Bulletin
Investor Alert

press release

July 29, 2020, 4:07 p.m. EDT

TTM Technologies, Inc. Reports Fiscal Second Quarter 2020 Results

SANTA ANA, Jul 29, 2020 (GLOBE NEWSWIRE via COMTEX) -- SANTA ANA, Calif., July 29, 2020 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. /zigman2/quotes/210395673/composite TTMI +0.64% , a leading global printed circuit board ("PCB") and radio frequency ("RF") components manufacturer, today reported results for the second quarter of fiscal 2020, which ended on June 29, 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 previously issued guidance, non-GAAP financial information is also provided below which includes approximately three weeks of results for the Mobility business unit as well as results from the previously announced closure of the two E-MS plants. Please refer to the earnings schedule for additional details on exited businesses and continuing operations.

Second Quarter 2020 Highlights

  • GAAP net sales were $570.3 million

  • Non-GAAP net sales were $601.1 million

  • GAAP net income of $192.8 million, or $1.79 per diluted share, inclusive of a net gain on the sale of the Mobility business unit of $183.1 million or $1.70 per diluted share

  • Non-GAAP net income was $33.3 million, or $0.31 per diluted share, inclusive of $0.01 of foreign exchange loss

  • Cash flow from operations of $119.0 million

  • Today repaid $400 million of Term Loan B from cash received from Mobility Business Unit divestiture

Second Quarter 2020 GAAP Financial Results
Net sales from continuing operations for the second quarter of 2020 were $570.3 million, compared to $526.9 million in the second quarter of 2019 and $497.6 million in the first quarter of 2020.

GAAP operating income from continuing operations for the second quarter of 2020 was $23.0 million, compared to $29.0 million in the second quarter of 2019 and $16.2 million in the first quarter of 2020.

GAAP net income for the second quarter of 2020 was $192.8 million, or $1.79 per diluted share and includes an estimated net gain of $183.1 million from the sale of the Mobility business. This compares to net income of $3.4 million, or $0.03 per diluted share in the second quarter of 2019, and net loss of $1.2 million, or ($0.01) per diluted share, in the first quarter of 2020.

Second Quarter 2020 Non-GAAP Financial Results
Net sales for the second quarter of 2020 were $601.1 million, compared to $633.0 million in the second quarter of 2019 and $610.8 million in the first quarter of 2020.

On a non-GAAP basis, net income for the second quarter of 2020 was $33.3 million, or $0.31 per diluted share. This compares to non-GAAP net income of $21.3 million, or $0.20 per diluted share, for the second quarter of 2019 and $19.6 million, or $0.18 per diluted share, in the first quarter of 2020.

Adjusted EBITDA for the second quarter of 2020 was $80.3 million, or 13.4 percent of net sales, compared to adjusted EBITDA of $82.9 million, or 13.1 percent of net sales, for the second quarter of 2019 and $82.1 million, or 13.4 percent of net sales, for the first quarter of 2020.

"In the second quarter, TTM demonstrated excellent operational execution and overcame COVID-19 related challenges to deliver revenue and earnings above the previously guided range. All of our manufacturing facilities continue to remain operational and 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. "The diversified mix of end markets that we serve enabled TTM to grow revenues and outperform earnings expectations despite weakness in the automotive and commercial aerospace end markets. Finally, TTM has shown financial discipline, bringing our net debt to EBITDA ratio to 2.1, following the receipt of proceeds from the sale of the Mobility Business Unit and subsequent repayment of our Term loan."

Business Outlook
Looking ahead, we believe that we will continue to experience COVID-19 related impacts on our end markets as well as inefficiencies with our own production. Taking this into consideration, TTM estimates that revenue for the third quarter of 2020 will be in the range of $470 million to $510 million, and non-GAAP net income will be in the range of $0.16 to $0.22 per diluted share. This guidance no longer includes the Mobility Business Unit but continues to include the E-MS business unit while that business winds down.

Live Webcast/Conference Call
TTM will host a conference call and webcast to discuss second quarter 2020 results and the third quarter 2020 outlook on Wednesday, July 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 800-367-2403 or international 334-777-6978 (ID 9715005). 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
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)
Second Quarter First Quarter First Two Quarters
2020 2019* 2020 2020 2019*
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Net sales $ 570,298 $ 526,877 $ 497,646 $ 1,067,944 $ 1,063,322
Cost of goods sold 469,868 434,029 416,304 886,172 871,648
Gross profit 100,430 92,848 81,342 181,772 191,674
Operating expenses:
Selling and marketing 15,969 16,898 16,169 32,138 34,458
General and administrative 33,309 29,137 34,339 67,648 58,987
Research and development 5,181 4,496 4,762 9,943 9,212
Amortization of definite-lived intangibles 9,561 10,593 9,562 19,123 26,745
Restructuring charges 13,414 2,732 328 13,742 3,164
Total operating expenses 77,434 63,856 65,160 142,594 132,566
Operating income 22,996 28,992 16,182 39,178 59,108
Interest expense (18,572 ) (20,553 ) (19,781 ) (38,353 ) (41,688 )
Other, net 455 3,007 2,502 2,957 2,650
Income (Loss) from continuing operations before income taxes 4,879 11,446 (1,097 ) 3,782 20,070
Income tax benefit (provision) 4,467 1,047 (2,123 ) 2,344 (1,339 )
Net income (loss) from continuing operations 9,346 12,493 (3,220 ) 6,126 18,731
Income (loss) from discontinued operations, net of income taxes 183,464 (9,069 ) 2,046 185,510 (18,559 )
Net income (loss) $ 192,810 $ 3,424 $ (1,174 ) $ 191,636 $ 172
* Reclassified Research and development expenses as a separate line item from General and administrative expenses
Earnings (loss) per share:
Basic earnings (loss) per share from continuing operations $ 0.09 $ 0.12 $ (0.03 ) $ 0.06 $ 0.18
Basic earnings (loss) per share from discontinued operations 1.72 (0.09 ) 0.02 1.75 (0.18 )
Basic earnings (loss) per share $ 1.81 $ 0.03 $ (0.01 ) $ 1.81 $ 0.00
Diluted earnings (loss) per share from continuing operations $ 0.09 $ 0.12 $ (0.03 ) $ 0.06 $ 0.18
Diluted earnings (loss) per share from discontinued operations 1.70 (0.09 ) 0.02 1.72 (0.18 )
Diluted earnings (loss) per share $ 1.79 $ 0.03 $ (0.01 ) $ 1.78 $ 0.00
Weighted-average shares used in computing per share amounts:
Basic 106,295 105,470 105,686 105,990 104,893
Diluted 107,485 132,045 105,686 107,431 105,860
Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
Net income 9,346 12,493 6,126 18,731
Add back items: interest expense, net of tax - 2,780 - -
Adjusted net income 9,346 15,273 6,126 18,731
Weighted-average shares outstanding 106,295 105,470 105,990 104,893
Dilutive effect of convertible debt - 25,938 - -
Dilutive effect of warrants - - - -
Dilutive effect of performance-based stock units, restricted stock units & stock options 1,190 637 1,441 967
Diluted shares 107,485 132,045 107,431 105,860
Earnings per share:
Basic earnings per share from continuing operations $ 0.09 $ 0.12 $ 0.06 $ 0.18
Basic earnings (loss) per share from discontinued operations 1.72 (0.09 ) 1.75 (0.18 )
Basic earnings per share $ 1.81 $ 0.03 $ 1.81 $ 0.00
Diluted earnings per share from continuing operations $ 0.09 $ 0.12 $ 0.06 $ 0.18
Diluted earnings (loss) per share from discontinued operations 1.70 (0.09 ) 1.72 (0.18 )
Diluted earnings per share $ 1.79 $ 0.03 $ 1.78 $ 0.00
SELECTED BALANCE SHEET DATA
June 29, 2020 December 30, 2019
Cash and cash equivalents, including restricted cash $ 694,668 $ 379,818
Accounts and notes receivable, net 414,329 503,598
Contract assets 287,281 254,600
Inventories 122,847 113,753
Current assets held for sale - 67,572
Total current assets 1,871,912 1,342,684
Property, plant and equipment, net 660,866 678,201
Operating lease right of use asset 21,993 22,173
Non-current assets held for sale - 425,597
Other non-current assets 1,039,900 1,092,278
Total assets 3,594,671 3,560,933
Short-term debt, including current portion of long-term debt $ 649,975 $ 249,975
Accounts payable 351,819 329,866
Current liabilities held for sale - 185,391
Total current liabilities 1,197,457 946,666
Debt, net of discount 832,834 1,225,962
Non-current liabilities held for sale - 1,530
Total long-term liabilities 951,649 1,335,230
Total equity 1,445,565 1,279,037
Total liabilities and equity 3,594,671 3,560,933
SUPPLEMENTAL DATA
Second Quarter First Quarter First Two Quarters
2020 2019 2020 2020 2019*
Gross margin 17.6 % 17.6 % 16.3 % 17.0 % 18.0 %
Operating margin 4.0 % 5.5 % 3.3 % 3.7 % 5.6 %
End Market Breakdown, including Mobility:
Second Quarter First Quarter
2020 2019 2020
Aerospace/Defense 31 % 28 % 30 %
Automotive 12 % 16 % 12 %
Cellular Phone 3 % 6 % 11 %
Computing/Storage/Peripherals 13 % 15 % 14 %
Medical/Industrial/Instrumentation 20 % 15 % 16 %
Networking/Communications 19 % 17 % 14 %
Other 2 % 3 % 3 %
Stock-based Compensation, including Mobility:
Second Quarter First Quarter
2020 2019 2020
Amount included in:
Cost of goods sold $ 620 $ 569 $ 850
Selling and marketing 291 383 451
General and administrative 1,690 2,611 3,477
Research & Development 46 39 57
Total stock-based compensation expense $ 2,647 $ 3,602 $ 4,835
Operating Segment Data:
Second Quarter First Quarter
Net sales: 2020 2019 2020
PCB $ 520,067 $ 466,960 $ 467,430
E-M Solutions 50,231 59,917 30,216
Total net sales $ 570,298 $ 526,877 $ 497,646
Operating segment income:
PCB $ 80,056 $ 62,463 $ 61,626
E-M Solutions (15,577 ) 863 (4,329 )
Corporate (30,538 ) (22,561 ) (30,170 )
Total operating segment income 33,941 40,765 27,127
Amortization of definite-lived intangibles (10,945 ) (11,773 ) (10,945 )
Total operating income 22,996 28,992 16,182
Total other expense (18,117 ) (17,546 ) (17,279 )
Income (Loss) from continuing operations before income taxes $ 4,879 $ 11,446 $ (1,097 )
RECONCILIATIONS [1]
GAAP December 30, 2019 Mobility balances December 30, 2019 [2] 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 (425,597 ) -
Other non-current assets 1,092,278 78,886 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
Second Quarter First Quarter First Two Quarters
2020 2019 2020 2020 2019*
Non-GAAP revenue reconciliation [3] :
GAAP revenue $ 570,298 $ 526,877 $ 497,646 $ 1,067,944 $ 1,063,322
Revenue from discontinued operations 30,777 106,161 113,174 143,951 189,916
Non-GAAP revenue $ 601,075 $ 633,038 $ 610,820 $ 1,211,895 $ 1,253,238
Non-GAAP gross profit reconciliation [4] :
GAAP gross profit $ 100,430 $ 92,848 $ 81,342 $ 181,772 $ 191,674
Gross profit from discontinued operations 2,402 (8,233 ) 4,749 7,151 (18,374 )
Add back item:
Amortization of definite-lived intangibles 1,384 1,180 1,383 2,767 2,359
Accelerated Depreciation 2,397 - - 2,397 -
Stock-based compensation 620 569 850 1,470 1,275
Non-GAAP gross profit $ 107,233 $ 86,364 $ 88,324 $ 195,557 $ 176,934
Non-GAAP gross margin 17.8 % 13.6 % 14.5 % 16.1 % 14.1 %
Non-GAAP operating income reconciliation [5] :
GAAP operating income $ 22,996 $ 28,992 $ 16,182 $ 39,178 $ 59,108
Operating income (loss) from discontinued operations 976 (12,148 ) 1,441 2,417 (24,774 )
Add back items:
Amortization of definite-lived intangibles 11,079 12,447 11,620 22,699 30,452
Accelerated Depreciation 2,754 - - 2,754 -
Stock-based compensation 2,647 3,602 4,835 7,482 7,528
Restructuring, acquisition-related, and other charges 14,273 4,351 1,596 15,869 5,454
Non-GAAP operating income $ 54,725 $ 37,244 $ 35,674 $ 90,399 $ 77,768
Non-GAAP operating margin 9.1 % 5.9 % 5.8 % 7.5 % 6.2 %
Non-GAAP net income and EPS reconciliation [6] :
GAAP net income (loss) $ 9,346 $ 12,493 (3,220 ) $ 6,126 $ 18,731
Net income (loss) from discontinued operations 183,464 (9,069 ) 2,046 185,510 (18,559 )
Add back items:
Amortization of definite-lived intangibles 11,079 12,447 11,620 22,699 30,452
Accelerated Depreciation 2,754 - - 2,754 -
Gain on sales of the Mobility business unit (248,863 ) - - (248,863 ) -
Stock-based compensation 2,647 3,602 4,835 7,482 7,528
Non-cash interest expense 3,604 3,467 3,553 7,157 7,335
(Gain) on sale of assets (274 ) (235 ) (233 ) (507 ) (3,306 )
Restructuring, acquisition-related, and other charges 13,969 4,351 1,596 15,565 5,454
Income taxes [7] 55,613 (5,789 ) (593 ) 55,020 (9,939 )
Non-GAAP net income $ 33,339 $ 21,267 $ 19,604 $ 52,943 $ 37,696
Non-GAAP earnings per diluted share $ 0.31 $ 0.20 $ 0.18 $ 0.49 $ 0.36
Non-GAAP diluted number of shares [8] :
Diluted shares 107,485 132,045 107,378 107,431 105,860
Dilutive effect of convertible debt - (25,938 ) - - -
Non-GAAP diluted number of shares 107,485 106,107 107,378 107,431 105,860
Adjusted EBITDA reconciliation [9] :
GAAP net income (loss) $ 9,346 $ 12,493 $ (3,220 ) $ 6,126 $ 18,731
Net income (loss) from discontinued operations 183,464 (9,069 ) 2,046 $ 185,510 $ (18,559 )
Add back items:
Income tax provision (benefit) 61,498 (2,829 ) 2,865 64,363 (4,306 )
Interest expense 18,572 20,871 20,004 38,576 42,559
Amortization of definite-lived intangibles 11,079 12,447 11,620 22,699 30,452
Gain on sales of the Mobility business unit (248,863 ) - - (248,863 ) -
Depreciation expense 28,871 41,235 42,632 71,503 82,837
Stock-based compensation 2,647 3,602 4,835 7,482 7,528
(Gain) on sale of assets (274 ) (235 ) (233 ) (507 ) (3,306 )
Restructuring, acquisition-related, and other charges 13,969 4,351 1,596 15,565 5,454
Adjusted EBITDA $ 80,309 $ 82,866 $ 82,145 $ 162,454 $ 161,390
Adjusted EBITDA margin 13.4 % 13.1 % 13.4 % 13.4 % 12.9 %
Free cash flow reconciliation, including Mobility:
Operating cash flow 118,996 86,123 27,913 146,909 123,047
Capital expenditures, net (22,370 ) (34,741 ) (32,451 ) (54,821 ) (63,187 )
Free cash flow $ 96,626 $ 51,382 $ (4,538 ) $ 92,088 $ 59,860


TTM Consolidated
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20
Aerospace/Defense 27% 28% 24% 26% 26% 30% 31%
Automotive 17% 16% 17% 14% 16% 12% 12%
Cellular Phones 7% 6% 19% 16% 13% 11% 3%
Computing/Storage/Periph 13% 15% 12% 14% 13% 14% 13%
Medical/Industrial/Inst 15% 15% 13% 13% 14% 16% 20%
Networking/Communications 18% 17% 13% 15% 15% 14% 19%
Other 3% 3% 2% 2% 3% 3% 2%
Mobility Business Unit
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20
Aerospace/Defense 0% 0% 0% 0% 0% 0% 0%
Automotive 5% 6% 3% 2% 4% 3% 4%
Cellular Phones 48% 41% 73% 65% 60% 56% 54%
Computing/Storage/Periph 28% 36% 14% 19% 22% 22% 25%
Medical/Industrial/Inst 7% 5% 2% 3% 4% 3% 4%
Networking/Communications 5% 5% 4% 6% 5% 6% 5%
Other 7% 7% 4% 5% 5% 10% 8%
SZ + SH-EMS
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20
Aerospace/Defense 0% 1% 0% 0% 0% 0% 0%
Automotive 56% 58% 74% 59% 63% 49% 54%
Cellular Phones 0% 0% 0% 0% 0% 0% 0%
Computing/Storage/Periph 0% 0% 0% 0% 0% 0% 0%
Medical/Industrial/Inst 22% 23% 11% 19% 18% 23% 14%
Networking/Communications 21% 18% 16% 22% 19% 29% 35%
Other 1% 0% -1% 0% 0% -1% -3%
TTM, excluding Mobility, SZ & SH E-MS
End Markets 1Q 19 2Q 19 3Q 19 4Q 19 FY2019 1Q 20 2Q 20
Aerospace/Defense 33% 36% 36% 37% 35% 38% 33%
Automotive 17% 15% 15% 15% 15% 13% 11%
Cellular Phones 0% -1% 1% 0% 0% 1% 0%
Computing/Storage/Periph 12% 12% 12% 13% 12% 12% 13%
Medical/Industrial/Inst 16% 17% 18% 17% 17% 18% 21%
Networking/Communications 20% 19% 16% 17% 18% 16% 19%
Other 2% 2% 2% 1% 3% 2% 3%


Select Non-GAAP income statement data
TTM Proforma Excluding Mobility, SZ & SH-EMS Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A
Sales 500.4 486.0 479.7 506.0 1,972.1 483.4 548.9
Gross Profit 97.7 91.2 82.2 100.1 371.2 86.0 105.6
Gross Margin 19.5% 18.8% 17.1% 19.8% 18.8% 17.8% 19.2%
Op Income 52.2 46.2 33.8 49.4 179.8 37.7 54.4
OM 10.4% 9.5% 7.0% 9.8% 9.1% 7.8% 9.9%
EBITDA 70.0 70.6 59.5 70.5 270.5 63.5 76.4
EBITDA % 14.0% 14.5% 12.4% 13.9% 13.7% 13.1% 13.9%
TTM Consolidated Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A
Sales 620.2 633.0 716.8 719.3 2,689.3 610.8 601.1
Gross Profit 90.6 86.4 106.0 126.8 409.7 88.3 107.2
Gross Margin 14.6% 13.6% 14.8% 17.6% 15.2% 14.5% 17.8%
Op Income 40.5 37.2 54.0 72.4 204.1 35.7 54.7
Operating Margin 6.5% 5.9% 7.5% 10.1% 7.6% 5.8% 9.1%
EBITDA 78.5 82.9 103.5 111.3 376.2 82.1 80.3
EBITDA % 12.7% 13.1% 14.4% 15.5% 14.0% 13.4% 13.4%
Mobility Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A
Sales 83.8 106.1 182.6 183.5 556.0 113.2 30.8
Gross Profit (10.1) (8.2) 18.6 24.3 24.5 4.7 2.4
Gross Margin -12.1% -7.8% 10.2% 13.2% 4.4% 4.2% 7.8%
Op Income (11.9) (10.3) 15.9 21.0 14.7 2.1 1.1
Operating Margin -14.2% -9.7% 8.7% 11.4% 2.6% 1.9% 3.6%
EBITDA 6.0 9.2 36.9 38.5 90.6 21.9 3.8
EBITDA % 7.2% 8.7% 20.2% 21.0% 16.3% 19.3% 12.3%
SZ + SH-EMS Q1-19A Q2-19A Q3-19A Q4-19A FY 2019A Q1-20A Q2-20A
Sales 36.0 40.9 54.5 29.8 161.2 14.2 21.4
Gross Profit 3.0 3.4 5.2 2.3 13.9 (2.4) (0.3)
Gross Margin 8.3% 8.3% 9.5% 7.7% 8.6% -16.7% -1.4%
Op Income 2.0 1.2 4.3 2.0 9.5 (3.8) (0.8)
Operating Margin 5.6% 2.9% 7.9% 6.7% 5.9% -26.8% -3.8%
EBITDA 2.5 3.1 7.1 2.0 14.7 (3.6) 0.1
EBITDA % 6.9% 7.6% 13.0% 6.7% 9.1% -25.4% 0.4%


[1 ] This information provides a reconciliation of non-GAAP balance sheet data to the financial information in our consolidated condensed balance sheet 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, accelerated depreciation due to the closure of two EM-Solutions plants, and stock-based compensation expense.
[5 ] Non-GAAP operating income and operating margin measures include discontinued operations and exclude amortization of intangibles, accelerated depreciation due to the closure of two EM-Solutions plants, 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, accelerated depreciation due to the closure of two EM-Solutions plants, 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.


Contact:
Sameer Desai,
Senior Director, Corporate Development & Investor Relations
Sameer.desai@ttmtech.com
714-327-3050

COMTEX_368608388/2471/2020-07-29T16:06:35

Is there a problem with this press release? Contact the source provider Comtex at editorial@comtex.com. You can also contact MarketWatch Customer Service via our Customer Center.

(C) Copyright 2020 GlobeNewswire, Inc. All rights reserved.

/zigman2/quotes/210395673/composite
US : U.S.: Nasdaq
$ 11.03
+0.07 +0.64%
Volume: 907,334
Sept. 24, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$1.17 billion
Rev. per Employee
$105,454
loading...

Link to MarketWatch's Slice.