![]() ![]() Nonetheless, we firmly believe in the constructive long-term secular trends underpinning our anticipated future growth in this sector and are investing accordingly. Although our sequential performance in semi cap was encouraging, industry commentary around potential timing of the broader market recovery appears to be shifting deeper into 2024. Looking at the drivers of our 12% growth, we saw double-digit year-over-year performance from four of our six sectors, including advanced computing, industrials, medical and next-generation communications. Lastly, we generated positive operating and free cash flow in the quarter. Inventory came down modestly in the quarter, but we still have more to do to achieve our days of inventory goals. This enabled us to deliver non-GAAP EPS at the higher end of our guidance range. This represents a $74 million year-over-year reduction.Įxcluding SCP, non-GAAP gross margins were 9.4%, up 1.5 points from the prior year, while non-GAAP operating margins were 4.1%, up from 3.6% last year. ![]() As an example, SCP was $17 million in Q2 2023, and $91 million in Q2 2022. We believe assessing our revenue growth, excluding the 0 margin pass-through revenue more accurately reflects company performance. Specifically, we grew revenue 12% year-over-year in the quarter when excluding supply chain premiums or SCP. The company executed well in the second quarter as we delivered revenue and operating income above the high end of guidance despite continued weakness in the semi-cap market and lingering component availability issues that impacted some output in the quarter. Good afternoon, and thanks to everyone for joining our call today. If you'll please turn to Slide three, I will turn the call over to our CEO, Jeff Benck. Jeff will then return to provide more insight on demand trends by sector, business wins and then closing remarks. ![]() Roop will then discuss our detailed financial results and our third quarter guidance. Benchmark undertakes no obligation to update any forward-looking statements.įor today's call, Jeff will begin by providing a summary of our first quarter results. ![]() Actual results may differ materially from these statements most notably due to ongoing supply chain constraints, macroeconomic conditions and semi-cap equipment spending. As a reminder, any of today's remarks, which are not statements of historical fact are forward-looking statements which involve risks and uncertainties as described in our press releases and SEC filings. The company has provided a reconciliation of our GAAP to non-GAAP measures in the earnings release as well as in the appendix to the presentation Please take a moment to review the forward-looking statements advice on Slide two in the presentation.ĭuring our call, we will discuss forward-looking information. This call is being webcast live, and a replay will be available following the call. Both are available on the Investor Relations section on our website at. After the market closed today, we issued an earnings release pertaining to our financial performance for the second quarter of 2023, and we have prepared a presentation that we will reference on this call. Joining me this afternoon are Jeff Benck, CEO and President and Roop Lakkaraju, CFO. Thank you, Betsy, and thanks, everyone, for joining us today for Benchmark's second quarter fiscal year 2023 earnings call. I would now like to turn the conference over to Paul Mansky with Benchmark Electronics. Please, note this event is being recorded. All participants will be in a listen-only mode. Second Quarter 2023 Earnings Conference Call. Good day, and welcome to Benchmark Electronics Inc. Jaeson Schmidt - Lake Street Capital Markets ( NYSE: BHE) Q2 2023 Earnings Conference Call J5:00 PM ET ![]()
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