$BHE

BENCHMARK ELECTRONICS INC

CIK:0000863436|SEC Filings

Condensed Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Sales	$ 755,980	$ 642,335	$ 1,433,260	$ 1,274,099
Cost of sales	677,580	577,563	1,285,626	1,146,147
Gross profit	78,400	64,772	147,634	127,952
Selling, general and administrative expenses	46,132	40,569	88,541	79,369
Amortization of intangible assets	1,204	1,204	2,408	2,408
Restructuring charges and other costs	811	2,513	4,558	13,930
Income from operations	30,253	20,486	52,127	32,245
Interest expense	(3,751)	(6,348)	(7,400)	(11,643)
Interest income	1,990	3,135	3,890	5,867
Other income (expense), net	223	(666)	(1,480)	(1,468)
Income before income taxes	28,715	16,607	47,137	25,001
Income tax expense	8,833	15,635	14,232	20,385
Net income	$ 19,882	$ 972	$ 32,905	$ 4,616
Earnings per share:
Basic	$ 0.55	$ 0.03	$ 0.92	$ 0.13
Diluted	$ 0.55	$ 0.03	$ 0.91	$ 0.13
Weighted-average number of shares outstanding:
Basic	35,898	35,991	35,833	36,021
Diluted	36,397	36,258	36,341	36,427

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 32,905	$ 4,616
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation	18,835	18,524
Amortization	5,050	5,261
Stock-based compensation expense	11,611	9,732
Provision for doubtful accounts	108	0
Deferred income taxes	(802)	(1,875)
Gain on assets held for sale	(399)	0
(Gain) loss on the sale of property, plant and equipment	(52)	121
Changes in operating assets and liabilities:
Accounts receivable	(61,891)	46,794
Contract assets	(13,550)	(7,523)
Inventories	(62,686)	26,087
Prepaid expenses and other assets	(13,900)	(15,621)
Accounts payable	150,471	(3,727)
Advance payments from customers	8,775	(17,150)
Accrued liabilities	6,438	(17,736)
Operating leases	(723)	1,906
Income taxes	1,513	(20,729)
Net cash provided by operating activities	81,703	28,680
Cash flows from investing activities:
Additions to property, plant and equipment	(28,780)	(14,387)
Additions to capitalized purchased software	(2,412)	(2,073)
Proceeds from the sale of assets held for sale	2,260	0
Proceeds from the disposal of property, plant and equipment	52	62
Other, net	(204)	0
Net cash used in investing activities	(29,084)	(16,398)
Cash flows from financing activities:
Borrowings under credit agreement	271,000	398,594
Principal payments on credit agreement	(300,875)	(446,641)
Dividends paid	(12,163)	(12,255)
Employee taxes paid with shares withheld	(8,315)	(6,739)
Proceeds from stock options exercised	0	4
Debt issuance costs	0	(2,289)
Principal payments on finance leases	0	(94)
Share repurchases	(5,799)	(15,995)
Net cash used in financing activities	(56,152)	(85,415)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3,654)	9,753
Net decrease in cash, cash equivalents and restricted cash	(7,187)	(63,380)
Cash, cash equivalents and restricted cash at the beginning of the year	322,400	328,027
Cash, cash equivalents and restricted cash at the end of the period	315,213	264,647
Supplemental cash flow information:
Income taxes paid, net	13,377	49,308
Interest paid	7,052	11,021
Property, Plant and Equipment [Member]
Non-cash investing activities:
Unpaid purchases at the end of the period	6,405	1,889
Capitalized Purchased Software Costs [Member]
Non-cash investing activities:
Unpaid purchases at the end of the period	$ 646	$ 0

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 314,836	$ 322,064
Restricted cash	377	336
Accounts receivable, net of allowance for doubtful accounts of $123 and $438, respectively	451,612	391,101
Contract assets	196,420	182,870
Inventories	544,261	482,544
Prepaid expenses and other current assets	77,471	69,226
Total current assets	1,584,977	1,448,141
Property, plant and equipment, net	232,856	223,784
Operating lease right-of-use assets	101,398	102,664
Goodwill	192,116	192,116
Deferred income taxes	35,616	34,936
Other long-term assets	67,408	70,074
Total assets	2,214,371	2,071,715
Current liabilities:
Current installments of long-term debt	3,750	3,750
Accounts payable	552,671	403,222
Advance payments from customers	124,320	115,545
Income taxes payable	4,132	7,685
Accrued liabilities	110,446	105,375
Total current liabilities	795,319	635,577
Long-term debt, net of current installments	177,234	206,826
Operating lease liabilities	96,329	98,689
Other long-term liabilities	21,556	23,307
Deferred income taxes	7,650	7,513
Total liabilities	1,098,088	971,912
Shareholders’ equity:
Preferred stock, $0.10 par value; 5,000 shares authorized, none issued	0	0
Common stock, $0.10 par value; 145,000 shares authorized; issued and outstanding - 35,919 and 35,669, respectively	3,592	3,567
Additional paid-in capital	539,106	537,048
Retained earnings	584,274	568,163
Accumulated other comprehensive loss	(10,689)	(8,975)
Total shareholders’ equity	1,116,283	1,099,803
Total liabilities and shareholders' equity	$ 2,214,371	$ 2,071,715