TTM Technologies Inc. Files 10-Q for Period Ending April 1, 2024

TL;DR

<b>TTM Technologies Inc. filed its quarterly report (10-Q) for the period ending April 1, 2024, detailing financial performance and segment information.</b>

AI Summary

TTM TECHNOLOGIES INC (TTMI) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. TTM Technologies Inc. filed a 10-Q report for the period ending April 1, 2024. The filing covers the fiscal quarter of 2024. Key segments include Medical/Industrial Instrumentation and Radio Frequency & Specialty Components. The company's SIC code is 3672 for Printed Circuit Boards. The filing includes details on various financial instruments and liabilities, such as Senior Notes Due 2029 and Foreign Exchange Contracts.

Why It Matters

For investors and stakeholders tracking TTM TECHNOLOGIES INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial data and operational updates for TTM Technologies Inc., crucial for assessing the company's current health and future prospects. Understanding the segment performance and financial instruments detailed in this report is key to evaluating the company's strategic direction and risk exposure in the printed circuit board industry.

Risk Assessment

Risk Level: — TTM TECHNOLOGIES INC shows moderate risk based on this filing. The company faces risks related to customer concentration, as indicated by the mention of 'CustomerConcentrationRisk' in relation to 'AccountsReceivable' and 'SalesRevenueNet' for its 'PrintedCircuitBoard' segment.

Analyst Insight

Monitor customer concentration risks and segment performance, particularly in the Printed Circuit Board division, to gauge future revenue stability.

Revenue Breakdown

Key Numbers

• 2024-04-01 — Reporting Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-07 — Filing Date (FILED AS OF DATE)
• 3672 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 2024-01-02 — Quarter Start Date (ttmi:MedicalIndustrialInstrumentationMember)
• 2024-01-02 — Quarter Start Date (ttmi:RadioFrequencyAndSpecialtyComponentsMember)
• 2023-01-03 — Prior Year Quarter Start Date (us-gaap:SalesRevenueNetMember)
• 2023-04-03 — Prior Year Quarter End Date (us-gaap:SalesRevenueNetMember)
• 2024-01-02 — Quarter Start Date (ttmi:SeniorNotesDueTwoThousandTwentyNineMember)

Key Players & Entities

• TTM TECHNOLOGIES INC (company) — FILER
• 0000950170-24-054464 (other) — ACCESSION NUMBER
• 2024-04-01 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-07 (date) — FILED AS OF DATE
• 3672 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• 911033443 (other) — IRS NUMBER
• DE (other) — STATE OF INCORPORATION
• 7143273000 (phone) — BUSINESS PHONE

FAQ

Key Financial Figures

• $0.001 — ge on which registered Common Stock , $0.001 par value TTMI Nasdaq Global Select

Filing Documents

• ttmi-20240401.htm (10-Q) — 1778KB
• ttmi-ex31_1.htm (EX-31.1) — 11KB
• ttmi-ex31_2.htm (EX-31.2) — 11KB
• ttmi-ex32_1.htm (EX-32.1) — 9KB
• ttmi-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-054464.txt (&nbsp;) — 9233KB
• ttmi-20240401.xsd (EX-101.SCH) — 1343KB
• ttmi-20240401_htm.xml (XML) — 1866KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 3 Consolidated Condensed Balance Sheets as of April 1, 2024 and January 1, 2024 3 Consolidated Condensed Statements of Operations for the quarters ended April 1, 2024 and April 3, 2023 4 Consolidated Condensed Statements of Comprehensive Income (Loss) for the quarters ended April 1, 2024 and April 3, 2023 5 Consolidated Condensed Statements of Stockholders' Equity for the quarters ended April 1, 2024 and April 3, 2023 6 Consolidated Condensed Statements of Cash Flows for the quarters ended April 1, 2024 and April 3, 2023 7 Notes to Consolidated Condensed Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 25

Controls and Procedures

Item 4. Controls and Procedures 26

: OTHER INFORMATION

PART II: OTHER INFORMATION 27

Legal Proceedings

Item 1. Legal Proceedings 27

Risk Factors

Item 1A. Risk Factors 27

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27

Other Information

Item 5. Other Information 27

Exhibits

Item 6. Exhibits 28

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financial Sta tements (unaudited)

Item 1. Financial Sta tements (unaudited) TTM TECHNOLOGIES, INC. Consolidated Condens ed Balance Sheets As of April 1, 2024 and January 1, 2024 As of April 1, 2024 January 1, 2024 (Unaudited) (In thousands, except par value) ASSETS Current assets: Cash and cash equivalents $ 440,388 $ 450,208 Accounts receivable, net 367,537 413,557 Contract assets 320,514 292,050 Inventories 220,515 213,075 Receivable from sale of Shanghai E-MS (SH E-MS) property — 6,737 Prepaid expenses and other current assets 57,160 54,060 Total current assets 1,406,114 1,429,687 Property, plant, and equipment, net 825,834 807,667 Operating lease right-of-use assets 83,847 86,286 Goodwill 702,735 702,735 Definite-lived intangibles, net 222,946 236,711 Deposits and other non-current assets 57,334 60,577 Total assets $ 3,298,810 $ 3,323,663 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt, including current portion of long-term debt $ 2,625 $ 3,500 Accounts payable 348,913 334,609 Contract liabilities 117,381 126,508 Accrued salaries, wages, and benefits 88,549 98,561 Other current liabilities 113,739 140,806 Total current liabilities 671,207 703,984 Long-term debt, net of discount and issuance costs 913,888 914,336 Operating lease liabilities 77,485 80,786 Other long-term liabilities 115,122 113,518 Total long-term liabilities 1,106,495 1,108,640 Commitments and contingencies (Note 14) Equity: Common stock, $ 0.001 par value; 300,000 shares authorized; 111,550 and 111,282 shares issued as of April 1, 2024 and January 1, 2024, respectively; 101,776 and 102,108 shares outstanding as of April 1, 2024 and January 1, 2024, respectively 112 111 Treasury stock – common stock at cost; 9,774 and 9,174 shares as of April 1, 2024 and January 1, 2024, respectively ( 132,425 ) ( 123,091 ) Ad

View Full Filing

View this 10-Q filing on SEC EDGAR