Ttm Technologies, Inc. · NASDAQ:TTMI
Ttm Technologies — Investor Presentation (June 2009)
29 slides from Ttm Technologies's investor presentation, Jun 9, 2009
Slide 1: TTM Technologies, Inc. Investor Presentation
TTM Technologies, Inc. Investor Presentation June 9, 2009
Slide 2: Forward-looking statements
TTM and Industry Overview This presentation contains forward-looking statements that relate to future events or performance. These statements reflect the company's current expectations, and the company does not undertake to update or revise these forward-looking statements, even if experience or fut
Slide 3: Company History
July 1999 Acquired Power Circuits for $98 mm. Transaction financed with debt, resulting in pro forma leverage of $133 mm (4.7x LTM EBITDA) December 1999 Changed name to TTM Technologies February 2002 $53.6 mm secondary offering December 2002 Acquired Honeywell ACI for $1.00 September 2003 $151.8 mm
Slide 4: Facility Footprint
1 Stafford, CT 3 San Diego, CA Aerospace/Defense: 6 Los Angeles, CA High Tech/Quick Turn 5 Chippewa Falls, WI High Mix: 2 Santa Clara, CA Santa Ana, CA 10 1 8 7 2 5 9 The facility footprint enables TTM to continue to execute its facility specialization strategy Facility Footprint Focused Assembly: 7
Slide 5: Printed Circuit Board Products
Printed Circuit Board Products Rigid-Flex PCBs High Density Interconnect (HDI) PCBs Backplane PCBs RF PCBs
Slide 6: Backplane Assembly Products
Backplane Assembly Products Bare Backplane Boards with Connectors Installed Assembled Backplanes Installed into Enclosures
Slide 7: Global PCB Competitive Landscape
Low (< 100) Medium (100 - 1,000) High (> 1,000) Global PCB Competitive Landscape Technology Level Panel Volume (lots) 9-15 layers, standard materials 16+ layers, exotic materials Asian focus 0-8 layers, standard materials TTM competitive markets Specialized communications High-end aerospace / defens
Slide 8: TTM's Strategy
TTM's Strategy Financial Strength Focus on operational excellence Superior asset management and strong balance sheet Successful integration of opportunistic acquisitions Aerospace / Defense #1 North American Supplier Rigid Flex and specialty PCB products Backplane and Subassembly Time Dedicated ultr
Slide 9: Customer & Market Overview
Customer & Market Overview
Slide 10: The Global PCB Market
The Global PCB Market Companies over $100M in Annual Sales by Revenue Source: NT Information, based on 2007 estimates Total # of Companies in the World: 2,590 Revenue of the Top 98 companies $39.0 billion Total world PCB revenue $48.7 billion $100mm to $249mm $250mm to $499mm
Slide 11: North American PCB Market Overview
North American PCB Market Overview The $3.8 billion North American PCB market is highly fragmented Fragmented North American Market North American Market Share Analysis Source: N.T. Information, February 2009 ^ $100mm $20 to $99mm $10 to $19mm $0 to $9mm TTM is the largest PCB company in North Ameri
Slide 12: U.S. Aerospace/Defense PCB Market
U.S. Aerospace/Defense PCB Market Source: N.T. Information, February 2009 1 Company: $100+ Million 10 Companies: $10 - $19 Million Total Available Market in North America is about $785 million Total: 75 Aerospace / Defense Companies 20% of North American PCB Companies service the Aerospace / Defense
Slide 13: Key Customers by End Market
Key Customers by End Market TTM serves approximately 790 active customers across a broad range of end-markets Networking / Communications Medical / Industrial / Instrumentation / Other Enterprise & service provider routers and switches Wireless base stations Semiconductor technology specific to comm
Slide 14: Networking & Communications Landscape
Networking & Communications Landscape Networking Asia North America Layer 2 Switching Layer 3 Switching Edge Routing Core Routing Communications Asia North America Cell Phones Handhelds Fiber to the Home Wire Line Infrastructure Optical Switching Triple Play Switching Wireless Infrastructure Optical
Slide 15: Computing/Storage/Peripherals Landscape
Computing/Storage/Peripherals Landscape Computing/Storage/Peripherals Asia North America Super Computing High End Servers & Blades Consumer Products Low/Mid Range Storage Mainframe Computing PCs Desktop Computing Low/Mid Range Servers & Blades Computer Peripherals Silicon Validation
Slide 16: Medical/Industrial/Instrumentation Landscape
Medical/Industrial/Instrumentation Landscape Medical/Industrial/Instrumentation Asia North America Semiconductor Test Equipment Electrical Power Control Systems Robotic Manufacturing Systems GPS Devices Blood Diagnostic Equipment Medical Imaging Systems Large and Disaggregated Customer Set High-Mix
Slide 17: Long-Term Customer Relationships with Industry Leaders
Long-Term Customer Relationships with Industry Leaders TTM maintains deep, long-term customer relationships with minimal concentration risk Top 10 customers represented 49% of 2008 revenue No customer accounted for more than 10% of revenue Average Top 10 Customer relationship: 19+ years
Slide 18: Acquisition/Growth Strategy
Acquisition/Growth Strategy General Qualities Strategic fit Well run Similar culture Accretive to earnings North America Industry consolidation Asia Technologically advanced Compliments existing capabilities Meets our strategic objectives on a global basis Creates the ideal global PCB company
Slide 19: Financial Overview
Financial Overview
Slide 20: Annual Sales
Annual Sales 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 78.5 106.4 203.7 129 89 180.3 240.7 240.2 369.3 669.46 680.98 ($ Millions) Acquisition Advanced Circuits (12/26/02) Acquisition Power Circuits (7/14/99) Acquisition Tyco PCG (10/27/06)
Slide 21: Historical Revenue, EBITDA & Free Cash Flow
Historical Revenue, EBITDA & Free Cash Flow ($ Millions) Note: Acquired Tyco PCG on 10/27/06. Find reconciliation to audited financials in Appendix; 2008 & 1Q09 EBITDA adjusted for impairment charges. Revenue Adjusted EBITDA and Free Cash Flow
Slide 22: Quarterly EBITDA and EBITDA Margin
1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Q1 Adjusted EBITDA 16.7 19.4 19 18.5 25.5 20.1 22.2 24.4 31 24.5 22.1 20.6 11.1 Adjusted EBITDA Margin 0.229 0.253 0.251 0.128 0.144 0.124 0.136 0.146 0.178 0.142 0.131 0.125 0.074 2006 Quarterly EBITDA and EBITDA Margin 2007 2008 Note: Find reconciliation to audi
Slide 23: Quarterly Results
Quarterly Results Note: Find reconciliation to audited financials in Appendix 1 Adjusted for FASB Staff Position APB 14-1, "Accounting for Convertible Debt Instruments That May be Settled in Cash Upon Conversion (Including Partial Cash Settlement)", which changed the method of accounting for our con
Slide 24: Historical Balance Sheet
Historical Balance Sheet * Adjusted for FASB Staff Position APB 14-1, "Accounting for Convertible Debt Instruments That May be Settled in Cash Upon Conversion (Including Partial Cash Settlement)", which changed the method of accounting for our convertible notes.
Slide 25: Summary
Summary
Slide 26: Summary
Summary Limited competition / high entry barriers Leading market positions in attractive segments Integrated manufacturing platform provides one-stop solution Largest player in North America with significant size and scale #1 in quick-turn PCB production and Aerospace & Defense PCB products Leadersh
Slide 27: Appendix: Non-GAAP supplemental information
Appendix Non-GAAP supplemental information
Slide 28: Annual EBITDA and FCF reconciliation
Annual EBITDA and FCF reconciliation * Adjusted for FASB Staff Position APB 14-1, "Accounting for Convertible Debt Instruments That May be Settled in Cash Upon Conversion (Including Partial Cash Settlement)", which changed the method of accounting for our convertible notes. Note: This information pr
Slide 29: Quarterly EBITDA and FCF reconciliation
Quarterly EBITDA and FCF reconciliation * Adjusted for FASB Staff Position APB 14-1, "Accounting for Convertible Debt Instruments That May be Settled in Cash Upon Conversion (Including Partial Cash Settlement)", which changed the method of accounting for our convertible notes. Note: This information