TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed
circuit board (“PCB”) manufacturer, today reported results for the
fourth quarter of fiscal 2017, which ended January 1st, 2018.
Fourth Quarter 2017 Highlights
- Net sales were $739.3 million
- GAAP net income attributable to stockholders was $49.2 million,
or $0.40 per diluted share
- Non-GAAP net income attributable to stockholders was $61.2
million, or $0.57 per diluted share
- Adjusted EBITDA was $121.7 million
- Cash flow from operations a record high of $152.7 million
- Signed definitive agreement to acquire Anaren, Inc.
Fourth Quarter 2017 Financial Results Net sales
for the fourth quarter of 2017 were $739.3 million, compared to
$706.5 million in the fourth quarter of 2016 and $668.8 million in
the third quarter of 2017.
GAAP operating income for the fourth quarter of 2017 was $71.0
million, compared to $69.6 million in the fourth quarter of 2016
and $44.1 million in the third quarter of 2017.
GAAP net income attributable to stockholders for the fourth
quarter of 2017 was $49.2 million, or $0.40 per diluted
share. This compares to a GAAP net loss attributable to
stockholders of $2.0 million, or $0.02 per share, in the fourth
quarter of 2016 and a GAAP net income of $21.5 million, or $0.19
per diluted share, in the third quarter of 2017.
On a non-GAAP basis, net income attributable to stockholders for
the fourth quarter of 2017 was $61.2 million, or $0.57 per diluted
share. This compares to non-GAAP net income attributable to
stockholders of $59.8 million, or $0.58 per diluted share, for the
fourth quarter of 2016 and $33.4 million, or $0.32 per diluted
share, in the third quarter of 2017.
Adjusted EBITDA for the fourth quarter of 2017 was $121.7
million, or 16.5 percent of net sales, compared to adjusted EBITDA
of $128.5 million, or 18.2 percent of net sales, for the fourth
quarter of 2016 and $85.7 million, or 12.9 percent of net sales,
for the third quarter of 2017.
“TTM delivered the fifth consecutive quarter of year on year
organic growth with revenues and operating performance that
significantly exceeded expectations” said Tom Edman, CEO of
TTM. “On a year over year basis, the fastest growth in the
fourth quarter came from the cellular and the aerospace and defense
end markets. This drove cash flow from operations to a record
high of $152.7 million in the quarter.”
Full Year 2017 Financial Results Net sales for
fiscal year 2017 increased to $2.7 billion from $2.5 billion in
fiscal year 2016, a 4.9% increase year over year.
GAAP operating income for fiscal year 2017 was $212.8 million,
an increase from GAAP operating income of $173.5 million in fiscal
year 2016.
GAAP net income attributable to stockholders for fiscal year
2017 was $124.2 million, or $1.04 per diluted share, compared to
GAAP net income attributable to stockholders of $34.9 million, or
$0.34 per diluted share, for fiscal year 2016.
On a non-GAAP basis, net income attributable to stockholders for
fiscal year 2017 was $167.1 million, or $1.57 per diluted share.
This compares to fiscal year 2016 non-GAAP net income attributable
to stockholders of $142.3 million, or $1.40 per diluted share.
Adjusted EBITDA for fiscal year 2017 was $388.6 million, or 14.6
percent of net sales, compared to $395.4 million, or 15.6 percent
of net sales, for fiscal year 2016.
"2017 continued to validate TTM’s strategy of diversification,
differentiation and discipline. We saw solid organic growth
in the aerospace and defense, cellular and computing end markets
that more than offset the decline in the networking and
communications end markets," continued Edman. “I would like
to thank our employees for their tremendous efforts to achieve
these results for the year 2017.”
“In the first quarter of 2018, we face short term seasonal
challenges in our consumer oriented cellular and computing end
markets, but remain optimistic for full year growth in nearly all
of our end markets driven by megatrends such as growing automotive
electronic content, increased aerospace and defense procurement,
and upgrades in cellular phones.”
Business Outlook For the first quarter of 2018,
TTM estimates that revenue will be in the range of $610 million to
$660 million, and non-GAAP net income attributable to stockholders
will be in the range of $0.22 to $0.28 per diluted share.
To Access the Live Webcast/Conference CallTTM
will host a conference call and webcast to discuss fourth quarter
2017 results and first quarter 2018 outlook on Wednesday, February
7th, 2018, 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 800-239-9838
or international 323-794-2551 (ID 5818058). The conference
call also will be webcast on TTM’s website at www.ttm.com.
To Access a Replay of the WebcastThe replay of
the webcast will remain accessible for one week following the live
event on TTM’s website at www.ttm.com.
About TTMTTM 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. 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, 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 MeasuresThis
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
attributable to stockholders per diluted share, we are unable to
predict with reasonable certainty or without unreasonable effort
certain items that may affect such measure calculated and presented
in accordance with GAAP. Our expected non-GAAP net income
attributable to stockholders 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 attributable to stockholders
per diluted share calculated and presented in accordance with
GAAP. Accordingly, a reconciliation of non-GAAP net income
attributable to stockholders per diluted share to such measure
calculated and presented in accordance with GAAP is not available
without unreasonable effort and has not been provided.
Contact:Sameer Desai,Senior Director, Corporate
Development & Investor
RelationsSameer.desai@ttmtech.com714-327-3050
- Tables Follow -
TTM TECHNOLOGIES, INC. |
Selected Unaudited Financial Information |
(In thousands, except per share data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
Full Year |
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
$ |
739,349 |
|
|
$ |
706,534 |
|
|
$ |
666,814 |
|
|
$ |
2,658,592 |
|
|
$ |
2,533,359 |
|
Cost of goods sold |
|
|
607,488 |
|
|
|
573,689 |
|
|
|
569,980 |
|
|
|
2,229,011 |
|
|
|
2,109,744 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
131,861 |
|
|
|
132,845 |
|
|
|
96,834 |
|
|
|
429,581 |
|
|
|
423,615 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
|
17,081 |
|
|
|
16,848 |
|
|
|
16,269 |
|
|
|
65,856 |
|
|
|
66,366 |
|
General and administrative |
|
|
37,764 |
|
|
|
38,998 |
|
|
|
30,018 |
|
|
|
128,489 |
|
|
|
148,719 |
|
Amortization of definite-lived intangibles |
|
|
5,907 |
|
|
|
6,407 |
|
|
|
5,905 |
|
|
|
23,634 |
|
|
|
24,252 |
|
Restructuring charges |
|
|
65 |
|
|
|
946 |
|
|
|
100 |
|
|
|
1,190 |
|
|
|
8,951 |
|
Impairment of long-lived assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,346 |
|
(Gain)/loss on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
452 |
|
|
|
(2,348 |
) |
|
|
(1,472 |
) |
Total operating expenses |
|
|
60,817 |
|
|
|
63,199 |
|
|
|
52,744 |
|
|
|
216,821 |
|
|
|
250,162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
71,044 |
|
|
|
69,646 |
|
|
|
44,090 |
|
|
|
212,760 |
|
|
|
173,453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(13,782 |
) |
|
|
(15,267 |
) |
|
|
(13,598 |
) |
|
|
(53,898 |
) |
|
|
(76,008 |
) |
Loss on extinguishment of debt |
|
|
- |
|
|
|
(47,767 |
) |
|
|
(768 |
) |
|
|
(769 |
) |
|
|
(47,767 |
) |
Other, net |
|
|
(3,617 |
) |
|
|
8,994 |
|
|
|
(6,984 |
) |
|
|
(18,135 |
) |
|
|
17,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
53,645 |
|
|
|
15,606 |
|
|
|
22,740 |
|
|
|
139,958 |
|
|
|
67,002 |
|
Income tax provision |
|
|
(4,329 |
) |
|
|
(17,416 |
) |
|
|
(1,205 |
) |
|
|
(15,231 |
) |
|
|
(31,427 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
49,316 |
|
|
$ |
(1,810 |
) |
|
$ |
21,535 |
|
|
$ |
124,727 |
|
|
$ |
35,575 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to noncontrolling interest |
|
|
(105 |
) |
|
|
(195 |
) |
|
|
(82 |
) |
|
|
(513 |
) |
|
|
(714 |
) |
Net income (loss) attributable to stockholders |
|
$ |
49,211 |
|
|
$ |
(2,005 |
) |
|
$ |
21,453 |
|
|
$ |
124,214 |
|
|
$ |
34,861 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share attributable to stockholders: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.48 |
|
|
$ |
(0.02 |
) |
|
$ |
0.21 |
|
|
$ |
1.22 |
|
|
$ |
0.35 |
|
Diluted |
|
$ |
0.40 |
|
|
$ |
(0.02 |
) |
|
$ |
0.19 |
|
|
$ |
1.04 |
|
|
$ |
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing per share
amounts: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
101,817 |
|
|
|
100,365 |
|
|
|
101,814 |
|
|
|
101,580 |
|
|
|
100,099 |
|
Diluted |
|
|
133,170 |
|
|
|
100,365 |
|
|
|
131,596 |
|
|
|
132,476 |
|
|
|
101,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of the numerator and denominator used to
calculate basic earnings per share and diluted earnings per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable to stockholders |
|
$ |
49,211 |
|
|
|
|
$ |
21,453 |
|
|
$ |
124,214 |
|
|
|
Add back items: interest expense, net of tax |
|
|
3,508 |
|
|
|
|
|
3,469 |
|
|
|
13,803 |
|
|
|
Adjusted net income attributable to stockholders |
|
$ |
52,719 |
|
|
|
|
$ |
24,922 |
|
|
$ |
138,017 |
|
|
|
Weighted-average shares outstanding |
|
|
101,817 |
|
|
|
|
|
101,814 |
|
|
|
101,580 |
|
|
|
Dilutive effect of convertible debt |
|
|
25,939 |
|
|
|
|
|
25,939 |
|
|
|
25,940 |
|
|
|
Dilutive effect of warrants |
|
|
2,938 |
|
|
|
|
|
2,151 |
|
|
|
2,799 |
|
|
|
Dilutive effect of performance-based stock units, restricted
stock units & stock options |
|
|
2,476 |
|
|
|
|
|
1,692 |
|
|
|
2,157 |
|
|
|
Diluted shares |
|
|
133,170 |
|
|
|
|
|
131,596 |
|
|
|
132,476 |
|
|
|
Earnings per share attributable to stockholders: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.48 |
|
|
|
|
$ |
0.21 |
|
|
$ |
1.22 |
|
|
|
Diluted |
|
$ |
0.40 |
|
|
|
|
$ |
0.19 |
|
|
$ |
1.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 1, 2018 |
|
January 2, 2017 |
|
|
|
|
|
|
Cash and cash equivalents, including restricted cash |
|
$ |
409,326 |
|
|
$ |
256,277 |
|
|
|
|
|
|
|
Accounts and notes receivable, net |
|
|
483,903 |
|
|
|
432,788 |
|
|
|
|
|
|
|
Inventories |
|
|
294,588 |
|
|
|
269,212 |
|
|
|
|
|
|
|
Total current assets |
|
|
1,221,307 |
|
|
|
1,012,841 |
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
1,056,845 |
|
|
|
966,638 |
|
|
|
|
|
|
|
Other non-current assets |
|
|
503,730 |
|
|
|
520,597 |
|
|
|
|
|
|
|
Total assets |
|
|
2,781,882 |
|
|
|
2,500,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term debt, including current portion of long-term
debt |
|
$ |
4,578 |
|
|
$ |
110,652 |
|
|
|
|
|
|
|
Accounts payable |
|
|
438,990 |
|
|
|
371,610 |
|
|
|
|
|
|
|
Total current liabilities |
|
|
720,356 |
|
|
|
689,065 |
|
|
|
|
|
|
|
Debt, net of discount |
|
|
975,479 |
|
|
|
909,030 |
|
|
|
|
|
|
|
Total long-term liabilities |
|
|
1,050,146 |
|
|
|
981,886 |
|
|
|
|
|
|
|
Total equity |
|
|
1,011,380 |
|
|
|
829,125 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
2,781,882 |
|
|
|
2,500,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
Full Year |
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
Gross margin |
|
|
17.8 |
% |
|
|
18.8 |
% |
|
|
14.5 |
% |
|
|
16.2 |
% |
|
|
16.7 |
% |
Operating margin |
|
|
9.6 |
% |
|
|
9.9 |
% |
|
|
6.6 |
% |
|
|
8.0 |
% |
|
|
6.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Market Breakdown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace/Defense |
|
|
15 |
% |
|
|
14 |
% |
|
|
16 |
% |
|
|
|
|
Automotive |
|
|
18 |
% |
|
|
19 |
% |
|
|
20 |
% |
|
|
|
|
Cellular Phone |
|
|
27 |
% |
|
|
19 |
% |
|
|
17 |
% |
|
|
|
|
Computing/Storage/Peripherals |
|
|
10 |
% |
|
|
12 |
% |
|
|
14 |
% |
|
|
|
|
Medical/Industrial/Instrumentation |
|
|
12 |
% |
|
|
13 |
% |
|
|
14 |
% |
|
|
|
|
Networking/Communications |
|
|
17 |
% |
|
|
21 |
% |
|
|
17 |
% |
|
|
|
|
Other |
|
|
1 |
% |
|
|
2 |
% |
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based Compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
|
|
|
Amount included in: |
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
613 |
|
|
$ |
469 |
|
|
$ |
606 |
|
|
|
|
|
Selling and marketing |
|
$ |
450 |
|
|
|
305 |
|
|
|
369 |
|
|
|
|
|
General and administrative |
|
|
3,921 |
|
|
|
2,426 |
|
|
|
3,703 |
|
|
|
|
|
Total stock-based compensation expense |
|
$ |
4,984 |
|
|
$ |
3,200 |
|
|
$ |
4,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Segment Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
|
|
|
Net sales: |
|
2017 |
|
2016 |
|
2017 |
|
|
|
|
PCB |
|
$ |
688,572 |
|
|
$ |
654,379 |
|
|
$ |
609,742 |
|
|
|
|
|
E-M Solutions |
|
|
54,899 |
|
|
|
55,332 |
|
|
|
60,620 |
|
|
|
|
|
Corporate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
Total sales |
|
|
743,471 |
|
|
|
709,711 |
|
|
|
670,362 |
|
|
|
|
|
Inter-segment sales |
|
|
(4,122 |
) |
|
|
(3,177 |
) |
|
|
(3,548 |
) |
|
|
|
|
Total net sales |
|
$ |
739,349 |
|
|
$ |
706,534 |
|
|
$ |
666,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating segment income: |
|
|
|
|
|
|
|
|
|
|
PCB |
|
$ |
100,352 |
|
|
$ |
95,208 |
|
|
$ |
70,443 |
|
|
|
|
|
E-M Solutions |
|
|
2,799 |
|
|
|
3,029 |
|
|
|
2,870 |
|
|
|
|
|
Corporate |
|
|
(26,200 |
) |
|
|
(22,184 |
) |
|
|
(23,318 |
) |
|
|
|
|
Total operating segment income |
|
|
76,951 |
|
|
|
76,053 |
|
|
|
49,995 |
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
(5,907 |
) |
|
|
(6,407 |
) |
|
|
(5,905 |
) |
|
|
|
|
Total operating income |
|
|
71,044 |
|
|
|
69,646 |
|
|
|
44,090 |
|
|
|
|
|
Total other expense |
|
|
(17,399 |
) |
|
|
(54,040 |
) |
|
|
(21,350 |
) |
|
|
|
|
Income before income taxes |
|
$ |
53,645 |
|
|
$ |
15,606 |
|
|
$ |
22,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
Third Quarter |
|
Full Year |
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2017 |
|
2016 |
Non-GAAP gross profit reconciliation2: |
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
131,861 |
|
|
$ |
132,845 |
|
|
$ |
96,834 |
|
|
$ |
429,581 |
|
|
$ |
423,615 |
|
Add back item: |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
613 |
|
|
|
469 |
|
|
|
606 |
|
|
|
2,252 |
|
|
|
1,630 |
|
Non-GAAP gross profit |
|
$ |
132,474 |
|
|
$ |
133,314 |
|
|
$ |
97,440 |
|
|
$ |
431,833 |
|
|
$ |
425,245 |
|
Non-GAAP gross margin |
|
|
17.9 |
% |
|
|
18.9 |
% |
|
|
14.6 |
% |
|
|
16.2 |
% |
|
|
16.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income reconciliation3: |
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
$ |
71,044 |
|
|
$ |
69,646 |
|
|
$ |
44,090 |
|
|
$ |
212,760 |
|
|
$ |
173,453 |
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
5,907 |
|
|
|
6,407 |
|
|
|
5,905 |
|
|
|
23,634 |
|
|
|
24,252 |
|
Stock-based compensation |
|
|
4,984 |
|
|
|
3,200 |
|
|
|
4,678 |
|
|
|
18,290 |
|
|
|
11,090 |
|
(Gain)/loss on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
452 |
|
|
|
(2,348 |
) |
|
|
(1,472 |
) |
Impairments, restructuring, acquisition-related, and other
charges |
|
|
2,331 |
|
|
|
1,725 |
|
|
|
100 |
|
|
|
3,556 |
|
|
|
14,569 |
|
Non-GAAP operating income |
|
$ |
84,266 |
|
|
$ |
80,978 |
|
|
$ |
55,225 |
|
|
$ |
255,892 |
|
|
$ |
221,892 |
|
Non-GAAP operating margin |
|
|
11.4 |
% |
|
|
11.5 |
% |
|
|
8.3 |
% |
|
|
9.6 |
% |
|
|
8.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income and EPS attributable to stockholders
reconciliation4: |
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) attributable to stockholders |
|
$ |
49,211 |
|
|
$ |
(2,005 |
) |
|
$ |
21,453 |
|
|
$ |
124,214 |
|
|
$ |
34,861 |
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
5,907 |
|
|
|
6,407 |
|
|
|
5,905 |
|
|
|
23,634 |
|
|
|
24,252 |
|
Stock-based compensation |
|
|
4,984 |
|
|
|
3,200 |
|
|
|
4,678 |
|
|
|
18,290 |
|
|
|
11,090 |
|
Non-cash interest expense |
|
|
3,017 |
|
|
|
2,697 |
|
|
|
2,699 |
|
|
|
11,069 |
|
|
|
19,180 |
|
(Gain)/loss on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
452 |
|
|
|
(2,348 |
) |
|
|
(1,472 |
) |
Loss on extinguishment of debt |
|
|
- |
|
|
|
47,767 |
|
|
|
768 |
|
|
|
769 |
|
|
|
47,767 |
|
Impairments, restructuring, acquisition-related, and other
charges |
|
|
2,331 |
|
|
|
1,725 |
|
|
|
100 |
|
|
|
3,556 |
|
|
|
14,569 |
|
Income taxes5 |
|
|
(4,204 |
) |
|
|
49 |
|
|
|
(2,643 |
) |
|
|
(12,059 |
) |
|
|
(7,987 |
) |
Non-GAAP net income attributable to stockholders |
|
$ |
61,246 |
|
|
$ |
59,840 |
|
|
$ |
33,412 |
|
|
$ |
167,125 |
|
|
$ |
142,260 |
|
Non-GAAP earnings per diluted share attributable to
stockholders |
|
$ |
0.57 |
|
|
$ |
0.58 |
|
|
$ |
0.32 |
|
|
$ |
1.57 |
|
|
$ |
1.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted number of shares6: |
|
|
|
|
|
|
|
|
|
|
Diluted shares |
|
|
133,170 |
|
|
|
102,563 |
|
|
|
131,596 |
|
|
|
132,476 |
|
|
|
101,482 |
|
Dilutive effect of convertible debt |
|
|
(25,939 |
) |
|
|
- |
|
|
|
(25,939 |
) |
|
|
(25,940 |
) |
|
|
- |
|
Non-GAAP diluted number of shares |
|
|
107,231 |
|
|
|
102,563 |
|
|
|
105,657 |
|
|
|
106,536 |
|
|
|
101,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA reconciliation7: |
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
$ |
49,316 |
|
|
$ |
(1,810 |
) |
|
$ |
21,535 |
|
|
$ |
124,727 |
|
|
$ |
35,575 |
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
|
4,329 |
|
|
|
17,416 |
|
|
|
1,205 |
|
|
|
15,231 |
|
|
|
31,427 |
|
Interest expense |
|
|
13,782 |
|
|
|
15,267 |
|
|
|
13,598 |
|
|
|
53,898 |
|
|
|
76,008 |
|
Amortization of definite-lived intangibles |
|
|
5,907 |
|
|
|
6,407 |
|
|
|
5,905 |
|
|
|
23,634 |
|
|
|
24,252 |
|
Depreciation expense |
|
|
41,090 |
|
|
|
38,539 |
|
|
|
37,496 |
|
|
|
150,809 |
|
|
|
156,229 |
|
Stock-based compensation |
|
|
4,984 |
|
|
|
3,200 |
|
|
|
4,678 |
|
|
|
18,290 |
|
|
|
11,090 |
|
(Gain)/loss on sale of assets |
|
|
- |
|
|
|
- |
|
|
|
452 |
|
|
|
(2,348 |
) |
|
|
(1,472 |
) |
Loss on extinguishment of debt |
|
|
- |
|
|
|
47,767 |
|
|
|
768 |
|
|
|
769 |
|
|
|
47,767 |
|
Impairments, restructuring, acquisition-related, and other
charges |
|
|
2,331 |
|
|
|
1,725 |
|
|
|
100 |
|
|
|
3,556 |
|
|
|
14,569 |
|
Adjusted EBITDA |
|
$ |
121,739 |
|
|
$ |
128,511 |
|
|
$ |
85,737 |
|
|
$ |
388,566 |
|
|
$ |
395,445 |
|
Adjusted EBITDA margin |
|
|
16.5 |
% |
|
|
18.2 |
% |
|
|
12.9 |
% |
|
|
14.6 |
% |
|
|
15.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
|
|
152,691 |
|
|
|
97,650 |
|
|
|
71,366 |
|
|
|
332,755 |
|
|
|
298,336 |
|
Capital expenditures, net |
|
|
(32,209 |
) |
|
|
(20,501 |
) |
|
|
(22,877 |
) |
|
|
(124,090 |
) |
|
|
(81,498 |
) |
Free cash flow |
|
$ |
120,482 |
|
|
$ |
77,149 |
|
|
$ |
48,489 |
|
|
$ |
208,665 |
|
|
$ |
216,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 This information provides a reconciliation of non-GAAP gross
profit, non-GAAP operating income, non-GAAP net income attributable
to stockholders, non-GAAP EPS attributable to stockholders, and
adjusted EBITDA to the financial information in our consolidated
condensed statements of operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 Non-GAAP gross profit and gross margin measures exclude
stock-based compensation expense. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Non-GAAP operating income and operating margin measures
exclude amortization of intangibles, stock-based compensation
expense, gain on sale of assets, acquisition-related costs, asset
impairments, restructuring and other charges. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 This information provides non-GAAP net income attributable
to stockholders and non-GAAP EPS attributable to stockholders,
which are non-GAAP financial measures. Management believes that
both measures -- which add back amortization of intangibles,
stock-based compensation expense, non-cash interest expense on debt
(before consideration of capitalized interest), gain on sale of
assets, acquisition-related costs, asset impairments, restructuring
and other charges as well as the associated tax impact of these
charges and discrete tax items -- provide additional useful
information to investors regarding the Company's ongoing financial
condition and results of operations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 Income tax adjustments reflect the difference between income
taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax
rate. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Non-GAAP diluted number of shares used in computing non-GAAP
earnings per share attributable to stockholders excludes the
dilutive effect of convertible debt. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 Adjusted EBITDA is defined as earnings before interest
expense, income taxes, depreciation, amortization of intangibles,
stock-based compensation expense, gain on sale of assets,
acquisition-related costs, asset impairments, 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. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TTM Technologies (NASDAQ:TTMI)
Historical Stock Chart
From Aug 2024 to Sep 2024
TTM Technologies (NASDAQ:TTMI)
Historical Stock Chart
From Sep 2023 to Sep 2024