BenchmarkInvestor PresentationAugust 2019

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Forward-Looking StatementsThis 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,” “predict” and similar expressions, and the negatives thereof, often identify forward-looking statements, which are not limited to historical facts. Forward-looking statements include, among other things: guidance for 2019 results; statements, express or implied, concerning future operating results or margins, the ability to generate sales and income or cash flow; and Benchmark’s business and growth strategies and expected growth and performance. Although Benchmark believes these statements are based upon reasonable assumptions, they involve risks and uncertainties relating to operations, markets and the business environment generally. If one or more of these risks or uncertainties materializes, or underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated. Readers are advised to consult further disclosures on these risks and uncertainties, particularly in Item 1A, “Risk Factors”, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 and in its subsequent filings with the Securities and Exchange Commission. All forward-looking statements included in this document are based upon information available to the Company as of the date of this document, and it assumes no obligation to update them.

Non-GAAP Financial InformationThis document includes certain financial measures that exclude items and therefore are not in accordance with U.S. generally accepted accounting principles (“GAAP”). A detailed reconciliation between GAAP results and results excluding special items (“non-GAAP”) is included in the Appendix of this document. Management discloses non‐GAAP information to provide investors with additional information to analyze the Company’s performance and underlying trends. 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.

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Benchmark: Leading Global Provider of Services & Solutions

Founded:1986

Stock Symbol:NYSE: BHE

Employees:~10,300

Locations:8 countries

Sales Mix:55% United States45% International

Who We Are ► Global provider of engineering services, integrated technology solutions, and

manufacturing services for complex products

► Well positioned to capitalize on increasing outsourcing in higher-value markets: Industrial; Medical; Aerospace and Defense; and Semi - Cap

► Strong financial position with attractive cash flow generation and disciplined capital allocation

Our Value Creation Goals

► Continue portfolio transition to higher-value markets at the right balance of mix and profitability

► Revenue CAGR >10% annual revenue growth in higher-value markets

► Grow ROIC >12% target

► Continue to return FCF to shareholders

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► Design for Manufacturability► Manufacturing Process and Test Development► Concurrent & Sustaining Engineering► Turnkey Product Design► Regulatory Services

LEAD with Engineering Services

Customer Engagement Approach to Drive Revenue & Profit

MERGE with Technical Solutions

UNIFY with Manufacturing Services

► Medical Platforms► Secure Defense Solutions► Surveillance Systems► RF & High Speed Design► IoT Front-End Architecture

► PCBAs, Modules, & Systems► Precision Machining and Grinding► Microelectronics► Logistics and Product Life Cycle Mgt.

Customer

CUSTOMER BENEFITS:• Faster Time-to-Market

• Ability to Prioritize Internal Resources on Differentiating Capabilities

• Multi-valued Partner

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Scottsdale, AZ

Rochester, MN

Suzhou, China

Brasov, Romania

Fredericksburg, VANashua, NH

Angleton, TXTijuana, MexicoMoorpark, CA

Concord, CA

Ayudhaya, ThailandKorat, Thailand

Huntsville, AL

Guadalajara, Mexico

Fremont, CASanta Ana, CA

Tempe, AZ

Penang, Malaysia

Product Design & Engineering

Technology SolutionsElectronics ManufacturingInternational Purchasing Office

Benchmark Locations

Precision TechnologiesCorporate Headquarters

Almelo, The Netherlands

27 Locations8 Countries~10,300 Employees

Singapore

Austin, TX

Arden Hills, MN

Winona, MN

Phoenix, AZ

© 2018 Benchmark Electronics, Inc.| 6

Aging Population & Increasing Healthcare Needs► Advanced treatment therapies► Remote patient monitoring

► Effective pharmaceutical delivery

► Performance-based outcomes

Requirement for Higher Bandwidth and Speed► Application growth: Smart cities, IoT, asset tracking, autonomous driving

► Convergence of Defense and Telco process requirements

► Electronics value chain: higher chip demand and mixed SMT/ microelectronics subassemblies

Increase in Defense Spending► Upgrade of land, air, and sea platforms

► Sufficiency and capability of munitions

► Advanced electronic warfare and secure communications

► Soldier mobility and lethality

Market Trends Driving Opportunities for Benchmark

Demand for Higher Quality but More

Affordable Healthcare

Deployment of 5G Wireless Technology

Modernization and Refurbishment of

the Military

© 2018 Benchmark Electronics, Inc.| 7

Investments in Differentiation

Aligning Benchmark to Take Advantage of Market Trends2018 Results*

Turnkey Product DesignQualcomm Partnership

Medical PlatformsFDA Regulatory Mgt.

Medical$394M

Secure Defense Platforms RF & High Speed Design

MicroelectronicsSurveillance Systems

A&D$406M

Engineering ServicesIoT Front-End

RF & High Speed DesignMicroelectronics

Telco$337M

Industrial$493M

Semi-Cap$355M

Demand for Higher Quality but More

Affordable Healthcare

Deployment of 5G Wireless Technology

Modernization and Refurbishment of

the Military

*Based on Company results as of 12/31/18; does not include Computing

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Focus on $200B Available Market that is <25% Outsourced

Market Sectors We Serve

High

er-V

alue

Mar

kets

Trad

ition

al64%

36%

Industrials

Aerospace & Defense

Medical

Semi-Cap

Telecommunications

High-End Computing

% Revenue LTM as of 6/30/19

• Industrial Automation• Kiosks• Robotics

• Munitions• Ground Vehicles and Aircraft• Secure Communications

• Device Monitors and Programmers• Pumps, Infusion and Glucose Products• Imaging Products

• Satellite Communications Products• Microwave Systems• High-Speed Optical Assemblies

• High-Performance Computing• Data-Center/Cloud Products

• Semi-Capital Equipment

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• Complexity• Increasing outsourcing• Engineering-led solutions• Longer product lifecycles• High-mix/lower-volume skills• Higher-value add

• Fully outsourced• Software replacing hardware• Manufacturing solutions• Shorter product lifecycles• Mid-mix/mid-volume skills• Higher customer concentration

Traditional Market Revenue ($M)

Higher-value Market Revenue ($M)

We are Successfully Transitioning to Higher-value MarketsTraditional Market Characteristics

Higher-value Market Characteristics

$1,416 $1,176$819 $846 $918

51% 46% 35% 35% 36%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%

130.0%

150.0%

170.0%

190.0%

0

500

1,000

1,500

2,000

2014 2015 2016 2017 2018 Target

$1,381$1,365 $1,503$1,608$1,648

49% 54% 65% 65% 64%

10.0%

30.0%

50.0%

70.0%

90.0%

110.0%

130.0%

150.0%

170.0%

190.0%

0

500

1,000

1,500

2,000

2,500

3,000

2014 2015 2016 2017 2018 Target

25%

75%

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9482

67 68 680

0.2

0.4

0.6

0.8

1

1.2

50

60

70

80

90

100

110

120

2015 2016 2017 2018 LTM6/30/19

Revenue & GAAP Gross Margins ($M)

GAAP Operating Margin ($M)

Transition Improves Customer Diversification and GAAP Margins

GAAP SG&A ($M)

Cash Conversion Cycle (days)**

2,541 2,322 2,454 2,566 2,502

8.6% 9.2% 9.2% 8.6% 8.6%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2015 2016 2017 2018 LTM6/30/19

107 116 130 143 141

4.2%5.0% 5.3% 5.6% 5.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

20

40

60

80

100

120

140

160

180

200

2015 2016 2017 2018 LTM6/30/19

93.0 76.9 76.8 58.5 54.3

3.7% 3.3% 3.1%2.3% 2.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0.0

50.0

100.0

150.0

200.0

2015 2016 2017 2018 LTM6/30/19

** Trailing four quarter average at December 31, except LTM 6/30/19

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9482

67 68 680

0.2

0.4

0.6

0.8

1

1.2

50

60

70

80

90

100

110

120

2015 2016 2017 2018 LTM6/30/19

Revenue & Non-GAAP Gross Margins ($M)

Non-GAAP Operating Margin ($M)*

Transition Improves Customer Diversification and Non-GAAP Margins

Non-GAAP SG&A ($M)

Cash Conversion Cycle (days)**

2,541 2,322 2,454 2,566 2,502

8.6% 9.2% 9.2% 8.6% 8.6%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2015 2016 2017 2018 LTM6/30/19

107 113 129 141 141

4.2%4.9% 5.2% 5.5% 5.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0

20

40

60

80

100

120

140

160

180

200

2015 2016 2017 2018 LTM6/30/19

111.9 101.2 98.2 79.9 75.3

4.4% 4.4% 4.0%3.1% 3.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

0.0

50.0

100.0

150.0

200.0

2015 2016 2017 2018 LTM6/30/19

* The above excludes the impact of amortization of intangible assets – See Appendix 2 ** Trailing four quarter average at December 31, except LTM 6/30/19

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$40229%

$33124%

$64047%

Repurchases Capex

ROIC: Key Determinant of Capital Allocation StrategyCumulative capital allocation FY11– 1H19

► Organic growth through targeted investments to extend business model to attractive market opportunitiesC

apex

► Fund investments in bolt-on M&A to expand technical skills for core capability expansionM

&A

► Share repurchases optimized for returns based on applicable law

► 48th consecutive quarter of share repurchases► Cumulative $640mm+ (85% of FCF1) spent

Shar

e Re

purc

hase

s

1 Free cash flow (FCF) defined as net cash provided by operations (GAAP) less capex (see Appendix 4 for reconciliation)

M&A

Disciplined and shareholder-friendly approach to capital allocation

© 2018 Benchmark Electronics, Inc.| 13

Capital Allocation Update

Dividends► Recurring quarterly dividend of $0.15 per share announced in March 2018► Dividend of $5.9 million paid in April 2019

Share repurchases► Share repurchases of $100 million completed in YTD 2019► Remaining authorization to repurchase shares of $102 million at June 30, 2019► Opportunistically evaluating share repurchases through the year

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Our Long-Term Strategy and Value Proposition

Portfolio Management

Margin Expansion

Balanced Capital

Deployment

Revenue CAGR >10% Annual Growth in Higher-value Markets

► Transitioning our Portfolio to Markets with Higher Growth Rates and Margins• Industrials• Aerospace and Defense• Medical Technologies• Semi - Cap

EPS Growth Faster than Revenue Growth► Leading with Engineering and Solutions► Driving LEAN and Operational Excellence Initiatives► Optimizing Cost Structure and Capacity

Continue to Return Free Cash Flow to Shareholders► Disciplined capital allocation program emphasizing ROIC accretion from:

• Targeted Strategic Organic Investments• Close-to-Core (Higher-Value) and Highly Adjacent M&A• Share Repurchases• Recurring Quarterly Cash Dividend

Long-term Strategy Drives ROIC >12% Target

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Q2 2019CEO Updates

© 2018 Benchmark Electronics, Inc.| 16

Second Quarter 2019 Summary

Revenue above guidance and non-GAAP diluted EPS within guidance► Year-over-year and sequential revenue growth in A&D and Medical► Non-GAAP gross margins increased 10 bps sequentially to 8.9%

Improving gross margins► Excluding the legacy computing contract, non-GAAP gross margins were

10.1% ► Continued softness in semi-cap; down 41% year-over-year

Working capital and cash flow► Cash conversion cycle of 65 days ending Q2-19 ► $52 million in operating cash flow and $47 million in free cash flow

© 2018 Benchmark Electronics, Inc.| 17

Executive Team Updates

• Former Vice President, Celestica Global Sales ATS

• Past sales leadership roles at QLogic, Quantum, Dell, Silicon Graphics

• B.S. mechanical engineering Texas A&M University

• MBA Pepperdine University

Rob Crawford – Chief Revenue Officer (CRO)

• Former SVP Human Resources, Universal Technical Institute

• Past HR leadership positions at Conoco Phillips, Circle K

• B.S. management, Arizona State University

Rhonda Turner – Chief Human Resources Officer (CHRO)

© 2018 Benchmark Electronics, Inc.| 18

Key Strategic Initiatives

Optimize Go-to-Market1 2

3 4

Drive Operational Efficiencies

Centralize G&A Accelerate Eng. Services & Solutions

• Realigned organization

• Merged sectors, business dev., & marketing

• Hired new role Chief Revenue Officer (CRO)

• RESULT: Accelerated revenue growth

• Transition to functional alignment:

- HR, IT, Finance, and Legal

• Accelerate business execution

• RESULT: Increased efficiency and scalability

• Analysis of network and future demands

• Closing San Jose, CA and Guaymas, MX

• Productivity improvements for margins

• RESULT: Effective utilization of global assets

• Investments in rich technical capabilities

• Aligned with customer roadmap priorities

• Integrated sales of all Benchmark services

• RESULT: Differentiated capabilities for higher value

© 2018 Benchmark Electronics, Inc.| 19

Summary

Sector outlook

► Semi-cap: Awaiting customer forecast for 2020 recovery; winning new programs

► Medical and A&D: Continued 2H-19 growth with momentum into next year

► Industrial: New sector leadership with better focus and execution on right targets

► Computing and Telco: Focus on complex computing and next generation telco

Strategic Initiatives

► Priority actions defined and executive ownership aligned

► Updates on progress in the coming quarters

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Q2 2019Financial Highlights

© 2018 Benchmark Electronics, Inc.| 21

Second Quarter 2019 Financial SummaryFor the Three Months Ended

(In millions, except EPS) June 30, 2019 Mar. 31, 2019 Q/Q June 30, 2018 Y/Y

Net Sales $602 $603 -- $661 (9%)

GAAP Operating Margin 2.0% 2.7% (70) bps 2.2% (20 bps)

GAAP Diluted EPS $0.24 $0.34 (29%) $0.23 4%

Non-GAAP Operating Margin 3.1% 2.9% 20 bps 2.7% 40 bps

Non-GAAP Diluted EPS $0.36 $0.33 9% $0.30 20%

GAAP ROIC 5.3% 5.7% (40 bps) 8.2% (290 bps)

Non-GAAP ROIC 8.2% 8.3% (10 bps) 10.5% (230 bps)

See APPENDIX 1 for a reconciliation of GAAP to non-GAAP Financial Results

Our Guidance for the Second Quarter:► Revenue (in millions) $555 – $585► Diluted EPS – non-GAAP $0.28 – $0.36

© 2018 Benchmark Electronics, Inc.| 22

Higher-Value Markets June 30, 2019 Mar. 31, 2019 Q/Q

Industrials 19% $115 20% $116 (1%)

Aerospace & Defense 18% $107 17% $104 3%

Medical 19% $114 17% $103 10%

Semi - Cap 10% $63 11% $66 (5%)

Total Revenue $399 $389 3%

Revenue by Market Sector

(1) In millions

Traditional Markets June 30, 2019 Mar. 31, 2019 Q/Q

Computing 22% $133 21% $124 7%

Telecommunications 12% $70 14% $90 (20%)

Total Revenue $203 $214 (5%)

June 30, 2018 Y/Y

24% $161 (17%)

12% $79 (10%)

$240 (15%)

For the Three Months Ended

June 30, 2018 Y/Y

18% $118 (3%)

15% $100 7%

15% $97 18%

16% $106 (41%)

$421 (5%)

(1) (1) (1)

(1) (1) (1)

© 2018 Benchmark Electronics, Inc.| 23

GAAP Key Business Trends

Return on Invested Capital (LTM)Operating Margin ($M)

SG&A ($M)Revenue & Gross Margin ($M)

NOPAT Inv. Capital

14.3 11.015.3 16.1

11.9

2.2%1.7%

2.3%2.7%

2.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

35.8 37.6 34.0 33.8 35.3

5.4% 5.9%5.2% 5.6% 5.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

661 641 657 603 602

8.2% 8.2% 8.4% 8.9% 8.8%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

0

200

400

600

800

1,000

1,200

1,400

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

GAAP ROIC = (GAAP TTM income from operations – GAAP Tax Impact) ÷ (Average Invested Capital for last 5 quarters)

848 848 829 835 840

70 59 51 47 44

8.2% 7.0% 6.2% 5.7% 5.3%

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

0

200

400

600

800

1000

1200

1400

1600

1800

2000

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

© 2018 Benchmark Electronics, Inc.| 24

Non-GAAP Key Business Trends

Operating Margin ($M)

SG&A ($M)Revenue & Gross Margin ($M)

NOPAT Inv. Capital

Non-GAAP ROIC = (Non-GAAP TTM income from operations – Non-GAAP Tax Impact) ÷[Average Invested Capital for last 5 quarters]

35.8 35.9 34.0 35.5 35.3

5.4% 5.6% 5.2%5.9% 5.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

661 641 657 603 602

8.2% 8.5% 8.4% 8.8% 8.9%

9.2% 9.3% 9.5% 9.4% 10.1%

-1.0%

1.0%

3.0%

5.0%

7.0%

9.0%

11.0%

13.0%

15.0%

0

200

400

600

800

1,000

1,200

1,400

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19As Reported W/O Legacy Computing Contract

18.1 18.5 21.117.3 18.5

2.7% 2.9% 3.2% 2.9% 3.1%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

0.0

10.0

20.0

30.0

40.0

50.0

60.0

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

848 848 829 835 840

89 83 76 70 69

10.5% 9.8% 9.2% 8.3% 8.2%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

0

200

400

600

800

1000

1200

1400

1600

1800

Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Return on Invested Capital (LTM)

© 2018 Benchmark Electronics, Inc.| 25

Cash Flow / Working Capital Highlights

(1) Free cash flow (FCF) defined as net cash provided by operations (GAAP) less capex

(In millions) June 30, 2019 Mar. 31, 2019 June 30, 2018

Cash Flows from (used in) Operations $52 $16 ($41)

FCF $47 $6 ($58)

Cash $397 $395 $596

International $180 $165 $177

US $217 $230 $419

Inventory $316 $316 $319

Accounts Receivable $363 $405 $445

Contract Assets $156 $157 $148

Accounts Payable $372 $372 $384

For the Three Months Ended

1

© 2018 Benchmark Electronics, Inc.| 26

Working Capital Update

Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

Accounts Receivable Days 57 61 59 59 61 64 64 61 54

Contract Asset Days 22 24 20 22 20 22 19 23 23

Inventory Days 45 46 40 50 47 49 46 52 52

Deposits 4 4 3 3 2 4 4 3 3

Accounts Payable Days 55 55 54 60 57 57 63 61 61

Cash Conversion Cycle 65 72 62 68 69 74 62 72 65

65 72 62 68 69 74 62 72 65

0

20

40

60

80

100

120

Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19 Q2-19

© 2018 Benchmark Electronics, Inc.| 27

Third Quarter 2019 Guidance

* The above guidance excludes the impact of amortization of intangible assets and estimated restructuring charges and other costs

Guidance

Net Sales (in millions) $525 – $555

Diluted EPS – non-GAAP* $0.33 – $0.39

| 28

Appendices

© 2018 Benchmark Electronics, Inc.| 29

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

(1) This amount represents the tax impact of the non-GAAP adjustments using the applicable effective tax rates.(2) This amount represents the impact of repatriating foreign earnings from our foreign jurisdictions to the U.S., offset by available U.S. foreign tax credits, and a non-recurring tax true-up benefit as a result of finalizing our federal and state income tax accounting for the U.S. transitions toll tax from

the 2017 Tax Cuts and Jobs Act.

Three Months Ended Six Months Ended

Jun, 30 Mar 31, Jun, 30 Jun, 30

2019 2019 2018 2019 2018

Income from operations (GAAP) $ 11,941 $ 16,087 $ 14,349 $ 28,028 $ 32,316

Restructuring charges and other costs 3,414 1,576 1,758 4,990 3,993

Settlement 773 - - 773 -

Customer recovery (16) (2,742) (330) (2,758) (671)

Amortization of intangible assets 2,361 2,367 2,367 4,728 4,733

Non-GAAP income from operations $ 18,473 $ 17,288 $ 18,144 $ 35,761 $ 40,371

Gross Profit (GAAP) $ 52,998 $ 53,800 $ 54,299 $ 106,798 $ 112,617 Settlement 773 - - 773 -Customer recovery (16) (1,024) (330) (1,040) (671)

Non-GAAP gross profit $ 53,755 $ 52,776 $ 53,969 $ 106,531 $ 111,946

Net income (loss) (GAAP) $ 9,447 $ 13,773 $ 10,943 $ 23,220 $ (12,698)

Restructuring charges and other costs 3,414 1,576 1,758 4,990 3,993

Customer recovery (16) (2,742) (330) (2,758) (671)

Amortization of intangible assets 2,361 2,367 2,367 4,728 4,733

Settlements (330) (1,836) - (2,166) -

Income tax adjustments(1) (1,039) 206 (811) (833) (1,629)

Tax Cuts and Jobs Act(2) - - 423 - 40,537

Non-GAAP net income $ 13,837 $ 13,344 $ 14,350 $ 27,181 $ 34,265

Diluted earnings (loss) per share:

Diluted (GAAP) $ 0.24 $ 0.34 $ 0.23 $ 0.58 $ (0.26)

Diluted (Non-GAAP) $ 0.36 $ 0.33 $ 0.30 $ 0.68 $ 0.71

Weighted-average number of shares used in

calculating diluted earnings (loss) per share:

Diluted (GAAP) 38,583 40,853 47,631 39,843 47,981

Diluted (Non-GAAP) 38,583 40,853 47,631 39,843 48,314

| 30

Appendix 2: GAAP to Non-GAAP Reconciliations

1 Equals line item immediately above divided by revenue (GAAP)

(in millions) 2014 2015 2016 2017 2018

Revenue (GAAP) $2,797.1 $2,540.9 $2,322.3 $2,454.5 $2,566.5

Income from operations (GAAP) $100.1 $93.0 $76.9 $76.8 $58.5

Operating margin (GAAP) 1 3.6% 3.7% 3.3% 3.1% 2.3%Restructuring charges, integration and acquisition costs and other costs 7.1 13.9 12.5 8.6 9.4 Amortization of intangibles 3.8 5.0 11.8 10.1 9.5 Asset impairment charge and other (1.5) - - - - Thailand flood-related items, net of insurance (1.6) - - - - Customer bankruptcy 5.0 - - 2.7 2.5 Non-GAAP income from operations $112.9 $111.9 $101.2 $98.2 $79.9

Non-GAAP operating margin 1 4.0% 4.4% 4.4% 4.0% 3.1%

Net income (GAAP) $81.2 $95.4 $63.9 ($31.9) $22.8Restructuring charges, integration costs and other costs 7.1 13.9 12.5 8.6 9.4 Amortization of intangibles 3.8 5.0 11.8 10.1 9.5 Asset impairment charge and other (1.5) - - - - Refinancing of credit facilities - - - - 2.0 Thailand flood-related items, net of insurance (1.6) - - - - Customer bankruptcy 5.0 - - 2.7 2.5 Tax cuts & Jobs Act - - - 97.6 26.0 Income tax adjustments (3.3) (5.5) (7.6) (6.3) (4.6) Discrete tax benefits - (21.2) (8.3) - - Non-GAAP net income $90.7 $87.6 $72.3 $80.8 $67.6

Net cash provided by operations (GAAP) $135.4 $146.8 $273.1 $145.8 $76.7Additions to property, plant & equipment and software 45.4 38.1 32.3 54.5 66.7 Free Cash Flow $90.0 $108.7 $240.8 $91.3 $10.0

Free cash flow margin 1 3.2% 4.3% 10.4% 3.7% 0.4%

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APPENDIX 3 - Reconciliation of GAAP to non-GAAP Financial Measures(Amounts in Thousands, Except Per Share Data) – (UNAUDITED)

Jun 30, 2019 Mar 31, 2019 Jun 30, 2018GAAP gross profit 52,998$ 53,800$ 54,299$

Settlement 773 - - Customer recovery (16) (1,024) (330)

Non-GAAP gross profit 53,755$ 52,776$ 53,969$

GAAP SG&A Expenses 35,282$ 33,770$ 35,825$ Customer recovery - (1,718) -

Non-GAAP SG&A Expenses 35,282$ 35,488$ 35,825$

Three Months Ended

© 2018 Benchmark Electronics, Inc.| 32

APPENDIX 4 - Reconciliation of Free Cash Flow(Amounts in Thousands, Except Per Share Data) – (UNAUDITED)

Jun 30, 2019 Mar 31, 2019 Jun 30, 2018Net Cash provided by Operations 52,358$ 16,414$ (40,712)$

Additions to property, plant and equipment and software (5,421) (10,074) (17,486) Free Cash Flow 46,937$ 6,340$ (58,198)$

Three Months Ended