0001193125-20-126117.txt : 20200429 0001193125-20-126117.hdr.sgml : 20200429 20200429160704 ACCESSION NUMBER: 0001193125-20-126117 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20200429 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200429 DATE AS OF CHANGE: 20200429 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: 1230 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31285 FILM NUMBER: 20830286 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 d923982d8k.htm 8-K 8-K
TTM TECHNOLOGIES INC false 0001116942 0001116942 2020-04-29 2020-04-29

 

 

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): April 29, 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 April 29, 2020, the Registrant issued a press release announcing results for its first quarter 2020, which ended March 30, 2020, and guidance for its second 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, April 29, 2020, at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time to discuss its first quarter 2020 performance and second quarter 2020 outlook. Dial-in information for the call is as follows: Telephone access is available by dialing domestic 1-800-309-1256 or international 720-543-0314 (ID 557290).

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 April 29, 2020

         
 

104

   

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

2

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: April 29, 2020

     

By:

 

/s/ Daniel J. Weber

     

 

Daniel J. Weber

     

 

Senior Vice President, General Counsel and Secretary

3

 EX-99.1 2 d923982dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

TTM Technologies, Inc., Q1’20   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations

Sameer.desai@ttmtech.com

714-327-3050

TTM Technologies, Inc. Reports Fiscal First Quarter 2020 Results

Santa Ana, CA – April 29, 2020 – TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (“PCB”) and radio frequency (“RF”) components manufacturer, today reported results for the first quarter of fiscal 2020, which ended on March 30, 2020. On April 19th, 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. To facilitate the comparison of TTM’s results to prior periods and to previously issued guidance, non-GAAP financial information is also provided below which includes the results of the Mobility business unit.

First Quarter 2020 Highlights

 

  –  

GAAP net sales were $497.6 million

  –  

Non-GAAP net sales were $610.8 million

  –  

GAAP net loss of $3.2 million, or ($0.03) per diluted share

  –  

Non-GAAP net income was $19.6 million, or $0.18 per diluted share, inclusive of $1.9 million in foreign exchange gains

  –  

Cash flow from operations of $27.9 million

  –  

Announced restructuring of Electro-Mechanical Solutions (E-MS) Business unit

First Quarter 2020 GAAP Financial Results

Net sales for the first quarter of 2020 were $497.6 million, compared to $536.4 million in the first quarter of 2019 and $535.7 million in the fourth quarter of 2019.

GAAP operating income for the first quarter of 2020 was $16.2 million, compared to $30.1 million in the first quarter of 2019 and $29.4 million in the fourth quarter of 2019.

GAAP net loss for the first quarter of 2020 was $3.2 million, or ($0.03) per diluted share. This compares to net income of $6.2 million, or $0.06 per diluted share in the first quarter of 2019, and net income of $7.3 million, or $0.07 per diluted share, in the fourth quarter of 2019.

First Quarter 2020 Non-GAAP Financial Results

Net sales for the first quarter of 2020 were $610.8 million, compared to $620.2 million in the first quarter of 2019 and $719.3 million in the fourth quarter of 2019.

On a non-GAAP basis, net income for the first quarter of 2020 was $19.6 million, or $0.18 per diluted share. This compares to non-GAAP net income of $16.4 million, or $0.16 per diluted share, for the first quarter of 2019 and $43.9 million, or $0.41 per diluted share, in the fourth quarter of 2019.

Adjusted EBITDA for the first quarter of 2020 was $82.1 million, or 13.4 percent of net sales, compared to adjusted EBITDA of $78.5 million, or 12.7 percent of net sales, for the first quarter of 2019 and $111.3 million, or 15.5 percent of net sales, for the fourth quarter of 2019.

“As we start the second quarter, all of our manufacturing facilities remain operational and we are particularly proud of our urgent production of printed circuit boards used for critical medical needs. I want to recognize all of our employees for their tremendous efforts in support of our customers during these challenging times,” said Tom Edman, CEO of TTM. “TTM’s first priority remains the health and safety of our employees and we have taken proactive measures against the spread of COVID-19 in all of our facilities. We have implemented enhanced cleaning, social distancing practices, temperature checks, and masks among other measures.”

TTM Technologies, Inc., Q1’20   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations

Sameer.desai@ttmtech.com

714-327-3050

 

 

“Regarding our financial results for the first quarter, TTM delivered revenue above the midpoint and earnings above the previously guided range despite a government mandated shutdown of our manufacturing plants in China as a result of COVID-19. The year over year growth we experienced in the aerospace and defense, cellular and computing end markets partially offset weakness in our automotive and networking and communications end markets.”

Business Outlook

Looking ahead, we believe that COVID-19 may cause end demand weakness, supply chain disruptions, as well as inefficiencies with our own production. Taking this into consideration, TTM estimates that revenue for the second quarter of 2020 will be in the range of $520 million to $560 million, and non-GAAP net income will be in the range of $0.11 to $0.17 per diluted share, which includes the financial impact of the Mobility business unit until it was sold on April 17th.

Live Webcast/Conference Call

TTM will host a conference call and webcast to discuss first quarter 2020 results and the second quarter 2020 outlook on Wednesday, April 29, 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 800-309-1256 or international 720-543-0314 (ID 557290). 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 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.

TTM Technologies, Inc., Q1’20   

Contact:

Sameer Desai,

Senior Director, Corporate

Development & Investor Relations

Sameer.desai@ttmtech.com

714-327-3050

 

 

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)

 

     First Quarter     Fourth Quarter  
     2020     2019*     2019*  

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

       

Net sales

    $ 497,646     $ 536,445     $ 535,715  

Cost of goods sold

      416,304       437,619       435,470  
  

 

 

    

 

 

    

 

 

  

Gross profit

      81,342       98,826       100,245  
  

 

 

    

 

 

    

 

 

  

Operating expenses:

       

Selling and marketing

      16,169       17,560       17,560  

General and administrative

      34,339       29,850       37,192  

Research and development

      4,762       4,716       4,368  

Amortization of definite-lived intangibles

      9,562       16,152       9,531  

Restructuring charges

      328       432       2,204  
  

 

 

    

 

 

    

 

 

  

Total operating expenses

      65,160       68,710       70,855  
  

 

 

    

 

 

    

 

 

  

Operating income

      16,182       30,116       29,390  

Interest expense

      (19,781 )      (21,135 )      (19,975 ) 

Other, net

      2,502       (357 )      (1,742 ) 
  

 

 

    

 

 

    

 

 

  

(Loss) income from continuing operations before income taxes

      (1,097 )      8,624       7,673  

Income tax provision

      (2,123 )      (2,386 )      (394 ) 
  

 

 

    

 

 

    

 

 

  

Net (loss) income from continuing operations

      (3,220 )      6,238       7,279  

Income (loss) from discontinued operations, net of income taxes

      2,046       (9,490 )      17,980  
  

 

 

    

 

 

    

 

 

  

Net (loss) income

    $ (1,174 )    $ (3,252 )    $ 25,259  
  

 

 

    

 

 

    

 

 

  

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

       

(Loss) earnings per share:

       

Basic (loss) earnings per share from continuing operations

    $ (0.03 )    $ 0.06     $ 0.07  

Basic earnings (loss) per share from discontinued operations

      0.02       (0.09 )      0.17  
  

 

 

    

 

 

    

 

 

  

Basic (loss) earnings per share

    $ (0.01 )    $ (0.03 )    $ 0.24  
  

 

 

    

 

 

    

 

 

  

Diluted (loss) earnings per share from continuing operations

    $ (0.03 )    $ 0.06     $ 0.07  

Diluted earnings (loss) per share from discontinued operations

      0.02       (0.09 )      0.17  
  

 

 

    

 

 

    

 

 

  

Diluted (loss) earnings per share

    $ (0.01 )    $ (0.03 )    $ 0.24  
  

 

 

    

 

 

    

 

 

  

Weighted-average shares used in computing per share amounts:

       

Basic

      105,686       104,315       105,502  

Diluted

      105,686       105,614       107,135  

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

       

Weighted-average shares outstanding

        104,315       105,502  

Dilutive effect of convertible debt

        —         —    

Dilutive effect of warrants

        —         —    

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

        1,299       1,633  
    

 

 

    

 

 

  

Diluted shares

        105,614       107,135  
    

 

 

    

 

 

  

(Loss) earnings per share:

       

Basic earnings per share from continuing operations

      $ 0.06     $ 0.07  

Basic (loss) earnings per share from discontinued operations

        (0.09 )      0.17  
    

 

 

    

 

 

  

Basic (loss) earnings per share

      $ (0.03 )    $ 0.24  
    

 

 

    

 

 

  

Diluted earnings per share from continuing operations

      $ 0.06     $ 0.07  

Diluted (loss) earnings per share from discontinued operations

        (0.09 )      0.17  
    

 

 

    

 

 

  

Diluted (loss) earnings per share

      $ (0.03 )    $ 0.24  
    

 

 

    

 

 

  

SELECTED BALANCE SHEET DATA

       
     March 30,
2020		     December 30,
2019		        

Cash and cash equivalents, including restricted cash

    $ 361,992     $ 379,818    

Accounts and notes receivable, net

      458,639       503,598    

Contract assets

      256,482       254,600    

Inventories

     120,949       113,753    

Current assets held for sale

      522,974       67,572    

Total current assets

      1,751,787       1,342,684    

Property, plant and equipment, net

      666,611       678,201    

Operating lease right of use asset

      21,724       22,173    

Non-current assets held for sale

      —         478,580    

Other non-current assets

      1,083,996       1,039,295    

Total assets

      3,524,118       3,560,933    

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

    $ 249,975     $ 249,975    

Accounts payable

      309,580       329,866    

Current liabilities held for sale

      170,735       185,391    

Total current liabilities

      904,363       946,666    

Debt, net of discount

      1,229,372       1,225,962    

Non-current liabilities held for sale

      —         1,530    

Total long-term liabilities

      1,342,555       1,335,230    

Total equity

      1,277,200       1,279,037    

Total liabilities and equity

      3,524,118       3,560,933    

SUPPLEMENTAL DATA

       
     First Quarter     Fourth Quarter  
     2020     2019     2019  

Gross margin

      16.3 %      18.4 %      18.7 % 

Operating margin

      3.3 %      5.6 %      5.5 % 

End Market Breakdown, including Mobility:

       
     First Quarter     Fourth Quarter  
     2020     2019     2019  

Aerospace/Defense

      30 %      27 %      26 % 

Automotive

      12 %      17 %      14 % 

Cellular Phone

      11 %      7 %      16 % 

Computing/Storage/Peripherals

      14 %      13 %      14 % 

Medical/Industrial/Instrumentation

      16 %      15 %      13 % 

Networking/Communications

      14 %      18 %      15 % 

Other

      3 %      3 %      2 % 

Stock-based Compensation, including Mobility:

       
     First Quarter     Fourth Quarter  
     2020     2019     2019  

Amount included in:

       

Cost of goods sold

    $ 854     $ 705     $ 942  

Selling and marketing

      469       466       518  

General and administrative

      3,512       2,755       3,166  
  

 

 

    

 

 

    

 

 

  

Total stock-based compensation expense

    $ 4,835     $ 3,926     $ 4,626  
  

 

 

    

 

 

    

 

 

  

Operating Segment Data:

       
     First Quarter     Fourth Quarter  

Net sales:

      2020       2019       2019  
  

 

 

    

 

 

    

 

 

  

PCB

    $ 467,430     $ 485,067     $ 488,390  

E-M Solutions

      30,216       51,378       47,325  
  

 

 

    

 

 

    

 

 

  

Total net sales

    $ 497,646     $ 536,445     $ 535,715  
  

 

 

    

 

 

    

 

 

  

Operating segment income:

       

PCB

    $ 61,626     $ 70,494     $ 72,736  

E-M Solutions

      (4,329 )      1,179       1,841  

Corporate

      (30,170 )      (24,226 )      (34,373 ) 
  

 

 

    

 

 

    

 

 

  

Total operating segment income

      27,127       47,447       40,204  

Amortization of definite-lived intangibles

      (10,945 )      (17,331 )      (10,814 ) 
  

 

 

    

 

 

    

 

 

  

Total operating income

      16,182       30,116       29,390  

Total other expense

      (17,279 )      (21,492 )      (21,717 ) 
  

 

 

    

 

 

    

 

 

  

(Loss) income from continuing operations before income taxes

    $ (1,097 )    $ 8,624     $ 7,673  
  

 

 

    

 

 

    

 

 

  

RECONCILIATIONS1

       
     GAAP
March 30, 2020		     Mobility balances
March 30, 20202		     Combined
March 30, 2020		  

Cash and cash equivalents, including restricted cash

    $ 361,992     $ 68,445     $ 430,437  

Accounts and notes receivable, net

      458,639       6       458,645  

Contract assets

      256,482       30,181       286,663  

Inventories

      120,949       8,643       129,592  

Current assets held for sale

      522,974       (522,974 )      —    

Total current assets

      1,751,787       (411,721 )      1,340,066  

Property, plant and equipment, net

      666,611       330,312       996,923  

Operating lease right of use asset

      21,724       1,593       23,317  

Non-current assets held for sale

      —         —         —    

Other non-current assets

      1,083,996       79,816       1,163,812  

Total assets

      3,524,118       —         3,524,118  

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

    $ 249,975     $ —       $ 249,975  

Accounts payable

      309,580       144,715       454,295  

Current liabilities held for sale

      170,735       (178,041 )      —    

Total current liabilities

      904,363       (8,549 )      903,120  

Debt, net of discount

      1,229,372       —         1,229,372  

Non-current liabilities held for sale

      —         —         —    

Total long-term liabilities

      1,342,555       8,549       1,343,798  

Total equity

      1,277,200       —         1,277,200  

Total liabilities and equity

      3,524,118       —         3,524,118  
     GAAP
December 30, 2019		     Mobility balances
December 30, 20192		     Combined
December 30, 2019		  

Cash and cash equivalents, including restricted cash

    $ 379,818     $ 20,336     $ 400,154  

Accounts and notes receivable, net

      503,598       66       503,664  

Contract assets

      254,600       33,635       288,235  

Inventories

      113,753       8,266       122,019  

Current assets held for sale

      67,572       (67,572 )      —    

Total current assets

      1,342,684       —         1,342,684  

Property, plant and equipment, net

      678,201       344,728       1,022,929  

Operating lease right of use asset

      22,173       1,983       24,156  

Non-current assets held for sale

      425,597       (478,580 )      —    

Other non-current assets

      1,092,278       131,869       1,171,164  

Total assets

      3,560,933       —         3,560,933  

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

    $ 249,975     $ —       $ 249,975  

Accounts payable

      329,866       153,700       483,566  

Current liabilities held for sale

      185,391       (185,391 )      —    

Total current liabilities

      946,666       —         946,666  

Debt, net of discount

      1,225,962       —         1,225,962  

Non-current liabilities held for sale

      1,530       (1,530 )      —    

Total long-term liabilities

      1,335,230       —         1,335,230  

Total equity

      1,279,037       —         1,279,037  

Total liabilities and equity

      3,560,933       —         3,560,933  
     First Quarter     Fourth Quarter  
     2020     2019     2019  

Non-GAAP revenue reconciliation3:

       

GAAP revenue

    $ 497,646     $ 536,445     $ 535,715  

Revenue from discontinued operations

      113,174       83,755       183,538  
  

 

 

    

 

 

    

 

 

  

Non-GAAP revenue

    $ 610,820     $ 620,200     $ 719,253  
  

 

 

    

 

 

    

 

 

  

Non-GAAP gross profit reconciliation4:

       

GAAP gross profit

    $ 81,342     $ 98,826     $ 100,245  

Gross profit from discontinued operations

      4,749       (10,141 )      24,304  

Add back item:

       

Amortization of definite-lived intangibles

      1,383       1,179       1,283  

Stock-based compensation

      854       705       942  
  

 

 

    

 

 

    

 

 

  

Non-GAAP gross profit

    $ 88,328     $ 90,569     $ 126,774  
  

 

 

    

 

 

    

 

 

  

Non-GAAP gross margin

      14.5 %      14.6 %      17.6 % 

Non-GAAP operating income reconciliation5:

       

GAAP operating income

    $ 16,182     $ 30,116     $ 29,390  

Operating income (loss) from discontinued operations

      1,441       (12,626 )      20,036  

Add back items:

       

Amortization of definite-lived intangibles

      11,620       18,005       11,489  

Stock-based compensation

      4,835       3,926       4,626  

(Gain) on sale of assets

      —         —         (66 ) 

Restructuring, acquisition-related, and other charges

      1,596       1,103       6,856  
  

 

 

    

 

 

    

 

 

  

Non-GAAP operating income

    $ 35,674     $ 40,524     $ 72,331  
  

 

 

    

 

 

    

 

 

  

Non-GAAP operating margin

      5.8 %      6.5 %      10.1 % 

Non-GAAP net income and EPS reconciliation6:

       

GAAP net (loss) income

    $ (3,220 )    $ 6,238     $ 7,279  

Net income (loss) from discontinued operations

      2,046       (9,490 )      17,980  

Add back items:

       

Amortization of definite-lived intangibles

      11,620       18,005       11,489  

Stock-based compensation

      4,835       3,926       4,626  

Non-cash interest expense

      3,553       3,868       3,501  

(Gain) on sale of assets

      (233 )      (3,071 )      (186 ) 

Restructuring, acquisition-related, and other charges

      1,596       1,103       6,856  

Income taxes7

      (593 )      (4,150 )      (7,623 ) 
  

 

 

    

 

 

    

 

 

  

Non-GAAP net income

    $ 19,604     $ 16,429     $ 43,922  
  

 

 

    

 

 

    

 

 

  

Non-GAAP earnings per diluted share

    $ 0.18     $ 0.16     $ 0.41  

Non-GAAP diluted number of shares8:

       

Diluted shares

      107,378       105,614       107,135  

Dilutive effect of convertible debt

      —         —         —    
  

 

 

    

 

 

    

 

 

  

Non-GAAP diluted number of shares

      107,378       105,614       107,135  
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA reconciliation9:

       

GAAP net (loss) income

    $ (3,220 )    $ 6,238     $ 7,279  

Net income (loss) from discontinued operations

      2,046       (9,490 )      17,980  

Add back items:

       

Income tax provision (benefit)

      2,865       (1,476 )      1,140  

Interest expense

      20,004       21,688       20,107  

Amortization of definite-lived intangibles

      11,620       18,005       11,489  

Depreciation expense

      42,632       41,602       42,018  

Stock-based compensation

      4,835       3,926       4,626  

(Gain) on sale of assets

      (233 )      (3,071 )      (186 ) 

Restructuring, acquisition-related, and other charges

      1,596       1,103       6,856  
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ 82,145     $ 78,525     $ 111,309  
  

 

 

    

 

 

    

 

 

  

Adjusted EBITDA margin

      13.4 %      12.7 %      15.5 % 

Free cash flow reconciliation, including Mobility:

       

Operating cash flow

      27,913       36,924       130,148  

Capital expenditures, net

      (32,451 )      (28,446 )      (46,982 ) 
  

 

 

    

 

 

    

 

 

  

Free cash flow

    $ (4,538 )    $ 8,478     $ 83,166  
  

 

 

    

 

 

    

 

 

  

 

1

This information provides a reconciliation of non-GAAP balance sheet data to the financial information in our consolidated condensed balance sheets and non-GAAP revenue, 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

Excludes the estimated gain on sale of Mobility.

 

3

Non-GAAP revenue includes revenue from discontinued operations.

 

4

Non-GAAP gross profit and gross margin measures include discontinued operations and exclude amortization of intangibles and stock-based compensation expense.

 

5

Non-GAAP operating income and operating margin measures include discontinued operations and exclude amortization of intangibles, stock-based compensation expense, gain on sale of assets, acquisition-related costs, restructuring and other charges.

 

6 

This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures — which include discontinued operations and 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, 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.

 

7 

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

 

8 

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

 

9 

Adjusted EBITDA is defined as earnings, including discontinued operations, before interest expense, income taxes, depreciation, amortization of intangibles, stock-based compensation expense, gain on sale of assets, 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
Apr. 29, 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 Apr. 29, 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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