TTM Technologies, Inc. Reports Fiscal First Quarter 2019 Results


RECONCILIATIONS1      
      First Quarter Fourth Quarter
       2019   2018   2018 
 Non-GAAP gross profit reconciliation2:      
  GAAP gross profit $88,685  $88,678  $122,632 
  Add back item:      
   Amortization of definite-lived intangibles  1,179   -   1,180 
   Stock-based compensation  705   529   766 
  Non-GAAP gross profit $90,569  $89,207  $124,578 
  Non-GAAP gross margin  14.6%   13.4%   17.5% 
           
 Non-GAAP operating income reconciliation3:      
  GAAP operating income $17,490  $30,001  $42,800 
  Add back items:      
   Amortization of definite-lived intangibles  18,005   5,861   18,902 
   Stock-based compensation  3,926   3,622   5,733 
   Restructuring, acquisition-related, and other charges  1,103   5,034    6,104  
    Non-GAAP operating income   $ 40,524     $ 44,518     $ 73,539  
    Non-GAAP operating margin     6.5%       6.7%       10.3%  
                     
  Non-GAAP net income and EPS reconciliation 4 :            
    GAAP net income (loss)   $ (3,252 )   $ 10,097     $ 52,482  
    Add back items:            
      Amortization of definite-lived intangibles     18,005       5,861       18,902  
      Stock-based compensation     3,926       3,622       5,733  
      Non-cash interest expense     3,868       3,054       4,384  
      (Gain) on sale of Viasource     (3,071 )     -       -  
      Restructuring, acquisition-related, and other charges     1,103       5,263       6,104  
      Income taxes 5     (4,150 )     108       (32,614 )
    Non-GAAP net income   $ 16,429     $ 28,005     $ 54,991  
    Non-GAAP earnings per diluted share   $ 0.16     $ 0.26     $ 0.52  
                     
  Non-GAAP diluted number of shares 6 :            
    Diluted shares     105,614       107,517       131,533  
    Dilutive effect of convertible debt     -       -       (25,939 )
    Non-GAAP diluted number of shares     105,614       107,517       105,594  
                     
  Adjusted EBITDA reconciliation 7 :            
    GAAP net income (loss)   $ (3,252 )   $ 10,097     $ 52,482  
    Add back items:            
      Income tax provision (benefit)     (1,476 )     5,050       (29,858 )
      Interest expense     21,688       13,747       22,533  
      Amortization of definite-lived intangibles     18,005       5,861       18,902  
      Depreciation expense     41,602       39,775       41,543  
      Stock-based compensation     3,926       3,622       5,733  
      (Gain) on sale of Viasource     (3,071 )     -       -  
      Restructuring, acquisition-related, and other charges     1,103       5,034       6,104  
    Adjusted EBITDA   $ 78,525     $ 83,186     $ 117,439  
    Adjusted EBITDA margin     12.7%       12.5%       16.5%  
                     
  Free cash flow reconciliation:            
    Operating cash flow     36,924       (14,261 )     151,768  
    Capital expenditures, net     (28,446 )     (42,139 )     (33,671 )
    Free cash flow   $ 8,478     $ (56,400 )   $ 118,097  
                     
  1 This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations.
                     
  2 Non-GAAP gross profit and gross margin measures exclude amortization of intangibles, stock-based compensation expense and inventory markup.
                     
  3 Non-GAAP operating income and operating margin measures exclude amortization of intangibles, stock-based compensation expense, gain on sale of assets, inventory markup, acquisition-related costs, restructuring and other charges.
                     
  4 This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures -- which add back amortization of intangibles, stock-based compensation expense, non-cash interest expense on debt (before consideration of capitalized interest), gain on sale of assets, inventory markup, acquisition-related costs, restructuring and other charges as well as the associated tax impact of these charges and discrete tax items -- provide additional useful information to investors regarding the Company's ongoing financial condition and results of operations.
                     
  5 Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.
                     
  6 Non-GAAP diluted number of shares used in computing non-GAAP earnings per share excludes the dilutive effect of convertible debt.
                     
  7 Adjusted EBITDA is defined as earnings before interest expense, income taxes, depreciation, amortization of intangibles, stock-based compensation expense, gain on sale of assets, inventory markup, acquisition-related costs, restructuring and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations.  In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements.  However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a m e asure of operating results in accordance with accounting principles generally accepted in the United States of America.

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