TTM Technologies, Inc. (NASDAQ:TTMI), a leading global printed
circuit board (“PCB”) manufacturer, today reported results for the
third quarter of fiscal 2017, which ended October 2nd, 2017.
Third Quarter 2017 Highlights
- Net sales were $666.8 million
- GAAP net income attributable to stockholders was $21.5 million,
or $0.19 per diluted share
- Non-GAAP net income attributable to stockholders was $33.4
million, or $0.32 per diluted share
- Excluding a $7.4 million (non-cash) foreign exchange loss,
non-GAAP earnings per diluted share were $0.38
- Adjusted EBITDA was $85.7 million
Third Quarter 2017 Financial Results Net sales
for the third quarter of 2017 were $666.8 million, compared to
$641.7 million in the third quarter of 2016 and $627.2 million in
the second quarter of 2017.
GAAP operating income for the third quarter of 2017 was $44.1
million, compared to $50.2 million in the third quarter of 2016 and
$45.1 million in the second quarter of 2017.
GAAP net income attributable to stockholders for the third
quarter of 2017 was $21.5 million, or $0.19 per diluted
share. This compares to a GAAP net income attributable to
stockholders of $25.6 million, or $0.23 per diluted share, in the
third quarter of 2016 and a GAAP net income of $20.6 million, or
$0.18 per diluted share, in the second quarter of 2017.
On a non-GAAP basis, net income attributable to stockholders for
the third quarter of 2017 was $33.4 million, or $0.32 per diluted
share. This compares to non-GAAP net income attributable to
stockholders of $40.1 million, or $0.39 per diluted share, for the
third quarter of 2016 and $33.3 million, or $0.31 per diluted
share, in the second quarter of 2017.
Adjusted EBITDA for the third quarter of 2017 was $85.7 million,
or 12.9 percent of net sales, compared to adjusted EBITDA of $102.2
million, or 15.9 percent of net sales, for the third quarter of
2016 and $85.5 million, or 13.6 percent of net sales, for the
second quarter of 2017.
“TTM delivered the fourth consecutive quarter of year on year
organic growth with revenues and operating performance that
exceeded our expectations,” said Tom Edman, CEO of TTM. “On a
year over year basis, the fastest growth in the third quarter came
from the computing, automotive and the aerospace and defense end
markets. Absent a foreign exchange loss due to the weakening
U.S. dollar, non-GAAP EPS was above the high end of
guidance.”
Business Outlook For the fourth quarter of
2017, TTM estimates that revenue will be in the range of $700
million to $750 million, and non-GAAP net income attributable to
stockholders will be in the range of $0.49 to $0.55 per diluted
share.
To Access the Live Webcast/Conference CallTTM
will host a conference call and webcast to discuss third quarter
2017 results and fourth quarter 2017 outlook on Wednesday, November
1st, 2017, 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 877-830-2636
or international 785-424-1802 (ID 9611659). 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.com 714-327-3050
- Tables Follow -
TTM TECHNOLOGIES, INC. |
|
Selected Unaudited Financial
Information |
|
(In thousands, except per share
data) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Second Quarter |
|
First Three Quarters |
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
sales |
|
|
$ |
666,814 |
|
|
$ |
641,720 |
|
|
$ |
627,182 |
|
|
$ |
1,919,243 |
|
|
$ |
1,826,825 |
|
|
|
Cost of
goods sold |
|
|
569,980 |
|
|
|
532,158 |
|
|
|
531,315 |
|
|
|
1,621,523 |
|
|
|
1,536,055 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit |
|
|
96,834 |
|
|
|
109,562 |
|
|
|
95,867 |
|
|
|
297,720 |
|
|
|
290,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
marketing |
|
|
16,269 |
|
|
|
15,643 |
|
|
|
15,851 |
|
|
|
48,775 |
|
|
|
49,518 |
|
|
|
|
General and
administrative |
|
|
30,018 |
|
|
|
35,641 |
|
|
|
29,885 |
|
|
|
90,725 |
|
|
|
109,721 |
|
|
|
|
Amortization of definite-lived intangibles |
|
|
5,905 |
|
|
|
5,949 |
|
|
|
5,910 |
|
|
|
17,727 |
|
|
|
17,845 |
|
|
|
|
Restructuring charges |
|
|
100 |
|
|
|
2,103 |
|
|
|
416 |
|
|
|
1,125 |
|
|
|
8,005 |
|
|
|
|
Impairment
of long-lived assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,346 |
|
|
|
|
(Gain)/loss
on sale of assets |
|
|
452 |
|
|
|
- |
|
|
|
(1,251 |
) |
|
|
(2,348 |
) |
|
|
(1,472 |
) |
|
|
|
|
Total
operating expenses |
|
|
52,744 |
|
|
|
59,336 |
|
|
|
50,811 |
|
|
|
156,004 |
|
|
|
186,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
|
44,090 |
|
|
|
50,226 |
|
|
|
45,056 |
|
|
|
141,716 |
|
|
|
103,807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(13,598 |
) |
|
|
(18,873 |
) |
|
|
(12,922 |
) |
|
|
(40,116 |
) |
|
|
(60,741 |
) |
|
|
Loss on
extinguishment of debt |
|
|
(768 |
) |
|
|
- |
|
|
|
(1 |
) |
|
|
(769 |
) |
|
|
- |
|
|
|
Other,
net |
|
|
|
(6,984 |
) |
|
|
3,930 |
|
|
|
(5,824 |
) |
|
|
(14,518 |
) |
|
|
8,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
before income taxes |
|
|
22,740 |
|
|
|
35,283 |
|
|
|
26,309 |
|
|
|
86,313 |
|
|
|
51,396 |
|
|
|
Income tax
provision |
|
|
(1,205 |
) |
|
|
(9,513 |
) |
|
|
(5,558 |
) |
|
|
(10,902 |
) |
|
|
(14,011 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
21,535 |
|
|
$ |
25,770 |
|
|
$ |
20,751 |
|
|
$ |
75,411 |
|
|
$ |
37,385 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to noncontrolling interest |
|
|
(82 |
) |
|
|
(188 |
) |
|
|
(160 |
) |
|
|
(408 |
) |
|
|
(519 |
) |
|
|
Net income
(loss) attributable to stockholders |
|
$ |
21,453 |
|
|
$ |
25,582 |
|
|
$ |
20,591 |
|
|
$ |
75,003 |
|
|
$ |
36,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share attributable to stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
0.20 |
|
|
$ |
0.74 |
|
|
$ |
0.37 |
|
|
|
|
Diluted |
|
|
$ |
0.19 |
|
|
$ |
0.23 |
|
|
$ |
0.18 |
|
|
$ |
0.65 |
|
|
$ |
0.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
101,814 |
|
|
|
100,245 |
|
|
|
101,756 |
|
|
|
101,501 |
|
|
|
100,004 |
|
|
|
|
Diluted |
|
|
|
131,596 |
|
|
|
127,645 |
|
|
|
133,224 |
|
|
|
131,914 |
|
|
|
101,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of the numerator and denominator used to calculate
basic earnings per share and diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to stockholders |
|
$ |
21,453 |
|
|
$ |
25,582 |
|
|
$ |
20,591 |
|
|
$ |
75,003 |
|
|
|
|
|
|
Add back
items: interest expense, net of tax |
|
|
3,469 |
|
|
|
3,321 |
|
|
|
3,432 |
|
|
|
10,296 |
|
|
|
|
|
Adjusted
net income attributable to stockholders |
|
$ |
24,922 |
|
|
$ |
28,903 |
|
|
$ |
24,023 |
|
|
$ |
85,299 |
|
|
|
|
|
Weighted-average shares outstanding |
|
|
101,814 |
|
|
|
100,245 |
|
|
|
101,756 |
|
|
|
101,501 |
|
|
|
|
|
Dilutive
effect of convertible debt |
|
|
25,939 |
|
|
|
25,940 |
|
|
|
25,940 |
|
|
|
25,939 |
|
|
|
|
|
Dilutive
effect of warrants |
|
|
2,151 |
|
|
|
|
|
3,924 |
|
|
|
2,753 |
|
|
|
|
|
Dilutive effect of performance-based stock units, restricted
stock units & stock options |
|
|
1,692 |
|
|
|
1,460 |
|
|
|
1,604 |
|
|
|
1,721 |
|
|
|
|
|
Diluted
shares |
|
|
131,596 |
|
|
|
127,645 |
|
|
|
133,224 |
|
|
|
131,914 |
|
|
|
|
|
Earnings
per share attributable to stockholders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.21 |
|
|
$ |
0.26 |
|
|
$ |
0.20 |
|
|
$ |
0.74 |
|
|
|
|
|
|
Diluted |
|
|
$ |
0.19 |
|
|
$ |
0.23 |
|
|
$ |
0.18 |
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET
DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 2, 2017 |
|
January 2, 2017 |
|
|
|
|
|
|
|
|
Cash and
cash equivalents, including restricted cash |
|
$ |
301,934 |
|
|
$ |
256,277 |
|
|
|
|
|
|
|
|
|
Accounts
and notes receivable, net |
|
|
475,056 |
|
|
|
432,788 |
|
|
|
|
|
|
|
|
|
Inventories |
|
|
|
295,279 |
|
|
|
269,212 |
|
|
|
|
|
|
|
|
|
Total
current assets |
|
|
1,110,961 |
|
|
|
1,012,841 |
|
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
|
1,052,779 |
|
|
|
966,638 |
|
|
|
|
|
|
|
|
|
Other
non-current assets |
|
|
510,204 |
|
|
|
520,597 |
|
|
|
|
|
|
|
|
|
Total
assets |
|
|
2,673,944 |
|
|
|
2,500,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term
debt, including current portion of long-term debt |
|
$ |
4,184 |
|
|
$ |
110,652 |
|
|
|
|
|
|
|
|
|
Accounts
payable |
|
|
422,549 |
|
|
|
371,610 |
|
|
|
|
|
|
|
|
|
Total
current liabilities |
|
|
672,783 |
|
|
|
689,065 |
|
|
|
|
|
|
|
|
|
Debt, net
of discount |
|
|
974,161 |
|
|
|
909,030 |
|
|
|
|
|
|
|
|
|
Total
long-term liabilities |
|
|
1,048,614 |
|
|
|
981,886 |
|
|
|
|
|
|
|
|
|
Total
equity |
|
|
952,547 |
|
|
|
829,125 |
|
|
|
|
|
|
|
|
|
Total
liabilities and equity |
|
|
2,673,944 |
|
|
|
2,500,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Second Quarter |
|
First Three Quarters |
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Gross
margin |
|
|
14.5 |
% |
|
|
17.1 |
% |
|
|
15.3 |
% |
|
|
15.5 |
% |
|
|
15.9 |
% |
|
|
Operating
margin |
|
|
6.6 |
% |
|
|
7.8 |
% |
|
|
7.2 |
% |
|
|
7.4 |
% |
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Market
Breakdown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Second Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerospace/Defense |
|
|
16 |
% |
|
|
15 |
% |
|
|
17 |
% |
|
|
|
|
|
|
|
Automotive |
|
|
20 |
% |
|
|
19 |
% |
|
|
20 |
% |
|
|
|
|
|
|
|
Cellular
Phone |
|
|
17 |
% |
|
|
17 |
% |
|
|
13 |
% |
|
|
|
|
|
|
|
Computing/Storage/Peripherals |
|
|
14 |
% |
|
|
12 |
% |
|
|
14 |
% |
|
|
|
|
|
|
|
Medical/Industrial/Instrumentation |
|
|
14 |
% |
|
|
14 |
% |
|
|
15 |
% |
|
|
|
|
|
|
|
Networking/Communications |
|
|
17 |
% |
|
|
21 |
% |
|
|
20 |
% |
|
|
|
|
|
|
|
Other |
|
|
|
2 |
% |
|
|
2 |
% |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
Compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Second Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
Amount
included in: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
$ |
606 |
|
|
$ |
412 |
|
|
$ |
639 |
|
|
|
|
|
|
|
|
|
Selling and
marketing |
|
$ |
369 |
|
|
|
268 |
|
|
|
386 |
|
|
|
|
|
|
|
|
|
General and
administrative |
|
|
3,703 |
|
|
|
2,119 |
|
|
|
3,975 |
|
|
|
|
|
|
|
|
|
Total
stock-based compensation expense |
|
$ |
4,678 |
|
|
$ |
2,799 |
|
|
$ |
5,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Segment Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Second Quarter |
|
|
|
|
|
|
|
Net
sales: |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
PCB |
|
|
$ |
609,742 |
|
|
$ |
598,656 |
|
|
$ |
576,566 |
|
|
|
|
|
|
|
|
E-M
Solutions |
|
|
60,620 |
|
|
|
46,246 |
|
|
|
52,898 |
|
|
|
|
|
|
|
|
Corporate |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
Total sales |
|
|
670,362 |
|
|
|
644,902 |
|
|
|
629,464 |
|
|
|
|
|
|
|
|
Inter-segment sales |
|
|
(3,548 |
) |
|
|
(3,182 |
) |
|
|
(2,282 |
) |
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
666,814 |
|
|
$ |
641,720 |
|
|
$ |
627,182 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating segment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
PCB |
|
|
$ |
70,443 |
|
|
$ |
75,501 |
|
|
$ |
69,435 |
|
|
|
|
|
|
|
|
E-M
Solutions |
|
|
2,870 |
|
|
|
1,421 |
|
|
|
2,689 |
|
|
|
|
|
|
|
|
Corporate |
|
|
(23,318 |
) |
|
|
(20,747 |
) |
|
|
(21,158 |
) |
|
|
|
|
|
|
|
|
Total operating segment income |
|
|
49,995 |
|
|
|
56,175 |
|
|
|
50,966 |
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
(5,905 |
) |
|
|
(5,949 |
) |
|
|
(5,910 |
) |
|
|
|
|
|
|
|
|
Total operating income |
|
|
44,090 |
|
|
|
50,226 |
|
|
|
45,056 |
|
|
|
|
|
|
|
|
Total
other expense |
|
|
(21,350 |
) |
|
|
(14,943 |
) |
|
|
(18,747 |
) |
|
|
|
|
|
|
|
Income before income taxes |
|
$ |
22,740 |
|
|
$ |
35,283 |
|
|
$ |
26,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter |
|
Second Quarter |
|
First Three Quarters |
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
Non-GAAP
gross profit reconciliation2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit |
|
$ |
96,834 |
|
|
$ |
109,562 |
|
|
$ |
95,867 |
|
|
$ |
297,720 |
|
|
$ |
290,770 |
|
|
|
|
Add back
item: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based
compensation |
|
|
606 |
|
|
|
412 |
|
|
|
639 |
|
|
|
1,639 |
|
|
|
1,161 |
|
|
|
|
Non-GAAP gross profit |
|
$ |
97,440 |
|
|
$ |
109,974 |
|
|
$ |
96,506 |
|
|
$ |
299,359 |
|
|
$ |
291,931 |
|
|
|
|
Non-GAAP gross margin |
|
|
14.6 |
% |
|
|
17.1 |
% |
|
|
15.4 |
% |
|
|
15.6 |
% |
|
|
16.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
operating income reconciliation3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating income |
|
$ |
44,090 |
|
|
$ |
50,226 |
|
|
$ |
45,056 |
|
|
$ |
141,716 |
|
|
$ |
103,807 |
|
|
|
|
Add back
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
5,905 |
|
|
|
5,949 |
|
|
|
5,910 |
|
|
|
17,727 |
|
|
|
17,845 |
|
|
|
|
|
Stock-based
compensation |
|
|
4,678 |
|
|
|
2,799 |
|
|
|
5,000 |
|
|
|
13,306 |
|
|
|
7,890 |
|
|
|
|
|
(Gain)/loss
on sale of assets |
|
|
452 |
|
|
|
- |
|
|
|
(1,251 |
) |
|
|
(2,348 |
) |
|
|
(1,472 |
) |
|
|
|
|
Impairments, restructuring, acquisition-related, and other
charges |
|
|
100 |
|
|
|
2,300 |
|
|
|
416 |
|
|
|
1,225 |
|
|
|
12,844 |
|
|
|
|
Non-GAAP operating income |
|
$ |
55,225 |
|
|
$ |
61,274 |
|
|
$ |
55,131 |
|
|
$ |
171,626 |
|
|
$ |
140,914 |
|
|
|
|
Non-GAAP operating margin |
|
|
8.3 |
% |
|
|
9.5 |
% |
|
|
8.8 |
% |
|
|
8.9 |
% |
|
|
7.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income and EPS attributable to stockholders
reconciliation4: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income (loss) attributable to stockholders |
|
$ |
21,453 |
|
|
$ |
25,582 |
|
|
$ |
20,591 |
|
|
$ |
75,003 |
|
|
$ |
36,866 |
|
|
|
|
Add back
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
5,905 |
|
|
|
5,949 |
|
|
|
5,910 |
|
|
|
17,727 |
|
|
|
17,845 |
|
|
|
|
|
Stock-based
compensation |
|
|
4,678 |
|
|
|
2,799 |
|
|
|
5,000 |
|
|
|
13,306 |
|
|
|
7,890 |
|
|
|
|
|
Non-cash
interest expense |
|
|
2,699 |
|
|
|
4,721 |
|
|
|
2,726 |
|
|
|
8,052 |
|
|
|
16,483 |
|
|
|
|
|
(Gain)/loss
on sale of assets |
|
|
452 |
|
|
|
- |
|
|
|
(1,251 |
) |
|
|
(2,348 |
) |
|
|
(1,472 |
) |
|
|
|
|
Loss on
extinguishment of debt |
|
|
768 |
|
|
|
- |
|
|
|
1 |
|
|
|
769 |
|
|
|
- |
|
|
|
|
|
Impairments, restructuring, acquisition-related, and other
charges |
|
|
100 |
|
|
|
2,300 |
|
|
|
416 |
|
|
|
1,225 |
|
|
|
12,844 |
|
|
|
|
|
Income
taxes |
|
|
(2,643 |
) |
|
|
(1,208 |
) |
|
|
(119 |
) |
|
|
(7,855 |
) |
|
|
(8,036 |
) |
|
|
|
Non-GAAP
net income attributable to stockholders |
|
$ |
33,412 |
|
|
$ |
40,143 |
|
|
$ |
33,274 |
|
|
$ |
105,879 |
|
|
$ |
82,420 |
|
|
|
|
Non-GAAP earnings per diluted share attributable to
stockholders |
|
$ |
0.32 |
|
|
$ |
0.39 |
|
|
$ |
0.31 |
|
|
$ |
1.00 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted number of shares5: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
shares |
|
|
131,596 |
|
|
|
127,645 |
|
|
|
133,224 |
|
|
|
131,914 |
|
|
|
101,094 |
|
|
|
|
Dilutive
effect of convertible debt |
|
|
(25,939 |
) |
|
|
(25,940 |
) |
|
|
(25,940 |
) |
|
|
(25,939 |
) |
|
|
- |
|
|
|
|
Non-GAAP diluted number of shares |
|
|
105,657 |
|
|
|
101,705 |
|
|
|
107,284 |
|
|
|
105,975 |
|
|
|
101,094 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA reconciliation6: |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income (loss) |
|
$ |
21,535 |
|
|
$ |
25,770 |
|
|
$ |
20,751 |
|
|
$ |
75,411 |
|
|
$ |
37,385 |
|
|
|
|
Add back
items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
provision (benefit) |
|
|
1,205 |
|
|
|
9,513 |
|
|
|
5,558 |
|
|
|
10,902 |
|
|
|
14,011 |
|
|
|
|
|
Interest
expense |
|
|
13,598 |
|
|
|
18,873 |
|
|
|
12,922 |
|
|
|
40,116 |
|
|
|
60,741 |
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
5,905 |
|
|
|
5,949 |
|
|
|
5,910 |
|
|
|
17,727 |
|
|
|
17,845 |
|
|
|
|
|
Depreciation expense |
|
|
37,496 |
|
|
|
37,006 |
|
|
|
36,146 |
|
|
|
109,719 |
|
|
|
117,690 |
|
|
|
|
|
Stock-based
compensation |
|
|
4,678 |
|
|
|
2,799 |
|
|
|
5,000 |
|
|
|
13,306 |
|
|
|
7,890 |
|
|
|
|
|
(Gain)/loss
on sale of assets |
|
|
452 |
|
|
|
- |
|
|
|
(1,251 |
) |
|
|
(2,348 |
) |
|
|
(1,472 |
) |
|
|
|
|
Loss on
extinguishment of debt |
|
|
768 |
|
|
|
- |
|
|
|
1 |
|
|
|
769 |
|
|
|
- |
|
|
|
|
|
Impairments, restructuring, acquisition-related, and other
charges |
|
|
100 |
|
|
|
2,300 |
|
|
|
416 |
|
|
|
1,225 |
|
|
|
12,844 |
|
|
|
|
Adjusted
EBITDA |
|
$ |
85,737 |
|
|
$ |
102,210 |
|
|
$ |
85,453 |
|
|
$ |
266,827 |
|
|
$ |
266,934 |
|
|
|
|
Adjusted
EBITDA margin |
|
|
12.9 |
% |
|
|
15.9 |
% |
|
|
13.6 |
% |
|
|
13.9 |
% |
|
|
14.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash
flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
cash flow |
|
|
71,366 |
|
|
|
102,737 |
|
|
|
59,114 |
|
|
|
180,064 |
|
|
|
200,686 |
|
|
|
|
Capital
expenditures, net |
|
|
(22,877 |
) |
|
|
(25,552 |
) |
|
|
(45,626 |
) |
|
|
(91,881 |
) |
|
|
(60,997 |
) |
|
|
|
Free cash
flow |
|
$ |
48,489 |
|
|
$ |
77,185 |
|
|
$ |
13,488 |
|
|
$ |
88,183 |
|
|
$ |
139,689 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Non-GAAP diluted number of shares used in computing non-GAAP
earnings per share attributable to stockholders excludes the
dilutive effect of convertible debt. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 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)
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