Slide 1: Benchmark Electronics Financial Results
Benchmark Electronics Financial Results April 29, 2025
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking 2025 Statements Non-GAAP Financial Information This document contains forward-looking statements within the meaning of Section 27A of the Management discloses certain non-GAAP information to provide investors with additional Securities Act of 1933, as amended and Section 21E of the S
Slide 3: Today's Speakers
Today’s Speakers Jeff Benck Bryan Schumaker President and CEO EVP and CFO
Slide 4: First Quarter Results
First Quarter Results $632M 10.1% 4.6% $0.52 GAAP AND NON- NON-GAAP GROSS NON-GAAP NON-GAAP EPS GAAP REVENUE MARGIN OPERATING MARGIN HIGHLIGHTS • Sixth consecutive quarter of greater than 10% gross margin • Semi-Cap up 18% year-over-year aided by market share gain • A&D up 15% year-over-year on stre
Slide 5: Quarter Takeaways
Quarter Takeaways Strategic focus continues to drive results Cash Flow discipline remains at the forefront • Sector focus and mix continues to • Generated $27 million in free cash support >10% gross margin flow in the quarter and >$140M over • Led by year-on-year growth in Semi- the last 12 months C
Slide 6: Financial Highlights (Non-GAAP)
Financial Highlights (Non-GAAP) THREE MONTHS THREE MONTHS THREE MONTHS ENDED ENDED ENDED March 31 December 31 March 31 2024 2024 2025 ($ MILLIONS) Revenue $676 $657 $632 Gross Margin 10.0% 10.4% 10.1% Operating Margin 4.9% 5.1% 4.6% Effective Tax Rate 24.3% 22.4% 25.0% EPS $0.55 $0.61 $0.52 | 6
Slide 7: First Quarter 2025 Sector Performance
First Quarter 2025 Sector Performance Sales $MM Q/Q 19% Semi-Conductor Capital $195 -2% Equipment 32% Industrial $137 -2% $632 11% Aerospace & Defense $122 +4% MILLION 16% Medical $104 -12% 22% Advanced Computing $74 -12% & Communications | 7
Slide 8: Trended Non-GAAP Results
Trended Non-GAAP Results (Dollars in Millions, except EPS) | 8
Slide 9: Balance Sheet and Cash Flow Update
Balance Sheet and Cash Flow Update (In Millions) Q1-24 Q4-24 Q1-25 Cash Flows from Operations $48 $46 $32 Free Cash Flow (1) $43 $37 $27 • Eighth consecutive quarter of positive Free Cash Flow Share Repurchases $0 $0 $8 • Strong balance sheet and leverage ratio Cash $296 $328 $355 • Continued to sup
Slide 10: Working Capital Trends
Working Capital Trends Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Accounts Receivable Days 56 51 51 57 53 Contract Asset Days 24 25 26 23 25 Inventory Days 94 90 89 85 89 Accounts Payable Days (52) (52) (54) (54) (61) Advance Payments from Customers Days (28) (24) (22) (22) (20) Cash Conversion Cycle Days 94 90
Slide 11: Second Quarter 2025 Guidance
Second Quarter 2025 Guidance Q2-25E Net Sales $615 to $665M Gross Margin – non-GAAP 10.2% to 10.4% Operating Margin – non-GAAP 4.8% to 4.9% Interest and Other Expenses, Net ~$4.2M Non-operating Expenses $4.7 to $4.9M Stock-Based Compensation Expense ~$5.3M Effective Tax Rate 24% to 26% Diluted EPS –
Slide 12: Sector Outlook
Sector Outlook Semi-Cap Industrial Aerospace & Defense • Experienced strong growth year-on-year • Good bookings momentum in the quarter • Continued strength in Defense, commercial supported by new program ramps air moderating • Test and measurement subsector softer • Continue to gain share in next g
Slide 13: Summary
Summary 1. Manage demand volatility from tariffs while protecting profitability • Continue to deliver >10% non-GAAP gross margin • Partnering with customers to navigate supply-chain strategies to optimize for dynamic environment 2. Drive Free Cash Flow • Delivered $27M in Free Cash Flow • Generated
Slide 14: Appendix
Appendix > Benchmark | 14 Copyright © 2025 by original author Benchmark Electronics, Inc. Not to be reproduced, distributed, or used in any means without written permission by Benchmark.
Slide 15: Reconciliation of GAAP to non-GAAP
APPENDIX 1 – Reconciliation of GAAP to non-GAAP (Dollars in thousands, except per share data – Unaudited) Three Months Ended June 30, September 30, December 31, March 31, June 30, September 30, December 31, March 31, 2023 2023 2023 2024 2024 2024 2024 2025 Income from operations (GAAP) $ 24,481 $ 30