Ttm Technologies, Inc. · NASDAQ:TTMI
Ttm Technologies — Bear Stearns 18th Annual Technology Conference 2007
24 slides from Ttm Technologies's conference presentation, Jun 13, 2007
Slide 1: TTM Technologies Investor Presentation, Bear Stearns Technology Conference
TTM Technologies, Inc. Investor Presentation Bear Stearns 18th Annual Technology Conference Tuesday, June 12, 2007
Slide 2: TTM and Industry Overview
Kent Alder - President and Chief Executive Officer, TTM 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 the
Slide 3: Company History
Company History December 1998 Leveraged recapitalization with Thayer Capital / Brockway Moran. Borrowed $63 million of new debt July 1999 Acquired Power Circuits for $98 mm. Transaction financed with debt, resulting in proforma leverage of $133 mm (4.7x LTM EBITDA) December 1999 Changed name to TTM
Slide 4: PCB Market Overview
PCB Market Overview The $45 billion global PCB market is projected to grow at 5% through 2011 Global PCB Market Forecast PCB Production by Region Global PCB End-Market Analysis Source: Prismark Partners, 2006 The $5.0 billion North American PCB segment represents approximately 10% of the global mark
Slide 5: North American PCB Market Overview
North American PCB Market Overview TTM now holds the #1 market share position in North America Larger, well-capitalized players with focused strategies, significant scale and advanced technology capability are positioned to benefit from on-going industry consolidation North American industry capacit
Slide 6: U.S. Aerospace/Defense PCB Market
U.S. Aerospace/Defense PCB Market Source: Facility data from Harvey Miller FabFile, 2006 and Company estimates. Total market size from Henderson Ventures 24 Facilities: $5 - $9 Million 1 Facility: $80+ Million 13 Facilities: $10 - $19 Million Total: 155 Aerospace / Defense Facilities 33% of All Nort
Slide 7: Competitive Strengths
Competitive Strengths Limited competition / high entry barriers Leading market position in most attractive PCB segments Advanced / integrated manufacturing platform provides one-stop solution Time-critical and highly complex manufacturing services through advanced technology expertise Leading quick-
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 America Supplier Rigid Flex and speciality P.C.B. products Backplane and sub Assembly Time Dedicated
Slide 9: EBITDA Margin Benchmarking
EBITDA Margin Benchmarking Relative to its peers, TTM has been more effective at managing through PCB business cycles
Slide 10: Acquisition Strategy
Acquisition Strategy Acquisition Strategy North America Asia Leading Position in Attractive Market Segments Low Cost Advantage Position Aerospace/Defense End Market QTA/Consolidation High Technology Specialty Volume, Commercial Product Technology-One Step Below Chip Falls
Slide 11: Tyco Acquisition Rationale
Tyco Acquisition Rationale Combines two leading North American PCB players TTM is the leader in time and technology Former Tyco PCG is the leader in aerospace/defense Synergy opportunities (personnel, materials) Improved operations with PCB focus Leading North American PCB player with defensible mar
Slide 12: Company Overview - TTM Technologies
Doug Soder - Executive Vice President, TTM Company Overview - TTM Technologies
Slide 13: Facility Footprint
1 Stafford, CT 3 San Diego, CA Military / Aerospace: Quick Turn: 4 Los Angeles, CA High Mix Production: Chippewa Falls, WI 2 Santa Clara, CA Santa Ana, CA 10 1 7 2 4 9 Facility Footprint Backplane Assembly: Redmond, WA 7 Logan, UT 9 Hayward, CA 11 Stafford Springs, CT 10 Shanghai, China 3 11 United
Slide 14: Key Customers by End Market
Key Customers by End Market TTM serves over 1,087 active customers across a broad range of end-markets Networking / Communications Computing / Storage / Peripherals Medical / Industrial Instrumentation / Other Aerospace / Defense Enterprise routers and switches Wireless base stations and cell phones
Slide 15: Customer Concentration
Customer Concentration (US$ in thousands) Top Customers 7.6% 4.6% 4.3% 3.6% 3.5% 23.6% 100.0% $13,589 8,182 7,664 6,465 6,349 $42,249 $178,985 Note: Figures are gross sales for 1Q 2007
Slide 16: Quarterly Adjusted EBITDA
Quarterly Adjusted EBITDA Strong Adjusted EBITDA margins facilitate consistent generation of positive free cash flow TTM has consistently generated positive cash flow, even in the protracted industry downturn from 2001-2003 The North American Printed Circuit Board market has stabilized significantly
Slide 17: Summary
Largest player in North America with significant size and scale Leading market position in most attractive PCB segments Summary Diversified revenue base Leading market positions in advanced technology / high layer-count, quick-turn, and aerospace/defense segments Limited competition with high barrie
Slide 18: Historical Financials - TTM Technologies
Steve Richards - Chief Financial Officer, TTM Historical Financials - TTM Technologies
Slide 19: Annual Sales
Annual Sales 1998 1999 2000 2001 2002 2003 2004 2005 2006 78.5 106.4 203.7 129 89 180.3 240.7 240.2 369.3 ($ in millions) Acquisition Advanced Circuits (12/26/02) Acquisition Power Circuits (7/14/99) Acquisition Tyco PCG (10/27/06)
Slide 20: Historical Revenue, Adjusted EBITDA and Unlevered Free Cash Flow
Historical Revenue, Adjusted EBITDA and Unlevered Free Cash Flow ($ in millions) Revenue Adjusted EBITDA and Unlevered Free Cash Flow
Slide 21: Quarterly Results And Estimates
Quarterly Results And Estimates ($ in millions, except per share data)
Slide 22: Historical Income Statement
Historical Income Statement
Slide 23: Historical Balance Sheet
Historical Balance Sheet December 34, April 2, (in miions) 2006 2007 Assets Cash, Cash Equivalents and Short-Term Investments sor sas4 Accounts Receivable 125.4 nae Inventories 67.0 658 Other Curent Assets a6 78 Total Current Assets WF a8 Property, Plant & Equipment 208.7 1924 ‘Accum ulated Deprecia
Slide 24: TTM Technologies, Inc. Bear Stearns Technology Conference
TTM Technologies, Inc. Investor Presentation Bear Stearns 18th Annual Technology Conference Tuesday, June 12, 2007
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