Slide 1: Q1'24 Earnings Results Presentation
TTM Technologies, Inc. Q1’24 Earnings Results Presentation May 1, 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 Q1 2024 Earnings Report and Call
Key Messages from Q1 2024 Earnings Report and Call • Revenue of $570.1M at high end of guided range of $530-$570M • GAAP EPS of $0.10 • Non-GAAP EPS of $0.31 above the guided range of $0.24-$0.30 • Cash flow from operations of $43.9 million • Repurchased 600,000 shares of common stock for $9.3 milli
Slide 4: Q1'24 End Market Commentary
Q1’24 End Market Commentary End Market (% of Q1’24 Q1’23 Year on Year Growth Q2’24 Revenues) Guidance Aerospace & Defense 46% 43% 14% 44% Data Center Computing 21% 10% 106% 20% Medical, Industrial & 14% 19% (22%) 15% Instrumentation Automotive 13% 17% (21%) 14% Networking1 6% 11% (45%) 7% 1Results f
Slide 5: Q1 2024 Operational Metrics
Q1 2024 Operational Metrics1 Operating Metric Q1’24 Q1’23 Advanced Technology 48% 41% Asia Pacific PCB Capacity Utilization 52% 52% North America PCB Capacity Utilization 38% 39% Top 5 Customers 42% 36% Backlog $592.6 mn $482.2 mn A&D Program Backlog $1.38 bn $1.38 bn Book to Bill 1.15 0.82 1Results
Slide 6: Quarterly Financial Results and Guidance
Quarterly Financial Results and Guidance Financial Metric (Non-GAAP)1 Q1’24 Q1’23 Year on Year Change Q2’24 Guide Revenues2 $570.1 mn $544.4 mn 4.7% $560-$600 mn Operating Margin 7.1% 6.1% 1.0 pt N/A EBITDA Margin 13.1% 10.7% 2.4 pt N/A EPS $0.31 $0.18 $0.13 $0.32-$0.38 Cash flow from Ops $43.9 mn $
Slide 7: Additional Financial Guidance for Q2'24
Additional Financial Guidance for Q2’24 • Non-GAAP – SG&A expense of ~9.9% – R&D expense of ~1.3% – Interest expense of ~$12.2 million – Interest income of ~$2.0 million – Effective tax rate of 12%-16% – Diluted share count of 105 million • GAAP – Depreciation expense of ~$26.5 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 Q1 24
Non-GAAP Reconciliations Q1 24 RECONCILIATIONS1 First Quarter 2024 2023 Non-GAAP gross profit reconciliation2: GAAP gross profit $ 103,719 $ 86,123 Add back item: Amortization of definite-lived intangibles 2,336 5,808 Stock-based compensation 2,029 1,662 Unrealized gain on commodity hedge (752) (2,1
Slide 11: Non-GAAP Reconciliations Q1 24
Non-GAAP Reconciliations Q1 24 RECONCILIATIONS1 First Quarter 2024 2023 Non-GAAP diluted number of shares: GAAP diluted number of shares 104,098 102,381 Dilutive effect of performance-based stock units, restricted stock units and stock options - 1,949 Non-GAAP diluted number of shares 104,098 104,33
Slide 12: Non-GAAP Reconciliations Q1 24
Non-GAAP Reconciliations Q1 24 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