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

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TTM Technologies
·24 min read
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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