TTM TECHNOLOGIES INC

For the period ended Jan 1, 2024. Filed Feb 27, 2024.

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FY2024 · Filed Feb 27, 2024

TTMI$75.33+13.3%Stored close · as of Nov 9, 2026

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Contents

January 3, 2022

Consolidated Statements of Cash Flows

	For the Year Ended
	January 1, 2024	January 2, 2023	January 3, 2022
(In thousands)
Cash flows from operating activities:
Net (loss) income	$(18,718)	$94,583	$54,414
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of property, plant and equipment	99,155	91,276	85,942
Amortization of definite-lived intangible assets	61,576	42,631	41,389
Amortization of debt discount and issuance costs	2,205	2,152	2,110
Loss on extinguishment of debt	1,154	—	15,217
Deferred income taxes	(11,347)	61,304	9,745
Stock-based compensation	22,887	19,525	17,711
Impairment of goodwill	44,100	—	—
Gain on sale of subsidiary	(1,270)	—	—
Gain on sale of SH E-MS property	—	(51,804)	—
Other	(516)	(5,179)	(9,650)
Changes in operating assets and liabilities:
Accounts receivable, net	49,936	(35,738)	(5,242)
Contract assets	42,589	15,534	(51,606)
Inventories	(45,392)	(4,411)	(11,961)
Prepaid expenses and other current assets	(6,034)	(15,473)	(5,023)
Accounts payable	(34,582)	(14,804)	40,951
Contract liabilities	22,527	24,530	9,935
Accrued salaries, wages and benefits	(16,447)	15,462	(7,822)
Other current liabilities	(24,539)	33,285	(9,478)
Net cash provided by operating activities	187,284	272,873	176,632
Cash flows from investing activities:
Acquisition of Gritel Holding Co., Inc. and ISC Farmingdale Corp.	—	(298,339)	—
Proceeds from sale of SH E-MS property	61,769	—	—
Purchase of property, plant and equipment and other assets	(160,242)	(102,884)	(81,951)
Proceeds from sale of property, plant and equipment and other assets	505	6,010	1,427
Proceeds from sale of subsidiary, net of cash disposed	6,039	—	—
Investment in unconsolidated joint venture	—	—	(3,188)
Other	(101)	(245)	(431)
Net cash used in investing activities	(92,030)	(395,458)	(84,143)
Cash flows from financing activities:
Proceeds from borrowings of revolving loan	50,000	50,000	—
Proceeds from long-term debt borrowing	234,818	—	500,000
Repurchases of common stock	(24,432)	(35,424)	(64,726)
Refund of customer deposits	(7,500)	—	—
Customer deposits	—	25,000	—
Payment of debt issuance costs	(5,487)	—	(5,960)
Payment of original issue discount	(3,500)	—	—
Repayment of revolving loan	—	(50,000)	—
Cash used to settle warrants	—	(887)	(3,231)
Repayment of long-term debt borrowings	(291,572)	—	(425,838)
Other	—	—	(7,477)
Net cash used in financing activities	(47,673)	(11,311)	(7,232)
Effect of foreign currency exchange rates on cash and cash equivalents	(122)	(1,033)	856
Net increase (decrease) in cash and cash equivalents	47,459	(134,929)	86,113
Cash and cash equivalents at beginning of year	402,749	537,678	451,565
Cash and cash equivalents at end of year	$450,208	$402,749	$537,678
Supplemental cash flow information:
Cash paid, net for interest	$47,884	$42,844	$42,364
Cash paid, net for income taxes	53,751	4,574	5,211
Supplemental disclosure of noncash investing and financing activities:
Property, plant and equipment recorded in accounts payable and other current liabilities	$117,299	$31,670	$33,323
Cashless extinguishment of debt for issuance of new long-term debt borrowing	115,182	—	—
Receivable from sale of SH E-MS property	—	69,240	—
Issuance of common stock for warrant settlement	—	589	2,268

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