Forward-Looking Statements This press release 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," "could" "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, the estimated
financial impact of the COVID-19 pandemic, the outlook and guidance
for fourth quarter 2020 results, the company’s anticipated plans
and responses to the COVID-19 pandemic, statements (express or implied)
concerning future operating results or margins, the ability to
generate sales and income or cash flow, and expected revenue
mix; and Benchmark’s business and growth strategies. Although the
company believes these statements are based upon reasonable assumptions,
they involve risks and uncertainties relating to operations, markets
and the business environment generally. These statements
also depend on the duration and severity of the COVID-19 pandemic
and related risks, including government and other third-party responses
to it and the consequences for the global economy, our business
and the businesses of our suppliers and customers. Events relating
to or resulting from the COVID-19 pandemic, including the possibility
of customer demand fluctuations, supply chain constraints, or
the ability to utilize our manufacturing facilities at sufficient levels
to cover our 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
to respond to the COVID-19 pandemic. 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 Part 1, Item 1A, "Risk Factors"
of the company's Annual Report on Form 10-K for the year
ended December 31, 2019 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 Information This 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. 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 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. Benchmark 2 2020 Benchmark Electronics, Inc. 2
