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2019 Annual Report Dear Shareholders

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2019 Annual Report Dear Shareholders 2019 annual report dear shareholders It is hard to believe I have just passed my one- 2019. Our sector strategies are driving disciplined year anniversary of assuming the role of CEO and customer and program selection, and our new key President of Benchmark. I have been incredibly wins reflect customers engaging with Benchmark for appreciative of the support and feedback from the full breadth of our capabilities. customers, employees, suppliers and shareholders An additional focus area was to accelerate our on our efforts to create a better Benchmark. Before engineering and solutions capabilities to provide a reflecting on 2019, I want to acknowledge the rapidly differentiated value proposition for our customers. evolving global events related to the novel coronavirus In addition to adding some incredibly talented (COVID-19). We are committed to protecting our engineering skills into our global team, we reached a employees and supporting our entire ecosystem as pivotal milestone in the fourth quarter of 2019 as we we manage through this unprecedented event. delivered the first production microelectronics units As I reflect on my decision to join Benchmark, I was from our new Benchmark Lark facility in Phoenix. As excited about the incredible depth and breadth of we have discussed, this is a greenfield location with skills and capabilities in the organization. Shortly after critical expertise in liquid crystal polymer substrates, arrival, I began observing firsthand the Benchmark RF and Micro-E. These capabilities, combined with solutions to some of the most complex design, our advanced SMT manufacturing and assembly engineering and manufacturing challenges I have ever capability on site, provide an unmatched value encountered; and I became ever more excited about proposition to the market. We look forward to the the potential! The missing ingredient for me was the continued scale of production in this location in the lack of an integrated and customer-centric go-to- coming year. market approach that would allow us to sell the entire Throughout 2019, we focused on operational efficiency capabilities of the organization. projects which lead to a strong year for free cash As a priority, I created and hired Benchmark’s first flow generation. We also returned over $140 million Chief Revenue Officer (CRO) to lead a unified selling in capital to shareholders through share repurchases process across a merged sales and marketing and our quarterly dividends. We delivered these organization. Throughout the year, we continued to results despite an unfortunate ransomware event that see momentum in our targeted higher-value markets disrupted our operations in the fourth quarter. as we built out and enhanced this go-to-market Looking ahead, we are focused on four strategic organization: Medical revenues were up 14% and themes in 2020 which underpin where we will spend Aerospace and Defense revenues were up over 6% our time this year to build a better Benchmark. First and from 2018. Semi-cap also began a rebound late in foremost, it all starts with our focus on the customer. We are changing our relationships with our customers Finally, we’re working to better engage our talent and from a more transactional mindset to that of a shift the culture of Benchmark. We have great people relationship where we become a stronger, trusted and are putting in place the infrastructure and tools partner by delivering incremental value through to drive empowerment, accountability and ownership our expanded set of services and differentiated across the organization to support a high-functioning technology. The result for us is revenue growth at the team and make Benchmark an even better place right target margin profile in alignment with customers, to work. We believe these are the right priorities for who recognize and reward us for the value we bring to where we are as an organization, and our senior their business. leadership team is aligned and engaged in driving Second, we are driving enterprise efficiencies these initiatives throughout the year. across the entire organization and have kicked off In closing, the year 2020 is beginning with uncertainty several project teams to drive a specific set of actions related to the global impacts from the coronavirus. aimed at further streamlining our business. Our aim However, Benchmark is operationally and financially is process standardization and consistency across strong, and we remain steadfast to adhering to health our operations to offer a One Benchmark experience and safety guidelines to support our teams as we to our customers and allow them to work seamlessly navigate near-term choppy waters. I want to thank across our network. Ultimately, the objective of this our dedicated employees for their hard work and initiative is to ensure best utilization of the assets of commitment this past year and their continued efforts the company and to expand operating margins. to drive innovation and excellence in support of our Next, we remain focused on investing in people, customers. We also greatly appreciate our process and solutions to accelerate the growth in customers, suppliers, and shareholders for their our business. As we have discussed over the past ongoing commitment and support of us during this several quarters, we have continued to invest in rich incredible journey. technical capabilities across our network to solve our customers’ most complex challenges. With our new facility ramping to production here in Phoenix, Arizona, we are bringing to market cutting-edge technology that can enable our customers to reduce Jeff Benck the size, weight and power of their sophisticated President and designs in the most challenging applications, such Chief Executive Officer as RF in the Aerospace and Defense markets or 3D hybrid integration (3DHI) for shrinking medical device designs. We are further investing in microelectronics assembly capability, both in the U.S. and in our Asia facilities. These technology investments are critical to increasing value to our customers and accelerating future revenue and margin expansion for Benchmark. Non-GAAP Financial Measures This shareholder letter includes certain financial measures measures that exclude certain items in order to better that exclude items and therefore are not in accordance with assess operating performance. The Company’s U.S. generally accepted accounting principles (“GAAP”). non‐GAAP information is not necessarily comparable to These non-GAAP measures include non-GAAP “free cash the non‐GAAP information used by other companies. flow”, which the Company defines as cash flow from Non‐GAAP information should not be viewed as a operations less additions to property, plant and equipment substitute for, or superior to, net income or other data and purchased software. Management discloses non‐ prepared in accordance with GAAP as a measure of GAAP information to provide investors with additional the Company’s profitability or liquidity. Readers should information to analyze the Company’s performance and consider the types of events and transactions for which underlying trends. Management uses non‐GAAP adjustments have been made. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ჲ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2019 or ჱ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number 1-10560 BENCHMARK ELECTRONICS, INC. (Exact name of registrant as specified in its charter) Texas 74-2211011 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 56 South Rockford Drive Tempe, Arizona 85281 (623) 300-7000 (Address, including zip code, and telephone number, including area code, of principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.10 per share BHE New York Stock Exchange, Inc. Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ჲ No ჱ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ჱ No ჲ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ჲ No ჱ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter periods that the registrant was required to submit such files). Yes ჲ No ჱ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ჲ Accelerated filer ჱ Non-accelerated filer ჱ Smaller reporting company ჱ Emerging growth company ჱ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ჱ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Act).
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