0001193125-20-025365.txt : 20200205 0001193125-20-025365.hdr.sgml : 20200205 20200205161040 ACCESSION NUMBER: 0001193125-20-025365 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200205 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200205 DATE AS OF CHANGE: 20200205 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TTM TECHNOLOGIES INC CENTRAL INDEX KEY: 0001116942 STANDARD INDUSTRIAL CLASSIFICATION: PRINTED CIRCUIT BOARDS [3672] IRS NUMBER: 911033443 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31285 FILM NUMBER: 20578845 BUSINESS ADDRESS: STREET 1: 200 EAST SANDPOINTE STREET 2: SUITE 400 CITY: SANTA ANA STATE: CA ZIP: 92707 BUSINESS PHONE: 7143273000 MAIL ADDRESS: STREET 1: 200 EAST SANDPOINTE STREET 2: SUITE 400 CITY: SANTA ANA STATE: CA ZIP: 92707 8-K 1 d882629d8k.htm 8-K 8-K
TTM TECHNOLOGIES INC false 0001116942 0001116942 2020-02-05 2020-02-05

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 5, 2020

 

TTM TECHNOLOGIES, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

  

0-31285

  

91-1033443

(State of Incorporation)

  

(Commission File Number)

  

(I.R.S. Employer

Identification No.)

200 East Sandpointe, Suite 400, Santa Ana, CA 92707

(Address of Principal Executive Offices) (Zip Code)

(714) 327-3000

Registrant’s telephone number, including area code

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

  

Trading

Symbol(s)

  

Name of each exchange

on which registered

Common Stock, $0.001 par value

  

TTMI

  

NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

Item 2.02. Results of Operations and Financial Condition.

On February 5, 2020, the Registrant issued a press release announcing results for its fourth quarter and fiscal year 2019, which ended December 30, 2019, and guidance for its first quarter 2020. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

As previously announced, the Registrant will host a conference call on Wednesday, February 5, 2020, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss its fourth quarter and fiscal year 2019 performance and first quarter 2020 outlook. Dial-in information for the call is as follows: Telephone access is available by dialing domestic 1-800-367-2403 or international 334-777-6978 (ID 6010319).

As provided in General Instruction B.2 to Form 8-K, the information furnished in Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly provided by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.
         
 

Exhibit 99.1

   

Press Release dated February 5, 2020

         
 

104

    

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     

TTM TECHNOLOGIES, INC.

             

Date: February 5, 2020

     

By:

 

/s/ Daniel J. Weber

     

 

Daniel J. Weber

     

 

Senior Vice President, General Counsel and Secretary

EX-99.1 2 d882629dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

TTM Technologies, Inc., Q4’19   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations

Sameer.desai@ttmtech.com

714-327-3050

TTM Technologies, Inc. Reports Fiscal Fourth Quarter and 2019 Results

Santa Ana, CA – February 5, 2020 – 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 2019, which ended on December 30, 2019.

Fourth Quarter 2019 Highlights

 

  –  

Net sales were $719.3 million

  –  

GAAP net income was $25.3 million, or $0.21 per diluted share

  –  

Non-GAAP net income was $43.9 million, or $0.41 per diluted share, inclusive of $0.03 foreign exchange losses

  –  

Cash flow from operations of $130.1 million

Fourth Quarter 2019 Financial Results

Net sales for the fourth quarter of 2019 were $719.3 million, compared to $711.0 million in the fourth quarter of 2018 and $716.8 million in the third quarter of 2019.

GAAP operating income for the fourth quarter of 2019 was $49.4 million, compared to $42.8 million in the fourth quarter of 2018 and $36.4 million in the third quarter of 2019.

GAAP net income for the fourth quarter of 2019 was $25.3 million, or $0.21 per diluted share. This compares to income of $52.5 million, or $0.42 per diluted share in the fourth quarter of 2018, and $15.9 million, or $0.14 per diluted share, in the third quarter of 2019. The fourth quarter of 2018 results reflect the release of a tax valuation allowance of $43.6 million.

On a non-GAAP basis, net income for the fourth quarter of 2019 was $43.9 million, or $0.41 per diluted share. This compares to non-GAAP net income of $55.0 million, or $0.52 per diluted share, for the fourth quarter of 2018 and $38.9 million, or $0.37 per diluted share, in the third quarter of 2019.

Adjusted EBITDA for the fourth quarter of 2019 was $111.3 million, or 15.5 percent of net sales, compared to adjusted EBITDA of $117.4 million, or 16.5 percent of net sales, for the fourth quarter of 2018 and $103.5 million, or 14.4 percent of net sales, for the third quarter of 2019.

“For the fourth quarter, TTM continued to generate strong cash flow and delivered revenue and earnings above the previously guided range,” said Tom Edman, CEO of TTM. “The year over year growth we experienced in the aerospace and defense, cellular and computing end markets offset weakness in our other commercial end markets.”

Full Year 2019 Financial Results

Net sales for fiscal year 2019 decreased to $2.69 billion from $2.85 billion in fiscal year 2018, a 5.5% decrease.

GAAP operating income for fiscal year 2019 was $120.1 million, a decrease from GAAP operating income of $159.1 million in fiscal year 2018.

GAAP net income for fiscal year 2019 was $41.3 million, or $0.39 per diluted share, compared to GAAP net income of $173.6 million, or $1.38 per diluted share, for fiscal year 2018. The 2018 results reflect the release of a tax valuation allowance of $118.2 million.

TTM Technologies, Inc., Q4’19   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations

Sameer.desai@ttmtech.com

714-327-3050

 

On a non-GAAP basis, net income for fiscal year 2019 was $120.5 million, or $1.13 per diluted share. This compares to fiscal year 2018 non-GAAP net income of $190.4 million, or $1.76 per diluted share.

Adjusted EBITDA for fiscal year 2019 was $376.2 million, or 14.0 percent of net sales, compared to $438.8 million, or 15.4 percent of net sales, for fiscal year 2018.

“In 2019, we finished with strong results in Q4 and made progress on our strategy of diversification, differentiation and discipline. Specifically, we acquired differentiating technology with an important asset purchase from i3 Technologies, which enables us to manufacture products that require finer lines and smaller spacing for our aerospace and defense and commercial end markets broadening our technology offerings in North America. In addition, in early January, we announced the sale of our more seasonal and generally more volatile mobility business,” continued Edman. “Finally, our financial discipline allowed us to generate significant year over year growth in cash flow despite year over year declines in revenues and profits.”

Business Outlook

Typically, in the first calendar quarter of every year, our China based factories are shut down over the Lunar New Year holiday. This year, due to government restrictions from the coronavirus. the shutdown has been extended approximately nine days to February 10th. Assuming our factories in the PRC can resume production on February 10th, TTM estimates that revenue for the first quarter of 2020 will be in the range of $580 million to $620 million, and non-GAAP net income will be in the range of $0.05 to $0.11 per diluted share, which includes approximately $0.09 negative impact from the additional nine days of closure. If the government extends the factory shutdown beyond February 10th, our financial results would be further negatively impacted.

To Access the Live Webcast/Conference Call

TTM will host a conference call and webcast to discuss fourth quarter 2019 results and the first quarter 2020 outlook on Wednesday, February 5, 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 6010319). 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, backplane assemblies and electro-mechanical solutions as well as a global designer and manufacturer of 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

TTM Technologies, Inc., Q4’19   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations

Sameer.desai@ttmtech.com

714-327-3050

 

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, 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     Third Quarter     Full Year  
     2019     2018     2019     2019     2018  

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

           

Net sales

    $ 719,253     $ 710,955     $ 716,817     $ 2,689,308     $ 2,847,261  

Cost of goods sold

      594,704       588,323       612,983       2,287,625       2,390,227  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      124,549       122,632       103,834       401,683       457,034  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating expenses:

           

Selling and marketing

      18,843       18,533       18,400       74,011       73,313  

General and administrative

      43,535       39,615       38,845       152,096       159,437  

Amortization of definite-lived intangibles

      10,206       17,722       10,175       48,474       59,681  

Restructuring charges

      2,539       3,962       53       6,981       5,518  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses

      75,123       79,832       67,473       281,562       297,949  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      49,426       42,800       36,361       120,121       159,085  

Interest expense

      (20,107 )      (22,533 )      (20,568 )      (83,234 )      (78,958 ) 

Other, net

      (2,920 )      2,357       8,126       9,297       9,641  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income before income taxes

      26,399       22,624       23,919       46,184       89,768  

Income tax (provision) / benefit

      (1,140 )      29,858       (8,049 )      (4,883 )      83,816  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 25,259     $ 52,482     $ 15,870     $ 41,301     $ 173,584  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share:

           

Basic

    $ 0.24     $ 0.51     $ 0.15     $ 0.39     $ 1.68  

Diluted

    $ 0.21     $ 0.42     $ 0.14     $ 0.39     $ 1.38  

Weighted-average shares used in computing per share amounts:

           

Basic

      105,502       103,683       105,492       105,195       103,355  

Diluted

      133,073       131,533       132,412       106,332       134,036  

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

           

Net income

    $ 25,259     $ 52,482     $ 15,870       $ 173,584  

Add back items: interest expense, net of tax

      2,825       3,030       2,836         11,906  
  

 

 

    

 

 

    

 

 

      

 

 

  

Adjusted net income

    $ 28,084     $ 55,512     $ 18,706       $ 185,490  
  

 

 

    

 

 

    

 

 

      

 

 

  

Weighted-average shares outstanding

      105,502       103,683       105,492         103,355  

Dilutive effect of convertible debt

      25,938       25,939       25,938         25,939  

Dilutive effect of warrants

      —         —         —           3,065  

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

      1,633       1,911       982         1,677  
  

 

 

    

 

 

    

 

 

      

 

 

  

Diluted shares

      133,073       131,533       132,412         134,036  
  

 

 

    

 

 

    

 

 

      

 

 

  

Earnings per share:

           

Basic

    $ 0.24     $ 0.51     $ 0.15       $ 1.68  

Diluted

    $ 0.21     $ 0.42     $ 0.14       $ 1.38  

SELECTED BALANCE SHEET DATA

           
     December 30, 2019     December 31, 2018                    

Cash and cash equivalents, including restricted cash

    $ 400,154     $ 256,360        

Accounts and notes receivable, net

      503,664       523,165        

Contract assets

      288,235       287,741        

Inventories

      122,019       109,377        

Total current assets

      1,342,684       1,206,914        

Property, plant and equipment, net

      1,022,929       1,052,024        

Operating lease right of use asset

      24,156       —          

Other non-current assets

      1,171,164       1,198,565        

Total assets

      3,560,933       3,457,503        

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

    $ 249,975     $ 30,000        

Accounts payable

      483,566       431,288        

Total current liabilities

      946,666       673,214        

Debt, net of discount

      1,225,962       1,462,425        

Total long-term liabilities

      1,335,230       1,557,202        

Total equity

      1,279,037       1,227,087        

Total liabilities and equity

      3,560,933       3,457,503        

SUPPLEMENTAL DATA

           
     Fourth Quarter     Third Quarter     Full Year  
     2019     2018     2019     2019     2018  

Gross margin

      17.3 %      17.2 %      14.5 %      14.9 %      16.1 % 

Operating margin

      6.9 %      6.0 %      5.1 %      4.5 %      5.6 % 

End Market Breakdown:

           
     Fourth Quarter     Third Quarter              
     2019     2018*     2019              

Aerospace/Defense

      26 %      23 %      24 %     

Automotive

      14 %      16 %      17 %     

Cellular Phone

      16 %      14 %      19 %     

Computing/Storage/Peripherals

      14 %      13 %      12 %     

Medical/Industrial/Instrumentation

      13 %      14 %      13 %     

Networking/Communications

      15 %      18 %      13 %     

Other

      2 %      2 %      2 %     

* Amended for Anaren integration

           

Stock-based Compensation:

           
     Fourth Quarter     Third Quarter              
     2019     2018     2019              

Amount included in:

           

Cost of goods sold

    $ 942     $ 766     $ 941      

Selling and marketing

      518       525       593      

General and administrative

      3,166       4,442       3,128      
  

 

 

    

 

 

    

 

 

      

Total stock-based compensation expense

    $ 4,626     $ 5,733     $ 4,662      
  

 

 

    

 

 

    

 

 

      

Operating Segment Data:

           
     Fourth Quarter     Third Quarter              

Net sales:

      2019       2018       2019      
  

 

 

    

 

 

    

 

 

      

PCB

    $ 671,928     $ 653,482     $ 649,104      

E-M Solutions

      47,325       57,473       67,713      
  

 

 

    

 

 

    

 

 

      

Total net sales

    $ 719,253     $ 710,955     $ 716,817      
  

 

 

    

 

 

    

 

 

      

Operating segment income:

           

PCB

    $ 93,447     $ 87,201     $ 73,230      

E-M Solutions

      1,841       3,364       3,236      

Corporate

      (34,373 )      (28,863 )      (28,750 )     
  

 

 

    

 

 

    

 

 

      

Total operating segment income

      60,915       61,702       47,716      

Amortization of definite-lived intangibles

      (11,489 )      (18,902 )      (11,355 )     
  

 

 

    

 

 

    

 

 

      

Total operating income

      49,426       42,800       36,361      

Total other expense

      (23,027 )      (20,176 )      (12,442 )     
  

 

 

    

 

 

    

 

 

      

Income before income taxes

    $ 26,399     $ 22,624     $ 23,919      
  

 

 

    

 

 

    

 

 

      

RECONCILIATIONS1

           
     Fourth Quarter     Third Quarter     Full Year  
     2019     2018     2019     2019     2018  

Non-GAAP gross profit reconciliation2:

           

GAAP gross profit

    $ 124,549     $ 122,632     $ 103,834     $ 401,683     $ 457,034  

Add back item:

           

Inventory markup

      —         —         —         —         4,900  

Amortization of definite-lived intangibles

      1,283       1,180       1,180       4,822       3,345  

Stock-based compensation

      942       766       941       3,158       2,898  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP gross profit

    $ 126,774     $ 124,578     $ 105,955     $ 409,663     $ 468,177  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP gross margin

      17.6 %      17.5 %      14.8 %      15.2 %      16.4 % 

Non-GAAP operating income reconciliation3:

           

GAAP operating income

    $ 49,426     $ 42,800     $ 36,361     $ 120,121     $ 159,085  

Add back items:

           

Amortization of definite-lived intangibles

      11,489       18,902       11,355       53,296       63,026  

Stock-based compensation

      4,626       5,733       4,662       16,816       20,681  

(Gain) on sale of assets

      (66 )      —         —         (66 )      —    

Inventory markup

      —         —         —         —         4,900  

Restructuring, acquisition-related, and other charges

      6,856       6,104       1,573       13,883       18,797  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP operating income

    $ 72,331     $ 73,539     $ 53,951     $ 204,050     $ 266,489  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP operating margin

      10.1 %      10.3 %      7.5 %      7.6 %      9.4 % 

Non-GAAP net income and EPS reconciliation4:

           

GAAP net income

    $ 25,259     $ 52,482     $ 15,870     $ 41,301     $ 173,584  

Add back items:

           

Amortization of definite-lived intangibles

      11,489       18,902       11,355       53,296       63,026  

Stock-based compensation

      4,626       5,733       4,662       16,816       20,681  

Non-cash interest expense

      3,501       4,384       3,452       14,288       14,783  

(Gain) on sale of assets

      (186 )      —         (251 )      (3,743 )      —    

Inventory markup

      —         —         —         —         4,900  

Restructuring, acquisition-related, and other charges

      6,856       6,104       1,573       13,883       19,339  

Income taxes5

      (7,623 )      (32,614 )      2,237       (15,325 )      (105,916 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP net income

    $ 43,922     $ 54,991     $ 38,898     $ 120,516     $ 190,397  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP earnings per diluted share

    $ 0.41     $ 0.52     $ 0.37     $ 1.13     $ 1.76  

Non-GAAP diluted number of shares6:

           

Diluted shares

      133,073       131,533       132,412       106,332       134,036  

Dilutive effect of convertible debt

      (25,938 )      (25,939 )      (25,938 )      —         (25,939 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Non-GAAP diluted number of shares

      107,135       105,594       106,474       106,332       108,097  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA reconciliation7:

           

GAAP net income

    $ 25,259     $ 52,482     $ 15,870     $ 41,301     $ 173,584  

Add back items:

           

Income tax provision (benefit)

      1,140       (29,858 )      8,049       4,883       (83,816 ) 

Interest expense

      20,107       22,533       20,568       83,234       78,958  

Amortization of definite-lived intangibles

      11,489       18,902       11,355       53,296       63,026  

Depreciation expense

      42,018       41,543       41,719       166,574       162,708  

Stock-based compensation

      4,626       5,733       4,662       16,816       20,681  

(Gain) on sale of assets

      (186 )      —         (251 )      (3,743 )      —    

Inventory markup

      —         —         —         —         4,900  

Restructuring, acquisition-related, and other charges

      6,856       6,104       1,573       13,883       18,797  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 111,309     $ 117,439     $ 103,545     $ 376,244     $ 438,838  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA margin

      15.5 %      16.5 %      14.4 %      14.0 %      15.4 % 

Free cash flow reconciliation:

           

Operating cash flow

      130,148       151,768       58,742       311,937       273,138  

Capital expenditures, net

      (46,982 )      (33,671 )      (25,803 )      (135,972 )      (149,796 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Free cash flow

    $ 83,166     $ 118,097     $ 32,939     $ 175,965     $ 123,342  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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, stock-based compensation expense and inventory markup.

 

3

Non-GAAP operating income and operating margin measures exclude amortization of intangibles, stock-based compensation expense, gain on sale of assets, inventory markup, 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, stock-based compensation expense, non-cash interest expense on debt (before consideration of capitalized interest), gain on sale of assets, inventory markup, 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 

Non-GAAP diluted number of shares used in computing non-GAAP earnings per share excludes the dilutive effect of convertible debt.

 

7 

Adjusted EBITDA is defined as earnings before interest expense, income taxes, depreciation, amortization of intangibles, stock-based compensation expense, gain on sale of assets, inventory markup, 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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Document and Entity Information
Feb. 05, 2020
Cover [Abstract]  
Entity Registrant Name TTM TECHNOLOGIES INC
Amendment Flag false
Entity Central Index Key 0001116942
Document Type 8-K
Document Period End Date Feb. 05, 2020
Entity Incorporation State Country Code DE
Entity File Number 0-31285
Entity Tax Identification Number 91-1033443
Entity Address, Address Line One 200 East Sandpointe
Entity Address, Address Line Two Suite 400
Entity Address, City or Town Santa Ana
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92707
City Area Code (714)
Local Phone Number 327-3000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Security 12b Title Common Stock, $0.001 par value
Trading Symbol TTMI
Security Exchange Name NASDAQ
Entity Emerging Growth Company false

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