TTM Technologies(TTMI) - 2025 Q1 - Quarterly Results

Financial Performance - Net sales for Q1 2024 were $570.1 million, a 4.8% increase from $544.4 million in Q1 2023[3] - GAAP net income for Q1 2024 was $10.5 million, or $0.10 per diluted share, compared to a net loss of $5.8 million, or ($0.06) per diluted share in Q1 2023[4] - Non-GAAP net income for Q1 2024 was $32.8 million, or $0.31 per diluted share, up from $18.6 million, or $0.18 per diluted share in Q1 2023[5] - Adjusted EBITDA for Q1 2024 was $74.8 million, representing 13.1% of sales, compared to $58.5 million, or 10.7% of sales in Q1 2023[5] - Operating income for Q1 2024 was $17.1 million, a significant recovery from an operating loss of $3.5 million in Q1 2023[4] - Non-GAAP gross profit for Q1 2024 was $107.17 million, up from $92.86 million in Q1 2023, representing a 15.4% increase[22] - Non-GAAP operating income increased to $40.69 million in Q1 2024 from $33.35 million in Q1 2023, marking a 22.1% rise[22] - GAAP net income for Q1 2024 was $10.47 million, compared to a loss of $5.81 million in Q1 2023[22] - Non-GAAP net income for Q1 2024 was $32.79 million, up from $18.65 million in Q1 2023, a 75.6% increase[22] - Adjusted EBITDA for Q1 2024 was $74.79 million, compared to $58.53 million in Q1 2023, indicating a 27.7% growth[22] Cash Flow and Balance Sheet - Cash flow from operations was $43.9 million, equating to 7.7% of revenue, allowing for stock repurchases while maintaining a solid balance sheet[6] - The company repurchased 600,000 shares of common stock for $9.3 million at an average price of $15.56 per share[8] - TTM's net leverage ratio stands at 1.5x, indicating a healthy balance sheet[6] - Cash and cash equivalents, including restricted cash, totaled $440.38 million, a decrease from $450.20 million[20] - Total current assets amounted to $1.40 billion, reflecting a slight increase from $1.41 billion[20] - Total assets reached $3.29 billion, indicating a growth from $3.32 billion[20] - Total current liabilities were reported at $671.20 million, a decrease from $770.39 million[20] - Total long-term liabilities stood at $1.10 billion, consistent with previous reports[20] - Total equity was $1.52 billion, showing a slight decline from $1.51 billion[20] - Short-term debt, including current portion of long-term debt, was $262.50 million, down from $350.00 million[20] - Total liabilities and equity combined were $3.29 billion, consistent with total assets[20] Revenue Drivers - The increase in revenue is attributed to strong demand in Aerospace and Defense and Data Center Computing markets[6] Future Projections - For Q2 2024, TTM estimates revenues will range from $560 million to $600 million, with non-GAAP net income projected between $0.32 and $0.38 per diluted share[7] Non-GAAP Measures - Non-GAAP gross profit and gross margin measures exclude various charges, providing a clearer view of the company's financial performance[1] - Non-GAAP operating income and operating margin measures also exclude specific charges, enhancing the understanding of operational efficiency[2] - Non-GAAP net income and non-GAAP EPS are adjusted for several non-cash and one-time items, offering additional insights into the company's ongoing financial condition[3] - Adjusted EBITDA is defined as earnings before various expenses and charges, serving as a key measure for evaluating operational performance[4] - The company believes that adjusted EBITDA is useful for comparing performance with similar companies and assessing future financial obligations[5] - Income tax adjustments reflect differences between non-GAAP and GAAP tax rates, impacting overall financial results[6]