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WKN: 940990 | ISIN: US87305R1095 | Ticker-Symbol: TT1
Frankfurt
04.11.24
08:05 Uhr
20,000 Euro
-0,200
-0,99 %
1-Jahres-Chart
TTM TECHNOLOGIES INC Chart 1 Jahr
5-Tage-Chart
TTM TECHNOLOGIES INC 5-Tage-Chart
RealtimeGeldBriefZeit
20,40020,60004.11.
20,80021,00004.11.
GlobeNewswire (Europe)
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TTM Technologies, Inc. Reports Second Quarter 2024 Results

SANTA ANA, Calif., July 31, 2024 (GLOBE NEWSWIRE) -- 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 Call
TTM 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 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 2024 webcast.

About TTM
TTM 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 Measures
To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM's adjusted EBITDA, non-GAAP net income and non-GAAP earnings per share, all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM's ongoing financial performance.

A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

- Tables Follow -

TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONSSecond Quarter First Two Quarters
2024 2023 2024 2023
Net sales$605,137 $546,509 $1,175,250 $1,090,946
Cost of goods sold 487,910 448,002 954,304 906,316
Gross profit 117,227 98,507 220,946 184,630
Operating expenses:
Selling and marketing 19,798 18,180 40,092 39,482
General and administrative 38,604 37,840 82,274 72,913
Research and development 8,547 6,424 15,868 13,509
Amortization of definite-lived intangibles 10,256 3,852 21,685 25,816
Restructuring charges 1,036 10,803 4,974 14,970
Total operating expenses 78,241 77,099 164,893 166,690
Operating income 38,986 21,408 56,053 17,940
Interest expense (12,219) (11,843) (24,543) (24,650)
Loss on extinguishment of debt - (1,154) - (1,154)
(Loss) gain on sale of subsidiary - (69) - 1,270
Other, net 3,765 5,068 13,091 6,266
Income (loss) before income taxes 30,532 13,410 44,601 (328)
Income tax (provision) benefit (4,180) (6,586) (7,783) 1,338
Net income$26,352 $6,824 $36,818 $1,010
Earnings per share:
Basic$0.26 $0.07 $0.36 $0.01
Diluted 0.25 0.07 0.35 0.01
Weighted-average shares used in computing per share amounts:
Basic 101,234 102,759 101,593 102,570
Diluted 103,889 104,820 103,993 104,575
Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
Weighted-average shares outstanding 101,234 102,759 101,593 102,570
Dilutive effect of performance-based stock units, restricted stock units and stock options 2,655 2,061 2,400 2,005
Diluted shares 103,889 104,820 103,993 104,575
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 400,714 413,557
Receivable from sale of SH E-MS property - 6,737
Contract assets 340,120 292,050
Inventories 216,906 213,075
Total current assets 1,452,631 1,429,687
Property, plant and equipment, net 838,243 807,667
Operating lease right of use asset 81,886 86,286
Other non-current assets 970,604 1,000,023
Total assets 3,343,364 3,323,663
Short-term debt, including current portion of long-term debt$2,625 $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
SUPPLEMENTAL DATASecond Quarter First Two Quarters
2024 2023 2024 2023
Gross margin19.4% 18.0% 18.8% 16.9%
Operating margin6.4% 3.9% 4.8% 1.6%
End Market Breakdown:
Second Quarter
2024 2023
Aerospace and Defense45% 47%
Automotive14% 17%
Data Center Computing21% 12%
Medical/Industrial/Instrumentation14% 16%
Networking6% 8%
Stock-based Compensation:
Second Quarter
Amount included in:2024 2023
Cost of goods sold$1,941 $1,497
Selling and marketing836 698
General and administrative3,468 2,677
Research and development335 249
Total stock-based compensation expense$6,580 $5,121
Operating Segment Data:
Second Quarter
Net sales:2024 2023
PCB$596,107 $536,531
RF&S Components9,030 9,978
Total net sales$605,137 $546,509
Operating segment income:
PCB$90,927 $58,479
RF&S Components2,052 3,202
Corporate & Other(41,402) (33,998)
Total operating segment income51,577 27,683
Amortization of definite-lived intangibles(12,591) (6,275)
Total operating income38,986 21,408
Total other expense(8,454) (7,998)
Income before income taxes$30,532 $13,410





RECONCILIATIONS1 Second Quarter First Two Quarters
2024 2023 2024 2023
Non-GAAP gross profit reconciliation2:
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.


© 2024 GlobeNewswire (Europe)
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