Benchmark Electronics, Inc.

First quarter 2021 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Lisa Weeks, Senior Vice President of Strategy and Investor Relations. Please go ahead.

Thank you, Operator, and thanks, everyone, for joining us today for Benchmark's first quarter 2021 earnings call. Joining me this afternoon are Jeff Banks, CEO and President, and Rup Lakharaju, CFO. After the market closed today, we issued an earnings release highlighting our financial performance for the first quarter of 2021. and we have prepared a presentation that we will reference on this call. The press release and presentation are available online under the investor relations section of our website at www.bench.com. This call is being webcast live and a replay will be available online following the call. The company has provided a reconciliation of our GAAP to non-GAAP measures in the earnings release as well as in the attendance of the earnings presentation. Please take a moment to review the forward-looking statements advice on slide two in the presentation. During our call, we will discuss forward-looking information. As a reminder, any of today's remarks that are not statements of historical facts are forward-looking statements, which involve risks and uncertainties as described in our press releases and SEC filings. Actual results may differ materially from these statements. most notably from the ongoing impact of the COVID-19 pandemic, and Benchmark undertakes no obligation to update any forward-looking statements. For today's call, Jeff will begin by covering a summary of our first quarter results, including new program wins. Ruth will then discuss our detailed first quarter results, including a cash and balance sheet summary and second quarter 2021 guidance. Jeff will wrap up with an outlook by market sector, and progress to date on our strategic initiatives, including ESG and sustainability. We will conclude the call today with Q&A. If you will please turn to slide three, I will now turn the call over to our CEO, Jeff Banks.

Thank you, Lisa. Good afternoon, and thanks to everyone for joining our call today. Overall, we delivered a solid start to 2021. Our first quarter results reinforce our commitment to executing the strategy we have laid out and continuing to demonstrate operational excellence. In Q1, revenues of $506 million were above the midpoint of our guidance for the quarter, led by continued global strength in our semi-cap sector, which grew 37% year over year. Our non-gap gross margins of 8.3%, non-gap operating margins of 2.3%, and earnings per share of 21 cents were all in line with our forecast guidance. We had another strong quarter of working capital results as their cash conversion cycle was at 65 days, which enabled 37 million of operating cash flow and 30 million of free cash flow for the quarter. Despite some significant disruptions due to COVID that temporarily shut down two of our facilities in Malaysia, our teams did an amazing job of caring for our people, recovering in the quarter, and delivering for our customers. Our leadership and COVID task force continue to navigate our organization through the challenges of the pandemic, and we are taking actions to encourage vaccinations across our employee population, first here in the U.S. and in other countries as the vaccine is available. I'm really proud of our team around the world who continue to deliver solid results while successfully navigating COVID. Please turn to slide four. In addition to positive results, we had another strong quarter of bookings where the outsourcing and New Deal opportunity environment remained strong, even in the pandemic. Our pipeline continues to grow and our trailing four-quarter wins are over 800 million, which is a new record for our organization. Now I'd like to highlight a few key wins in the quarter. In the medical sector, We were awarded new manufacturing programs for insulin infusion pumps, a bacterial diagnostic instrument, and a mobile MRI device. In the A&D sector, we were awarded new programs for RF satellite control electronics, advanced optical manufacturing for night vision applications, and a precision machining program for a military application. We are excited to further expand our world-class machining capabilities into the A&D sector. In industrials, I wanted to highlight two customer case studies. The first is with our customer, Ouster, a leading provider of high-resolution digital LiDAR sensors used in industrial automation, smart infrastructure, robotics, and automotive applications. In our tiling facility, we are providing complex microelectronics, optics, and printed circuit board assemblies for Ouster. After completion of certifications in 2019, we are now scaling capacity to meet full volume production. Our team is in an outstanding job meeting the rigorous quality requirements to bring these programs to market, and we look forward to fulfilling volume demands in support of Oster in the coming years. The second is with our new customer, Geophysical Technology Inc., which utilizes seismic systems for measuring the Earth's subsurface for resource extraction, earthquake monitoring, construction, and hydrothermal projects. Benchmark was selected based on our strong reputation for quality and reliability and to assist in nearshoring manufacturing to North America for the next generation of products. We're excited to be GTI's manufacturing partner. In computing and telco, we were awarded design services for a new hyperscale competing product and manufacturing services for new broadband products. Our new business pipeline remains strong across all of our sectors, and we expect to grow bookings year over year. Now, I will turn the call over to Rup to discuss the first quarter financial results.