Slide 1: Q4-20 and CY2020 Earnings Results
Benchmark Electronics Q4-20 and CY2020 Earnings Results February 4, 2021 Exhibit 99.2
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 and Section 21E of the Securities Exchange Act of 1934. The words "expect," "estimate," "anticipate," "could" "predict" and similar expressions, and the negati
Slide 3: Q4-20 Overview
Q4-20 Overview Achieved revenue of $521 million Realized Non-GAAP gross margin of 9.6% and Non-GAAP operating margin of 3.4% Global facilities remain at near normal operating capacity Non-GAAP earnings per share of $0.34 Operating and free cash flow of $95 million and $84 million respectively Cash c
Slide 4: Q4-20 New Business Wins
Q4-20 New Business Wins Flight Control Systems Win
Slide 5: 2020 Initiatives Progress
2020 Initiatives Progress Focus on the Customer Grow Our Business Drive Enterprise Efficiencies Engage Talent and Shift Culture Enhanced customer experience; customer satisfaction remains high Expanding relationships with existing accounts Invested in technology innovations to increase win rates Str
Slide 6: Roop Lakkaraju, Chief Financial Officer
Roop Lakkaraju Chief Financial Officer Benchmark.
Slide 7: Fourth Quarter Revenue by Market Sector
Fourth Quarter Revenue by Market Sector Q4-20 Dec. 31, 2020 Revenue by Mix and Market Sector Sept. 30, 2020 Dec. 31, 2019 For the Three Months Ended Dollars in Millions
Slide 8: Fourth Quarter 2020 Financial Summary
Fourth Quarter 2020 Financial Summary See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results GAAP ROIC = (GAAP TTM income from operations – GAAP Tax Impact) / (Average Invested Capital for last 5 quarters) Non-GAAP ROIC = (Non-GAAP TTM income from operations + Stock-based compensa
Slide 9: 2020 Revenue by Market Sector
2020 Revenue by Market Sector CY-20 Revenue by Mix and Market Sector For the Twelve Months Ended ($M) Dollars in Millions
Slide 10: 2020 Financial Summary
2020 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 compensation – Non-GAAP
Slide 11: Working Capital Update
Working Capital Update The CCC target is 78 to 83 days
Slide 12: 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 13: Cash Utilization
Cash Utilization Cash Flow from Operations Free Cash Flow Instituted a recurring cash dividend and increased share repurchases Strategic capital expenditures for future organic growth Opportunistic M&A to enhance technical capabilities Updated Capital Allocation Strategy in February 2018 (in million
Slide 14: Capital Allocation Update
Capital Allocation Update Cash Dividends Share Repurchases Cash Dividends Paid (in millions) Shares Repurchased (in millions, shares)
Slide 15: First Quarter 2021 Guidance
First 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 16: 2021 Goals and Initiatives
2021 Goals and Initiatives Jeff Benck - CEO
Slide 17: Trends by Market Sector
Trends by Market Sector cyz021 Revenue | a Sorter Outlook Medical @ Semi-Cap @ Aerospace & Defense Industrial @ Computing (6) Telco @® Revenue Guidance Jj-reenmy + Steady medical demand through 1H-21 + Expect large number of 2021 new program ramps with r + Demand outlook for Q1 rem: + Expect continu
Slide 18: 2021 Expectations
2021 Expectations Strength in Medical, Industrials, and Semi-cap High-Performance computing build out mid-year Expect higher-value markets >80% of total revenue Year-over-Year Revenue Growth
Slide 19: Environmental, Social & Governance (ESG) / Sustainability
Environmental, Social & Governance (ESG) / Sustainability Formation of the ESG / Sustainability Council at Benchmark With our Board acting as sponsor, the ESG/Sustainability Council includes a cross-functional team of leaders representing operations, HR, supply chain, regulatory compliance, marketin
Slide 20: Benchmark's ESG / Sustainability Journey
Benchmark’s ESG / Sustainability Journey Progress to Date Monitoring emissions and tracking energy reduction plans since 2012 Updated our Proxy Statement and Form 10-K disclosures in 2020 to reflect ESG efforts and support long term commitment Established an ESG / Sustainability Council with Board o
Slide 21: 2021 Key Strategic Initiatives
2021 Key Strategic Initiatives
Slide 22: Appendix
Appendix
Slide 23: 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 24: Reconciliation of GAAP to Non-GAAP Financial Measures
(Amounts in Thousands) – (UNAUDITED) APPENDIX 2 - Reconciliation of GAAP to Non-GAAP Financial Measures Twelve Month Ended Three Months Ended
Slide 25: Reconciliation of Free Cash Flow
(Amounts in Thousands) – (UNAUDITED) APPENDIX 3 - Reconciliation of Free Cash Flow Twelve Months Ended Three Months Ended