Ttm Technologies, Inc. · NASDAQ:TTMI
Ttm Technologies — Merger or Acquisition (December 2017)
15 slides from Ttm Technologies's merger presentation, Dec 4, 2017
Slide 1: TTM Technologies, Inc. Acquisition of Anaren, Inc. Investor Presentation
TTM Technologies, Inc. Acquisition of Anaren, Inc. Investor Presentation December 4, 2017 Exhibit 99.2
Slide 2: Disclaimers: Forward-Looking Statements
Disclaimers Forward-Looking Statements This communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to the future business outlook, events, and expected performance of TTM Technologies, Inc. (“TTM
Slide 3: Transaction Overview
Transaction Overview $775M purchase price for 100% equity in Anaren, Inc., on a cash-free, debt-free basis subject to working capital adjustment at closing 100% cash consideration, financed with: $700M incremental senior secured term loan facility under TTM’s existing credit agreement, and cash on h
Slide 4: Strategic Rationale
Strategic Rationale Provides differentiated RF expertise in space & defense and embedded technology critical to wireless infrastructure Enhances TTM’s strong A&D position and provides new market growth opportunity for the industrial, medical and automotive markets Significantly enhances TTM’s A&D bu
Slide 5: Anaren Overview
Anaren Overview Leading provider of mission-critical RF / microwave solutions for space, defense and wireless infrastructure end markets Sole-sourced and spec’d in positions on high-priority programs through custom-designed, highly- integrated subsystems and components LTM 9/30/17 revenue of $219M /
Slide 6: Macro Trends Driving Need for Anaren Technology
Macro Trends Driving Need for Anaren Technology DoD Spend (1) AESA Radar Spend (2) Mobile Data Traffic (3) ($ in billions) DoD Procurement and RDT&E spend for Radar, Electronic Warfare and Military SatCom. Source: DoD Budget, The Teal Group and Forecast International. Estimated AESA radar market spe
Slide 7: Technology Serving Multiple End Markets
Technology Serving Multiple End Markets Hybrid Micro-Electronics Thick-Film and LTCC Ceramics Multi-Layer Stripline RF PCB, Assembly and Test Beamforming & Switching Networks Advanced Radar Systems Advanced Jamming Systems Base Station and Small Cells Satellite Communication Systems Products Applica
Slide 8: Anaren is a Key Supplier to High Priority DoD Programs
Select Missile Defense Select Air-Based Radar / EW Select Space-Based Systems Anaren is a Key Supplier to High Priority DoD Programs AMDR TPQ-53 SBIRS THAAD F-35 F-16 (SABR) E2D MH-60R Orion GPSIII AEHF
Slide 9: Anaren Solutions are Critical to Wireless Infrastructure
Base Station Front-End Representative Anaren Products Anaren Solutions are Critical to Wireless Infrastructure Device 3G 4G 5G Radio Access Network Macro Base Station Small Cell Base Station Radio Access Network Macro Base Station Small Cell Base Station Radio Access Network Macro Base Station Small
Slide 10: Highly Complementary Customer Base Sourcing Different Products
Highly Complementary Customer Base Sourcing Different Products
Slide 11: Summary Financial Impact
Summary Financial Impact TTM Anaren TTM + Anaren Revenue EBITDA(1) Revenue Mix (2) Source: Company disclosure, in $ millions. Non-GAAP EBIT Margin and Adjusted EBITDA. Excludes cost savings. Excludes “Other Revenue” from TTM. LTM 9/30/17. Including ~$15 million in run-rate cost savings. 13.6% 15.6%
Slide 12: Compelling Transaction for All Stakeholders
Value added solutions from combining Anaren’s technology and design leadership with TTM’s manufacturing excellence Access to differentiated and mission-critical RF expertise Single vendor with wider range of A&D components and sub-assemblies Greater capital resources allow for expanding innovation t
Slide 13: of One .~
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Slide 14: TTM Operating Income and EBITDA Reconciliation
TTM Operating Income and EBITDA Reconciliation
Slide 15: Anaren Operating Income and EBITDA Reconciliation
Anaren Operating Income and EBITDA Reconciliation ($ in millions) CY2015A CY2016A LTM 9/30/17 Reported Operating Income $6.7 $14.1 $25.5 Stock based compensation 0.8 0.7 0.7 Sponsor fee 1.3 1.3 1.4 Debt related fees 0.3 0.3 0.3 Non-recurring professional fees 1.3 1.0 0.6 Termination and severance co
TTM Technologies — Merger or Acquisition (December 2017) on 6ix