Benchmark Electronics(BHE) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter 2024 revenue was $657 million, a decrease of 4.9% year-over-year from $691 million, primarily due to declines in Medical and AC&C sales[1] - Full year 2024 revenue totaled $2.656 billion, down from $2.839 billion in 2023, reflecting a decrease of 6.4%[1] - The Semiconductor Capital Equipment sector contributed $198 million in revenue for Q4 2024, representing 30% of total sales, up from 24% in Q4 2023[5] - First quarter 2025 guidance projects revenue between $620 million and $660 million, with diluted GAAP earnings per share expected between $0.34 and $0.40[7] Net Income and Earnings Per Share - Net income for Q4 2024 was $18 million, compared to $18 million in Q4 2023, while full year net income was $63 million, slightly down from $64 million in 2023[1] - Diluted earnings per share for Q4 2024 were $0.50, up from $0.49 in Q4 2023, and full year diluted earnings per share were $1.72, down from $1.79 in 2023[1] - Net income for 2024 was $63,327, slightly down from $64,315 in 2023, a decrease of approximately 1.54%[18] Operating Performance - The company achieved a GAAP operating margin of 4.3% in Q4 2024, consistent with Q4 2023, and a full year operating margin of 4.1%, up from 3.9% in 2023[1] - GAAP income from operations for Q4 2024 was $28,524 million, an increase from $25,529 million in Q1 2024[20] - Non-GAAP income from operations for Q4 2024 was $33,320 million, compared to $33,107 million in Q1 2024[20] - GAAP operating margin for Q4 2024 was 4.3%, consistent with Q1 2024[20] - Non-GAAP operating margin for Q4 2024 was 5.1%, compared to 4.9% in Q1 2024[20] Cash Flow and Working Capital - The company delivered $156 million in free cash flow for the full year 2024, marking the seventh consecutive quarter of positive free cash flow[1] - Cash conversion cycle improved to 89 days in Q4 2024, down from 98 days in Q4 2023, indicating better efficiency in managing working capital[3] - Net cash provided by operating activities increased to $189,225 in 2024 from $174,294 in 2023, an increase of about 8.57%[18] - Free cash flow for Q4 2024 was $36,884 million, an increase from $42,554 million in Q1 2024[20] - Net cash provided by operations for Q4 2024 was $45,916 million, compared to $48,457 million in Q1 2024[20] Balance Sheet and Shareholder Equity - Total assets decreased from $2,274,755 in 2023 to $2,139,464 in 2024, a decline of approximately 5.95%[16] - Current assets fell from $1,635,747 in 2023 to $1,504,229 in 2024, representing a decrease of about 8.03%[16] - Total liabilities decreased from $1,195,670 in 2023 to $1,026,151 in 2024, a reduction of about 14.18%[16] - Long-term debt, net of current installments, decreased from $326,674 in 2023 to $250,457 in 2024, a decline of approximately 23.29%[16] - Shareholders' equity increased from $1,079,085 in 2023 to $1,113,313 in 2024, an increase of about 3.16%[16] - The company repurchased shares worth $5,100 in 2024, indicating a commitment to returning value to shareholders[18] Cash and Cash Equivalents - Cash and cash equivalents and restricted cash at the end of 2024 rose to $328,027 from $283,213 in 2023, an increase of approximately 15.77%[18] - The net increase in cash and cash equivalents and restricted cash for the year was $44,814, down from $75,783 in 2023, a decrease of approximately 40.94%[18]