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

Rhea-AI Summary

TTM Technologies, Inc. (TTMI) reported a strong fourth quarter of fiscal 2020, with net sales of $523.8 million, up from $535.7 million in Q4 2019. The company achieved a GAAP net income of $39.0 million or $0.34 per diluted share. Non-GAAP net income was $40.2 million, representing a 46.6% increase year-over-year. TTM's cash flow from operations was $55.5 million, and they successfully repaid $250 million in convertible bonds, reducing their leverage ratio to 1.4x. For Q1 2021, TTM forecasts revenue between $490 million and $530 million.

Positive

• Q4 2020 net sales of $523.8 million, exceeding expectations.
• 46.6% increase in non-GAAP net income year-over-year.
• Cash flow from operations at $55.5 million.
• Repayment of $250 million in convertible bonds, reducing leverage to 1.4x.
• Positive Q1 2021 revenue guidance of $490 million to $530 million.

Negative

• Decrease in GAAP operating income from $29.4 million in Q4 2019 to $29.2 million in Q4 2020.
• Full year 2020 net sales decreased by 1.3% compared to 2019.

SANTA ANA, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed circuit board (“PCB”) and radio frequency (“RF”) components manufacturer, today reported results for the fourth quarter of fiscal 2020, which ended on December 28, 2020.  

Fourth Quarter 2020 Highlights

• Net sales were $523.8 million
• GAAP net income of $39.0 million, or $0.34 per diluted share
• Non-GAAP net income was $40.2 million, or $0.37 per diluted share
• Cash flow from operations of $55.5 million
• Repaid and settled $250 million convertible bonds
• Leverage ratio at end of Q4 2020 was 1.4x defined as net debt divided by the last twelve months EBITDA (excluding Mobility), the lowest level in five years
• In Q1 2021, announced $100 million stock repurchase program in separate press release
  

On April 19th, 2020, TTM completed the previously announced sale of its Mobility business unit. The operating results and related assets and liabilities of the Mobility business under US GAAP are presented as discontinued operations for all periods. Non-GAAP results do not include Mobility results but still include the two E-MS plants being shut down. Please refer to the earnings schedule for additional details on exited businesses and continuing operations.

Fourth Quarter 2020 GAAP Financial Results
Net sales from continuing operations for the fourth quarter of 2020 were $523.8 million, compared to $535.7 million in the fourth quarter of 2019.

GAAP operating income from continuing operations for the fourth quarter of 2020 was $29.2 million. This compares to GAAP operating income of $29.4 million in the fourth quarter of 2019.

GAAP net income from continuing operations for the fourth quarter of 2020 was $39.0 million, or $0.34 per diluted share, compared to net income of $10.8 million, or $0.10 per diluted share in the fourth quarter of 2019.     

Fourth Quarter 2020 Non-GAAP Financial Results        
On a non-GAAP basis, net income from continuing operations for the fourth quarter of 2020 was $40.2 million, or $0.37 per diluted share. This compares to non-GAAP net income of $27.5 million, or $0.26 per diluted share, for the fourth quarter of 2019.

Adjusted EBITDA for continuing operations in the fourth quarter of 2020 was $68.2 million, or 13.0 percent of net sales, compared to adjusted EBITDA of $72.8 million, or 13.6 percent of net sales, for the fourth quarter of 2019.

“In the fourth quarter, TTM demonstrated excellent operational execution in the face of COVID-19 related challenges to deliver revenue above the midpoint and earnings above the previously guided range. TTM outperformed revenue expectations due to better sales across all end markets,” said Tom Edman, CEO of TTM. “Additionally, strict financial discipline led to solid operating cash flow in the quarter, driving our net debt leverage ratio down to 1.4x and enabling repayment of our convertible bond.”

Full Year 2020 Financial Results
Net sales from continuing operations for fiscal year 2020 decreased to $2.11 billion from $2.13 billion in fiscal year 2019, a 1.3% decrease.

GAAP operating income from continuing operations for fiscal year 2020 was $28.1 million, a decrease from GAAP operating income of $109.6 million in fiscal year 2019.

GAAP net loss from continuing operations for fiscal year 2020 was $16.4 million, or $0.15 per diluted share, compared to GAAP net income of $31.9 million, or $0.30 per diluted share, for fiscal year 2019.

On a non-GAAP basis, net income from continuing operations for fiscal year 2020 was $116.7 million, or $1.10 per diluted share. This compares to fiscal year 2019 non-GAAP net income of $107.1 million, or $1.01 per diluted share.

Adjusted EBITDA for fiscal year 2020 was $272.3 million, or 12.9 percent of net sales, compared to $285.7 million, or 13.4 percent of net sales, for fiscal year 2019. Cash flow from operations for fiscal year 2020 was $287.2 million.

"Despite the challenges from COVID-19 and the strengthening Chinese currency, we delivered solid results in 2020 and made progress on our strategy of diversification, differentiation and discipline. Specifically, we exited the volatile consumer and lower margin businesses through the sale of the Mobility business unit and the restructuring of the E-MS business unit," continued Edman. “In addition, we generated significant cash flow due to our operational and financial discipline. This cash, along with the proceeds from the Mobility sale, allowed us to repay $400 million of our Term Loan and our convertible bonds reducing our leverage and putting TTM in a strong position for the future.”

Business Outlook
TTM estimates that revenue for the first quarter of 2021 will be in the range of $490 million to $530 million, and non-GAAP net income will be in the range of $0.19 to $0.25 per diluted share.

Live Webcast/Conference Call
TTM will host a conference call and webcast to discuss fourth quarter 2020 results and the first quarter 2021 outlook on Wednesday, February 3rd, 2021 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.

Telephone access is available by dialing domestic 800-458-4121 or international 323-794-2093 (ID 2336839). The conference call also will be webcast on TTM’s website at www.ttm.com.

To Access a Replay of the Webcast
The replay of the webcast will remain accessible for one week following the live event on TTM’s website at www.ttm.com.

About TTM
TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Forward-Looking Statements
The preliminary financial results included in this press release represent the most current information available to management. The company’s actual results when disclosed in its Form 10-K may differ from these preliminary results as a result of the completion of the company’s financial closing procedures; final adjustments; completion of the review by the company’s independent registered accounting firm; and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of COVID-19, general market and economic conditions, including interest rates, currency exchange rates and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the SEC.

About Our Non-GAAP Financial Measures
This release includes information about TTM’s adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

With respect to the Company’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP is not available without unreasonable effort and has not been provided.

- Tables Follow -

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
						Fourth Quarter									Full Year
							2020			2019*						2020			2019*
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
	Net sales					$	523,802			$	535,715				$	2,105,322			$	2,133,210
	Cost of goods sold						435,829				435,470					1,746,299				1,756,033
	Gross profit						87,973				100,245					359,023				377,177
	Operating expenses:
		Selling and marketing					15,849				17,560					63,882				69,171
		General and administrative					26,831				37,193					122,477				129,284
		Research and development					4,604				4,367					19,770				17,937
		Amortization of definite-lived intangibles					9,589				9,531					38,838				45,776
		Restructuring charges					1,934				2,204					16,764				5,380
		Impairment of goodwill					-				-					69,200				-
			Total operating expenses				58,807				70,855					330,931				267,548
	Operating income						29,166				29,390					28,092				109,629
	Interest expense						(14,599	)			(19,976	)				(73,156	)			(82,087	)
	Other, net						(1,854	)			(1,741	)				(1,213	)			6,784
	Income (loss) from continuing operations before income taxes						12,713				7,673					(46,277	)			34,326
	Income tax benefit (provision)						26,247				3,124					29,891				(2,405	)
	Net income (loss) from continuing operations						38,960				10,797					(16,386	)			31,921
	Income from discontinued operations, net of income taxes						-				14,462					193,921				9,380
	Net income					$	38,960			$	25,259				$	177,535			$	41,301
	* Reclassified Research and development expenses as a separate line item from General and administrative expenses
	Earnings per share:
		Basic earnings (loss) per share from continuing operations				$	0.36			$	0.10				$	(0.15	)		$	0.30
		Basic earnings per share from discontinued operations					-				0.14					1.82				0.09
			Basic earnings per share			$	0.36			$	0.24				$	1.67			$	0.39
		Diluted earnings (loss) per share from continuing operations				$	0.34			$	0.10				$	(0.15	)		$	0.30
		Diluted earnings per share from discontinued operations					-				0.14					1.82				0.09
			Diluted earnings per share			$	0.34			$	0.24				$	1.67			$	0.39
	Weighted-average shares used in computing per share amounts:
		Basic					106,755				105,502					106,366				105,195
		Diluted					113,513				107,135					106,366				106,332
	Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
	Weighted-average shares outstanding						106,755				105,502									105,195
	Dilutive effect of convertible debt						5,193				-									-
	Dilutive effect of performance-based stock units, restricted stock units & stock options						1,565				1,633									1,137
	Diluted shares						113,513				107,135									106,332
SELECTED BALANCE SHEET DATA
						December 28, 2020				December 30, 2019
	Cash and cash equivalents, including restricted cash					$	451,565			$	379,818
	Accounts and notes receivable, net						381,105				503,598
	Contract assets						273,256				254,600
	Inventories						115,651				113,753
	Current assets held for sale						-				67,572
	Total current assets						1,248,758				1,342,684
	Property, plant and equipment, net						650,435				678,201
	Operating lease right of use asset						24,340				22,173
	Non-current assets held for sale						-				425,597
	Other non-current assets						972,411				1,092,278
	Total assets						2,895,944				3,560,933
	Short-term debt, including current portion of long-term debt					$	-			$	249,975
	Accounts payable						327,102				329,866
	Current liabilities held for sale						-				185,391
	Total current liabilities						518,046				946,666
	Debt, net of discount						842,853				1,225,962
	Non-current liabilities held for sale						-				1,530
	Total long-term liabilities						933,889				1,335,230
	Total equity						1,444,009				1,279,037
	Total liabilities and equity						2,895,944				3,560,933
SUPPLEMENTAL DATA
						Fourth Quarter									Full Year
							2020				2019					2020				2019
	Gross margin						16.8	%			18.7	%				17.1	%			17.7	%
	Operating margin						5.6	%			5.5	%				1.3	%			5.1	%
	Stock-based Compensation:
						Fourth Quarter
							2020				2019
		Amount included in:
			Cost of goods sold			$	1,246			$	938
			Selling and marketing				620				479
			General and administrative				2,211				3,147
			Research and development				35				62
			Total stock-based compensation expense			$	4,112			$	4,626
	Operating Segment Data:
						Fourth Quarter
		Net sales:					2020				2019
		PCB				$	475,614			$	477,799
		RF&S					11,382				10,591
		E-M Solutions					36,806				47,325
			Total net sales			$	523,802			$	535,715
		Operating segment income:
		PCB				$	62,621			$	69,184
		RF&S					3,209				3,552
		E-M Solutions					41				1,841
		Corporate					(25,732	)			(34,373	)
			Total operating segment income				40,139				40,204
		Amortization of definite-lived intangibles					(10,973	)			(10,814	)
			Total operating income				29,166				29,390
		Total other expense					(16,453	)			(21,717	)
		Income from continuing operations before income taxes				$	12,713			$	7,673
RECONCILIATIONS1
						Fourth Quarter									Full Year
							2020				2019					2020				2019
	Non-GAAP gross profit reconciliation2:
		GAAP gross profit from continuing operations				$	87,973			$	100,245				$	359,023			$	377,177
		Add back item:
			Amortization of definite-lived intangibles				1,384				1,283					5,535				4,822
			Accelerated depreciation				899				-					5,835				-
			Stock-based compensation				1,246				938					3,889				3,148
		Non-GAAP gross profit				$	91,502			$	102,466				$	374,282			$	385,147
		Non-GAAP gross margin					17.5	%			19.1	%				17.8	%			18.1	%
	Non-GAAP operating income reconciliation3:
		GAAP operating income from continuing operations				$	29,166			$	29,390				$	28,092			$	109,629
		Add back items:
			Amortization of definite-lived intangibles				10,973				10,814					44,373				50,598
			Accelerated depreciation				1,057				-					6,751				-
			Stock-based compensation				4,112				4,626					16,073				16,816
			(Gain) on sale of assets				(97	)			(66	)				(97	)			(66	)
			Impairments, restructuring, acquisition-related, and other charges				2,098				6,521					86,237				12,282
		Non-GAAP operating income				$	47,309			$	51,285				$	181,429			$	189,259
		Non-GAAP operating margin					9.0	%			9.6	%				8.6	%			8.9	%
	Non-GAAP net income and EPS reconciliation4:
		GAAP net income (loss) from continuing operations				$	38,960			$	10,797				$	(16,386	)		$	31,921
		Add back items:
			Amortization of definite-lived intangibles				10,973				10,814					44,373				50,598
			Accelerated depreciation				1,057				-					6,751				-
			Stock-based compensation				4,112				4,626					16,073				16,816
			Non-cash interest expense				2,962				3,501					17,451				14,288
			(Gain) on sale of assets				(119	)			(186	)				(825	)			(3,743	)
			Impairments, restructuring, acquisition-related, and other charges				2,098				6,521					86,237				12,282
			Income taxes5				(19,800	)			(8,610	)				(36,988	)			(15,046	)
		Non-GAAP net income				$	40,243			$	27,463				$	116,686			$	107,116
		Non-GAAP earnings per diluted share				$	0.37			$	0.26				$	1.10			$	1.01
	Non-GAAP diluted number of shares:
		Diluted shares					113,513				107,135					106,366				106,332
		Dilutive effect of convertible debt					(5,193	)			-					-				-
		Non-GAAP diluted number of shares					108,320				107,135					106,366				106,332
	Adjusted EBITDA reconciliation6:
		GAAP net income (loss) from continuing operations				$	38,960			$	10,797				$	(16,386	)		$	31,921
		Add back items:
			Income tax (benefit) provision				(26,247	)			(3,124	)				(29,891	)			2,405
			Interest expense				14,599				19,976					73,156				82,087
			Amortization of definite-lived intangibles				10,973				10,814					44,373				50,598
			Depreciation expense				23,775				23,413					99,572				93,370
			Stock-based compensation				4,112				4,626					16,073				16,816
			(Gain) on sale of assets				(119	)			(186	)				(825	)			(3,743	)
			Impairments, restructuring, acquisition-related, and other charges				2,098				6,521					86,237				12,282
		Adjusted EBITDA				$	68,151			$	72,837				$	272,309			$	285,736
		Adjusted EBITDA margin					13.0	%			13.6	%				12.9	%			13.4	%
	Free cash flow reconciliation, including Mobility:
		Operating cash flow				$	55,490			$	130,148				$	287,176			$	311,937
		Capital expenditures, net					(18,663	)			(46,982	)				(102,551	)			(135,972	)
		Free cash flow				$	36,827			$	83,166				$	184,625			$	175,965
	1This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations.
	2 Non-GAAP gross profit and gross margin measures exclude amortization of intangibles, accelerated depreciation due to restructuring of two E-M Solutions plants, and stock-based compensation expense.
	3 Non-GAAP operating income and operating margin measures exclude amortization of intangibles, accelerated depreciation due to restructuring of two E-M Solutions plants, stock-based compensation expense, gain on sale of assets, impairment of goodwill, acquisition-related costs, restructuring and other charges.
	4 This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures -- which add back amortization of intangibles, accelerated depreciation due to restructuring of two E-M Solutions plants, stock-based compensation expense, non-cash interest expense on debt (before consideration of capitalized interest), gain on sale of assets, impairment of goodwill, acquisition-related costs, restructuring and other charges as well as the associated tax impact of these charges and discrete tax items -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.
	5 Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.
	6Adjusted EBITDA is defined as earnings before interest expense, income taxes, depreciation, amortization of intangibles, stock-based compensation expense, gain on sale of assets, impairment of goodwill, acquisition-related costs, restructuring and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America.

MERP Tables
TTM Consolidated
End Markets	1Q-19		2Q-19		3Q-19		4Q-19		FY 2019		1Q-20		2Q-20		3Q-20		4Q-20		FY 2020
Aerospace/Defense	27	%	28	%	24	%	26	%	26	%	30	%	31	%	36	%	36	%	33	%
Automotive	17	%	16	%	17	%	14	%	16	%	12	%	12	%	14	%	21	%	14	%
Cellular Phones	7	%	6	%	19	%	16	%	13	%	11	%	3	%	0	%	0	%	4	%
Computing/Storage/Periph	13	%	15	%	12	%	14	%	13	%	14	%	13	%	12	%	13	%	13	%
Medical/Industrial/Inst	15	%	15	%	13	%	13	%	14	%	16	%	20	%	19	%	15	%	17	%
Networking/Communications	18	%	17	%	13	%	15	%	15	%	14	%	19	%	18	%	15	%	17	%
Other	3	%	3	%	2	%	2	%	3	%	3	%	2	%	1	%	0	%	2	%
Mobility Business Unit
End Markets	1Q-19		2Q-19		3Q-19		4Q-19		FY 2019		1Q-20		2Q-20		3Q-20		4Q-20		FY 2020
Aerospace/Defense	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%
Automotive	5	%	6	%	3	%	2	%	4	%	3	%	5	%	0	%	0	%	3	%
Cellular Phones	48	%	41	%	73	%	65	%	60	%	57	%	54	%	0	%	0	%	56	%
Computing/Storage/Periph	28	%	36	%	14	%	19	%	22	%	22	%	25	%	0	%	0	%	23	%
Medical/Industrial/Inst	7	%	5	%	2	%	3	%	4	%	4	%	4	%	0	%	0	%	4	%
Networking/Communications	5	%	5	%	4	%	6	%	5	%	5	%	5	%	0	%	0	%	5	%
Other	7	%	7	%	4	%	5	%	5	%	9	%	7	%	0	%	0	%	9	%
TTM excluding Mobility
End Markets	1Q-19		2Q-19		3Q-19		4Q-19		FY 2019		1Q-20		2Q-20		3Q-20		4Q-20		FY 2020
Aerospace/Defense	31	%	33	%	31	%	35	%	33	%	37	%	33	%	36	%	36	%	36	%
Automotive	19	%	18	%	21	%	17	%	19	%	14	%	12	%	14	%	21	%	15	%
Cellular Phones	0	%	0	%	1	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%
Computing/Storage/Periph	11	%	11	%	11	%	12	%	11	%	12	%	13	%	12	%	13	%	12	%
Medical/Industrial/Inst	17	%	17	%	17	%	17	%	17	%	19	%	21	%	19	%	15	%	18	%
Networking/Communications	20	%	19	%	17	%	18	%	18	%	17	%	20	%	18	%	15	%	18	%
Other	2	%	2	%	2	%	1	%	2	%	1	%	1	%	1	%	0	%	1	%
SZ + SH-EMS
End Markets	1Q-19		2Q-19		3Q-19		4Q-19		FY 2019		1Q-20		2Q-20		3Q-20		4Q-20		FY 2020
Aerospace/Defense	0	%	1	%	0	%	0	%	0	%	0	%	0	%	0	%	3	%	1	%
Automotive	56	%	58	%	74	%	59	%	63	%	49	%	54	%	49	%	86	%	61	%
Cellular Phones	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%
Computing/Storage/Periph	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%	0	%
Medical/Industrial/Inst	22	%	23	%	11	%	19	%	18	%	23	%	14	%	14	%	2	%	12	%
Networking/Communications	21	%	18	%	16	%	22	%	19	%	30	%	35	%	44	%	10	%	29	%
Other	1	%	0	%	-1	%	0	%	0	%	-2	%	-3	%	-7	%	-1	%	-3	%
TTM, excluding Mobility, SZ & SH E-MS
End Markets	1Q-19		2Q-19		3Q-19		4Q-19		FY 2019		1Q-20		2Q-20		3Q-20		4Q-20		FY 2020
Aerospace/Defense	33	%	36	%	36	%	37	%	35	%	38	%	34	%	37	%	38	%	37	%
Automotive	17	%	15	%	15	%	15	%	15	%	13	%	11	%	13	%	17	%	13	%
Cellular Phones	0	%	-1	%	1	%	0	%	0	%	1	%	0	%	0	%	0	%	0	%
Computing/Storage/Periph	12	%	12	%	12	%	13	%	12	%	12	%	13	%	13	%	13	%	13	%
Medical/Industrial/Inst	16	%	17	%	18	%	17	%	17	%	19	%	21	%	19	%	16	%	19	%
Networking/Communications	20	%	19	%	16	%	17	%	18	%	16	%	19	%	17	%	16	%	17	%
Other	2	%	2	%	2	%	1	%	3	%	1	%	2	%	1	%	0	%	1	%

Proforma Tables
Select Non-GAAP income statement data:
TTM Consolidated	Q1-19		Q2-19		Q3-19		Q4-19		FY 2019		Q1-20		Q2-20		Q3-20		Q4-20		FY 2020
Sales	620.2		633.0		716.8		719.3		2,689.3		610.8		601.1		513.6		523.8		2,249.3
Gross Profit	90.6		86.4		106.0		126.8		409.7		88.3		107.2		94.4		91.5		381.4
Gross Margin	14.6	%	13.6	%	14.8	%	17.6	%	15.2	%	14.5	%	17.8	%	18.4	%	17.5	%	17.0	%
Op Income	40.5		37.2		54.0		72.3		204.0		35.7		54.7		46.9		47.3		184.6
Operating Margin	6.5	%	5.9	%	7.5	%	10.1	%	7.6	%	5.8	%	9.1	%	9.1	%	9.0	%	8.2	%
EBITDA	78.5		82.9		103.5		111.3		376.2		82.1		80.3		67.2		68.2		297.8
EBITDA %	12.7	%	13.1	%	14.4	%	15.5	%	14.0	%	13.4	%	13.4	%	13.1	%	13.0	%	13.2	%
Mobility Proforma	Q1-19		Q2-19		Q3-19		Q4-19		FY 2019		Q1-20		Q2-20		Q3-20		Q4-20		FY 2020
Sales	83.8		106.1		182.6		183.5		556.0		113.2		30.8		-		-		144.0
Gross Profit	(10.1	)	(8.2	)	18.6		24.3		24.5		4.7		2.4		-		-		7.1
Gross Margin	-12.1	%	-7.8	%	10.2	%	13.2	%	4.4	%	4.2	%	7.8	%	-		-		5.0	%
Op Income	(11.9	)	(10.3	)	16.0		21.0		14.8		2.1		1.1		-		-		3.2
Operating Margin	-14.2	%	-9.7	%	8.8	%	11.4	%	2.7	%	1.9	%	3.6	%	-		-		2.2	%
EBITDA	5.9		9.2		36.9		38.5		90.5		21.9		3.5		-		-		25.4
EBITDA %	7.0	%	8.7	%	20.2	%	21.0	%	16.3	%	19.3	%	11.4	%	-		-		17.6	%
TTM Proforma Excluding Mobility	Q1-19		Q2-19		Q3-19		Q4-19		FY 2019		Q1-20		Q2-20		Q3-20		Q4-20		FY 2020
Sales	536.4		526.9		534.2		535.8		2,133.3		497.6		570.3		513.6		523.8		2,105.3
Gross Profit	100.7		94.6		87.4		102.5		385.2		83.6		104.8		94.4		91.5		374.3
Gross Margin	18.8	%	18.0	%	16.4	%	19.1	%	18.1	%	16.8	%	18.4	%	18.4	%	17.5	%	17.8	%
Op Income	52.4		47.5		38.0		51.3		189.2		33.6		53.6		46.9		47.3		181.4
Operating Margin	9.8	%	9.0	%	7.1	%	9.6	%	8.9	%	6.8	%	9.4	%	9.1	%	9.0	%	8.6	%
EBITDA	72.6		73.7		66.6		72.8		285.7		60.2		76.8		67.2		68.2		272.4
EBITDA %	13.5	%	14.0	%	12.5	%	13.6	%	13.4	%	12.1	%	13.5	%	13.1	%	13.0	%	12.9	%
SZ + SH-EMS Proforma	Q1-19		Q2-19		Q3-19		Q4-19		FY 2019		Q1-20		Q2-20		Q3-20		Q4-20		FY 2020
Sales	36.0		40.9		54.5		29.8		161.2		14.2		21.4		20.5		23.7		79.8
Gross Profit	3.0		3.4		5.2		2.3		13.9		(2.4	)	(0.3	)	3.4		3.2		3.9
Gross Margin	8.3	%	8.3	%	9.5	%	7.7	%	8.6	%	-16.7	%	-1.4	%	16.6	%	13.5	%	4.9	%
Op Income	2.0		1.2		4.3		2.0		9.5		(3.8	)	(0.8	)	2.3		2.7		0.4
Operating Margin	5.6	%	2.9	%	7.9	%	6.7	%	5.9	%	-26.8	%	-3.8	%	11.3	%	11.4	%	0.5	%
EBITDA	2.5		3.1		7.1		2.0		14.7		(3.6	)	0.1		2.6		3.1		2.2
EBITDA %	6.9	%	7.6	%	13.0	%	6.7	%	9.1	%	-25.4	%	0.4	%	12.9	%	13.1	%	2.8	%
TTM Proforma Excluding Mobility, SZ & SH-EMS	Q1-19		Q2-19		Q3-19		Q4-19		FY 2019		Q1-20		Q2-20		Q3-20		Q4-20		FY 2020
Sales	500.4		486.0		479.7		506.0		1,972.1		483.4		548.9		493.1		500.1		2,025.5
Gross Profit	97.7		91.2		82.2		100.2		371.3		86.0		105.1		91.0		88.3		370.4
Gross Margin	19.5	%	18.8	%	17.1	%	19.8	%	18.8	%	17.8	%	19.1	%	18.5	%	17.7	%	18.3	%
Op Income	50.4		46.2		33.7		49.3		179.6		37.7		54.4		44.6		44.6		181.3
OM	10.1	%	9.5	%	7.0	%	9.7	%	9.1	%	7.8	%	9.9	%	9.0	%	8.9	%	8.9	%
EBITDA	70.1		70.6		59.5		70.8		271.0		63.8		76.7		64.6		65.1		270.2
EBITDA %	14.0	%	14.5	%	12.4	%	14.0	%	13.7	%	13.2	%	14.0	%	13.1	%	13.0	%	13.3	%

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

FAQ

What were TTM Technologies' Q4 2020 earnings results?

In Q4 2020, TTM Technologies reported net sales of $523.8 million and a GAAP net income of $39.0 million, or $0.34 per diluted share.

How did TTM Technologies perform financially in fiscal year 2020?

For fiscal year 2020, TTM's net sales decreased to $2.11 billion from $2.13 billion in 2019, with a GAAP net loss of $16.4 million.

What is the outlook for TTM Technologies in Q1 2021?

TTM estimates Q1 2021 revenue in the range of $490 million to $530 million, with non-GAAP net income between $0.19 and $0.25 per diluted share.

Did TTM Technologies repay any debt recently?

Yes, TTM repaid $250 million in convertible bonds during the fourth quarter of 2020.

What was the increase in non-GAAP net income for TTM Technologies in Q4 2020?

TTM's non-GAAP net income in Q4 2020 was $40.2 million, representing a 46.6% increase compared to Q4 2019.