Form: 8-K

Current report filing

February 3, 2021

Exhibit 99.1

 

TTM Technologies, Inc., Q4’20   

Contact:

  

Sameer Desai,

  

Senior Director, Corporate

Development & Investor Relations

  

Sameer.desai@ttmtech.com

714-327-3050

TTM Technologies, Inc. Reports Fiscal Fourth Quarter and 2020 Results

Santa Ana, CA – February 3, 2021– TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (“PCB”) and radio frequency (“RF”) components manufacturer, today reported results for the fourth quarter of fiscal 2020, which ended on December 28, 2020.

Fourth Quarter 2020 Highlights

 

  •  

Net sales were $523.8 million

 

  •  

GAAP net income of $39.0 million, or $0.34 per diluted share

 

  •  

Non-GAAP net income was $40.2 million, or $0.37 per diluted share

 

  •  

Cash flow from operations of $55.5 million

 

  •  

Repaid and settled $250 million convertible bonds

 

  •  

Leverage ratio at end of Q4 2020 was 1.4x defined as net debt divided by the last twelve months EBITDA (excluding Mobility), the lowest level in five years

 

  •  

In Q1 2021, announced $100 million stock repurchase program in separate press release

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.

Fourth Quarter 2020 GAAP Financial Results

Net sales from continuing operations for the fourth quarter of 2020 were $523.8 million, compared to $535.7 million in the fourth quarter of 2019.

GAAP operating income from continuing operations for the fourth quarter of 2020 was $29.2 million. This compares to GAAP operating income of $29.4 million in the fourth quarter of 2019.

GAAP net income from continuing operations for the fourth quarter of 2020 was $39.0 million, or $0.34 per diluted share, compared to net income of $10.8 million, or $0.10 per diluted share in the fourth quarter of 2019.

Fourth Quarter 2020 Non-GAAP Financial Results

On a non-GAAP basis, net income from continuing operations for the fourth quarter of 2020 was $40.2 million, or $0.37 per diluted share. This compares to non-GAAP net income of $27.5 million, or $0.26 per diluted share, for the fourth quarter of 2019.

Adjusted EBITDA for continuing operations in the fourth quarter of 2020 was $68.2 million, or 13.0 percent of net sales, compared to adjusted EBITDA of $72.8 million, or 13.6 percent of net sales, for the fourth quarter of 2019.

“In the fourth quarter, TTM demonstrated excellent operational execution in the face of COVID-19 related challenges to deliver revenue above the midpoint and earnings above the previously guided range. TTM outperformed revenue expectations due to better sales across all end markets,” said Tom Edman, CEO of TTM. “Additionally, strict financial discipline led to solid operating cash flow in the quarter, driving our net debt leverage ratio down to 1.4x and enabling repayment of our convertible bond.”


TTM Technologies, Inc., Q4’20   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations Sameer.desai@ttmtech.com

714-327-3050

 

Full Year 2020 Financial Results

Net sales from continuing operations for fiscal year 2020 decreased to $2.11 billion from $2.13 billion in fiscal year 2019, a 1.3% decrease.

GAAP operating income from continuing operations for fiscal year 2020 was $28.1 million, a decrease from GAAP operating income of $109.6 million in fiscal year 2019.

GAAP net loss from continuing operations for fiscal year 2020 was $16.4 million, or $0.15 per diluted share, compared to GAAP net income of $31.9 million, or $0.30 per diluted share, for fiscal year 2019.

On a non-GAAP basis, net income from continuing operations for fiscal year 2020 was $116.7 million, or $1.10 per diluted share. This compares to fiscal year 2019 non-GAAP net income of $107.1 million, or $1.01 per diluted share.

Adjusted EBITDA for fiscal year 2020 was $272.3 million, or 12.9 percent of net sales, compared to $285.7 million, or 13.4 percent of net sales, for fiscal year 2019. Cash flow from operations for fiscal year 2020 was $287.2 million.

“Despite the challenges from COVID-19 and the strengthening Chinese currency, we delivered solid results in 2020 and made progress on our strategy of diversification, differentiation and discipline. Specifically, we exited the volatile consumer and lower margin businesses through the sale of the Mobility business unit and the restructuring of the E-MS business unit,” continued Edman. “In addition, we generated significant cash flows due to our operational and financial discipline. This cash, along with the proceeds from the Mobility sale, allowed us to repay $400 million of our Term Loan and our convertible bonds reducing our leverage and putting TTM in a strong position for the future.”

Business Outlook

TTM estimates that revenue for the first quarter of 2021 will be in the range of $490 million to $530 million, and non-GAAP net income will be in the range of $0.19 to $0.25 per diluted share.

Live Webcast/Conference Call

TTM will host a conference call and webcast to discuss fourth quarter 2020 results and the first quarter 2021 outlook on Wednesday, February 3rd, 2021 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 800-458-4121 or international 323-794-2093 (ID 2336839). 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.


TTM Technologies, Inc., Q4’20   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations Sameer.desai@ttmtech.com

714-327-3050

 

Forward-Looking Statements

The preliminary financial results included in this press release represent the most current information available to management. The company’s actual results when disclosed in its Form 10-K may differ from these preliminary results as a result of the completion of the company’s financial closing procedures; final adjustments; completion of the review by the company’s independent registered accounting firm; and other developments that may arise between now and the disclosure of the final results. 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.

- Tables Follow -


TTM TECHNOLOGIES, INC.

Selected Unaudited Financial Information

(In thousands, except per share data)

 

     Fourth Quarter     Full Year  
     2020     2019*     2020     2019*  

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

 

 

   

Net sales

   $ 523,802     $ 535,715     $ 2,105,322     $ 2,133,210  

Cost of goods sold

     435,829       435,470       1,746,299       1,756,033  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     87,973       100,245       359,023       377,177  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating expenses:

        

Selling and marketing

     15,849       17,560       63,882       69,171  

General and administrative

     26,831       37,193       122,477       129,284  

Research and development

     4,604       4,367       19,770       17,937  

Amortization of definite-lived intangibles

     9,589       9,531       38,838       45,776  

Restructuring charges

     1,934       2,204       16,764       5,380  

Impairment of goodwill

     —         —         69,200       —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     58,807       70,855       330,931       267,548  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     29,166       29,390       28,092       109,629  

Interest expense

     (14,599     (19,976     (73,156     (82,087

Other, net

     (1,854     (1,741     (1,213     6,784  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) from continuing operations before income taxes

     12,713       7,673       (46,277     34,326  

Income tax benefit (provision)

     26,247       3,124       29,891       (2,405
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss) from continuing operations

     38,960       10,797       (16,386     31,921  

Income from discontinued operations, net of income taxes

     —         14,462       193,921       9,380  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income

   $ 38,960     $ 25,259     $ 177,535     $ 41,301  
  

 

 

   

 

 

   

 

 

   

 

 

 

*  Reclassified Research and development expenses as a separate line item from General and administrative expenses

 

   

Earnings per share:

        

Basic earnings (loss) per share from continuing operations

   $ 0.36     $ 0.10     $ (0.15   $ 0.30  

Basic earnings per share from discontinued operations

     —         0.14       1.82       0.09  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings per share

   $ 0.36     $ 0.24     $ 1.67     $ 0.39  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per share from continuing operations

   $ 0.34     $ 0.10     $ (0.15   $ 0.30  

Diluted earnings per share from discontinued operations

     —         0.14       1.82       0.09  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

   $ 0.34     $ 0.24     $ 1.67     $ 0.39  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average shares used in computing per share amounts:

        

Basic

     106,755       105,502       106,366       105,195  

Diluted

     113,513       107,135       106,366       106,332  

Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:

 

 

     

Weighted-average shares outstanding

     106,755       105,502         105,195  

Dilutive effect of convertible debt

     5,193       —           —    

Dilutive effect of performance-based stock units, restricted stock units & stock options

     1,565       1,633         1,137  
  

 

 

   

 

 

     

 

 

 

Diluted shares

     113,513       107,135         106,332  
  

 

 

   

 

 

     

 

 

 

SELECTED BALANCE SHEET DATA

 

        
     December 28, 2020     December 30, 2019              

Cash and cash equivalents, including restricted cash

   $ 451,565     $ 379,818      

Accounts and notes receivable, net

     381,105       503,598      

Contract assets

     273,256       254,600      

Inventories

     115,651       113,753      

Current assets held for sale

     —         67,572      

Total current assets

     1,248,758       1,342,684      

Property, plant and equipment, net

     650,435       678,201      

Operating lease right of use asset

     24,340       22,173      

Non-current assets held for sale

     —         425,597      

Other non-current assets

     972,411       1,092,278      

Total assets

     2,895,944       3,560,933      

Short-term debt, including current portion of long-term debt

   $ —       $ 249,975      

Accounts payable

     327,102       329,866      

Current liabilities held for sale

     —         185,391      

Total current liabilities

     518,046       946,666      

Debt, net of discount

     842,853       1,225,962      

Non-current liabilities held for sale

     —         1,530      

Total long-term liabilities

     933,889       1,335,230      

Total equity

     1,444,009       1,279,037      

Total liabilities and equity

     2,895,944       3,560,933      


SUPPLEMENTAL DATA

 

        
     Fourth Quarter     Full Year  
     2020     2019     2020     2019  

Gross margin

     16.8     18.7     17.1     17.7

Operating margin

     5.6     5.5     1.3     5.1

Stock-based Compensation:

        
     Fourth Quarter              
     2020     2019              

Amount included in:

        

Cost of goods sold

   $ 1,246     $ 938      

Selling and marketing

     620       479      

General and administrative

     2,211       3,147      

Research and development

     35       62      
  

 

 

   

 

 

     

Total stock-based compensation expense

   $ 4,112     $ 4,626      
  

 

 

   

 

 

     

Operating Segment Data:

 

        
     Fourth Quarter              
     2020     2019              

Net sales:

        

PCB

   $ 475,614     $ 477,799      

RF&S

     11,382       10,591      

E-M Solutions

     36,806       47,325      
  

 

 

   

 

 

     

Total net sales

   $ 523,802     $ 535,715      
  

 

 

   

 

 

     

Operating segment income:

        

PCB

   $ 62,621     $ 69,184      

RF&S

     3,209       3,552      

E-M Solutions

     41       1,841      

Corporate

     (25,732     (34,373    
  

 

 

   

 

 

     

Total operating segment income

     40,139       40,204      

Amortization of definite-lived intangibles

     (10,973     (10,814    
  

 

 

   

 

 

     

Total operating income

     29,166       29,390      

Total other expense

     (16,453     (21,717    
  

 

 

   

 

 

     

Income from continuing operations before income taxes

   $ 12,713     $ 7,673      
  

 

 

   

 

 

     

RECONCILIATIONS1

 

        
     Fourth Quarter     Full Year  
     2020     2019     2020     2019  

Non-GAAP gross profit reconciliation2:

        

GAAP gross profit from continuing operations

   $ 87,973     $ 100,245     $ 359,023     $ 377,177  

Add back item:

        

Amortization of definite-lived intangibles

     1,384       1,283       5,535       4,822  

Accelerated depreciation

     899       —         5,835       —    

Stock-based compensation

     1,246       938       3,889       3,148  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross profit

   $ 91,502     $ 102,466     $ 374,282     $ 385,147  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP gross margin

     17.5     19.1     17.8     18.1

Non-GAAP operating income reconciliation3:

        

GAAP operating income from continuing operations

   $ 29,166     $ 29,390     $ 28,092     $ 109,629  

Add back items:

        

Amortization of definite-lived intangibles

     10,973       10,814       44,373       50,598  

Accelerated depreciation

     1,057       —         6,751       —    

Stock-based compensation

     4,112       4,626       16,073       16,816  

(Gain) on sale of assets

     (97     (66     (97     (66

Impairments, restructuring, acquisition-related, and other charges

     2,098       6,521       86,237       12,282  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating income

   $ 47,309     $ 51,285     $ 181,429     $ 189,259  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP operating margin

     9.0     9.6     8.6     8.9

 

Non-GAAP net income and EPS reconciliation4:

        

GAAP net income (loss) from continuing operations

   $ 38,960     $ 10,797     $ (16,386   $ 31,921  

Add back items:

        

Amortization of definite-lived intangibles

     10,973       10,814       44,373       50,598  

Accelerated depreciation

     1,057       —         6,751       —    

Stock-based compensation

     4,112       4,626       16,073       16,816  

Non-cash interest expense

     2,962       3,501       17,451       14,288  

(Gain) on sale of assets

     (119     (186     (825     (3,743

Impairments, restructuring, acquisition-related, and other charges

     2,098       6,521       86,237       12,282  

Income taxes5

     (19,800     (8,610     (36,988     (15,046
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP net income

   $ 40,243     $ 27,463     $ 116,686     $ 107,116  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP earnings per diluted share

   $ 0.37     $ 0.26     $ 1.10     $ 1.01  

Non-GAAP diluted number of shares:

        

Diluted shares

     113,513       107,135       106,366       106,332  

Dilutive effect of convertible debt

     (5,193     —         —           —  
  

 

 

   

 

 

   

 

 

   

 

 

 

Non-GAAP diluted number of shares

     108,320       107,135       106,366       106,332  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA reconciliation6:

        

GAAP net income (loss) from continuing operations

   $ 38,960     $ 10,797     $ (16,386   $ 31,921  

Add back items:

        

Income tax (benefit) provision

     (26,247     (3,124     (29,891     2,405  

Interest expense

     14,599       19,976       73,156       82,087  

Amortization of definite-lived intangibles

     10,973       10,814       44,373       50,598  

Depreciation expense

     23,775       23,413       99,572       93,370  

Stock-based compensation

     4,112       4,626       16,073       16,816  

(Gain) on sale of assets

     (119     (186     (825     (3,743

Impairments, restructuring, acquisition-related, and other charges

     2,098       6,521       86,237       12,282  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 68,151     $ 72,837     $ 272,309     $ 285,736  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA margin

     13.0     13.6     12.9     13.4

Free cash flow reconciliation, including Mobility:

        

Operating cash flow

   $ 55,490     $ 130,148     $ 287,176     $ 311,937  

Capital expenditures, net

     (18,663     (46,982     (102,551     (135,972
  

 

 

   

 

 

   

 

 

   

 

 

 

Free cash flow

   $ 36,827     $ 83,166     $ 184,625     $ 175,965  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

1 

This 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.


2

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.

3

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, gain on sale of assets, impairment of goodwill, acquisition-related costs, restructuring and other charges.

4 

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.

5 

Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.

6 

Adjusted 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.


MERP Tables

TTM Consolidated

 

End Markets

   1Q-19     2Q-19     3Q-19     4Q-19     FY 2019     1Q-20     2Q-20     3Q-20     4Q-20     FY 2020  

Aerospace/Defense

     27     28     24     26     26     30     31     36     36     33

Automotive

     17     16     17     14     16     12     12     14     21     14

Cellular Phones

     7     6     19     16     13     11     3     0     0     4

Computing/Storage/Periph

     13     15     12     14     13     14     13     12     13     13

Medical/Industrial/Inst

     15     15     13     13     14     16     20     19     15     17

Networking/Communications

     18     17     13     15     15     14     19     18     15     17

Other

     3     3     2     2     3     3     2     1     0     2

Mobility Business Unit

 

                    

End Markets

   1Q-19     2Q-19     3Q-19     4Q-19     FY 2019     1Q-20     2Q-20     3Q-20     4Q-20     FY 2020  

Aerospace/Defense

     0     0     0     0     0     0     0     0     0     0

Automotive

     5     6     3     2     4     3     5     0     0     3

Cellular Phones

     48     41     73     65     60     57     54     0     0     56

Computing/Storage/Periph

     28     36     14     19     22     22     25     0     0     23

Medical/Industrial/Inst

     7     5     2     3     4     4     4     0     0     4

Networking/Communications

     5     5     4     6     5     5     5     0     0     5

Other

     7     7     4     5     5     9     7     0     0     9

TTM excluding Mobility

 

                    

End Markets

   1Q-19     2Q-19     3Q-19     4Q-19     FY 2019     1Q-20     2Q-20     3Q-20     4Q-20     FY 2020  

Aerospace/Defense

     31     33     31     35     33     37     33     36     36     36 %

Automotive

     19     18     21     17     19     14     12     14     21     15

Cellular Phones

     0     0     1     0     0     0     0     0     0     0

Computing/Storage/Periph

     11     11     11     12     11     12     13     12     13     12

Medical/Industrial/Inst

     17     17     17     17     17     19     21     19     15     18

Networking/Communications

     20     19     17     18     18     17     20     18     15     18

Other

     2     2     2     1     2     1     1     1     0     1

SZ + SH-EMS

 

                    

End Markets

   1Q-19     2Q-19     3Q-19     4Q-19     FY 2019     1Q-20     2Q-20     3Q-20     4Q-20     FY 2020  

Aerospace/Defense

     0     1     0     0     0     0     0     0     3     1

Automotive

     56     58     74     59     63     49     54     49     86     61

Cellular Phones

     0     0     0     0     0     0     0     0     0     0

Computing/Storage/Periph

     0     0     0     0     0     0     0     0     0     0

Medical/Industrial/Inst

     22     23     11     19     18     23     14     14     2     12

Networking/Communications

     21     18     16     22     19     30     35     44     10     29

Other

     1     0     -1     0     0     -2     -3     -7     -1     -3

TTM, excluding Mobility, SZ & SH E-MS

 

 

                 

End Markets

   1Q-19     2Q-19     3Q-19     4Q-19     FY 2019     1Q-20     2Q-20     3Q-20     4Q-20     FY 2020  

Aerospace/Defense

     33     36     36     37     35     38     34     37     38     37

Automotive

     17     15     15     15     15     13     11     13     17     13

Cellular Phones

     0     -1     1     0     0     1     0     0     0     0

Computing/Storage/Periph

     12     12     12     13     12     12     13     13     13     13

Medical/Industrial/Inst

     16     17     18     17     17     19     21     19     16     19

Networking/Communications

     20     19     16     17     18     16     19     17     16     17

Other

     2     2     2     1     3     1     2     1     0     1


Proforma Tables

Select Non-GAAP income statement data:

 

TTM Consolidated

   Q1-19     Q2-19     Q3-19     Q4-19     FY 2019     Q1-20     Q2-20     Q3-20     Q4-20     FY 2020  

Sales

     620.2       633.0       716.8       719.3       2,689.3       610.8       601.1       513.6       523.8       2,249.3  

Gross Profit

     90.6       86.4       106.0       126.8       409.7       88.3       107.2       94.4       91.5       381.4  

Gross Margin

     14.6     13.6     14.8     17.6     15.2     14.5     17.8     18.4     17.5     17.0

Op Income

     40.5       37.2       54.0       72.3       204.0       35.7       54.7       46.9       47.3       184.6  

Operating Margin

     6.5     5.9     7.5     10.1     7.6     5.8     9.1     9.1     9.0     8.2

EBITDA

     78.5       82.9       103.5       111.3       376.2       82.1       80.3       67.2       68.2       297.8  

EBITDA%

     12.7     13.1     14.4     15.5     14.0     13.4     13.4     13.1     13.0     13.2

Mobility Proforma

   Q1-19     Q2-19     Q3-19     Q4-19     FY 2019     Q1-20     Q2-20     Q3-20     Q4-20     FY 2020  

Sales

     83.8       106.1       182.6       183.5       556.0       113.2       30.8       —         —         144.0  

Gross Profit

     (10.1     (8.2     18.6       24.3       24.5       4.7       2.4       —         —         7.1  

Gross Margin

     -12.1     -7.8     10.2     13.2     4.4     4.2     7.8     —         —         5.0

Op Income

     (11.9     (10.3     16.0       21.0       14.8       2.1       1.1       —         —         3.2  

Operating Margin

     -14.2     -9.7     8.8     11.4     2.7     1.9     3.6     —         —         2.2

EBITDA

     5.9       9.2       36.9       38.5       90.5       21.9       3.5       —         —         25.4  

EBITDA%

     7.0     8.7     20.2     21.0     16.3     19.3     11.4     —         —         17.6

TTM Proforma Excluding Mobility

   Q1-19     Q2-19     Q3-19     Q4-19     FY 2019     Q1-20     Q2-20     Q3-20     Q4-20     FY 2020  

Sales

     536.4       526.9       534.2       535.8       2,133.3       497.6       570.3       513.6       523.8       2,105.3  

Gross Profit

     100.7       94.6       87.4       102.5       385.2       83.6       104.8       94.4       91.5       374.3  

Gross Margin

     18.8     18.0     16.4     19.1     18.1     16.8     18.4     18.4     17.5     17.8

Op Income

     52.4       47.5       38.0       51.3       189.2       33.6       53.6       46.9       47.3       181.4  

Operating Margin

     9.8     9.0     7.1     9.6     8.9     6.8     9.4     9.1     9.0     8.6

EBITDA

     72.6       73.7       66.6       72.8       285.7       60.2       76.8       67.2       68.2       272.4  

EBITDA%

     13.5     14.0     12.5     13.6     13.4     12.1     13.5     13.1     13.0     12.9

SZ + SH-EMS Proforma

   Q1-19     Q2-19     Q3-19     Q4-19     FY 2019     Q1-20     Q2-20     Q3-20     Q4-20     FY 2020  

Sales

     36.0       40.9       54.5       29.8       161.2       14.2       21.4       20.5       23.7       79.8  

Gross Profit

     3.0       3.4       5.2       2.3       13.9       (2.4     (0.3     3.4       3.2       3.9  

Gross Margin

     8.3     8.3     9.5     7.7     8.6     -16.7     -1.4     16.6     13.5     4.9

Op Income

     2.0       1.2       4.3       2.0       9.5       (3.8     (0.8     2.3       2.7       0.4  

Operating Margin

     5.6     2.9     7.9     6.7     5.9     -26.8     -3.8     11.3     11.4     0.5

EBITDA

     2.5       3.1       7.1       2.0       14.7       (3.6     0.1       2.6       3.1       2.2  

EBITDA%

     6.9     7.6     13.0     6.7     9.1     -25.4     0.4     12.9     13.1     2.8

TTM Proforma Excluding Mobility, SZ & SH-EMS

   Q1-19     Q2-19     Q3-19     Q4-19     FY 2019     Q1-20     Q2-20     Q3-20     Q4-20     FY 2020  

Sales

     500.4       486.0       479.7       506.0       1,972.1       483.4       548.9       493.1       500.1       2,025.5  

Gross Profit

     97.7       91.2       82.2       100.2       371.3       86.0       105.1       91.0       88.3       370.4  

Gross Margin

     19.5     18.8     17.1     19.8     18.8     17.8     19.1     18.5     17.7     18.3

Op Income

     50.4       46.2       33.7       49.3       179.6       37.7       54.4       44.6       44.6       181.3  

OM

     10.1     9.5     7.0     9.7     9.1     7.8     9.9     9.0     8.9     8.9

EBITDA

     70.1       70.6       59.5       70.8       271.0       63.8       76.7       64.6       65.1       270.2  

EBITDA%

     14.0     14.5     12.4     14.0     13.7     13.2     14.0     13.1     13.0     13.3