TTM Technologies, Inc. Reports Fourth Quarter and Fiscal Year 2024 Results

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TTM Technologies, Inc.

Wed, Feb 5, 2025, 2:05 PM 25 min read

SANTA ANA, Calif., Feb. 05, 2025 (GLOBE NEWSWIRE) -- TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), 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”s), today reported results for the fourth quarter and fiscal 2024, which ended on December 30, 2024.

Fourth Quarter 2024 Highlights

Net sales were $651.0 million
GAAP net income of $5.2 million, or $0.05 per diluted share, inclusive of a $14.1 million pre-tax, non-operational, foreign exchange gain
Non-GAAP net income was $62.8 million, or $0.60 per diluted share, inclusive of a $14.1 million pre-tax, non-operational, foreign exchange gain
Cash flow from operations was $86.1 million, or 13.2% of sales
Book to bill of 1.09 for the fourth quarter
A&D program backlog a record $1.56 billion
Data Center Computing revenues a record 22% of total company revenues

Fourth Quarter 2024 GAAP Financial Results
Net sales for the fourth quarter of 2024 were $651.0 million, compared to $569.0 million in the fourth quarter of 2023.

GAAP operating income for the fourth quarter of 2024 was $9.0 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment compared to GAAP operating income for the fourth quarter of 2023 of $34.6 million.

GAAP net income for the fourth quarter of 2024 was $5.2 million, or $0.05 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment, compared to GAAP net income for the fourth quarter of 2023 of $17.3 million, or $0.17 per diluted share. GAAP net income for the fourth quarter of 2024 included a $14.1 million pre-tax foreign exchange gain, compared to a $7.0 million pre-tax foreign exchange loss in the fourth quarter of 2023.

Fourth Quarter 2024 Non-GAAP Financial Results
On a non-GAAP basis, net income for the fourth quarter of 2024 was $62.8 million, or $0.60 per diluted share. This compares to non-GAAP net income of $43.0 million, or $0.41 per diluted share, for the fourth quarter of 2023. Non-GAAP net income for the fourth quarter of 2024 included a $14.1 million pre-tax foreign exchange gain, compared to a $7.0 million pre-tax foreign exchange loss in the fourth quarter of 2023.

Adjusted EBITDA in the fourth quarter of 2024 was $108.7 million, or 16.7% of sales compared to adjusted EBITDA of $80.9 million, or 14.2% of sales for the fourth quarter of 2023. Adjusted EBITDA for the fourth quarter of 2024 included a $14.1 million foreign exchange gain, compared to a $7.0 million foreign exchange loss in the fourth quarter of 2023.

“We delivered a solid quarter with revenues and non-GAAP EPS above the high end of the guided range. Revenues reflected the fourth consecutive quarter of year on year growth due to demand strength in our Aerospace and Defense, Data Center Computing and Networking end markets, the latter two being driven by generative AI,” said Tom Edman, CEO of TTM. “Operating margins were double digit for the second consecutive quarter and reflected continued solid execution. In addition, cash flow from operations was a healthy 13.2% of revenues enabling the company to maintain a solid balance sheet with a net leverage ratio of 1.2x,” concluded Mr. Edman.

Full Year 2024 Results
Net sales for 2024 increased to $2.4 billion from $2.2 billion in 2023, a 9.4% increase.

GAAP operating income for 2024 was $116.0 million, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment. This compares to a GAAP operating income for 2023 of $42.3 million, inclusive of a $44.1 million goodwill impairment charge related to the RF&S Components segment.

GAAP net income for 2024 was $56.3 million, or $0.54 per diluted share, inclusive of a $32.6 million goodwill impairment charge related to the RF&S Components segment. This compares to a GAAP net loss for 2023 of $18.7 million, or ($0.18) per diluted share, inclusive of a $44.1 million goodwill impairment charge related to the RF&S Components segment.

On a non-GAAP basis, net income for 2024 was $178.4 million, or $1.71 per diluted share. This compares to 2023 non-GAAP net income of $139.5 million, or $1.33 per diluted share.

Adjusted EBITDA for 2024 was $352.5 million, or 14.4% of net sales, compared to $298.2 million, or 13.4% of net sales, for 2023.

"Our employees delivered outstanding results in 2024 for TTM. Revenue growth of 9.4% was driven by generative AI in the Data Center Computing market and continued strength in the Aerospace and Defense market. Revenue fall through, favorable product mix, and improved execution helped to grow margins and non-GAAP EPS year on year," continued Edman. “We continue to execute on our strategic priorities by growing Aerospace and Defense revenues 12% year on year, opening a new manufacturing facility in Penang, Malaysia, supporting customer supply chain resiliency needs and starting construction on a new ultra-HDI manufacturing facility in Syracuse, New York. Finally, in 2024, we generated $236.9 million in operating cash flow which enabled us to strengthen our balance sheet, refinance our Term Loan, and return $34.5 million of capital to our shareholders through our stock buy back program.”

Business Outlook
For the first quarter of 2025, TTM estimates that revenues will be in the range of $600 million to $640 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 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 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 fourth quarter and fiscal year 2024 results and the first quarter 2025 outlook on Wednesday, February 5, 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. fourth quarter and fiscal year 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. fourth quarter and fiscal year 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. fourth quarter and fiscal year 2024 webcast.

About TTM
TTM Technologies, Inc. is 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). 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 OPERATIONS				Fourth Quarter						Full Year
					2024			2023			2024			2023

	Net sales			$	650,965		$	569,039		$	2,442,753		$	2,232,567
	Cost of goods sold				524,424			453,671			1,965,378			1,819,299

	Gross profit				126,541			115,368			477,375			413,268

	Operating expenses:
		Selling and marketing			19,977			18,677			80,030			76,922
		General and administrative			45,266			37,802			170,107			149,631
		Research and development			7,923			7,590			31,845			27,272
		Amortization of definite-lived intangibles			6,914			11,430			35,550			48,675
		Impairment of goodwill			32,600			-			32,600			44,100
		Restructuring charges			4,833			5,291			11,200			24,352
			Total operating expenses		117,513			80,790			361,332			370,952

	Operating income				9,028			34,578			116,043			42,316

	Interest expense				(11,204	)		(13,373	)		(47,515	)		(48,124	)
	Loss on extinguishment of debt				-			-			-			(1,154	)
	Gain on sale of subsidiary				-			-			-			1,270
	Other, net				16,507			(3,321	)		15,421			5,989

	Income before income taxes				14,331			17,884			83,949			297
	Income tax provision				(9,161	)		(546	)		(27,650	)		(19,015	)

	Net income (loss)			$	5,170		$	17,338		$	56,299		$	(18,718	)

	Earnings (loss) per share:
		Basic		$	0.05		$	0.17		$	0.55		$	(0.18	)
		Diluted			0.05			0.17			0.54			(0.18	)

	Weighted-average shares used in computing per share amounts:
		Basic			101,981			102,327			101,781			102,744
		Diluted			104,576			104,302			104,098			102,744

	Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share:
	Weighted-average shares outstanding				101,981			102,327			101,781			102,744
	Dilutive effect of performance-based stock units, restricted stock units and stock options				2,595			1,975			2,317			-
	Diluted shares				104,576			104,302			104,098			102,744


SELECTED BALANCE SHEET DATA
		December 30, 2024		January 1, 2024
	Cash and cash equivalents, including restricted cash	$	503,932	$	450,208
	Accounts and notes receivable, net		448,611		413,557
	Receivable from sale of SH E-MS property		-		6,737
	Contract assets		381,382		292,050
	Inventories		224,985		213,075
	Total current assets		1,606,744		1,429,687
	Property, plant and equipment, net		869,957		807,667
	Operating lease right of use asset		78,252		86,286
	Other non-current assets		917,541		1,000,023
	Total assets		3,472,494		3,323,663

	Short-term debt, including current portion of long-term debt	$	3,795	$	3,500
	Accounts payable		406,221		334,609
	Total current liabilities		809,054		703,984
	Debt, net of discount		914,359		914,336
	Total long-term liabilities		1,099,616		1,108,640
	Total equity		1,563,824		1,511,039
	Total liabilities and equity		3,472,494		3,323,663


SUPPLEMENTAL DATA				Fourth Quarter						Full Year
				2024			2023			2024		2023
	Gross margin				19.4	%		20.3	%	19.5	%	18.5	%
	Operating margin				1.4	%		6.1	%	4.8	%	1.9	%

	End Market Breakdown:
				Fourth Quarter
				2024			2023
		Aerospace and Defense			47	%		46	%
		Automotive			11	%		15	%
		Data Center Computing			22	%		17	%
		Medical/Industrial/Instrumentation			13	%		16	%
		Networking			7	%		6	%

	Stock-based Compensation:
				Fourth Quarter
		Amount included in:		2024			2023
			Cost of goods sold	$	2,653		$	2,084
			Selling and marketing		1,054			878
			General and administrative		4,067			2,891
			Research and development		309			306
			Total stock-based compensation expense	$	8,083		$	6,159


RECONCILIATIONS¹				Fourth Quarter						Full Year
				2024			2023			2024			2023

	Non-GAAP gross profit reconciliation²:
		GAAP gross profit		$	126,541		$	115,368		$	477,375		$	413,268
		Add back item:
			Amortization of definite-lived intangibles		2,336			2,335			9,342			12,901
			Stock-based compensation		2,653			2,084			9,342			7,455
			Unrealized loss (gain) on commodity hedge		1,635			(701	)		370			(1,192	)
			Purchase accounting related inventory markup		-			-			-			327
			Other charges		-			1,950			709			5,324
		Non-GAAP gross profit		$	133,165		$	121,036		$	497,138		$	438,083
		Non-GAAP gross margin			20.5	%		21.3	%		20.4	%		19.6	%

	Non-GAAP operating income reconciliation³:
		GAAP operating income		$	9,028		$	34,578		$	116,043		$	42,316
		Add back items:
			Amortization of definite-lived intangibles		9,250			13,765			44,892			61,576
			Stock-based compensation		8,083			6,159			29,780			22,887
			Gain on sale of property, plant and equipment		(1,249	)		-			(15,669	)		(195	)
			Unrealized loss (gain) on commodity hedge		1,635			(701	)		370			(1,192	)
			Purchase accounting related inventory markup		-			-			-			327
			Impairment, restructuring, acquisition-related and other charges		39,018			7,241			58,324			72,654
		Non-GAAP operating income		$	65,765		$	61,042		$	233,740		$	198,373
		Non-GAAP operating margin			10.1	%		10.7	%		9.6	%		8.9	%

	Non-GAAP net income and EPS reconciliation⁴:
		GAAP net income (loss)		$	5,170		$	17,338		$	56,299		$	(18,718	)
		Add back items:
			Amortization of definite-lived intangibles		9,250			13,765			44,892			61,576
			Stock-based compensation		8,083			6,159			29,780			22,887
			Non-cash interest expense		525			478			2,042			2,204
			Gain on sale of property, plant and equipment		(1,249	)		-			(15,669	)		(195	)
			Loss on extinguishment of debt		-			-			-			1,154
			Gain on sale of subsidiary		-			-			-			(1,270	)
			Unrealized loss (gain) on commodity hedge		1,635			(701	)		370			(1,192	)
			Purchase accounting related inventory markup		-			-			-			327
			Impairment, restructuring, acquisition-related and other charges		39,018			7,241			58,324			72,654
			Income taxes⁵		375			(1,314	)		2,352			113
		Non-GAAP net income		$	62,807		$	42,966		$	178,390		$	139,540
		Non-GAAP earnings per diluted share		$	0.60		$	0.41		$	1.71		$	1.33

	Non-GAAP diluted number of shares:
		GAAP diluted number of shares			104,576			104,302			104,098			102,744
		Dilutive effect of performance-based stock units, restricted stock units and stock options			-			-			-			1,851
		Non-GAAP diluted number of shares			104,576			104,302			104,098			104,595

	Adjusted EBITDA reconciliation⁶:
		GAAP net income (loss)		$	5,170		$	17,338		$	56,299		$	(18,718	)
		Add back items:
			Income tax provision		9,161			546			27,650			19,015
			Interest expense		11,204			13,373			47,515			48,124
			Amortization of definite-lived intangibles		9,250			13,765			44,892			61,576
			Depreciation expense		26,524			25,095			105,233			99,155
			Stock-based compensation		8,083			6,159			29,780			22,887
			Gain on sale of property, plant and equipment		(1,249	)		-			(15,669	)		(195	)
			Loss on extinguishment of debt		-			-			-			1,154
			Gain on sale of subsidiary		-			-			-			(1,270	)
			Unrealized loss (gain) on commodity hedge		1,635			(701	)		370			(1,192	)
			Purchase accounting related inventory markup		-			-			-			327
			Impairment, restructuring, acquisition-related and other charges		38,966			5,291			56,439			67,330
		Adjusted EBITDA		$	108,744		$	80,866		$	352,509		$	298,193
		Adjusted EBITDA margin			16.7	%		14.2	%		14.4	%		13.4	%

	Free cash flow reconciliation:
		Operating cash flow		$	86,054		$	47,470		$	236,894		$	187,284
		Capital expenditures, net			(52,761	)		(45,954	)		(152,871	)		(159,737	)
		Free cash flow		$	33,293		$	1,516		$	84,023		$	27,547

	¹This 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.

	²Non-GAAP gross profit and gross margin measures exclude amortization of intangibles, stock-based compensation expense, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, and other charges.

	³Non-GAAP operating income and operating margin measures exclude amortization of intangibles, stock-based compensation expense, gain on sale of property, plant, and equipment, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, impairment, 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 property, plant, and equipment, loss on extinguishment of debt, gain on sale of subsidiary, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, impairment, 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.

	⁶Adjusted EBITDA is defined as earnings before income taxes, interest expense, amortization of intangibles, depreciation, stock-based compensation expense, gain on sale of property, plant and equipment, loss on extinguishment of debt, gain on sale of subsidiary, unrealized loss (gain) on commodity hedge, purchase accounting related inventory markup, impairment, 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.
REVISED HISTORICAL Selected Unaudited Financial Information
(In thousands, except per share data)


REVISED HISTORICAL RECONCILIATIONS¹				Q1 2023			Q2 2023			Q3 2023			Q4 2023			Full Year 2023			Q1 2024			Q2 2024			Q3 2024			Q4 2024			Full Year 2024

	Non-GAAP net income and EPS reconciliation²:
		GAAP net income (loss)		$	(5,814	)	$	6,824		$	(37,066	)	$	17,338		$	(18,718	)	$	10,466		$	26,352		$	14,311		$	5,170		$	56,299
		Add back items:
			Amortization of definite-lived intangibles		27,772			6,275			13,764			13,765			61,576			13,765			12,591			9,286			9,250			44,892
			Stock-based compensation		5,240			5,121			6,367			6,159			22,887			6,787			6,580			8,330			8,083			29,780
			Non-cash interest expense		727			497			502			478			2,204			518			506			493			525			2,042
			Gain on sale of property, plant and equipment		(173	)		(22	)		-			-			(195	)		-			(14,420	)		-			(1,249	)		(15,669	)
			Loss on extinguishment of debt		-			1,154			-			-			1,154			-			-			-			-			-
			(Gain) loss on sale of subsidiary		(1,339	)		69			-			-			(1,270	)		-			-			-			-			-
			Unrealized (gain) loss on commodity hedge		(2,128	)		867			770			(701	)		(1,192	)		(752	)		(434	)		(79	)		1,635			370
			Purchase accounting related inventory markup		163			164			-			-			327			-			-			-			-			-
			Impairment, restructuring, acquisition-related and other charges		5,944			12,277			47,192			7,241			72,654			3,738			11,308			4,260			39,018			58,324
			Income taxes³		(11,744	)		(182	)		13,353			(1,314	)		113			(1,735	)		(2,352	)		6,064			375			2,352
		Non-GAAP net income - AS REPORTED		$	18,648		$	33,044		$	44,882		$	42,966		$	139,540		$	32,787		$	40,131		$	42,665		$	62,807		$	178,390
		Adjust for unrealized foreign exchange:
			Unrealized (gain) loss on foreign exchange		(2,419	)		(2,216	)		570			5,026			961			(4,277	)		79			16,207			(13,048	)		(1,039	)
			Income taxes³		411			377			(178	)		(724	)		(114	)		599			(11	)		(2,089	)		1,630			129
		Non-GAAP net income - AS ADJUSTED		$	16,640		$	31,205		$	45,274		$	47,268		$	140,387		$	29,109		$	40,199		$	56,783		$	51,389		$	177,480

		Non-GAAP earnings per diluted share - AS REPORTED		$	0.18		$	0.32		$	0.43		$	0.41		$	1.33		$	0.31		$	0.39		$	0.41		$	0.60		$	1.71
			Impact from unrealized (gain) loss on foreign exchange (after tax)		(0.02	)		(0.02	)		0.00			0.04			0.01			(0.04	)		0.00			0.14			(0.11	)		(0.01	)
		Non-GAAP earnings per diluted share - AS ADJUSTED		$	0.16		$	0.30		$	0.43		$	0.45		$	1.34		$	0.28		$	0.39		$	0.55		$	0.49		$	1.70

	Non-GAAP diluted number of shares:
		GAAP diluted number of shares			102,381			104,820			103,510			104,302			102,744			104,098			103,889			103,828			104,576			104,098
		Dilutive effect of performance-based stock units, restricted stock units and stock options			1,949			-			1,419			-			1,851			-			-			-			-			-
		Non-GAAP diluted number of shares			104,330			104,820			104,929			104,302			104,595			104,098			103,889			103,828			104,576			104,098

	Adjusted EBITDA reconciliation⁴:
		GAAP net income (loss)		$	(5,814	)	$	6,824		$	(37,066	)	$	17,338		$	(18,718	)	$	10,466		$	26,352		$	14,311		$	5,170		$	56,299
		Add back items:
			Income tax provision (benefit)		(7,924	)		6,586			19,807			546			19,015			3,603			4,180			10,706			9,161			27,650
			Interest expense		12,807			11,843			10,101			13,373			48,124			12,324			12,219			11,768			11,204			47,515
			Amortization of definite-lived intangibles		27,772			6,275			13,764			13,765			61,576			13,765			12,591			9,286			9,250			44,892
			Depreciation expense		25,253			24,937			23,870			25,095			99,155			24,696			26,184			27,829			26,524			105,233
			Stock-based compensation		5,240			5,121			6,367			6,159			22,887			6,787			6,580			8,330			8,083			29,780
			Gain on sale of property, plant and equipment		(173	)		(22	)		-			-			(195	)		-			(14,420	)		-			(1,249	)		(15,669	)
			Loss on extinguishment of debt		-			1,154			-			-			1,154			-			-			-			-			-
			(Gain) loss on sale of subsidiary		(1,339	)		69			-			-			(1,270	)		-			-			-			-			-
			Unrealized (gain) loss on commodity hedge		(2,128	)		867			770			(701	)		(1,192	)		(752	)		(434	)		(79	)		1,635			370
			Purchase accounting related inventory markup		163			164			-			-			327			-			-			-			-			-
			Impairment, restructuring, acquisition-related and other charges		4,668			10,904			46,467			5,291			67,330			3,900			11,308			2,265			38,966			56,439
		Adjusted EBITDA - AS REPORTED		$	58,525		$	74,722		$	84,080		$	80,866		$	298,193		$	74,789		$	84,560		$	84,416		$	108,744		$	352,509
		Adjusted EBITDA margin - AS REPORTED			10.7	%		13.7	%		14.7	%		14.2	%		13.4	%		13.1	%		14.0	%		13.7	%		16.7	%		14.4	%
		Adjust for unrealized foreign exchange:
			Unrealized (gain) loss on foreign exchange		(2,419	)		(2,216	)		570			5,026			961			(4,277	)		79			16,207			(13,048	)		(1,039	)
		Adjusted EBITDA - AS ADJUSTED		$	56,106		$	72,506		$	84,650		$	85,892		$	299,154		$	70,512		$	84,639		$	100,623		$	95,696		$	351,470
		Adjusted EBITDA margin - AS ADJUSTED			10.3	%		13.3	%		14.8	%		15.1	%		13.4	%		12.4	%		14.0	%		16.3	%		14.7	%		14.4	%


	¹This information provides revised reconciliations of non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the financial information in our consolidated condensed statements of operations. TTM has determined that it is appropriate to exclude the impact of unrealized foreign exchange gains/losses from its non-GAAP measures of adjusted EBITDA, non-GAAP net income, and non-GAAP EPS. We believe the exclusion of these non-cash, non-operational, impacts from our non-GAAP financial measures will provide a more transparent and consistent measure of our core operating performance across reporting periods. Therefore, this schedule provides revised reconciliations to these non-GAAP measures which exclude the respective unrealized foreign exchange gains/losses for fiscal years 2023 and 2024 and each quarterly reporting period therein.The "AS REPORTED" lines reflect the respective non-GAAP measure as it was originally reported. The "AS ADJUSTED" lines reflect the results of the adjustments to exclude unrealized foreign exchange (gain) loss from all periods presented. The first and second quarters and full year of fiscal year 2023 have also been recast to reclassify certain amounts between "Gain on sale of property, plant and equipment" and "Impairment, restructuring, acquisition-related and other charges" in order to align with the current classifications of these respective amounts for comparative purposes.

	² 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 property, plant and equipment, loss on extinguishment of debt, gain (loss) on sale of subsidiary, unrealized (gain) loss on commodity hedge, purchase accounting related inventory markup, impairment, 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. The "AS REPORTED" lines reflect the respective non-GAAP measure as it was originally reported. The "AS ADJUSTED" lines reflect the results of the adjustments to exclude unrealized foreign exchange (gain) loss from all periods presented.

	³ Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate.

	⁴Adjusted EBITDA is defined as earnings before income taxes, interest expense, amortization of intangibles, depreciation, stock-based compensation expense, gain on sale of property, plant and equipment, loss on extinguishment of debt, (gain) loss on sale of subsidiary, unrealized (gain) loss on commodity hedge, purchase accounting related inventory markup, impairment, 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. The "AS REPORTED" lines reflect the respective non-GAAP measure as it was originally reported. The "AS ADJUSTED" lines reflect the results of the adjustments to exclude unrealized foreign exchange (gain) loss from all periods presented.

Contact:
Sameer Desai,
Vice President, Corporate Development & Investor Relations
Sameer.desai@ttmtech.com
714-327-3050

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