TTM (TTMI) 8-K TTM Technologies, Inc. Reports Fiscal Fourth Quarter and 2020 Results

Exhibit 99.1

TTM Technologies, Inc., Q4’20	Contact:
	Sameer Desai,
	Senior Director, Corporate Development & Investor Relations
	Sameer.desai@ttmtech.com 714-327-3050

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

Santa Ana, CA – February 3, 2021– 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

• Net sales were $523.8 million

• GAAP net income of $39.0 million, or $0.34 per diluted share

• Non-GAAP net income was $40.2 million, or $0.37 per diluted share

• Cash flow from operations of $55.5 million

• Repaid and settled $250 million convertible bonds

• Leverage ratio at end of Q4 2020 was 1.4x defined as net debt divided by the last twelve months EBITDA (excluding Mobility), the lowest level in five years

• In Q1 2021, announced $100 million stock repurchase program in separate press release

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.”

TTM Technologies, Inc., Q4’20 Contact: Sameer Desai, Senior Director, Corporate Development & Investor Relations Sameer.desai@ttmtech.com 714-327-3050

Full Year 2020 Financial Results

Net 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 flows 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 Call

TTM 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 Webcast

The replay of the webcast will remain accessible for one week following the live event on TTM’s website at www.ttm.com.

About TTM

TTM 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.

TTM Technologies, Inc., Q4’20 Contact: Sameer Desai, Senior Director, Corporate Development & Investor Relations Sameer.desai@ttmtech.com 714-327-3050

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 Measures

This 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
	2020			2019
Net sales:
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

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, 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.

⁶  Adjusted 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 Markets	1Q-19			2Q-19			3Q-19			4Q-19			FY 2019			1Q-20			2Q-20			3Q-20			4Q-20			FY 2020
Aerospace/Defense		27	%		28	%		24	%		26	%		26	%		30	%		31	%		36	%		36	%		33	%
Automotive		17	%		16	%		17	%		14	%		16	%		12	%		12	%		14	%		21	%		14	%
Cellular Phones		7	%		6	%		19	%		16	%		13	%		11	%		3	%		0	%		0	%		4	%
Computing/Storage/Periph		13	%		15	%		12	%		14	%		13	%		14	%		13	%		12	%		13	%		13	%
Medical/Industrial/Inst		15	%		15	%		13	%		13	%		14	%		16	%		20	%		19	%		15	%		17	%
Networking/Communications		18	%		17	%		13	%		15	%		15	%		14	%		19	%		18	%		15	%		17	%
Other		3	%		3	%		2	%		2	%		3	%		3	%		2	%		1	%		0	%		2	%
Mobility Business Unit
End Markets	1Q-19			2Q-19			3Q-19			4Q-19			FY 2019			1Q-20			2Q-20			3Q-20			4Q-20			FY 2020
Aerospace/Defense		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%
Automotive		5	%		6	%		3	%		2	%		4	%		3	%		5	%		0	%		0	%		3	%
Cellular Phones		48	%		41	%		73	%		65	%		60	%		57	%		54	%		0	%		0	%		56	%
Computing/Storage/Periph		28	%		36	%		14	%		19	%		22	%		22	%		25	%		0	%		0	%		23	%
Medical/Industrial/Inst		7	%		5	%		2	%		3	%		4	%		4	%		4	%		0	%		0	%		4	%
Networking/Communications		5	%		5	%		4	%		6	%		5	%		5	%		5	%		0	%		0	%		5	%
Other		7	%		7	%		4	%		5	%		5	%		9	%		7	%		0	%		0	%		9	%
TTM excluding Mobility
End Markets	1Q-19			2Q-19			3Q-19			4Q-19			FY 2019			1Q-20			2Q-20			3Q-20			4Q-20			FY 2020
Aerospace/Defense		31	%		33	%		31	%		35	%		33	%		37	%		33	%		36	%		36	%		36	%
Automotive		19	%		18	%		21	%		17	%		19	%		14	%		12	%		14	%		21	%		15	%
Cellular Phones		0	%		0	%		1	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%
Computing/Storage/Periph		11	%		11	%		11	%		12	%		11	%		12	%		13	%		12	%		13	%		12	%
Medical/Industrial/Inst		17	%		17	%		17	%		17	%		17	%		19	%		21	%		19	%		15	%		18	%
Networking/Communications		20	%		19	%		17	%		18	%		18	%		17	%		20	%		18	%		15	%		18	%
Other		2	%		2	%		2	%		1	%		2	%		1	%		1	%		1	%		0	%		1	%
SZ + SH-EMS
End Markets	1Q-19			2Q-19			3Q-19			4Q-19			FY 2019			1Q-20			2Q-20			3Q-20			4Q-20			FY 2020
Aerospace/Defense		0	%		1	%		0	%		0	%		0	%		0	%		0	%		0	%		3	%		1	%
Automotive		56	%		58	%		74	%		59	%		63	%		49	%		54	%		49	%		86	%		61	%
Cellular Phones		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%
Computing/Storage/Periph		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%		0	%
Medical/Industrial/Inst		22	%		23	%		11	%		19	%		18	%		23	%		14	%		14	%		2	%		12	%
Networking/Communications		21	%		18	%		16	%		22	%		19	%		30	%		35	%		44	%		10	%		29	%
Other		1	%		0	%		-1	%		0	%		0	%		-2	%		-3	%		-7	%		-1	%		-3	%
TTM, excluding Mobility, SZ & SH E-MS
End Markets	1Q-19			2Q-19			3Q-19			4Q-19			FY 2019			1Q-20			2Q-20			3Q-20			4Q-20			FY 2020
Aerospace/Defense		33	%		36	%		36	%		37	%		35	%		38	%		34	%		37	%		38	%		37	%
Automotive		17	%		15	%		15	%		15	%		15	%		13	%		11	%		13	%		17	%		13	%
Cellular Phones		0	%		-1	%		1	%		0	%		0	%		1	%		0	%		0	%		0	%		0	%
Computing/Storage/Periph		12	%		12	%		12	%		13	%		12	%		12	%		13	%		13	%		13	%		13	%
Medical/Industrial/Inst		16	%		17	%		18	%		17	%		17	%		19	%		21	%		19	%		16	%		19	%
Networking/Communications		20	%		19	%		16	%		17	%		18	%		16	%		19	%		17	%		16	%		17	%
Other		2	%		2	%		2	%		1	%		3	%		1	%		2	%		1	%		0	%		1	%

Proforma Tables

Select Non-GAAP income statement data:

TTM Consolidated	Q1-19			Q2-19			Q3-19			Q4-19			FY 2019			Q1-20			Q2-20			Q3-20			Q4-20			FY 2020
Sales		620.2			633.0			716.8			719.3			2,689.3			610.8			601.1			513.6			523.8			2,249.3
Gross Profit		90.6			86.4			106.0			126.8			409.7			88.3			107.2			94.4			91.5			381.4
Gross Margin		14.6	%		13.6	%		14.8	%		17.6	%		15.2	%		14.5	%		17.8	%		18.4	%		17.5	%		17.0	%
Op Income		40.5			37.2			54.0			72.3			204.0			35.7			54.7			46.9			47.3			184.6
Operating Margin		6.5	%		5.9	%		7.5	%		10.1	%		7.6	%		5.8	%		9.1	%		9.1	%		9.0	%		8.2	%
EBITDA		78.5			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 Proforma	Q1-19			Q2-19			Q3-19			Q4-19			FY 2019			Q1-20			Q2-20			Q3-20			Q4-20			FY 2020
Sales		83.8			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	%
EBITDA		5.9			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 Mobility	Q1-19			Q2-19			Q3-19			Q4-19			FY 2019			Q1-20			Q2-20			Q3-20			Q4-20			FY 2020
Sales		536.4			526.9			534.2			535.8			2,133.3			497.6			570.3			513.6			523.8			2,105.3
Gross Profit		100.7			94.6			87.4			102.5			385.2			83.6			104.8			94.4			91.5			374.3
Gross Margin		18.8	%		18.0	%		16.4	%		19.1	%		18.1	%		16.8	%		18.4	%		18.4	%		17.5	%		17.8	%
Op Income		52.4			47.5			38.0			51.3			189.2			33.6			53.6			46.9			47.3			181.4
Operating Margin		9.8	%		9.0	%		7.1	%		9.6	%		8.9	%		6.8	%		9.4	%		9.1	%		9.0	%		8.6	%
EBITDA		72.6			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 Proforma	Q1-19			Q2-19			Q3-19			Q4-19			FY 2019			Q1-20			Q2-20			Q3-20			Q4-20			FY 2020
Sales		36.0			40.9			54.5			29.8			161.2			14.2			21.4			20.5			23.7			79.8
Gross Profit		3.0			3.4			5.2			2.3			13.9			(2.4	)		(0.3	)		3.4			3.2			3.9
Gross Margin		8.3	%		8.3	%		9.5	%		7.7	%		8.6	%		-16.7	%		-1.4	%		16.6	%		13.5	%		4.9	%
Op Income		2.0			1.2			4.3			2.0			9.5			(3.8	)		(0.8	)		2.3			2.7			0.4
Operating Margin		5.6	%		2.9	%		7.9	%		6.7	%		5.9	%		-26.8	%		-3.8	%		11.3	%		11.4	%		0.5	%
EBITDA		2.5			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-EMS	Q1-19			Q2-19			Q3-19			Q4-19			FY 2019			Q1-20			Q2-20			Q3-20			Q4-20			FY 2020
Sales		500.4			486.0			479.7			506.0			1,972.1			483.4			548.9			493.1			500.1			2,025.5
Gross Profit		97.7			91.2			82.2			100.2			371.3			86.0			105.1			91.0			88.3			370.4
Gross Margin		19.5	%		18.8	%		17.1	%		19.8	%		18.8	%		17.8	%		19.1	%		18.5	%		17.7	%		18.3	%
Op Income		50.4			46.2			33.7			49.3			179.6			37.7			54.4			44.6			44.6			181.3
OM		10.1	%		9.5	%		7.0	%		9.7	%		9.1	%		7.8	%		9.9	%		9.0	%		8.9	%		8.9	%
EBITDA		70.1			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	%