TTM Technologies Inc. (NASDAQ:TTMI) Q4 2015 Earnings Conference Call - Final Transcript

Feb 04, 2016 • 04:30 pm ET


TTM Technologies Inc. (NASDAQ:TTMI) Q4 2015 Earnings Conference Call - Final Transcript


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Good day, and welcome to the TTM Technologies, Inc. Fourth Quarter and Fiscal Year 2015 Earnings Conference Call. Today's conference is being recorded.

At this time, I'd like to turn the conference over to Mr. Tony Righetti with The Blueshirt Group to review TTM's disclosure statement.

Tony Righetti

Thank you, operator.

Before we get started, I would like to remind everyone that today's call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to TTM's future business outlook. Actual results could differ materially from these forward-looking statements due to one or more risks and uncertainties, including the factors explained in our most recent Annual Report on Form 10-K, and our other filings with the Securities and Exchange Commission.

These forward-looking statements are based on management's expectations and assumptions as of the date of this presentation. TTM does not undertake any obligation to publicly update or revise any of these statements, whether as a result of new information, future events or other circumstances, except as required by law.

Please refer to the full disclosures regarding the risks that may affect TTM, which may be found in the reports on Form 10-K, 10-Q, 8-K, the registration statement on Form S-4 and the company's other SEC filings. We will also discuss on this call, certain non-GAAP financial measures, such as adjusted EBITDA. Such measures should not be considered as a substitute for the measures prepared and presented in accordance with GAAP and we direct you to the reconciliation of non-GAAP to GAAP measures included in the company's press release, which was filed with the SEC and is available on TTM's website at

I would now like to turn the call over to Tom Edman, TTM's Chief Executive Officer. Please go ahead, Tom.

Thomas T. Edman

Thank you, Tony. Good afternoon and thank you for joining us for our fourth quarter and fiscal year 2015 conference call. I'll begin with a review of our business strategy, including highlights from our 2015 fiscal year, followed by a discussion of our fourth quarter results. Todd Schull, our CFO, will follow with an overview of certain key balance sheet and cash flow metrics and our Q4 financial performance and Q1 guidance. We will then open the call to your questions. 2015 was an excellent year for TTM Technologies.

We achieved record revenues during fiscal year 2015 and closed the year with a very strong fourth quarter non-GAAP EPS of $0.31 leading to an annual EPS in 2015 of $0.87. We also achieved an important strategic objective of our company, by closing the Viasystems acquisition on May 31, 2015. The acquisition established us as the global rigid printed circuit board leader and allowed us to solidify our technology leadership in the critical markets of networking and communications, automotive, aerospace and defense and medical, industrial and instrumentation. After closing the acquisition, we quickly embarked on the task of delivering accretive results to our investors. I am very pleased to report that we closed the year,