8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 03, 2023

BENCHMARK ELECTRONICS, INC.

(Exact name of Registrant as Specified in Its Charter)

Texas	001-10560	74-2211011
(State or Other Jurisdiction<br>of Incorporation)	(Commission File Number)	(IRS Employer<br>Identification No.)
56 South Rockford Drive
Tempe, Arizona		85288
(Address of Principal Executive Offices)		(Zip Code)
Registrant’s Telephone Number, Including Area Code: (623) 300-7000
---
Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading<br>Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10 per share	BHE	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

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. ☐

Item 2.02 Results of Operations and Financial Condition.

On May 3, 2023, Benchmark Electronics, Inc. (the “Company”) issued a press release announcing its results of operations for the quarter and year ended December 31, 2022. A copy of the press release and accompanying investor presentation are attached hereto as Exhibits 99.1 and 99.2, respectively, and incorporated by reference herein. The information disclosed under this Item 2.02, including Exhibits 99.1 and 99.2 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press release, dated May 3, 2023
99.2	Investor presentation, dated May 3, 2023
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			BENCHMARK ELECTRONICS, INC.
Date:	May 3, 2023	By:	/s/ Stephen J. Beaver
			Stephen J. Beaver, Esq.<br>Senior Vice President, General Counsel and Chief Legal Officer

EX-99

Exhibit 99.1

FOR IMMEDIATE RELEASE

BENCHMARK REPORTS FIRST QUARTER 2023 RESULTS

First quarter 2023 results:

• Revenue of $695 million, up 9% year-over-year led by:

o Advanced Computing growth of 74%

o Medical growth of 17%

o Next Generation Communications growth of 45%

• GAAP operating income of $23 million, up 48% year-over-year

• Non-GAAP(1) operating income of $26 million, up 21% year-over-year

• GAAP diluted EPS of $0.35, up 13% year-over-year

TEMPE, AZ, May 3, 2023 – Benchmark Electronics, Inc. (NYSE: BHE) today announced financial results for the first quarter ended March 31, 2023.

	Three Months Ended
	March 31,			Dec 31,			March 31,
In millions, except EPS	2023			2022			2022
Sales	$	695		$	751		$	636
Net income	$	12		$	21		$	11
Income from operations	$	23		$	27		$	15
Net income – non-GAAP(1)	$	15		$	21		$	16
Income from operations – non-GAAP(1)	$	26		$	33		$	21
Diluted earnings per share	$	0.35		$	0.60		$	0.31
Diluted EPS – non-GAAP(1)	$	0.42		$	0.60		$	0.44
Operating margin		3.3	%		3.6	%		2.4	%
Operating margin – non-GAAP(1)		3.7	%		4.3	%		3.4	%

(1) A reconciliation of GAAP and non-GAAP results is included below.

"Our first quarter results include double-digit year-over-year product shipment growth despite the pause in Semi-Cap spending, demonstrating the power of our sector diversification,” said Jeff Benck, Benchmark’s President and CEO.

Benck continued “While 2023 has already been a dynamic year, we are encouraged by the demand trends we are experiencing across the majority of our sectors. Coupled with our continued execution, we remain confident in our outlook for the current year as well as our ability to execute to our long-term targets.”

Cash Conversion Cycle

	Mar 31,			Dec 31,			Mar 31,
	2023			2022			2022
Accounts receivable days		60			59			54
Contract asset days		25			22			24
Inventory days		111			97			95
Accounts payable days		(60	)		(56	)		(71	)
Advance payments from customers days		(27	)		(26	)		(20	)
Cash Conversion Cycle days		109			96			82

First Quarter 2023 Industry Sector Update

Revenue and percentage of sales by industry sector (in millions) were as follows.

	Mar 31,				Dec 31,				Mar 31,
Higher-Value Markets	2023				2022				2022
Medical	$	137	20	%	$	144	19	%	$	117	18	%
Semi-Cap		149	21			178	24			183	29
A&D		79	11			90	12			82	13
Industrials		144	21			143	19			137	22
Advanced Computing		96	14			92	12			55	8
Next Gen Communications		90	13			104	14			62	10
Total	$	695	100	%	$	751	100	%	$	636	100	%

Overall, revenues were up 9% year-over-year from strength in the Advanced Computing, Next Gen Communications, Industrials, and Medical sectors.

Second Quarter 2023 Guidance

• Revenue between $670 - $710 million

• Diluted GAAP earnings per share between $0.35 - $0.41

• Diluted non-GAAP earnings per share between $0.43 - $0.49 (excluding restructuring charges and other costs and amortization of intangibles)

• This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers.

Restructuring charges are expected to range between $1.8 million and $2.2 million in the second quarter and the amortization of intangibles is expected to be $1.6 million in the second quarter.

First Quarter 2023 Earnings Conference Call

The Company will host a conference call to discuss the results today at 5:00 p.m. Eastern Time. The live webcast of the call and accompanying reference materials will be accessible by logging on to the Company's website at www.bench.com. A replay of the broadcast will also be available on the Company's website.

About Benchmark Electronics, Inc.

Benchmark provides comprehensive solutions across the entire product life cycle by leading through its innovative technology and engineering design services, leveraging its optimized global supply chain and delivering world-class manufacturing services in the following industries: commercial aerospace, defense, advanced computing, next generation telecommunications, complex industrials, medical, and semiconductor capital equipment. Benchmark's global operations include facilities in seven countries and its common shares trade on the New York Stock Exchange under the symbol BHE.

For More Information, Please Contact:

Paul Mansky, Investor Relations and Corporate Development

512-580-2719 or paul.mansky@bench.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, express or implied, concerning the Company’s outlook and guidance for second quarter and fiscal year 2023 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges and amortization of intangibles, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continued inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including trade restrictions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of the Company's operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update.

Non-GAAP Financial Measures

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 certain 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.

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Statements of Income

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

	Three Months Ended
	March 31,
	2023			2022
Sales	$	694,695		$	636,083
Cost of sales		630,737			578,481
Gross profit		63,958			57,602
Selling, general and administrative expenses		38,198			36,289
Amortization of intangible assets		1,592			1,609
Restructuring charges and other costs		1,426			4,297
Income from operations		22,742			15,407
Interest expense		(6,450	)		(1,750	)
Interest income		1,258			130
Other income (expense), net		(2,165	)		(294	)
Income before income taxes		15,385			13,493
Income tax expense		3,025			2,533
Net income	$	12,360		$	10,960
Earnings per share:
Basic	$	0.35		$	0.31
Diluted	$	0.35		$	0.31
Weighted-average number of shares used in calculating earnings per share:
Basic		35,336			35,245
Diluted		35,592			35,470

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(UNAUDITED)

(in thousands)

	March 31,		December 31,
	2023		2022
Assets
Current assets:
Cash and cash equivalents	$	210,893	$	207,430
Restricted cash		797		—
Accounts receivable, net		461,905		491,957
Contract assets		194,134		183,613
Inventories		778,137		727,749
Other current assets		45,006		41,400
Total current assets		1,690,872		1,652,149
Property, plant and equipment, net		221,016		211,478
Operating lease right-of-use assets		95,156		93,081
Goodwill and other, net		271,604		270,623
Total assets	$	2,278,648	$	2,227,331
Liabilities and Shareholders’ Equity
Current liabilities:
Current installments of long-term debt and finance lease obligations	$	3,456	$	4,275
Accounts payable		421,746		424,272
Advance payments from customers		185,808		197,937
Accrued liabilities		100,853		122,652
Total current liabilities		711,863		749,136
Long-term debt and finance lease obligations, less current installments		399,924		320,675
Operating lease liabilities		87,561		86,687
Other long-term liabilities		44,674		44,417
Shareholders’ equity		1,034,626		1,026,416
Total liabilities and shareholders’ equity	$	2,278,648	$	2,227,331

Benchmark Electronics, Inc. and Subsidiaries

Condensed Consolidated Statement of Cash Flows

(in thousands)

(UNAUDITED)

	Three Months Ended
	March 31,
	2023			2022
Cash flows from operating activities:
Net income	$	12,360		$	10,960
Depreciation and amortization		11,100			10,897
Stock-based compensation expense		4,790			4,206
Accounts receivable, net		30,398			(26,356	)
Contract assets		(10,521	)		(13,431	)
Inventories		(49,864	)		(85,751	)
Accounts payable		15,375			35,869
Advance payments from customers		(12,129	)		34,002
Other changes in working capital and other, net		(26,415	)		(38,421	)
Net cash used in operations		(24,906	)		(68,025	)
Cash flows from investing activities:
Additions to property, plant and equipment and software		(38,731	)		(17,975	)
Other investing activities, net		19			1,330
Net cash used in investing activities		(38,712	)		(16,645	)
Cash flows from financing activities:
Share repurchases		—			(5,482	)
Net debt activity		78,316			72,959
Other financing activities, net		(11,292	)		(8,343	)
Net cash provided by financing activities		67,024			59,134
Effect of exchange rate changes		854			(1,278	)
Net increase (decrease) in cash and cash equivalents and restricted cash		4,260			(26,814	)
Cash and cash equivalents and restricted cash at beginning of year		207,430			271,749
Cash and cash equivalents and restricted cash at end of period	$	211,690		$	244,935

Benchmark Electronics, Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Financial Results

(Amounts in Thousands, Except Per Share Data)

(UNAUDITED)

	Three Months Ended
	Mar 31,			Dec 31,			Mar 31,
	2023			2022			2022
Income from operations (GAAP)	$	22,742		$	26,946		$	15,407
Amortization of intangible assets		1,592			1,592			1,609
Restructuring charges and other costs		1,426			799			2,314
Loss on assets held for sale		—			—			1,983
Settlement		—			3,250			—
Non-GAAP income from operations	$	25,760		$	32,587		$	21,313
GAAP operating margin		3.3	%		3.6	%		2.4	%
Non-GAAP operating margin		3.7	%		4.3	%		3.4	%
Gross Profit (GAAP)	$	63,958		$	72,127		$	57,602
Non-GAAP gross profit	$	63,958		$	72,127		$	57,602
GAAP gross margin		9.2	%		9.6	%		9.1	%
Non-GAAP gross margin		9.2	%		9.6	%		9.1	%
Selling, general and administrative expenses	$	38,198		$	39,540		$	36,289
Non-GAAP selling, general and administrative expenses	$	38,198		$	39,540		$	36,289
Net income (GAAP)	$	12,360		$	21,219		$	10,960
Amortization of intangible assets		1,592			1,592			1,609
Restructuring charges and other costs		1,426			799			2,314
Loss on the sale of property, plant and equipment		—			—			1,983
Settlement		—			(2,344	)		—
Income tax adjustments(1)		(516	)		(5	)		(1,206	)
Non-GAAP net income	$	14,862		$	21,261		$	15,660
Diluted earnings per share:
Diluted (GAAP)	$	0.35		$	0.60		$	0.31
Diluted (Non-GAAP)	$	0.42		$	0.60		$	0.44
Weighted-average number of shares used in calculating diluted earnings per share:
Diluted (GAAP)		35,592			35,630			35,470
Diluted (Non-GAAP)		35,592			35,630			35,470
Net cash used in operations	$	(24,906	)	$	(52,749	)	$	(68,025	)
Additions to property, plant and equipment and software		(38,731	)		(13,180	)		(17,975	)
Free cash flow (used)	$	(63,637	)	$	(65,929	)	$	(86,000	)

(1) This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.

Benchmark Electronics First Quarter 2023 Earnings May 3, 2023

Forward-Looking 2023 Statements This document contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts and may include words such as “anticipate,” “believe,” “intend,” “plan,” “project,” “forecast,” “strategy,” “position,” “continue,” “estimate,” “expect,” “may,” “will,” “could,” “predict,” and similar expressions of the negative or other variations thereof. In particular, statements, express or implied, concerning the Company’s outlook and guidance for second quarter 2023 results, future operating results or margins, the ability to generate sales and income or cash flow, expected revenue mix, the Company’s business strategy and strategic initiatives, the Company’s repurchases of shares of its common stock, the Company’s expectations regarding restructuring charges and amortization of intangibles, and the Company’s intentions concerning the payment of dividends, among others, are forward-looking statements. Although the Company believes these statements are based on and derived from reasonable assumptions, they involve risks, uncertainties and assumptions that are beyond the Company’s ability to control or predict, relating to operations, markets and the business environment generally, including those discussed under Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in any of the Company’s subsequent reports filed with the Securities and Exchange Commission. Events relating to the possibility of customer demand fluctuations, supply chain constraints, continued inflationary pressures, the effects of foreign currency fluctuations and high interest rates, geopolitical uncertainties including trade restrictions, or the ability to utilize the Company’s manufacturing facilities at sufficient levels to cover its fixed operating costs, may have resulting impacts on the Company’s business, financial condition, results of operations, and the Company’s ability (or inability) to execute on its plans. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes, including the future results of our operations, may vary materially from those indicated. Undue reliance should not be placed on any forward-looking statements. Forward-looking statements are not guarantees of performance. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and the Company assumes no obligation to update. Non-GAAP Financial Information 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 certain 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.

First Quarter 2023 Results Achieved 9% year-over-year revenue growth to $695 million, with double-digit growth in 3 of 6 sectors GAAP and non-GAAP gross margin of 9.2% GAAP and non-GAAP operating margin of 3.3% and 3.7%, respectively GAAP and non-GAAP EPS of $0.35 and $0.42, respectively All items below adjusted for supply chain premiums*: Revenue grew 17% year-over-year, with double-digit growth in 4 of 6 sectors Non-GAAP gross margin of 9.5% and non-GAAP operating margin of 3.8% * Component pass-through revenue for supply chain premiums with no impact on non-GAAP operating income or EPS

Roop Lakkaraju Chief Financial Officer

First Quarter GAAP Revenue by Market Sector Q1-23 Mar 31, 2023 Revenue by Mix and Market Sector Dec 31, 2022 Mar 31, 2022 For the Three Months Ended Dollars in Millions Sector   Mix % Revenue   Mix % Revenue Q/Q Growth   Mix % Revenue Y/Y Growth Medical   20% $137   19% $144 (5%)   18% $117 17% Semi-Cap   21% $149   24% $178 (16%)   29% $183 (19%) Aerospace & Defense   11% $79   12% $90 (12%)   13% $82 (2%) Industrials   21% $144   19% $143 1%   22% $137 5% Advanced Computing   14% $96   12% $92 4%   8% $55 74% Next Gen Comms   13% $90   14% $104 (13%)   10% $62 45% Total Revenue 100% $695 100% $751 (7%) 100% $636 9%

Sector Results Excluding Supply Chain Premium Q1-23 Results ($MM) Total Revenue Supply chain premiums (SCP) Revenue adjusted for SCP Year-over-Year growth adjusted for SCP Medical $137 $(5) $132 26% Semi-Cap $149 $(2) $147 (16)% A&D $79 $- $79 (2%) Industrials $144 $(8) $136 24% Adv. Computing $96 $- $96 81% Next Gen Comms $90 $(3) $87 53% See APPENDIX 3 for a reconciliation of GAAP to non-GAAP Financial Results

First Quarter 2023 Financial Summary (Dollars in millions, except EPS) Mar 31, 2023 Dec 31, 2022 Q/Q Mar 31, 2022 Y/Y Net Sales $695 $751 (7%) $636 9% GAAP Gross Margin 9.2% 9.6% (40) bps 9.1% 10 bps GAAP SG&A $38.2 $39.5 (3%) $36.3 5% GAAP Operating Margin 3.3% 3.6% (30) bps 2.4% 90 bps GAAP Diluted EPS $0.35 $0.60 (42%) $0.31 13% GAAP ROIC 7.4% 7.4% 0 bps 5.6% 180 bps Net Sales $695 $751 (7%) $636 9% Non-GAAP Gross Margin 9.2% 9.6% (40) bps 9.1% 10 bps Non-GAAP SG&A $38.2 $39.5 (3%) $36.3 5% Non-GAAP Operating Margin 3.7% 4.3% (60) bps 3.4% 30 bps Non-GAAP Diluted EPS $0.42 $0.60 (30%) $0.44 (5%) Non-GAAP ROIC 9.6% 9.9% (30) bps 9.3% 30 bps 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 Tax Impact) ÷ [Average Invested Capital for last 5 quarters]

Non-GAAP Financial Summary Excluding Supply Chain Premiums (Dollars in millions, except EPS) See APPENDIX 1 and APPENDIX 2 for reconciliations of GAAP to non-GAAP Financial Results

Cash Conversion Cycle Update

Liquidity and Capital Resources (1) Free cash flow (FCF) defined as net cash provided by (used in) operations less capex Debt Structure (In millions) Senior Secured Term Loan $130 Revolving Credit Facility Drawn Amount $275 * Leverage ratio is Net debt/LTM adjusted EBITDA, as defined in the credit facility, which are non-GAAP measures Expanded revolver by $100M on existing terms Cash Flow from Operations primarily impacted by inventory Forecasting $70-$90M of Free Cash Flow generation in 2023 For the Three Months Ended Cash (In millions) Mar 31, 2023 Dec 31, 2022 Mar 31, 2022 Cash Flows from (used in) Operations ($25) ($53) ($68) FCF (1) ($64) ($66) ($86) Cash $212 $207 $245 International $192 $168 $151 US $20 $39 $94

Capital Allocation Update Dividends Quarterly dividend of $0.165 per share totaling $5.8 million paid in January 2023 Recurring quarterly dividend of $0.165 per share paid to shareholders as of March 31, 2023 on April 13, 2023 Recurring quarterly dividends to continue until further notice Share Repurchases No Share repurchases in Q1 2023 Share repurchase program remaining authorization of $155 million as of March 31, 2023

Second Quarter 2023 Guidance Q2-2023 Net Sales* $670 - $710 million Diluted EPS – GAAP $0.35 - $0.41 Diluted EPS – non-GAAP $0.43 - $0.49 Operating Margin – non-GAAP 3.9% - 4.1% Other Expenses, Net $7 million Effective Tax Rate 18% - 20% Weighted Average Shares ~ 35.6 million * Guidance does not include supply chain premium revenue This guidance takes into consideration all known constraints for the quarter and assumes no further significant interruptions to our supply base, operations or customers.

Business Trends Jeff Benck - CEO

Sector Outlook* * Excludes supply chain premiums (SCP) revenue in forecast and comparable period(s) Q2-23 Q/Q FY2023 Y/Y Sector Commentary Medical Strong demand in existing programs and new ramps in progress Improving supply chain Semi-Cap New wins start to ramp in 2H-23 Currently anticipate sequentially flat to up through rest of the year A&D Commercial aero strength and improving supply chain drive sequential growth New wins and Defense program ramps drive 2023 growth Industrials New customer revenues in environmental solutions and energy efficiency driving annual growth Adv. Computing 2H-23 growth dependent upon timing of new HPC program wins and ramps Next Gen Comms Program wins continue to ramp but slower than expected Potential for comms infrastructure deployment push-out weighing on mid-year outlook See APPENDIX 3 for a reconciliation of GAAP to non-GAAP Financial Results

First Quarter 2023 New Business Wins Medical Automatic external defibrillator (Manufacturing) Minimally invasive surgical system (Manufacturing) Next generation CT scanner platform (Manufacturing) Semi-Cap Wafer test platform (Design) Vacuum system (Design) Aerospace & Defense Commercial aerospace eVTOL solutions (Manufacturing) Defense space optical application (Manufacturing) RF design for defense application (Engineering) Industrials Wireless seismic detection and prediction (Manufacturing) Flow control valve for the energy market (Manufacturing) Multi-function device for electrical installation safety and performance testing (Engineering) Advanced Computing & Next Generation Comms Smart municipal light control and energy management device (Engineering, Manufacturing)

Summary Published second annual sustainability report (bench.com/sustainability) Delivered 17% revenue growth* and 21% non-GAAP operating income growth year-over-year Strategically diversified portfolio enabled year-over-year growth in 4 of 6 sectors* Expecting growth in at least 4 of 6 sectors in 2023* Investing in Semi-Cap for anticipated return to growth in 2024 Supply chain remains a challenge, but continued improvement expected in 2023 * Excluding supply chain premium revenue in forecast and comparable period(s).

Appendix

(Dollars in Thousands, Except Per Share Data) – (UNAUDITED) APPENDIX 1 - Reconciliation of GAAP to non-GAAP Financial Results

(Dollars in Millions) – (UNAUDITED) APPENDIX 2 - Reconciliation of Supply Chain Premiums

(Dollars in Millions) – (UNAUDITED) APPENDIX 3 - Reconciliation of Supply Chain Premiums by Sector