TTM Technologies Inc. Files 2024 Annual Report (10-K)

TL;DR

<b>TTM Technologies Inc. has filed its annual 10-K report detailing its fiscal year 2023 performance and financial standing.</b>

AI Summary

TTM TECHNOLOGIES INC (TTMI) filed a Annual Report (10-K) with the SEC on February 27, 2024. TTM Technologies Inc. filed its 10-K report for the fiscal year ending January 1, 2024. The company operates in the Printed Circuit Boards industry (SIC 3672). Key segments include Printed Circuit Board, Radio Frequency and Specialty Components, Data Center Computing, and Aerospace and Defense. The filing references specific financial instruments such as the Us Asset Based Lending Revolving Loan Due Two Thousand Twenty Eight and Senior Notes Due Two Thousand Twenty Five. The report details various financial adjustments including Accumulated Translation Adjustment and Accumulated Defined Benefit Plans Adjustment.

Why It Matters

For investors and stakeholders tracking TTM TECHNOLOGIES INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TTM Technologies' financial health, operational segments, and strategic positioning within the electronics manufacturing sector. Investors and analysts can use this report to assess the company's performance, identify key risks, and understand its financial commitments and future outlook.

Risk Assessment

Risk Level: medium — TTM TECHNOLOGIES INC shows moderate risk based on this filing. The company's financial performance is subject to market dynamics and operational complexities inherent in the electronics manufacturing industry, as indicated by the detailed segment reporting and financial adjustments mentioned in the filing.

Analyst Insight

Review the detailed segment performance and financial risk factors in the 10-K to understand TTM Technologies' strategic direction and potential for growth.

Revenue Breakdown

Key Numbers

• 2024-01-01 — Fiscal Year End (Report period)
• 2024-02-27 — Filing Date (Date of submission)
• 000-31285 — SEC File Number (TTM Technologies' SEC file number)

Key Players & Entities

• TTM TECHNOLOGIES INC (company) — Filer name
• 0000950170-24-021098 (filing_id) — Accession number
• 2024-01-01 (date) — Fiscal year end
• 2024-02-27 (date) — Filing date
• 3672 (industry_code) — Standard Industrial Classification
• 7143273000 (phone) — Business phone

FAQ

Industry Context

TTM Technologies operates within the highly competitive Printed Circuit Board (PCB) manufacturing industry, serving diverse markets including aerospace, defense, data centers, and networking.

Regulatory Implications

The company is subject to standard SEC reporting regulations for public companies, requiring annual filings like the 10-K to disclose financial and operational information.

What Investors Should Do

1. Analyze the financial statements and segment data within the 10-K to assess revenue trends and profitability.
2. Examine the risk factors section to understand potential challenges and their impact on the company's operations.
3. Review any disclosed executive compensation details to understand management incentives.

Key Dates

• 2024-01-01: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-02-27: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial analysis of the 2024 10-K filing; comparative data from previous filings would be needed for a direct comparison.

Key Financial Figures

• $0.001 — ge on which registered Common Stock , $0.001 par value TTMI Nasdaq Global Select
• $2.2 billion — ue. In 2023, we generated approximately $2.2 billion in net sales and ended the year with ap
• $100 b — f Defense budget request grew by nearly $100 billion, or 13.4% over the two-year perio
• $69.5 billion — wide demand for PCBs was expected to be $69.5 billion for 2023. Of this worldwide demand for
• $3.3 billion — ted for approximately 5% (approximately $3.3 billion), PCB production in China accounted for
• $37.6 billion — ed for approximately 54% (approximately $37.6 billion), and PCB production in the rest of the
• $28.6 billion — ed for approximately 41% (approximately $28.6 billion). According to the same report by Prism

Filing Documents

• ttmi-20240101.htm (10-K) — 4331KB
• ttmi-ex21_1.htm (EX-21.1) — 37KB
• ttmi-ex23_1.htm (EX-23.1) — 3KB
• ttmi-ex31_1.htm (EX-31.1) — 11KB
• ttmi-ex31_2.htm (EX-31.2) — 11KB
• ttmi-ex32_1.htm (EX-32.1) — 10KB
• ttmi-ex32_2.htm (EX-32.2) — 10KB
• ttmi-ex97.htm (EX-97) — 17KB
• img80767827_0.jpg (GRAPHIC) — 30KB
• 0000950170-24-021098.txt (&nbsp;) — 20820KB
• ttmi-20240101.xsd (EX-101.SCH) — 2515KB
• ttmi-20240101_htm.xml (XML) — 4851KB

BUSINESS

BUSINESS 3 ITEM 1A.

RISK FACTORS

RISK FACTORS 17 ITEM 1B. UNRESOLVED STAFF COMMENTS 35 ITEM 1C. CYBERSECURITY 35 ITEM 2.

PROPERTIES

PROPERTIES 37 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 38 ITEM 4. MINE SAFETY DISCLOSURES 38 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 39 ITEM 6. RESERVED 40 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 41 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 50 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 51 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 52 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 52 ITEM 9B. OTHER INFORMATION 52 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 52 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 53 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 53 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 53 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 53 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 53 PART IV ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES 54 ITEM 16. FORM 10-K SUMMARY 56

SIGNATURES

SIGNATURES 57 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 58 2 PAR T I This Annual Report on Form 10-K (Report) contains forward-looking statements regarding future events or our future financial and operational performance. Forward-looking statements include statements regarding markets for our products; trends in net sales, gross profits and estimated expense levels; liquidity and anticipated cash needs and availability; and any statement that contains the words "anticipate," "believe," "plan," "forecast," "foresee," "estimate," "project," "expect," "seek," "target," "intend," "goal" and other similar expressions. The forward-looking statements included in this Report reflect our current expectations and beliefs, and we do not undertake publicly to update or revise these statements, even if experience or future changes make it clear that any projected results expressed in this Report or future quarterly reports to stockholders, press releases or company statements will not be realized. In addition, the inclusion of any statement in this Report does not constitute an admission by us that the events or circumstances described in such statement are material. Furthermore, we wish to caution and advise readers that these statements are based on assumptions that may not materialize and may involve risks and uncertainties, many of which are beyond our control, that could cause actual events or performance to differ materially from those contained or implied in these forward-looking statements. These risks and uncertainties include the business and economic risks described in "Item 1A — Risk Factors". Unless otherwise indicated or unless the context requires otherwise, all references to time periods refer to our fiscal year, and all reference to "TTM," "the Company," "we," "us," "our," and similar names refer to TTM Technologies, Inc. and its subsidiaries.

B USINESS

ITEM 1. B USINESS General We are a leading global manufacturer of technology solutions, including mission systems, radio frequency (RF) components/RF microwave/microelectronic assemblies, quick-turn and technologically advanced printed circuit boards (PCB). According to a November 2023 report by Prismark Partners, we are one of the largest PCB manufacturers in the world based on 2022 revenue. In 2023, we generated approximately $2.2 billion in net sales and ended the year with approximately 15,800 employees worldwide. We currently operate a total of 24 specialized facilities in North America and Asia. We focus on providing time-to-market and volume production of advanced technology products and offer a one-stop design, engineering and manufacturing solution to our customers. This solution allows us to align technology development with the diverse needs of our customers and to enable them to reduce the time required to develop new products and bring them to market. We serve a diversified customer base consisting of approximately 1,500 customers in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial and instrumentation, and networking. Our customers include original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), distributors and government agencies (both domestic and allied foreign governments). We report our worldwide operations based on two reportable segments: (1) PCB , which consists of 16 domestic system, sub-system, and PCB plants; four PCB fabrication plants in China; one in Malaysia; and one in Canada; and (2) RF and Specialty Components (RF&S Components) , which consists of one domestic RF component plant and one RF component plant in China. Each segment operates predominantly in the same industries with facilities that produce customized products for our customers and use similar means of product distributi

View Full Filing

View this 10-K filing on SEC EDGAR