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Press Release: Benchmark Reports Fourth Quarter -2-

· 02/04/2021 16:07
Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (UNAUDITED) (in thousands) December 31, December 31, 2020 2019 Assets Current assets: Cash and cash equivalents $ 390,808 $ 347,558 Restricted cash 5,182 16,398 Accounts receivable, net 309,331 324,424 Contract assets 142,779 161,061 Inventories 327,377 314,956 Other current assets 26,874 30,685 Total current assets 1,202,351 1,195,082 Property, plant and equipment, net 185,272 205,819 Operating lease right-of-use assets 79,966 76,859 Goodwill and other, net 276,646 282,114 Total assets $ 1,744,235 $ 1,759,874 Liabilities and Shareholders' Equity Current liabilities: Current installments of long-term debt and finance lease obligations $ 9,161 $ 8,825 Accounts payable 282,208 302,994 Advance payments from customers 84,122 37,511 Accrued liabilities 105,645 109,915 Total current liabilities 481,136 459,245 Long-term debt and finance lease obligations, less current installments 131,051 138,912 Operating lease liabilities 72,120 67,898 Other long-term liabilities 70,340 78,987 Shareholders' equity 989,588 1,014,832 Total liabilities and shareholders' equity $ 1,744,235 $ 1,759,874 Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Statement of Cash Flows (in thousands) (UNAUDITED) Year Ended December 31, 2020 2019 Cash flows from operating activities: Net income $14,055 $23,425 Depreciation and amortization 48,792 48,427 Stock-based compensation expense 10,398 10,194 Accounts receivable, net 13,586 134,926 Contract assets 18,282 (20,979) Inventories (10,799) (5,238) Accounts payable (15,553) (121,860) Advance payments from customers 46,612 9,254 Other changes in working capital and other, net (4,935) 14,987 Net cash provided by operations 120,438 93,136 Cash flows from investing activities: Additions to property, plant and equipment and software (39,519) (35,118) Other investing activities, net 5,136 255 Net cash used in investing activities (34,383) (34,863) Cash flows from financing activities: Share repurchases (25,220) (122,110) Net debt activity (7,987) (6,794) Other financing activities, net (24,319) (23,933) Net cash used in financing activities (57,526) (152,837) Effect of exchange rate changes 3,505 418 Net increase (decrease) in cash and cash equivalents and restricted cash 32,034 (94,146) Cash and cash equivalents and restricted cash at beginning of year 363,956 458,102 Cash and cash equivalents and restricted cash at end of year $395,990 $363,956 Benchmark Electronics, Inc. and Subsidiaries Reconciliation of GAAP to Non-GAAP Financial Results (Amounts in Thousands, Except Per Share Data) (UNAUDITED) Three Months Ended Year Ended Dec 31, Sep 30, Dec 31, Dec 31, 2020 2020 2019 2020 2019 Income (loss) from operations (GAAP) $11,857 $8,659 $(9,281) $25,134 $28,545 Restructuring charges and other costs 4,490 1,425 2,268 13,227 13,101 Ransomware incident related costs (recovery), net (45) (1,558) 7,681 (1,350) 7,681 Settlement -- -- (773) -- -- Impairment -- 5,736 -- 6,743 -- Customer insolvency (recovery) (553) (796) 11,036 (1,702) 8,278 Amortization of intangible assets 1,979 2,368 2,366 9,099 9,461 Non-GAAP income from operations $17,728 $15,834 $13,297 $51,151 $67,066 Gross Profit (GAAP) $50,661 $46,354 $37,313 $175,048 $185,528 Settlement -- -- (773) -- -- Customer insolvency (recovery) (553) (796) 967 (1,702) (73) Non-GAAP gross profit $50,108 $45,558 $37,507 $173,346 $185,455 Net income (loss) (GAAP) $7,695 $5,915 $(6,931) $14,055 $23,425 Restructuring charges and other costs 4,490 1,425 2,268 13,227 13,426 Ransomware incident related costs (recovery), net (45) (1,558) 7,681 (1,350) 7,681 Customer insolvency (recovery) (553) (796) 11,036 (1,702) 8,278 Amortization of intangible assets 1,979 2,368 2,366 9,099 9,461 Settlements -- -- (773) -- (3,021) Impairment -- 5,736 -- 6,743 -- Income tax adjustments(1) (1,006) (1,458) (5,385) (5,157) (8,095) Non-GAAP net income $12,560 $11,632 $10,262 $34,915 $51,155 Diluted earnings (loss) per share: Diluted (GAAP) $0.21 $0.16 $(0.19) $0.38 $0.60 Diluted (Non-GAAP) $0.34 $0.32 $0.27 $0.95 $1.32 Weighted-average number of shares used in calculating diluted earnings (loss) per share: Diluted (GAAP) 36,596 36,544 36,928 36,817 38,763 Diluted (Non-GAAP) 36,596 36,544 37,374 36,817 38,763 (1) This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.Benchmark Electronics, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Amounts in Thousands, Except Per Share Data) (UNAUDITED) Three Months Ended Year Ended December 31, December 31, 2020 2019 2020 2019 Sales $521,250 $508,444 $2,053,131 $2,268,095 Cost of sales 470,589 471,131 1,878,083 2,082,567 Gross profit 50,661 37,313 175,048 185,528 Selling, general and administrative expenses 32,380 34,279 122,195 126,740 Amortization of intangible assets 1,979 2,366 9,099 9,461 Restructuring charges and other costs 4,490 2,268 19,970 13,101 Ransomware incident related costs (recovery), net (45) 7,681 (1,350) 7,681 Income (loss) from operations 11,857 (9,281) 25,134 28,545 Interest expense (2,175) (1,650) (8,364) (6,664) Interest income 156 745 1,196 3,829 Other income (expense), net (482) (717) (673) 1,559 Income (loss) before income taxes 9,356 (10,903) 17,293 27,269 Income tax expense 1,661 (3,972) 3,238 3,844 Net income (loss) $7,695 $(6,931) $14,055 $23,425 Earnings (loss) per share: Basic $0.21 $(0.19) $0.38 $0.61 Diluted $0.21 $(0.19) $0.38 $0.60 Weighted-average number of shares used in calculating earnings per share: Basic 36,402 36,928 36,524 38,338 Diluted 36,596 36,928 36,817 38,763

Management discloses non--GAAP information to provide investors with additional information to analyze the Company's performance and underlying trends. A detailed reconciliation between GAAP results and results excluding special items ("non-GAAP") is included in the following tables attached to this document. In situations where a non-GAAP reconciliation has not been provided, the Company was unable to provide such a reconciliation without unreasonable effort due to the uncertainty and inherent difficulty predicting the occurrence, the financial impact and the periods in which the non-GAAP adjustments may be recognized. Management uses non--GAAP measures that exclude certain items in order to better assess operating performance and help investors compare results with our previous guidance. This document also references "free cash flow", which the Company defines as cash flow from operations less additions to property, plant and equipment and purchased software. The Company's non--GAAP information is not necessarily comparable to the non--GAAP information used by other companies. Non--GAAP information should not be viewed as a substitute for, or superior to, net income or other data prepared in accordance with GAAP as a measure of the Company's profitability or liquidity. Readers should consider the types of events and transactions for which adjustments have been made.

For comparative purposes, certain prior year amounts have been reclassified to conform to the current year presentation.

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February 04, 2021 16:07 ET (21:07 GMT)