Financial Data and Key Metrics Changes - TTM Technologies achieved sales of $774.3 million in Q4 2025, a 19% year-over-year increase from $651 million in Q4 2024, driven by strong demand in various end markets [14][8] - Non-GAAP EPS reached $0.70 per diluted share, marking an all-time quarterly record high for the company [20][8] - Adjusted EBITDA margin improved to 16.3% in Q4 2025 from 14.7% in the prior year, reflecting better operational execution [20][8] - For the full year 2025, net sales were $2.9 billion, up from $2.4 billion in 2024, also a 19% increase [14][15] Business Line Data and Key Metrics Changes - The aerospace and defense end market represented 41% of Q4 2025 sales, growing 5% year-over-year for the quarter and 13% for the full year [9][10] - Data center computing sales grew 57% year-over-year in Q4 2025, representing 20% of total sales, while networking sales increased 23% year-over-year, accounting for 8% of total sales [10][11] - The medical, industrial, and instrumentation end market saw a 28% year-over-year growth in Q4 2025, representing 14% of total sales [11][12] - Automotive sales represented 9% of Q4 2025 sales, with a focus on higher-value products expected to decrease to 8% in Q1 2026 [12][11] Market Data and Key Metrics Changes - The overall book-to-bill ratio was 1.35 for Q4 2025, with the aerospace and defense segment at 1.46, indicating strong demand and order visibility [12][10] - The 90-day backlog increased to $654.9 million at the end of 2025, up from $502.1 million a year ago [12][10] Company Strategy and Development Direction - The company is focused on Advanced Interconnect technologies and aims to move up the value chain into complex modules and subsystems [4][5] - TTM anticipates healthy growth driven by participation in key megatrends such as Artificial Intelligence and defense, with 80% of net sales related to these areas [5][6] - The company plans to grow revenues by 15%-20% annually over the next three years and aims to double earnings from 2025 to 2027 [6][5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet growth targets, citing strong demand in data center computing and networking due to AI applications [6][5] - The company is well-positioned to support growth across end markets and is investing in capacity expansion [6][5] - Management noted that the operating environment remains favorable, with ongoing demand in aerospace and defense and increased automation in medical and industrial markets [7][5] Other Important Information - The company expects Q1 2026 net sales to be in the range of $770 million to $810 million, with non-GAAP earnings projected between $0.64 and $0.70 per diluted share [21][22] - Capital expenditures for 2026 are expected to be in the range of $240 million to $260 million, with additional investments planned for data center capacity in China [44][45] Q&A Session Summary Question: Capacity addition in China and Syracuse - Management confirmed good progress in extending capacity in both China and the U.S., with no issues anticipated in supply chain or equipment [25][26] Question: Gross margin headwinds from Penang - Management indicated a headwind of about 180 basis points from Penang in Q4, with expectations for improvement throughout the year [28][29] Question: Update on Eau Claire facility - Management stated that Eau Claire is the largest PCB site in the U.S. and will take 18-24 months to generate revenue as it is equipped [34][35] Question: Impact of volatile copper prices - Management does not expect significant impacts from copper price volatility, as pricing adjustments can be passed through to customers [56][56]