Benchmark Electronics Q2 2024 Update

TL;DR

BENCHMARK ELECTRONICS (BHE) files 10-Q for Q2 2024, details on debt and operations.

AI Summary

Benchmark Electronics Inc. reported its financial results for the period ending June 30, 2024. The company's filing covers its performance across various segments, including operations in Europe and Asia, with specific data points related to its credit agreement and interest rate swaps.

Why It Matters

This filing provides investors with a quarterly update on Benchmark Electronics' financial health and operational performance, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — The filing contains details on debt and financial instruments, which can introduce financial risk.

Key Numbers

• 20240630 — End of Reporting Period (Indicates the specific date for which financial data is reported.)
• 20240801 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• BENCHMARK ELECTRONICS INC (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• 20240801 (date) — Filing date of the report
• TX (location) — State of incorporation
• AZ (location) — State of business address
• 623-300-7000 (phone_number) — Business phone number

FAQ

Key Financial Figures

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

Filing Documents

• bhe-20240630.htm (10-Q) — 2487KB
• bhe-ex31_1.htm (EX-31.1) — 15KB
• bhe-ex31_2.htm (EX-31.2) — 14KB
• bhe-ex32_1.htm (EX-32.1) — 7KB
• bhe-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-088810.txt ( ) — 11743KB
• bhe-20240630.xsd (EX-101.SCH) — 1254KB
• bhe-20240630_htm.xml (XML) — 2852KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Income 2 Condensed Consolidated Statements of Comprehensive Income 3 Condensed Consolidated Statements of Shareholders' Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to the Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 5. Other Information Item 6. Exhibits 34

- FINANCI AL INFORMATION

PART I - FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. BENCHMARK ELECTRONICS, INC. AND SUBSIDIARIES Condensed Consolida ted Balance Sheets (unaudited) June 30, December 31, (in thousands, except par value) 2024 2023 Assets Current assets: Cash and cash equivalents $ 309,287 $ 277,391 Restricted cash 578 5,822 Accounts receivable, net of allowance for doubtful accounts of $ 1,016 and $ 470 , respectively 376,568 449,404 Contract assets 182,090 174,979 Inventories 599,842 683,801 Prepaid expenses and other current assets 42,286 44,350 Total current assets 1,510,651 1,635,747 Property, plant and equipment, net 225,888 227,698 Operating lease right-of-use assets 125,082 130,830 Goodwill 192,116 192,116 Deferred income taxes 30,196 26,943 Other long-term assets 70,806 61,421 Total assets $ 2,154,739 $ 2,274,755 Liabilities and Shareholders' Equity Current liabilities: Current installments of long-term debt $ 5,928 $ 4,283 Accounts payable 346,153 367,480 Advance payments from customers 157,156 204,883 Income taxes payable 27,263 22,225 Accrued liabilities 106,560 114,676 Total current liabilities 643,060 713,547 Long-term debt, net of current installments 283,559 326,674 Operating lease liabilities 116,637 123,385 Other long-term liabilities 16,379 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 – 36,077 and 35,664 , respectively 3,608 3,566 Additional paid-in capital 529,836 528,842 Retained earnings 578,162 560,537 Accumulated other comprehensive loss ( 16,502 ) ( 13,860 ) Total shareholders' equity 1,095,104 1,079,085 Total liabilities and shareholders' equity $ 2,154,739 $ 2,274,755 See the accompanying notes to the unaudited condensed

View Full Filing

View this 10-Q filing on SEC EDGAR