremental share in tomorrow's growth
markets."
Cash Conversion Cycle
|
|
June 30,
|
|
|
Mar 31,
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
Accounts receivable
days
|
|
|
59
|
|
|
|
60
|
|
|
|
55
|
|
|
Contract asset
days
|
|
|
23
|
|
|
|
25
|
|
|
|
22
|
|
|
Inventory
days
|
|
|
102
|
|
|
|
111
|
|
|
|
90
|
|
|
Accounts payable
days
|
|
|
(56)
|
|
|
|
(60)
|
|
|
|
(67)
|
|
|
Advance payments from
customers days
|
|
|
(25)
|
|
|
|
(27)
|
|
|
|
(23)
|
|
|
Cash Conversion Cycle
days
|
|
|
103
|
|
|
|
109
|
|
|
|
77
|
|
Second Quarter 2023 Industry Sector Update
Revenue and
percentage of sales by industry sector (in millions) were as
follows.
|
|
June 30,
|
|
|
Mar 31,
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
Medical
|
|
$
|
145
|
|
|
|
20
|
%
|
|
$
|
137
|
|
|
|
20
|
%
|
|
$
|
166
|
|
|
|
23
|
%
|
|
Semi-Cap
|
|
|
164
|
|
|
|
22
|
|
|
|
149
|
|
|
|
21
|
|
|
|
175
|
|
|
|
24
|
|
|
A&D
|
|
|
80
|
|
|
|
11
|
|
|
|
79
|
|
|
|
11
|
|
|
|
90
|
|
|
|
12
|
|
|
Industrials
|
|
|
167
|
|
|
|
23
|
|
|
|
144
|
|
|
|
21
|
|
|
|
159
|
|
|
|
22
|
|
|
Advanced
Computing
|
|
|
81
|
|
|
|
11
|
|
|
|
96
|
|
|
|
14
|
|
|
|
69
|
|
|
|
10
|
|
|
Next Gen
Communications
|
|
|
96
|
|
|
|
13
|
|
|
|
90
|
|
|
|
13
|
|
|
|
69
|
|
|
|
9
|
|
|
Total
|
|
$
|
733
|
|
|
|
100
|
%
|
|
$
|
695
|
|
|
|
100
|
%
|
|
$
|
728
|
|
|
|
100
|
%
|
Overall, revenues were up 1% year-over-year from strength in the
Industrials, Advanced Computing and Next Gen Communications
sectors.
Third Quarter 2023 Guidance
- Revenue between $680 -
$720 million
- Diluted GAAP earnings per share between $0.45 - $0.51
- Diluted non-GAAP earnings per share between $0.51 - $0.59
(excluding restructuring charges and other costs and amortization
of intangibles)
- This guidance takes into consideration all known constraints
for the quarter and assumes no further significant interruptions to
our supply base, operations or customers.
Restructuring charges are expected to range between $1.1 million and $1.5
million in the third quarter and the amortization of
intangibles is expected to be $1.6
million in the third quarter.
Second 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 third quarter and fiscal year
2023 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 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 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", 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
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Sales
|
|
$
|
733,232
|
|
|
$
|
728,029
|
|
|
$
|
1,427,927
|
|
|
$
|
1,364,112
|
|
|
Cost of
sales
|
|
|
666,201
|
|
|
|
669,273
|
|
|
|
1,296,938
|
|
|
|
1,247,754
|
|
|
Gross
profit
|
|
|
67,031
|
|
|
|
58,756
|
|
|
|
130,989
|
|
|
|
116,358
|
|
|
Selling, general and
administrative expenses
|
|
|
37,672
|
|
|
|
35,842
|
|
|
|
75,870
|
|
|
|
72,131
|
|
|
Amortization of
intangible assets
|
|
|
1,591
|
|
|
|
1,592
|
|
|
|
3,183
|
|
|
|
3,201
|
|
|
Restructuring charges
and other costs (income)
|
|
|
3,287
|
|
|
|
(1,110)
|
|
|
|
4,713
|
|
|
|
3,187
|
|
|
Income from
operations
|
|
|
24,481
|
|
|
|
22,432
|
|
|
|
47,223
|
|
|
|
37,839
|
|
|
Interest
expense
|
|
|
(8,258)
|
|
|
|
(2,185)
|
|
|
|
(14,708)
|
|
|
|
(3,935)
|
|
|
Interest
income
|
|
|
1,622
|
|
|
|
261
|
|
|
|
2,880
|
|
|
|
391
|
|
|
Other income (expense),
net
|
|
|
61
|
|
|
|
784
|
|
|
|
(2,104)
|
|
|
|
490
|
|
|
Income before income
taxes
|
|
|
17,906
|
|
|
|
21,292
|
|
|
|
33,291
|
|
|
|
34,785
|
|
|
Income tax
expense
|
|
|
3,915
|
|
|
|
4,071
|
|
|
|
6,940
|
|
|
|
6,604
|
|
|
Net income
|
|
$
|
13,991
|
|
|
$
|
17,221
|
|
|
$
|
26,351
|
|
|
$
|
28,181
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.39
|
|
|
$
|
0.49
|
|
|
$
|
0.74
|
|
|
$
|
0.80
|
|
|
Diluted
|
|
$
|
0.39
|
|
|
$
|
0.49
|
|
|
$
|
0.74
|
|
|
$
|
0.79
|
|
|
Weighted-average number
of shares used in calculating earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
35,618
|
|
|
|
35,157
|
|
|
|
35,478
|
|
|
|
35,201
|
|
|
Diluted
|
|
|
35,676
|
|
|
|
35,336
|
|
|
|
35,730
|
|
|
|
35,616
|
|
|
Benchmark
Electronics, Inc. and Subsidiaries
Condensed Consolidated
Balance Sheets
(UNAUDITED)
(in
thousands)
|
|
|
|
June 30,
|
|
|
December 31,
|
|
|
|
2023
|
|
|
2022
|
|
|
Assets
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
244,587
|
|
|
$
|
207,430
|
|
|
Restricted
cash
|
|
|
743
|
|
|
|
—
|
|
|
Accounts receivable,
net
|
|
|
484,648
|
|
|
|
491,957
|
|
|
Contract
assets
|
|
|
185,877
|
|
|
|
183,613
|
|
|
Inventories
|
|
|
756,391
|
|
|
|
727,749
|
|
|
Other current
assets
|
|
|
48,815
|
|
|
|
41,400
|
|
|
Total current
assets
|
|
|
1,721,061
|
|
|
|
1,652,149
|
|
|
Property, plant and
equipment, net
|
|
|
222,245
|
|
|
|
211,478
|
|
|
Operating lease
right-of-use assets
|
|
|
92,657
|
|
|
|
93,081
|
|
|
Goodwill and other,
net
|
|
|
271,500
|
|
|
|
270,623
|
|
|
Total
assets
|
|
$
|
2,307,463
|
|
|
$
|
2,227,331
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Current installments
of long-term debt
|
|
$
|
3,458
|
|
|
$
|
4,275
|
|
|
Accounts
payable
|
|
|
417,406
|
|
|
|
424,272
|
|
|
Advance payments from
customers
|
|
|
185,677
|
|
|
|
197,937
|
|
|
Accrued
liabilities
|
|
|
115,380
|
|
|
|
122,652
|
|
|
Total current
liabilities
|
|
|
721,921
|
|
|
|
749,136
|
|
|
Long-term debt, less
current installments
|
|
|
423,967
|
|
|
|
320,675
|
|
|
Operating lease
liabilities
|
|
|
85,343
|
|
|
|
86,687
|
|
|
Other long-term
liabilities
|
|
|
28,503
|
|
|
|
44,417
|
|
|
Shareholders'
equity
|
|
|
1,047,729
|
|
|
|
1,026,416
|
|
|
Total liabilities and
shareholders' equity
|
|
$
|
2,307,463
|
|
|
$
|
2,227,331
|
|
|
Benchmark
Electronics, Inc. and Subsidiaries
Condensed Consolidated
Statement of Cash Flows
(in
thousands)
(UNAUDITED)
|
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2022
|
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net income
|
|
$
|
26,351
|
|
|
$
|
28,181
|
|
|
Depreciation and
amortization
|
|
|
22,549
|
|
|
|
21,862
|
|
|
Stock-based
compensation expense
|
|
|
8,657
|
|
|
|
8,487
|
|
|
Accounts
receivable
|
|
|
6,359
|
|
|
|
(91,200)
|
|
|
Contract
assets
|
|
|
(2,264)
|
|
|
|
(23,929)
|
|
|
Inventories
|
|
|
(28,096)
|
|
|
|
(146,178)
|
|
|
Accounts
payable
|
|
|
9,499
|
|
|
|
69,943
|
|
|
Advance payments from
customers
|
|
|
(12,260)
|
|
|
|
55,433
|
|
|
Other changes in
working capital and other, net
|
|
|
(31,163)
|
|
|
|
(16,109)
|
|
|
Net cash used in
operations
|
|
|
(368)
|
|
|
|
(93,510)
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Additions to property,
plant and equipment and software
|
|
|
(47,049)
|
|
|
|
(24,971)
|
|
|
Other investing
activities, net
|
|
|
585
|
|
|
|
5,657
|
|
|
Net cash used in
investing activities
|
|
|
(46,464)
|
|
|
|
(19,314)
|
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
Share
repurchases
|
|
|
—
|
|
|
|
(9,391)
|
|
|
Net debt
activity
|
|
|
102,237
|
|
|
|
134,363
|
|
|
Other financing
activities, net
|
|
|
(17,296)
|
|
|
|
(14,183)
|
|
|
Net cash provided by
financing activities
|
|
|
84,941
|
|
|
|
110,789
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate
changes
|
|
|
(209)
|
|
|
|
(5,795)
|
|
|
Net increase (decrease)
in cash and cash equivalents and restricted cash
|
|
|
37,900
|
|
|
|
(7,830)
|
|
|
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 period
|
|
$
|
245,330
|
|
|
$
|
263,919
|
|
|
Benchmark
Electronics, Inc. and Subsidiaries
Reconciliation of GAAP
to Non-GAAP Financial Results
(Amounts in Thousands,
Except Per Share Data)
(UNAUDITED)
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
June 30,
|
|
|
Mar 31,
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2023
|
|
|
2023
|
|
|
2022
|
|
|
2023
|
|
|
2022
|
|
|
Income from operations
(GAAP)
|
|
$
|
24,481
|
|
|
$
|
22,742
|
|
|
$
|
22,432
|
|
|
$
|
47,223
|
|
|
$
|
37,839
|
|
|
Amortization of
intangible assets
|
|
|
1,591
|
|
|
|
1,592
|
|
|
|
1,592
|
|
|
|
3,183
|
|
|
|
3,201
|
|
|
Restructuring charges
and other costs
|
|
|
2,364
|
|
|
|
1,426
|
|
|
|
1,266
|
|
|
|
3,790
|
|
|
|
3,580
|
|
|
Gain on assets held for
sale
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,376)
|
|
|
|
—
|
|
|
|
(393)
|
|
|
Asset
impairment
|
|
|
923
|
|
|
|
—
|
|
|
|
—
|
|
|
|
923
|
|
|
|
—
|
|
|
Non-GAAP income from
operations
|
|
$
|
29,359
|
|
|
$
|
25,760
|
|
|
$
|
22,914
|
|
|
$
|
55,119
|
|
|
$
|
44,227
|
|
|
GAAP operating
margin
|
|
|
3.3
|
%
|
|
|
3.3
|
%
|
|
|
3.1
|
%
|
|
|
3.3
|
%
|
|
|
2.8
|
%
|
|
Non-GAAP operating
margin
|
|
|
4.0
|
%
|
|
|
3.7
|
%
|
|
|
3.1
|
%
|
|
|
3.9
|
%
|
|
|
3.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
(GAAP)
|
|
$
|
67,031
|
|
|
$
|
63,958
|
|
|
$
|
58,756
|
|
|
$
|
130,989
|
|
|
$
|
116,358
|
|
|
Non-GAAP gross
profit
|
|
$
|
67,031
|
|
|
$
|
63,958
|
|
|
$
|
58,756
|
|
|
$
|
130,989
|
|
|
$
|
116,358
|
|
|
GAAP gross
margin
|
|
|
9.1
|
%
|
|
|
9.2
|
%
|
|
|
8.1
|
%
|
|
|
9.2
|
%
|
|
|
8.5
|
%
|
|
Non-GAAP gross
margin
|
|
|
9.1
|
%
|
|
|
9.2
|
%
|
|
|
8.1
|
%
|
|
|
9.2
|
%
|
|
|
8.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
$
|
37,672
|
|
|
$
|
38,198
|
|
|
$
|
35,842
|
|
|
$
|
75,870
|
|
|
$
|
72,131
|
|
|
Non-GAAP selling,
general and administrative expenses
|
|
$
|
37,672
|
|
|
$
|
38,198
|
|
|
$
|
35,842
|
|
|
$
|
75,870
|
|
|
$
|
72,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(GAAP)
|
|
$
|
13,991
|
|
|
$
|
12,360
|
|
|
$
|
17,221
|
|
|
$
|
26,351
|
|
|
$
|
28,181
|
|
|
Amortization of
intangible assets
|
|
|
1,591
|
|
|
|
1,592
|
|
|
|
1,592
|
|
|
|
3,183
|
|
|
|
3,201
|
|
|
Restructuring charges
and other costs
|
|
|
2,364
|
|
|
|
1,426
|
|
|
|
1,266
|
|
|
|
3,790
|
|
|
|
3,580
|
|
|
Gain on assets held for
sale
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,376)
|
|
|
|
—
|
|
|
|
(393)
|
|
|
Asset
impairment
|
|
|
923
|
|
|
|
—
|
|
|
|
—
|
|
|
|
923
|
|
|
|
—
|
|
|
Settlement
|
|
|
(1,155)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,155)
|
|
|
|
—
|
|
|
Income tax
adjustments(1)
|
|
|
(670)
|
|
|
|
(516)
|
|
|
|
(82)
|
|
|
|
(1,186)
|
|
|
|
(1,288)
|
|
|
Non-GAAP net
income
|
|
$
|
17,044
|
|
|
$
|
14,862
|
|
|
$
|
17,621
|
|
|
$
|
31,906
|
|
|
$
|
33,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
(GAAP)
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
|
$
|
0.49
|
|
|
$
|
0.74
|
|
|
$
|
0.79
|
|
|
Diluted
(Non-GAAP)
|
|
$
|
0.48
|
|
|
$
|
0.42
|
|
|
$
|
0.50
|
|
|
$
|
0.89
|
|
|
$
|
0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average number
of shares used in calculating diluted earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
(GAAP)
|
|
|
35,676
|
|
|
|
35,592
|
|
|
|
35,336
|
|
|
|
35,730
|
|
|
|
35,616
|
|
|
Diluted
(Non-GAAP)
|
|
|
35,676
|
|
|
|
35,592
|
|
|
|
35,336
|
|
|
|
35,730
|
|
|
|
35,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operations
|
|
$
|
24,538
|
|
|
$
|
(24,906)
|
|
|
$
|
(25,485)
|
|
|
$
|
(368)
|
|
|
$
|
(93,510)
|
|
|
Additions to property,
plant and equipment and software
|
|
|
(8,318)
|
|
|
|
(38,731)
|
|
|
|
(6,996)
|
|
|
|
(47,049)
|
|
|
|
(24,971)
|
|
|
Free cash flow
(used)
|
|
$
|
16,220
|
|
|
$
|
(63,637)
|
|
|
$
|
(32,481)
|
|
|
$
|
(47,417)
|
|
|
$
|
(118,481)
|
|
|
|
(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-second-quarter-2023-results-301889543.html
SOURCE Benchmark Electronics, Inc.