BHE - Earnings call 4 2023 | Benchmark Electronics, Inc.

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Operator

Good afternoon, and welcome to the Benchmark Electronics, Inc. Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions]. Pease note this event is being recorded. I would now like to turn the conference over to Paul Mansky, Investor Relations and Corporate Development of Benchmark. ahead. go Please

Paul Mansky

in section Roop and This replay webcast Benchmark's Relations Andrea, in me of following quarter has an presentation fourth on is our Slide that are reference this for available will us President; in joining afternoon our call, XXXX, we as we closed be to reconciliation the Thank moment for Quarter thanks, discuss bench.com. issued the Fiscal our for appendix and forward-looking website a the available a measures performance take and our as have CEO the X call Fourth disclosure call.Both review Jeffrey Call.Joining GAAP and a The CFO. Please earnings Year non-GAAP company the today After are market statements the release you, at will provided Benck, everyone, live, online Lakkaraju, earnings call. today, information. and we XXXX to this Investor being online to release the we the presentation.During pertaining forward-looking financial presentation. the of will a under prepared of to on Earnings well

undertakes filings.Actual statements SEC of results remarks any press as may obligation uncertainties reminder, which materially update a no As involve and to statements. and fact which differ of these are today's are not historical risks statements, any our Benchmark statements. forward-looking described releases forward-looking from in

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

X, you If our please Jeffrey CEO, turn over Benck. to Slide I'll turn call to the will

Jeffrey Benck

highlights top thanks reflects company's softening, period Good line, our Paul. everyone our and some which operational the solid that you, quarter revenue same a was another focus few execution year-over-year out for of afternoon, or year. digits the through will other exceeded was call slightly last the company. directly versus SCP, on down all fourth I have below chain The point Despite This impacted today. for the objectives fourth digits at million period in we ending or Total joining sequentially. premiums step the met and for revenue $XX me to $XXX Thank quarter. supply the execution.Let mid-single-digit in high million normalized, of single million quarter $X quarter.

last congratulate delivering our I us to $X.XX to Despite Excluding to in non-GAAP expense X%.As SCP, greater we above a share, reminder, Coupled fourth-quarter includes versus this year. revenue the reduction of earnings basis in our growing sequentially stock than such guidance. operating drove per approximately points this quarter, the both of gross set X% digits margin challenge, XX exceeded report strong results, in with was the entire of operating single XX%, non-GAAP year-over-year. want team down a low a for midpoint year-on-year margin compensation. margin which and allowed non-GAAP

free ahead all our the I'm and million by the the to and part million. and the of of us the XXXX. $XX throughout reduction QX I'm execution in others, market in $XX over implemented a in generated that objective million large last facing highlighted few we've $XX quarter enabled for we've was number proud year, of obstacles $XXX actions This as we to cash Finally, drive team's quarters, full million a report well end to pleased inventory.Considering in flow. of

for XXXX, December quarter, more share XXXX. to fiscal our details let guidance and pass on over it QX Now, me year Roop the to

Roop Lakkaraju

Please revenue by Thank market for X afternoon. Slide to you, turn our good sector. Jeff, and

of this in sector-level Slide the the reconciliation revenue total materials.Turning our effect performance SCP QX. be excludes X. the that was of million and As presentation section of found mentioned, our Jeff appendix $XXX to The can in

fourth industry with look driven X% energy the strong X% X% Medical existing aerospace strength of softness our customer sector within programs and is by in our by Advanced year. wins due the base. that due sector, post-pandemic.Semi-cap year-over-year, driven customers, quarter our and was up our down revenue of QX at the the SCP. K&D subsystems we first year-over-year, into line and a X% large solutions. in XX% the was new benefiting next-generation broadening our inventory across the As providing rebalancing sector performance, was aided quarter prior normalization build efficiency program with to revenue expected demand ramp defense the fourth commercial the new effect increased Industrial's expectations. The discussion existing decline exclude versus year-over-year was to from revenue by remaining year-over-year. the decreased for increased for for XX% communications revenue and started revenue will of XXXX.In computing general year-over-year, continue of down half to high-performance computing

softness impacted across reductions due in performance to the capital by general sector year-over-year Our was spending.

persist to Slide We X. XXXX. expect Please this turn dynamic throughout may

per Our GAAP quarter for share was earnings the $X.XX.

margin the lower previously For was XX.X%. a of in margin compensation. revenue execution, to XXXX, effective XX due the actions taken, tax our demand coupled point variable improved operational from due cost non-GAAP announced XX% year-over-year. half points points softness.SG&A down improved expense up X.X%, year-over-year, both operating was margin basis $XX.X sequentially year gross and sequentially non-GAAP first QX the XX.X%, rate cost benefited including taken prior basis gross and from QX, and our discipline.In XX basis operating million, flat increase our sequentially and was actions to expense margin Non-GAAP XX was benefiting versus with Gross and mix

year revenue XX. was the X.X%. billion.Turning versus our the For full in XXXX Slide was turn the XXXX to market our of Total quarter midpoint by sector Slide QX, for non-GAAP Benchmark revenue above to Non-GAAP X guidance. $X.X EPS $X.XX, fourth was Please XXXX. ROIC for comparison for

XX. sector effect and Semi-cap in X%, reflecting continue strength enabling up that was of year-over-year. performance.The the high-performance the year than line turn in Please existing program on was expectations systems our address new of ramp, X% with increased previously were in X% our from decreased SCP, to with programs more broadband Advanced of revenues given the growth XX%, were revenues ramp Medical revenue up the program demand.Industrial of increased our strength building programs. unmet customers and supply notably Excluding Slide Communications better us continued in first-half commercial by prior continued to and X% availability, market revenues infrastructure programs. energy revenues and primarily computing aerospace, timing to improve wins, due from up our defense A&D ramps. control computing XX% given deliveries.NextGen up infrastructure XX%, the next-generation to

earnings for share GAAP XXXX Our year was fiscal $X.XX. per

million closure, by was proactive X.X%. basis increase XX million XXXX. was our of XX million effects Our million $XXX improved margin variable on Please to GAAP by the the versus Non-GAAP SCP SCP, points results basis, a from by the by of driven California Moore effective completion the actions our $XX Park, included $XXX restructuring gross non-GAAP to declined the In sites.Our of X% X.X% of and compensation. GAAP million SCP discussion the increased SG&A Slide margin gross XXXX. to of and was $XX due manufacturing operating year, to $XX X.X%, with efficiencies was taken a coupled a points costs in turn and was declined operational rightsizing lower basis driven taken, XX certain QX for and lower tax reduction totaling EPS driven trended million, XX.X% a down in The other expansion.Non-GAAP of QX and manufacturing actions and year-over-year, $X.XX. million our related cost $X.X the legal cost by sites, rate Without non-GAAP QX, gross On in of XXXX settlements.Both for an margin SCP the one-time expansion margin $X.X gain net gross to $X million year-over-year SCP. margin basis. was

will of performance.Our in conversion days we quarter days performance, to in references turn Slide the cash XXX QX QX. expect XXXX, a cycle into we were our Please Looking immaterial.As be cash fourth SCP. such, to SCP cycle for compared XX to in to XX% discussion beginning conversion discontinue XXXX, excluding

sequentially efficiency and to focus by goal capital we $XX Cash improved conversion increase free XX XXXX, flow cash advanced that inventory of for $XX $XX an liquidity. generation reduced our million supported expect area. $XX decreased a million. This $XX improved which exceeded we million in year.In Our working cycle full-year critical of from XXXX, working is to again due end, inventory customers. to by on an generate efficiency. million payments $XX Free days to flow in million. Slide X cash update capital turn improved million, To generation to per annual and Please

XX $XXX on was million, balance of sequential Our cash a $XX million. December increase

business As $XXX XXXX. borrowings in of both Please million of unit. our free under by capabilities a we our loan, of XXXX, debt, million and of growth on in because our December including facilities XX, enhanced cash, the of our in million for improved outstanding primarily XX $XX term to million flow support and outstanding activity. in capital spending discussion against our in borrow Slide invested million million X capital sequentially Precision turned revolver.Overall QX, our $XXX approximately available turn $XX allocation in Technologies cash in QX to had continued revolver, strong We net Mexico $XXX

$XX a totaling in full We spending $XX the $X.X cash outstanding paid million. We between QX $XX QX, million. and million be repurchase we million.On of to to we $XX range the basis, expect we dividends CapEx our year CapEx any cash not XXXX In shares million $XX anticipate XXXX for in XXXX.Since have of be XXXX. dividends XXXX, to in million totaling million did and $XXX full-year paid

in existing authorization. As approximately to expect $XXX repurchase had share shares conditions. considering market XX, we Starting while we of QX, opportunistically repurchase million remaining in our December

XX. Turning to Slide

expect first million $XXX million. the XXXX, to we range revenue to from $XXX For quarter

non-GAAP is X.X% Our be and margin between gross XX.X%. expected to

between $XX expense is $XX and million forecasted to margin SG&A expect million.Our X.X% operating be We range non-GAAP X.X%. will to range

a includes XX points approximately compensation. basis reminder, this As of stock-based

our incremental excludes assets structure market to million manage $X.X restructuring of in amortization million current cost support conditions. necessary given $X.X and expenses to to intangible guidance of impact estimated $X.X other and non-GAAP proactively Our the of steps million

Our non-GAAP net Other sequentially be debt. the share million. $X.X are be to reduction to $X.XX earnings expected is to expense in approximately diluted revolver Interest expected expected of the decline per range to in $X.XX. expenses is given

near dollar.We program, hedge proactive foreign be and exchange will managed so. partially headwinds the U.S. to However, to historically through will due term, we this by have do a the risk our over offset weakening increased exchange continue

the XX%, be be them average of 'XX expect will tax China weighted We December QX, tax our because rate non-GAAP effective XXXX. effective higher as will of which million.Our share tax in holiday, in XX, our count rate $XX expired of

We applying a in to tax will which beginning Pillar we in average hope Jeff. be minimum receive XXXX, turn foreign the another should X, the fiscal-year be XXXX, for tax XX%. I'll Also that, retroactive tax our some effective believe to adopting of you, global XXXX. We with call holiday, rate regulations to XXXX of jurisdictions are on the the And basis. approximately over back

Jeffrey Benck

high revenue revenue Slide trends our Thanks, favorably line sequentially are performance expectations. modestly quarter to trend, down with fourth related digits. our industry excluding believe overall XX%. down On semi-cap, Within up Roop. turn basis, in XX. we sector the to was Again, to was by commentary Please was This performance compared and which a all SCP. single full-year demand approximately

in March our bottomed prior likely in sector of calls, we mentioned quarter XXXX. the As believe semi-cap

expect make and beyond, quarters. this, but production return commentary are semi-cap strong Europe. drivers don't public early we believe we level global next and to designed reshoring the many too wafer industry North This semi-demand. to from may in in However, XXXX to to government propelling into our to to Adding the continue forward it's the late America at subsidies on few improved of call.Looking secular change OEMs, the based demand over XXXX, that accelerate

job new of see won't just time, support drivers is downstream we another of as drivers to winning capabilities this wins serve confidence quarter, inventory outperform important both customer program these example more as continues an for basis which a the in had it new of long-term while Offsetting a the in to heavily softening Although In our of wafer benefit, focus including of our supply our we in later demand We and been have sector.In that chain well expected programs, and investing us to of of commitment good we was the was be Medical, positions this believe some the did end customers. next-generation this strong equipment our demand the improve. and performance meeting existing ability to markets past effects quarter, some our such, the in with to anticipated. fab demand market. had the we continue down all the we on in quarter, a function to the one incremental quarter, down number than levels.As as

full this the success, XXXX. of growth single-digit For by to program in we challenge demand Medical environment wins this first in ramping year, our improved the to deliver meet growth, our expect our delivered half and high will driven the ability demand. ability sector Despite

near-shoring bodes for new our driven forward, future win the in toward Looking part trend growth. well our by continued momentum,

during new from wins not existing continue customers, to our of with advantage the this quarter.Importantly, wins engineering EMS wins. secure engagements converting into new we continue We program are past end-to-end offerings, benefit seeing EMS only we to

begin in we wins and into these ramping XXXX, expect later XXXX see sector. return this As to growth to

Turning to complex Industrials.

are extend system engagement pleased fourth transition the control manufacturing the in win. in subsystems into sectors. revenue slightly win our an management win hospitality which up capabilities with One solutions. of our an example part specifically key in for year-on-year Energy in into electric vehicle industry.Another win, to win primarily is in we business flat better to demonstrates to strategy. in and medical manufacture the broad electrification, including address near-shoring Guadalajara continue sector guided quarter, a Within new benefit Management, the designed key This is going as automation, growth again, program existing vehicles footprint to of X% guidance. customer, needs manufacturing was energy automated their than and versus markets, a QX used the our design construction We expected we performed Industrial

large weakening quarter front some end notwithstanding, invest with softening how second-half we positioned the well we However, and industrial to due team in saw to opportunity as this to are corrections sector grow with us customer near-term set. continuing the are our medical, in given demand.The of

considerably has continue revenue continuing which strong for in of performance Aerospace turning QX, we had not historical momentum basis. based in seeing albeit continuing with believe and up were to Advanced We gradually are continue growth within our to year-on-year, win A&D. military component up defense, a chain sector. to although at past from on imaging new another new has ground demand in low meet one improving end they the wins more design momentum remained Now on consistent for positioned and to us some training our for strength allowed strong order times single Commercial for same time, another we load.Meanwhile, Computing, revenues to lead in supply balance has quarter us XXXX, and the communications vehicle our provided continued yet wins notably the increase This customers.At last us of quarter, secure XXXX. early the in fully will guidance levels, sites. improve. used back digits we're continued systems Within the in sequential This since quarter, demand

continued at while the which spending, is challenges capital for persist several time, drive timing XXXX.We advanced future inventory be completed projects, positions.This for As of will national large growth. half in in first XXXX.Finally, we've expect last HPC communications, with first after quarters been our the in But last few end growth pause will we working has a revenue next-generation through began anticipated HPC a program lab, pressure in communications of currently level for broad the quarter, at the coupled managing opportunities these year, half previously The highlighting more delivering half supporting now. are demand seeing upon first own their the likely shared, to QX, same the more a in to down computing given a we OEM weakening, a aggressively believe sector for which new resulted industry of quarters. we be the in

margins reduction to be inventory.Meanwhile, customers.We $XX to support dynamics, full turn likely This was market in As new semi-cap, sector summary, non-GAAP in be investment, the half existing XXXX, pace year. for In to of XXXX. materially year-on-year. XX. total from Despite in in aided I in growing the particularly expect Despite pleased gross material by expansion this more the growth, please to did to debt such, net invest and we and the XX% couldn't target future million. operating as performance we our for our down first by Slide less we reduced cash both almost and logos revenue on challenging wins with building exceeded we continue our by of year. a while flow free range compared our than business

but make to gross in much our non-GAAP do. greater more full-year towards made X% There success. for target complacent operating headway to progress, margin. margins is We model XXXX and with continue great are We our us XX% we not than of of

fact, achieved quarter. levels in we the these In fourth

Our our softening job gross sustain managing while costs now the is closely to demand margin environment. this during

in continuing and our of further our continue finally, on will reduce our flow.And free to returning support we we interest plan dividend debt inventory while expense cash then delivering program capital by Second, reductions we the to session. and the on call resuming through you our With turn Q&A repurchases. our to I'll move conduct over look year. the share that, updating operator progress We forward as now efforts to

Operator

& from will Our of Ricchiuti Co. James first come Needham [Operator Instructions] question

James Ricchiuti

what on some and X kind see Jeff, and medical entirely where you of clear wanted think the to the you're focus seeing, not clear just because industrial, medical of ones, is going. other sectors, you're industrial on I of on I

through is maybe see Or Midway the QX, recovering? something do guess. that this the first I or half of so persists through you Softened, year? that

Jeffrey Benck

Yes.

both those on half didn't XQ. we in We think related we are the probably there's medical, just that sequentially looking is excited given where did activity see you and We're That get XX, both out nearshoring ended the people the to I certainly we of for new still first the to we first a those, Chart while go to give a forecast looking of being guidance. see half, us I will allowed the second in down down to of of come of kind year.In supply for inventory, demand at lot consumption. just environment. some attention But from lot as outsourcing continues. continued it of some full at say of year, in us dynamic believe fulfill of quarter. and eased we the constraints half wins point to saw, fourth last closer a We softness. of about number look medical OEMs Mexico paying the to the

On sector the and front depends in well some had the saw seeing still good inventory and where there That's inventory the measurement.But we with channel say into is industrial it the put with some pretty putting the wins. with first few an bit really again, test a industrial And their to own automation too. the had a that and We would sort positioned we half. energy by the side, coupled little softness persist of people of a us in ago. broader activity in for meantime, we're OEM, again, on and looking area done at I management headwinds we're of certainly softness but that looks years resource believe

James Ricchiuti

just some you're areas. in in these OEMs, it's related, destocking. a first is the combination, both But both half the softness your these through a weaker but of OEMs environment There's both just not areas

Jeffrey Benck

Yes.

that's I assessment. think fair a

you we've in channel. As demand then the hey, got softens, say, inventory

components, kind faster. not come I'm there's pandemic.The So, of have through interrelated, carry can much general going they're times I we're say to just lead I as now deliver will down a that although sense of on inventory the

seeing carefully that going look we're sectors. I'm that's both in yes, to that. So at But, something

James Ricchiuti

Can environment gross Just I'll on continue margins trying progress in a presentation, to in deliver kinds maintain this it a few whether as sense these these you you of to of jump you with queue. on follow-ups, gross kind back soft margins kind that this? get of a and your in margins. alluded your quick can to the Nice just to of confidence

Roop Lakkaraju

Hey, Roop. Jim, it's

So, maybe this. I'll start with

focus and a XX% that for of But we'll be we've the us and getting to also kind of I that actions on that XX%.As bounce proactive kind demand is depending think has our for quarter-to-quarter. play. us, see know, mix historically, to on of revenue, continues kind sort where how the kind around that come cost at been into and XX% where these we'd obviously, sustaining comes things and said of of the of bit based we're a throughout profile you in where the to taken, year.I we've as think start like to upon within factories little demand

So, an to we've sustain there's that definitely a basis. work XX%, opportunity I do on got think so do that to longer-term at to

James Ricchiuti

we think forward? couple the inventories. Nice come on over do down How that Should to continue quarters? about that next progress of going

Jeffrey Benck

mean, continue a you us. attention And Jeff it's down drive see can we'll really it's and flow even quarter putting kind of of to there. looking was of But demonstrated This then imagine. in It's a that. a environment, go energy.We culminated priority inventory at drive lot softer this lot cash of lot a certainly quarter. we're again. free to We've lot reduction something for there. I in that as first 'XX do believe particularly and really we in on, A the through a as of the clear a things spending and Yes. clearly is we're fourth lead certainly

event. peak of think, in, wasn't what one-time few coming quarter last of started off first the the year. quarters, the like last down a I this we But So, was

to yes, anyways, point, it's So, important. your

Operator

Steven from The comes Advisors. question next of Fox Fox

Steven Fox

A couple of questions from me.

XX Slide about where of flattish you're first semi-cap trends. on the on talking Just sort

versus about cetera? But are I market you to the it year first with where trying there seem is down and have last been conservative be et the market. Or might outperforming. get overall certain to half? You flattening the are dramatically down? market how you out compute of terms programs still versus seeing the fully doesn't Or in guys you're up, the talking be guys seeing you outperformed just pretty

Jeffrey Benck

ago is, kind Slide would flattish think said which kind XX, sequentially, say we're near I that at, off we at in just seeing of on not we've a I year in, What a legacy life. first were been But we it's recovery dramatic bottom the of certainly quarter. not clearly of were in that tools the some level really is segments of strong the end been up that saw we've that that

fab still semi-recovery. spending the So, close. we just haven't pretty wafer capital broad think I seen And managed that equipment, being is

What's us won where we've outperformed. I we've new tools. helped is think incremental

of I ton get we OEMs of in being a of we're here. I we building say where And activity all literally have heard to level, we're won't all helping going the have new yes, constructive NPI conservative of major We some lot that most more it's a that's on kind because not those.At certainly tools, they've outperform. of where now. look and kind us play flatter if said, those, of

and looking we of see the with I are the of what until It's and a know front even do the CHIPS sort we the going have than of to potential. why China saying, some it's that it that to that we've parts in think just see at wouldn't has kind we moving There us 'XX. Act, do restrictions for we're been. level really don't us at continuing market. of just first benefit better I not of half, the continue

Steven Fox

you're in have know sort signs. things like computing of evidence on episodic. comps? do you other the seeing bottoming most broadly like in you signs industrials have markets just where the cyclically is upcoming strong then advanced other that be or medical sort where where of or And the that I end of level confidence pressure, could out But

Jeffrey Benck

medical. be the with indication normal got many second -- fourth harder still to medical at broad, that may where maybe to that some Industrial, there it been again, continues reaction.So, try bright and in with see but then spot, you expect there I inventory we the maybe on pace mean, we've guess we I some, like certainly, the we're the that was add there start it's we to semi, want say, some there's half companies. Do look think looking has where may big it's I hey, and that in but reflection thing. be about early, I a bottom different strong a and to so been And guess I ask might down taking you know It's anything? so and didn't And quarter that where we -- that, little at that's A&D we we saw is. strong. said like first continue. in you have like seeing it quarter return to

Roop Lakkaraju

Roop. one add this is thing. Yes. Steve, just I'll

on CapEx general. building I industrial you CapEx of related. I think weighing about think, think if maybe Nextgen considerations, in just Comms., customers' off and that's market And minds Jeff's comments, are

for reason bit that as faster just to to little an which that point indicated, in keep I opportunity mind. Jeff a come is back think medical point to has another

Jeffrey Benck

then example, run still it's with And as had up there we this people seeing Yes. not still and thing a saw things start that going is but think important, maybe modulate build bit got with you've is caught like not to And there components where that's a seen as for upside rate, during of one medical, the surge one demand and just on you this "Wow, you away, when it, we think for the no back and the little up, as said, airports, that a care stadiums, pandemic, opened just go to subsystem is you an and great, people kind huge and and they the about crazy I defibrillator. new going just normal."And saying, maybe been. fibrillators, of okay,

Steven Fox

one I just if then squeeze in. last And one could

SBC. excluding to of peers walking One EPS seems providing your be towards

mean, was of guys I you own you with report if guys may I how your you so, EPF any get changing And curious chance your approach. EPS. only

Jeffrey Benck

notice aligned did the We Yes. comp stock-based that kind that their of peer results. in the non-GAAP with was us including only

indicated there of Sort was there. a shift

So, conclude on but to that. when to back are comparisons on what's we'll current for peer right we got update us, to important to get pick to we'll provide And we decide up that that. But did end, look obviously, and us that. our approach, an and we assess we've got

So, thanks up. bringing for that

Operator

of Schmidt Jaeson from Lake comes question next The Street.

Jaeson Schmidt

high segment, if not a noted demand won, is inventory programs getting be know issue of you pushed you already curious I new for issue would anymore? just that you've lot it's a is of at customers going just programs ramping, thought vary the Or more to hold the bigger level, wanting to to right? currently for but current by the that

Jeffrey Benck

I think when some these really, and I bulk closely, of I programs. it's think But both. our we've rents seen expense people multiyear programs you mean, right. the existing and some the with are revenues moved are to watching of consider

some that the feel some then lean folks stops. think their think that's are that measured has the of that overall I just fully it's and little just that in is both. launch stuff I'm so, I being demand in giving timelines. to but and actually that new a seeing best that modulate about what don't impact more coming we're towards always we've on an not ramped we're new know stuff, from base probably business.And seeing but think not I careful that just development sometimes And of would expense, gut flight, environment seen we've I I yet. don't you the

Jaeson Schmidt

just any engineering And changing rates for attach then change the and design given macro? services, you your are in seeing

Jeffrey Benck

We're we set. what to almost had not XX%, the quite at target

we pretty even attach good. the I'm referenced moving rate So, product it's happy has been done that of pretty a AGV and with wins couple on now into an where that.Obviously, had we manufacturing. we've engineering one

from materially a metric whole product really or and that faster great last the we help get I couple a trend anything. thing, that, whole and market realization, we with develop still being their we've there.So, we for might us help quarter. how to did got important So, develop how customers love And of design or see or really points shifted that don't proof designs and hasn't do an OEM the we

Jaeson Schmidt

for me. is then can and remind it's us just program capacity the from but is I to one mix last Mexico what dependent what the know you And current then utilization facility dependent, the your today?

Roop Lakkaraju

OEMs Hey, a want would quite can that bit you would give programs expand our been things. as Jaeson, in Mexico. in with reinforce existing new to Mexico, continued and what we I I of specific With these is a utilization sort reshoring you imagine, don't general, give who of investment there's and said,

that 'XX. of that.So, availability seeing get aggressively so, seen couple we're been years we've the we've used And our there, as and benefit in capacity capacity and the investing over we've last 'XX of been periods into up and and seen continued gone it's funny. and We've add few over in Mexico, into areas. Yes, but we've the last investment it's in growth capacity to

to stay is as we've invested we're it's the of lot So, like that. fact in front a not that seeing

like capacity not at we're means. by any So,

Operator

question-and-answer would remarks. This like session. conference Mansky, to closing back to concludes for over turn Paul any the our I

Paul Mansky

Benchmark's everyone, in and Andrea, you, thank you, participating Quarter XXXX Earnings Fourth for Call. Thank

Before thank March your we for listeners, again for we remember that, to support, XX.Please Virtual Conference I'd Cap you Small forward Sidoti speaking the to soon. bench.com/investors IR like with With go, the section at Events of website look you the we and updates on the to be Check attending remind will schedule.

Operator

now and has today's The concluded. you you disconnect. for conference presentation, attending Thank now may

Benchmark Electronics (BHE) 31 Jan 242023 Q4 Earnings call transcript