UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
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(Address of Principal Executive Offices) |
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Registrant’s Telephone Number, Including Area Code: |
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
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. ☐
Item 2.02. Results of Operations and Financial Condition.
On October 27, 2021, Benchmark Electronics, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter ended September 30, 2021. A copy of the press release and accompanying investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
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99.1 |
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99.2 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BENCHMARK ELECTRONICS, INC. |
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Date: October 27, 2021 |
By: |
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/s/ Stephen J. Beaver |
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Stephen J. Beaver, Esq. |
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Senior Vice President, General Counsel and Chief Legal Officer |
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Exhibit 99.1
FOR IMMEDIATE RELEASE
BENCHMARK REPORTS THIRD QUARTER 2021 RESULTS
Third quarter 2021 results:
TEMPE, AZ, October 27, 2021 – Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the third quarter ended September 30, 2021.
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Three Months Ended |
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Sep 30, |
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Jun 30, |
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Sep 30, |
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In millions, except EPS |
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2021 |
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2021 |
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2020 |
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Sales |
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$ |
572 |
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$ |
545 |
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$ |
526 |
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Net income(2) |
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$ |
8 |
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$ |
7 |
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$ |
6 |
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Net income – non-GAAP(1)(2) |
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$ |
14 |
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$ |
10 |
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$ |
12 |
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Diluted earnings per share(2) |
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$ |
0.23 |
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$ |
0.20 |
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$ |
0.16 |
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Diluted EPS – non-GAAP(1)(2) |
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$ |
0.39 |
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$ |
0.27 |
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$ |
0.32 |
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Operating margin(2) |
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2.1 |
% |
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2.0 |
% |
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1.6 |
% |
Operating margin – non-GAAP(1)(2) |
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3.3 |
% |
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2.5 |
% |
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3.0 |
% |
(1) A reconciliation of GAAP and non-GAAP results is included below.
(2) Results for the third quarter ended September 30, 2021 and 2020 and second quarter ended June 30, 2021 include the impact of approximately $1.2 million, $1.3 million and $0.9 million of net COVID-19 related costs, respectively.
"We continued to execute well in the face of unprecedented supply chain constraints delivering strong revenue and profit growth in the third quarter,” said Jeff Benck, Benchmark’s President and CEO. “Our revenues were up 5% sequentially and 9% year-over-year fueled by strong demand in Semi-Cap and high-performance Computing, and improving demand in the Industrials vertical. Our third quarter non-GAAP gross margins improved to 9.4% and non-GAAP operating margins improved 80 basis points or 32% sequentially, which is a testament to the strong operational performance of our team.”
“Entering the fourth quarter, we expect that our revenue will again increase sequentially supported by Semi-Cap, Defense, and Computing strength, which we are projecting will enable double digit year-over-year revenue growth in the quarter and non-GAAP gross margins at 9% for the full year. As we look towards 2022 with our current strong demand momentum, we are expecting another year of solid growth and financial results aligned with the mid-term financial model that we set over a year ago.”
1
Cash Conversion Cycle
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Sep 30, |
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Jun 30, |
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Sep 30, |
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2021 |
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2021 |
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2020 |
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Accounts receivable days |
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49 |
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48 |
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52 |
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Contract asset days |
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25 |
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26 |
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28 |
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Inventory days |
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83 |
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75 |
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66 |
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Accounts payable days |
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(70 |
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(69 |
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(54 |
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Advance payments from customers days |
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(16 |
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(16 |
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(11 |
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Cash Conversion Cycle days |
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71 |
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64 |
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81 |
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Third Quarter 2021 Industry Sector Update
Revenue and percentage of sales by industry sector (in millions) was as follows.
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Sep 30, |
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Jun 30, |
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Sep 30, |
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Higher-Value Markets |
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2021 |
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2021 |
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2020 |
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Medical |
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$ |
118 |
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21 |
% |
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$ |
109 |
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20 |
% |
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$ |
134 |
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26 |
% |
Semi-Cap |
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133 |
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23 |
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139 |
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26 |
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99 |
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19 |
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A&D |
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101 |
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18 |
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97 |
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18 |
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105 |
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20 |
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Industrials |
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108 |
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19 |
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100 |
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18 |
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86 |
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16 |
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$ |
460 |
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81 |
% |
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$ |
445 |
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82 |
% |
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$ |
424 |
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81 |
% |
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Sep 30, |
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Jun 30, |
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Sep 30, |
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Traditional Markets |
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2021 |
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2021 |
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2020 |
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Computing |
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$ |
57 |
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10 |
% |
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$ |
40 |
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7 |
% |
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$ |
44 |
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8 |
% |
Telecommunications |
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55 |
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9 |
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60 |
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11 |
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58 |
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11 |
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$ |
112 |
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19 |
% |
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$ |
100 |
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18 |
% |
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$ |
102 |
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19 |
% |
Total |
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$ |
572 |
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100 |
% |
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$ |
545 |
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100 |
% |
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$ |
526 |
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100 |
% |
Overall, higher-value market revenues were up 4% quarter-over-quarter from growth in Industrials, A&D and Medical and 9% year-over-year from growth in Semi-Cap and Industrials. Traditional market revenues were up 12% quarter-over-quarter and up 9% year-over-year from growth in the computing sector.
Fourth Quarter 2021 Outlook
Restructuring charges are expected to range between $4.0 million and $4.5 million in the fourth quarter and the amortization of intangibles is expected to be $1.7 million in the fourth quarter.
2
Third Quarter 2021 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 until Wednesday, November 3, 2021 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.
For More Information, Please Contact:
Lisa K. Weeks, Senior Vice President, Chief Strategy Officer
623-300-7052 or lisa.weeks@bench.com
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 (Exchange Act). 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 or the negative or other variations thereof. In particular, statements, express or implied, concerning future operating results, our ability to generate sales, income or cash flow, the anticipated impact of the COVID-19 pandemic, the outlook and guidance for fourth quarter 2021 results, our anticipated plans and responses to the COVID-19 pandemic, our expected revenue mix, our business strategy and strategic initiatives, our repurchases of shares of our common stock and our intentions concerning the payment of dividends, among others, are forward-looking statements. Although we believe these statements are based upon reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond our 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, 2020, Part II, Item 1A of the company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in any of our subsequent reports filed with the Securities and Exchange Commission (SEC). In particular, these statements also depend on the duration, severity and evolution of the COVID-19 pandemic and related risks, including the emergence and severity of its variants, the availability of vaccines and potential hesitancy to utilize them, government and other third-party responses to it and the consequences for the global economy, our business and the businesses of our suppliers and customers, as well as our ability (or inability) to execute on our plans to respond to the COVID-19 pandemic. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of our 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 us as of the date of this document, and we assume no obligation to update.
3
Non-GAAP Financial Measures
This document includes certain financial measures that exclude items and therefore are not in accordance with U.S. generally accepted accounting principles (“GAAP”). A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. Management discloses non‐GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. Management also uses non‐GAAP measures in order to better assess operating performance and help investors compare results with our previous guidance. 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. 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.
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4
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statements of Income
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Sales |
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$ |
571,882 |
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$ |
525,951 |
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$ |
1,622,265 |
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$ |
1,531,881 |
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Cost of sales |
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518,177 |
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479,597 |
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1,478,420 |
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1,407,494 |
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Gross profit |
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53,705 |
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46,354 |
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143,845 |
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124,387 |
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Selling, general and administrative expenses |
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34,387 |
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29,724 |
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98,969 |
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89,815 |
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Amortization of intangible assets |
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1,596 |
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2,368 |
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4,793 |
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7,120 |
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Restructuring charges and other costs |
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6,428 |
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7,161 |
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9,600 |
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15,480 |
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Ransomware incident related costs (recovery), net |
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(500 |
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(1,558 |
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(3,944 |
) |
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(1,305 |
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Income from operations |
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11,794 |
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8,659 |
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34,427 |
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13,277 |
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Interest expense |
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(1,987 |
) |
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(2,136 |
) |
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(6,215 |
) |
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(6,189 |
) |
Interest income |
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122 |
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154 |
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451 |
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1,040 |
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Other income (expense), net |
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500 |
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439 |
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664 |
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(191 |
) |
Income before income taxes |
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10,429 |
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7,116 |
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29,327 |
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7,937 |
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Income tax expense |
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2,364 |
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1,201 |
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5,976 |
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|
1,577 |
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Net income |
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$ |
8,065 |
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$ |
5,915 |
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$ |
23,351 |
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$ |
6,360 |
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Earnings per share: |
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Basic |
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$ |
0.23 |
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$ |
0.16 |
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$ |
0.65 |
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$ |
0.17 |
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Diluted |
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$ |
0.23 |
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$ |
0.16 |
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$ |
0.64 |
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$ |
0.17 |
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Weighted-average number of shares used in calculating earnings per share: |
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Basic |
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35,423 |
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36,467 |
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35,806 |
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36,565 |
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Diluted |
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35,666 |
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36,544 |
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36,287 |
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36,821 |
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5
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(UNAUDITED)
(in thousands)
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September 30, |
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December 31, |
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2021 |
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2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
288,567 |
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$ |
390,808 |
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Restricted cash |
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2,630 |
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5,182 |
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Accounts receivable, net |
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311,384 |
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309,331 |
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Contract assets |
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160,194 |
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142,779 |
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Inventories |
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478,325 |
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327,377 |
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Other current assets |
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37,909 |
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26,874 |
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Total current assets |
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1,279,009 |
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1,202,351 |
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Property, plant and equipment, net |
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188,858 |
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|
185,272 |
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Operating lease right-of-use assets |
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102,440 |
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79,966 |
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Goodwill and other, net |
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270,059 |
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|
276,646 |
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Total assets |
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$ |
1,840,366 |
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$ |
1,744,235 |
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Current installments of long-term debt and finance lease obligations |
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$ |
7,663 |
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$ |
9,161 |
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Accounts payable |
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401,106 |
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282,208 |
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Advance payments from customers |
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91,464 |
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|
84,122 |
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Accrued liabilities |
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99,936 |
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|
105,645 |
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Total current liabilities |
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600,169 |
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|
481,136 |
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Long-term debt and finance lease obligations, less current installments |
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123,510 |
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|
131,051 |
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Operating lease liabilities |
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94,219 |
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|
72,120 |
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Other long-term liabilities |
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60,132 |
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|
70,340 |
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Shareholders’ equity |
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962,336 |
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|
|
989,588 |
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Total liabilities and shareholders’ equity |
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$ |
1,840,366 |
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$ |
1,744,235 |
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6
Benchmark Electronics, Inc. and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(in thousands)
(UNAUDITED)
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Nine Months Ended |
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September 30, |
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2021 |
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2020 |
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Cash flows from operating activities: |
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Net income |
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$ |
23,351 |
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$ |
6,360 |
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Depreciation and amortization |
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32,963 |
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|
36,939 |
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Stock-based compensation expense |
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10,856 |
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|
9,464 |
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Accounts receivable, net |
|
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(2,342 |
) |
|
|
16,410 |
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Contract assets |
|
|
(17,415 |
) |
|
|
(335 |
) |
Inventories |
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(151,518 |
) |
|
|
(37,131 |
) |
Accounts payable |
|
|
114,477 |
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|
|
(18,260 |
) |
Advance payments from customers |
|
|
7,341 |
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|
|
21,075 |
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Other changes in working capital and other, net |
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(19,021 |
) |
|
|
(8,907 |
) |
Net cash provided by (used in) operations |
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|
(1,308 |
) |
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|
25,615 |
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|
|
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Cash flows from investing activities: |
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|
|
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|
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Additions to property, plant and equipment and software |
|
|
(32,437 |
) |
|
|
(29,102 |
) |
Other investing activities, net |
|
|
294 |
|
|
|
2,586 |
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Net cash used in investing activities |
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|
(32,143 |
) |
|
|
(26,516 |
) |
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|
|
|
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Cash flows from financing activities: |
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Share repurchases |
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(40,216 |
) |
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(19,329 |
) |
Net debt activity |
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(6,458 |
) |
|
|
8,395 |
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Other financing activities, net |
|
|
(20,254 |
) |
|
|
(18,747 |
) |
Net cash used in financing activities |
|
|
(66,928 |
) |
|
|
(29,681 |
) |
|
|
|
|
|
|
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Effect of exchange rate changes |
|
|
(4,414 |
) |
|
|
1,436 |
|
Net decrease in cash and cash equivalents and restricted cash |
|
|
(104,793 |
) |
|
|
(29,146 |
) |
Cash and cash equivalents and restricted cash at beginning of year |
|
|
395,990 |
|
|
|
363,956 |
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Cash and cash equivalents and restricted cash at end of period |
|
$ |
291,197 |
|
|
$ |
334,810 |
|
7
Benchmark Electronics, Inc. and Subsidiaries
Reconciliation of GAAP to Non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data)
(UNAUDITED)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||||||
|
|
Sep 30, |
|
|
Jun 30, |
|
|
Sep 30, |
|
|
Sep 30, |
|
||||||||
|
|
2021 |
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
Income from operations (GAAP) |
|
$ |
11,794 |
|
|
$ |
10,699 |
|
|
$ |
8,659 |
|
|
$ |
34,427 |
|
|
$ |
13,277 |
|
Amortization of intangible assets |
|
|
1,596 |
|
|
|
1,599 |
|
|
|
2,368 |
|
|
|
4,793 |
|
|
|
7,120 |
|
Restructuring charges and other costs |
|
|
2,070 |
|
|
|
1,581 |
|
|
|
1,425 |
|
|
|
5,242 |
|
|
|
8,737 |
|
Impairment |
|
|
4,358 |
|
|
|
— |
|
|
|
5,736 |
|
|
|
4,358 |
|
|
|
6,743 |
|
Ransomware incident related costs (recovery), net |
|
|
(500 |
) |
|
|
— |
|
|
|
(1,558 |
) |
|
|
(3,944 |
) |
|
|
(1,305 |
) |
Customer insolvency (recovery) |
|
|
(168 |
) |
|
|
(153 |
) |
|
|
(796 |
) |
|
|
(353 |
) |
|
|
(1,149 |
) |
Non-GAAP income from operations |
|
$ |
19,150 |
|
|
$ |
13,726 |
|
|
$ |
15,834 |
|
|
$ |
44,523 |
|
|
$ |
33,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Gross Profit (GAAP) |
|
$ |
53,705 |
|
|
$ |
47,913 |
|
|
$ |
46,354 |
|
|
$ |
143,845 |
|
|
$ |
124,387 |
|
Customer insolvency (recovery) |
|
|
(168 |
) |
|
|
(153 |
) |
|
|
(796 |
) |
|
|
(353 |
) |
|
|
(1,149 |
) |
Non-GAAP gross profit |
|
$ |
53,537 |
|
|
$ |
47,760 |
|
|
$ |
45,558 |
|
|
$ |
143,492 |
|
|
$ |
123,238 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Selling, general and administrative expenses (GAAP) |
|
$ |
34,387 |
|
|
$ |
34,034 |
|
|
$ |
29,724 |
|
|
$ |
98,969 |
|
|
$ |
89,815 |
|
Non-GAAP selling, general and administrative expenses |
|
$ |
34,387 |
|
|
$ |
34,034 |
|
|
$ |
29,724 |
|
|
$ |
98,969 |
|
|
$ |
89,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net income (GAAP) |
|
$ |
8,065 |
|
|
$ |
7,369 |
|
|
$ |
5,915 |
|
|
$ |
23,351 |
|
|
$ |
6,360 |
|
Amortization of intangible assets |
|
|
1,596 |
|
|
|
1,599 |
|
|
|
2,368 |
|
|
|
4,793 |
|
|
|
7,120 |
|
Restructuring charges and other costs |
|
|
2,070 |
|
|
|
1,581 |
|
|
|
1,425 |
|
|
|
5,242 |
|
|
|
8,737 |
|
Impairment |
|
|
4,358 |
|
|
|
— |
|
|
|
5,736 |
|
|
|
4,358 |
|
|
|
6,743 |
|
Ransomware incident related costs (recovery), net |
|
|
(500 |
) |
|
|
— |
|
|
|
(1,558 |
) |
|
|
(3,944 |
) |
|
|
(1,305 |
) |
Customer insolvency (recovery) |
|
|
(168 |
) |
|
|
(153 |
) |
|
|
(796 |
) |
|
|
(353 |
) |
|
|
(1,149 |
) |
Income tax adjustments(1) |
|
|
(1,491 |
) |
|
|
(633 |
) |
|
|
(1,458 |
) |
|
|
(1,955 |
) |
|
|
(4,123 |
) |
Non-GAAP net income |
|
$ |
13,930 |
|
|
$ |
9,763 |
|
|
$ |
11,632 |
|
|
$ |
31,492 |
|
|
$ |
22,383 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted (GAAP) |
|
$ |
0.23 |
|
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
$ |
0.64 |
|
|
$ |
0.17 |
|
Diluted (Non-GAAP) |
|
$ |
0.39 |
|
|
$ |
0.27 |
|
|
$ |
0.32 |
|
|
$ |
0.87 |
|
|
$ |
0.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted-average number of shares used in |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
calculating diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Diluted (GAAP) |
|
|
35,666 |
|
|
|
36,061 |
|
|
|
36,544 |
|
|
|
36,287 |
|
|
|
36,821 |
|
Diluted (Non-GAAP) |
|
|
35,666 |
|
|
|
36,061 |
|
|
|
36,544 |
|
|
|
36,287 |
|
|
|
36,821 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Net cash provided by (used in) operations |
|
$ |
(41,581 |
) |
|
$ |
3,660 |
|
|
$ |
5,697 |
|
|
$ |
(1,308 |
) |
|
$ |
25,615 |
|
Additions to property, plant and equipment and software |
|
|
(13,818 |
) |
|
|
(12,197 |
) |
|
|
(5,812 |
) |
|
|
(32,437 |
) |
|
|
(29,102 |
) |
Free cash flow (used) |
|
$ |
(55,399 |
) |
|
$ |
(8,537 |
) |
|
$ |
(115 |
) |
|
$ |
(33,745 |
) |
|
$ |
(3,487 |
) |
8
Benchmark Electronics Q3-21 Earnings Results October 27, 2021
Forward-Looking Statements This document 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 (Exchange Act). 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 or the negative or other variations thereof. In particular, statements, express or implied, concerning future operating results, our ability to generate sales, income or cash flow, the anticipated impact of the COVID-19 pandemic, the outlook and guidance for fourth quarter 2021 results, our anticipated plans and responses to the COVID-19 pandemic, our expected revenue mix, our business strategy and strategic initiatives, our repurchases of shares of our common stock and our intentions concerning the payment of dividends, among others, are forward-looking statements. Although we believe these statements are based upon reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond our 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, 2020, Part II, Item 1A of the company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in any of our subsequent reports filed with the Securities and Exchange Commission (SEC). In particular, these statements also depend on the duration, severity and evolution of the COVID-19 pandemic and related risks, including the emergence and severity of its variants, the availability of vaccines and potential hesitancy to utilize them, government and other third-party responses to it and the consequences for the global economy, our business and the businesses of our suppliers and customers, as well as our ability (or inability) to execute on our plans to respond to the COVID-19 pandemic. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of our 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 us as of the date of this document, and we assume no obligation to update. Non-GAAP Financial Information This document includes certain financial measures that exclude items and therefore are not in accordance with U.S. generally accepted accounting principles (“GAAP”). A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. Management discloses non‐GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. Management also uses non‐GAAP measures in order to better assess operating performance and help investors compare results with our previous guidance. 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. 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.
Q3-21 Overview Achieved revenue of $572 million (9% year-over-year growth) - Strength from Semi-Cap, Industrials and Computing sectors Realized Non-GAAP gross margin of 9.4% and Non-GAAP operating margin of 3.3% Non-GAAP earnings per share of $0.39 Cash conversion cycle of 71 days Managing ongoing supply chain challenges and overcame COVID impacts
Q3-21 New Business Wins Medical Glucose monitoring systems (process design & manufacturing) Robotic surgery applications (design & manufacturing) Mobile medical cart (design) Semi-Cap Wafer handling system (manufacturing) Wafer inspection tool (manufacturing) Aerospace & Defense Satellite antennas (process design & manufacturing) Advanced imaging sensors (process design & manufacturing) Combat system electronics (design & manufacturing) Industrials Advanced LiDAR systems (manufacturing) Transportation safety products (process design & manufacturing) Testing products (microelectronics manufacturing) Computing & Telco Commercial printers (process design & manufacturing) Free space optics modules (process design & manufacturing) Optical products (test design) Awarded to Benchmark’s manufacturing facility in Thailand based on depth of experience and experience to bring complex products to market quickly Benchmark has partnered with AEye since initial product design and will provide manufacturing, assembly and testing for LiDAR solutions Aeye partners with benchmark for manufacturing of optical module for its next-gen adaptive lidar sensors
Roop Lakkaraju Chief Financial Officer
Third Quarter Revenue by Market Sector Q3-21 Sept. 30, 2021 Revenue by Mix and Market Sector June 30, 2021 Sept. 30, 2020 For the Three Months Ended Dollars in Millions Higher-Value Markets Mix % Revenue Mix % Revenue Q/Q Mix % Revenue Y/Y Medical 21% $118 20% $109 8% 26% $134 (12%) Semi-Cap 23% $133 26% $139 (4%) 19% $99 35% Aerospace & Defense 18% $101 18% $97 4% 20% $105 (4%) Industrials 19% $108 18% $100 8% 16% $86 26% Higher-Value Subtotal 81% $460 82% $445 4% 81% $424 9% Traditional Markets Mix % Revenue Mix % Revenue Q/Q Mix % Revenue Y/Y Computing 10% $57 7% $40 43% 8% $44 28% Telecommunications 9% $55 11% $60 (9%) 11% $58 (5%) Traditional Subtotal 19% $112 18% $100 12% 19% $102 9% Total Revenue $572 $545 5% $526 9%
Third Quarter 2021 Financial Summary (In millions, except EPS) Sept. 30, 2021 June 30, 2021 Q/Q Sept. 30, 2020 Y/Y Net Sales $572 $545 5% $526 9% GAAP Gross Margin 9.4% 8.8% 60 bps 8.8% 60 bps GAAP SG&A $34.4 $34.0 1% $29.7 16% GAAP Operating Margin 2.1% 2.0% 10 bps 1.6% 50 bps GAAP Diluted EPS $0.23 $0.20 15% $0.16 44% GAAP ROIC 4.9% 4.6% 30 bps 0.6% 430 bps Net Sales $572 $545 5% $526 9% Non-GAAP Gross Margin 9.4% 8.8% 60 bps 8.7% 70 bps Non-GAAP SG&A $34.4 $34.0 1% $29.7 16% Non-GAAP Operating Margin 3.3% 2.5% 80 bps 3.0% 30 bps Non-GAAP Diluted EPS $0.39 $0.27 44% $0.32 22% Non-GAAP ROIC 7.8% 7.5% 30 bps 5.8% 200 bps See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results GAAP ROIC = (GAAP TTM income from operations – GAAP Tax Impact) / (Average Invested Capital for last 5 quarters) Non-GAAP ROIC = (Non-GAAP TTM income from operations + Stock-based compensation – Non-GAAP Tax Impact) ÷ [Average Invested Capital for last 5 quarters]
Cash Conversion Cycle Update Q2-20 Q3-20 Q4-20 Q1-21 Q2-21 Q3-21 Accounts Receivable Days 55 52 53 49 48 49 Contract Asset Days 28 28 25 26 26 25 Inventory Days 72 66 63 69 75 83 Accounts Payable Days (61) (54) (54) (64) (69) (70) Advance Payments from Customers Days (10) (11) (16) (15) (16) (16) Cash Conversion Cycle 84 81 71 65 64 71
Liquidity and Capital Resources For the Three Months Ended Cash (In millions) Sept. 30, 2021 June 30, 2021 Sept. 30, 2020 Cash Flows from (used in) Operations $(42) $4 $6 FCF (1) $(55) $(9) $0 Cash $291 $370 $335 International $185 $235 $174 US $106 $135 $161 (1) Free cash flow (FCF) defined as net cash provided by (used in) operations less capex Debt Structure (In millions) Senior Secured Term Loan $131 Revolving Credit Facility Drawn Amount $0 * Leverage ratio is Net debt/LTM adjusted EBITDA, as defined in the credit facility, which are non-GAAP measures Strong balance sheet and appropriate debt structure Credit facility matures July 2023 Current leverage ratio* in compliance with debt covenants Focused and prudent cash management
Capital Allocation Update Dividends Quarterly dividend of $0.165 per share totaling $5.9 million paid in July 2021 Recurring quarterly dividend of $0.165 per share paid to shareholders on October 14, 2021 Recurring quarterly dividends to continue until further notice Share Repurchases Share repurchases of $10 million completed in Q3 2021 Share repurchase program remaining authorization of $164 million at September 30, 2021 Expect to continue share repurchases opportunistically
Fourth Quarter 2021 Guidance * This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers. Guidance also assumes no material changes to end market conditions and our operations due to COVID-19. Q4-21 Guidance Net Sales (in millions) $560 – $610 Diluted EPS - GAAP $0.24 – $0.32 Diluted EPS – non-GAAP* $0.37 – $0.45 Q4-21 Model Inputs Operating Margin - non-GAAP* 3.4% – 3.6% Other Expenses, Net (in millions) $2.4 Effective Tax Rate 19 – 21% Weighted Average Shares (in millions) ~35.7
2021 Revenue Trends and Key Initiatives Jeff Benck - CEO
Trends by Market Sector Sector Q4-21 Revenue Guidance CY2021 Revenue Outlook Comments Medical Component availability impacting strong demand recovery Some new program ramps moving from 2021 into early next year Expect medical to be a strong growth sector in 2022 Semi-Cap Now expecting 40% full year revenue growth Expect growth to continue into next year Investing to further expand capacity Aerospace & Defense Defense programs remain strong Lack of commercial aircraft recovery in 2021 offsets defense growth Industrial Revenue in 2H-21 greater than 1H-21 Market demand improving in oil & gas, building infrastructure New programs contributing to revenue growth Computing High Performance Computing (HPC) ramps strong in 2H-21 HPC demand remains strong in 2022 Telco Telco demand is stable in 2H-21 from broadband infrastructure growth Component shortages impact new programs
2021 Key Strategic Initiatives Update 01 Grow Revenue Strong bookings driving revenue growth Again achieved >50% attach rate of engineering projects to manufacturing services bookings in Q3 Continued strength in Semi-Cap 2021 is expected to continue into 2022 High performance computing and strengthening demand in Industrials supporting growth Pacing revenue growth ahead of mid-term model with revised high-single digit growth outlook in 2021 03 Grow Earnings Faster Than Revenue Improving revenue offers better leverage against fixed costs Expect non-GAAP gross margins of 9% for the full year Anticipate 35% full year-over-year earnings growth Closing Moorpark, California operations and transferring programs to other Benchmark locations Inventory levels are higher (as anticipated) as we navigate supply chain constraints 02 Invest in a Sustainable Infrastructure and Talent Continued momentum in ESG/Sustainability initiatives Global Reporting Initiative (GRI) on track in support of publishing our stand-alone Corporate Sustainability Report in Spring 2022 Advancing Diversity, Equity, and Inclusion (DE&I) initiatives; created Inclusion Council Incremental capital investments for Semi-Cap aligned to our strategy Effective SG&A expense management in support of the mid-term model <6% for the full year
Highlights and Q4-21 Outlook Expected revenue growth in the high single digits for 2021 Strong Semi-Cap demand continues (expect 40% annual revenue growth) Second half High Performance Computing programs will continue into next year Improving demand and revenue in Industrials In all sectors, demand outpacing component supply Anticipating 9% gross margins (non-GAAP) for the full year Expect 35% full year-over-year earnings growth Operating cash flow now forecasted to be between $40-$60 million in 2021 Repurchased $40M of stock year-to-date
Appendix
(Amounts in Thousands, Except Per Share Data) – (UNAUDITED) APPENDIX 1 - Reconciliation of GAAP to non-GAAP Financial Results
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