TTM Technologies, Inc. (NASDAQ: TTMI), a leading global
manufacturer of technology solutions including mission systems,
radio frequency (“RF”) components and RF microwave/microelectronic
assemblies, and printed circuit boards (“PCB”), today reported
results for the second quarter fiscal 2023, which ended on July 3,
2023.
Second Quarter 2023 Highlights
- Net sales were $546.5 million
- GAAP net income of $6.8 million, or $0.07 per diluted
share
- Non-GAAP net income was $33.0 million, or $0.32 per diluted
share
- Completed refinancing of Term Loan B, US Asset Backed Revolving
Credit Facility (“ABL”), and Asia ABL facility
- Completed shutdown of Hong Kong manufacturing facility
Second Quarter 2023 GAAP Financial Results
Net sales for the second quarter of 2023 were $546.5 million,
compared to $625.6 million in the second quarter of 2022.
GAAP operating income for the second quarter of 2023 was $21.4
million, compared to GAAP operating income of $37.2 million in the
second quarter of 2022.
GAAP net income for the second quarter of 2023 was $6.8 million,
or $0.07 per diluted share, compared to GAAP net income of $27.8
million, or $0.27 per diluted share in the second quarter of
2022.
Second Quarter 2023 Non-GAAP Financial
Results
On a non-GAAP basis, net income for the second quarter of 2023
was $33.0 million, or $0.32 per diluted share. This compares to
non-GAAP net income of $55.3 million, or $0.54 per diluted share,
for the second quarter of 2022.
Adjusted EBITDA in the second quarter of 2023 was $74.7 million,
or 13.7% of sales compared to adjusted EBITDA of $96.9 million, or
15.5% of sales for the second quarter of 2022.
“Revenues were within the guided range due to strength in our
Aerospace and Defense and Data Center Computing end markets,” said
Tom Edman, CEO of TTM. “Non-GAAP EPS was well above the guided
range as a result of improved execution in our North America
region. In addition, we successfully completed the refinancing of
our Term Loan B, US ABL, and Asia ABL facilities, resulting in a
conservative capital structure with no significant maturities
before 2028 and a net leverage ratio of 1.5x,” concluded Mr.
Edman.
Business Outlook
For the third quarter of 2023 , TTM estimates that revenues will
be in the range of $550 million to $590 million, and non-GAAP net
income will be in the range of $0.25 to $0.31 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, 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 CallTTM will host a
conference call and webcast to discuss second quarter 2023 results
and the third quarter 2023 outlook on Wednesday, August 2nd, 2023,
at 1:00 p.m. Eastern Time (10:00 a.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. second quarter fiscal
year 2023 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 also will be webcast on TTM’s website at TTM
Technologies, Inc. second quarter fiscal year 2023 webcast.
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 TTM Technologies, Inc. second quarter
fiscal year 2023 webcast.
About TTMTTM Technologies, Inc. is a leading
global manufacturer of technology solutions including mission
systems, RF components/RF microwave/microelectronic assemblies,
quick-turn and technologically advanced PCBs. 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 StatementsThe 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, 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 MeasuresTo
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) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
First Two Quarters |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
$ |
546,509 |
|
|
$ |
625,550 |
|
|
$ |
1,090,946 |
|
|
$ |
1,206,810 |
|
|
Cost of goods sold |
|
448,002 |
|
|
|
508,477 |
|
|
|
906,316 |
|
|
|
998,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
98,507 |
|
|
|
117,073 |
|
|
|
184,630 |
|
|
|
207,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
18,180 |
|
|
|
17,557 |
|
|
|
39,482 |
|
|
|
35,829 |
|
|
General and administrative |
|
37,840 |
|
|
|
48,350 |
|
|
|
72,913 |
|
|
|
81,120 |
|
|
Research and development |
|
6,424 |
|
|
|
5,233 |
|
|
|
13,509 |
|
|
|
10,788 |
|
|
Amortization of definite-lived intangibles |
|
3,852 |
|
|
|
8,275 |
|
|
|
25,816 |
|
|
|
16,549 |
|
|
Restructuring charges |
|
10,803 |
|
|
|
456 |
|
|
|
14,970 |
|
|
|
640 |
|
|
Total operating expenses |
|
77,099 |
|
|
|
79,871 |
|
|
|
166,690 |
|
|
|
144,926 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
21,408 |
|
|
|
37,202 |
|
|
|
17,940 |
|
|
|
63,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(11,843 |
) |
|
|
(10,711 |
) |
|
|
(24,650 |
) |
|
|
(22,072 |
) |
|
Loss on extinguishment of debt |
|
(1,154 |
) |
|
|
- |
|
|
|
(1,154 |
) |
|
|
- |
|
|
(Loss) gain on sale of subsidiary |
|
(69 |
) |
|
|
- |
|
|
|
1,270 |
|
|
|
- |
|
|
Other, net |
|
5,068 |
|
|
|
7,638 |
|
|
|
6,266 |
|
|
|
9,608 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
13,410 |
|
|
|
34,129 |
|
|
|
(328 |
) |
|
|
50,606 |
|
|
Income tax (provision) benefit |
|
(6,586 |
) |
|
|
(6,337 |
) |
|
|
1,338 |
|
|
|
(5,568 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
6,824 |
|
|
$ |
27,792 |
|
|
$ |
1,010 |
|
|
$ |
45,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.07 |
|
|
$ |
0.27 |
|
|
$ |
0.01 |
|
|
$ |
0.44 |
|
|
Diluted |
|
0.07 |
|
|
|
0.27 |
|
|
|
0.01 |
|
|
|
0.43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
102,759 |
|
|
|
101,270 |
|
|
|
102,570 |
|
|
|
101,941 |
|
|
Diluted |
|
104,820 |
|
|
|
103,221 |
|
|
|
104,575 |
|
|
|
103,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of the denominator used to calculate basic earnings
per share and diluted earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares outstanding |
|
102,759 |
|
|
|
101,270 |
|
|
|
102,570 |
|
|
|
101,941 |
|
|
Dilutive effect of warrants |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
Dilutive effect of performance-based stock units, restricted stock
units & stock options |
|
2,061 |
|
|
|
1,951 |
|
|
|
2,005 |
|
|
|
1,818 |
|
|
Diluted shares |
|
104,820 |
|
|
|
103,221 |
|
|
|
104,575 |
|
|
|
103,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET DATA |
|
|
|
|
|
|
|
July 3, 2023 |
|
January 2, 2023 |
|
Cash and cash equivalents, including restricted cash |
$ |
398,716 |
|
|
$ |
402,749 |
|
|
Accounts and notes receivable, net |
|
386,903 |
|
|
|
473,225 |
|
|
Receivable from sale of SH E-MS property |
|
6,595 |
|
|
|
69,240 |
|
|
Contract assets |
|
312,529 |
|
|
|
335,788 |
|
|
Inventories |
|
186,765 |
|
|
|
170,639 |
|
|
Total current assets |
|
1,336,054 |
|
|
|
1,493,056 |
|
|
Property, plant and equipment, net |
|
709,577 |
|
|
|
724,204 |
|
|
Operating lease right of use asset |
|
14,041 |
|
|
|
18,862 |
|
|
Other non-current assets |
|
1,088,819 |
|
|
|
1,087,482 |
|
|
Total assets |
|
3,148,491 |
|
|
|
3,323,604 |
|
|
|
|
|
|
|
|
|
Short-term debt, including current portion of long-term debt |
$ |
3,500 |
|
|
$ |
50,000 |
|
|
Accounts payable |
|
306,298 |
|
|
|
361,788 |
|
|
Total current liabilities |
|
602,384 |
|
|
|
761,325 |
|
|
Debt, net of discount |
|
864,413 |
|
|
|
879,407 |
|
|
Total long-term liabilities |
|
1,001,798 |
|
|
|
1,026,700 |
|
|
Total equity |
|
1,544,309 |
|
|
|
1,535,579 |
|
|
Total liabilities and equity |
|
3,148,491 |
|
|
|
3,323,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DATA |
Second Quarter |
|
First Two Quarters |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
Gross margin |
|
18.0 |
% |
|
|
18.7 |
% |
|
|
16.9 |
% |
|
|
17.2 |
% |
|
Operating margin |
|
3.9 |
% |
|
|
5.9 |
% |
|
|
1.6 |
% |
|
|
5.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Market Breakdown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
|
|
|
|
|
|
|
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Aerospace and Defense |
|
47 |
% |
|
|
30 |
% |
|
|
|
|
|
|
|
|
|
Automotive |
|
17 |
% |
|
|
18 |
% |
|
|
|
|
|
|
|
|
|
Data Center Computing |
|
12 |
% |
|
|
17 |
% |
|
|
|
|
|
|
|
|
|
Medical/Industrial/Instrumentation |
|
16 |
% |
|
|
21 |
% |
|
|
|
|
|
|
|
|
|
Networking |
|
8 |
% |
|
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based Compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
|
|
|
|
|
|
|
Amount included in: |
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
$ |
1,497 |
|
|
$ |
1,172 |
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
698 |
|
|
|
620 |
|
|
|
|
|
|
|
|
|
|
General and administrative |
|
2,677 |
|
|
|
2,396 |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
249 |
|
|
|
239 |
|
|
|
|
|
|
|
|
|
|
Total stock-based compensation expense |
$ |
5,121 |
|
|
$ |
4,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Segment Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
|
|
|
|
|
|
|
|
Net sales: |
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
PCB |
$ |
536,531 |
|
|
$ |
609,429 |
|
|
|
|
|
|
|
|
|
|
RF&S Components |
|
9,978 |
|
|
|
16,121 |
|
|
|
|
|
|
|
|
|
|
Total net sales |
$ |
546,509 |
|
|
$ |
625,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating segment income: |
|
|
|
|
|
|
|
|
|
|
|
|
PCB |
$ |
58,479 |
|
|
$ |
91,908 |
|
|
|
|
|
|
|
|
|
|
RF&S Components |
|
3,202 |
|
|
|
6,678 |
|
|
|
|
|
|
|
|
|
|
Corporate & Other |
|
(33,998 |
) |
|
|
(51,726 |
) |
|
|
|
|
|
|
|
|
|
Total operating segment income |
|
27,683 |
|
|
|
46,860 |
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
(6,275 |
) |
|
|
(9,658 |
) |
|
|
|
|
|
|
|
|
|
Total operating income |
|
21,408 |
|
|
|
37,202 |
|
|
|
|
|
|
|
|
|
|
Total other expense |
|
(7,998 |
) |
|
|
(3,073 |
) |
|
|
|
|
|
|
|
|
|
Income before income taxes |
$ |
13,410 |
|
|
$ |
34,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATIONS1 |
Second Quarter |
|
First Two Quarters |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit reconciliation2: |
|
|
|
|
|
|
|
|
GAAP gross profit |
$ |
98,507 |
|
|
$ |
117,073 |
|
|
$ |
184,630 |
|
|
$ |
207,996 |
|
|
Add back item: |
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
2,423 |
|
|
|
1,383 |
|
|
|
8,231 |
|
|
|
2,767 |
|
|
Accelerated depreciation associated with plant closures |
|
1,416 |
|
|
|
105 |
|
|
|
2,649 |
|
|
|
105 |
|
|
Stock-based compensation |
|
1,497 |
|
|
|
1,172 |
|
|
|
3,159 |
|
|
|
2,448 |
|
|
Unrealized loss (gain) on commodity hedge |
|
867 |
|
|
|
5,210 |
|
|
|
(1,261 |
) |
|
|
3,807 |
|
|
Purchase accounting related inventory markup |
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
- |
|
|
Non-GAAP gross profit |
$ |
104,874 |
|
|
$ |
124,943 |
|
|
$ |
197,735 |
|
|
$ |
217,123 |
|
|
Non-GAAP gross margin |
|
19.2% |
|
|
|
20.0% |
|
|
|
18.1% |
|
|
|
18.0% |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income reconciliation3: |
|
|
|
|
|
|
|
|
GAAP operating income |
$ |
21,408 |
|
|
$ |
37,202 |
|
|
$ |
17,940 |
|
|
$ |
63,070 |
|
|
Add back items: |
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
6,275 |
|
|
|
9,658 |
|
|
|
34,047 |
|
|
|
19,316 |
|
|
Accelerated depreciation associated with plant closures |
|
1,373 |
|
|
|
105 |
|
|
|
2,649 |
|
|
|
105 |
|
|
Stock-based compensation |
|
5,121 |
|
|
|
4,427 |
|
|
|
10,361 |
|
|
|
8,661 |
|
|
Gain on sale of assets |
|
(42 |
) |
|
|
- |
|
|
|
(215 |
) |
|
|
- |
|
|
Unrealized loss (gain) on commodity hedge |
|
867 |
|
|
|
5,210 |
|
|
|
(1,261 |
) |
|
|
3,807 |
|
|
Purchase accounting related inventory markup |
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
- |
|
|
Restructuring, acquisition-related and other charges |
|
10,924 |
|
|
|
11,012 |
|
|
|
15,592 |
|
|
|
12,150 |
|
|
Non-GAAP operating income |
$ |
46,090 |
|
|
$ |
67,614 |
|
|
$ |
79,440 |
|
|
$ |
107,109 |
|
|
Non-GAAP operating margin |
|
8.4% |
|
|
|
10.8% |
|
|
|
7.3% |
|
|
|
8.9% |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income and EPS reconciliation4: |
|
|
|
|
|
|
|
|
GAAP net income |
$ |
6,824 |
|
|
$ |
27,792 |
|
|
$ |
1,010 |
|
|
$ |
45,038 |
|
|
Add back items: |
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
6,275 |
|
|
|
9,658 |
|
|
|
34,047 |
|
|
|
19,316 |
|
|
Accelerated depreciation associated with plant closures |
|
1,373 |
|
|
|
105 |
|
|
|
2,649 |
|
|
|
105 |
|
|
Stock-based compensation |
|
5,121 |
|
|
|
4,427 |
|
|
|
10,361 |
|
|
|
8,661 |
|
|
Non-cash interest expense |
|
497 |
|
|
|
537 |
|
|
|
1,224 |
|
|
|
1,069 |
|
|
Gain on sale of assets |
|
(42 |
) |
|
|
- |
|
|
|
(215 |
) |
|
|
(827 |
) |
|
Change in fair value of warrant liabilities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(99 |
) |
|
Loss on extinguishment of debt |
|
1,154 |
|
|
|
- |
|
|
|
1,154 |
|
|
|
- |
|
|
Loss (gain) on sale of subsidiary |
|
69 |
|
|
|
- |
|
|
|
(1,270 |
) |
|
|
- |
|
|
Unrealized loss (gain) on commodity hedge |
|
867 |
|
|
|
5,210 |
|
|
|
(1,261 |
) |
|
|
3,807 |
|
|
Purchase accounting related inventory markup |
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
- |
|
|
Restructuring, acquisition-related and other charges |
|
10,924 |
|
|
|
11,012 |
|
|
|
15,592 |
|
|
|
12,150 |
|
|
Income taxes5 |
|
(182 |
) |
|
|
(3,424 |
) |
|
|
(11,926 |
) |
|
|
(8,650 |
) |
|
Non-GAAP net income |
$ |
33,044 |
|
|
$ |
55,317 |
|
|
$ |
51,692 |
|
|
$ |
80,570 |
|
|
Non-GAAP earnings per diluted share |
$ |
0.32 |
|
|
$ |
0.54 |
|
|
$ |
0.49 |
|
|
$ |
0.78 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA reconciliation6: |
|
|
|
|
|
|
|
|
GAAP net income |
$ |
6,824 |
|
|
$ |
27,792 |
|
|
$ |
1,010 |
|
|
$ |
45,038 |
|
|
Add back items: |
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
6,586 |
|
|
|
6,337 |
|
|
|
(1,338 |
) |
|
|
5,568 |
|
|
Interest expense |
|
11,843 |
|
|
|
10,711 |
|
|
|
24,650 |
|
|
|
22,072 |
|
|
Amortization of definite-lived intangibles |
|
6,275 |
|
|
|
9,658 |
|
|
|
34,047 |
|
|
|
19,316 |
|
|
Depreciation expense |
|
24,937 |
|
|
|
21,789 |
|
|
|
50,190 |
|
|
|
43,289 |
|
|
Stock-based compensation |
|
5,121 |
|
|
|
4,427 |
|
|
|
10,361 |
|
|
|
8,661 |
|
|
Gain on sale of assets |
|
(42 |
) |
|
|
- |
|
|
|
(215 |
) |
|
|
(827 |
) |
|
Change in fair value of warrant liabilities |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(99 |
) |
|
Loss on extinguishment of debt |
|
1,154 |
|
|
|
- |
|
|
|
1,154 |
|
|
|
- |
|
|
Loss (gain) on sale of subsidiary |
|
69 |
|
|
|
- |
|
|
|
(1,270 |
) |
|
|
- |
|
|
Unrealized loss (gain) on commodity hedge |
|
867 |
|
|
|
5,210 |
|
|
|
(1,261 |
) |
|
|
3,807 |
|
|
Purchase accounting related inventory markup |
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
- |
|
|
Restructuring, acquisition-related and other charges |
|
10,924 |
|
|
|
11,012 |
|
|
|
15,592 |
|
|
|
12,150 |
|
|
Adjusted EBITDA |
$ |
74,722 |
|
|
$ |
96,936 |
|
|
$ |
133,247 |
|
|
$ |
158,975 |
|
|
Adjusted EBITDA margin |
|
13.7% |
|
|
|
15.5% |
|
|
|
12.2% |
|
|
|
13.2% |
|
|
|
|
|
|
|
|
|
|
|
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
Operating cash flow |
$ |
25,884 |
|
|
$ |
79,317 |
|
|
$ |
80,962 |
|
|
$ |
115,308 |
|
|
Capital expenditures, net |
|
(49,417 |
) |
|
|
(26,394 |
) |
|
|
(80,124 |
) |
|
|
(49,814 |
) |
|
Free cash flow |
$ |
(23,533 |
) |
|
$ |
52,923 |
|
|
$ |
838 |
|
|
$ |
65,494 |
|
|
|
|
|
|
|
|
|
|
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 associated with plant
closures, stock-based compensation expense, unrealized loss (gain)
on commodity hedge, and purchase accounting related inventory
markup. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 Non-GAAP
operating income and operating margin measures exclude amortization
of intangibles, accelerated depreciation associated with plant
closures, stock-based compensation expense, gain on sale of assets,
unrealized loss (gain) on commodity hedge, purchase accounting
related inventory markup, 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, accelerated
depreciation associated with plant closures, stock-based
compensation expense, non-cash interest expense on debt (before
consideration of capitalized interest), gain on sale of assets,
change in fair value of warrant liabilities, loss on extinguishment
of debt, loss (gain) on sale of subsidiary, unrealized loss (gain)
on commodity hedge, purchase accounting related inventory markup,
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 assets, change in fair value of warrant
liabilities, loss on extinguishment of debt, loss (gain) on sale of
subsidiary, unrealized loss (gain) on commodity hedge, purchase
accounting related inventory markup, 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. |
|
|
|
|
|
|
|
Contact:Sameer Desai,Vice
President, Corporate Development & Investor
RelationsSameer.desai@ttmtech.com714-327-3050
TTM Technologies (NASDAQ:TTMI)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
TTM Technologies (NASDAQ:TTMI)
Gráfica de Acción Histórica
De May 2023 a May 2024