Benchmark Electronics Inc. Files 2023 Annual Report

TL;DR

<b>Benchmark Electronics Inc. (BHE) has filed its 2023 10-K annual report, detailing its financial performance and operational aspects.</b>

AI Summary

BENCHMARK ELECTRONICS INC (BHE) filed a Annual Report (10-K) with the SEC on February 27, 2024. Filing is the 10-K annual report for Benchmark Electronics Inc. (BHE) for the fiscal year ending December 31, 2023. The company is incorporated in Texas (TX) and operates in the Printed Circuit Boards industry (SIC 3672). Key dates include the filing date of February 27, 2024, and the fiscal year end of December 31, 2023. The filing references various financial statement items and disclosures, including debt, assets, and expenses. Specific financial instruments and agreements mentioned include Term Loan Facility, Credit Agreement, and interest rate swaps.

Why It Matters

For investors and stakeholders tracking BENCHMARK ELECTRONICS INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Benchmark Electronics' financial health, operational segments, and risk factors for the fiscal year 2023, crucial for investors assessing the company's stability and future prospects. The detailed disclosures on debt, assets, and specific financial instruments like the Term Loan Facility and Credit Agreement offer insights into the company's financial structure and its management of financial risks.

Risk Assessment

Risk Level: medium — BENCHMARK ELECTRONICS INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any severe financial distress or exceptional growth, suggesting a typical reporting cycle for a publicly traded company.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Benchmark Electronics' performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reported period)
• 2024-02-27 — Filing Date (Date of submission)
• 3672 — SIC Code (Standard Industrial Classification for Printed Circuit Boards)
• 001-10560 — SEC File Number (SEC registration number)

Key Players & Entities

• BENCHMARK ELECTRONICS INC (company) — Filer name
• BHE (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• TX (location) — State of incorporation
• 3672 (industry) — Standard Industrial Classification
• 56 SOUTH ROCKFORD DRIVE (address) — Business address street 1
• TEMPE (location) — Business address city

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing is the primary source of detailed financial and operational information for Benchmark Electronics Inc. for the fiscal year 2023.)

SIC

Standard Industrial Classification code used to classify businesses based on their primary activity. (Identifies Benchmark Electronics Inc.'s core business as Printed Circuit Boards (SIC 3672).)

Key Financial Figures

• $0.10 — ch registered Common Stock, par value $0.10 per share BHE The New York Stock Ex

Filing Documents

• bhe-20231231.htm (10-K) — 3354KB
• bhe-ex21_1.htm (EX-21.1) — 40KB
• bhe-ex23.htm (EX-23) — 3KB
• bhe-ex31_1.htm (EX-31.1) — 14KB
• bhe-ex31_2.htm (EX-31.2) — 14KB
• bhe-ex32_1.htm (EX-32.1) — 7KB
• bhe-ex32_2.htm (EX-32.2) — 7KB
• bhe-ex97_1.htm (EX-97.1) — 30KB
• img222885612_0.jpg (GRAPHIC) — 29KB
• 0000950170-24-020565.txt (&nbsp;) — 15758KB
• bhe-20231231.xsd (EX-101.SCH) — 1735KB
• bhe-20231231_htm.xml (XML) — 3772KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. [Reserved] 32 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 43 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 74 Item 9A.

Controls and Procedures

Controls and Procedures 74 Item 9B. Other Information 75 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 75 PART III Item 10. Directors, Executive Officers, and Corporate Governance 76 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 76 Item 13. Certain Relationships and Related Transactions, and Director Independence 76 Item 14. Principal Accountant Fees and Services 76 PART IV Item 15. Exhibits and Financial Statement Schedules 77 Item 16. Form 10-K Summary 80

SIGNATURES

SIGNATURES 81 PART I

Business

Item 1. Business This Annual Report on Form 10-K (Report) 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 (Exchange Act). 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," "intend," "plan," "project," "forecast," "strategy," "position," "continue," "estimate," "expect," "may," "will," "could," "predict," and similar expressions of the negative or other variations thereof. In particular, statements, expressed or implied, concerning the Company's outlook and guidance for first quarter and fiscal year 2024 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company's business strategy and strategic initiatives, the Company's repurchases of shares of its common stock, the Company's expectations regarding restructuring charges and amortization of intangibles, and the Company's intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions, that are beyond the Company's ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of this Annual Report on Form 10-K for the year ended December 31, 2023 (the Report) and in any of the Company's subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continuing inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including continuing hostilities and tensi

View Full Filing

View this 10-K filing on SEC EDGAR