Slide 1: 2010 First Quarter Earnings Call & Update
EXHIBIT 99.2 Global Presence / Local Knowledge 2010 First Quarter Earnings Call & Update May 6, 2010
Slide 2: Safe Harbor
Safe Harbor During the course of this call, the company will make forward-looking statements subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not
Slide 3: Q1 Overview
Q1 Overview Kent Alder, CEO & President Global Presence / Local Knowledge 3
Slide 4: Strategic Overview
Strategic Overview A stronger, world-class PCB Restructuring largely complete manufacturer with the scale, Combination with production capabilities, Meadville complete market breadth and expanded customer service ability to lead in today’s competitive global PCB marketplace. 4
Slide 5: Q1 2010 Highlights
Q1 2010 Highlights 1) Gross margin improved from 18.5 percent to 19.5 percent – Revenue of $138.2 million came in at the upper end of guidance range – 2009 strategic restructuring working as planned 2) Cash generation of $7.2 million in the quarter – Cash and cash equivalents, restricted cash and sh
Slide 6: Q1 2010 Segment Results
Q1 2010 Segment Results $ in millions 6
Slide 7: Q1 2010 End Market Update
Q1 2010 End Market Update • Aerospace & Defense End Markets – Broad base of diverse programs provide stability and growth End Market 4Q09 1Q10 – Second quarter forecast stable Aerospace & Defense 42% 42% Networking / • Networking/Communications Communications 38% 33% Computing / Storage / – Percenta
Slide 8: Q1 2010 Customer & Order Update
Q1 2010 Customer & Order Update Top 5 OEM Customers alphabetical order Top 5 BAE, Cisco, Hamilton Sundstrand, 31% 1Q10 Huawei, Raytheon • No single customer represented 10 percent or more Top 5 34% Cisco, Huawei, Juniper Networks, of sales during 4Q09 and 1Q10 4Q09 Northrop Grumman, Raytheon Lead Ti
Slide 9: Financial Overview
Financial Overview Steve Richards, CFO Global Presence / Local Knowledge 9
Slide 10: Income Statement - Q1 vs. Q4
Income Statement - Q1 vs. Q4 10
Slide 11: Non-GAAP Results - Q1 vs. Q4
Non-GAAP Results - Q1 vs. Q4 1 Non-GAAP net income & EPS, EDITDA and adjusted EBITDA in this slide are defined in our 1Q 2010 press release 11
Slide 12: Meadville Update
Meadville Update Global Presence / Local Knowledge 12
Slide 13: TTM Strategy
TTM Strategy Meadville TTM’s Asian M&A Criteria PCB Position Global Presence - Aerospace / Asian Capacity Defense • Established financial model with • High volume capability • No. 1 North American leading growth and margin profile supplier • Capture incremental business from existing customers • Rig
Slide 14: Total Customer Solution
Total Customer Solution Product Life Cycle Total Solution Capabilities Maturity R&D • Engineering support • Prototype Advanced Technology & • Low volume / High mix Service Excellence • Medium volume / Ramp • Volume production Growth NPI 14
Slide 15: Organization Structure
Organization Structure TTM Corporate Headquarters Santa Ana, CA U.S.A. Existing TTM Existing Meadville management team management team U.S. / Shanghai Asian PCB U.S. PCB Assembly Business Business (1 Business plant in U.S., (7 plants in China, (6 plants in 1 plant in China) 1 plant in Hong U.S.) Kon
Slide 16: Diversifying Revenue Base
Diversifying Revenue Base The combination creates a leading global manufacturer with a highly diversified revenue mix TTM Meadville PCB Pro Forma Revenue by Geography TTM Meadville PCB Pro Forma Revenue by End-Market Source: Company filings. Revenue for the calendar year 2009 period Notes: Americas
Slide 17: Accretion and Synergies
Accretion and Synergies Accretion estimate • Transaction expected to be accretive in the third quarter of 2010 Revenue synergies • Qualification process varies by customer • Asian facilities ran at 75 to 95 percent of capacity in the first quarter • Expanding capacity to accommodate growth • 2010 po
Slide 18: Update on Board & Stockholders
Update on Board & Stockholders • Ownership of shares – 36.3 million shares issued: 26.2 million to Tang family and 10.1 million to minority shareholders – Meadville’s minority investors request to sell approximately 1.3 million shares of TTM stock – Tang family, TTM’s largest minority shareholder, t
Slide 19: 2009 Pro Forma Combined Income Statement
2009 Pro Forma Combined Income Statement 1 Pro forma adjustments are disclosed in the Form 8-K/A filed with the SEC on April 26, 2010 19
Slide 20: Transaction Summary
Transaction Summary • Final purchase price – $114 million in cash – 36.3 million shares of TTM stock • Closing market value of $329 million assuming closing market price of $9.06 per share on April 8, 2010 – Assumed $433 million of Meadville debt – Total: $876 million • EBITDA multiple – $876 millio
Slide 21: First Quarter Review - Meadville
First Quarter Review - Meadville • Performance updates – Revenue was $159 million in the first quarter. Forecasting higher revenue in the second quarter – Material costs increasing - negotiating price increases with customers to offset – Book to bill for the first quarter was strong at 1.2 • End mar
Slide 22: Q2 2010 Guidance
Q2 2010 Guidance Revenue $290 - $310 ($millions) GAAP EPS $0.03 - $0.12 Non-GAAP EPS $0.16 - $0.25 EPS based on approximately 76.5 million shares • U.S. revenue expected to rise by 5 percent at plants with commercial focus and remain steady at Aerospace/Defense plants; Backplane Assembly revenue exp