$TTMI

TTM TECHNOLOGIES INC

CIK:0001116942|SEC Filings

Consolidated Condensed Statements of Operations (Unaudited) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 29, 2026

Jun. 30, 2025

Jun. 29, 2026

Jun. 30, 2025

Income Statement [Abstract]

Net sales

^[1]

$ 1,004,054

$ 730,621

$ 1,850,030

$ 1,379,289

Cost of goods sold

792,196

582,512

1,456,991

1,100,208

Gross profit

211,858

148,109

393,039

279,081

Operating expenses:

Selling and marketing

25,490

21,316

50,484

42,587

General and administrative

62,107

49,719

130,852

93,493

Research and development

7,978

7,009

15,786

15,073

Amortization of definite-lived intangibles

6,888

13,777

Restructuring charges

340

1,408

636

2,122

Total operating expenses

102,803

86,340

211,535

167,052

Operating income

109,055

61,769

181,504

112,029

Other expense:

Interest expense

(10,496)

(11,095)

(21,096)

(22,559)

Loss on extinguishment of debt

(747)

Unrealized loss on derivative instruments

(13,994)

Other, net

(2,571)

(5,149)

(5,895)

(2,954)

Total other expense, net

(27,808)

(16,244)

(41,732)

(25,513)

Income before income taxes

81,247

45,525

139,772

86,516

Income tax benefit (provision)

1,800

(3,995)

(6,737)

(12,808)

Net income

$ 83,047

$ 41,530

$ 133,035

$ 73,708

Earnings per share:

Basic earnings per share

$ 0.8

$ 0.41

$ 1.28

$ 0.72

Diluted earnings per share

$ 0.77

$ 0.4

$ 1.24

$ 0.7

[1]

The end market revenue for the quarter and two quarters ended June 30, 2025 has been recast to reflect certain adjustments to allocations resulting from the segment reorganization that occurred during the quarter ended March 30, 2026 as well as the combination of the data center computing and networking end markets. The end market revenue excludes intersegment sales totaling $301 and $1,032 for the quarter and two quarters ended June 29, 2026, respectively, and $186 and $473 for the quarter and two quarters ended June 30, 2025, respectively. See Note 4, Segment Information, for further information.

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income	$ 133,035	$ 73,708
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant, and equipment	60,414	54,555
Amortization of definite-lived intangible assets	18,448	18,448
Amortization of debt discount and issuance costs	1,142	1,067
Loss on extinguishment of debt	747	0
Deferred income taxes	9,009	1,389
Stock-based compensation	37,648	17,975
Unrealized loss on derivative instruments	13,994	0
Other	4,600	7,318
Changes in operating assets and liabilities:
Accounts receivable, net	(156,402)	(46,741)
Contract assets	(128,030)	(43,591)
Inventories	(57,915)	(25,354)
Prepaid expenses and other assets	(44,185)	(7,876)
Accounts payable	192,182	47,458
Contract liabilities	11,143	(8,785)
Accrued salaries, wages, and benefits	(12,000)	(6,232)
Other liabilities	34,342	3,810
Net cash provided by operating activities	118,172	87,149
Cash flows from investing activities:
Net purchases of property, plant, and equipment and other assets	(169,205)	(123,726)
Proceeds from sale of property, plant, and equipment and other assets	11,988	272
Net cash used in investing activities	(157,217)	(123,454)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	199,159	0
Repayment of long-term debt borrowings	(143,310)	(1,895)
Repayment of customer deposits	(5,000)	0
Payment of debt issuance costs	(4,737)	0
Repurchases of common stock	0	(17,875)
other	(558)	0
Net cash provided by (used in) financing activities	45,554	(19,770)
Effect of foreign currency exchange rates on cash and cash equivalents	162	110
Net increase in cash and cash equivalents	6,671	(55,965)
Cash and cash equivalents at beginning of period	501,234	503,932
Cash and cash equivalents at end of period	507,905	447,967
Supplemental cash flow information:
Cash paid, net for interest	22,543	23,575
Cash paid, net for income taxes	9,796	15,423
Supplemental disclosure of non-cash investing and financing activities:
Cashless rollover of debt	280,841	0
Property, plant, and equipment recorded in accounts payable and other current liabilities	$ 140,132	$ 59,126

Consolidated Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 29, 2026	Dec. 29, 2025
Current assets:
Cash and cash equivalents	$ 507,905	$ 501,234
Accounts receivable, net	720,143	563,741
Contract assets	596,036	468,006
Inventories	307,972	250,057
Prepaid expenses and other current assets	117,843	72,368
Total current assets	2,249,899	1,855,406
Property, plant, and equipment, net	1,187,809	1,010,710
Operating lease right-of-use assets	98,774	80,914
Goodwill	670,135	670,135
Definite-lived intangibles, net	136,474	154,922
Deposits and other non-current assets	72,618	68,244
Total assets	4,415,709	3,840,331
Current liabilities:
Short-term debt, including current portion of long-term debt	4,000	3,815
Accounts payable	812,987	543,538
Contract liabilities	186,770	175,627
Accrued salaries, wages, and benefits	120,967	132,967
Other current liabilities	139,243	106,250
Total current liabilities	1,263,967	962,197
Long-term debt, net of discount and issuance costs	969,456	912,336
Operating lease liabilities	104,543	87,524
Other long-term liabilities	143,315	116,021
Total long-term liabilities	1,217,314	1,115,881
Commitments and contingencies (Note 11)
Equity:
Common stock, $ 0.001 par value; 300,000 shares authorized, 115,197 shares issued as of June 29, 2026 and December 29, 2025; 105,343 and 103,379 shares outstanding as of June 29, 2026 and December 29, 2025, respectively	115	115
Treasury stock - common stock at cost; 9854 and 11,818 shares as of June 29, 2026 and December 29, 2025, respectively	(147,043)	(174,744)
Additional paid-in capital	961,889	951,942
Retained earnings	1,148,905	1,015,870
Accumulated other comprehensive loss	(29,438)	(30,930)
Total stockholders’ equity	1,934,428	1,762,253
Total liabilities and stockholders' equity	$ 4,415,709	$ 3,840,331