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TTM Technologies, Inc. Reports Fiscal Fourth Quarter and 2020 Results

February 3, 2021 4:05 PM

SANTA ANA, Calif., Feb. 03, 2021 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI), a leading global printed circuit board (“PCB”) and radio frequency (“RF”) components manufacturer, today reported results for the fourth quarter of fiscal 2020, which ended on December 28, 2020.

Fourth Quarter 2020 Highlights

On April 19th, 2020, TTM completed the previously announced sale of its Mobility business unit. The operating results and related assets and liabilities of the Mobility business under US GAAP are presented as discontinued operations for all periods. Non-GAAP results do not include Mobility results but still include the two E-MS plants being shut down. Please refer to the earnings schedule for additional details on exited businesses and continuing operations.

Fourth Quarter 2020 GAAP Financial Results Net sales from continuing operations for the fourth quarter of 2020 were $523.8 million, compared to $535.7 million in the fourth quarter of 2019.

GAAP operating income from continuing operations for the fourth quarter of 2020 was $29.2 million. This compares to GAAP operating income of $29.4 million in the fourth quarter of 2019.

GAAP net income from continuing operations for the fourth quarter of 2020 was $39.0 million, or $0.34 per diluted share, compared to net income of $10.8 million, or $0.10 per diluted share in the fourth quarter of 2019.

Fourth Quarter 2020 Non-GAAP Financial Results On a non-GAAP basis, net income from continuing operations for the fourth quarter of 2020 was $40.2 million, or $0.37 per diluted share. This compares to non-GAAP net income of $27.5 million, or $0.26 per diluted share, for the fourth quarter of 2019.

Adjusted EBITDA for continuing operations in the fourth quarter of 2020 was $68.2 million, or 13.0 percent of net sales, compared to adjusted EBITDA of $72.8 million, or 13.6 percent of net sales, for the fourth quarter of 2019.

“In the fourth quarter, TTM demonstrated excellent operational execution in the face of COVID-19 related challenges to deliver revenue above the midpoint and earnings above the previously guided range. TTM outperformed revenue expectations due to better sales across all end markets,” said Tom Edman, CEO of TTM. “Additionally, strict financial discipline led to solid operating cash flow in the quarter, driving our net debt leverage ratio down to 1.4x and enabling repayment of our convertible bond.”

Full Year 2020 Financial ResultsNet sales from continuing operations for fiscal year 2020 decreased to $2.11 billion from $2.13 billion in fiscal year 2019, a 1.3% decrease.

GAAP operating income from continuing operations for fiscal year 2020 was $28.1 million, a decrease from GAAP operating income of $109.6 million in fiscal year 2019.

GAAP net loss from continuing operations for fiscal year 2020 was $16.4 million, or $0.15 per diluted share, compared to GAAP net income of $31.9 million, or $0.30 per diluted share, for fiscal year 2019.

On a non-GAAP basis, net income from continuing operations for fiscal year 2020 was $116.7 million, or $1.10 per diluted share. This compares to fiscal year 2019 non-GAAP net income of $107.1 million, or $1.01 per diluted share.

Adjusted EBITDA for fiscal year 2020 was $272.3 million, or 12.9 percent of net sales, compared to $285.7 million, or 13.4 percent of net sales, for fiscal year 2019. Cash flow from operations for fiscal year 2020 was $287.2 million.

"Despite the challenges from COVID-19 and the strengthening Chinese currency, we delivered solid results in 2020 and made progress on our strategy of diversification, differentiation and discipline. Specifically, we exited the volatile consumer and lower margin businesses through the sale of the Mobility business unit and the restructuring of the E-MS business unit," continued Edman. “In addition, we generated significant cash flow due to our operational and financial discipline. This cash, along with the proceeds from the Mobility sale, allowed us to repay $400 million of our Term Loan and our convertible bonds reducing our leverage and putting TTM in a strong position for the future.”

Business Outlook TTM estimates that revenue for the first quarter of 2021 will be in the range of $490 million to $530 million, and non-GAAP net income will be in the range of $0.19 to $0.25 per diluted share.

Live Webcast/Conference CallTTM will host a conference call and webcast to discuss fourth quarter 2020 results and the first quarter 2021 outlook on Wednesday, February 3rd, 2021 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.

Telephone access is available by dialing domestic 800-458-4121 or international 323-794-2093 (ID 2336839). The conference call also will be webcast on TTM’s website at www.ttm.com.

To Access a Replay of the WebcastThe replay of the webcast will remain accessible for one week following the live event on TTM’s website at www.ttm.com.

About TTMTTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.

Forward-Looking Statements The preliminary financial results included in this press release represent the most current information available to management. The company’s actual results when disclosed in its Form 10-K may differ from these preliminary results as a result of the completion of the company’s financial closing procedures; final adjustments; completion of the review by the company’s independent registered accounting firm; and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM's current expectations, and TTM does not undertake to update or revise these forward looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, the impact of COVID-19, general market and economic conditions, including interest rates, currency exchange rates and consumer spending, demand for TTM's products, market pressures on prices of TTM's products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM's dependence upon a small number of customers and other factors set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the SEC.

About Our Non-GAAP Financial MeasuresThis release includes information about TTM’s adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliation to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

With respect to the Company’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP is not available without unreasonable effort and has not been provided.

- Tables Follow -

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
Fourth Quarter Full Year
2020 2019* 2020 2019*
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
Net sales $523,802 $535,715 $2,105,322 $2,133,210
Cost of goods sold 435,829 435,470 1,746,299 1,756,033
Gross profit 87,973 100,245 359,023 377,177
Operating expenses:
Selling and marketing 15,849 17,560 63,882 69,171
General and administrative 26,831 37,193 122,477 129,284
Research and development 4,604 4,367 19,770 17,937
Amortization of definite-lived intangibles 9,589 9,531 38,838 45,776
Restructuring charges 1,934 2,204 16,764 5,380
Impairment of goodwill - - 69,200 -
Total operating expenses 58,807 70,855 330,931 267,548
Operating income 29,166 29,390 28,092 109,629
Interest expense (14,599) (19,976) (73,156) (82,087)
Other, net (1,854) (1,741) (1,213) 6,784
Income (loss) from continuing operations before income taxes 12,713 7,673 (46,277) 34,326
Income tax benefit (provision) 26,247 3,124 29,891 (2,405)
Net income (loss) from continuing operations 38,960 10,797 (16,386) 31,921
Income from discontinued operations, net of income taxes - 14,462 193,921 9,380
Net income $38,960 $25,259 $177,535 $41,301
* Reclassified Research and development expenses as a separate line item from General and administrative expenses
Earnings per share:
Basic earnings (loss) per share from continuing operations $0.36 $0.10 $(0.15) $0.30
Basic earnings per share from discontinued operations - 0.14 1.82 0.09
Basic earnings per share $0.36 $0.24 $1.67 $0.39
Diluted earnings (loss) per share from continuing operations $0.34 $0.10 $(0.15) $0.30
Diluted earnings per share from discontinued operations - 0.14 1.82 0.09
Diluted earnings per share $0.34 $0.24 $1.67 $0.39
Weighted-average shares used in computing per share amounts:
Basic 106,755 105,502 106,366 105,195
Diluted 113,513 107,135 106,366 106,332
Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
Weighted-average shares outstanding 106,755 105,502 105,195
Dilutive effect of convertible debt 5,193 - -
Dilutive effect of performance-based stock units, restricted stock units & stock options 1,565 1,633 1,137
Diluted shares 113,513 107,135 106,332
SELECTED BALANCE SHEET DATA
December 28, 2020 December 30, 2019
Cash and cash equivalents, including restricted cash $451,565 $379,818
Accounts and notes receivable, net 381,105 503,598
Contract assets 273,256 254,600
Inventories 115,651 113,753
Current assets held for sale - 67,572
Total current assets 1,248,758 1,342,684
Property, plant and equipment, net 650,435 678,201
Operating lease right of use asset 24,340 22,173
Non-current assets held for sale - 425,597
Other non-current assets 972,411 1,092,278
Total assets 2,895,944 3,560,933
Short-term debt, including current portion of long-term debt $- $249,975
Accounts payable 327,102 329,866
Current liabilities held for sale - 185,391
Total current liabilities 518,046 946,666
Debt, net of discount 842,853 1,225,962
Non-current liabilities held for sale - 1,530
Total long-term liabilities 933,889 1,335,230
Total equity 1,444,009 1,279,037
Total liabilities and equity 2,895,944 3,560,933
SUPPLEMENTAL DATA
Fourth Quarter Full Year
2020 2019 2020 2019
Gross margin 16.8% 18.7% 17.1% 17.7%
Operating margin 5.6% 5.5% 1.3% 5.1%
Stock-based Compensation:
Fourth Quarter
2020 2019
Amount included in:
Cost of goods sold $1,246 $938
Selling and marketing 620 479
General and administrative 2,211 3,147
Research and development 35 62
Total stock-based compensation expense $4,112 $4,626
Operating Segment Data:
Fourth Quarter
Net sales: 2020 2019
PCB $475,614 $477,799
RF&S 11,382 10,591
E-M Solutions 36,806 47,325
Total net sales $ 523,802 $ 535,715
Operating segment income:
PCB $62,621 $69,184
RF&S 3,209 3,552
E-M Solutions 41 1,841
Corporate (25,732) (34,373)
Total operating segment income 40,139 40,204
Amortization of definite-lived intangibles (10,973) (10,814)
Total operating income 29,166 29,390
Total other expense (16,453) (21,717)
Income from continuing operations before income taxes $ 12,713 $ 7,673
RECONCILIATIONS1
Fourth Quarter Full Year
2020 2019 2020 2019
Non-GAAP gross profit reconciliation2:
GAAP gross profit from continuing operations $87,973 $100,245 $359,023 $377,177
Add back item:
Amortization of definite-lived intangibles 1,384 1,283 5,535 4,822
Accelerated depreciation 899 - 5,835 -
Stock-based compensation 1,246 938 3,889 3,148
Non-GAAP gross profit $91,502 $102,466 $374,282 $385,147
Non-GAAP gross margin 17.5% 19.1% 17.8% 18.1%
Non-GAAP operating income reconciliation3:
GAAP operating income from continuing operations $29,166 $29,390 $28,092 $109,629
Add back items:
Amortization of definite-lived intangibles 10,973 10,814 44,373 50,598
Accelerated depreciation 1,057 - 6,751 -
Stock-based compensation 4,112 4,626 16,073 16,816
(Gain) on sale of assets (97) (66) (97) (66)
Impairments, restructuring, acquisition-related, and other charges 2,098 6,521 86,237 12,282
Non-GAAP operating income $47,309 $51,285 $181,429 $189,259
Non-GAAP operating margin 9.0% 9.6% 8.6% 8.9%
Non-GAAP net income and EPS reconciliation4:
GAAP net income (loss) from continuing operations $38,960 $10,797 $(16,386) $31,921
Add back items:
Amortization of definite-lived intangibles 10,973 10,814 44,373 50,598
Accelerated depreciation 1,057 - 6,751 -
Stock-based compensation 4,112 4,626 16,073 16,816
Non-cash interest expense 2,962 3,501 17,451 14,288
(Gain) on sale of assets (119) (186) (825) (3,743)
Impairments, restructuring, acquisition-related, and other charges 2,098 6,521 86,237 12,282
Income taxes5 (19,800) (8,610) (36,988) (15,046)
Non-GAAP net income $40,243 $27,463 $116,686 $107,116
Non-GAAP earnings per diluted share $0.37 $0.26 $1.10 $1.01
Non-GAAP diluted number of shares:
Diluted shares 113,513 107,135 106,366 106,332
Dilutive effect of convertible debt (5,193) - - -
Non-GAAP diluted number of shares 108,320 107,135 106,366 106,332
Adjusted EBITDA reconciliation6:
GAAP net income (loss) from continuing operations $38,960 $10,797 $(16,386) $31,921
Add back items:
Income tax (benefit) provision (26,247) (3,124) (29,891) 2,405
Interest expense 14,599 19,976 73,156 82,087
Amortization of definite-lived intangibles 10,973 10,814 44,373 50,598
Depreciation expense 23,775 23,413 99,572 93,370
Stock-based compensation 4,112 4,626 16,073 16,816
(Gain) on sale of assets (119) (186) (825) (3,743)
Impairments, restructuring, acquisition-related, and other charges 2,098 6,521 86,237 12,282
Adjusted EBITDA $68,151 $72,837 $272,309 $285,736
Adjusted EBITDA margin 13.0% 13.6% 12.9% 13.4%
Free cash flow reconciliation, including Mobility:
Operating cash flow $55,490 $130,148 $287,176 $311,937
Capital expenditures, net (18,663) (46,982) (102,551) (135,972)
Free cash flow $36,827 $83,166 $184,625 $175,965
1This 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, accelerated depreciation due to restructuring of two E-M Solutions plants, and stock-based compensation expense.
3 Non-GAAP operating income and operating margin measures exclude amortization of intangibles, accelerated depreciation due to restructuring of two E-M Solutions plants, stock-based compensation expense, gain on sale of assets, impairment of goodwill, 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, accelerated depreciation due to restructuring of two E-M Solutions plants, stock-based compensation expense, non-cash interest expense on debt (before consideration of capitalized interest), gain on sale of assets, impairment of goodwill, 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.
6Adjusted EBITDA is defined as earnings before interest expense, income taxes, depreciation, amortization of intangibles, stock-based compensation expense, gain on sale of assets, impairment of goodwill, 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 measure of operating results in accordance with accounting principles generally accepted in the United States of America.

MERP Tables
TTM Consolidated
End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
Aerospace/Defense27%28%24%26%26%30%31%36%36%33%
Automotive17%16%17%14%16%12%12%14%21%14%
Cellular Phones7%6%19%16%13%11%3%0%0%4%
Computing/Storage/Periph13%15%12%14%13%14%13%12%13%13%
Medical/Industrial/Inst15%15%13%13%14%16%20%19%15%17%
Networking/Communications18%17%13%15%15%14%19%18%15%17%
Other3%3%2%2%3%3%2%1%0%2%
Mobility Business Unit
End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
Aerospace/Defense0%0%0%0%0%0%0%0%0%0%
Automotive5%6%3%2%4%3%5%0%0%3%
Cellular Phones48%41%73%65%60%57%54%0%0%56%
Computing/Storage/Periph28%36%14%19%22%22%25%0%0%23%
Medical/Industrial/Inst7%5%2%3%4%4%4%0%0%4%
Networking/Communications5%5%4%6%5%5%5%0%0%5%
Other7%7%4%5%5%9%7%0%0%9%
TTM excluding Mobility
End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
Aerospace/Defense31%33%31%35%33%37%33%36%36%36%
Automotive19%18%21%17%19%14%12%14%21%15%
Cellular Phones0%0%1%0%0%0%0%0%0%0%
Computing/Storage/Periph11%11%11%12%11%12%13%12%13%12%
Medical/Industrial/Inst17%17%17%17%17%19%21%19%15%18%
Networking/Communications20%19%17%18%18%17%20%18%15%18%
Other2%2%2%1%2%1%1%1%0%1%
SZ + SH-EMS
End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
Aerospace/Defense0%1%0%0%0%0%0%0%3%1%
Automotive56%58%74%59%63%49%54%49%86%61%
Cellular Phones0%0%0%0%0%0%0%0%0%0%
Computing/Storage/Periph0%0%0%0%0%0%0%0%0%0%
Medical/Industrial/Inst22%23%11%19%18%23%14%14%2%12%
Networking/Communications21%18%16%22%19%30%35%44%10%29%
Other1%0%-1%0%0%-2%-3%-7%-1%-3%
TTM, excluding Mobility, SZ & SH E-MS
End Markets1Q-192Q-193Q-194Q-19FY 20191Q-202Q-203Q-204Q-20FY 2020
Aerospace/Defense33%36%36%37%35%38%34%37%38%37%
Automotive17%15%15%15%15%13%11%13%17%13%
Cellular Phones0%-1%1%0%0%1%0%0%0%0%
Computing/Storage/Periph12%12%12%13%12%12%13%13%13%13%
Medical/Industrial/Inst16%17%18%17%17%19%21%19%16%19%
Networking/Communications20%19%16%17%18%16%19%17%16%17%
Other2%2%2%1%3%1%2%1%0%1%

Proforma Tables
Select Non-GAAP income statement data:
TTM ConsolidatedQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
Sales620.2 633.0 716.8 719.3 2,689.3 610.8 601.1 513.6 523.8 2,249.3
Gross Profit90.6 86.4 106.0 126.8 409.7 88.3 107.2 94.4 91.5 381.4
Gross Margin14.6%13.6%14.8%17.6%15.2%14.5%17.8%18.4%17.5%17.0%
Op Income40.5 37.2 54.0 72.3 204.0 35.7 54.7 46.9 47.3 184.6
Operating Margin6.5%5.9%7.5%10.1%7.6%5.8%9.1%9.1%9.0%8.2%
EBITDA78.5 82.9 103.5 111.3 376.2 82.1 80.3 67.2 68.2 297.8
EBITDA %12.7%13.1%14.4%15.5%14.0%13.4%13.4%13.1%13.0%13.2%
Mobility ProformaQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
Sales83.8 106.1 182.6 183.5 556.0 113.2 30.8 - - 144.0
Gross Profit(10.1)(8.2)18.6 24.3 24.5 4.7 2.4 - - 7.1
Gross Margin-12.1%-7.8%10.2%13.2%4.4%4.2%7.8%- - 5.0%
Op Income(11.9)(10.3)16.0 21.0 14.8 2.1 1.1 - - 3.2
Operating Margin-14.2%-9.7%8.8%11.4%2.7%1.9%3.6%- - 2.2%
EBITDA5.9 9.2 36.9 38.5 90.5 21.9 3.5 - - 25.4
EBITDA %7.0%8.7%20.2%21.0%16.3%19.3%11.4%- - 17.6%
TTM Proforma Excluding MobilityQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
Sales536.4 526.9 534.2 535.8 2,133.3 497.6 570.3 513.6 523.8 2,105.3
Gross Profit100.7 94.6 87.4 102.5 385.2 83.6 104.8 94.4 91.5 374.3
Gross Margin18.8%18.0%16.4%19.1%18.1%16.8%18.4%18.4%17.5%17.8%
Op Income52.4 47.5 38.0 51.3 189.2 33.6 53.6 46.9 47.3 181.4
Operating Margin9.8%9.0%7.1%9.6%8.9%6.8%9.4%9.1%9.0%8.6%
EBITDA72.6 73.7 66.6 72.8 285.7 60.2 76.8 67.2 68.2 272.4
EBITDA %13.5%14.0%12.5%13.6%13.4%12.1%13.5%13.1%13.0%12.9%
SZ + SH-EMS ProformaQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
Sales36.0 40.9 54.5 29.8 161.2 14.2 21.4 20.5 23.7 79.8
Gross Profit3.0 3.4 5.2 2.3 13.9 (2.4)(0.3)3.4 3.2 3.9
Gross Margin8.3%8.3%9.5%7.7%8.6%-16.7%-1.4%16.6%13.5%4.9%
Op Income2.0 1.2 4.3 2.0 9.5 (3.8)(0.8)2.3 2.7 0.4
Operating Margin5.6%2.9%7.9%6.7%5.9%-26.8%-3.8%11.3%11.4%0.5%
EBITDA2.5 3.1 7.1 2.0 14.7 (3.6)0.1 2.6 3.1 2.2
EBITDA %6.9%7.6%13.0%6.7%9.1%-25.4%0.4%12.9%13.1%2.8%
TTM Proforma Excluding Mobility, SZ & SH-EMSQ1-19Q2-19Q3-19Q4-19FY 2019Q1-20Q2-20Q3-20Q4-20FY 2020
Sales500.4 486.0 479.7 506.0 1,972.1 483.4 548.9 493.1 500.1 2,025.5
Gross Profit97.7 91.2 82.2 100.2 371.3 86.0 105.1 91.0 88.3 370.4
Gross Margin19.5%18.8%17.1%19.8%18.8%17.8%19.1%18.5%17.7%18.3%
Op Income50.4 46.2 33.7 49.3 179.6 37.7 54.4 44.6 44.6 181.3
OM10.1%9.5%7.0%9.7%9.1%7.8%9.9%9.0%8.9%8.9%
EBITDA70.1 70.6 59.5 70.8 271.0 63.8 76.7 64.6 65.1 270.2
EBITDA %14.0%14.5%12.4%14.0%13.7%13.2%14.0%13.1%13.0%13.3%

Contact:Sameer Desai,Senior Director, Corporate Development & Investor Relations[email protected]714-327-3050

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