Slide 1: TTM Technologies, Inc. Q4'23 Earnings Results Presentation
TTM Technologies, Inc. Q4’23 Earnings Results Presentation February 7, 2024
Slide 2: Disclaimers
Disclaimers Forward-Looking Statements This communication may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act o f 1995, including statements related to the future business outlook, events, and expected performance of TTM Technologies, In c. (“T
Slide 3: Key Messages from Q4 2023 Earnings Report and Call
Key Messages from Q4 2023 Earnings Report and Call • Revenue of $569M in line with guided range of $550-$590M • GAAP EPS of $0.17 • Non-GAAP EPS of $0.41 above the guided range of $0.34-$0.40 • Cash flow from operations of $47.5 million • Repurchased 784 thousand shares of common stock for $9.8 mill
Slide 4: Q4'23 End Market Commentary
Q4’23 End Market Commentary End Market (% of Q4’23 Q4’22 Year on Year Growth Q1’24 Revenues) Guidance Aerospace & Defense 46% 40% 7% 46% Data Center Computing 17% 14% 15% 17% Medical, Industrial & 16% 17% (19%) 16% Instrumentation Automotive 15% 16% (13%) 14% Networking1 6% 13% (55%) 7% 1Results for
Slide 5: Q4 2023 Operational Metrics
Q4 2023 Operational Metrics1 Operating Metric Q4’23 Q4’22 Advanced Technology 47% 39% Asia Pacific PCB Capacity Utilization 51% 69% North America PCB Capacity Utilization 35% 41% Top 5 Customers 44% 37% Backlog $575.9 mn $603.1 mn A&D Program Backlog $1.3 bn $1.0 bn Book to Bill 0.88 0.94 1Results f
Slide 6: Quarterly Financial Results and Guidance
Quarterly Financial Results and Guidance Financial Metric (Non-GAAP)1,2 Q4’23 Q4’22 Year on Year Change Q1’24 Guide Revenues $569.0 mn $617.2 mn (7.8%) $530-$570 mn Operating Margin 10.7% 9.7% 1.0 pt N/A EBITDA Margin 14.2% 13.2% 1.0 pt N/A EPS $0.41 $0.41 $0.0 $0.24-$0.30 Cash flow from Ops $47.5 m
Slide 7: Additional Financial Guidance for Q1'24
Additional Financial Guidance for Q1’24 • Non-GAAP – SG&A expense of ~9.9% – R&D expense of ~1.2% – Interest expense of ~$12.3 million – Interest income of ~$2.0 million – Effective tax rate of 12%-16% – Diluted share count of 104 million • GAAP – Depreciation expense of ~$25.3 million – Amortizatio
Slide 8: Thank You
7TT™M Technologies. Inspiring Innovation Thank You
Slide 9: Appendix
7TT™M Technologies. Inspiring Innovation Appendix
Slide 10: Non-GAAP Reconciliations Q4 23
Non-GAAP Reconciliations Q4 23 RECONCILIATIONS1 Fourth Quarter 2023 2022 Non-GAAP gross profit reconciliation2: GAAP gross profit $ 115,368 $ 121,402 Add back item: Amortization of definite-lived intangibles 2,335 1,383 Accelerated depreciation associated with plant closures/restructuring 1,950 - St
Slide 11: Non-GAAP Reconciliations Q4 23
Non-GAAP Reconciliations Q4 23 Non-GAAP diluted number of shares: GAAP diluted number of shares 104,302 104,220 Dilutive effect of performance-based stock units, restricted stock units & stock options - - Non-GAAP diluted number of shares 104,302 104,220 Adjusted EBITDA reconciliation6: GAAP net inc
Slide 12: Non-GAAP Reconciliations Q4 23
Non-GAAP Reconciliations Q4 23 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 gro