Benchmark Electronics, Inc.

Good afternoon, everyone, and welcome to the Benchmark Electronics Incorporated third quarter 2022 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please say no to a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star and then one. To withdraw your questions, you may press star and two. Please also note today's event is being recorded. At this time, I'd like to turn the floor over to Paul Manske, Investor Relations and Corporate Development. Sir, please go ahead.

Thank you, Jamie, and thanks, everyone, for joining us today for Benchmark's third quarter fiscal year 2022 earnings call. Joining me this afternoon are Jeff Bank, CEO and President, and Rup Lakharaju, CFO. After the market closed today, we issued an earnings release highlighting our financial performance for the third quarter of 2022. and we have prepared a presentation that we will reference on this call. The press release and presentation are available online under the investor relations section of our website at www.bench.com. This call is being webcast live, and a replay will be available online following the call. The company has provided a reconciliation of our GAAP to non-GAAP measures in the earnings release, as well as in the appendix of the presentation. Please take a moment to review the forward-looking statements advice on slide two in the presentation. During our call, we will discuss forward-looking information. As a reminder, any of today's remarks that are not statements of historical fact are forward-looking statements, which involve risk and uncertainties as described in our press release and SEC filings. Actual results may differ materially from these statements. Benchmark undertakes no obligation to update any forward-looking statements. For today's call, Jeff will begin by covering a summary of our third quarter results. Rup will then discuss our detailed financial results, including a cash and balance sheet summary, and our fourth quarter 2022 guidance. Jeff will then return to provide more insight on sector demand trends, which we'll be discussing in more detail at our November 8th Investor and Analyst Day event. If you'll please turn to slide three, I will turn the call over to Jeff Bank, CEO.

Thank you, Paul. Good afternoon, and thanks to everyone for joining our call today. Hopefully by now you've seen our press release and the results for the third quarter 2022, which represented continued execution of our revenue and earnings growth strategy. Revenue of $772 million was up nearly $200 million versus the same quarter last year, with five of our six sectors delivering greater than 35% growth. I'm particularly pleased with our performance in advanced computing, next-generation communications, and industrial sectors. At the same time, we again deliver earnings growth greater than revenue, with non-GAAP earnings up 46% year-over-year and 5 cent above the midpoint of our guidance. As we've said before, Benchmark is clearly benefiting from two key drivers, our success in capturing new wins over the last several years, which are now ramping in the marketplace, and our existing customer success addressing high-growth markets with their innovative products. Rup will share more details on our third quarter results in a minute. Turning to the fourth quarter, we continue to see robust demand across the majority of our market sectors. The midpoint of our guidance positions us to achieve full-year revenue growth of around 30% and earnings of $2.11, which would represent year-over-year earnings growth of greater than 55%. We're encouraged by improvements we are seeing in supply chain availability in many commodity areas. However, we still see constraints in some semiconductor families, which continues to limit our production output. I'm proud of the great job our team has done working through these challenges to deliver the results we've provided to you today. We look forward to sharing with you more details on the continued execution of our strategy and longer-term financial targets during our upcoming analyst day on November 8th at the NYSE.