Ttm Technologies, Inc. · NASDAQ:TTMI
Ttm Technologies — Bear Stearns 2007 SMid-Cap Investors Conference
26 slides from Ttm Technologies's conference presentation, Nov 14, 2007
Slide 1: TTM Technologies Investor Presentation, Bear Stearns 2007 SMid-Cap Investors Conference
TTM Technologies, Inc. Investor Presentation Bear Stearns 2007 SMid-Cap Investors Conference Wednesday, November 14, 2007
Slide 2: Forward-looking statements
Doug Soder- Executive Vice 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 forward-looking
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: 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 5: 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 6: 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 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: Company Overview
Company Overview
Slide 9: PCB Business - Industry Leading Capabilities
PCB Business - Industry Leading Capabilities Quick Turn Military / Specialty High Technology High Mix & Specialty
Slide 10: 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 11: Backplane Assembly Products
Backplane Assembly Products
Slide 12: 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 13: 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 14: 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 15: 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 16: 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 17: Historical Financials
Historical Financials Steve Richards - Chief Financial Officer
Slide 18: 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 19: 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 20: 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 21: EBITDA Margin Benchmarking
EBITDA Margin Benchmarking Relative to its peers, TTM has been more effective at managing through PCB business cycles
Slide 22: Quarterly Results And Estimates
Quarterly Results And Estimates ($ in Millions except EPS)
Slide 23: Historical Income Statement
Historical Income Statement
Slide 24: Historical Balance Sheet
Historical Balance Sheet December 31, October 1, (Sinmitions) 2008 2007 Assots: Cash, Cash Equivalents and Short-Term Investments s707 ‘Accounts Receivable 134 Inventories 70 (Other Curent Assets a6 Total Current Assets Wir Property, Plant & Equipment 208.7 ‘Accumulated Depreciation (5.8) Net Fixed
Slide 25: 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 26: TTM Technologies, Inc.
TTM Technologies, Inc. Investor Presentation Bear Stearns 2007 SMid-Cap Investors Conference Wednesday, November 14, 2007
TTM Technologies — Bear Stearns 2007 SMid-Cap Investors Conference on 6ix