TTM Technologies, Inc. Reports Second Quarter 2025 Results
TTM Technologies (NASDAQ:TTMI) reported strong Q2 2025 results with net sales of $730.6 million, up 21% year-over-year. The company achieved GAAP net income of $41.5 million ($0.40 per diluted share) and non-GAAP net income of $60.8 million ($0.58 per diluted share).
Key highlights include record quarterly revenues in Aerospace & Defense and Data Center Computing segments, driven by generative AI demand. Operating margins improved significantly, with non-GAAP operating margins at 11.1%, up 210 basis points year-over-year. The company generated strong cash flow from operations of $97.8 million, representing 13.4% of revenues.
For Q3 2025, TTM forecasts revenues between $690-730 million and non-GAAP EPS of $0.57-0.63. The company also announced strategic expansion with facility acquisitions in Wisconsin and Penang.
TTM Technologies (NASDAQ:TTMI) ha riportato risultati solidi nel secondo trimestre 2025 con vendite nette pari a 730,6 milioni di dollari, in crescita del 21% rispetto all'anno precedente. La società ha registrato un utile netto GAAP di 41,5 milioni di dollari (0,40 dollari per azione diluita) e un utile netto non-GAAP di 60,8 milioni di dollari (0,58 dollari per azione diluita).
Tra i punti salienti si evidenziano ricavi trimestrali record nei segmenti Aerospaziale & Difesa e Data Center Computing, trainati dalla domanda di AI generativa. I margini operativi sono migliorati significativamente, con margini operativi non-GAAP al 11,1%, in aumento di 210 punti base su base annua. L'azienda ha generato un forte flusso di cassa operativo di 97,8 milioni di dollari, pari al 13,4% dei ricavi.
Per il terzo trimestre 2025, TTM prevede ricavi compresi tra 690 e 730 milioni di dollari e un utile per azione non-GAAP tra 0,57 e 0,63 dollari. La società ha inoltre annunciato un'espansione strategica con acquisizioni di strutture in Wisconsin e Penang.
TTM Technologies (NASDAQ:TTMI) reportó sólidos resultados en el segundo trimestre de 2025 con ventas netas de 730,6 millones de dólares, un aumento del 21% interanual. La compañía logró un ingreso neto GAAP de 41,5 millones de dólares (0,40 dólares por acción diluida) y un ingreso neto no GAAP de 60,8 millones de dólares (0,58 dólares por acción diluida).
Los aspectos destacados incluyen ingresos trimestrales récord en los segmentos de Aeroespacial y Defensa y Computación de Centros de Datos, impulsados por la demanda de IA generativa. Los márgenes operativos mejoraron significativamente, con márgenes operativos no GAAP en 11,1%, un aumento de 210 puntos básicos año tras año. La empresa generó un sólido flujo de caja operativo de 97,8 millones de dólares, que representa el 13,4% de los ingresos.
Para el tercer trimestre de 2025, TTM pronostica ingresos entre 690 y 730 millones de dólares y un BPA no GAAP de 0,57 a 0,63 dólares. La compañía también anunció una expansión estratégica con adquisiciones de instalaciones en Wisconsin y Penang.
TTM Technologies (NASDAQ:TTMI)는 2025년 2분기에 7억 3,060만 달러의 순매출을 기록하며 전년 대비 21% 성장한 강력한 실적을 발표했습니다. 회사는 GAAP 순이익 4,150만 달러(희석 주당 0.40달러)와 비-GAAP 순이익 6,080만 달러(희석 주당 0.58달러)를 달성했습니다.
주요 하이라이트로는 생성형 AI 수요에 힘입어 항공우주 및 방위, 데이터 센터 컴퓨팅 부문에서 분기별 최고 매출을 기록한 점이 있습니다. 비-GAAP 영업이익률은 11.1%로 전년 대비 210 베이시스 포인트 상승하며 크게 개선되었습니다. 회사는 매출의 13.4%에 해당하는 영업활동 현금흐름 9,780만 달러를 창출했습니다.
2025년 3분기에는 매출 6억 9,000만 달러에서 7억 3,000만 달러, 비-GAAP 주당순이익은 0.57~0.63달러를 전망하고 있습니다. 또한 위스콘신과 페낭에 시설을 인수하는 전략적 확장도 발표했습니다.
TTM Technologies (NASDAQ:TTMI) a annoncé de solides résultats pour le deuxième trimestre 2025 avec des ventes nettes de 730,6 millions de dollars, en hausse de 21 % par rapport à l'année précédente. La société a réalisé un bénéfice net GAAP de 41,5 millions de dollars (0,40 dollar par action diluée) et un bénéfice net non-GAAP de 60,8 millions de dollars (0,58 dollar par action diluée).
Les points forts incluent des revenus trimestriels records dans les segments Aérospatial & Défense et Centre de Données, stimulés par la demande en intelligence artificielle générative. Les marges opérationnelles se sont nettement améliorées, avec des marges opérationnelles non-GAAP à 11,1%, en hausse de 210 points de base sur un an. L'entreprise a généré un solide flux de trésorerie opérationnel de 97,8 millions de dollars, représentant 13,4 % des revenus.
Pour le troisième trimestre 2025, TTM prévoit des revenus compris entre 690 et 730 millions de dollars et un BPA non-GAAP entre 0,57 et 0,63 dollar. La société a également annoncé une expansion stratégique avec l'acquisition d'installations dans le Wisconsin et à Penang.
TTM Technologies (NASDAQ:TTMI) meldete starke Ergebnisse für das zweite Quartal 2025 mit Nettoverkäufen von 730,6 Millionen US-Dollar, was einem Anstieg von 21 % im Jahresvergleich entspricht. Das Unternehmen erzielte einen GAAP-Nettogewinn von 41,5 Millionen US-Dollar (0,40 US-Dollar je verwässerter Aktie) und einen Non-GAAP-Nettogewinn von 60,8 Millionen US-Dollar (0,58 US-Dollar je verwässerter Aktie).
Zu den wichtigsten Highlights zählen rekordverdächtige Quartalsumsätze in den Segmenten Luft- und Raumfahrt & Verteidigung sowie Rechenzentren, getrieben durch die Nachfrage nach generativer KI. Die operativen Margen verbesserten sich deutlich, mit Non-GAAP-Betriebsmargen von 11,1%, ein Anstieg um 210 Basispunkte im Jahresvergleich. Das Unternehmen generierte einen starken operativen Cashflow von 97,8 Millionen US-Dollar, was 13,4 % der Umsätze entspricht.
Für das dritte Quartal 2025 prognostiziert TTM Umsätze zwischen 690 und 730 Millionen US-Dollar und einen Non-GAAP-Gewinn je Aktie von 0,57 bis 0,63 US-Dollar. Zudem wurde eine strategische Erweiterung durch den Erwerb von Anlagen in Wisconsin und Penang angekündigt.
- None.
- Q3 2025 revenue guidance suggests potential sequential decline from Q2 levels
Insights
TTM delivers outstanding Q2 results with 21% revenue growth, record EPS, and expanding margins, driven by AI-related demand and aerospace strength.
TTM Technologies has delivered exceptional Q2 2025 results that exceeded the high end of guidance ranges. Revenue surged
The standout metric is TTM's margin expansion. Non-GAAP operating margins reached
Revenue growth was broad-based across multiple end markets, with particularly strong performance in Aerospace & Defense and Data Center Computing, both achieving record quarterly revenues. The company specifically highlighted generative AI as a growth driver for both Data Center Computing and Networking segments, positioning TTM to benefit from the ongoing AI infrastructure buildout.
Cash flow generation was robust at
Looking ahead, management provided solid Q3 2025 guidance with revenue expected between
SANTA ANA, Calif., July 30, 2025 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), 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) today reported results for the second quarter 2025, which ended on June 30, 2025.
Second Quarter 2025 Highlights
- Net sales were
$730.6 million , up21% year on year - GAAP net income of
$41.5 million , or$0.40 per diluted share - Non-GAAP net income of
$60.8 million , or$0.58 per diluted share1 - Cash flow from operations of
$97.8 million , or13.4% of revenues - Record quarterly revenues for the Aerospace and Defense and Data Center Computing end markets
Second Quarter 2025 GAAP Financial Results
Net sales for the second quarter of 2025 were
GAAP operating income for the second quarter of 2025 was
GAAP net income for the second quarter of 2025 was
Second Quarter 2025 Non-GAAP Financial Results
On a non-GAAP basis, net income for the second quarter of 2025 was
Adjusted EBITDA in the second quarter of 2025 was
“We delivered a strong quarter with revenues and non-GAAP EPS above the high end of the guided range with non-GAAP EPS at a quarterly record high. Revenues grew
Business Outlook
For the third quarter of 2025, TTM estimates that revenues will be in the range of
With respect to TTM’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 TTM 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 second quarter 2025 results and the third quarter 2025 outlook on Wednesday, July 30, 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.second quarter 2025 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 TTM’s website, and can be accessed by clicking on the link TTM Technologies Inc.second quarter 2025 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.second quarter 2025 webcast.
About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology solutions, including mission systems, RF components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced PCBs. TTM stands for time-to-market, representing how TTM's time-critical, one-stop design, engineering and manufacturing services enable customers to reduce 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. TTM’s actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM’s financial closing procedures, final adjustments, completion of the review by TTM’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 TTM’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, non-GAAP earnings per diluted share, and non-GAAP operating margins, 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.
____________
1 As previously disclosed, starting in the first quarter of 2025, unrealized foreign exchange gains and losses were removed from non-GAAP net income, non-GAAP earnings per diluted share (“EPS”), and adjusted EBITDA. The non-GAAP EPS of
- Tables Follow -
| TTM TECHNOLOGIES, INC. | ||||||||||||||||||
| Selected Unaudited Financial Information | ||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS | Second Quarter | First Two Quarters | ||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||
| Net sales | $ | 730,621 | $ | 605,137 | $ | 1,379,289 | $ | 1,175,250 | ||||||||||
| Cost of goods sold | 582,512 | 487,910 | 1,100,208 | 954,304 | ||||||||||||||
| Gross profit | 148,109 | 117,227 | 279,081 | 220,946 | ||||||||||||||
| Operating expenses: | ||||||||||||||||||
| Selling and marketing | 21,316 | 19,798 | 42,587 | 40,092 | ||||||||||||||
| General and administrative | 49,719 | 38,604 | 93,493 | 82,274 | ||||||||||||||
| Research and development | 7,009 | 8,547 | 15,073 | 15,868 | ||||||||||||||
| Amortization of definite-lived intangibles | 6,888 | 10,256 | 13,777 | 21,685 | ||||||||||||||
| Restructuring charges | 1,408 | 1,036 | 2,122 | 4,974 | ||||||||||||||
| Total operating expenses | 86,340 | 78,241 | 167,052 | 164,893 | ||||||||||||||
| Operating income | 61,769 | 38,986 | 112,029 | 56,053 | ||||||||||||||
| Interest expense | (11,095 | ) | (12,219 | ) | (22,559 | ) | (24,543 | ) | ||||||||||
| Other, net | (5,149 | ) | 3,765 | (2,954 | ) | 13,091 | ||||||||||||
| Income before income taxes | 45,525 | 30,532 | 86,516 | 44,601 | ||||||||||||||
| Income tax provision | (3,995 | ) | (4,180 | ) | (12,808 | ) | (7,783 | ) | ||||||||||
| Net income | $ | 41,530 | $ | 26,352 | $ | 73,708 | $ | 36,818 | ||||||||||
| Earnings per share: | ||||||||||||||||||
| Basic | $ | 0.41 | $ | 0.26 | $ | 0.72 | $ | 0.36 | ||||||||||
| Diluted | 0.40 | 0.25 | 0.70 | 0.35 | ||||||||||||||
| Weighted-average shares used in computing per share amounts: | ||||||||||||||||||
| Basic | 101,857 | 101,234 | 101,861 | 101,593 | ||||||||||||||
| Diluted | 104,873 | 103,889 | 104,701 | 103,993 | ||||||||||||||
| Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share: | ||||||||||||||||||
| Weighted-average shares outstanding | 101,857 | 101,234 | 101,861 | 101,593 | ||||||||||||||
| Dilutive effect of performance-based stock units, restricted stock units and stock options | 3,016 | 2,655 | 2,840 | 2,400 | ||||||||||||||
| Diluted shares | 104,873 | 103,889 | 104,701 | 103,993 | ||||||||||||||
| SELECTED BALANCE SHEET DATA | June 30, 2025 | December 30, 2024 | |||||
| Cash and cash equivalents | $ | 447,967 | $ | 503,932 | |||
| Accounts receivable, net | 495,352 | 448,611 | |||||
| Contract assets | 424,973 | 381,382 | |||||
| Inventories | 250,339 | 224,985 | |||||
| Total current assets | 1,676,449 | 1,606,744 | |||||
| Property, plant and equipment, net | 919,219 | 869,957 | |||||
| Operating lease right-of-use assets | 82,763 | 78,252 | |||||
| Other non-current assets | 899,525 | 917,541 | |||||
| Total assets | 3,577,956 | 3,472,494 | |||||
| Short-term debt, including current portion of long-term debt | $ | 3,805 | $ | 3,795 | |||
| Accounts payable | 448,063 | 406,221 | |||||
| Total current liabilities | 827,753 | 809,054 | |||||
| Long-term debt, net of discount and issuance costs | 913,339 | 914,359 | |||||
| Total long-term liabilities | 1,113,283 | 1,099,616 | |||||
| Total stockholders' equity | 1,636,920 | 1,563,824 | |||||
| Total liabilities and stockholders' equity | 3,577,956 | 3,472,494 | |||||
| SUPPLEMENTAL DATA | Second Quarter | First Two Quarters | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Gross margin | 20.3 | % | 19.4 | % | 20.2 | % | 18.8 | % | |||||||||||
| Operating margin | 8.5 | % | 6.4 | % | 8.1 | % | 4.8 | % | |||||||||||
| Stock-based compensation: | |||||||||||||||||||
| Second Quarter | |||||||||||||||||||
| Amount included in: | 2025 | 2024 | |||||||||||||||||
| Cost of goods sold | $ | 2,827 | $ | 1,941 | |||||||||||||||
| Selling and marketing | 1,045 | 836 | |||||||||||||||||
| General and administrative | 5,316 | 3,468 | |||||||||||||||||
| Research and development | - | 335 | |||||||||||||||||
| Total stock-based compensation expense | $ | 9,188 | $ | 6,580 | |||||||||||||||
| End market breakdown: | |||||||||||||||||||
| Second Quarter | |||||||||||||||||||
| 2025 | 2024 | ||||||||||||||||||
| Aerospace and Defense | 45 | % | 45 | % | |||||||||||||||
| Automotive | 11 | % | 14 | % | |||||||||||||||
| Data Center Computing | 21 | % | 21 | % | |||||||||||||||
| Medical/Industrial/Instrumentation | 15 | % | 14 | % | |||||||||||||||
| Networking | 8 | % | 6 | % | |||||||||||||||
| Operating segment data: | |||||||||||||||||||
| Second Quarter | |||||||||||||||||||
| Segment sales: | 2025 | 2024 | |||||||||||||||||
| Aerospace & Defense | $ | 327,569 | $ | 274,507 | |||||||||||||||
| Commercial | 395,624 | 323,255 | |||||||||||||||||
| RF&S Components | 10,078 | 9,083 | |||||||||||||||||
| Intersegment eliminations | (2,650 | ) | (1,708 | ) | |||||||||||||||
| Total segment sales | $ | 730,621 | $ | 605,137 | |||||||||||||||
| Segment operating income: | |||||||||||||||||||
| Aerospace & Defense | $ | 45,282 | $ | 25,500 | |||||||||||||||
| Commercial | 60,069 | 49,670 | |||||||||||||||||
| RF&S Components | 2,863 | 2,052 | |||||||||||||||||
| Total segment operating income | $ | 108,214 | $ | 77,222 | |||||||||||||||
| Unallocated amounts: | |||||||||||||||||||
| Restructuring | (1,408 | ) | (1,036 | ) | |||||||||||||||
| Gain on sale of property, plant, and equipment | - | 14,420 | |||||||||||||||||
| Acquisition-related and other charges | - | (10,184 | ) | ||||||||||||||||
| Stock-based compensation | (9,188 | ) | (6,580 | ) | |||||||||||||||
| Other corporate expenses | (26,625 | ) | (22,265 | ) | |||||||||||||||
| Amortization of definite-lived intangibles | (9,224 | ) | (12,591 | ) | |||||||||||||||
| Total operating income | $ | 61,769 | $ | 38,986 | |||||||||||||||
| RECONCILIATIONS1 | Second Quarter | First Two Quarters | |||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Non-GAAP gross profit reconciliation2: | |||||||||||||||||||
| GAAP gross profit | $ | 148,109 | $ | 117,227 | $ | 279,081 | $ | 220,946 | |||||||||||
| Add back item: | |||||||||||||||||||
| Amortization of definite-lived intangibles | 2,336 | 2,335 | 4,671 | 4,671 | |||||||||||||||
| Stock-based compensation | 2,827 | 1,941 | 5,500 | 3,970 | |||||||||||||||
| Unrealized gain on commodity hedge | (283 | ) | (434 | ) | (1,059 | ) | (1,186 | ) | |||||||||||
| Other charges | - | - | - | (162 | ) | ||||||||||||||
| Non-GAAP gross profit | $ | 152,989 | $ | 121,069 | $ | 288,193 | $ | 228,239 | |||||||||||
| Non-GAAP gross margin | 20.9 | % | 20.0 | % | 20.9 | % | 19.4 | % | |||||||||||
| Non-GAAP operating income reconciliation3: | |||||||||||||||||||
| GAAP operating income | $ | 61,769 | $ | 38,986 | $ | 112,029 | $ | 56,053 | |||||||||||
| Add back items: | |||||||||||||||||||
| Amortization of definite-lived intangibles | 9,224 | 12,591 | 18,448 | 26,356 | |||||||||||||||
| Stock-based compensation | 9,188 | 6,580 | 17,975 | 13,367 | |||||||||||||||
| Gain on sale of property, plant and equipment | - | (14,420 | ) | - | (14,420 | ) | |||||||||||||
| Unrealized gain on commodity hedge | (283 | ) | (434 | ) | (1,059 | ) | (1,186 | ) | |||||||||||
| Restructuring, acquisition-related and other charges | 1,523 | 11,220 | 2,237 | 15,046 | |||||||||||||||
| Non-GAAP operating income | $ | 81,421 | $ | 54,523 | $ | 149,630 | $ | 95,216 | |||||||||||
| Non-GAAP operating margin | 11.1 | % | 9.0 | % | 10.8 | % | 8.1 | % | |||||||||||
| Non-GAAP net income and EPS reconciliation4: | |||||||||||||||||||
| GAAP net income | $ | 41,530 | $ | 26,352 | $ | 73,708 | $ | 36,818 | |||||||||||
| Add back items: | |||||||||||||||||||
| Amortization of definite-lived intangibles | 9,224 | 12,591 | 18,448 | 26,356 | |||||||||||||||
| Stock-based compensation | 9,188 | 6,580 | 17,975 | 13,367 | |||||||||||||||
| Non-cash interest expense | 536 | 506 | 1,067 | 1,024 | |||||||||||||||
| Gain on sale of property, plant and equipment | - | (14,420 | ) | - | (14,420 | ) | |||||||||||||
| Unrealized gain on commodity hedge | (283 | ) | (434 | ) | (1,059 | ) | (1,186 | ) | |||||||||||
| Unrealized loss (gain) on foreign exchange | 5,750 | 79 | 7,964 | (4,198 | ) | ||||||||||||||
| Restructuring, acquisition-related and other charges | 1,543 | 11,308 | 2,257 | 15,046 | |||||||||||||||
| Income taxes5 | (6,727 | ) | (2,363 | ) | (7,167 | ) | (3,499 | ) | |||||||||||
| Non-GAAP net income | $ | 60,761 | $ | 40,199 | $ | 113,193 | $ | 69,308 | |||||||||||
| Non-GAAP earnings per diluted share | $ | 0.58 | $ | 0.39 | $ | 1.08 | $ | 0.67 | |||||||||||
| Second Quarter | First Two Quarters | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Adjusted EBITDA reconciliation6: | |||||||||||||||||||
| GAAP net income | $ | 41,530 | $ | 26,352 | $ | 73,708 | $ | 36,818 | |||||||||||
| Add back items: | |||||||||||||||||||
| Income tax provision | 3,995 | 4,180 | 12,808 | 7,783 | |||||||||||||||
| Interest expense | 11,095 | 12,219 | 22,559 | 24,543 | |||||||||||||||
| Amortization of definite-lived intangibles | 9,224 | 12,591 | 18,448 | 26,356 | |||||||||||||||
| Depreciation expense | 27,692 | 26,184 | 54,555 | 50,880 | |||||||||||||||
| Stock-based compensation | 9,188 | 6,580 | 17,975 | 13,367 | |||||||||||||||
| Gain on sale of property, plant and equipment | - | (14,420 | ) | - | (14,420 | ) | |||||||||||||
| Unrealized gain on commodity hedge | (283 | ) | (434 | ) | (1,059 | ) | (1,186 | ) | |||||||||||
| Unrealized loss (gain) on foreign exchange | 5,750 | 79 | 7,964 | (4,198 | ) | ||||||||||||||
| Restructuring, acquisition-related and other charges | 1,543 | 11,308 | 2,257 | 15,208 | |||||||||||||||
| Adjusted EBITDA | $ | 109,734 | $ | 84,639 | $ | 209,215 | $ | 155,151 | |||||||||||
| Adjusted EBITDA margin | 15.0 | % | 14.0 | % | 15.2 | % | 13.2 | % | |||||||||||
| Free cash flow reconciliation: | |||||||||||||||||||
| Operating cash flow | $ | 97,804 | $ | 41,855 | $ | 87,149 | $ | 85,750 | |||||||||||
| Capital expenditures, net | (60,234 | ) | (9,955 | ) | (123,454 | ) | (59,251 | ) | |||||||||||
| Free cash flow | $ | 37,570 | $ | 31,900 | $ | (36,305 | ) | $ | 26,499 | ||||||||||
| 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. Prior year results have been revised to exclude the impact of unrealized loss (gain) on foreign exchange from non-GAAP net income, non-GAAP EPS, and adjusted EBITDA - refer to the revised historical non-GAAP financial information in the Form 8-K filed on February 5, 2025 for further information. The second quarter and first two quarters of fiscal year 2024 have also been revised to reclassify certain amounts between “Gain on sale of property, plant and equipment" and “Restructuring, acquisition-related and other charges” in order to align with the current classifications of these respective amounts for comparative purposes. | |
| 2 Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized gain on commodity hedge, and other charges | |
| 3 Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, gain on sale of property, plant and equipment, unrealized gain on commodity hedge, 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 definite-lived intangibles, stock-based compensation, non-cash interest expense, gain on sale of property, plant and equipment, unrealized gain on commodity hedge, unrealized loss (gain) on foreign exchange, 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 provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, gain on sale of property, plant and equipment, unrealized gain on commodity hedge, unrealized loss (gain) on foreign exchange, 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. | |||||||||||||||||||||||||||
| RECASTED HISTORICAL Selected Unaudited Financial Information | |||||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||
| RECASTED SEGMENT DATA1 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full Year 2024 | Q1 2025 | |||||||||||||||||||||
| Segment sales: | |||||||||||||||||||||||||||
| Aerospace & Defense | $ | 279,758 | $ | 274,507 | $ | 279,533 | $ | 306,157 | $ | 1,139,955 | $ | 310,143 | |||||||||||||||
| Commercial | 283,803 | 323,255 | 329,382 | 339,261 | 1,275,701 | 332,705 | |||||||||||||||||||||
| RF&S Components | 8,333 | 9,083 | 9,780 | 10,121 | 37,317 | 8,820 | |||||||||||||||||||||
| Intersegment eliminations | (1,781 | ) | (1,708 | ) | (2,157 | ) | (4,574 | ) | (10,220 | ) | (3,000 | ) | |||||||||||||||
| Total segment sales | $ | 570,113 | $ | 605,137 | $ | 616,538 | $ | 650,965 | $ | 2,442,753 | $ | 648,668 | |||||||||||||||
| Segment operating income: | |||||||||||||||||||||||||||
| Aerospace & Defense | 34,473 | 25,500 | 40,279 | 41,548 | 141,800 | 40,777 | |||||||||||||||||||||
| Commercial | 30,083 | 49,670 | 51,105 | 48,924 | 179,782 | 43,649 | |||||||||||||||||||||
| RF&S Components | 1,661 | 2,052 | 2,426 | 2,527 | 8,666 | 1,592 | |||||||||||||||||||||
| Total segment operating income | $ | 66,217 | $ | 77,222 | $ | 93,810 | $ | 92,999 | $ | 330,248 | $ | 86,018 | |||||||||||||||
| Unallocated amounts: | |||||||||||||||||||||||||||
| Restructuring | (3,938 | ) | (1,036 | ) | (1,393 | ) | (4,833 | ) | (11,200 | ) | (714 | ) | |||||||||||||||
| Impairment of goodwill | - | - | - | (32,600 | ) | (32,600 | ) | - | |||||||||||||||||||
| Gain on sale of property, plant, and equipment | - | 14,420 | - | 1,249 | 15,669 | - | |||||||||||||||||||||
| Acquisition-related and other charges | 112 | (10,184 | ) | (2,867 | ) | (1,585 | ) | (14,524 | ) | - | |||||||||||||||||
| Stock-based compensation | (6,787 | ) | (6,580 | ) | (8,330 | ) | (8,083 | ) | (29,780 | ) | (8,787 | ) | |||||||||||||||
| Other corporate expenses | (24,772 | ) | (22,265 | ) | (20,972 | ) | (28,869 | ) | (96,878 | ) | (17,033 | ) | |||||||||||||||
| Amortization of definite-lived intangibles | (13,765 | ) | (12,591 | ) | (9,286 | ) | (9,250 | ) | (44,892 | ) | (9,224 | ) | |||||||||||||||
| Total operating income | $ | 17,067 | $ | 38,986 | $ | 50,962 | $ | 9,028 | $ | 116,043 | $ | 50,260 | |||||||||||||||
| RECASTED END MARKET DATA2 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Full Year 2024 | Q1 2025 | |||||||||||||||
| End Market Revenue - AS ADJUSTED: | |||||||||||||||||||||
| Aerospace & Defense | 49 | % | 45 | % | 45 | % | 46 | % | 46 | % | 48 | % | |||||||||
| Automotive | 12 | % | 14 | % | 14 | % | 12 | % | 13 | % | 11 | % | |||||||||
| Data Center Computing | 20 | % | 21 | % | 20 | % | 22 | % | 20 | % | 21 | % | |||||||||
| Medical/Industrial/Instrumentation | 13 | % | 14 | % | 14 | % | 13 | % | 14 | % | 13 | % | |||||||||
| Networking & Communications | 6 | % | 6 | % | 7 | % | 7 | % | 7 | % | 7 | % | |||||||||
| End Market Revenue - AS PREVIOUSLY REPORTED: | |||||||||||||||||||||
| Aerospace & Defense | 46 | % | 45 | % | 46 | % | 47 | % | 46 | % | 47 | % | |||||||||
| Automotive | 13 | % | 14 | % | 14 | % | 11 | % | 13 | % | 11 | % | |||||||||
| Data Center Computing | 21 | % | 21 | % | 19 | % | 22 | % | 21 | % | 21 | % | |||||||||
| Medical/Industrial/Instrumentation | 14 | % | 14 | % | 14 | % | 13 | % | 14 | % | 13 | % | |||||||||
| Networking & Communications | 6 | % | 6 | % | 7 | % | 7 | % | 6 | % | 8 | % | |||||||||
| 1 This information provides recasted segment operating income in connection with the Company's previously disclosed change in organization structure. This change is intended to enhance clarity in sector performance, accountability, and operating costs by clearly allocating resources to the Aerospace and Defense, Commercial, or RF and Specialty Components businesses. Management finalized its assessment of the Company’s operating segments during the quarter ended June 30, 2025, and concluded that the Company now has three reportable segments: Aerospace and Defense (A&D), Commercial, and RF and Specialty Components (RF&S Components). In prior periods, the Company had two reportable segments: Printed Circuit Boards (PCB) and RF&S Components. As a result, certain prior period amounts have been reclassified to conform with the new segment presentation. | |||||||||||||||||
| 2 The end market revenue has been recasted to reflect certain adjustments to allocations resulting from the segment reorganization. | |||||||||||||||||
Contact:
Sameer Desai,
Vice President, Corporate Development & Investor Relations
Sameer.desai@ttmtech.com
714-327-3050
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