TTM Technologies, Inc. (NASDAQ: TTMI), a leading global
manufacturer of technology solutions including mission systems,
radio frequency (“RF”) components and RF microwave/microelectronic
assemblies, quick-turn and technologically advanced printed circuit
boards (“PCB”), today reported results for the second quarter 2024,
which ended on July 1, 2024.
Second Quarter 2024
Highlights
- Net sales were $605.1 million
- GAAP net income of $26.4 million, or $0.25 per diluted
share
- Non-GAAP net income was $40.1 million, or $0.39 per diluted
share
- Cash flow from operations was $41.9 million
- Repurchased 1.39 million shares of common stock for $25.1
million at an average price of $18.09 per share
- Anticipate close of the refinancing of $346.5 million of a
senior secured term loan at an interest rate of SOFR + 2.25%
Second Quarter 2024 GAAP Financial
Results
Net sales for the second quarter of 2024 were
$605.1 million, compared to $546.5 million in the second quarter of
2023.
GAAP operating income for the second quarter of
2024 was $39.0 million compared to GAAP operating income for the
second quarter of 2023 of $21.4 million.
GAAP net income for the second quarter of 2024
was $26.4 million, or $0.25 per diluted share, compared to GAAP net
income of $6.8 million, or $0.07 per diluted share in the second
quarter of 2023.
Second Quarter 2024 Non-GAAP Financial
Results On
a non-GAAP basis, net income for the second quarter of 2024 was
$40.1 million, or $0.39 per diluted share. This compares to
non-GAAP net income of $33.0 million, or $0.32 per diluted share,
for the second quarter of 2023.
Adjusted EBITDA in the second quarter of 2024
was $84.6 million, or 14.0% of sales compared to adjusted EBITDA of
$74.7 million, or 13.7% of sales for the second quarter of
2023.
“TTM reported Non-GAAP EPS that was above the
guided range and demonstrated solid year on year growth due to
higher revenues and improved operational execution. Revenues were
above the guided range, representing the second consecutive quarter
of year on year growth due to demand strength in our Aerospace and
Defense and Data Center Computing end markets, the latter being
driven by generative AI,” said Tom Edman, CEO of TTM. “In addition,
cash flow from operations was a healthy $41.9 million enabling us
to repurchase stock while maintaining a solid balance sheet with a
net leverage ratio of 1.4x. Finally, we refinanced our Term Loan B,
reducing interest expense going forward,” concluded Mr. Edman.
Refinancing of Term Loan B
We anticipate that on August 1, 2024, we will
close the refinancing of $346.5 million of a senior secured term
loan (“New Term Loan Facility”) at an interest rate of SOFR +
2.25%, 50 basis points lower than our previous Term B Loans issued
in May 2023. Upon closing, the new Term B Loans will be issued at
par and maintain the same maturity of May 2030. Once issued, this
debt will amend and restate TTM’s previous senior secured term loan
facility. We anticipate using the proceeds from the New Term Loan
Facility to refinance $346.5 million of such outstanding
indebtedness. We have used cash on hand to pay fees and expenses of
approximately $1 million related to the refinancing activity. Once
finalized, the new financing is expected to generate annual
interest savings of approximately $1.7 million.
Business Outlook
For the third quarter of 2024, TTM estimates
that revenues will be in the range of $580 million to $620 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, 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
2024 results and the third quarter 2024 outlook on Wednesday, July
31, 2024, 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 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. second quarter 2024
webcast. The webcast will remain accessible for one week following
the live event.
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 2024 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 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
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 -
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TTM TECHNOLOGIES, INC. |
Selected Unaudited Financial Information |
(In thousands, except per share data) |
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CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
Second Quarter |
|
First Two Quarters |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
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Net sales |
$ |
605,137 |
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$ |
546,509 |
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|
$ |
1,175,250 |
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|
$ |
1,090,946 |
|
Cost of goods sold |
|
487,910 |
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|
448,002 |
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|
954,304 |
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|
906,316 |
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Gross profit |
|
117,227 |
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|
98,507 |
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|
220,946 |
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|
184,630 |
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Operating expenses: |
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Selling and marketing |
|
19,798 |
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|
18,180 |
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|
40,092 |
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|
39,482 |
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General and administrative |
|
38,604 |
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|
37,840 |
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|
82,274 |
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72,913 |
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Research and development |
|
8,547 |
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|
6,424 |
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15,868 |
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|
13,509 |
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Amortization of definite-lived intangibles |
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10,256 |
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|
3,852 |
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|
21,685 |
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|
25,816 |
|
Restructuring charges |
|
1,036 |
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|
10,803 |
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|
4,974 |
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|
14,970 |
|
Total operating expenses |
|
78,241 |
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|
77,099 |
|
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|
164,893 |
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|
166,690 |
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Operating income |
|
38,986 |
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|
21,408 |
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|
56,053 |
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|
17,940 |
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Interest expense |
|
(12,219 |
) |
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|
(11,843 |
) |
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|
(24,543 |
) |
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|
(24,650 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
(1,154 |
) |
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- |
|
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|
(1,154 |
) |
(Loss) gain on sale of subsidiary |
|
- |
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(69 |
) |
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|
- |
|
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|
1,270 |
|
Other, net |
|
3,765 |
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|
5,068 |
|
|
|
13,091 |
|
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|
6,266 |
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Income (loss) before income taxes |
|
30,532 |
|
|
|
13,410 |
|
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|
44,601 |
|
|
|
(328 |
) |
Income tax (provision) benefit |
|
(4,180 |
) |
|
|
(6,586 |
) |
|
|
(7,783 |
) |
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|
1,338 |
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Net income |
$ |
26,352 |
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$ |
6,824 |
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$ |
36,818 |
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$ |
1,010 |
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Earnings per share: |
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Basic |
$ |
0.26 |
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$ |
0.07 |
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$ |
0.36 |
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$ |
0.01 |
|
Diluted |
|
0.25 |
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|
0.07 |
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|
0.35 |
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|
0.01 |
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Weighted-average shares used in computing per share amounts: |
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Basic |
|
101,234 |
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|
102,759 |
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|
101,593 |
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|
102,570 |
|
Diluted |
|
103,889 |
|
|
|
104,820 |
|
|
|
103,993 |
|
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|
104,575 |
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Reconciliation of the denominator used to calculate basic earnings
per share and diluted earnings per share: |
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Weighted-average shares outstanding |
|
101,234 |
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|
102,759 |
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|
101,593 |
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|
102,570 |
|
Dilutive effect of performance-based stock units, restricted stock
units and stock options |
|
2,655 |
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|
2,061 |
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|
2,400 |
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|
2,005 |
|
Diluted shares |
|
103,889 |
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|
104,820 |
|
|
|
103,993 |
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|
104,575 |
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SELECTED BALANCE SHEET DATA |
July 1, 2024 |
|
January 1, 2024 |
Cash and cash equivalents, including restricted cash |
$ |
446,247 |
|
|
$ |
450,208 |
|
Accounts and notes receivable, net |
|
400,714 |
|
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|
413,557 |
|
Receivable from sale of SH E-MS property |
|
- |
|
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|
6,737 |
|
Contract assets |
|
340,120 |
|
|
|
292,050 |
|
Inventories |
|
216,906 |
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|
213,075 |
|
Total current assets |
|
1,452,631 |
|
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|
1,429,687 |
|
Property, plant and equipment, net |
|
838,243 |
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|
807,667 |
|
Operating lease right of use asset |
|
81,886 |
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|
86,286 |
|
Other non-current assets |
|
970,604 |
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|
1,000,023 |
|
Total assets |
|
3,343,364 |
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|
3,323,663 |
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Short-term debt, including current portion of long-term debt |
$ |
2,625 |
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|
$ |
3,500 |
|
Accounts payable |
|
371,189 |
|
|
|
334,609 |
|
Total current liabilities |
|
712,100 |
|
|
|
703,984 |
|
Debt, net of discount |
|
913,428 |
|
|
|
914,336 |
|
Total long-term liabilities |
|
1,102,365 |
|
|
|
1,108,640 |
|
Total equity |
|
1,528,899 |
|
|
|
1,511,039 |
|
Total liabilities and equity |
|
3,343,364 |
|
|
|
3,323,663 |
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SUPPLEMENTAL DATA |
Second Quarter |
|
First Two Quarters |
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Gross margin |
19.4 |
% |
|
18.0 |
% |
|
18.8 |
% |
|
16.9 |
% |
Operating margin |
6.4 |
% |
|
3.9 |
% |
|
4.8 |
% |
|
1.6 |
% |
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End Market Breakdown: |
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Second Quarter |
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|
2024 |
|
2023 |
|
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Aerospace and Defense |
45 |
% |
|
47 |
% |
|
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Automotive |
14 |
% |
|
17 |
% |
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Data Center Computing |
21 |
% |
|
12 |
% |
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Medical/Industrial/Instrumentation |
14 |
% |
|
16 |
% |
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Networking |
6 |
% |
|
8 |
% |
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Stock-based Compensation: |
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Second Quarter |
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Amount included in: |
2024 |
|
2023 |
|
|
|
|
|
|
Cost of goods sold |
$ |
1,941 |
|
|
$ |
1,497 |
|
|
|
|
|
|
|
Selling and marketing |
836 |
|
|
698 |
|
|
|
|
|
|
|
General and administrative |
3,468 |
|
|
2,677 |
|
|
|
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Research and development |
335 |
|
|
249 |
|
|
|
|
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|
Total stock-based compensation expense |
$ |
6,580 |
|
|
$ |
5,121 |
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Operating Segment Data: |
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Second Quarter |
|
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Net sales: |
2024 |
|
2023 |
|
|
|
|
|
|
PCB |
$ |
596,107 |
|
|
$ |
536,531 |
|
|
|
|
|
|
|
RF&S Components |
9,030 |
|
|
9,978 |
|
|
|
|
|
|
|
Total net sales |
$ |
605,137 |
|
|
$ |
546,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Operating segment income: |
|
|
|
|
|
|
|
|
|
|
|
PCB |
$ |
90,927 |
|
|
$ |
58,479 |
|
|
|
|
|
|
|
RF&S Components |
2,052 |
|
|
3,202 |
|
|
|
|
|
|
|
Corporate & Other |
(41,402 |
) |
|
(33,998 |
) |
|
|
|
|
|
|
Total operating segment income |
51,577 |
|
|
27,683 |
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
(12,591 |
) |
|
(6,275 |
) |
|
|
|
|
|
|
Total operating income |
38,986 |
|
|
21,408 |
|
|
|
|
|
|
|
Total other expense |
(8,454 |
) |
|
(7,998 |
) |
|
|
|
|
|
|
Income before income taxes |
$ |
30,532 |
|
|
$ |
13,410 |
|
|
|
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RECONCILIATIONS1 |
|
Second Quarter |
|
First Two Quarters |
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|
2024 |
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2023 |
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2024 |
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2023 |
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Non-GAAP gross profit reconciliation2: |
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GAAP gross
profit |
|
|
|
$ |
117,227 |
|
|
$ |
98,507 |
|
|
$ |
220,946 |
|
|
$ |
184,630 |
|
|
|
|
Add back item: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
2,335 |
|
|
|
2,423 |
|
|
|
4,671 |
|
|
|
8,231 |
|
|
|
|
Stock-based compensation |
|
|
|
1,941 |
|
|
|
1,497 |
|
|
|
3,970 |
|
|
|
3,159 |
|
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
|
(434 |
) |
|
|
867 |
|
|
|
(1,186 |
) |
|
|
(1,261 |
) |
|
|
|
Purchase accounting related inventory markup |
|
|
|
- |
|
|
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
|
Other charges |
|
|
|
- |
|
|
|
1,416 |
|
|
|
(162 |
) |
|
|
2,649 |
|
|
|
|
Non-GAAP
gross profit |
|
|
|
$ |
121,069 |
|
|
$ |
104,874 |
|
|
$ |
228,239 |
|
|
$ |
197,735 |
|
|
|
|
Non-GAAP gross margin |
|
|
20.0 |
% |
|
|
19.2 |
% |
|
|
19.4 |
% |
|
|
18.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income reconciliation3: |
|
|
|
|
|
|
|
|
|
|
|
GAAP
operating income |
|
|
|
$ |
38,986 |
|
|
$ |
21,408 |
|
|
$ |
56,053 |
|
|
$ |
17,940 |
|
|
|
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
12,591 |
|
|
|
6,275 |
|
|
|
26,356 |
|
|
|
34,047 |
|
|
|
|
Stock-based compensation |
|
|
|
6,580 |
|
|
|
5,121 |
|
|
|
13,367 |
|
|
|
10,361 |
|
|
|
|
Gain on sale of property |
|
|
|
|
(14,420 |
) |
|
|
(42 |
) |
|
|
(7,973 |
) |
|
|
(215 |
) |
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
|
(434 |
) |
|
|
867 |
|
|
|
(1,186 |
) |
|
|
(1,261 |
) |
|
|
|
Purchase accounting related inventory markup |
|
|
|
- |
|
|
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
|
Restructuring, acquisition-related and other charges |
|
|
|
11,220 |
|
|
|
12,297 |
|
|
|
8,599 |
|
|
|
18,241 |
|
|
|
|
Non-GAAP
operating income |
|
|
|
$ |
54,523 |
|
|
$ |
46,090 |
|
|
$ |
95,216 |
|
|
$ |
79,440 |
|
|
|
|
Non-GAAP operating margin |
|
|
9.0 |
% |
|
|
8.4 |
% |
|
|
8.1 |
% |
|
|
7.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income and EPS reconciliation4: |
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
|
|
$ |
26,352 |
|
|
$ |
6,824 |
|
|
$ |
36,818 |
|
|
$ |
1,010 |
|
|
|
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
12,591 |
|
|
|
6,275 |
|
|
|
26,356 |
|
|
|
34,047 |
|
|
|
|
Stock-based compensation |
|
|
|
6,580 |
|
|
|
5,121 |
|
|
|
13,367 |
|
|
|
10,361 |
|
|
|
|
Non-cash interest expense |
|
|
|
506 |
|
|
|
497 |
|
|
|
1,024 |
|
|
|
1,224 |
|
|
|
|
Gain on sale of property |
|
|
|
|
(14,420 |
) |
|
|
(42 |
) |
|
|
(7,973 |
) |
|
|
(215 |
) |
|
|
|
Loss on extinguishment of debt |
|
|
|
|
- |
|
|
|
1,154 |
|
|
|
- |
|
|
|
1,154 |
|
|
|
|
Loss (gain) on sale of subsidiary |
|
|
|
|
- |
|
|
|
69 |
|
|
|
- |
|
|
|
(1,270 |
) |
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
|
(434 |
) |
|
|
867 |
|
|
|
(1,186 |
) |
|
|
(1,261 |
) |
|
|
|
Purchase accounting related inventory markup |
|
|
|
- |
|
|
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
|
Restructuring, acquisition-related and other charges |
|
|
|
|
11,308 |
|
|
|
12,297 |
|
|
|
8,599 |
|
|
|
18,241 |
|
|
|
|
Income taxes5 |
|
|
|
(2,352 |
) |
|
|
(182 |
) |
|
|
(4,087 |
) |
|
|
(11,926 |
) |
|
|
|
Non-GAAP net
income |
|
|
|
$ |
40,131 |
|
|
$ |
33,044 |
|
|
$ |
72,918 |
|
|
$ |
51,692 |
|
|
|
|
Non-GAAP earnings per diluted share |
|
$ |
0.39 |
|
|
$ |
0.32 |
|
|
$ |
0.70 |
|
|
$ |
0.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA reconciliation6: |
|
|
|
|
|
|
|
|
|
|
|
GAAP net
income |
|
|
|
$ |
26,352 |
|
|
$ |
6,824 |
|
|
$ |
36,818 |
|
|
$ |
1,010 |
|
|
|
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
|
Income tax provision (benefit) |
|
|
|
|
4,180 |
|
|
|
6,586 |
|
|
|
7,783 |
|
|
|
(1,338 |
) |
|
|
|
Interest expense |
|
|
|
12,219 |
|
|
|
11,843 |
|
|
|
24,543 |
|
|
|
24,650 |
|
|
|
|
Amortization of definite-lived intangibles |
|
|
|
12,591 |
|
|
|
6,275 |
|
|
|
26,356 |
|
|
|
34,047 |
|
|
|
|
Depreciation expense |
|
|
|
26,184 |
|
|
|
24,937 |
|
|
|
50,880 |
|
|
|
50,190 |
|
|
|
|
Stock-based compensation |
|
|
|
6,580 |
|
|
|
5,121 |
|
|
|
13,367 |
|
|
|
10,361 |
|
|
|
|
Gain on sale of property |
|
|
|
|
(14,420 |
) |
|
|
(42 |
) |
|
|
(7,973 |
) |
|
|
(215 |
) |
|
|
|
Loss on extinguishment of debt |
|
|
|
|
- |
|
|
|
1,154 |
|
|
|
- |
|
|
|
1,154 |
|
|
|
|
Loss (gain) on sale of subsidiary |
|
|
|
|
- |
|
|
|
69 |
|
|
|
- |
|
|
|
(1,270 |
) |
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
|
(434 |
) |
|
|
867 |
|
|
|
(1,186 |
) |
|
|
(1,261 |
) |
|
|
|
Purchase accounting related inventory markup |
|
|
|
- |
|
|
|
164 |
|
|
|
- |
|
|
|
327 |
|
|
|
|
Restructuring, acquisition-related and other charges |
|
|
|
|
11,308 |
|
|
|
10,924 |
|
|
|
8,761 |
|
|
|
15,592 |
|
|
|
|
Adjusted EBITDA |
|
$ |
84,560 |
|
|
$ |
74,722 |
|
|
$ |
159,349 |
|
|
$ |
133,247 |
|
|
|
|
Adjusted EBITDA margin |
|
|
14.0 |
% |
|
|
13.7 |
% |
|
|
13.6 |
% |
|
|
12.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
|
$ |
41,855 |
|
|
$ |
25,884 |
|
|
$ |
85,750 |
|
|
$ |
80,962 |
|
|
|
|
Capital expenditures, net |
|
|
(9,955 |
) |
|
|
(49,417 |
) |
|
|
(59,251 |
) |
|
|
(80,124 |
) |
|
|
|
Free cash flow |
|
$ |
31,900 |
|
|
$ |
(23,533 |
) |
|
$ |
26,499 |
|
|
$ |
838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 (gain) loss 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 assets, unrealized (gain)
loss 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, stock-based compensation expense, non-cash interest
expense on debt (before consideration of capitalized interest),
gain on sale of assets, loss on extinguishment of debt, loss (gain)
on sale of subsidiary, unrealized (gain) loss 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, loss on extinguishment of debt, loss (gain) on sale of
subsidiary, unrealized (gain) loss 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.
TTM Technologies (NASDAQ:TTMI)
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TTM Technologies (NASDAQ:TTMI)
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