TTM Technologies(US:TTMI)2025-02-05 21:05Financial Performance - Fourth quarter 2024 net sales were $651.0 million, a 14.4% increase from $569.0 million in the fourth quarter of 2023[4] - GAAP net income for the fourth quarter of 2024 was $5.2 million, or $0.05 per diluted share, compared to $17.3 million, or $0.17 per diluted share in the fourth quarter of 2023[5] - Non-GAAP net income for the fourth quarter of 2024 was $62.8 million, or $0.60 per diluted share, up from $43.0 million, or $0.41 per diluted share in the fourth quarter of 2023[6] - For the full year 2024, net sales increased to $2.4 billion, a 9.4% increase from $2.2 billion in 2023[10] - GAAP net income for 2024 was $56.3 million, or $0.54 per diluted share, compared to a GAAP net loss of $18.7 million, or ($0.18) per diluted share in 2023[12] - Non-GAAP net income for the full year 2024 was $178,390 thousand, compared to $139,540 thousand in 2023, indicating a 27.8% increase[30] Profitability Metrics - Adjusted EBITDA for the fourth quarter of 2024 was $108.7 million, representing 16.7% of sales, compared to $80.9 million, or 14.2% of sales in the fourth quarter of 2023[7] - Non-GAAP gross profit for the full year 2024 reached $497,138 thousand, compared to $438,083 thousand in 2023, reflecting a 13.5% growth[30] - Non-GAAP operating income for Q4 2024 was $65,765 thousand, an increase from $61,042 thousand in Q4 2023, marking a 4.5% rise[30] - Adjusted EBITDA for Q4 2024 was $108,744 thousand, compared to $80,866 thousand in Q4 2023, representing a 34.4% increase[30] - Free cash flow for Q4 2024 was $33,293 thousand, significantly higher than $1,516 thousand in Q4 2023[30] Margins - Gross margin for Q4 2024 was 19.4%, slightly up from 19.5% in Q4 2023[29] - Operating margin for Q4 2024 was 1.4%, down from 4.8% in Q4 2023[29] - Non-GAAP gross margin for Q4 2024 was 20.5%, slightly down from 21.3% in Q4 2023[30] - Non-GAAP operating margin for the full year 2024 improved to 9.6%, up from 8.9% in 2023[30] Cash Flow and Assets - The company generated $236.9 million in operating cash flow in 2024, enabling it to strengthen its balance sheet and return $34.5 million to shareholders through a stock buyback program[15] - Total current assets reached $1,606.74 million, an increase from $1,450.20 million[28] - Cash and cash equivalents, including restricted cash, totaled $503.93 million, up from $450.20 million[28] - Total assets amounted to $3,472.49 million, compared to $3,332.36 million in the previous year[28] - Total long-term liabilities were $1,099.61 million, compared to $1,108.64 million in the previous year[28] - Total equity stood at $1,563.82 million, reflecting a stable financial position[28] - The company reported a net debt of $914.35 million, indicating a manageable debt level[28] Future Projections - For Q1 2025, TTM estimates revenues will be between $600 million and $640 million, with non-GAAP net income projected to be between $0.37 and $0.43 per diluted share[16] Backlog and Revenue Sources - The company reported a record Aerospace and Defense program backlog of $1.56 billion[9] - Data Center Computing revenues accounted for a record 22% of total company revenues[9] Stock-Based Compensation and Other Charges - Total stock-based compensation expense was $8,083 million, compared to $6,159 million in the previous year[29] - Stock-based compensation for the full year 2023 amounted to $22,887 million[33] - The company reported a loss on extinguishment of debt of $1,154 million in Q2 2023[33] - Impairment, restructuring, and acquisition-related charges for the full year 2023 totaled $72,654 million[33] - Unrealized (gain) loss on commodity hedge for the full year 2023 was $(1,192) million[33] Changes in Reporting - The company plans to exclude unrealized foreign exchange gains/losses from non-GAAP measures starting Q1 2025[34]