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TTM Technologies, Inc. Reports Fiscal Fourth Quarter and 2020 Results
来源: Nasdaq GlobeNewswire / 03 2月 2021 16:05:01 America/New_York
SANTA ANA, Calif., Feb. 03, 2021 (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 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.”
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 flow 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.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 Net sales: 2020 2019 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 1This 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. 6Adjusted 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 % Contact:
Sameer Desai,
Senior Director, Corporate Development & Investor Relations
Sameer.desai@ttmtech.com
714-327-3050