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TTM (TTMI)

TTM Technologies, Inc. is a leading global printed circuit board manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave components and assemblies. TTM stands for time-to-market, representing how TTM's time-critical, one-stop manufacturing services enable customers to shorten the time required to develop new products and bring them to market.

Company profile

Ticker
TTMI
Exchange
CEO
Thomas Edman
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Subsidiaries
TTM Iota Limited • TTM Technologies (Shanghai) Co. Ltd. • TTM Technologies (Asia Pacific) Limited • Merix Caymans Trading Company Limited • TTM Technologies International Limited • Meadville Aspocomp (BVI) Holdings Limited • Meadville Aspocomp International Limited • Asia Rich Enterprises Limited • Aspocomp Electronics India Private Limited • MTG Management (BVI) Limited ...
IRS number
911033443

TTMI stock data

Analyst ratings and price targets

Last 3 months

Calendar

11 May 22
20 May 22
2 Jan 23
Quarter (USD) Apr 22 Jan 22 Sep 21 Jun 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Jan 22 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 519.08M 519.08M 519.08M 519.08M 519.08M 519.08M
Cash burn (monthly) 6.2M 1.71M (no burn) (no burn) (no burn) (no burn)
Cash used (since last report) 9.55M 2.64M n/a n/a n/a n/a
Cash remaining 509.53M 516.44M n/a n/a n/a n/a
Runway (months of cash) 82.2 301.3 n/a n/a n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
17 May 22 Rex D Geveden Common Stock Grant Acquire A No No 0 12,912 0 54,465
17 May 22 Lenard Chantel E Commom Stock Grant Acquire A No No 0 10,043 0 45,166
17 May 22 Alder Kenton K Common Stock Grant Acquire A No No 0 10,043 0 91,259
17 May 22 England Julie Spicer Common Stock Grant Acquire A No No 0 10,043 0 61,263
17 May 22 Zakheim Dov S. Common Stock Grant Acquire A No No 0 10,043 0 119,643
13F holders Current Prev Q Change
Total holders 178 208 -14.4%
Opened positions 12 33 -63.6%
Closed positions 42 25 +68.0%
Increased positions 63 57 +10.5%
Reduced positions 65 74 -12.2%
13F shares Current Prev Q Change
Total value 1.66B 1.74B -4.3%
Total shares 112.15M 116.54M -3.8%
Total puts 19.9K 18.2K +9.3%
Total calls 16.2K 108.4K -85.1%
Total put/call ratio 1.2 0.2 +631.6%
Largest owners Shares Value Change
BLK Blackrock 16.66M $246.97M +0.2%
Vanguard 11.44M $169.48M +1.9%
FMR 8.41M $124.64M -10.8%
Dimensional Fund Advisors 7.5M $111.12M +2.2%
MCQEF Macquarie 5.89M $87.26M +8.9%
Goldman Sachs & Co 5.46M $75.32M 0.0%
Thrivent Financial For Lutherans 5.46M $80.89M +0.0%
Su Sih (BVI) 5.35M $79.8M 0.0%
STT State Street 3.95M $58.5M +5.8%
LSV Asset Management 3.37M $49.91M -1.9%
Largest transactions Shares Bought/sold Change
Alliancebernstein 1.8M +1.64M +1061.6%
Select Equity 0 -1.08M EXIT
FMR 8.41M -1.02M -10.8%
Paradigm Capital Management 0 -922.2K EXIT
Foundry Partners 396.32K -602.53K -60.3%
MCQEF Macquarie 5.89M +481.94K +8.9%
Norges Bank 0 -460.21K EXIT
MS Morgan Stanley 1.18M -429.17K -26.7%
D. E. Shaw & Co. 1.07M -423.87K -28.3%
Two Sigma Investments 0 -413.35K EXIT

Financial report summary

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Competition
CraneMicropac IndustriesAmphenolAVXFlexSanminaJabilEltekMercury SystemsSmiths
Risks
  • We serve customers and have manufacturing facilities throughout the world and are subject to risks caused by local and global pandemics and other similar risks, including without limitation, the COVID-19 pandemic, which could materially adversely affect our business, financial condition, and results of operations.
  • Uncertainty and adverse changes in the global economy and financial markets, including the conflict between Russia and Ukraine, could have an adverse impact on our business and operating results.
  • We have manufacturing facilities and serve customers outside the United States and are subject to the risks characteristic of international operations, including tariffs.
  • Rising labor costs and labor shortages, including due to pandemics and other disasters, employee strikes and other labor-related disruptions may materially adversely affect our business, financial condition, and results of operations.
  • We may be unable to hire and retain sufficient qualified personnel at all levels of our organization, and the loss of any of our key executive officers, or the inability to maintain a sufficient workforce to satisfy production demands, could materially adversely affect our business, financial condition, and results of operations.
  • We rely on suppliers and equipment manufacturers for the timely delivery of raw materials, components, equipment, and spare parts used in manufacturing our PCBs. If a raw material supplier or equipment manufacturer goes bankrupt, liquidates, consolidates out of existence, experiences excess demands or other disruptions to their supply chain or operations, or otherwise fails to satisfy our product quality standards, or if the prices or availability of raw materials change, it could harm our ability to purchase new manufacturing equipment, service the equipment we have, or timely produce our products, thereby affecting our customer relationships.
  • The worldwide electronics industry is intensely competitive and volatile.
  • If we are unable to maintain satisfactory capacity utilization rates, our business, financial condition, and results of operations would be materially adversely affected.
  • We have a significant amount of goodwill and other intangible assets on our consolidated condensed balance sheet. If our goodwill or other intangible assets become impaired in the future, we would be required to record a non-cash charge to earnings, which may be material and would also reduce our stockholders’ equity.
  • Our results of operations are often subject to demand fluctuations and seasonality. With a high level of fixed operating costs, even small revenue shortfalls would decrease our gross margins.
  • We participate in competitive industries, including the automotive industry, which requires strict quality control standards. Failure to meet these standards may adversely affect our business, financial condition, and results of operations.
  • The prominence of EMS companies as our customers could reduce our gross margins, potential sales, and customers.
  • We depend upon a relatively small number of OEM customers for a large portion of our sales, and a decline in sales to major customers would materially adversely affect our business, financial condition, and results of operations.
  • We depend on the U.S. government for a significant portion of our business, which involves unique risks. Changes in government defense spending or regulations could have a material adverse effect on our business, financial condition, and results of operations.
  • We are exposed to the credit risk of our customers and to credit exposures in weakened markets.
  • Our business, financial condition, and results of operations could be materially adversely affected by climate change initiatives.
  • Competition in the PCB market is intense, and we could lose market share, or our profit margins may decrease, if we are unable to maintain our current competitive position in end markets using our quick-turn, high technology, and high-mix manufacturing services.
  • If we are unable to adapt our design and production processes in response to rapid technological change and process development, we may not be able to compete effectively.
  • Products we manufacture may contain design or manufacturing defects, which could result in reduced revenue from the sale of our products or services and may result in liability claims against us.
  • Infringement of our intellectual property rights could negatively affect us, and we may be exposed to intellectual property infringement claims from third parties that could be costly to defend, could divert management’s attention and resources, and if successful, could result in liability.
  • Foreign laws may not afford us sufficient protections for our intellectual property, and we may not be able to obtain patent protection outside of the United States.
  • Damage to any of our manufacturing facilities due to fire, natural disaster, or other events could materially adversely affect our business, financial condition, and results of operations.
  • We have substantial outstanding indebtedness, and our outstanding indebtedness could adversely impact our liquidity and flexibility in obtaining additional financing, our ability to fulfill our debt obligations and our financial condition and results of operations.
  • Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.
  • Servicing our debt requires a significant amount of cash and we may not be able to generate sufficient cash to service all of our debt and may be forced to take other actions to satisfy our obligations under our debt, which may not be successful.
  • Because of power shortages in China, we may have to temporarily close our China operations, which would adversely impact our ability to manufacture our products, meet customer orders, and result in reduced revenues.
  • We are subject to the requirements of the National Industrial Security Program Operating Manual (NISPOM) for our facility security clearance, which is a prerequisite to our ability to perform on classified contracts for the U.S. government.
  • Our operations in China and Hong Kong subject us to risks and uncertainties relating to the laws and regulations of China and Hong Kong.
  • Our failure to comply with the requirements of environmental laws could result in litigation, fines, revocation of permits necessary to our manufacturing processes, or debarment from our participation in federal government contracts.
  • Our international sales are subject to laws and regulations relating to corrupt practices, trade, and export controls and economic sanctions. Any non-compliance could have a material adverse effect on our business, financial condition, and results of operations.
  • We may need additional capital in the future to fund investments in our operations, refinance our indebtedness, and to maintain and grow our business, and such capital may not be available on a timely basis, on acceptable terms, or at all.
  • Outages, computer viruses, cyber-attacks, and similar events could disrupt our operations, and breaches of our security systems may cause us to incur significant legal and financial exposure.
  • Our ability to use net operating loss carryforwards to offset future taxable income for U.S. federal, state and foreign income tax purposes is subject to limitations, and future transfers of shares of our common stock could cause us to experience an “ownership change” that could further limit our ability to utilize our net operating losses.
  • If our net earnings do not remain at or above recent levels, or we are not able to predict with a reasonable degree of probability that they will continue, we may have to record a valuation allowance against our net deferred income tax assets.
  • Unanticipated changes in our tax rates or in our assessment of the realizability of our deferred income tax assets or exposure to additional income tax liabilities could affect our business, financial condition, and results of operations.
Management Discussion
  • Total net sales increased $54.8 million, or 10.4%, to $581.3 million for the first quarter of 2022 from $526.4 million for the first quarter of 2021. The primary driver for the increase in total net sales was an increase in net sales for the PCB reportable segment of $55.6 million, or 10.8%, to $566.1 million for the first quarter of 2022 from $510.5 million for the first quarter of 2021, which was primarily due to higher demand in most of our commercial end markets which more than offset a decline in our Aerospace and Defense end market due to commercial aerospace softness and production challenges in North America. The increase in PCB net sales also benefitted from a 7.6% increase in the volume of PCB shipments and a 3.9% increase in the average price per square foot as compared to the first quarter of 2021. Another contributing factor to the increase in total net sales was an increase in net sales for the RF&S Components reportable segment of $2.5 million, or 19.7%, to $15.2 million for the first quarter of 2022 from $12.7 million for the first quarter of 2021, which was primarily due to higher demand in our Networking/Communications end market. Partially offsetting the PCB and RF&S Components increases was a $3.3 million reduction in net sales due to the closure of our two assembly plants.

Content analysis

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