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TTM Technologies, Inc. Reports Fiscal Third Quarter 2020 Results

SANTA ANA, Calif., Oct. 28, 2020 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (“PCB”) and radio frequency (“RF”) components manufacturer, today reported results for the third quarter of fiscal 2020, which ended on September 28, 2020.  

On April 19th, 2020, TTM completed the previously announced sale of its Mobility business unit. The operating results and related assets and liabilities of the Mobility business under US GAAP are presented as discontinued operations for all periods. Non-GAAP results do not include Mobility results but still include the two E-MS plants being shut down. Please refer to the earnings schedule for additional details on exited businesses and continuing operations.

Third Quarter 2020 Highlights

  • Net sales were $513.6 million
  • GAAP net loss of $41.5 million, or ($0.39) per diluted share, inclusive of a goodwill impairment charge of $69.2 million
  • Non-GAAP net income was $26.8 million, or $0.25 per diluted share
  • Cash flow from operations of $84.8 million
  • Received all remaining proceeds from Mobility sale and repaid $400 million of Term Loan B
  • Leverage ratio at September 28th was 1.6x defined as net debt/last twelve months EBITDA excluding Mobility

Third Quarter 2020 GAAP Financial Results
Net sales from continuing operations for the third quarter of 2020 were $513.6 million, compared to $534.2 million in the third quarter of 2019.

GAAP operating loss from continuing operations for the third quarter of 2020 was $40.3 million, inclusive of a goodwill impairment charge of $69.2 million. This compares to GAAP operating income of $21.1 million in the third quarter of 2019.

GAAP net loss for the third quarter of 2020 was $41.5 million, or ($0.39) per diluted share, compared to net income of $15.9 million, or $0.15 per diluted share in the third quarter of 2019.     

Third Quarter 2020 Non-GAAP Financial Results        
On a non-GAAP basis, net income for the third quarter of 2020 was $26.8 million, or $0.25 per diluted share. This compares to non-GAAP net income of $23.2 million, or $0.22 per diluted share, for the third quarter of 2019.

Adjusted EBITDA for the third quarter of 2020 was $67.2 million, or 13.1 percent of net sales, compared to adjusted EBITDA of $66.7 million, or 12.5 percent of net sales, for the third quarter of 2019.

“In the third quarter, TTM demonstrated excellent operational execution to deliver revenue and earnings above the previously guided range. The diversified mix of end markets that we serve enabled the PCB segment to grow revenues and outperform profit expectations due to solid growth in the data center and defense end markets despite weakness in the commercial aerospace end market,” said Tom Edman, CEO of TTM. “Additionally, strict financial discipline led to strong operating cash flow in the quarter driving our net debt leverage ratio down to 1.6x.”

Business Outlook
TTM estimates that revenue for the fourth quarter of 2020 will be in the range of $490 million to $530 million, and non-GAAP net income will be in the range of $0.22 to $0.28 per diluted share. This guidance continues to include the E-MS business unit while that business winds down.

Live Webcast/Conference Call
TTM will host a conference call and webcast to discuss third quarter 2020 results and the fourth quarter 2020 outlook on Wednesday, October 28, 2020, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.

Telephone access is available by dialing domestic 800-367-2403 or international 334-777-6978 (ID 9148146). The conference call also will be webcast on TTM’s website at www.ttm.com

To Access a Replay of the Webcast
The replay of the webcast will remain accessible for one week following the live event on TTM’s website at www.ttm.com

About TTM
TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com

Forward-Looking Statements
This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of COVID-19, general market and economic conditions, including interest rates, currency exchange rates and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the SEC.

About Our Non-GAAP Financial Measures
This release includes information about TTM’s adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

With respect to the Company’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP is not available without unreasonable effort and has not been provided.

Contact:
Sameer Desai,
Senior Director, Corporate Development & Investor Relations
Sameer.desai@ttmtech.com
714-327-3050

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
                       
                       
          Third Quarter   First Three Quarters
            2020     2019*     2020     2019*
                       
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS                
                       
Net sales     $ 513,576     $ 534,173     $ 1,581,520     $ 1,597,495  
Cost of goods sold     424,298       448,915       1,310,470       1,320,563  
                       
Gross profit     89,278       85,258       271,050       276,932  
                       
Operating expenses:                
  Selling and marketing     15,895       17,153       48,033       51,611  
  General and administrative     27,998       33,104       95,646       92,091  
  Research and development     5,223       4,358       15,166       13,570  
  Amortization of definite-lived intangibles     10,126       9,500       29,249       36,245  
  Restructuring charges     1,088       12       14,830       3,176  
  Impairment of goodwill     69,200       -       69,200       -  
    Total operating expenses     129,530       64,127       272,124       196,693  
                       
Operating (loss) income     (40,252 )     21,131       (1,074 )     80,239  
                       
Interest expense     (20,204 )     (20,423 )     (58,557 )     (62,111 )
Other, net       (2,316 )     5,875       641       8,525  
                       
(Loss) income from continuing operations before income taxes     (62,772 )     6,583       (58,990 )     26,653  
Income tax benefit (provision)     1,300       (4,190 )     3,644       (5,529 )
                       
Net (loss) income from continuing operations     (61,472 )     2,393       (55,346 )     21,124  
Income (loss) from discontinued operations, net of income taxes     20,021       13,477       193,921       (5,082 )
Net (loss) income   $ (41,451 )   $ 15,870     $ 138,575     $ 16,042  
                       
* Reclassified Research and development expenses as a separate line item from General and administrative expenses        
                       
(Loss) earnings per share:                
  Basic (loss) earnings per share from continuing operations   $ (0.58 )   $ 0.02     $ (0.52 )   $ 0.20  
  Basic earnings (loss) per share from discontinued operations     0.19       0.13       1.83       (0.05 )
    Basic (loss) earnings per share   $ (0.39 )   $ 0.15     $ 1.31     $ 0.15  
                       
  Diluted (loss) earnings per share from continuing operations   $ (0.58 )   $ 0.02     $ (0.52 )   $ 0.20  
  Diluted earnings (loss) per share from discontinued operations     0.19       0.13       1.83       (0.05 )
    Diluted (loss) earnings per share   $ (0.39 )   $ 0.15     $ 1.31     $ 0.15  
                       
                       
Weighted-average shares used in computing per share amounts:                
  Basic       106,729       105,492       106,130       105,092  
  Diluted     106,729       106,474       106,130       106,065  
                       
                       
Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:        
                       
Weighted-average shares outstanding         105,492           105,092  
Dilutive effect of performance-based stock units, restricted stock units & stock options         982           973  
Diluted shares         106,474           106,065  
                       
SELECTED BALANCE SHEET DATA                
          September 28, 2020 December 30, 2019      
Cash and cash equivalents, including restricted cash1   $ 663,285     $ 379,818          
Accounts and notes receivable, net     374,971       503,598          
Contract assets     281,663       254,600          
Inventories     127,588       113,753          
Current assets held for sale     -       67,572          
Total current assets     1,486,177       1,342,684          
Property, plant and equipment, net     654,837       678,201          
Operating lease right of use asset     22,993       22,173          
Non-current assets held for sale     -       425,597          
Other non-current assets     984,407       1,092,278          
Total assets     3,148,414       3,560,933          
                       
Short-term debt, including current portion of long-term debt   $ 249,975     $ 249,975          
Accounts payable     341,505       329,866          
Current liabilities held for sale     -       185,391          
Total current liabilities     787,322       946,666          
Debt, net of discount     840,023       1,225,962          
Non-current liabilities held for sale     -       1,530          
Total long-term liabilities     961,789       1,335,230          
Total equity     1,399,303       1,279,037          
Total liabilities and equity     3,148,414       3,560,933          
                       
                       
SUPPLEMENTAL DATA                
          Third Quarter   First Three Quarters
            2020       2019       2020       2019  
Gross margin     17.4 %     16.0 %     17.1 %     17.3 %
Operating margin     (7.8 )%     4.0 %     (0.1 )%     5.0 %
                       
                       
Stock-based Compensation:                
          Third Quarter        
            2020       2019          
  Amount included in:                
    Cost of goods sold   $ 1,173     $ 937          
    Selling and marketing     557       574          
    General and administrative     2,705       3,089          
    Research and development     44       62          
    Total stock-based compensation expense   $ 4,479     $ 4,662          
                       
                       
RECONCILIATIONS2                
                       
          Third Quarter   First Three Quarters
            2020       2019       2020       2019  
                       
Non-GAAP gross profit reconciliation3:                
  GAAP gross profit from continuing operations   $ 89,278     $ 85,258     $ 271,050     $ 276,932  
  Add back item:                
    Amortization of definite-lived intangibles     1,384       1,180       4,151       3,539  
    Accelerated depreciation     2,539       -       4,936       -  
    Stock-based compensation     1,173       937       2,647       2,210  
  Non-GAAP gross profit   $ 94,374     $ 87,375     $ 282,784     $ 282,681  
  Non-GAAP gross margin     18.4 %     16.4 %     17.9 %     17.7 %
                       
Non-GAAP operating income reconciliation4:                
  GAAP operating (loss) income from continuing operations   $ (40,252 )   $ 21,131     $ (1,074 )   $ 80,239  
  Add back items:                
    Amortization of definite-lived intangibles     11,510       10,680       33,400       39,784  
    Accelerated depreciation     2,940       -       5,694       -  
    Stock-based compensation     4,479       4,662       11,961       12,190  
    Impairments, restructuring, acquisition-related, and other charges     68,270       1,532       84,139       5,761  
  Non-GAAP operating income   $ 46,947     $ 38,005     $ 134,120     $ 137,974  
  Non-GAAP operating margin     9.1 %     7.1 %     8.5 %     8.6 %
                       
Non-GAAP net income and EPS reconciliation5:                
  GAAP net (loss) income from continuing operations   $ (61,472 )   $ 2,393     $ (55,346 )   $ 21,124  
  Add back items:                
    Amortization of definite-lived intangibles     11,510       10,680       33,400       39,784  
    Accelerated depreciation     2,940       -       5,694       -  
    Stock-based compensation     4,479       4,662       11,961       12,190  
    Non-cash interest expense     7,332       3,452       14,489       10,787  
    (Gain) on sale of assets     (199 )     (251 )     (706 )     (3,557 )
    Impairments, restructuring, acquisition-related, and other charges     68,270       1,532       84,139       5,761  
    Income taxes6     (6,081 )     725       (17,188 )     (6,436 )
  Non-GAAP net income   $ 26,779     $ 23,193     $ 76,443     $ 79,653  
  Non-GAAP earnings per diluted share   $ 0.25     $ 0.22     $ 0.72     $ 0.75  
                       
Adjusted EBITDA reconciliation7:                
  GAAP net (loss) income from continuing operations   $ (61,472 )   $ 2,393     $ (55,346 )   $ 21,124  
  Add back items:                
    Income tax (benefit) provision     (1,300 )     4,190       (3,644 )     5,529  
    Interest expense     20,204       20,423       58,557       62,111  
    Amortization of definite-lived intangibles     11,510       10,680       33,400       39,784  
    Depreciation expense     25,669       23,031       75,797       69,957  
    Stock-based compensation     4,479       4,662       11,961       12,190  
    (Gain) on sale of assets     (199 )     (251 )     (706 )     (3,557 )
    Impairments, restructuring, acquisition-related, and other charges     68,270       1,532       84,139       5,761  
  Adjusted EBITDA   $ 67,161     $ 66,660     $ 204,158     $ 212,899  
  Adjusted EBITDA margin     13.1 %     12.5 %     12.9 %     13.3 %
                       
Free cash flow reconciliation, including Mobility:                
  Operating cash flow     84,776       58,742       231,685       181,789  
  Capital expenditures, net     (29,067 )     (25,803 )     (83,888 )     (88,990 )
  Free cash flow   $ 55,709     $ 32,939     $ 147,797     $ 92,799  
                       


TTM Consolidated                
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20 3Q 20
Aerospace/Defense 27% 28% 24% 26% 26% 30% 31% 36%
Automotive 17% 16% 17% 14% 16% 12% 12% 14%
Cellular Phones 7% 6% 19% 16% 13% 11% 3% 0%
Computing/Storage/Periph 13% 15% 12% 14% 13% 14% 13% 12%
Medical/Industrial/Inst 15% 15% 13% 13% 14% 16% 20% 19%
Networking/Communications 18% 17% 13% 15% 15% 14% 19% 17%
Other 3% 3% 2% 2% 3% 3% 2% 2%
                 
Mobility Business Unit              
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20 3Q 20
Aerospace/Defense 0% 0% 0% 0% 0% 0% 0% 0%
Automotive 5% 6% 3% 2% 4% 3% 4% 0%
Cellular Phones 48% 41% 73% 65% 60% 56% 54% 0%
Computing/Storage/Periph 28% 36% 14% 19% 22% 22% 25% 0%
Medical/Industrial/Inst 7% 5% 2% 3% 4% 3% 4% 0%
Networking/Communications 5% 5% 4% 6% 5% 6% 5% 0%
Other 7% 7% 4% 5% 5% 10% 8% 0%
                 
TTM excluding Mobility              
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20 3Q 20
Aerospace/Defense 31% 33% 31% 35% 33% 37% 32% 36%
Automotive 19% 18% 21% 17% 19% 14% 12% 14%
Cellular Phones 0% 0% 1% 0% 0% 1% 0% 0%
Computing/Storage/Periph 11% 11% 11% 12% 11% 12% 13% 12%
Medical/Industrial/Inst 17% 17% 17% 17% 17% 18% 21% 19%
Networking/Communications 20% 19% 17% 18% 18% 16% 19% 17%
Other 2% 2% 2% 1% 2% 2% 3% 2%
                 
SZ + SH-EMS                
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20 3Q 20
Aerospace/Defense 0% 1% 0% 0% 0% 0% 0% 0%
Automotive 56% 58% 74% 59% 63% 49% 54% 49%
Cellular Phones 0% 0% 0% 0% 0% 0% 0% 0%
Computing/Storage/Periph 0% 0% 0% 0% 0% 0% 0% 0%
Medical/Industrial/Inst 22% 23% 11% 19% 18% 23% 14% 14%
Networking/Communications 21% 18% 16% 22% 19% 29% 35% 44%
Other 1% 0% -1% 0% 0% -1% -3% -7%
                 
TTM, excluding Mobility, SZ & SH E-MS          
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20 3Q 20
Aerospace/Defense 33% 36% 36% 37% 35% 38% 33% 37%
Automotive 17% 15% 15% 15% 15% 13% 11% 13%
Cellular Phones 0% -1% 1% 0% 0% 1% 0% 0%
Computing/Storage/Periph 12% 12% 12% 13% 12% 12% 13% 13%
Medical/Industrial/Inst 16% 17% 18% 17% 17% 18% 21% 19%
Networking/Communications 20% 19% 16% 17% 18% 16% 19% 16%
Other 2% 2% 2% 1% 3% 2% 3% 2%


                 
Select Non-GAAP Income Statement Data          
TTM Consolidated Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A Q3-20A
Sales 620.2 633.0 716.8 719.3 2,689.3 610.8 601.1 513.6
Gross Profit 90.6 86.4 106.0 126.8 409.7 88.3 107.2 94.4
Gross Margin 14.6% 13.6% 14.8% 17.6% 15.2% 14.5% 17.8% 18.4%
Op Income 40.5 37.2 54.0 72.3 204.0 35.7 54.7 46.9
Operating Margin 6.5% 5.9% 7.5% 10.1% 7.6% 5.8% 9.1% 9.1%
EBITDA 78.5 82.9 103.5 107.8 372.7 82.1 80.3 67.2
EBITDA % 12.7% 13.1% 14.4% 15.0% 13.9% 13.4% 13.4% 13.1%
                 
Mobility Proforma Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A Q3-20A
Sales 83.8 106.1 182.6 183.5 556.0 113.2 30.8 -
Gross Profit (10.1) (8.2) 18.6 24.3 24.5 4.7 2.4 -
Gross Margin -12.1% -7.8% 10.2% 13.2% 4.4% 4.2% 7.8% -
Op Income (11.9) (10.3) 16.0 21.0 14.8 2.1 1.1 -
Operating Margin -14.2% -9.7% 8.8% 11.4% 2.7% 1.9% 3.6% -
EBITDA 5.9 9.2 36.9 38.5 90.5 21.9 3.5 -
EBITDA % 7.0% 8.7% 20.2% 21.0% 16.3% 19.3% 11.4% -
                 
                 
TTM Proforma Excluding Mobility Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A Q3-20A
Sales 536.4 526.9 534.2 535.8 2,133.3 497.6 570.3 513.6
Gross Profit 100.7 94.6 87.4 102.5 385.2 83.6 104.8 94.4
Gross Margin 18.8% 18.0% 16.4% 19.1% 18.1% 16.8% 18.4% 18.4%
Op Income 52.4 47.5 38.0 51.3 189.2 33.6 53.6 46.9
Operating Margin 9.8% 9.0% 7.1% 9.6% 8.9% 6.8% 9.4% 9.1%
EBITDA 72.6 73.7 66.6 69.3 282.2 60.2 76.8 67.2
EBITDA % 13.5% 14.0% 12.5% 12.9% 13.2% 12.1% 13.5% 13.1%
                 
SZ + SH-EMS Proforma Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A Q3-20A
Sales 36.0 40.9 54.5 29.8 161.2 14.2 21.4 20.5
Gross Profit 3.0 3.4 5.2 2.3 13.9 (2.4) (0.3) 3.4
Gross Margin 8.3% 8.3% 9.5% 7.7% 8.6% -16.7% -1.4% 16.6%
Op Income 2.0 1.2 4.3 2.0 9.5 (3.8) (0.8) 2.3
Operating Margin 5.6% 2.9% 7.9% 6.7% 5.9% -26.8% -3.8% 11.3%
EBITDA 2.5 3.1 7.1 2.0 14.7 (3.6) 0.1 2.6
EBITDA % 6.9% 7.6% 13.0% 6.7% 9.1% -25.4% 0.4% 12.9%
                 
TTM Proforma Excluding Mobility, SZ & SH-EMS Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A Q3-20A
Sales 500.4 486.0 479.7 506.0 1,972.1 483.4 548.9 493.1
Gross Profit 97.7 91.2 82.2 100.1 371.2 86.0 105.1 91.0
Gross Margin 19.5% 18.8% 17.1% 19.8% 18.8% 17.8% 19.1% 18.5%
Op Income 50.4 46.2 33.7 49.3 179.6 37.7 54.4 44.6
OM 10.1% 9.5% 7.0% 9.7% 9.1% 7.8% 9.9% 9.0%
EBITDA 70.1 70.6 59.5 67.0 267.1 63.8 76.7 64.6
EBITDA % 14.0% 14.5% 12.4% 13.2% 13.5% 13.2% 14.0% 13.1%


1Includes restricted cash of $249,975 as of September 28, 2020.
                       
2This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations.
                       
3 Non-GAAP gross profit and gross margin measures exclude amortization of intangibles, accelerated depreciation due to restructuring of two E-M Solutions plants, and stock-based compensation expense.
                       
4 Non-GAAP operating income and operating margin measures exclude amortization of intangibles, accelerated depreciation due to restructuring of two E-M Solutions plants, stock-based compensation expense, impairment of goodwill, acquisition-related costs, restructuring and other charges.
                       
5 This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures -- which add back amortization of intangibles, accelerated depreciation due to restructuring of two E-M Solutions plants, stock-based compensation expense, non-cash interest expense on debt (before consideration of capitalized interest), gain on sale of assets, impairment of goodwill, acquisition-related costs, restructuring and other charges as well as the associated tax impact of these charges and discrete tax items -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.
                       
6 Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.
                       
7Adjusted EBITDA is defined as earnings before interest expense, income taxes, depreciation, amortization of intangibles, stock-based compensation expense, gain on sale of assets, impairment of goodwill, acquisition-related costs, restructuring and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.

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Source: TTM Technologies