The expansion of Brasov is part of a broader Benchmark strategy to increase manufacturing capacity around the world by leveraging its current facilities and leadership as more customers look to diversify their manufacturing strategy and have products built closer to end-market consumption. The new space not only provides new manufacturing space, but also improves system integration and workflow on the floor. TEMPE, Ariz., July 25, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE), a global provid ...

Small-cap stocks are hurt more by high interest rates than their larger peers. Without the same access to capital, they are forced to borrow money at higher rates. The Federal Reserve's higher-for-longer policies have weighed heavily on the Russell 2000 small-cap index. It is up only 11% over the past year compared to a 25% gain by the S&P 500. However, that dip could be highlighting a buying opportunity among Russell 2000 stocks for long-term growth. Not all small-cap stocks are impacted the same. Some enj ...

[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This section provides the unaudited financial statements, management's discussion, market risk disclosures, and controls and procedures for the company [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for Benchmark Electronics, Inc., including balance sheets, statements of income, comprehensive income, shareholders' equity, and cash flows, along with detailed notes explaining the basis of presentation, significant accounting policies, and specific financial line items [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position with assets, liabilities, and equity as of March 31, 2024 and December 31, 2023 | (in thousands, except par value) Assets | | March 31, 2024 | | December 31, 2023 | | :-------------------------------------- | :---- | :------------- | :---- | :---------------- | | Current assets: | | | | | | Cash and cash equivalents | $ | 296,055 | $ | 277,391 | | Restricted cash | | — | | 5,822 | | Accounts receivable, net of allowance for doubtful accounts of $390 and $470, respectively | | 417,396 | | 449,404 | | Contract assets | | 180,814 | | 174,979 | | Inventories | | 637,675 | | 683,801 | | Prepaid expenses and other current assets | | 46,673 | | 44,350 | | Total current assets | | 1,578,613 | | 1,635,747 | | Property, plant and equipment, net | | 223,992 | | 227,698 | | Operating lease right-of-use assets | | 128,395 | | 130,830 | | Goodwill | | 192,116 | | 192,116 | | Deferred income taxes | | 27,873 | | 26,943 | | Other long-term assets | | 61,821 | | 61,421 | | Total assets | $ | 2,212,810 | $ | 2,274,755 | | Liabilities and Shareholders' Equity | | | | | | Current liabilities: | | | | | | Current installments of long-term debt | $ | 5,105 | $ | 4,283 | | Accounts payable | | 348,374 | | 367,480 | | Advance payments from customers | | 189,153 | | 204,883 | | Income taxes payable | | 24,400 | | 22,225 | | Accrued liabilities | | 100,787 | | 114,676 | | Total current liabilities | | 667,819 | | 713,547 | | Long-term debt, net of current installments | | 310,117 | | 326,674 | | Operating lease liabilities | | 119,958 | | 123,385 | | Other long-term liabilities | | 29,749 | | 32,064 | | Shareholders' equity: | | | | | | Preferred stock, $0.10 par value; 5,000 shares authorized, none issued | | — | | — | | Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding – 36,014 and 35,664, respectively | | 3,601 | | 3,566 | | Additional paid-in capital | | 525,596 | | 528,842 | | Retained earnings | | 568,590 | | 560,537 | | Accumulated other comprehensive loss | | (12,620) | | (13,860) | | Total shareholders' equity | | 1,085,167 | | 1,079,085 | | Total liabilities and shareholders' equity | $ | 2,212,810 | $ | 2,274,755 | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Details the company's revenues, costs, and net income for the three months ended March 31, 2024 and 2023 | (in thousands, except per share data) Sales | $ | March 31, 2024 | $ | 2023 | | :-------------------------------------- | :---- | :------------- | :---- | :--- | | Cost of sales | | 608,167 | | 630,737 | | Gross profit | | 67,408 | | 63,958 | | Selling, general and administrative expenses | | 37,332 | | 38,198 | | Amortization of intangible assets | | 1,204 | | 1,592 | | Restructuring charges and other costs | | 3,343 | | 1,426 | | Income from operations | | 25,529 | | 22,742 | | Interest expense | | (7,245) | | (6,450) | | Interest income | | 1,992 | | 1,258 | | Other expense, net | | (1,177) | | (2,165) | | Income before income taxes | | 19,099 | | 15,385 | | Income tax expense | | 5,097 | | 3,025 | | Net income | $ | 14,002 | $ | 12,360 | | Earnings per share: | | | | | | Basic | $ | 0.39 | $ | 0.35 | | Diluted | $ | 0.38 | $ | 0.35 | | Weighted-average number of shares outstanding: | | | | | | Basic | | 35,810 | | 35,336 | | Diluted | | 36,401 | | 35,592 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) Reports net income and other comprehensive income components, including foreign currency adjustments and derivative gains, for the three months ended March 31, 2024 and 2023 | (in thousands) Net income | $ | Three Months Ended 2024 | March 31, $ | 2023 | | :------------------------------------- | :---- | :---------------------- | :---------- | :--- | | Other comprehensive income: | | | | | | Foreign currency translation adjustments | | (1,537) | | 1,050 | | Unrealized gain on derivatives, net of tax | | 2,734 | | 1,148 | | Other | | 43 | | 226 | | Total other comprehensive income | | 1,240 | | 2,424 | | Comprehensive income | $ | 15,242 | $ | 14,784 | [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) Details changes in shareholders' equity, including net income, dividends, and stock-based compensation, for the three months ended March 31, 2024 | (in thousands) Balances, December 31, 2023 | Shares 35,664 | $ | Common Stock 3,566 | $ | Additional Paid-in Capital 528,842 | $ | Retained Earnings 560,537 | $ | Accumulated Other Comprehensive Loss (13,860) | ) $ | Total Shareholders' Equity 1,079,085 | | :----------------------------------------- | :------------ | :---- | :----------------- | :---- | :--------------------------------- | :---- | :------------------------ | :---- | :-------------------------------------------- | :---- | :--------------------------- | | Net income | — | | — | | — | | 14,002 | | — | | 14,002 | | Other comprehensive income | — | | — | | — | | — | | 1,240 | | 1,240 | | Dividends declared | — | | — | | — | | (5,949) | ) | — | | (5,949) | | Stock-based compensation expense | — | | — | | 2,176 | | — | | — | | 2,176 | | Stock options exercised | 18 | | 2 | | 369 | | — | | — | | 371 | | Vesting of restricted stock units | 527 | | 53 | | (53) | | — | | — | | — | | Shares withheld for taxes | (195) | | (20) | | (5,738) | | — | | — | | (5,758) | | Balances, March 31, 2024 | 36,014 | $ | 3,601 | $ | 525,596 | $ | 568,590 | $ | (12,620) | ) $ | 1,085,167 | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash flows from operating, investing, and financing activities for the three months ended March 31, 2024 and 2023 | (in thousands) Cash flows from operating activities: | | 2024 | March 31, | 2023 | | :--------------------------------------------------- | :---- | :----------- | :-------- | :----------- | | Net income | $ | 14,002 | $ | 12,360 | | Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | | | | | Depreciation | | 9,054 | | 8,320 | | Amortization | | 2,540 | | 2,780 | | Stock-based compensation expense | | 2,176 | | 4,790 | | Provision for doubtful accounts | | 390 | | — | | Deferred income taxes | | (1,847) | | (1,010) | | Loss on the sale of property, plant and equipment | | 15 | | 11 | | Changes in operating assets and liabilities: | | | | | | Accounts receivable | | 30,960 | | 30,398 | | Contract assets | | (5,835) | | (10,521) | | Inventories | | 45,222 | | (49,864) | | Prepaid expenses and other assets | | (2,957) | | (3,712) | | Accounts payable | | (20,259) | | 15,375 | | Advance payments from customers | | (15,730) | | (12,129) | | Accrued liabilities | | (11,833) | | (21,348) | | Operating leases | | 121 | | 9 | | Income taxes | | 2,438 | | (365) | | Net cash provided by (used in) operating activities | | 48,457 | | (24,906) | | Cash flows from investing activities: | | | | | | Additions to property, plant and equipment | | (5,183) | | (35,926) | | Additions to capitalized purchased software | | (720) | | (2,805) | | Proceeds from the sale of property, plant and equipment | | — | | 19 | | Other, net | | (251) | | — | | Net cash used in investing activities | | (6,154) | | (38,712) | | Cash flows from financing activities: | | | | | | Borrowings under credit agreement | | 175,000 | | 230,000 | | Principal payments on credit agreement | | (190,820) | | (151,641) | | Dividends paid | | (5,889) | | (5,806) | | Employee taxes paid with shares withheld | | (5,758) | | (5,554) | | Proceeds from stock options exercised | | 371 | | 68 | | Principal payments on finance leases | | (45) | | (43) | | Net cash (used in) provided by financing activities | | (27,141) | | 67,024 | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (2,320) | | 854 | | Net increase in cash, cash equivalents and restricted cash | | 12,842 | | 4,260 | | Cash, cash equivalents and restricted cash at the beginning of the year | | 283,213 | | 207,430 | | Cash, cash equivalents and restricted cash at the end of the period | $ | 296,055 | $ | 211,690 | [Notes to the Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations of accounting policies and specific financial line items supporting the condensed financial statements [Note 1 – Basis of Presentation](index=9&type=section&id=Note%201%20%E2%80%93%20Basis%20of%20Presentation) Describes Benchmark Electronics, Inc. as a Texas corporation providing advanced manufacturing services, including design, engineering, and technology solutions across various market sectors globally. The interim financial statements are unaudited and prepared in accordance with SEC rules and U.S. GAAP, reflecting management's estimates and assumptions - Benchmark Electronics, Inc. provides advanced manufacturing services, design, engineering, and technology solutions to OEMs across sectors like semi-cap, complex industrials, medical, A&D, advanced computing, and next-generation communications, with operations in the Americas, Asia, and Europe[49](index=49&type=chunk) - The unaudited condensed consolidated financial statements are prepared according to SEC rules and U.S. GAAP, reflecting management's estimates and assumptions, which may differ from actual results[50](index=50&type=chunk)[51](index=51&type=chunk) [Note 2 – New Accounting Pronouncements](index=9&type=section&id=Note%202%20%E2%80%93%20New%20Accounting%20Pronouncements) Discusses recently issued FASB Accounting Standards Updates (ASUs) related to income tax disclosures (ASU 2023-09) and segment reporting (ASU 2023-07), which the company is currently evaluating for potential impact - FASB issued ASU 2023-09 (Improvements to Income Tax Disclosures) effective for annual periods beginning after December 15, 2024, requiring consistent categories and greater disaggregation of income tax information[52](index=52&type=chunk) - FASB issued ASU 2023-07 (Segment Reporting) effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, requiring public entities to disclose information about their reportable segments' oversight and significant expenses[53](index=53&type=chunk) - The Company is currently evaluating the guidance from both ASUs and does not believe other recently issued standards will materially impact its financial statements[53](index=53&type=chunk)[54](index=54&type=chunk) [Note 3 – Inventories](index=9&type=section&id=Note%203%20%E2%80%93%20Inventories) Provides a breakdown of inventory costs, showing a decrease in total inventories from December 31, 2023, to March 31, 2024, primarily driven by a reduction in raw materials | (in thousands) Raw materials | | March 31, 2024 | | December 31, 2023 | | :--------------------------- | :---- | :------------- | :---- | :---------------- | | Work in process | | 20,735 | | 22,088 | | Finished goods | | 2,558 | | 2,503 | | Total inventories | $ | 637,675 | $ | 683,801 | [Note 4 – Goodwill and Other Intangible Assets](index=10&type=section&id=Note%204%20%E2%80%93%20Goodwill%20and%20Other%20Intangible%20Assets) Details the company's goodwill allocated by operating segment and a summary of acquired identifiable intangible assets and capitalized purchased software costs, along with amortization expenses and future amortization schedules Goodwill by Segment | (in thousands) | Americas | Asia | Total | | :------------- | :------- | :--- | :---- | | Goodwill as of March 31, 2024 and December 31, 2023 | $ 154,014 | $ 38,102 | $ 192,116 | Amortization Expense | (in thousands) | Three Months Ended March 31, 2024 | 2023 | | :------------- | :-------------------------------- | :--- | | Amortization of intangible assets | $ 1,204 | $ 1,592 | | Amortization of capitalized purchased software costs | 1,207 | 1,074 | | Amortization of debt costs | 129 | 114 | | Total amortization expense | $ 2,540 | $ 2,780 | - Amortization of intangible assets decreased to **$1.2 million** in Q1 2024 from **$1.6 million** in Q1 2023, primarily due to certain intangible assets becoming fully amortized in 2023[16](index=16&type=chunk) [Note 5 – Borrowing Facilities](index=11&type=section&id=Note%205%20%E2%80%93%20Borrowing%20Facilities) Describes the company's credit agreement, including amendments that increased the revolving credit facility and changed interest rate benchmarks. It details outstanding debt, available borrowings, and compliance with financial covenants - The Credit Agreement was amended multiple times, increasing the Revolving Credit Facility commitments from **$250 million** to **$450 million** (May 2022) and then to **$550 million** (May 2023)[60](index=60&type=chunk)[61](index=61&type=chunk) - As of March 31, 2024, the Company had **$126.3 million** outstanding under the Term Loan Facility and **$190.0 million** under the Revolving Credit Facility, with **$355.6 million** available for future borrowings[72](index=72&type=chunk) - A portion of the outstanding debt (**$126.3 million**) is effectively at a fixed interest rate of **4.039%** due to an interest rate swap contract[70](index=70&type=chunk) Long-Term Debt | (in thousands) Revolving credit facility | $ | March 31, 2024 | $ | December 31, 2023 | | :--------------------------------------- | :---- | :------------- | :---- | :---------------- | | Term loan | | 126,328 | | 127,148 | | Less: Unamortized debt issuance costs | | (1,417) | | (1,546) | | Total long-term debt, including current installments | $ | 314,911 | $ | 330,602 | [Note 6 – Leases](index=12&type=section&id=Note%206%20%E2%80%93%20Leases) Outlines the company's lease expenses, cash flow information related to leases, and future annual minimum lease payments, primarily consisting of operating leases Lease Costs | (in thousands) | | Three Months March 31, 2024 | Ended 2023 | | :----------------------------------------------------------------------------------- | :---- | :-------------------------- | :--------- | | Finance lease costs: | | | | | Amortization of right-of-use assets (included in depreciation expense) | $ | — | $ 24 | | Interest on lease liabilities | | 4 | 6 | | Operating lease costs | | 5,510 | 4,571 | | Short-term lease costs | | 226 | 140 | | Variable lease costs | | 473 | 456 | | Total lease costs | $ | 6,213 | $ 5,197 | Cash Flow Information for Leases | (in thousands) Cash paid for amounts included in the measurement of lease liabilities: | | Three Months March 31, 2024 | Ended 2023 | | :----------------------------------------------------------------------------------- | :---- | :-------------------------- | :--------- | | Operating cash flows used for operating leases | $ | 5,199 | $ 4,435 | | Operating cash flows used for finance leases | | 4 | 6 | | Financing cash flows used for finance leases | | 45 | 43 | - The Company's leases primarily consist of operating leases which expire at various dates through 2036[65](index=65&type=chunk) [Note 7 – Common Stock and Stock-Based Awards](index=13&type=section&id=Note%207%20%E2%80%93%20Common%20Stock%20and%20Stock-Based%20Awards) Details the company's dividend policy, share repurchase authorizations, and stock-based compensation plans, including activity for stock options and restricted stock units - The Company declared a quarterly cash dividend of **$0.165 per share** on March 11, 2024, totaling **$5.9 million**, paid on April 12, 2024[75](index=75&type=chunk) - As of March 31, 2024, the Company had **$154.6 million** remaining under share repurchase authorizations but did not repurchase shares during the three months ended March 31, 2024[79](index=79&type=chunk) - Total compensation costs recognized for stock-based awards were **$2.2 million** in Q1 2024, down from **$4.8 million** in Q1 2023[82](index=82&type=chunk) Unrecognized Stock-Based Compensation Cost | (in thousands) | Time-Based Restricted Stock Units | Performance-Based Restricted Stock Units | | :------------- | :-------------------------------- | :--------------------------------------- | | Unrecognized compensation cost | $ 31,953 | $ 7,395 | | Remaining weighted-average amortization period | 2.6 years | 2.5 years | [Note 8 – Income Taxes](index=15&type=section&id=Note%208%20%E2%80%93%20Income%20Taxes) Provides a breakdown of income tax expense, discusses factors affecting the effective tax rate (e.g., GILTI, GMT, tax incentives), and details the company's Transition Tax liability and uncertain tax benefits Income Tax Expense | (in thousands) Current: | | Three Months March 31, 2024 | Ended 2023 | | :---------------------- | :---- | :-------------------------- | :--------- | | U.S. Federal | $ | (445) | $ 525 | | State and local | | 115 | 66 | | Foreign | | 7,274 | 3,444 | | Deferred | | (1,847) | (1,010) | | Total income tax expense | $ | 5,097 | $ 3,025 | - Income tax expense increased to **$5.1 million** (**26.7%** effective tax rate) in Q1 2024 from **$3.0 million** (**19.7%** effective tax rate) in Q1 2023, due to the expiration of China's tax incentive, GILTI impact, and Global Minimum Tax (GMT) implementation[147](index=147&type=chunk) - The Company has a total Transition Tax liability of **$36.2 million** as of March 31, 2024, with **$16.1 million** expected to be paid in 2024 and **$20.1 million** in 2025[92](index=92&type=chunk) - Tax incentives in Thailand expire on December 31, 2030, while those in China expired on December 31, 2023, and Malaysia on March 31, 2021. The Company plans to apply for extensions in Malaysia and China[94](index=94&type=chunk)[148](index=148&type=chunk) [Note 9 – Revenue](index=18&type=section&id=Note%209%20%E2%80%93%20Revenue) Explains the company's revenue recognition policies, primarily from manufacturing services, and provides disaggregated revenue by market sector and geographic segment - Revenue is recognized when control over manufactured products is transferred to the customer, either progressively based on the cost-to-cost method for work-in-progress or upon shipment for completed products[104](index=104&type=chunk)[205](index=205&type=chunk) - **85.3%** of the Company's revenue in Q1 2024 (**87.9%** in Q1 2023) was recognized over time as products and services were transferred[108](index=108&type=chunk) External Revenue by Market Sector | (in thousands) Market sector: | | Americas | | Asia | | Europe | | Total | | :------------------------------------- | :---- | :------- | :---- | :----- | :---- | :----- | :---- | :---- | | Semi-Cap | $ | 53,658 | $ | 81,899 | $ | 30,382 | $ | 165,939 | | Complex Industrials | | 29,650 | | 84,211 | | 27,171 | | 141,032 | | Medical | | 61,863 | | 42,226 | | 10,638 | | 114,727 | | A&D | | 86,863 | | 9,122 | | 9,849 | | 105,834 | | Advanced Computing | | 83,184 | | 7,345 | | — | | 90,529 | | Next-Generation Communications | | 33,448 | | 24,049 | | 17 | | 57,514 | | External revenue | | 348,666 | | 248,852 | | 78,057 | | 675,575 | [Note 10 – Accounts Receivable Sale Programs](index=19&type=section&id=Note%2010%20%E2%80%93%20Accounts%20Receivable%20Sale%20Programs) Describes the company's programs to sell trade accounts receivable at a discount to financial institutions, detailing the amounts sold and cash proceeds received - The Company can elect to sell up to a maximum of **$200.0 million** of specific accounts receivable at any one time under programs with unaffiliated financial institutions[111](index=111&type=chunk) - In Q1 2024, the Company sold **$135.1 million** of accounts receivable, receiving **$134.1 million** in cash proceeds (net of discount), compared to **$152.8 million** sold and **$151.8 million** received in Q1 2023[112](index=112&type=chunk) [Note 11 – Contingencies](index=19&type=section&id=Note%2011%20%E2%80%93%20Contingencies) States that the company is involved in various legal actions in the ordinary course of business, but management believes their ultimate disposition will not materially adversely affect the financial position or results of operations - The Company is involved in various legal actions arising in the ordinary course of business[113](index=113&type=chunk)[214](index=214&type=chunk) - Management believes the ultimate disposition of these legal matters will not have a material adverse effect on the Company's consolidated financial position or results of operations[113](index=113&type=chunk)[214](index=214&type=chunk) [Note 12 – Restructuring Charges and Other Costs](index=20&type=section&id=Note%2012%20%E2%80%93%20Restructuring%20Charges%20and%20Other%20Costs) Details the company's restructuring initiatives aimed at improving utilization and cost savings, including workforce reductions and facility changes, and provides a breakdown of associated charges - In Q1 2024, the Company recognized **$3.3 million** in restructuring charges, primarily due to capacity and workforce reductions at its sites in the Americas[116](index=116&type=chunk)[207](index=207&type=chunk) - In Q1 2023, **$1.4 million** in restructuring charges were recognized, mainly from site closures (e.g., Moorpark, California) and workforce reductions[117](index=117&type=chunk) Restructuring Charges by Region | (in thousands) Severance costs | $ | Americas 2,617 | $ | Three Months Ended March 31, 2024 Asia 371 | Europe $ | — | $ | Total 2,988 | | :----------------------------- | :---- | :------------- | :---- | :----------------------------------------- | :------- | :-- | :---- | :---------- | | Lease facility costs | | — | | — | | — | | — | | Other exit costs | | 355 | | — | | — | | 355 | | Total restructuring charges | $ | 2,972 | $ | 371 | $ | — | $ | 3,343 | [Note 13 – Earnings Per Share](index=20&type=section&id=Note%2013%20%E2%80%93%20Earnings%20Per%20Share) Explains the calculation of basic and diluted earnings per share, including the weighted-average number of common shares outstanding and the impact of stock equivalents Earnings Per Share Calculation | (in thousands, except per share data) Net income | $ | Three Months Ended March 31, 2024 | $ | 2023 | | :----------------------------------------------- | :---- | :-------------------------------- | :---- | :--- | | Denominator for basic earnings per share | | 35,810 | | 35,336 | | Incremental common shares attributable to outstanding restricted stock units | | 586 | | 250 | | Incremental common shares attributable to exercise of dilutive options | | 5 | | 6 | | Denominator for diluted earnings per share | | 36,401 | | 35,592 | | Earnings per share: | | | | | | Basic | $ | 0.39 | $ | 0.35 | | Diluted | $ | 0.38 | $ | 0.35 | - Diluted EPS increased to **$0.38** in Q1 2024 from **$0.35** in Q1 2023, reflecting higher net income[37](index=37&type=chunk)[120](index=120&type=chunk) [Note 14 – Financial Instruments](index=22&type=section&id=Note%2014%20%E2%80%93%20Financial%20Instruments) Discusses the company's financial instruments, including cash equivalents, accounts receivable, and derivative instruments used to manage foreign currency and interest rate exposures, such as forward currency exchange contracts and interest rate swaps - The Company uses derivative instruments (forward currency exchange contracts and interest rate swaps) to manage foreign currency and interest rate exposures, not for speculative purposes[123](index=123&type=chunk)[184](index=184&type=chunk) - In Q1 2024, the Company recorded an unrealized gain of **$1.3 million** (**$0.9 million** net of tax) on forward currency exchange contracts and transferred **$0.9 million** in unrealized gains to cost of sales[126](index=126&type=chunk) - An interest rate swap agreement with a notional amount of **$126.3 million** effectively fixes the interest rate at **4.039%** on a portion of the term loan facility[129](index=129&type=chunk)[187](index=187&type=chunk) Derivatives Designated as Hedging Instruments | (in thousands) Derivatives designated as hedging instruments: | Balance Sheet Location | | March 31, 2024 | | December 31, 2023 | | :-------------------------------------------------------- | :------------------------------ | :---- | :------------- | :---- | :---------------- | | Forward currency exchange contracts | Other long-term assets | $ | 3,950 | $ | 2,664 | | Interest rate swap agreement | Other long-term liabilities | | (93) | | (2,458) | [Note 15 – Accumulated Other Comprehensive Loss](index=24&type=section&id=Note%2015%20%E2%80%93%20Accumulated%20Other%20Comprehensive%20Loss) Provides a summary of changes in accumulated other comprehensive loss, detailing the impact of foreign currency translation adjustments and derivative instruments Changes in Accumulated Other Comprehensive Loss | (in thousands) Balances, December 31, 2023 | $ | Foreign Currency Translation Adjustments (12,913) | $ | Derivative Instruments, Net of Tax 160 | $ | Other (1,107) | $ | Total (13,860) | | :----------------------------------------- | :---- | :------------------------------------------------ | :---- | :------------------------------------- | :---- | :------------ | :---- | :------------- | | Other comprehensive gain (loss) before reclassifications | | (1,537) | | 3,676 | | 43 | | 2,182 | | Amounts reclassified from accumulated other comprehensive loss | | — | | (942) | | — | | (942) | | Total other comprehensive income (loss) | | (1,537) | | 2,734 | | 43 | | 1,240 | | Balances, March 31, 2024 | $ | (14,450) | $ | 2,894 | $ | (1,064) | $ | (12,620) | [Note 16 – Segment and Geographic Information](index=24&type=section&id=Note%2016%20%E2%80%93%20Segment%20and%20Geographic%20Information) Presents financial information disaggregated by the company's three reportable operating segments: Americas, Asia, and Europe, including sales, depreciation and amortization, income from operations, capital expenditures, and assets - The Company operates and is managed geographically, with three reportable operating segments: Americas, Asia, and Europe[133](index=133&type=chunk) Segment Financial Information | (in thousands) | March 31, 2024 | 2023 | | :------------- | :------------- | :--- | | Sales: | | | | Americas | $ 372,329 | $ 397,207 | | Asia | 257,816 | 268,043 | | Europe | 80,496 | 77,855 | | Elimination of intersegment sales | (35,066) | (48,410) | | Total sales | $ 675,575 | $ 694,695 | | Income from operations: | | | | Americas | $ 12,966 | $ 13,331 | | Asia | 33,777 | 28,784 | | Europe | 6,777 | 6,686 | | Corporate and intersegment eliminations | (27,991) | (26,059) | | Total income from operations | $ 25,529 | $ 22,742 | | Capital expenditures: | | | | Americas | $ 1,783 | $ 23,109 | | Asia | 2,505 | 7,548 | | Europe | 1,024 | 1,688 | | Corporate | 591 | 6,386 | | Total capital expenditures | $ 5,903 | $ 38,731 | [Note 17 –Supplemental Cash Flow and Non-Cash Information](index=26&type=section&id=Note%2017%20%E2%80%93Supplemental%20Cash%20Flow%20and%20Non-Cash%20Information) Provides supplemental cash flow disclosures, including income taxes paid, interest paid, and non-cash investing activities such as unpaid purchases of property, plant, and equipment and capitalized software costs Supplemental Cash Flow Information | (in thousands) Supplemental cash flow information: | | Three Months Ended 2024 | March 31, | 2023 | | :------------------------------------------------- | :---- | :---------------------- | :-------- | :--- | | Income taxes paid, net | $ | 4,470 | $ | 4,428 | | Interest paid | | 7,399 | | 5,874 | | Non-cash investing activities: | | | | | | Unpaid purchases of property, plant and equipment at the end of the period | | 1,714 | | 5,555 | | Unpaid purchases of capitalized purchased software costs at the end of the period | | 1,320 | | — | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on the company's financial condition and results of operations for the first quarter of 2024, discussing overall performance, segment-specific results, liquidity, and capital resources, and highlighting key operational and financial changes [OVERVIEW](index=27&type=section&id=OVERVIEW) Benchmark Electronics, Inc. provides advanced manufacturing services, including design, engineering, and technology solutions, serving diverse market sectors globally. The company emphasizes integrated concept-to-production solutions, technical capabilities, and a people-first culture, while managing ongoing supply chain challenges - Benchmark provides advanced manufacturing services (EMS and PT), design & engineering services, and technology solutions to OEMs across semiconductor capital equipment, complex industrials, medical, A&D, advanced computing, and next-generation communications markets[195](index=195&type=chunk)[196](index=196&type=chunk)[197](index=197&type=chunk)[199](index=199&type=chunk) - The company's core strength is its integrated concept-to-production solutions, leveraging technical capabilities in engineering, RF solutions, microelectronics, and precision machining across regulated markets[200](index=200&type=chunk)[201](index=201&type=chunk) - The company faces ongoing supply chain constraints, particularly for older semiconductor technologies, which can limit production despite easing material constraints in other areas[204](index=204&type=chunk)[206](index=206&type=chunk) [First Quarter of 2024 Highlights](index=29&type=section&id=First%20Quarter%20of%202024%20Highlights) Sales for Q1 2024 decreased by 3% year-over-year to $675.6 million, primarily due to softness in Medical and Next-Generation Communications, partially offset by growth in Semi-Cap and A&D sectors - Sales for Q1 2024 were **$675.6 million**, a **3% decrease** from **$694.7 million** in Q1 2023[3](index=3&type=chunk) - The overall revenue decrease was primarily due to lower Medical and Next-Generation Communications revenue, offset by increases in Semi-Cap and A&D revenue[3](index=3&type=chunk) Sales by Market Sector | Market Sector | Q1 2024 Sales (Millions) | Q1 2023 Sales (Millions) | YoY Change | | :----------------------------- | :----------------------- | :----------------------- | :--------- | | Semi-Cap | $165.9 | $148.5 | +12% | | Complex Industrials | $141.0 | $143.5 | -2% | | Medical | $114.7 | $137.0 | -16% | | A&D | $105.8 | $79.4 | +33% | | Advanced Computing | $90.5 | $96.0 | -6% | | Next-Generation Communications | $57.5 | $90.2 | -36% | [RESULTS OF OPERATIONS](index=30&type=section&id=RESULTS%20OF%20OPERATIONS) The company experienced a 3% decrease in sales but a 5% increase in gross profit and a 12% increase in income from operations in Q1 2024 compared to Q1 2023, driven by improved operational efficiencies and cost reduction actions - Sales for Q1 2024 decreased **3%** from Q1 2023[6](index=6&type=chunk) - Gross profit increased **5%** to **$67.4 million** in Q1 2024 from **$64.0 million** in Q1 2023, with gross profit margin increasing to **10.0%** from **9.2%**, due to improved operational efficiencies and cost reductions[170](index=170&type=chunk) - Income from operations increased **12%** to **$25.5 million** in Q1 2024 from **$22.7 million** in Q1 2023, driven by improved gross margin and reduced SG&A expenses[171](index=171&type=chunk) Key Financial Ratios | | 2024 | Three Months Ended March 31, 2023 | | :--------------------------------------------------- | :----- | :-------------------------------- | | Sales | 100.0% | 100.0% | | Cost of sales | 90.0% | 90.8% | | Gross profit | 10.0% | 9.2% | | Selling, general and administrative expenses | 5.5% | 5.5% | | Amortization of intangible assets | 0.2% | 0.2% | | Restructuring charges and other costs | 0.5% | 0.2% | | Income from operations | 3.8% | 3.3% | | Other expense, net | (1.0)% | (1.1)% | | Income before income taxes | 2.8% | 2.2% | | Income tax expense | 0.8% | 0.4% | | Net income | 2.0% | 1.8% | [Sales](index=30&type=section&id=Sales) Total sales decreased by 3% in Q1 2024, with significant declines in Medical and Next-Generation Communications, partially offset by strong growth in Semi-Cap and Aerospace and Defense (A&D). International operations accounted for 58% of sales - Total sales for Q1 2024 decreased **3%** to **$675.6 million** from **$694.7 million** in Q1 2023[3](index=3&type=chunk) - Semi-Cap sales increased **12%** to **$165.9 million** due to stronger demand. A&D sales increased **33%** to **$105.8 million** due to strong market growth[7](index=7&type=chunk)[9](index=9&type=chunk) - Medical sales decreased **16%** to **$114.7 million** due to general softness and inventory re-balancing. Next-Generation Communications sales decreased **36%** to **$57.5 million** due to sector softness and customer disengagement[8](index=8&type=chunk)[10](index=10&type=chunk) - **58%** of sales in Q1 2024 were from international operations, slightly down from **59%** in Q1 2023[12](index=12&type=chunk) Sales by Geographic Segment | (in thousands) | | Three Months Ended 2024 | March 31, | 2023 | | :-------------------------------------- | :---- | :---------------------- | :-------- | :--- | | Sales: | | | | | | Americas | $ | 372,329 | $ | 397,207 | | Asia | | 257,816 | | 268,043 | | Europe | | 80,496 | | 77,855 | | Elimination of intersegment sales | | (35,066) | | (48,410) | | Total sales | $ | 675,575 | $ | 694,695 | [Gross Profit](index=32&type=section&id=Gross%20Profit) Gross profit increased by 5% to $67.4 million in Q1 2024, with the gross profit margin rising to 10.0% from 9.2% in Q1 2023, primarily due to improved operational efficiencies and proactive cost reduction measures - Gross profit increased **5%** to **$67.4 million** in Q1 2024 from **$64.0 million** in Q1 2023[170](index=170&type=chunk) - Gross profit margin increased to **10.0%** in Q1 2024 from **9.2%** in Q1 2023[170](index=170&type=chunk) - The improvements were primarily due to improved operational efficiencies and proactive cost reduction actions at manufacturing sites[170](index=170&type=chunk) [Income from Operations](index=32&type=section&id=Income%20from%20Operations) Income from operations increased by 12% to $25.5 million in Q1 2024, driven by improved gross margin and cost reduction actions, despite a slight decrease in the Americas segment - Income from operations increased **12%** to **$25.5 million** in Q1 2024 from **$22.7 million** in Q1 2023[171](index=171&type=chunk) - The increase was primarily due to improved gross margin and cost actions taken to reduce selling, general and administrative (SG&A) expenses[171](index=171&type=chunk) Income from Operations by Geographic Segment | (in thousands) Income from operations: | | Three Months Ended March 31, 2024 | | 2023 | | :------------------------------------------------ | :---- | :-------------------------------- | :---- | :--- | | Americas | $ | 12,966 | $ | 13,331 | | Asia | | 33,777 | | 28,784 | | Europe | | 6,777 | | 6,686 | | Corporate and intersegment eliminations | | (27,991) | | (26,059) | | Total income from operations | $ | 25,529 | $ | 22,742 | [Selling, General and Administrative Expenses](index=33&type=section&id=Selling,%20General%20and%20Administrative%20Expenses) SG&A expenses decreased to $37.3 million in Q1 2024 from $38.2 million in Q1 2023, primarily due to cost reduction actions and lower variable compensation expense - SG&A expenses decreased to **$37.3 million** in Q1 2024 from **$38.2 million** in Q1 2023[176](index=176&type=chunk) - The decrease was primarily due to cost actions taken and lower variable compensation expense[176](index=176&type=chunk) [Amortization of Intangible Assets](index=33&type=section&id=Amortization%20of%20Intangible%20Assets) Amortization of intangible assets decreased to $1.2 million in Q1 2024 from $1.6 million in Q1 2023, mainly because certain intangible assets became fully amortized in 2023 - Amortization of intangible assets decreased to **$1.2 million** in Q1 2024 from **$1.6 million** in Q1 2023[16](index=16&type=chunk)[177](index=177&type=chunk) - The decrease was primarily due to certain intangible assets becoming fully amortized in 2023[16](index=16&type=chunk) [Restructuring Charges and Other Costs](index=33&type=section&id=Restructuring%20Charges%20and%20Other%20Costs) Restructuring charges and other costs increased to $3.3 million in Q1 2024 from $1.4 million in Q1 2023, primarily due to capacity and workforce reductions in the Americas - Restructuring charges and other costs increased to **$3.3 million** in Q1 2024 from **$1.4 million** in Q1 2023[17](index=17&type=chunk) - The Q1 2024 charges were primarily due to capacity and workforce reductions at Americas sites[17](index=17&type=chunk) [Interest Expense](index=33&type=section&id=Interest%20Expense) Interest expense increased to $7.2 million in Q1 2024 from $6.5 million in Q1 2023, driven by additional borrowings and a higher interest rate environment - Interest expense increased to **$7.2 million** in Q1 2024 from **$6.5 million** in Q1 2023[19](index=19&type=chunk) - The increase was primarily due to additional borrowings to support operations and the higher interest rate environment[19](index=19&type=chunk) [Interest Income](index=33&type=section&id=Interest%20Income) Interest income increased to $2.0 million in Q1 2024 from $1.3 million in Q1 2023, primarily due to higher interest rates - Interest income increased to **$2.0 million** in Q1 2024 from **$1.3 million** in Q1 2023[20](index=20&type=chunk) - The increase was primarily due to higher interest rates[20](index=20&type=chunk) [Other Expense, Net](index=33&type=section&id=Other%20Expense,%20Net) Other expense, net, decreased to $1.2 million in Q1 2024 from $2.2 million in Q1 2023, mainly due to lower foreign currency exchange losses - Other expense, net, decreased to **$1.2 million** in Q1 2024 from **$2.2 million** in Q1 2023[145](index=145&type=chunk) - The decrease was primarily due to lower foreign currency exchange losses[145](index=145&type=chunk) [Income Tax Expense](index=34&type=section&id=Income%20Tax%20Expense) Income tax expense increased to $5.1 million (26.7% effective tax rate) in Q1 2024 from $3.0 million (19.7% effective tax rate) in Q1 2023, primarily due to the expiration of tax incentives in China, GILTI impact, and the implementation of Global Minimum Tax (GMT) - Income tax expense was **$5.1 million** (**26.7%** effective tax rate) in Q1 2024, up from **$3.0 million** (**19.7%** effective tax rate) in Q1 2023[147](index=147&type=chunk) - The increase is attributed to the expiration of China's tax incentive, the impact of GILTI in the U.S., and the implementation of GMT in some foreign jurisdictions[147](index=147&type=chunk) [Net Income](index=34&type=section&id=Net%20Income) Net income increased to $14.0 million, or $0.38 per diluted share, in Q1 2024, compared to $12.4 million, or $0.35 per diluted share, in Q1 2023, driven by improved operational results - Net income was **$14.0 million**, or **$0.38 per diluted share**, for Q1 2024[149](index=149&type=chunk) - This compares to net income of **$12.4 million**, or **$0.35 per diluted share**, for Q1 2023[149](index=149&type=chunk) - The increase was primarily due to improved gross margin and cost actions discussed in other sections[149](index=149&type=chunk) [LIQUIDITY AND CAPITAL RESOURCES](index=35&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) The company maintains strong liquidity with $296.1 million in cash and equivalents as of March 31, 2024, and believes existing cash, operating funds, and credit facility availability are sufficient for future liquidity needs and capital expenditures - Cash, cash equivalents, and restricted cash totaled **$296.1 million** as of March 31, 2024, with **$271.4 million** held outside the United States[151](index=151&type=chunk) - Management believes existing cash balances, funds from operations, and borrowing availability under the revolving credit facility will be sufficient to meet liquidity requirements for the next 12 months and future years[153](index=153&type=chunk) - Anticipated capital expenditures for the next 12 months are **$60 million to $70 million**, primarily for machinery and equipment to support production capacity and revenue growth[165](index=165&type=chunk) [Cash Flows](index=35&type=section&id=Cash%20Flows) Operating activities provided $48.5 million in cash in Q1 2024, a significant improvement from a cash outflow in Q1 2023, driven by net income, depreciation, and decreases in accounts receivable and inventories. Investing activities used $6.2 million, and financing activities used $27.1 million - Cash provided from operating activities was **$48.5 million** in Q1 2024, primarily from net income (**$14.0 million**), depreciation and amortization (**$11.6 million**), and decreases in accounts receivable (**$31.0 million**) and inventories (**$45.2 million**)[154](index=154&type=chunk) - Cash used in investing activities was **$6.2 million** in Q1 2024, mainly for capital expenditures on property, plant, equipment (**$5.2 million**) and purchased software (**$0.7 million**)[156](index=156&type=chunk) - Cash used in financing activities was **$27.1 million** in Q1 2024, including **$190.8 million** in principal payments on the credit agreement, **$5.9 million** in dividends, and **$5.8 million** for employee taxes on stock-based awards, partially offset by **$175.0 million** in new borrowings[157](index=157&type=chunk) [Credit Agreement](index=35&type=section&id=Credit%20Agreement) The company's Credit Agreement, amended multiple times, provides a $550 million revolving credit facility and a $131.3 million term loan facility, maturing in December 2026. As of March 31, 2024, $316.3 million was outstanding, with $355.6 million available for borrowings, and the company was in compliance with all covenants - The Amended and Restated Credit Agreement includes a **$550 million** revolving credit facility and a **$131.3 million** term loan facility, both maturing on December 21, 2026[158](index=158&type=chunk)[162](index=162&type=chunk) - As of March 31, 2024, **$126.3 million** was outstanding under the term loan facility and **$190.0 million** under the revolving credit facility, with **$355.6 million** available for borrowings[163](index=163&type=chunk)[165](index=165&type=chunk) - The Company was in compliance with all financial covenants and restrictions under the Credit Agreement as of March 31, 2024[164](index=164&type=chunk) [Dividends](index=36&type=section&id=Dividends) The company declared a quarterly cash dividend of $0.165 per share in March 2024, totaling $5.9 million, and intends to continue paying quarterly dividends, subject to financial performance and other factors - A quarterly cash dividend of **$0.165 per share** (**$5.9 million** total) was declared on March 11, 2024, and paid on April 12, 2024[166](index=166&type=chunk) - The Board of Directors intends to continue paying quarterly dividends, but future payments are not mandatory or guaranteed and depend on various financial and operational factors[167](index=167&type=chunk) [Share Repurchase Authorization](index=36&type=section&id=Share%20Repurchase%20Authorization) The company has $154.6 million remaining under its share repurchase authorizations as of March 31, 2024, but did not repurchase any shares during Q1 2024 or 2023 - As of March 31, 2024, the Company had **$154.6 million** remaining under share repurchase authorizations[168](index=168&type=chunk) - The Company did not repurchase shares during the three months ended March 31, 2024, or in 2023[168](index=168&type=chunk)[216](index=216&type=chunk) [CONTRACTUAL OBLIGATIONS](index=38&type=section&id=CONTRACTUAL%20OBLIGATIONS) There have been no material changes to the company's contractual obligations, outside the ordinary course of business, since December 31, 2023, other than those discussed in the notes on borrowing facilities and leases - No material changes to contractual obligations since December 31, 2023, beyond those discussed in Note 5 (Borrowing Facilities) and Note 6 (Leases)[180](index=180&type=chunk) [CRITICAL ACCOUNTING POLICIES AND ESTIMATES AND RECENTLY ENACTED ACCOUNTING PRINCIPLES](index=38&type=section&id=CRITICAL%20ACCOUNTING%20POLICIES%20AND%20ESTIMATES%20AND%20RECENTLY%20ENACTED%20ACCOUNTING%20PRINCIPLES) Management's discussion is based on unaudited condensed consolidated financial statements prepared under U.S. GAAP. There have been no changes to critical accounting estimates disclosed in the 2023 10-K, and recently enacted accounting principles are discussed in Note 2 - Management's discussion is based on unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP[181](index=181&type=chunk) - There have been no changes to critical accounting estimates disclosed in the 2023 10-K[181](index=181&type=chunk) - Recently enacted accounting principles are discussed in Note 2 to the unaudited condensed consolidated financial statements[181](index=181&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks including foreign currency exchange risk, interest rate risk, and risks associated with international operations (e.g., economic/political instability, import/export duties). It uses natural hedging and forward contracts for foreign currency and an interest rate swap for borrowings to mitigate these risks - The Company is exposed to foreign currency exchange risk, interest rate risk, and risks associated with international operations, including import/export duties, taxes, regulatory changes, and economic/political instability[169](index=169&type=chunk)[182](index=182&type=chunk) - The Company uses natural hedging and forward contracts to economically hedge transactional foreign currency exposure, primarily for trade accounts receivable, other receivables, and trade accounts payable[184](index=184&type=chunk) - An interest rate swap agreement hedges a portion of the interest rate exposure on outstanding borrowings under the Credit Agreement, converting floating rate interest expense to fixed[187](index=187&type=chunk) - As of March 31, 2024, the Company had a **$126.3 million** notional interest rate swap with a fixed rate of **4.039%**[187](index=187&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2024. There have been no material changes to internal control over financial reporting, though ERP system upgrades are ongoing and their impact will continue to be assessed - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of March 31, 2024[190](index=190&type=chunk) - There has been no material change in the company's internal control over financial reporting during the last fiscal quarter[191](index=191&type=chunk) - The company is upgrading its ERP system in phases, and while completed implementations have revised controls, the overall impact on internal control over financial reporting has not been material to date[192](index=192&type=chunk) [PART II—OTHER INFORMATION](index=41&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity sales, other information, and exhibits for the company [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal actions in the ordinary course of business, but management believes their ultimate disposition will not have a material adverse effect on its financial position or results of operations - The Company is involved in various legal actions arising in the ordinary course of business[214](index=214&type=chunk) - Management believes the ultimate disposition of these matters will not have a material adverse effect on the Company's consolidated financial position or results of operations[214](index=214&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in Part I, Item 1A of the company's 2023 10-K - No material changes to the risk factors previously disclosed in Part I, Item 1A of the 2023 10-K[215](index=215&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its equity securities during the three months ended March 31, 2024, and has $154.6 million remaining under its share repurchase authorizations - The Company did not repurchase shares during the three months ended March 31, 2024, or in 2023[216](index=216&type=chunk) - As of March 31, 2024, the Company had **$154.6 million** remaining under share repurchase authorizations[216](index=216&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) During the three months ended March 31, 2024, no director or officer adopted or terminated any Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during Q1 2024[217](index=217&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) Lists the exhibits filed with the Form 10-Q, including organizational documents, certifications, and Inline XBRL documents - The exhibits include the Restated Certificate of Formation, Amended and Restated Bylaws, Specimen form of Common Shares certificate, Section 302 and 1350 Certifications of CEO and CFO, and various Inline XBRL documents[219](index=219&type=chunk) [SIGNATURES](index=43&type=section&id=SIGNATURES) The report was duly signed on behalf of Benchmark Electronics, Inc. by its President and Chief Executive Officer, Jeffrey W. Benck, and Interim Chief Financial Officer, Arvind Kamal, on May 2, 2024 - The report was signed by Jeffrey W. Benck (President and CEO) and Arvind Kamal (Interim CFO) on May 2, 2024[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)

Benchmark Electronics, Inc. (NYSE:BHE) Q1 2024 Earnings Conference Call May 1, 2024 5:00 PM ET Corporate Participants Paul Mansky - Investor Relations Jeff Benck - President and Chief Executive Officer Arvind Kamal - Interim Chief Financial Officer Conference Call Participants Steven Fox - Fox Advisors Anja Soderstrom - Sidoti Chris Grenga - Needham & Company Operator Hello, and welcome to the Benchmark Electronics to Report First Quarter 2024 Results Conference. At this time, all parties are in a listen-on ...

Benchmark | 1 Benchmark Electronics First Quarter 2024 Financial Results May 1, 2024 Benchmark. Forward-Looking 2024 Statements | 2 This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as "anticipate," "believe," "inte ...

BENCHMARK REPORTS FIRST QUARTER 2024 RESULTS "We are pleased with our strong performance in the first quarter, which reflects our focus on driving operational efficiency while continuing our strategic investments in support of our future growth. We again delivered yearover-year improvement in both GAAP and non-GAAP gross and operating margins which, coupled with our reductions in inventory, resulted in our fourth consecutive quarter of positive cash flow from operations and free cash flow. These results und ...

TEMPE, Ariz., April 25, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) will announce first quarter 2024 results on Wednesday, May 1, 2024 after the market close. The Company will host a conference call to discuss these results on the same day at 5:00 p.m. Eastern Time.A live audio webcast of the call along with supporting materials will be available on the Benchmark Investor Relations website at ir.bench.com or on the webcast link provided below. Following the call, a webcast replay will be av ...

TEMPE, Ariz., March 19, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) today announced Roop K. Lakkaraju, Executive Vice President and Chief Financial Officer (CFO) intends to resign from his position to pursue another professional opportunity outside of Benchmark. Mr. Lakkaraju will remain in his current role until April 1, 2024. Effective April 1, 2024, Arvind Kamal, Benchmark's current Vice President of Finance, will assume the role of interim CFO. Mr. Kamal has been with Benchmark for more ...

First quarter 2024 cash dividend of $0.165 per share TEMPE, Ariz., March 11, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE) today announced that its Board of Directors declared a quarterly dividend of $0.165 per share, payable on April 12, 2024, to shareholders of record at the close of business on March 29, 2024. About Benchmark Electronics, Inc.Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design s ...

The 2023 Report Highlights Benchmark's Momentous Efforts and Continued Commitment to High-Quality Disclosures of its Environmental, Social, and Governance (ESG) Activities TEMPE, Ariz., Feb. 27, 2024 /PRNewswire/ -- Benchmark Electronics, Inc. (NYSE: BHE), a global provider of engineering, design, and manufacturing services, today released its 2023 Sustainability Report. The report can be found on the company's website and keeps track of Benchmark's continued progress on environmental, social and governance ...