Benchmark Electronics Financials

$2.5 B

Revenue FY, 2017

$1.5 B

Mkt cap, 20-Apr-2018
Gross profit (FY, 2017)227.7 M
Gross profit margin (FY, 2017), %9.2%
Net income (FY, 2017)(32 M)
EBIT (FY, 2017)78.6 M
Cash, 31-Dec-2017742.5 M

Revenue/Financials

Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016FY, 2017

Revenue

2.8 b2.5 b2.3 b2.5 b

Revenue growth, %

12%(9%)(9%)

Cost of goods sold

2.3 b2.1 b2.2 b

Gross profit

218.6 m213.5 m227.7 m

Gross profit Margin, %

9%9%9%

General and administrative expense

113.4 m130.4 m

Operating expense total

113.4 m130.4 m

Depreciation and amortization

10.1 m

EBIT

100.1 m93 m75.6 m78.6 m

EBIT margin, %

4%4%3%3%

Interest expense

3 m9.3 m9.4 m

Interest income

1.2 m2.1 m5.4 m

Pre tax profit

90 m68.2 m72.8 m

Income tax expense

5.4 m4.1 m104.7 m

Net Income

82.4 m95.4 m64 m(32 m)

Quarterly

USDQ2, 2014Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q3, 2017

Revenue

599.7 m664 m630.2 m549.2 m579.3 m574.3 m566.5 m603.6 m

Cost of goods sold

554.2 m608.3 m575.9 m498.9 m526.7 m521.5 m517.4 m545.4 m

Gross profit

45.4 m55.7 m54.3 m50.3 m52.7 m52.8 m49.1 m58.2 m

Gross profit Margin, %

8%8%9%9%9%9%9%10%

General and administrative expense

24.5 m27.9 m27 m31.3 m31.3 m28.1 m32.7 m

Operating expense total

24.5 m27.9 m27 m31.3 m31.3 m28.1 m32.7 m

EBIT

29.5 m26.2 m26.1 m16.3 m17.7 m18.1 m12.4 m20.8 m

EBIT margin, %

5%4%4%3%3%3%2%3%

Interest expense

481 k497 k495 k2.3 m2.3 m2.3 m2.2 m2.3 m

Interest income

292 k293 k246 k264 k329 k577 k1.1 m1.3 m

Pre tax profit

30 m26.6 m24.8 m14 m15.8 m16 m11.2 m19.4 m

Income tax expense

6.3 m5.4 m4.2 m2.9 m(3.2 m)(5.8 m)1.5 m1.9 m

Net Income

23.7 m19.1 m22.2 m17.2 m14.2 m21.2 m20.6 m11.1 m12.7 m21.7 m9.7 m17.5 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

345.6 m427.4 m466 m681.4 m742.5 m

Accounts Receivable

Inventories

381.3 m397.2 m

Current Assets

1.3 b1.4 b1.4 b1.5 b1.6 b

PP&E

185.3 m190.2 m178.2 m166.1 m186.5 m

Goodwill

199.3 m191.6 m191.6 m

Total Assets

1.7 b1.7 b1.9 b2 b2.1 b

Accounts Payable

321 m289.8 m251.2 m326.2 m362.7 m

Short-term debt

Current Liabilities

398.4 m359.1 m333.1 m412.4 m478.3 m

Long-term debt

Additional Paid-in Capital

644.6 m649.7 m625 m626.1 m634.2 m

Retained Earnings

586.4 m645.5 m704.9 m748.6 m697.9 m

Total Equity

1.2 b1.3 b1.3 b1.4 b1.3 b

Financial Leverage

1.4 x1.3 x1.4 x1.5 x1.6 x

Quarterly

USDQ2, 2014Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q3, 2017

Cash

426.6 m394.2 m401.9 m420.2 m383.6 m409.3 m462.1 m519.2 m573.2 m635.7 m752.5 m730.1 m

Accounts Receivable

30.9 m

Inventories

395 m443.2 m421.2 m434.2 m426.8 m444.7 m421.5 m389.9 m375.1 m395.9 m404 m(38.8 m)

Current Assets

1.3 b1.3 b1.4 b1.4 b1.3 b1.4 b1.4 b1.4 b1.4 b1.5 b1.6 b1.6 b

PP&E

187 m

Goodwill

199.5 m200 m191.6 m191.6 m191.6 m

Total Assets

1.6 b1.7 b1.7 b1.7 b1.6 b1.7 b1.7 b1.9 b1.9 b2 b2 b2.1 b

Accounts Payable

301 m299.7 m298.8 m341.5 m248.6 m286.4 m272.3 m218.2 m273 m308.9 m343.8 m335.3 m

Current Liabilities

363.7 m376.2 m377.7 m419.3 m312.6 m360.1 m341.2 m301.7 m347.3 m401.1 m437.2 m445.8 m

Additional Paid-in Capital

648.2 m649.5 m653.9 m650.5 m645.1 m639 m632.1 m620 m613.4 m613 m632.9 m640.5 m

Retained Earnings

524.4 m603.1 m621.4 m631.4 m651.2 m662.5 m673 m709.4 m715.2 m730.7 m757.4 m788.9 m

Total Equity

1.2 b1.2 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.3 b1.4 b1.4 b

Financial Leverage

1.3 x1.3 x1.3 x1.4 x1.3 x1.3 x1.3 x1.4 x1.4 x1.5 x1.5 x1.5 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

111.2 m82.4 m95.4 m64 m(32 m)

Depreciation and Amortization

36.2 m41.3 m42.8 m11.8 m36.7 m

Accounts Receivable

(57 m)37.9 m52.8 m37.6 m6.4 m

Inventories

(18 m)(6.2 m)4 m27.7 m(14 m)

Accounts Payable

19.7 m(36.6 m)(41.4 m)76 m29.5 m

Cash From Operating Activities

99.1 m136.7 m146.8 m272.5 m145.8 m

Purchases of PP&E

(26.8 m)(44.2 m)(37.1 m)(30.5 m)(50.8 m)

Cash From Investing Activities

(108.7 m)(27.5 m)(266.8 m)(21.2 m)(56.1 m)

Cash From Financing Activities

(30.1 m)(24.9 m)159.6 m(34.7 m)(31.4 m)

Income Taxes Paid

10.2 m(1.3 m)(959 k)(2.2 m)87.3 m

Quarterly

USDQ2, 2014Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q3, 2017

Net Income

23.7 m19.1 m41.3 m58.4 m14.2 m35.4 m56 m11.1 m23.7 m45.5 m9.7 m17.5 m

Depreciation and Amortization

9.6 m19.8 m30.4 m10.9 m21.8 m32.3 m10.6 m21.2 m31.6 m9.3 m

Accounts Receivable

94.8 m60.3 m24.7 m28.4 m18.6 m52.2 m65.4 m57 m61.8 m59.7 m30.9 m

Inventories

(46.5 m)(24.7 m)(38.6 m)(26.9 m)(44.4 m)(21.1 m)22.8 m37 m14 m(22.5 m)(38.8 m)

Accounts Payable

(21.1 m)(21.1 m)17.5 m(33 m)3.4 m(9.2 m)(31.9 m)23.1 m59.2 m16.2 m335.3 m

Cash From Operating Activities

60.7 m85.7 m113.9 m41.1 m118.7 m157.6 m228 m77.9 m89.9 m

Purchases of PP&E

(14.5 m)(29.4 m)(35.7 m)(16.3 m)(24.3 m)(32 m)(7.7 m)(15.1 m)(24.1 m)(7 m)

Cash From Investing Activities

(13.6 m)(28.4 m)(24.6 m)(16.4 m)(24.5 m)(32.2 m)(7.6 m)(15.9 m)(14.4 m)(7.5 m)(37.4 m)

Cash From Financing Activities

1.6 m(870 k)(13.2 m)(14.8 m)(33.1 m)(50.8 m)(16.4 m)(34.5 m)(44.2 m)267 k(6.2 m)

Income Taxes Paid

(650 k)(3.2 m)(2.6 m)289 k178 k(383 k)201 k(1.3 m)(146 k)(384 k)1.1 m

Ratios

USDY, 2017

Revenue/Employee

249.2 k

Financial Leverage

1.6 x
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Operating Metrics

Benchmark Electronics's Backlog was reported to be $1.8b in FY, 2016.
FY, 2014FY, 2015FY, 2016

Backlog

$1.60 b$1.70 b$1.80 b
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