Earnings call transcript Q1 2023

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Operator

Hello, and welcome to the Benchmark Electronics, Inc.

First Quarter 2023 Earnings Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded.

to Electronics. conference like Mansky to now Benchmark with would turn over the Paul I ahead. go Please

Paul Mansky

Thank you, earnings thanks first MJ, and quarter for us fiscal Benchmark's today year XXXX call. everyone for joining

GAAP this prepared Jeff will first Joining me Investor Lakkaraju, presentation. The After And online under live earnings the quarter section available call. our earnings of be at market the reconciliation the financial CEO reference an have call. are well President; to website as replay has release today, issued pertaining our and XXXX. bench.com. a CFO. call the available we the and Benck, a closed non-GAAP release webcast Relations release this we the being measures Roop company and performance appendix on presentation of the are in that following a afternoon The is in to our as online will press for we This provided and the of presentation

Please Slide X take presentation. statements advice the review on to a in forward-looking the moment

During discuss we will forward-looking information. our call,

of obligation SEC any involve as from today's no risks in may to uncertainties constraints, the global update macroeconomic most forward-looking that releases results supply materially these statements undertakes notably any differ of are reminder, historical chain statements, spending. fact and a As equipment conditions, described press our which and filings. statements, not Actual are and forward-looking due Benchmark to and statements. semi-cap remarks

guidance. commentary. our on trends, by discuss XXXX Jeff detailed to wins, first sector results. then quarter will quarter our then insight Jeff and our business more return begin and Roop results call, providing closing demand a will today's of summary provide For financial will second

Slide X. If you please turn will, to

turn call Benck. our to Jeff I'll CEO, the over

Jeff Benck

to joining thanks for Thank call and everyone our today. Good afternoon, you, Paul.

X.X%. in the once a macro delivered grow up even quarter objectives, business revenue first X.X%. less environment. and Both compromising GAAP operating in were GAAP certain a operating our to non-GAAP ability continue of non-GAAP X% our margin year-over-year. demonstrated to we margin our Total Our X.X%. quarter was margins basis, again without margin was gross On

unlike the compensation, equated XX As quarter, of our to includes in basis which reminder, most non-GAAP our stock-based March points. margin approximately operating a peers,

Our $XX per non-GAAP first was disclosed were quarter were earnings guidance. chain down with revenue, and premiums, in $X.XX million which year-over-year. our our quarter. the GAAP line to earnings pass-through in This share, in nearly be Supply at previously came we zero-margin $X.XX, prior XX%

gross revenue, low of this X.X% the margin operating of and margin non-GAAP delivered of Excluding effect non-GAAP we margin X.X%.

Before turning and high-level market to next-generation experience communications outlook. sectors. on healthy sectors, computing, growth by to over call demand advanced few strength majority industrial, medical, to our Roop, like of a quarter, first we thoughts the year-over-year led in the double-digit the In our our continue I'd across share and

As the last period. a challenge guided during we was quarter, semi-cap the

sector this grand I trends in We in by supported Arizona, is investing Governor, should not are during support we the last secular see quarter. weakening note, first the will future and our did incremental believe that However, quarter, unlike even in which in facility opening Hobbs. which our accordingly an Katie this technology Mesa, was of of example precision March new the our downturn, in growth

potentially second market. and to are a Indicators much We front-end XXXX. stronger half have the wafer XXXX continue to and expect of to broader better pointing outperform a

These in environment. designs us the outside uncertain although macro market, aware are across while began trends of of to current continue proactively we implementing which quarter, investing enable expense continue amidst broader of we the the Based the sectors at protecting Looking on the will that, in growth majority control. QX. our serve, future we we controls growth the are see profitability to into

combined discipline, to success market, our operational in gaining targets. financial positions to well to with deliver in commitment share us our continued exceptionally the Our

continued builds In we that highlight the want inaugural to a read report, last commitment to established moment addition, encourage report. targets ESG. you This can greenhouse bench.com/sustainability. report upon Finally, time, February, for take second year's to be specific first we to in for gases. at which I our intensity annual published sustainability the I our found

to me over pass let on XQ. guidance it the quarter details Now, Roop for to share our and more

Roop Lakkaraju

sector. was good is X% turn million afternoon. to in Please $XXX QX, revenue sequentially Total Jeff, X market lower and and revenue our Slide for higher Thanks, year-over-year. by which Benchmark X%

in excluding chain supply of the year-over-year revenue period. of can the the chain section appendix premiums, up our of the sector XX% in reconciliation and presentation be premiums, Excluding A supply this was material. effect performance, level found

X. to Slide Turning

premiums, for XX% first Excluding up the medical supply quarter chain prior revenue year. the versus was

was continues growth us programs environment. supply expectations. revenue chain challenged down by line Defense year-over-year. fueled and strength Our supply of with by in was existing Semi-cap programs, XX% ramps. revenue the to in program availability, with our new for improving X% an ramping, year-over-year, coupled be A&D decreased timing

year-over-year go Meanwhile, improve the an Industrials We commercial quarter XX% high-performance increased was customer first XX% Advanced expect next-gen continues year-over-year. communications multiple programs up to XX% increased impressive year. efficiency. for this we execution programs. through revenue as year-over-year, equally energy we computing the continued (indiscernible) computing an as benefited as and of the In the revenue measurement strength. sector, impressive aerospace (testing) to new show from

performance in by XG the continued total infrastructure XX secular Our represented top In strength quarter, our satellite and of first driven communications. XX% customers year-over-year was revenue.

Slide Please turn to X.

XX% was $X.XX, share per for a growth on Our basis. year-over-year GAAP quarter represents which earnings the

to restructuring the recent included of more and earlier. million site both costs announced actions totaling closure expense our the related onetime discussed Moorpark, in $X.X California other and previously XXXX results GAAP Our

margin For primarily QX, due specifically our semi-cap decreased our X.X% within sector. non-GAAP sequentially, lower XX points gross to basis revenue, of

margin Excluding supply guidance. gross is was X.X%, line chain with premiums, our which in

X.X%. compensation. begun actions with QX, of variable Our expense SG&A as coupled was sequentially down in the lower was $XX.X margin operating million, result a Non-GAAP

margin guidance the of effective representing chain end our non-GAAP X.X%, high supply In premiums, was was range. XXXX, QX Excluding XX.X%. our rate tax operating

with in midpoint X.X%, QX the XX-basis was line For Non-GAAP which the a was our quarter, year-over-year. in the non-GAAP quarter point ROIC first improvement EPS is of $X.XX, guidance.

to chain turn QX QX, X trending to basis. declined In and $XX to of $XX in XXXX, premiums in XXXX. supply chain a the Slide versus on million effects supply discuss QX premiums Please million million $XX

and a decrease $XX growth computing, increase Excluding $XXX supply first on chain million year-over-year or next-generation basis sequential a of driven the advanced and communications, or a was XX%. premiums, our was $XX year-over-year quarter revenue in by of X%, million million, The medical.

conversion to X turn cash Please cycle to performance. Slide our review

through of in in we cycle of XXX a of XXXX investment days compared increased approximately largest Total conversion continue the QX first by million. accounts the inventory pockets were as The inventory in to to was quarter in XX to in was cash contributor increase days Our supply constraints. $XX QX reduction sequentially $XX receivable million, chain manage offset by partially which XXXX.

QX, to in business an our and million in in of and Please resources. update $XX Slide support In enhanced our liquidity Mexico on used we turn cash million continued in unit. capabilities Precision to for and $XX Technologies capital CapEx growth facility XX operations invested

given first year, we CapEx will throughout anticipate we weighted the be these in While annual half to timing specific the to invest continue of XXXX. initiatives,

We $XX and spending million. between CapEx QX expect million our in be $XX to

was cash XX on $XXX balance million. Our March

had loan, XX, million $XXX available our we March As our revolver, borrowings outstanding $XXX to under million against million $XXX outstanding our term on borrow and revolver. of

at within to accordion revolver $XXX capacity existing facility. our today, million, the The of same strong the announced the growth, facilities. by As we further as support by position the expansion current executing was liquidity terms and done our expanded revolver our credit credit

to million. quarterly dividend to QX, we In to $X.X review Turning activity. Slide allocation our XX our equating paid regular cash capital

XX of a XXXX guidance. our Slide for to review Turning quarter second

We expect from range revenue to $XXX million $XXX to million.

to effect forecasted Excluding the X.X%. chain between range million. expense to X.X% operating range supply margin be be gross we is premiums, in million quarter. to will chain expect X.X% $XX $XX premiums, SG&A margin Also excluding our non-GAAP X.X% the of supply and to between

restructuring Our other of does and non-GAAP exclude impact costs. estimated and intangible amortization of the guidance assets

the approximately our million $X.X expense expect million. site mentioned we restructuring non-recurring and closure actions other more and $X.X Between to incur to costs of QX announced previously recent earlier, in

non-GAAP earnings be or in million net to due to primarily $X.XX. to expense. is Other a per be the expected $X.XX midpoint expenses range share interest of $X.XX of Our are $X diluted expected to

We to XX%, expect tax for QX, that a weighted rate of $XX.X and effective count non-GAAP between our will XX% share million. average be

Now turning flow for XXXX. cash to free

driven throughout capital continue year. to be by improved the working reducing will inventory. primarily expect This We

place, number have and working We capital increasing clear-to-build deposits, including of initiatives schedules. claims a in aligning inventory advanced

million. $XX to XXXX anticipate free year, flow to the continue generation million $XX For we of cash

I'll over that, to back with turn And Jeff. call the

Jeff Benck

Thanks, Slide turn Roop. to XX. Please

chain premiums, the effect into which period. XX% expectations revenue quarter additional the are sector In what some demand first grew way supply level All full than provides in quarter, into and provide best metrics Medical, year. the performance better coming of color the for believe me First, the let our we excluding by insight of expecting upcoming we're our the of on referenced sectors.

ability improving but fully us demand. quarter, help the will We constrained supply in meet remain on to still our the chain during

full the of supply deliver resiliency us medical year. continuing year continue and to and to our conditions, macro wins expected for base anticipate easing and throughout quarter strength we current the for programs, the ramp of customer new With with in the existing to and growth

call. flat semi-cap growth new semi-cap and somewhat XXXX, in sequentially, we than timing saw XX with the quarter. year-on-year. in year half the forecast, in correction, are down was share This expectations the of ramps, our declining gains, be both prior QX expect provided optimistic ago. a earnings the modestly XX% second still up QX, were Following to versus customers' days year In and with of on program albeit XXXX of XX% latest quarter we we to first our our With line more

Looking further end fab confident outperform today for a cycle, in remain broadly capital points we significantly equipment. market hearing from are potential environment fully that improved out, to during the will the we even down this We XXXX. everything

in down things, our for content expect manufacturing, geographic Act. forecasts to of digits than we semi-cap, are long-term in more of only of all including is year. the the majority remain and via the this to investments the continue increased actively diversification market, by semiconductor which XX% the around supported a high We federally-sponsored ever XXXX, and silicon State revenue While in of our share to the be committed industry to are single as this measures, centering capture decline investing as and CHIPS growth market

conditions to flattish slightly ramps. growth to impacting improve, Also the subsector is year-on-year for these improve aero below the for quarter, our remains quarter program defense our the to growth the heavily timing but A&D in the year. us, in guidance. supply-constrained. QX, and continues resulting in revenue defense Commercial Moving demand most sector, was we the In expect of

Industrials. Turning to

Here, the too, we saw solid versus growth, prior year. with XX% up revenue

We conditions and to throughout year. automation, in leads the Similar have solutions. expect efficiency the positioned medical, anticipate energy showing to year. quarter some us specifically environmental, improvement, growth ourselves are in to participate to continue which and supply we This year-on-year megatrends, full the for

advanced we revenue quarter, strong an XX%. exceptionally In with above delivered computing, growth

As government often we driven some programs lead timing are, They to a and Rather, infrastructure. and support some are macro computing in the of largest however, relatively resilient. can agency-sponsored, existing center the cloud schedules advanced build not by efforts These the our which with of computing world. definition, most programmatic, machines are new quarter-to-quarter, of help sophisticated lumpiness reminder, in wins. by high-performance build and or data

Our pushed of last out from on call. QX, revenue as we our quarter revenue discussed first that benefited

of For QX, we one expect HPC large our completion of programs.

we sector are down to performance. we be anticipate full-year forecasting revenue basis, sequentially. On such, As flattish a

communications revenue greater up coming a Lastly, sector revenue year which in XX% grew next-generation than was off the year-on-year, XX%.

connectivity positioned rural capture on for well satellite areas. broadband broadband and programs new infrastructure, in are investment We demand communications, focused to

some of we to catalysts strategic potentially infrastructure imperatives are initiatives multiyear deployment supported exposed believe these for delays, and are by customers. each While our

we sector but the the growth year. continue to may near-term, we anticipate for see full such, in demand modulate As

Turning to Slide XX.

secured sophisticated we our discussion sectors, We Let science diversity good design wins that from be of Medical, cycle, ability in deliver continue medical we highlighting programs take across of our reflecting in again highly our sector programs finish products on to manufacturing. life quarter. balance on based we to and device of some support the our the March the In the customers markets. me complex throughout in life projects by awarded key saw to

new spending for including wins to won that defibrillator, next-gen quarter, constraints, despite This and positions this vacuum a automatic external To surgical processes quarter, an scanning next-generation we continue by leading-edge engineering secure we system, minimally near-term platform. we capital test platform us system the for the new a manufacturing products, for the future and past growth, invasive In business end, semi-cap, a CT evolution these new win geometries. awarded driven processes. to that serving and a a

sector, pleased for to the optical A&D multiple opportunities multiple commercial which space defense, manufacturing to in aeronautics design this and win be were defense, wins projects, the electric in spanning we secured we manufacturing market. speaks In in we to business sensors in Within RF Also skillsets used application. our experience won the space. a

into as In a quarter we devices, energy efficiency markets, and wins are test safety include control device, record, seismic wireless which and the efficiency. improve track and manufacturing our automation, within to energy going continue - Industrial, and benefit and detection as to from both management, well examples this measurement the prediction the flow of market particularly that of

inspection a Within wiring example from of example synergy awarded in be to communications, used quarter, at improve provide next-gen energy to deep ensure partnership advanced of compliance manufacturing. standards is electrical the customers name and which great for engineering, sensors were designed opportunity management. and our municipalities, we IoT-enabled This engineering buildings. a computing with combined with won a a as tool will smart manufacturing, efficiency our concept In to this to household we between and next-gen an

In summary, Slide please turn XX. to

positioning to to focus targets. enabled Our deliver again and execution diversified sector on us our

of operating our the the and chain are significantly the income sectors, XX% four and market see Excluding is business six We growth perform year. our five expecting four one XXXX. of supply semi-cap, XX% for in quarter. in better but and in we grew revenue premiums, contract, The exception potentially six in expect the delivered notable we where will to than growth non-GAAP growth we

investment demand are majority we spending, protecting While we future sectors, while are our are proactive resilient of the optimistic the forecast being our across about discretionary our seeing growth. manage also we to and

Although impacted the in our our growth enjoy initiatives, expect supply improves, change both periods, cash to quarters in to come, we this to working This XXXX our and our inventory and demand provides execute our in we capital will ability we has commitments in continue flow me the strength. trend execute as to chain recent beyond. confidence

our call over now the to to Q&A session. I'll that, the operator conduct With turn

Operator

with first from [Operator Instructions]. Street. comes Lake ahead. Today's question Schmidt Jaeson Please go

Jaeson Schmidt

for thanks guys, my Hey, taking questions.

quarter one first you growth X% confirm to want to you kind with to that I feel of just the supply comfortable start XXXX with, ex still Just that chain guidance of laid premiums? out those X% last

Jeff Benck

ago. I'll and we things feel We Yes, a tracking add are quarter that it. to start that then where still Roop to were essentially let

with So, our line kind you there. with in, QX certainly line in expectations, see guiding and in of update last we're came

last we feel and laid lot out our of our we we pretty obviously, quarter. but look good uncertainty, customers about So, - seeing, feedback from there's a what as we feel macro we're what at

Roop Lakkaraju

just Jaeson, overall, there profile can overall, that still some to in that things at obviously, what just the call. the in add we year, of or But this comfortable we're the out full we're February Yes, Jeff, monitoring laid it is terms Roop. QX of with for are influence. I'll

Jaeson Schmidt

Okay, And confidence you semi-cap in that's business. helpful. increased then the noted

you maybe Just until seeing QX if that fact you're it due order the QX? that that thought when bottomed in to bottom curious wouldn't or is more patterns it

Jeff Benck

dynamic supply year. I forecast through environment, end we obviously, of But the mean, right? particularly good with a obviously, Yes. environment, have chain it's the now we the

quite doesn't bit quarter. turmoil little quarter, in look had we the the in there. the probably demand that In less changes see quarter. fourth mean a at can't we of moving - less It So we certainly, saw a But forecast.

was a we're some and year. new pretty get memory then But of looking then concerns weakness to quarter that legacy doing the as seeing, And from First number the And what strength. of that well. that. and we half the customers ins driving particularly the weren't obviously, and the more that outs, of guide and that with but not seem was ‘XX. to there China it there's know lot just still be quarter, lot of some they're And a of sort about then a consistent. about we everyone some talking into wins you we standpoint, is know good have nodes revenue, at is And pretty on working demand there's back this

cycle than similar If you be cycles, frankly, And lasted at less this down typically I of a have think know of over look it the last but four different, we way. sort these may year.

constructive. say, - we're led a races, good that's guess to the headed more about We're off but that where we're we XQ. to to we're I feel not what's So, for little us ready we hey, believe where

Jaeson Schmidt

that design relatedly, queue. segments, attach back into And segments all your consistent? Okay, makes rates sense. one, across attach services that pretty the consistent that guess are last And I'll fairly some is are jump Are or and you just for there seeing I then rate then and lagging? engineering remaining

Jeff Benck

good Good to have shifted and a that XX%, be over question. first We did the quarter. I of in cleared again the rate, that attach engineering and goal the quarter bookings team

had We history good aerospace engineering pretty have and projects work a this bit a in sector. about and of long in defense medical devices feel going and pipeline. of on So, engineering a quite the engineering nice across industrial. obviously spread We've

in more that couple talked realm. in I It's and We wins So, some heavily necessarily a communication actually on good space. say to semi-cap the see it's dominated. can't about going the work new of

lead those of house, to be down the manufacturing while pretty projects that do well, it winning a product the And pleased strong - really we're to too is design we intent the it's the road. winning. with of of now some right also which So, engineering say, would as - great diversity I it's with the

Jaeson Schmidt

really No, color to Thanks. the good hear. Okay. guys. Appreciate here,

Operator

question ahead. Please The Steven comes you. Thank from next with Advisors. Fox Fox go

Steven Fox

of just lot going mix, cetera, outlook? maybe afternoon, different first out seeing, And there's again sort on. from? follow-up. of to coming is new of guys. the But everyone's - rate guess, side, of on into a getting dive terms And new Hey, all, you're had supply semi-cap programs. the I now and et where I how good deeper what's momentum a trends right in chain different got different the conclusions of the semi-cap then coming know much benefiting what more two, then like like one, I are you can that us of - stable the you program to just remind see back a

Operator

Ladies It appears Ladies speakers. by. our with and connection reestablished and gentlemen, please have speaker have gentlemen, we our we stand lost connection.

Let's start Fox Mr. from Advisors. Fox Steven with again

Jeff Benck

I I get presume Steven, dropped. line So, heard the your answer. my didn't I guess you question.

Steven Fox

No. Yes, Great.

So, ahead. go

Jeff Benck

Yes.

So, sorry that. about

memory. So, heavy. what been was wins I was more both do We have both, trying been traditionally logic to more judicially we to that have exposed than we work on articulate we've across logic and across tools more that but

I different on different impacts seeing depending other there. that, position some OEMs, thing tools are mentioned the on was The with

past customers to that. in are because demand engaged the of consistent As you we tools. bit of our think the in When backlog that it I with about - us some comes talked also strong a on there asked new about EUV involvement with the the benefit our there, and

edge. on certainly new are leading of Some sort the of the tools

an some their market that hasn't of that out. as looking you branded going that but a bit introduction it's of move us saw think necessarily when downturn because down And schedules decide leave are there. manage a do they to the some move yet. technology benefit new that to I in platform those when we not, I'll we to the geometries OEM the it to road just trying spending a do So, the come makes OEMs and customers of And or and to sense, introduction is of if how think at plays talk

still also that some require lot the a solutions of we particularly are to a some And geometries. been pretty have just, there talk there, nodes. which, exposure not in may some of and those there's is is demand dynamic like about good a of XXX-millimeter, other of solutions, smaller IoT technology areas legacy in the that XXX-millimeter The X-nanometer

the we front-end the and oh, that's little bit exposed, chamber. of So, a more lastly, like privilege being in then are we have -

kind front-end And so, back-end some more I know be We do competitors test more solutions. tend of our measurement of and to dominant. those and

it’s hopefully So, helpful.

Steven Fox

it taken want make No, Yes. just to out. then on really does, some I was clear Great. sure costs And that. you've but I Roop, secondly,

just stable seeing seem You like be et trends new ramping, programs with cetera. to

operating sales statement, you're like pent-up some So, you potential? second seems into that talk it I about half? your even just that how the little leverage bit income Can have through do profit on you think we about could if like sort flow Thanks. mean, the of just a targets.

Roop Lakkaraju

topline Steven. Yes. a a profile rate in fills strength earlier. No, to we'll standpoint standpoint, that that's see that second continue margin right, half from growth mentioned From growth that margin Jeff and the towards

we get we'll continued go leverage operating year. through So, as the

Steven Fox

Great. Got I'm one sorry, it. just more. And

supply chain the premiums. On

it think how and other from like it What's around out chain. out? would it. plays updated view comments on how the that's Thanks. supply any just you here, So, like plays

Roop Lakkaraju

I asking premiums. appreciate absolutely. supply chain No, on you

we we As It's come would come to continue thought down. down. predicted, it

is of I constraints. see a mean, it the pockets supply still whole As chain as has throughout - we year,

it. times been continue going lead come to think through and Supply down as are improving market as reduced, Some continues premiums to have we here we stabilize it's and likely year around the chain go the to there.

Jeff Benck

trend don't this that we see Yes, at point. reversing

paying I And see start to up, be premiums. less at frankly, we'll propensity think to that. nobody point, things those this that as free probably for wants

standpoint, down, that think not to evaporate we So, will would from directionally, say come continue although it overnight. I

as trajectory. it. seeing in of to little it, other hard predict come front we're A it's downward than what of kind we report to continue we'll So, through a

Steven Fox

much. you Thank it. Got so

Operator

with comes next The question Instructions]. from Soderstrom Sidoti. Anja [Operator

Anja Soderstrom

or there all that the Or risk to Jaeson's sort my what Thank other the question the range? some taking there risks you could there? that, biggest follow-up have see a What's questions. biggest are for - Have for to achieving Hi. guidance risks there? you are I secured the on hiccups of be guidance. components you you XXXX

Jeff Benck

Anja, Yes. mean, I thanks for questions. your

said, first improving, of supply there's environment as just think all, we chain constraints. of still I is pockets but

So, we ensure that year. to be worked and rest still standpoint build the there have are and parts figured the from clear to for out of

we headwinds, one. it's about number probably we I we've portfolio possible as - is, to two, mean, more considerations. that's do Number recessionary think to that a largely with So, think, resistant got

If things, it slower, a pockets you think medical technologies and sort about we're and but next-gen be there communications that. these it’s hearing are where or headwinds bit of where around broadband infrastructure could some deployment, little

So, more I think it's that. so

as other could stronger you the folks as on and should the Now, ‘XX year, exiting to go hand, saying stronger. likely much about, be we through semi-cap talked ‘XX are that get

it's offset a aspects well that we're those some these might some headwinds that monitoring. So, of of matter of as

Anja Soderstrom

Okay. And think inventory the about should then how we levels going forward?

Jeff Benck

time, game up lot our able in to have how a you clearing go to this how say, things have this, to what line beyond to build customers trying have that can then the want the to be only we we're get we can't we quarter. as to really - there's imagine, a drive do inventory, to we customers of number customers match aligned, in inventory the might of to initiatives also we working working we've we as through bring want. everyone's on skin down, same sight around right, obviously, Well, inventory deposits not effort now but in right look, we that sure At advanced demand, what do really for make saying, incremental things really if environment, got pursue of

the for the it's you of in as challenge But with kind really and we’re that industry multi-quarter everybody of cash down it half, that, initiatives But this, clearly some itself contribute team. a we flow guidance an of through just along that and certainly coming resolve for believe you'll to going getting of explicit to with focus to doing we is I year full other get the sort overnight. going we knew reiterating some was see to free think see the our inventory that improvement. wasn't the second that

Anja Soderstrom

That you. me. Okay, thank was all for

Operator

Thank would session. like I to the now you. our question-and-answer concludes closing Mansky remarks. any back to call This for Paul turn

Paul Mansky

you, you, First everyone, Benchmark's Thank Quarter in and XXXX participating MJ, thank call. for earnings

Before in to conferences everyone we’ll remind the we go, that be presenting I'd like quarter. at two

XXth on will of Sidoti First the be June. Virtual the Conference

XXth will New Conference. Cantor on we then presenting the be forward the June With We Tech thank to at speaking your again look of York soon. in support, you that, you XXXX and with for

Operator

concluded. now presentation. has for attending you today's call The Thank

may now You disconnect.

Benchmark Electronics (BHE) 3 May 232023 Q1 Earnings call transcript