Ttm Technologies, Inc. · NASDAQ:TTMI
Ttm Technologies — Needham 10th Annual Growth Stock Conference 2008
27 slides from Ttm Technologies's conference presentation, Jan 8, 2008
Slide 1: TTM Technologies, Inc. Investor Presentation
TTM Technologies, Inc. Investor Presentation Needham 10th Annual Growth Stock Conference Tuesday, January 8, 2008
Slide 2: TTM and Industry Overview
Kent Alder - Chief Executive Officer and President 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 fo
Slide 3: Company Overview
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: Quick Turn: 5 Los Angeles, CA High Tech: 6 Chippewa Falls, WI High Mix: 2 Santa Clara, CA Santa Ana, CA 10 1 5 7 2 8 6 9 The facility footprint enables TTM to continue to execute its facility specialization strategy Facility Footprint Focused Assembl
Slide 5: PCB Market Forecast
PCB Market Forecast The $45.0 billion global PCB market is projected to grow at 5.3% through 2011 The $4.4 billion North American PCB segment represents approximately 9% of the global market Global PCB Market Forecast North America PCB Market Forecast Global PCB End-Market Analysis End-Market Growth
Slide 6: Recent Trends - Industry
Recent Trends - Industry Aerospace/Defense: Remains strong Quick Turn: Solid Networking/Communications: Solid High end computing: Improved High Mix: Steady Raw material pricing: Steady Technology: Continued growth in sequential lamination & HDI requirements Pricing: Steady
Slide 7: Company Overview
Company Overview Doug Soder- Executive Vice President
Slide 8: 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 9: North American PCB Market Overview
North American PCB Market Overview The $4.4 billion North American PCB market is highly fragmented Fragmented North American Market North American Market Share Analysis Source: 2007 FabFile Online 371 30 7 5 Total: 413 PCB Companies > $100mm $20 to $99mm $11 to $19mm $0 to $10mm TTM is the largest P
Slide 10: U.S. Aerospace/Defense PCB Market
U.S. Aerospace/Defense PCB Market Source: Annual sales data from Harvey Miller FabFile 2007 and Company estimates. Total market size from Henderson Ventures 19 Facilities: $5 - $9 Million 1 Facility: $80+ Million 13 Facilities: $10 - $19 Million Total: 138 Aerospace / Defense Facilities 30% of All N
Slide 11: PCB Business - Industry Leading Capabilities
PCB Business - Industry Leading Capabilities Quick Turn Military / Specialty High Technology High Mix & Specialty
Slide 12: Backplane Assembly Business
Backplane Assembly Business Leading Market Positions in North America and China Limited Competition with EMS Companies Product & Service Offering Includes: Backplane & Chassis Assemblies Rigid-Flex Assemblies System Design & Simulation Services Strategic Rationale Strengthens TTM Supplier Status wit
Slide 13: Backplane Assembly Products
Backplane Assembly Products
Slide 14: Key Customers by End Market
Key Customers by End Market TTM serves approximately 900 active customers across a broad range of end-markets Networking / Communications Medical / Industrial Instrumentation / Other Enterprise routers and switches Wireless base stations and cell phones Semiconductor technology for broadband communi
Slide 15: 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 No customer accounted for more than 8% of YTD Q3 2007 revenues Average Top 10 Customer relationship: 19+ years
Slide 16: Industry-Leading Quick-Turn Capability
Industry-Leading Quick-Turn Capability 24 Hours 3 Days 5 Days 10 Days 11-20 Days Std. Delivery Quick-Turn Revenue (^ 10 days) ~17% 2006 ~15% Q307 YTD Dedicated ultra-short lead-time capability (< 24 hours available) Dedicated, highly flexible, ramp-to-volume production in < 10 days Quick-Turn Busine
Slide 17: 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 America Supplier Rigid Flex and speciality PCB products Backplane and Subassembly Time Dedicated ultr
Slide 18: Historical Financials
Historical Financials Kent Alder - Chief Executive Officer and President
Slide 19: Annual Sales
Annual Sales 1998 1999 2000 2001 2002 2003 2004 2005 2006 Q307 YTD 78.5 106.4 203.7 129 89 180.3 240.7 240.2 369.3 502 ($ Millions) Acquisition Advanced Circuits (12/26/02) Acquisition Power Circuits (7/14/99) Acquisition Tyco PCG (10/27/06)
Slide 20: Historical Revenue, EBITDA & Free Cash Flow
Historical Revenue, EBITDA & Free Cash Flow ($ Millions) Revenue EBITDA and Free Cash Flow Note: Acquired Tyco PCG on 10/27/06
Slide 21: Quarterly EBITDA and EBITDA Margin
3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q EBITDA 14.2 11 9.7 7.9 9.1 12.5 16.7 19.4 19 18.5 25.5 20.1 22.2 EBITDA Margin 0.229 0.186 0.164 0.138 0.15 0.198 0.229 0.254 0.251 0.128 0.144 0.124 0.136 2005 2004 2006 Quarterly EBITDA and EBITDA Margin 2007
Slide 22: EBITDA Margin Benchmarking
EBITDA Margin Benchmarking Relative to its peers, TTM has been more effective at managing through PCB business cycles
Slide 23: Quarterly Results And Estimates
Quarterly Results And Estimates ($ in Millions except EPS)
Slide 24: Historical Income Statement
Historical Income Statement
Slide 25: Historical Balance Sheet
Historical Balance Sheet December 31, ‘October 1, (Sin mitons) 2006 2007 Assets: Cash, Cash Equielents and Short-Term imestments $707 3273 ‘Accounts Recehable 1254 1183 Inventories 670 63 (Other Curent Assets 86 139 Total Current Assets WT m8 Property, Plant & Equipment 208.7 195.0 ‘Accumulated Depr
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 Leaders
Slide 27: TTM Technologies, Inc.
TTM Technologies, Inc. Investor Presentation Needham 10th Annual Growth Stock Conference Tuesday, January 8, 2008
TTM Technologies — Needham 10th Annual Growth Stock Conference 2008 on 6ix