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

    ソース: Nasdaq GlobeNewswire / 03 2 2021 15:05:01   America/Chicago

    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 Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
    Aerospace/Defense27%28%24%26%26%30%31%36%36%33%
    Automotive17%16%17%14%16%12%12%14%21%14%
    Cellular Phones7%6%19%16%13%11%3%0%0%4%
    Computing/Storage/Periph13%15%12%14%13%14%13%12%13%13%
    Medical/Industrial/Inst15%15%13%13%14%16%20%19%15%17%
    Networking/Communications18%17%13%15%15%14%19%18%15%17%
    Other3%3%2%2%3%3%2%1%0%2%
               
    Mobility Business Unit          
    End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
    Aerospace/Defense0%0%0%0%0%0%0%0%0%0%
    Automotive5%6%3%2%4%3%5%0%0%3%
    Cellular Phones48%41%73%65%60%57%54%0%0%56%
    Computing/Storage/Periph28%36%14%19%22%22%25%0%0%23%
    Medical/Industrial/Inst7%5%2%3%4%4%4%0%0%4%
    Networking/Communications5%5%4%6%5%5%5%0%0%5%
    Other7%7%4%5%5%9%7%0%0%9%
               
    TTM excluding Mobility          
    End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
    Aerospace/Defense31%33%31%35%33%37%33%36%36%36%
    Automotive19%18%21%17%19%14%12%14%21%15%
    Cellular Phones0%0%1%0%0%0%0%0%0%0%
    Computing/Storage/Periph11%11%11%12%11%12%13%12%13%12%
    Medical/Industrial/Inst17%17%17%17%17%19%21%19%15%18%
    Networking/Communications20%19%17%18%18%17%20%18%15%18%
    Other2%2%2%1%2%1%1%1%0%1%
               
    SZ + SH-EMS          
    End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
    Aerospace/Defense0%1%0%0%0%0%0%0%3%1%
    Automotive56%58%74%59%63%49%54%49%86%61%
    Cellular Phones0%0%0%0%0%0%0%0%0%0%
    Computing/Storage/Periph0%0%0%0%0%0%0%0%0%0%
    Medical/Industrial/Inst22%23%11%19%18%23%14%14%2%12%
    Networking/Communications21%18%16%22%19%30%35%44%10%29%
    Other1%0%-1%0%0%-2%-3%-7%-1%-3%
               
    TTM, excluding Mobility, SZ & SH E-MS        
    End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
    Aerospace/Defense33%36%36%37%35%38%34%37%38%37%
    Automotive17%15%15%15%15%13%11%13%17%13%
    Cellular Phones0%-1%1%0%0%1%0%0%0%0%
    Computing/Storage/Periph12%12%12%13%12%12%13%13%13%13%
    Medical/Industrial/Inst16%17%18%17%17%19%21%19%16%19%
    Networking/Communications20%19%16%17%18%16%19%17%16%17%
    Other2%2%2%1%3%1%2%1%0%1%



    Proforma Tables          
               
    Select Non-GAAP income statement data:       
    TTM ConsolidatedQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
    Sales620.2 633.0 716.8 719.3 2,689.3 610.8 601.1 513.6 523.8 2,249.3 
    Gross Profit90.6 86.4 106.0 126.8 409.7 88.3 107.2 94.4 91.5 381.4 
    Gross Margin14.6%13.6%14.8%17.6%15.2%14.5%17.8%18.4%17.5%17.0%
    Op Income40.5 37.2 54.0 72.3 204.0 35.7 54.7 46.9 47.3 184.6 
    Operating Margin6.5%5.9%7.5%10.1%7.6%5.8%9.1%9.1%9.0%8.2%
    EBITDA78.5 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 ProformaQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
    Sales83.8 106.1 182.6 183.5 556.0 113.2 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%
    EBITDA5.9 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 MobilityQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
    Sales536.4 526.9 534.2 535.8 2,133.3 497.6 570.3 513.6 523.8 2,105.3 
    Gross Profit100.7 94.6 87.4 102.5 385.2 83.6 104.8 94.4 91.5 374.3 
    Gross Margin18.8%18.0%16.4%19.1%18.1%16.8%18.4%18.4%17.5%17.8%
    Op Income52.4 47.5 38.0 51.3 189.2 33.6 53.6 46.9 47.3 181.4 
    Operating Margin9.8%9.0%7.1%9.6%8.9%6.8%9.4%9.1%9.0%8.6%
    EBITDA72.6 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 ProformaQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
    Sales36.0 40.9 54.5 29.8 161.2 14.2 21.4 20.5 23.7 79.8 
    Gross Profit3.0 3.4 5.2 2.3 13.9 (2.4)(0.3)3.4 3.2 3.9 
    Gross Margin8.3%8.3%9.5%7.7%8.6%-16.7%-1.4%16.6%13.5%4.9%
    Op Income2.0 1.2 4.3 2.0 9.5 (3.8)(0.8)2.3 2.7 0.4 
    Operating Margin5.6%2.9%7.9%6.7%5.9%-26.8%-3.8%11.3%11.4%0.5%
    EBITDA2.5 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-EMSQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
    Sales500.4 486.0 479.7 506.0 1,972.1 483.4 548.9 493.1 500.1 2,025.5 
    Gross Profit97.7 91.2 82.2 100.2 371.3 86.0 105.1 91.0 88.3 370.4 
    Gross Margin19.5%18.8%17.1%19.8%18.8%17.8%19.1%18.5%17.7%18.3%
    Op Income50.4 46.2 33.7 49.3 179.6 37.7 54.4 44.6 44.6 181.3 
    OM10.1%9.5%7.0%9.7%9.1%7.8%9.9%9.0%8.9%8.9%
    EBITDA70.1 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


    Primary Logo

シェアする