TTMI

TTM Technologies, Inc. Reports Fourth Quarter and Fiscal Year 2024 Financial Results

TTM Technologies reports Q4 2024 sales of $651 million, with GAAP net income of $5.2 million and significant growth in key sectors.

Quiver AI Summary

TTM Technologies, Inc. reported its fourth quarter and full year 2024 financial results, showcasing significant growth. For Q4 2024, net sales reached $651 million, a notable increase from $569 million in Q4 2023, with a GAAP net income of $5.2 million, or $0.05 per diluted share, affected by a $32.6 million goodwill impairment charge. Non-GAAP net income was $62.8 million, translating to $0.60 per diluted share, indicating strong operational performance. The company highlighted a record aerospace and defense backlog of $1.56 billion and record revenues from its data center computing segment, now representing 22% of total revenues. For the full year 2024, TTM's net sales rose 9.4% to $2.4 billion, resulting in a GAAP net income of $56.3 million compared to a net loss the prior year. The company anticipates Q1 2025 revenues to be between $600 million and $640 million, and non-GAAP earnings per share to range from $0.37 to $0.43, while also emphasizing its commitment to maintaining a solid balance sheet.

Potential Positives

  • TTM Technologies reported a record A&D program backlog of $1.56 billion, highlighting strong demand and future growth potential in the aerospace and defense sector.
  • Fourth quarter net sales reached $651.0 million, a notable increase from $569.0 million in the same quarter of 2023, indicating strong revenue growth.
  • Non-GAAP net income for the fourth quarter increased to $62.8 million, or $0.60 per diluted share, compared to $43.0 million, or $0.41 per diluted share in the fourth quarter of 2023, demonstrating improved profitability.
  • TTM generated $236.9 million in operating cash flow for the full year 2024, which allowed the company to strengthen its balance sheet and return capital to shareholders through stock buybacks.

Potential Negatives

  • GAAP operating income for the fourth quarter of 2024 was significantly lower at $9 million compared to $34.6 million in the same quarter of 2023, largely due to a $32.6 million goodwill impairment charge related to the RF&S Components segment.
  • GAAP net income decreased to $5.2 million, or $0.05 per diluted share, down from $17.3 million, or $0.17 per diluted share in the fourth quarter of 2023, reflecting a substantial decline in profitability.
  • The company highlighted uncertainties in predicting future GAAP net income, citing difficulties due to highly variable factors beyond their control, which raises concerns about the reliability of their financial outlook.

FAQ

What are TTM Technologies' fourth quarter 2024 results?

TTM reported net sales of $651.0 million with a GAAP net income of $5.2 million for Q4 2024.


How did TTM Technologies perform in fiscal year 2024?

TTM's net sales increased to $2.4 billion, marking a 9.4% growth compared to fiscal year 2023.


What is TTM's outlook for the first quarter of 2025?

TTM estimates revenues between $600 million and $640 million for Q1 2025, with non-GAAP net income forecasted at $0.37 to $0.43 per share.


What drove TTM's revenue growth in 2024?

Revenue growth in 2024 was primarily driven by demand in Aerospace and Defense, plus Data Center Computing spurred by generative AI.


When will TTM host a conference call about its results?

TTM will host a conference call on February 5, 2025, at 4:30 p.m. Eastern Time to discuss its results.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.


$TTMI Insider Trading Activity

$TTMI insiders have traded $TTMI stock on the open market 13 times in the past 6 months. Of those trades, 0 have been purchases and 13 have been sales.

Here’s a breakdown of recent trading of $TTMI stock by insiders over the last 6 months:

  • DOUGLAS L SODER (EVP, President) has made 0 purchases and 2 sales selling 25,000 shares for an estimated $625,000.
  • DANIEL J WEBER (EVP, General Counsel) has made 0 purchases and 2 sales selling 26,000 shares for an estimated $487,519.
  • SHAWN A. POWERS (EVP, Human Resources) has made 0 purchases and 3 sales selling 19,400 shares for an estimated $445,443.
  • TOM CLAPPROOD (President A&D Radar Systems) sold 10,000 shares for an estimated $250,743
  • JEFF JANKOWSKY (President, A&D C4Isr) has made 0 purchases and 2 sales selling 10,000 shares for an estimated $246,150.
  • CATHERINE A GRIDLEY (EVP, A&D BU President) sold 5,000 shares for an estimated $125,727
  • ROBERT P. FARRELL (President C&C) sold 644 shares for an estimated $14,966
  • TONY SANCHEZ (VP, Corporate Controller) sold 189 shares for an estimated $4,524

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$TTMI Hedge Fund Activity

We have seen 124 institutional investors add shares of $TTMI stock to their portfolio, and 98 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

Full Release



SANTA ANA, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global manufacturer of technology solutions including mission systems, radio frequency (“RF”) components and RF microwave/microelectronic assemblies and quick-turn and technologically advanced printed circuit boards (“PCB”s), today reported results for the fourth quarter and fiscal 2024, which ended on December 30, 2024.




Fourth Quarter 2024 Highlights




  • Net sales were $651.0 million


  • GAAP net income of $5.2 million, or $0.05 per diluted share, inclusive of a $14.1 million pre-tax, non-operational, foreign exchange gain


  • Non-GAAP net income was $62.8 million, or $0.60 per diluted share, inclusive of a $14.1 million pre-tax, non-operational, foreign exchange gain


  • Cash flow from operations was $86.1 million, or 13.2% of sales


  • Book to bill of 1.09 for the fourth quarter


  • A&D program backlog a record $1.56 billion


  • Data Center Computing revenues a record 22% of total company revenues






Fourth Quarter 2024 GAAP Financial Results



Net sales for the fourth quarter of 2024 were $651.0 million, compared to $569.0 million in the fourth quarter of 2023.



GAAP operating income for the fourth quarter of 2024 was $9.0 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment compared to GAAP operating income for the fourth quarter of 2023 of $34.6 million.



GAAP net income for the fourth quarter of 2024 was $5.2 million, or $0.05 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment, compared to GAAP net income for the fourth quarter of 2023 of $17.3 million, or $0.17 per diluted share. GAAP net income for the fourth quarter of 2024 included a $14.1 million pre-tax foreign exchange gain, compared to a $7.0 million pre-tax foreign exchange loss in the fourth quarter of 2023.




Fourth Quarter 2024 Non-GAAP Financial Results



On a non-GAAP basis, net income for the fourth quarter of 2024 was $62.8 million, or $0.60 per diluted share. This compares to non-GAAP net income of $43.0 million, or $0.41 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the fourth quarter of 2024 included a $14.1 million pre-tax foreign exchange gain, compared to a $7.0 million pre-tax foreign exchange loss in the fourth quarter of 2023.



Adjusted EBITDA in the fourth quarter of 2024 was $108.7 million, or 16.7% of sales compared to adjusted EBITDA of $80.9 million, or 14.2% of sales for the fourth quarter of 2023. Adjusted EBITDA for the fourth quarter of 2024 included a $14.1 million foreign exchange gain, compared to a $7.0 million foreign exchange loss in the fourth quarter of 2023.



“We delivered a solid quarter with revenues and non-GAAP EPS above the high end of the guided range. Revenues reflected the fourth consecutive quarter of year on year growth due to demand strength in our Aerospace and Defense, Data Center Computing and Networking end markets, the latter two being driven by generative AI,” said Tom Edman, CEO of TTM. “Operating margins were double digit for the second consecutive quarter and reflected continued solid execution. In addition, cash flow from operations was a healthy 13.2% of revenues enabling the company to maintain a solid balance sheet with a net leverage ratio of 1.2x,” concluded Mr. Edman.




Full Year 2024 Results



Net sales for 2024 increased to $2.4 billion from $2.2 billion in 2023, a 9.4% increase.



GAAP operating income for 2024 was $116.0 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment. This compares to a GAAP operating income for 2023 of $42.3 million, inclusive of a $44.1 million goodwill impairment charge related to the RF&S Components segment.



GAAP net income for 2024 was $56.3 million, or $0.54 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment. This compares to a GAAP net loss for 2023 of $18.7 million, or ($0.18) per diluted share, inclusive of a $44.1 million goodwill impairment charge related to the RF&S Components segment.



On a non-GAAP basis, net income for 2024 was $178.4 million, or $1.71 per diluted share. This compares to 2023 non-GAAP net income of $139.5 million, or $1.33 per diluted share.



Adjusted EBITDA for 2024 was $352.5 million, or 14.4% of net sales, compared to $298.2 million, or 13.4% of net sales, for 2023.



"Our employees delivered outstanding results in 2024 for TTM. Revenue growth of 9.4% was driven by generative AI in the Data Center Computing market and continued strength in the Aerospace and Defense market. Revenue fall through, favorable product mix, and improved execution helped to grow margins and non-GAAP EPS year on year," continued Edman. “We continue to execute on our strategic priorities by growing Aerospace and Defense revenues 12% year on year, opening a new manufacturing facility in Penang, Malaysia, supporting customer supply chain resiliency needs and starting construction on a new ultra-HDI manufacturing facility in Syracuse, New York. Finally, in 2024, we generated $236.9 million in operating cash flow which enabled us to strengthen our balance sheet, refinance our Term Loan, and return $34.5 million of capital to our shareholders through our stock buy back program.”




Business Outlook



For the first quarter of 2025, TTM estimates that revenues will be in the range of $600 million to $640 million, and non-GAAP net income will be in the range of $0.37 to $0.43 per diluted share.



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 including but not limited to unrealized foreign exchange translation, 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 has not been provided because the Company is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.




Live Webcast/Conference Call



TTM will host a conference call and webcast to discuss fourth quarter and fiscal year 2024 results and the first quarter 2025 outlook on Wednesday, February 5, 2025, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). The conference call will include forward-looking statements.



Access to the conference call is available by clicking on the registration link


TTM Technologies, Inc. fourth quarter and fiscal year 2024 conference call


. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on the company’s website, and can be accessed by clicking on the link


TTM Technologies Inc. fourth quarter and fiscal year 2024 webcast


. The webcast will remain accessible for one week following the live event.




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


TTM Technologies Inc. fourth quarter and fiscal year 2024 webcast


.




About TTM



TTM Technologies, Inc. is a leading global manufacturer of technology solutions, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards (“PCB”s). 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-Q 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, 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



To supplement our consolidated condensed financial statements presented on a GAAP basis, 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 reconciliations below 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.







- Tables Follow -






































































































































































































































































































































































































































































































































































































































































































































































































TTM TECHNOLOGIES, INC.







Selected Unaudited Financial Information



(In thousands, except per share data)



























CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS



Fourth Quarter


Full Year







2024




2023




2024




2023















Net sales


$

650,965



$

569,039



$

2,442,753



$

2,232,567



Cost of goods sold



524,424




453,671




1,965,378




1,819,299















Gross profit



126,541




115,368




477,375




413,268















Operating expenses:











Selling and marketing



19,977




18,677




80,030




76,922




General and administrative



45,266




37,802




170,107




149,631




Research and development



7,923




7,590




31,845




27,272




Amortization of definite-lived intangibles



6,914




11,430




35,550




48,675




Impairment of goodwill



32,600




-




32,600




44,100




Restructuring charges



4,833




5,291




11,200




24,352





Total operating expenses



117,513




80,790




361,332




370,952















Operating income



9,028




34,578




116,043




42,316















Interest expense



(11,204

)



(13,373

)



(47,515

)



(48,124

)


Loss on extinguishment of debt



-




-




-




(1,154

)


Gain on sale of subsidiary



-




-




-




1,270



Other, net



16,507




(3,321

)



15,421




5,989















Income before income taxes



14,331




17,884




83,949




297



Income tax provision



(9,161

)



(546

)



(27,650

)



(19,015

)














Net income (loss)


$

5,170



$

17,338



$

56,299



$

(18,718

)














Earnings (loss) per share:











Basic


$

0.05



$

0.17



$

0.55



$

(0.18

)



Diluted



0.05




0.17




0.54




(0.18

)














Weighted-average shares used in computing per share amounts:











Basic



101,981




102,327




101,781




102,744




Diluted



104,576




104,302




104,098




102,744















Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:










Weighted-average shares outstanding



101,981




102,327




101,781




102,744



Dilutive effect of performance-based stock units, restricted stock units and stock options



2,595




1,975




2,317




-



Diluted shares



104,576




104,302




104,098




102,744
























































































































































































































SELECTED BALANCE SHEET DATA









December 30, 2024


January 1, 2024


Cash and cash equivalents, including restricted cash


$

503,932


$

450,208


Accounts and notes receivable, net



448,611



413,557


Receivable from sale of SH E-MS property



-



6,737


Contract assets



381,382



292,050


Inventories



224,985



213,075


Total current assets



1,606,744



1,429,687


Property, plant and equipment, net



869,957



807,667


Operating lease right of use asset



78,252



86,286


Other non-current assets



917,541



1,000,023


Total assets



3,472,494



3,323,663








Short-term debt, including current portion of long-term debt


$

3,795


$

3,500


Accounts payable



406,221



334,609


Total current liabilities



809,054



703,984


Debt, net of discount



914,359



914,336


Total long-term liabilities



1,099,616



1,108,640


Total equity



1,563,824



1,511,039


Total liabilities and equity



3,472,494



3,323,663





























































































































































































































































































































































































SUPPLEMENTAL DATA



Fourth Quarter


Full Year






2024


2023


2024


2023


Gross margin



19.4

%



20.3

%


19.5

%


18.5

%


Operating margin



1.4

%



6.1

%


4.8

%


1.9

%














End Market Breakdown:














Fourth Quarter










2024


2023







Aerospace and Defense



47

%



46

%







Automotive



11

%



15

%







Data Center Computing



22

%



17

%







Medical/Industrial/Instrumentation



13

%



16

%







Networking



7

%



6

%


















Stock-based Compensation:














Fourth Quarter







Amount included in:


2024


2023








Cost of goods sold


$

2,653



$

2,084









Selling and marketing



1,054




878









General and administrative



4,067




2,891









Research and development



309




306









Total stock-based compensation expense


$

8,083



$

6,159






































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































RECONCILIATIONS



1




Fourth Quarter


Full Year






2024


2023


2024


2023














Non-GAAP gross profit reconciliation

2

:











GAAP gross profit


$

126,541



$

115,368



$

477,375



$

413,268




Add back item:












Amortization of definite-lived intangibles



2,336




2,335




9,342




12,901





Stock-based compensation



2,653




2,084




9,342




7,455





Unrealized loss (gain) on commodity hedge



1,635




(701

)



370




(1,192

)




Purchase accounting related inventory markup



-




-




-




327





Other charges



-




1,950




709




5,324




Non-GAAP gross profit


$

133,165



$

121,036



$

497,138



$

438,083




Non-GAAP gross margin



20.5

%



21.3

%



20.4

%



19.6

%














Non-GAAP operating income reconciliation

3

:











GAAP operating income


$

9,028



$

34,578



$

116,043



$

42,316




Add back items:












Amortization of definite-lived intangibles



9,250




13,765




44,892




61,576





Stock-based compensation



8,083




6,159




29,780




22,887





Gain on sale of property, plant and equipment



(1,249

)



-




(15,669

)



(195

)




Unrealized loss (gain) on commodity hedge



1,635




(701

)



370




(1,192

)




Purchase accounting related inventory markup



-




-




-




327





Impairment, restructuring, acquisition-related and other charges



39,018




7,241




58,324




72,654




Non-GAAP operating income


$

65,765



$

61,042



$

233,740



$

198,373




Non-GAAP operating margin



10.1

%



10.7

%



9.6

%



8.9

%














Non-GAAP net income and EPS reconciliation

4

:











GAAP net income (loss)


$

5,170



$

17,338



$

56,299



$

(18,718

)



Add back items:












Amortization of definite-lived intangibles



9,250




13,765




44,892




61,576





Stock-based compensation



8,083




6,159




29,780




22,887





Non-cash interest expense



525




478




2,042




2,204





Gain on sale of property, plant and equipment



(1,249

)



-




(15,669

)



(195

)




Loss on extinguishment of debt



-




-




-




1,154





Gain on sale of subsidiary



-




-




-




(1,270

)




Unrealized loss (gain) on commodity hedge



1,635




(701

)



370




(1,192

)




Purchase accounting related inventory markup



-




-




-




327





Impairment, restructuring, acquisition-related and other charges



39,018




7,241




58,324




72,654





Income taxes

5




375




(1,314

)



2,352




113




Non-GAAP net income


$

62,807



$

42,966



$

178,390



$

139,540




Non-GAAP earnings per diluted share


$

0.60



$

0.41



$

1.71



$

1.33















Non-GAAP diluted number of shares:











GAAP diluted number of shares



104,576




104,302




104,098




102,744




Dilutive effect of performance-based stock units, restricted stock units and stock options



-




-




-




1,851




Non-GAAP diluted number of shares



104,576




104,302




104,098




104,595















Adjusted EBITDA reconciliation

6

:











GAAP net income (loss)


$

5,170



$

17,338



$

56,299



$

(18,718

)



Add back items:












Income tax provision



9,161




546




27,650




19,015





Interest expense



11,204




13,373




47,515




48,124





Amortization of definite-lived intangibles



9,250




13,765




44,892




61,576





Depreciation expense



26,524




25,095




105,233




99,155





Stock-based compensation



8,083




6,159




29,780




22,887





Gain on sale of property, plant and equipment



(1,249

)



-




(15,669

)



(195

)




Loss on extinguishment of debt



-




-




-




1,154





Gain on sale of subsidiary



-




-




-




(1,270

)




Unrealized loss (gain) on commodity hedge



1,635




(701

)



370




(1,192

)




Purchase accounting related inventory markup



-




-




-




327





Impairment, restructuring, acquisition-related and other charges



38,966




5,291




56,439




67,330




Adjusted EBITDA


$

108,744



$

80,866



$

352,509



$

298,193




Adjusted EBITDA margin



16.7

%



14.2

%



14.4

%



13.4

%














Free cash flow reconciliation:











Operating cash flow


$

86,054



$

47,470



$

236,894



$

187,284




Capital expenditures, net



(52,761

)



(45,954

)



(152,871

)



(159,737

)



Free cash flow


$

33,293



$

1,516



$

84,023



$

27,547






















































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, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, and other charges.





3

Non-GAAP operating income and operating margin measures exclude amortization of intangibles, stock-based compensation expense, gain on sale of property, plant, and equipment, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, impairment, restructuring, acquisition-related costs, 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 property, plant, and equipment, loss on extinguishment of debt, gain on sale of subsidiary, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, impairment, restructuring, acquisition-related costs, 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 income taxes, interest expense, amortization of intangibles, depreciation, stock-based compensation expense, gain on sale of property, plant and equipment, loss on extinguishment of debt, gain on sale of subsidiary, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, impairment, restructuring, acquisition-related costs, 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.



















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































TTM TECHNOLOGIES, INC.



REVISED HISTORICAL Selected Unaudited Financial Information



(In thousands, except per share data)

















































REVISED HISTORICAL RECONCILIATIONS



1



Q1 2023


Q2 2023


Q3 2023


Q4 2023


Full Year 2023

Q1 2024


Q2 2024


Q3 2024


Q4 2024


Full Year 2024

























Non-GAAP net income and EPS reconciliation

2

:






















GAAP net income (loss)

$

(5,814

)


$

6,824



$

(37,066

)


$

17,338



$

(18,718

)


$

10,466



$

26,352



$

14,311



$

5,170



$

56,299




Add back items:























Amortization of definite-lived intangibles


27,772




6,275




13,764




13,765




61,576




13,765




12,591




9,286




9,250




44,892





Stock-based compensation


5,240




5,121




6,367




6,159




22,887




6,787




6,580




8,330




8,083




29,780





Non-cash interest expense


727




497




502




478




2,204




518




506




493




525




2,042





Gain on sale of property, plant and equipment


(173

)



(22

)



-




-




(195

)



-




(14,420

)



-




(1,249

)



(15,669

)




Loss on extinguishment of debt


-




1,154




-




-




1,154




-




-




-




-




-





(Gain) loss on sale of subsidiary


(1,339

)



69




-




-




(1,270

)



-




-




-




-




-





Unrealized (gain) loss on commodity hedge


(2,128

)



867




770




(701

)



(1,192

)



(752

)



(434

)



(79

)



1,635




370





Purchase accounting related inventory markup


163




164




-




-




327




-




-




-




-




-





Impairment, restructuring, acquisition-related and other charges


5,944




12,277




47,192




7,241




72,654




3,738




11,308




4,260




39,018




58,324





Income taxes

3



(11,744

)



(182

)



13,353




(1,314

)



113




(1,735

)



(2,352

)



6,064




375




2,352




Non-GAAP net income - AS REPORTED

$

18,648



$

33,044



$

44,882



$

42,966



$

139,540



$

32,787



$

40,131



$

42,665



$

62,807



$

178,390




Adjust for unrealized foreign exchange:























Unrealized (gain) loss on foreign exchange


(2,419

)



(2,216

)



570




5,026




961




(4,277

)



79




16,207




(13,048

)



(1,039

)




Income taxes

3



411




377




(178

)



(724

)



(114

)



599




(11

)



(2,089

)



1,630




129




Non-GAAP net income - AS ADJUSTED

$

16,640



$

31,205



$

45,274



$

47,268



$

140,387



$

29,109



$

40,199



$

56,783



$

51,389



$

177,480



























Non-GAAP earnings per diluted share - AS REPORTED

$

0.18



$

0.32



$

0.43



$

0.41



$

1.33



$

0.31



$

0.39



$

0.41



$

0.60



$

1.71





Impact from unrealized (gain) loss on foreign exchange (after tax)


(0.02

)



(0.02

)



0.00




0.04




0.01




(0.04

)



0.00




0.14




(0.11

)



(0.01

)



Non-GAAP earnings per diluted share - AS ADJUSTED

$

0.16



$

0.30



$

0.43



$

0.45



$

1.34



$

0.28



$

0.39



$

0.55



$

0.49



$

1.70


























Non-GAAP diluted number of shares:






















GAAP diluted number of shares


102,381




104,820




103,510




104,302




102,744




104,098




103,889




103,828




104,576




104,098




Dilutive effect of performance-based stock units, restricted stock units and stock options


1,949




-




1,419




-




1,851




-




-




-




-




-




Non-GAAP diluted number of shares


104,330




104,820




104,929




104,302




104,595




104,098




103,889




103,828




104,576




104,098


























Adjusted EBITDA reconciliation

4

:






















GAAP net income (loss)

$

(5,814

)


$

6,824



$

(37,066

)


$

17,338



$

(18,718

)


$

10,466



$

26,352



$

14,311



$

5,170



$

56,299




Add back items:























Income tax provision (benefit)


(7,924

)



6,586




19,807




546




19,015




3,603




4,180




10,706




9,161




27,650





Interest expense


12,807




11,843




10,101




13,373




48,124




12,324




12,219




11,768




11,204




47,515





Amortization of definite-lived intangibles


27,772




6,275




13,764




13,765




61,576




13,765




12,591




9,286




9,250




44,892





Depreciation expense


25,253




24,937




23,870




25,095




99,155




24,696




26,184




27,829




26,524




105,233





Stock-based compensation


5,240




5,121




6,367




6,159




22,887




6,787




6,580




8,330




8,083




29,780





Gain on sale of property, plant and equipment


(173

)



(22

)



-




-




(195

)



-




(14,420

)



-




(1,249

)



(15,669

)




Loss on extinguishment of debt


-




1,154




-




-




1,154




-




-




-




-




-





(Gain) loss on sale of subsidiary


(1,339

)



69




-




-




(1,270

)



-




-




-




-




-





Unrealized (gain) loss on commodity hedge


(2,128

)



867




770




(701

)



(1,192

)



(752

)



(434

)



(79

)



1,635




370





Purchase accounting related inventory markup


163




164




-




-




327




-




-




-




-




-





Impairment, restructuring, acquisition-related and other charges


4,668




10,904




46,467




5,291




67,330




3,900




11,308




2,265




38,966




56,439




Adjusted EBITDA - AS REPORTED

$

58,525



$

74,722



$

84,080



$

80,866



$

298,193



$

74,789



$

84,560



$

84,416



$

108,744



$

352,509




Adjusted EBITDA margin - AS REPORTED


10.7

%



13.7

%



14.7

%



14.2

%



13.4

%



13.1

%



14.0

%



13.7

%



16.7

%



14.4

%



Adjust for unrealized foreign exchange:























Unrealized (gain) loss on foreign exchange


(2,419

)



(2,216

)



570




5,026




961




(4,277

)



79




16,207




(13,048

)



(1,039

)



Adjusted EBITDA - AS ADJUSTED

$

56,106



$

72,506



$

84,650



$

85,892



$

299,154



$

70,512



$

84,639



$

100,623



$

95,696



$

351,470




Adjusted EBITDA margin - AS ADJUSTED


10.3

%



13.3

%



14.8

%



15.1

%



13.4

%



12.4

%



14.0

%



16.3

%



14.7

%



14.4

%

















































1

This information provides revised reconciliations of non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations. TTM has determined that it is appropriate to exclude the impact of unrealized foreign exchange gains/losses from its non-GAAP measures of adjusted EBITDA, non-GAAP net income, and non-GAAP EPS. We believe the exclusion of these non-cash, non-operational, impacts from our non-GAAP financial measures will provide a more transparent and consistent measure of our core operating performance across reporting periods. Therefore, this schedule provides revised reconciliations to these non-GAAP measures which exclude the respective unrealized foreign exchange gains/losses for fiscal years 2023 and 2024 and each quarterly reporting period therein.The "AS REPORTED" lines reflect the respective non-GAAP measure as it was originally reported. The "AS ADJUSTED" lines reflect the results of the adjustments to exclude unrealized foreign exchange (gain) loss from all periods presented. The first and second quarters and full year of fiscal year 2023 have also been recast to reclassify certain amounts between "Gain on sale of property, plant and equipment" and "Impairment, restructuring, acquisition-related and other charges" in order to align with the current classifications of these respective amounts for comparative purposes.


























2

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 property, plant and equipment, loss on extinguishment of debt, gain (loss) on sale of subsidiary, unrealized (gain) loss on commodity hedge, purchase accounting related inventory markup, impairment, restructuring, acquisition-related costs, 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. The "AS REPORTED" lines reflect the respective non-GAAP measure as it was originally reported. The "AS ADJUSTED" lines reflect the results of the adjustments to exclude unrealized foreign exchange (gain) loss from all periods presented.


























3

Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.


























4

Adjusted EBITDA is defined as earnings before income taxes, interest expense, amortization of intangibles, depreciation, stock-based compensation expense, gain on sale of property, plant and equipment, loss on extinguishment of debt, (gain) loss on sale of subsidiary, unrealized (gain) loss on commodity hedge, purchase accounting related inventory markup, impairment, restructuring, acquisition-related costs, 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. The "AS REPORTED" lines reflect the respective non-GAAP measure as it was originally reported. The "AS ADJUSTED" lines reflect the results of the adjustments to exclude unrealized foreign exchange (gain) loss from all periods presented.



Contact:



Sameer Desai,


Vice President, Corporate Development & Investor Relations


Sameer.desai@ttmtech.com


714-327-3050






This article was originally published on Quiver News, read the full story.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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