Slide 1: Benchmark Electronics Q1-21 Earnings Results
Benchmark Electronics Q1-21 Earnings Results April 28, 2021
Slide 2: Forward-Looking Statements
Forward-Looking Statements 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 (Exchange Act). These forward-looking statements are identified as any statement
Slide 3: Q1-21 Overview
Q1-21 Overview Achieved revenue of $506 million Realized Non-GAAP gross margin of 8.3% and Non-GAAP operating margin of 2.3% Overcame intermittent facility disruptions due to COVID through the quarter Non-GAAP earnings per share of $0.21 Operating and free cash flow of $37 million and $30 million re
Slide 4: Q1-21 New Business Wins
Q1-21 New Business Wins Awarded to Benchmark’s manufacturing facility in Thailand after extensive certification audits Partnering with Ouster to provide custom microelectronics manufacturing, full assembly and testing for LiDAR applications Awarded manufacturing for next-generation sensor products B
Slide 5: Roop Lakkaraju, Chief Financial Officer
Roop Lakkaraju Chief Financial Officer Benchmark.
Slide 6: First Quarter Revenue by Market Sector
First Quarter Revenue by Market Sector Q1-21 Mar. 31, 2021 Revenue by Mix and Market Sector Dec. 31, 2020 Mar. 31, 2020 For the Three Months Ended Dollars in Millions
Slide 7: First Quarter 2021 Financial Summary
First Quarter 2021 Financial Summary See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results GAAP ROIC = (GAAP TTM income from operations – GAAP Tax Impact) / (Average Invested Capital for last 5 quarters) Non-GAAP ROIC = (Non-GAAP TTM income from operations + Stock-based compensat
Slide 8: Cash Conversion Cycle Update
Cash Conversion Cycle Update The CCC target is 78 to 83 days
Slide 9: Liquidity and Capital Resources
Liquidity and Capital Resources (1) Free cash flow (FCF) defined as net cash provided by (used in) operations less capex * Leverage ratio is Net debt/LTM adjusted EBITDA, as defined in the credit facility, which are non-GAAP measures Strong balance sheet and appropriate debt structure Credit facilit
Slide 10: Capital Allocation Update
Capital Allocation Update Dividends Quarterly dividend of $0.16 per share totaling $5.8 million paid in January 2021 Recurring quarterly dividend of $0.16 per share paid to shareholders as of March 31, 2021 on April 14, 2021 Recurring quarterly dividends to continue until further notice Share Repurc
Slide 11: Second Quarter 2021 Guidance
Second Quarter 2021 Guidance * This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers. Guidance also assumes no material changes to end market conditions due to COVID-19.
Slide 12: 2021 Revenue Trends and Key Initiatives
2021 Revenue Trends and Key Initiatives Jeff Benck - CEO
Slide 13: Trends by Market Sector
Trends by Market Sector cv2021 Revenue | 0221 Revenue basta Satie ome Medical @ + Sill expect revenue from new program ramps in 2H-21 + Demand outlook for Q2 is strengthening from Q1 Semi-Cap @ 20% full year + Growth in Q2 led by defense & security Aerospace & Defense (@) revenues in 14-21 1 & gas a
Slide 14: Benchmark's ESG / Sustainability Status
Benchmark’s ESG / Sustainability Status Released our SASB Matrix in March 2021 (located on the Sustainability page of www.bench.com) ESG updates in our 2020 Annual Report and 2021 Proxy Increased emphasis and advancement of Diversity, Equity, & Inclusion initiatives ESG / SUSTAINABILITY IS A STRATEG
Slide 15: 2021 Key Strategic Initiatives Update
2021 Key Strategic Initiatives Update
Slide 16: Appendix
Appendix
Slide 17: Reconciliation of GAAP to non-GAAP Financial Results
(Amounts in Thousands, Except Per Share Data) – (UNAUDITED) APPENDIX 1 - Reconciliation of GAAP to non-GAAP Financial Results
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Measures
(Amounts in Thousands) – (UNAUDITED) APPENDIX 2 - Reconciliation of GAAP to Non-GAAP Financial Measures Three Months Ended
Slide 19: Reconciliation of Free Cash Flow
(Amounts in Thousands) – (UNAUDITED) APPENDIX 3 - Reconciliation of Free Cash Flow Three Months Ended