TTM Technologies Inc. (NASDAQ:TTMI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 04:30 pm ET


TTM Technologies Inc. (NASDAQ:TTMI) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen, thank you for standing by. Welcome to the TTM Technologies Second Quarter 2020 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded today, July 29, 2020.

Sameer Desai, TTM's Senior Director of Corporate Development and Investor Relations, will now review TTM's disclosure statement.

Sameer Desai

Thanks, Dan. 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 and 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 more recent 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 disclosures regarding the risks that may affect TTM, which may be found in our 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. A 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 financial measures included in the company's press release, which was filed with the SEC and is available at TTM's website at

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

Thomas Edman

Thank you, Sameer. Good afternoon, and thank you for joining us for our second quarter 2020 conference call. These continue to be unprecedented times, and I hope that all of you and your loved ones are safe and healthy. I'll begin with an update on how COVID-19 has impacted our business, followed by a review of our business strategy, including highlights from the quarter and a discussion of our second quarter results. Todd Schull, our CFO, will follow with an overview of our Q2 2020 financial performance and our Q3 2020 guidance. We will then open the call to your questions. I am pleased to report that in the second quarter of 2020, TTM generated revenues and non-GAAP EPS above the guided range.

Our diversified end markets allowed us to grow revenues year-on-year despite weakness in the automotive and commercial aerospace end markets. In addition, strong operational execution overcame production inefficiencies and extra costs due to COVID-19. The the COVID-19 pandemic has created operational difficulties, macroeconomic uncertainty and employee concerns. I am extremely proud of how TTM employees have worked to deliver excellent performance despite the formidable and unprecedented challenges of this environment. Finally,