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


RECONCILIATIONS 1 Fourth Quarter Full Year
2024 2023 2024 2023
Non-GAAP gross profit reconciliation 2 :
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 reconciliation 3 :
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 reconciliation 4 :
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 taxes 5 375 (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 reconciliation 6 :
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


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 loss (gain) 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 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.
6 Adjusted 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 RECONCILIATIONS 1 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 reconciliation 2 :
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 taxes 3 (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 taxes 3 411 377 (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 reconciliation 4 :
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 %
1 This 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.
4 Adjusted 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
[email protected]
714-327-3050