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 quick-turn and technologically advanced printed
circuit boards (“PCB”), today reported results for the fourth
quarter and full year 2023, which ended on January 1,
2024.
Fourth Quarter 2023 Highlights
- Net sales were $569.0 million
- GAAP net income of $17.3 million, or $0.17 per diluted
share
- Non-GAAP net income was $43.0 million, or $0.41 per diluted
share
- Cash flow from operations was $47.5 million
- Repurchased 784 thousand shares of common stock for $9.8
million at an average price of $12.52 per share
Fourth Quarter 2023 GAAP Financial Results
Net sales for the fourth quarter of 2023 were $569.0 million,
compared to $617.2 million in the fourth quarter of 2022.
GAAP operating income for the fourth quarter of 2023 was $34.6
million. GAAP operating income for the fourth quarter of 2022 was
$97.6 million and included a gain of $51.8 million in December 2022
from the sale of the property occupied by our former Shanghai E-MS
entity.
GAAP net income for the fourth quarter of 2023 was $17.3
million, or $0.17 per diluted share, compared to GAAP net income of
$6.0 million, or $0.06 per diluted share in the fourth quarter of
2022.
Fourth Quarter 2023 Non-GAAP Financial
Results
On a non-GAAP basis, net income for the fourth quarter of 2023
was $43.0 million, or $0.41 per diluted share. This compares to
non-GAAP net income of $42.7 million, or $0.41 per diluted share,
for the fourth quarter of 2022.
Adjusted EBITDA in the fourth quarter of 2023 was $80.9 million,
or 14.2% of sales compared to adjusted EBITDA of $81.6 million, or
13.2% of sales for the fourth quarter of 2022.
“TTM executed a strong finish to the year registering a Non-GAAP
EPS that was above the high end of the guided range due to
excellent operating performance and favorable product mix. Revenues
were within the guided range as upside in our Aerospace and Defense
and Data Center Computing end markets was offset by demand softness
in our Automotive and Medical, Industrial and Instrumentation end
markets,” said Tom Edman, CEO of TTM. “In addition, cash flow from
operations was a healthy 8.3% of revenue enabling us to repurchase
stock while maintaining a solid balance sheet with a net leverage
ratio of 1.6x. Finally, our Penang facility has all major processes
running and we are currently sampling product to customers,”
concluded Mr. Edman.
Full Year 2023 ResultsNet sales for 2023
decreased to $2.2 billion from $2.5 billion in 2022, an 11%
decrease.
GAAP operating income for 2023 was $42.3 million, inclusive of a
$44.1 million goodwill impairment charge related to the RF&S
Components segment. This is a decrease from GAAP operating income
of $210.4 million in 2022.
GAAP net loss for 2023 was $18.7 million, or ($0.18) per diluted
share, compared to GAAP net income of $94.6 million, or $0.91 per
diluted share, in 2022.
On a non-GAAP basis, net income for 2023 was $139.5 million, or
$1.33 per diluted share. This compares to 2022 non-GAAP net income
of $181.2 million, or $1.74 per diluted share.
Adjusted EBITDA for 2023 was $298.2 million, or 13.4% of net
sales, compared to $343.1 million, or 13.8% of net sales, for
2022.
"We delivered solid results in 2023 despite a challenging year.
Declines in our commercial end markets were partially offset with
growth in our Aerospace and Defense end market. Better product mix
and execution in North America and Asia Pacific helped to mitigate
margin declines," continued Edman. “We refinanced our Term Loan and
ABL, improving tenor, resulting in no maturities until 2028.
Finally, in 2023, we generated $187.3 million in operating cash
flow which enabled us to strengthen our balance sheet, while
returning $24.4 million of capital to our shareholders.”
Business Outlook
For the first quarter of 2024, TTM estimates that revenues will
be in the range of $530 million to $570 million, and non-GAAP net
income will be in the range of $0.24 to $0.30 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 fourth quarter 2023 results
and the first quarter 2024 outlook on Wednesday, February 7, 2024,
at 11:00 a.m. Eastern Time (8:00 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. fourth quarter and full 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 will also be
simulcast on the company’s website, and can be accessed by clicking
on the link TTM Technologies, Inc. fourth quarter and full year
2023 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. fourth quarter and
full 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 Statements The preliminary
financial results included in this press release represent the most
current information available to management. The company’s actual
results when disclosed in its Form 10-K may differ from these
preliminary results as a result of the completion of the company’s
financial closing procedures, final adjustments, completion of the
review by the company’s independent registered accounting firm, and
other developments that may arise between now and the disclosure of
the final results. This release contains forward-looking statements
that relate to future events or performance. TTM cautions you that
such statements are simply predictions and actual events or results
may differ materially. These statements reflect TTM's current
expectations, and TTM does not undertake to update or revise these
forward looking statements, even if experience or future changes
make it clear that any projected results expressed or implied in
this or other TTM statements will not be realized. Further, these
statements involve risks and uncertainties, many of which are
beyond TTM's control, which could cause actual results to differ
materially from the forward-looking statements. These risks and
uncertainties include, but are not limited to, the impact of
COVID-19, general market and economic conditions, including
interest rates, currency exchange rates ,and consumer spending,
demand for TTM's products, market pressures on prices of TTM's
products, warranty claims, changes in product mix, contemplated
significant capital expenditures and related financing
requirements, TTM's dependence upon a small number of customers,
and other factors set forth in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" sections of the Company's public reports filed with the
SEC.
About Our Non-GAAP Financial 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.
Contact:Sameer Desai,Vice President, Corporate
Development & Investor
RelationsSameer.desai@ttmtech.com714-327-3050
TTM TECHNOLOGIES, INC. |
Selected Unaudited Financial Information |
(In thousands, except per share data) |
|
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CONSOLIDATED CONDENSED STATEMENTS OF
OPERATIONS |
|
Fourth Quarter |
|
Full Year |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales |
|
|
$ |
569,039 |
|
|
$ |
617,156 |
|
|
$ |
2,232,567 |
|
|
$ |
2,495,046 |
|
|
|
Cost of goods sold |
|
|
453,671 |
|
|
|
495,754 |
|
|
|
1,819,299 |
|
|
|
2,037,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit |
|
|
115,368 |
|
|
|
121,402 |
|
|
|
413,268 |
|
|
|
457,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
|
18,677 |
|
|
|
19,529 |
|
|
|
76,922 |
|
|
|
75,182 |
|
|
|
|
General and administrative |
|
|
37,802 |
|
|
|
36,317 |
|
|
|
149,631 |
|
|
|
158,180 |
|
|
|
|
Research and development |
|
|
7,590 |
|
|
|
6,698 |
|
|
|
27,272 |
|
|
|
24,808 |
|
|
|
|
Amortization of definite-lived intangibles |
|
|
11,430 |
|
|
|
10,275 |
|
|
|
48,675 |
|
|
|
37,097 |
|
|
|
|
Impairment of goodwill |
|
|
- |
|
|
|
- |
|
|
|
44,100 |
|
|
|
- |
|
|
|
|
Restructuring charges |
|
|
5,291 |
|
|
|
2,827 |
|
|
|
24,352 |
|
|
|
4,094 |
|
|
|
|
Gain on sale of SH E-MS property |
|
|
- |
|
|
|
(51,804 |
) |
|
|
- |
|
|
|
(51,804 |
) |
|
|
|
|
Total operating expenses |
|
|
80,790 |
|
|
|
23,842 |
|
|
|
370,952 |
|
|
|
247,557 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
34,578 |
|
|
|
97,560 |
|
|
|
42,316 |
|
|
|
210,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(13,373 |
) |
|
|
(12,506 |
) |
|
|
(48,124 |
) |
|
|
(45,517 |
) |
|
|
Loss on extinguishment of debt |
|
|
- |
|
|
|
- |
|
|
|
(1,154 |
) |
|
|
- |
|
|
|
Gain on sale of subsidiary |
|
|
- |
|
|
|
- |
|
|
|
1,270 |
|
|
|
- |
|
|
|
Other, net |
|
|
|
(3,321 |
) |
|
|
(1,960 |
) |
|
|
5,989 |
|
|
|
17,972 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
17,884 |
|
|
|
83,094 |
|
|
|
297 |
|
|
|
182,863 |
|
|
|
Income tax provision |
|
|
(546 |
) |
|
|
(77,077 |
) |
|
|
(19,015 |
) |
|
|
(88,280 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
17,338 |
|
|
$ |
6,017 |
|
|
$ |
(18,718 |
) |
|
$ |
94,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
$ |
0.17 |
|
|
$ |
0.06 |
|
|
$ |
(0.18 |
) |
|
$ |
0.93 |
|
|
|
|
Diluted |
|
|
0.17 |
|
|
|
0.06 |
|
|
|
(0.18 |
) |
|
|
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares used in computing per share amounts: |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
102,327 |
|
|
|
102,217 |
|
|
|
102,744 |
|
|
|
102,074 |
|
|
|
|
Diluted |
|
|
104,302 |
|
|
|
104,220 |
|
|
|
102,744 |
|
|
|
103,866 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
Reconciliation of the denominator used to calculate basic earnings
per share and diluted earnings per share: |
|
|
|
|
|
|
|
|
Weighted-average shares outstanding |
|
|
102,327 |
|
|
|
102,217 |
|
|
|
102,744 |
|
|
|
102,074 |
|
|
|
Dilutive effect of warrants |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
Dilutive effect of performance-based stock units, restricted stock
units & stock options |
|
|
1,975 |
|
|
|
2,003 |
|
|
|
- |
|
|
|
1,791 |
|
|
|
Diluted shares |
|
|
104,302 |
|
|
|
104,220 |
|
|
|
102,744 |
|
|
|
103,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELECTED BALANCE SHEET DATA |
|
|
January 1, 2024 |
|
|
January 2, 2023 |
|
|
Cash and cash equivalents, including restricted cash |
|
$ |
450,208 |
|
$ |
402,749 |
|
|
Accounts and notes receivable, net |
|
|
413,557 |
|
|
473,225 |
|
|
Receivable from sale of SH E-MS property |
|
|
6,737 |
|
|
69,240 |
|
|
Contract assets |
|
|
292,050 |
|
|
335,788 |
|
|
Inventories |
|
|
213,075 |
|
|
170,639 |
|
|
Total current assets |
|
|
1,429,687 |
|
|
1,493,056 |
|
|
Property, plant and equipment, net |
|
|
807,667 |
|
|
724,204 |
|
|
Operating lease right of use asset |
|
|
86,286 |
|
|
18,862 |
|
|
Other non-current assets |
|
|
1,000,023 |
|
|
1,087,482 |
|
|
Total assets |
|
|
3,323,663 |
|
|
3,323,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Short-term debt, including current portion of long-term debt |
|
$ |
3,500 |
|
$ |
50,000 |
|
|
Accounts payable |
|
|
334,609 |
|
|
361,788 |
|
|
Total current liabilities |
|
|
703,984 |
|
|
761,325 |
|
|
Debt, net of discount |
|
|
914,336 |
|
|
879,407 |
|
|
Total long-term liabilities |
|
|
1,108,640 |
|
|
1,026,700 |
|
|
Total equity |
|
|
1,511,039 |
|
|
1,535,579 |
|
|
Total liabilities and equity |
|
|
3,323,663 |
|
|
3,323,604 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DATA |
|
Fourth Quarter |
|
Full Year |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
Gross margin |
|
|
20.3 |
% |
|
|
19.7 |
% |
|
18.5 |
% |
|
18.4 |
% |
|
|
Operating margin |
|
|
6.1 |
% |
|
|
15.8 |
% |
|
1.9 |
% |
|
8.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Market Breakdown: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
Aerospace and Defense |
|
|
46 |
% |
|
|
40 |
% |
|
|
|
|
|
|
|
Automotive |
|
|
15 |
% |
|
|
16 |
% |
|
|
|
|
|
|
|
Data Center Computing |
|
|
17 |
% |
|
|
14 |
% |
|
|
|
|
|
|
|
Medical/Industrial/Instrumentation |
|
|
16 |
% |
|
|
17 |
% |
|
|
|
|
|
|
|
Networking |
|
|
6 |
% |
|
|
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based Compensation: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
|
|
|
|
|
|
Amount included in: |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
$ |
2,084 |
|
|
$ |
1,699 |
|
|
|
|
|
|
|
|
|
Selling and marketing |
|
|
878 |
|
|
|
717 |
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
2,891 |
|
|
|
2,674 |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
306 |
|
|
|
304 |
|
|
|
|
|
|
|
|
|
Total stock-based compensation expense |
|
$ |
6,159 |
|
|
$ |
5,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Segment Data: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Quarter |
|
|
|
|
|
|
|
Net sales: |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
PCB |
|
|
$ |
559,728 |
|
|
$ |
605,268 |
|
|
|
|
|
|
|
|
RF&S Components |
|
|
9,311 |
|
|
|
11,888 |
|
|
|
|
|
|
|
|
|
Total net sales |
|
$ |
569,039 |
|
|
$ |
617,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating segment income: |
|
|
|
|
|
|
|
|
|
|
|
PCB |
|
|
$ |
78,117 |
|
|
$ |
79,573 |
|
|
|
|
|
|
|
|
RF&S Components |
|
|
2,913 |
|
|
|
5,122 |
|
|
|
|
|
|
|
|
Corporate & Other |
|
|
(32,687 |
) |
|
|
24,523 |
|
|
|
|
|
|
|
|
|
Total operating segment income |
|
|
48,343 |
|
|
|
109,218 |
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
(13,765 |
) |
|
|
(11,658 |
) |
|
|
|
|
|
|
|
|
Total operating income |
|
|
|
34,578 |
|
|
|
97,560 |
|
|
|
|
|
|
|
|
|
Total other expense |
|
|
(16,694 |
) |
|
|
(14,466 |
) |
|
|
|
|
|
|
|
Income before income taxes |
|
|
$ |
17,884 |
|
|
$ |
83,094 |
|
|
|
|
|
|
|
|
|
RECONCILIATIONS1 |
|
Fourth Quarter |
|
Full Year |
|
|
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit reconciliation2: |
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
|
$ |
115,368 |
|
|
$ |
121,402 |
|
|
$ |
413,268 |
|
|
$ |
457,965 |
|
|
|
|
Add back item: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
2,335 |
|
|
|
1,383 |
|
|
|
12,901 |
|
|
|
5,534 |
|
|
|
|
|
Accelerated depreciation associated with plant
closures/restructuring |
|
|
1,950 |
|
|
|
- |
|
|
|
5,324 |
|
|
|
124 |
|
|
|
|
|
Stock-based compensation |
|
|
2,084 |
|
|
|
1,699 |
|
|
|
7,455 |
|
|
|
5,846 |
|
|
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
(701 |
) |
|
|
(2,407 |
) |
|
|
(1,192 |
) |
|
|
1,785 |
|
|
|
|
|
Purchase accounting related inventory markup |
|
|
- |
|
|
|
79 |
|
|
|
327 |
|
|
|
327 |
|
|
|
|
Non-GAAP gross profit |
|
|
$ |
121,036 |
|
|
$ |
122,156 |
|
|
$ |
438,083 |
|
|
$ |
471,581 |
|
|
|
|
Non-GAAP gross margin |
|
|
21.3 |
% |
|
|
19.8 |
% |
|
|
19.6 |
% |
|
|
18.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP operating income reconciliation3: |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income |
|
|
$ |
34,578 |
|
|
$ |
97,560 |
|
|
$ |
42,316 |
|
|
$ |
210,408 |
|
|
|
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
13,765 |
|
|
|
11,658 |
|
|
|
61,576 |
|
|
|
42,631 |
|
|
|
|
|
Accelerated depreciation associated with plant
closures/restructuring |
|
|
1,950 |
|
|
|
- |
|
|
|
5,324 |
|
|
|
124 |
|
|
|
|
|
Stock-based compensation |
|
|
6,159 |
|
|
|
5,394 |
|
|
|
22,887 |
|
|
|
19,525 |
|
|
|
|
|
Gain on sale of assets |
|
|
|
- |
|
|
|
(55,979 |
) |
|
|
(104 |
) |
|
|
(55,979 |
) |
|
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
(701 |
) |
|
|
(2,407 |
) |
|
|
(1,192 |
) |
|
|
1,785 |
|
|
|
|
|
Purchase accounting related inventory markup |
|
|
- |
|
|
|
79 |
|
|
|
327 |
|
|
|
327 |
|
|
|
|
|
Impairment, restructuring, acquisition-related and other
charges |
|
|
5,291 |
|
|
|
3,261 |
|
|
|
67,239 |
|
|
|
16,066 |
|
|
|
|
Non-GAAP operating income |
|
|
$ |
61,042 |
|
|
$ |
59,566 |
|
|
$ |
198,373 |
|
|
$ |
234,887 |
|
|
|
|
Non-GAAP operating margin |
|
|
10.7 |
% |
|
|
9.7 |
% |
|
|
8.9 |
% |
|
|
9.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income and EPS reconciliation4: |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
$ |
17,338 |
|
|
$ |
6,017 |
|
|
$ |
(18,718 |
) |
|
$ |
94,583 |
|
|
|
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
13,765 |
|
|
|
11,658 |
|
|
|
61,576 |
|
|
|
42,631 |
|
|
|
|
|
Accelerated depreciation associated with plant
closures/restructuring |
|
|
1,950 |
|
|
|
- |
|
|
|
5,324 |
|
|
|
124 |
|
|
|
|
|
Stock-based compensation |
|
|
6,159 |
|
|
|
5,394 |
|
|
|
22,887 |
|
|
|
19,525 |
|
|
|
|
|
Non-cash interest expense |
|
|
478 |
|
|
|
543 |
|
|
|
2,204 |
|
|
|
2,152 |
|
|
|
|
|
Gain on sale of assets |
|
|
|
- |
|
|
|
(55,979 |
) |
|
|
(104 |
) |
|
|
(56,806 |
) |
|
|
|
|
Change in fair value of warrant liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(99 |
) |
|
|
|
|
Loss on extinguishment of debt |
|
|
|
- |
|
|
|
- |
|
|
|
1,154 |
|
|
|
- |
|
|
|
|
|
Gain on sale of subsidiary |
|
|
|
- |
|
|
|
- |
|
|
|
(1,270 |
) |
|
|
- |
|
|
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
(701 |
) |
|
|
(2,407 |
) |
|
|
(1,192 |
) |
|
|
1,785 |
|
|
|
|
|
Purchase accounting related inventory markup |
|
|
- |
|
|
|
79 |
|
|
|
327 |
|
|
|
327 |
|
|
|
|
|
Impairment, restructuring, acquisition-related and other
charges |
|
|
5,291 |
|
|
|
3,261 |
|
|
|
67,239 |
|
|
|
16,066 |
|
|
|
|
|
Income taxes5 |
|
|
(1,314 |
) |
|
|
74,131 |
|
|
|
113 |
|
|
|
60,895 |
|
|
|
|
Non-GAAP net income |
|
|
$ |
42,966 |
|
|
$ |
42,697 |
|
|
$ |
139,540 |
|
|
$ |
181,183 |
|
|
|
|
Non-GAAP earnings per diluted share |
|
$ |
0.41 |
|
|
$ |
0.41 |
|
|
$ |
1.33 |
|
|
$ |
1.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP diluted number of shares: |
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted number of shares |
|
|
104,302 |
|
|
|
104,220 |
|
|
|
102,744 |
|
|
|
103,866 |
|
|
|
|
Dilutive effect of performance-based stock units, restricted stock
units & stock options |
|
- |
|
|
|
- |
|
|
|
1,851 |
|
|
|
- |
|
|
|
|
Non-GAAP diluted number of shares |
|
|
104,302 |
|
|
|
104,220 |
|
|
|
104,595 |
|
|
|
103,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA reconciliation6: |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss) |
|
|
$ |
17,338 |
|
|
$ |
6,017 |
|
|
$ |
(18,718 |
) |
|
$ |
94,583 |
|
|
|
|
Add back items: |
|
|
|
|
|
|
|
|
|
|
|
|
Income tax provision |
|
|
|
546 |
|
|
|
77,077 |
|
|
|
19,015 |
|
|
|
88,280 |
|
|
|
|
|
Interest expense |
|
|
13,373 |
|
|
|
12,506 |
|
|
|
48,124 |
|
|
|
45,517 |
|
|
|
|
|
Amortization of definite-lived intangibles |
|
|
13,765 |
|
|
|
11,658 |
|
|
|
61,576 |
|
|
|
42,631 |
|
|
|
|
|
Depreciation expense |
|
|
25,095 |
|
|
|
23,970 |
|
|
|
99,155 |
|
|
|
91,276 |
|
|
|
|
|
Stock-based compensation |
|
|
6,159 |
|
|
|
5,394 |
|
|
|
22,887 |
|
|
|
19,525 |
|
|
|
|
|
Gain on sale of assets |
|
|
|
- |
|
|
|
(55,979 |
) |
|
|
(104 |
) |
|
|
(56,806 |
) |
|
|
|
|
Change in fair value of warrant liabilities |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(99 |
) |
|
|
|
|
Loss on extinguishment of debt |
|
|
|
- |
|
|
|
- |
|
|
|
1,154 |
|
|
|
- |
|
|
|
|
|
Gain on sale of subsidiary |
|
|
|
- |
|
|
|
- |
|
|
|
(1,270 |
) |
|
|
- |
|
|
|
|
|
Unrealized (gain) loss on commodity hedge |
|
|
|
(701 |
) |
|
|
(2,407 |
) |
|
|
(1,192 |
) |
|
|
1,785 |
|
|
|
|
|
Purchase accounting related inventory markup |
|
|
- |
|
|
|
79 |
|
|
|
327 |
|
|
|
327 |
|
|
|
|
|
Impairment, restructuring, acquisition-related and other
charges |
|
|
5,291 |
|
|
|
3,261 |
|
|
|
67,239 |
|
|
|
16,066 |
|
|
|
|
Adjusted EBITDA |
|
$ |
80,866 |
|
|
$ |
81,576 |
|
|
$ |
298,193 |
|
|
$ |
343,085 |
|
|
|
|
Adjusted EBITDA margin |
|
|
14.2 |
% |
|
|
13.2 |
% |
|
|
13.4 |
% |
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free cash flow reconciliation: |
|
|
|
|
|
|
|
|
|
|
|
Operating cash flow |
|
$ |
47,470 |
|
|
$ |
77,559 |
|
|
$ |
187,284 |
|
|
$ |
272,873 |
|
|
|
|
Capital expenditures, net |
|
|
(45,954 |
) |
|
|
(20,779 |
) |
|
|
(159,737 |
) |
|
|
(96,874 |
) |
|
|
|
Free cash flow |
|
$ |
1,516 |
|
|
$ |
56,780 |
|
|
$ |
27,547 |
|
|
$ |
175,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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/restructuring, stock-based compensation
expense, unrealized (gain) loss 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/restructuring, stock-based compensation
expense, gain on sale of assets, unrealized (gain) loss on
commodity hedge, purchase accounting related inventory markup,
impairment of goodwill, 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/restructuring, 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, gain on sale of
subsidiary, unrealized (gain) loss on commodity hedge, purchase
accounting related inventory markup, impairment of goodwill,
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,
gain on sale of subsidiary, unrealized (gain) loss on commodity
hedge, purchase accounting related inventory markup, impairment of
goodwill, 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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