BHE Benchmark Electronics Inc

Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the fourth quarter and year ended December 31, 2024.

Fourth quarter 2024 results(1):

• Revenue of $657 million with year-over-year growth in Semi-Cap, A&D and Industrials offset by anticipated weakness in Medical and AC&C
• GAAP and non-GAAP gross margin of 10.3% and 10.4%
• GAAP and Non-GAAP operating margin of 4.3% and 5.1%
• GAAP and non-GAAP earnings per share of $0.50 and $0.61
• Delivered 7th consecutive quarter of positive Free Cash Flow

Full year 2024 results(1):

• Revenue of $2.7 billion driven by strength in Semi-Cap and A&D
• GAAP and non-GAAP gross margin of 10.2%, up 70 and 60 basis points year-over-year
• GAAP and non-GAAP operating margin of 4.1% and 5.1%
• GAAP earnings per share of $1.72, with non-GAAP earnings of $2.29
• Delivered $156 million in Free Cash Flow

 

 

Three Months Ended

 

 

December 31,

 

September 30,

 

December 31,

(Amounts in millions, except per share data)

 

2024

 

2024

 

2023

Sales

 

$

657

 

 

$

658

 

 

$

691

 

Net income

 

$

18

 

 

$

15

 

 

$

18

 

Income from operations

 

$

29

 

 

$

28

 

 

$

32

 

Net income – non-GAAP(1)

 

$

22

 

 

$

21

 

 

$

23

 

Income from operations – non-GAAP(1)

 

$

33

 

 

$

35

 

 

$

38

 

Diluted earnings per share

 

$

0.50

 

 

$

0.42

 

 

$

0.49

 

Diluted earnings per share – non-GAAP(1)

 

$

0.61

 

 

$

0.57

 

 

$

0.65

 

Operating margin

 

 

4.3

%

 

 

4.3

%

 

 

4.6

%

Operating margin – non-GAAP(1)

 

 

5.1

%

 

 

5.3

%

 

 

5.5

%

 

 

Year Ended

 

 

December 31,

(Amounts in millions, except per share data)

 

2024

 

2023

Sales

 

$

2,656

 

 

$

2,839

 

Net income

 

$

63

 

 

$

64

 

Income from operations

 

$

109

 

 

$

110

 

Net income – non-GAAP(1)

 

$

84

 

 

$

85

 

Income from operations – non-GAAP(1)

 

$

135

 

 

$

139

 

Diluted earnings per share

 

$

1.72

 

 

$

1.79

 

Diluted earnings per share – non-GAAP(1)

 

$

2.29

 

 

$

2.38

 

Operating margin

 

 

4.1

%

 

 

3.9

%

Operating margin – non-GAAP(1)

 

 

5.1

%

 

 

4.9

%

(1)

A reconciliation of non-GAAP results to the most directly comparable GAAP measures and a discussion of why management believes these non-GAAP results are useful are included below.

“The past year has reinforced that our strategy is working, as we have continued to drive margin expansion and free cash flow generation. Our demonstrated execution across cycles gives me confidence in our ability to continue to drive value for our stakeholders,” said Jeff Benck, Benchmark’s President and CEO.

Benck continued: “We will continue to focus on maintaining financial discipline during this dynamic environment, while strategically investing in our future growth. To that end, we are breaking ground on our fourth building in Penang, Malaysia in support of our ongoing momentum in the Semiconductor Capital Equipment sector.”

Cash Conversion Cycle

 

 

December 31,

 

September 30,

 

December 31,

 

 

2024

 

2024

 

2023

Accounts receivable days

 

 

57

 

 

 

51

 

 

 

59

 

Contract asset days

 

 

23

 

 

 

26

 

 

 

23

 

Inventory days

 

 

85

 

 

 

89

 

 

 

99

 

Accounts payable days

 

 

(54

)

 

 

(54

)

 

 

(53

)

Advance payments from customers days

 

 

(22

)

 

 

(22

)

 

 

(30

)

Cash conversion cycle days

 

 

89

 

 

 

90

 

 

 

98

 

Fourth Quarter 2024 Industry Sector Update

Revenue and percentage of sales by industry sector were as follows.

 

 

December 31,

 

September 30,

 

December 31,

(In millions)

 

2024

 

2024

 

2023

Semi-Cap

 

$

198

 

 

 

30

%

 

$

188

 

 

 

28

%

 

$

168

 

 

 

24

%

Complex Industrials

 

 

140

 

 

 

21

 

 

 

151

 

 

 

23

 

 

 

132

 

 

 

19

 

Medical

 

 

117

 

 

 

18

 

 

 

107

 

 

 

16

 

 

 

126

 

 

 

18

 

A&D

 

 

117

 

 

 

18

 

 

 

102

 

 

 

16

 

 

 

102

 

 

 

15

 

AC&C

 

 

85

 

 

 

13

 

 

 

110

 

 

 

17

 

 

 

163

 

 

 

24

 

Total

 

$

657

 

 

 

100

%

 

$

658

 

 

 

100

%

 

$

691

 

 

 

100

%

Revenue decreased quarter over quarter primarily due to decreases in Advanced Computing and Communications (AC&C) sales, which were partially offset by increases in Semi-Cap and A&D sales. Revenue decreased year-over-year primarily due to decreases in Medical and AC&C sales, which were partially offset by increases in Semi-Cap and A&D sales.

First Quarter 2025 Guidance

• Revenue between $620 million - $660 million
• Diluted GAAP earnings per share between $0.34 - $0.40
• Diluted non-GAAP earnings per share between $0.48 - $0.54
• Non-GAAP earnings per share guidance excludes stock-based compensation expense of approximately $4.5 million and other non-operating expenses of $2.6 million to $2.8 million which includes restructuring, amortization of intangibles and other expenses.

Fourth Quarter 2024 Earnings Conference Call

The Company will host a conference call to discuss the results today at 5:00 p.m. Eastern Time. The live webcast of the call and accompanying reference materials will be accessible by logging on to the Company’s website at www.bench.com. A replay of the broadcast will also be available on the Company’s website.

About Benchmark Electronics, Inc.

Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain and delivering world-class manufacturing services in the following industries: semiconductor capital equipment, complex industrials, medical, commercial aerospace, defense, and advanced computing and communications. 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 first quarter and fiscal year 2025 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges, stock-based compensation expense, amortization of intangibles, award of any tax incentives and capital expenditures, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensions, trade restrictions and sanctions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company’s operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.

Non-GAAP Financial Measures

Management discloses certain non-GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. These non-GAAP financial measures exclude restructuring charges, stock-based compensation expense, amortization of intangible assets acquired in business combinations, certain legal and other settlement losses (gains), customer insolvency losses (recoveries), asset impairments, other significant non-recurring costs and the related tax impacts of all of the above. A detailed reconciliation between GAAP results and results excluding certain items (“non-GAAP”) is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non-GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references “free cash flow”, a non-GAAP measure, which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company’s non-GAAP information is not necessarily comparable to the non-GAAP information used by other companies. Non-GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company’s profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

 

 

 

Three Months Ended

 

Year Ended

 

 

December 31,

 

December 31,

 

 

2024

 

2023

 

2024

 

2023

Sales

 

$

656,887

 

 

$

691,354

 

 

$

2,656,105

 

 

$

2,838,976

 

Cost of sales

 

 

588,962

 

 

 

620,350

 

 

 

2,386,081

 

 

 

2,567,906

 

Gross profit

 

 

67,925

 

 

 

71,004

 

 

 

270,024

 

 

 

271,070

 

Selling, general and administrative expenses

 

 

37,470

 

 

 

35,646

 

 

 

149,460

 

 

 

147,025

 

Amortization of intangible assets

 

 

1,204

 

 

 

1,204

 

 

 

4,817

 

 

 

5,979

 

Restructuring charges and other costs

 

 

727

 

 

 

2,054

 

 

 

6,336

 

 

 

8,402

 

Income from operations

 

 

28,524

 

 

 

32,100

 

 

 

109,411

 

 

 

109,664

 

Interest expense

 

 

(6,175

)

 

 

(8,692

)

 

 

(26,922

)

 

 

(31,875

)

Interest income

 

 

2,879

 

 

 

2,033

 

 

 

10,208

 

 

 

6,256

 

Other expense, net

 

 

(1,350

)

 

 

(3,105

)

 

 

(8,802

)

 

 

(2,825

)

Income before income taxes

 

 

23,878

 

 

 

22,336

 

 

 

83,895

 

 

 

81,220

 

Income tax expense

 

 

5,455

 

 

 

4,784

 

 

 

20,568

 

 

 

16,905

 

Net income

 

$

18,423

 

 

$

17,552

 

 

$

63,327

 

 

$

64,315

 

Earnings per share:

 

 

 

 

 

 

 

 

Basic

 

$

0.51

 

 

$

0.49

 

 

$

1.76

 

 

$

1.81

 

Diluted

 

$

0.50

 

 

$

0.49

 

 

$

1.72

 

 

$

1.79

 

Weighted-average number of shares used in calculating earnings per share:

 

 

 

 

 

 

 

 

Basic

 

 

35,973

 

 

 

35,658

 

 

 

35,970

 

 

 

35,566

 

Diluted

 

 

36,659

 

 

 

35,956

 

 

 

36,759

 

 

 

35,973

 

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(In Thousands)

(UNAUDITED)

 

 

 

December 31,

 

December 31,

 

 

2024

 

2023

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

315,152

 

 

$

277,391

 

Restricted cash

 

 

12,875

 

 

 

5,822

 

Accounts receivable, net

 

 

412,458

 

 

 

449,404

 

Contract assets

 

 

167,578

 

 

 

174,979

 

Inventories

 

 

553,654

 

 

 

683,801

 

Prepaid expenses and other current assets

 

 

42,512

 

 

 

44,350

 

Total current assets

 

 

1,504,229

 

 

 

1,635,747

 

Property, plant and equipment, net

 

 

225,097

 

 

 

227,698

 

Operating lease right-of-use assets

 

 

117,995

 

 

 

130,830

 

Goodwill and other long-term assets

 

 

292,143

 

 

 

280,480

 

Total assets

 

$

2,139,464

 

 

$

2,274,755

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Current installments of long-term debt

 

$

6,737

 

 

$

4,283

 

Accounts payable

 

 

354,218

 

 

 

367,480

 

Advance payments from customers

 

 

143,614

 

 

 

204,883

 

Accrued liabilities

 

 

144,530

 

 

 

136,901

 

Total current liabilities

 

 

649,099

 

 

 

713,547

 

Long-term debt, net of current installments

 

 

250,457

 

 

 

326,674

 

Operating lease liabilities

 

 

108,997

 

 

 

123,385

 

Other long-term liabilities

 

 

17,598

 

 

 

32,064

 

Total liabilities

 

 

1,026,151

 

 

 

1,195,670

 

Shareholders’ equity

 

 

1,113,313

 

 

 

1,079,085

 

Total liabilities and shareholders’ equity

 

$

2,139,464

 

 

$

2,274,755

 

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(In Thousands)

(UNAUDITED)

 

 

 

Year Ended

 

 

December 31,

 

 

2024

 

2023

Cash flows from operating activities:

 

 

 

 

Net income

 

$

63,327

 

 

$

64,315

 

Depreciation and amortization

 

 

46,144

 

 

 

45,410

 

Stock-based compensation expense

 

 

13,366

 

 

 

15,286

 

Accounts receivable

 

 

33,953

 

 

 

42,050

 

Contract assets

 

 

7,401

 

 

 

8,634

 

Inventories

 

 

127,840

 

 

 

45,071

 

Accounts payable

 

 

(18,283

)

 

 

(35,320

)

Advance payments from customers

 

 

(61,269

)

 

 

6,946

 

Other changes in working capital and other, net

 

 

(23,254

)

 

 

(18,098

)

Net cash provided by operating activities

 

 

189,225

 

 

 

174,294

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

Additions to property, plant and equipment and software

 

 

(33,253

)

 

 

(77,739

)

Other investing activities, net

 

 

486

 

 

 

601

 

Net cash used in investing activities

 

 

(32,767

)

 

 

(77,138

)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

Share repurchases

 

 

(5,100

)

 

 

—

 

Net debt activity

 

 

(74,283

)

 

 

5,509

 

Other financing activities, net

 

 

(29,723

)

 

 

(29,087

)

Net cash used in financing activities

 

 

(109,106

)

 

 

(23,578

)

 

 

 

 

 

Effect of exchange rate changes

 

 

(2,538

)

 

 

2,205

 

Net increase in cash and cash equivalents and restricted cash

 

 

44,814

 

 

 

75,783

 

Cash and cash equivalents and restricted cash at beginning of year

 

 

283,213

 

 

 

207,430

 

Cash and cash equivalents and restricted cash at end of year

 

$

328,027

 

 

$

283,213

 

Benchmark Electronics, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Results

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

 

 

 

Three Months Ended

 

Year Ended

 

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Mar 31,

 

Dec 31,

 

Sep 30,

 

Jun 30,

 

Dec 31,

 

 

2024

 

2024

 

2024

 

2024

 

2023

 

2023

 

2023

 

2024

 

2023

Income from operations (GAAP)

 

$

28,524

 

 

$

28,105

 

 

$

27,253

 

 

$

25,529

 

 

$

32,100

 

 

$

30,341

 

 

$

24,481

 

 

$

109,411

 

 

$

109,664

 

Restructuring charges and other costs

 

 

727

 

 

 

795

 

 

 

1,471

 

 

 

3,343

 

 

 

2,054

 

 

 

1,437

 

 

 

2,364

 

 

 

6,336

 

 

 

7,281

 

Stock-based compensation expense

 

 

2,626

 

 

 

4,379

 

 

 

4,185

 

 

 

2,176

 

 

 

2,955

 

 

 

3,674

 

 

 

3,867

 

 

 

13,366

 

 

 

15,286

 

Amortization of intangible assets

 

 

1,204

 

 

 

1,205

 

 

 

1,204

 

 

 

1,204

 

 

 

1,204

 

 

 

1,592

 

 

 

1,591

 

 

 

4,817

 

 

 

5,979

 

Asset impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

198

 

 

 

923

 

 

 

—

 

 

 

1,121

 

Legal and other settlement loss

 

 

239

 

 

 

367

 

 

 

317

 

 

 

855

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,778

 

 

 

—

 

Customer insolvency (recovery)

 

 

—

 

 

 

—

 

 

 

(316

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(316

)

 

 

—

 

Non-GAAP income from operations

 

$

33,320

 

 

$

34,851

 

 

$

34,114

 

 

$

33,107

 

 

$

38,313

 

 

$

37,242

 

 

$

33,226

 

 

$

135,392

 

 

$

139,331

 

GAAP operating margin

 

 

4.3

%

 

 

4.3

%

 

 

4.1

%

 

 

3.8

%

 

 

4.6

%

 

 

4.2

%

 

 

3.3

%

 

 

4.1

%

 

 

3.9

%

Non-GAAP operating margin

 

 

5.1

%

 

 

5.3

%

 

 

5.1

%

 

 

4.9

%

 

 

5.5

%

 

 

5.2

%

 

 

4.5

%

 

 

5.1

%

 

 

4.9

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit (GAAP)

 

$

67,925

 

 

$

66,741

 

 

$

67,950

 

 

$

67,408

 

 

$

71,004

 

 

$

69,077

 

 

$

67,031

 

 

$

270,024

 

 

$

271,070

 

Stock-based compensation expense

 

 

503

 

 

 

413

 

 

 

326

 

 

 

426

 

 

 

416

 

 

 

420

 

 

 

423

 

 

 

1,668

 

 

 

1,655

 

Customer insolvency (recovery)

 

 

—

 

 

 

—

 

 

 

(316

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(316

)

 

 

—

 

Non-GAAP gross profit

 

$

68,428

 

 

$

67,154

 

 

$

67,960

 

 

$

67,834

 

 

$

71,420

 

 

$

69,497

 

 

$

67,454

 

 

$

271,376

 

 

$

272,725

 

GAAP gross margin

 

 

10.3

%

 

 

10.1

%

 

 

10.2

%

 

 

10.0

%

 

 

10.3

%

 

 

9.6

%

 

 

9.1

%

 

 

10.2

%

 

 

9.5

%

Non-GAAP gross margin

 

 

10.4

%

 

 

10.2

%

 

 

10.2

%

 

 

10.0

%

 

 

10.3

%

 

 

9.7

%

 

 

9.2

%

 

 

10.2

%

 

 

9.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

$

37,470

 

 

$

36,636

 

 

$

38,022

 

 

$

37,332

 

 

$

35,646

 

 

$

35,509

 

 

$

37,672

 

 

$

149,460

 

 

$

147,025

 

Stock-based compensation expense

 

 

(2,123

)

 

 

(3,966

)

 

 

(3,859

)

 

 

(1,750

)

 

 

(2,539

)

 

 

(3,254

)

 

 

(3,444

)

 

 

(11,698

)

 

 

(13,631

)

Legal and other settlement loss

 

 

(239

)

 

 

(367

)

 

 

(317

)

 

 

(855

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,778

)

 

 

—

 

Non-GAAP selling, general and administrative expenses

 

$

35,108

 

 

$

32,303

 

 

$

33,847

 

 

$

34,727

 

 

$

33,107

 

 

$

32,255

 

 

$

34,228

 

 

$

135,984

 

 

$

133,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (GAAP)

 

$

18,423

 

 

$

15,374

 

 

$

15,528

 

 

$

14,002

 

 

$

17,552

 

 

$

20,412

 

 

$

13,991

 

 

$

63,327

 

 

$

64,315

 

Restructuring charges and other costs

 

 

727

 

 

 

795

 

 

 

1,471

 

 

 

3,343

 

 

 

2,899

 

 

 

1,437

 

 

 

2,364

 

 

 

6,336

 

 

 

8,126

 

Stock-based compensation expense

 

 

2,626

 

 

 

4,379

 

 

 

4,185

 

 

 

2,176

 

 

 

2,955

 

 

 

3,674

 

 

 

3,867

 

 

 

13,366

 

 

 

15,286

 

Amortization of intangible assets

 

 

1,204

 

 

 

1,205

 

 

 

1,204

 

 

 

1,204

 

 

 

1,204

 

 

 

1,592

 

 

 

1,591

 

 

 

4,817

 

 

 

5,979

 

Asset impairment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

198

 

 

 

923

 

 

 

—

 

 

 

1,121

 

Legal and other settlement loss (gain)

 

 

239

 

 

 

367

 

 

 

317

 

 

 

855

 

 

 

(37

)

 

 

(3,375

)

 

 

(1,155

)

 

 

1,778

 

 

 

(4,567

)

Customer insolvency (recovery)

 

 

—

 

 

 

—

 

 

 

(316

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(316

)

 

 

—

 

Income tax adjustments(1)

 

 

(971

)

 

 

(1,406

)

 

 

(1,437

)

 

 

(1,393

)

 

 

(1,280

)

 

 

(529

)

 

 

(1,484

)

 

 

(5,207

)

 

 

(4,816

)

Non-GAAP net income

 

$

22,248

 

 

$

20,714

 

 

$

20,952

 

 

$

20,187

 

 

$

23,293

 

 

$

23,409

 

 

$

20,097

 

 

$

84,101

 

 

$

85,444

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (GAAP)

 

$

0.50

 

 

$

0.42

 

 

$

0.43

 

 

$

0.38

 

 

$

0.49

 

 

$

0.57

 

 

$

0.39

 

 

$

1.72

 

 

$

1.79

 

Diluted (Non-GAAP)

 

$

0.61

 

 

$

0.57

 

 

$

0.57

 

 

$

0.55

 

 

$

0.65

 

 

$

0.65

 

 

$

0.56

 

 

$

2.29

 

 

$

2.38

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of shares used in calculating diluted earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (GAAP)

 

 

36,659

 

 

 

36,629

 

 

 

36,497

 

 

 

36,401

 

 

 

35,956

 

 

 

35,876

 

 

 

35,676

 

 

 

36,759

 

 

 

35,973

 

Diluted (Non-GAAP)

 

 

36,659

 

 

 

36,629

 

 

 

36,497

 

 

 

36,401

 

 

 

35,956

 

 

 

35,876

 

 

 

35,676

 

 

 

36,759

 

 

 

35,973

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by operations

 

$

45,916

 

 

$

39,036

 

 

$

55,816

 

 

$

48,457

 

 

$

137,079

 

 

$

37,583

 

 

$

24,538

 

 

$

189,225

 

 

$

174,294

 

Additions to property, plant and equipment and software

 

 

(9,032

)

 

 

(9,814

)

 

 

(8,504

)

 

 

(5,903

)

 

 

(11,026

)

 

 

(19,664

)

 

 

(8,318

)

 

 

(33,253

)

 

 

(77,739

)

Free cash flow

 

$

36,884

 

 

$

29,222

 

 

$

47,312

 

 

$

42,554

 

 

$

126,053

 

 

$

17,919

 

 

$

16,220

 

 

$

155,972

 

 

$

96,555

 

(1)

This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20250129984018/en/

For More Information, Please Contact: Paul Mansky, Investor Relations and Corporate Development 1-623-300-7052 or paul.mansky@bench.com