Slide 1: Fourth Quarter and Fiscal Year 2024 Results
Benchmark Electronics Fourth Quarter and Fiscal Year 2024 Results January 29, 2025
Slide 2: Today's Speakers
Today’s Speakers Jeff Benck, Bryan Schumaker, President and CEO EVP and CFO
Slide 3: 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 4: Fourth Quarter 2024 Results
Fourth Quarter 2024 Results * • Revenue of $657M was in-line with guidance - Solid year-over-year growth in Semi-Cap, A&D and Industrials - Offset by anticipated softness in Medical and AC&C • GAAP EPS of $0.50 and non-GAAP EPS of $0.61 • GAAP and non-GAAP gross margin of 10.3% and 10.4% • GAAP oper
Slide 5: Fiscal Year 2024 Results
Fiscal Year 2024 Results * • Revenue of $2.7 billion, down 6% year-over-year - Strength in Semi-Cap and A&D - Industrials improved in the back half; Medical and AC&C remained challenged • GAAP and non-GAAP gross margin of 10.2%, expanded 70 and 60 basis points year-over-year • GAAP operating margin
Slide 6: Fourth Quarter 2024 Revenue by Market Sector
Fourth Quarter 2024 Revenue by Market Sector 18% 13% Revenue by Mix and Market Sector (Dollars in Millions) Q4-23 Q3-24 Q4-24 18% Q4-24 30% Sector Semi-Cap Revenue Mix % $168 24% Revenue Mix % $188 28% Revenue Mix % $198 30% Q/Q 6% Y/Y 18% Complex Industrials $132 19% $151 23% $140 21% (7%) 5% Medic
Slide 7: Fourth Quarter 2024 Financial Summary
Fourth Quarter 2024 Financial Summary * (Dollars in Millions, except EPS) Q4-23 Q3-24 Q4-24 Q/Q Y/Y Net Sales $691 $658 $657 0% (5%) GAAP Gross Margin 10.3% 10.1% 10.3% 20 bps 0 bps GAAP SG&A $35.6 $36.6 $37.5 2% 5% GAAP Operating Margin 4.6% 4.3% 4.3% 0 bps (30) bps GAAP Diluted EPS $0.49 $0.42 $0.
Slide 8: Fiscal Year 2024 Revenue by Market Sector
Fiscal Year 2024 Revenue by Market Sector 18% Revenue by Mix and Market Sector 16% (Dollars in Millions) FY 2023 FY 2024 FY-24 27% Sector Revenue Mix % Revenue Mix % Y/Y 17% Semi-Cap $646 23% $723 27% 12% Complex Industrials $596 21% $573 22% (4%) Medical $557 20% $451 17% (19%) 22% A&D $362 13% $43
Slide 9: Fiscal Year 2024 Financial Summary
Fiscal Year 2024 Financial Summary * (Dollars in Millions, except EPS) FY 2023 FY 2024 Y/Y (%) Net Sales $2,839 $2,656 (6%) GAAP Gross Margin 9.5% 10.2% 70 bps GAAP SG&A $147.0 $149.5 2% GAAP Operating Margin 3.9% 4.1% 20 bps GAAP Diluted EPS $1.79 $1.72 (4%) GAAP ROIC 7.3% 7.7% 40 bps Non-GAAP Gros
Slide 10: Trended Non-GAAP Results
Trended Non-GAAP Results* (Dollars in Millions, except EPS) Sales Operating Income and Margin 5.5% 5.3% 5.1% 5.1% 4.9% $691 $676 $666 $658 $657 $38 $35 $33 $34 $33 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Non-GAAP operating income Non-GAAP operating margin Gross Profit and Margin
Slide 11: Cash Conversion Cycle Update
Cash Conversion Cycle Update Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Accounts Receivable Days 59 56 51 51 57 Contract Asset Days 23 24 25 26 23 Inventory Days 99 94 90 89 85 Accounts Payable Days (53) (52) (52) (54) (54) Advance Payments from Customers Days (30) (28) (24) (22) (22) Cash Conversion Cycle Days
Slide 12: Liquidity Update
Liquidity Update • Continued inventory reductions, (In Millions) FY 2023 FY 2024 Q4-23 Q3-24 Q4-24 contributing to Free Cash Flow Cash Flows from Operations $174 $189 $137 $39 $46 • Further reduced revolving debt FCF (1) $97 $156 $126 $29 $37 balance Cash $283 $328 $283 $324 $328 • Strong balance sh
Slide 13: Capital Allocation Update
Capital Allocation Update • Capex for Fiscal Year 2025 expected to be $65 - $75 million Capital • In FY 2024, paid $33 million in capital expenditures • Continuing to support current Expenditures • Capital expenditures tightly aligned to future organic growth objectives dividend • Will evaluate shar
Slide 14: First Quarter 2025 Guidance
First Quarter 2025 Guidance * Non-GAAP earnings per share guidance excludes stock-based compensation and other non-operating expenses including restructuring, amortization and other expenses. This guidance takes into consideration all known constraints for the quarter and assumes no further signific
Slide 15: Sector Outlook
Sector Outlook Q1-25 2025 Sector Commentary Q/Q Y/Y • Breaking ground on building #4 in Penang in support of Semi-Cap expansion Semi-Cap • Expect >10% growth in 2025 on further new program ramps • Growth is being largely driven by share gain in wafer fab equipment • Q4 grew Y/Y as expected, full yea
Slide 16: Year End Summary
Year End Summary Progress Toward Key Objectives 1. Manage demand volatility while continuing to progress toward improved profitability ─ Continued non-GAAP Gross and Operating Margin expansion despite modest revenue decline 2. Drive Free Cash Flow ─ Reduced inventory by ~$130M ─ Delivered $156M in F
Slide 17: Appendix
Appendix Benchmark 17 Copyright © 2025 by original author Benchmark Electronics, Inc. Not to be reproduced, distributed, or used in any means without written permission by Benchmark.
Slide 18: Reconciliation of GAAP to non-GAAP Financial Results
APPENDIX 1 - Reconciliation of GAAP to non-GAAP Financial Results (Dollars in Thousands, Except Per Share Data) – (UNAUDITED) Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, December 31, 2024 2024 2024 2024 2023 2023 2023 2024 2023 Inco