TTMI TTM Technologies Inc

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 ResultsOn 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 ResultsNet 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 CallTTM 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 WebcastThe 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 TTMTTM 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 MeasuresTo 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

	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 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	%
	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 RelationsSameer.desai@ttmtech.com714-327-3050