Benchmark Electronics(BHE) - 2022 Q4 - Annual Report

Sales Performance - Sales for 2022 were $2,886.3 million, a 28$2,255.3 million in 2020[6]. - Americas sales increased 23% to $1,475.9 million in 2022 from$1,203.5 million in 2021[13]. - Advanced Computing sales increased 56% to $310.5 million in 2022 from$199.4 million in 2021[11]. Profitability - Gross profit margin decreased to 8.8% in 2022 from 9.1% in 2021, while selling, general and administrative expenses decreased to 5.2% from 6.1%[9]. - Operating income for 2022 increased 70% to $90.1 million from$53.1 million in 2021[14]. - Net income for 2022 was 2.4% of sales, up from 1.6% in 2021[9]. Impairment and Charges - The company recorded $4.4 million in impairment charges in 2021 related to discontinued manufacturing capabilities[8]. Cash Flow and Investments - Cash used in investing activities was$41.2 million in 2022, primarily for property, plant, and equipment purchases of $43.4 million[22]. - As of December 31, 2022, the company had$154.6 million remaining under the share repurchase authorization[24]. Interest Income - Interest income increased to $1.7 million in 2022 from$0.5 million in 2021 due to higher interest rates[18].