10-Q – 2025-10-31 – ttmi-20250929.htm

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10-Q

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
Form 10-Q
 
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 29, 2025
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____________ to____________
Commission File Number: 000-31285
 
TTM TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
 

Delaware

 

91-1033443

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

200 East Sandpointe , Suite 400 , Santa Ana , California 92707
(Address of principal executive offices)
( 714 ) 327-3000
(Registrant’s telephone number, including area code)
 
 
Securities registered pursuant to Section 12(b) of the Act:
 

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock , $0.001 par value

TTMI

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of October 29, 2025, there were outstanding 103,330,725 sh ares of the registrant’s Common Stock, $0.001 par value.

 

 

TTM TECHNOLOGIES, INC.
Form 10-Q
For the Quarter Ended September 29, 2025
TABLE OF CONTENTS

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of September 29, 2025 and December 30, 2024

 

3

Consolidated Condensed Statements of Operations for the quarter and three quarters ended September 29, 2025 and September 30, 2024

 

4

Consolidated Condensed Statements of Comprehensive Income for the quarter and three quarters ended September 29, 2025 and September 30, 2024

 

5

Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended September 29, 2025 and September 30, 2024

 

6

Consolidated Condensed Statements of Cash Flows for the three quarters ended September 29, 2025 and September 30, 2024

 

7

Notes to Consolidated Condensed Financial Statements

 

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

20

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

27

Item 4. Controls and Procedures

 

27

PART II: OTHER INFORMATION

 

28

Item 1. Legal Proceedings

 

28

Item 1A. Risk Factors

 

28

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

28

Item 3. Defaults Upon Senior Securities

 

28

Item 4. Mine Safety Disclosures

 

28

Item 5. Other Information

 

28

Item 6. Exhibits

 

30

SIGNATURES

 

31

2

 

PART I. FINANCI AL INFORMATION
Item 1. Financial Sta tements (unaudited)
TTM TECHNOLOGIES, INC.
Consolidated Condens ed Balance Sheets
As of September 29, 2025 and December 30, 2024
 

 

As of

 

 

 

September 29, 2025

 

 

December 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

491,120

 

 

$

503,932

 

Accounts receivable, net

 

 

500,147

 

 

 

448,611

 

Contract assets

 

 

446,967

 

 

 

381,382

 

Inventories

 

 

253,687

 

 

 

224,985

 

Prepaid expenses and other current assets

 

 

63,694

 

 

 

47,834

 

Total current assets

 

 

1,755,615

 

 

 

1,606,744

 

Property, plant, and equipment, net

 

 

992,193

 

 

 

869,957

 

Operating lease right-of-use assets

 

 

80,905

 

 

 

78,252

 

Goodwill

 

 

670,135

 

 

 

670,135

 

Definite-lived intangibles, net

 

 

164,146

 

 

 

191,819

 

Deposits and other non-current assets

 

 

57,534

 

 

 

55,587

 

Total assets

 

$

3,720,528

 

 

$

3,472,494

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Short-term debt, including current portion of long-term debt

 

$

3,810

 

 

$

3,795

 

Accounts payable

 

 

506,386

 

 

 

406,221

 

Contract liabilities

 

 

149,368

 

 

 

170,915

 

Accrued salaries, wages, and benefits

 

 

131,093

 

 

 

108,149

 

Other current liabilities

 

 

114,546

 

 

 

119,974

 

Total current liabilities

 

 

905,203

 

 

 

809,054

 

Long-term debt, net of discount and issuance costs

 

 

912,835

 

 

 

914,359

 

Operating lease liabilities

 

 

84,534

 

 

 

77,509

 

Other long-term liabilities

 

 

116,508

 

 

 

107,748

 

Total long-term liabilities

 

 

1,113,877

 

 

 

1,099,616

 

Commitments and contingencies (Note 11)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, $ 0.001  par value; 300,000  shares authorized, 115,195  and
    113,161  shares issued as of September 29, 2025 and December 30, 2024,
   respectively; 103,331  and 101,997  shares outstanding as of
   September 29, 2025 and December 30, 2024, respectively

 

 

115

 

 

 

113

 

Treasury stock – common stock at cost; 11,864  and 11,164  shares as of
   September 29, 2025 and December 30, 2024, respectively

 

 

( 175,445

)

 

 

( 157,570

)

Additional paid-in capital

 

 

940,325

 

 

 

910,741

 

Retained earnings

 

 

965,185

 

 

 

838,422

 

Accumulated other comprehensive loss

 

 

( 28,732

)

 

 

( 27,882

)

Total stockholders’ equity

 

 

1,701,448

 

 

 

1,563,824

 

Total liabilities and stockholders' equity

 

$

3,720,528

 

 

$

3,472,494

 

 
See accompanying notes to consolidated condensed financial statements.

3

 

TTM TECHNOLOGIES, INC.
Consolidated Condensed St atements of Operations
For the Quarter and Three Quarters Ended September 29, 2025 and September 30, 2024
 

 

 

For the Quarter Ended

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

752,736

 

 

$

616,538

 

 

$

2,132,025

 

 

$

1,791,788

 

Cost of goods sold

 

 

596,000

 

 

 

486,650

 

 

 

1,696,208

 

 

 

1,440,954

 

Gross profit

 

 

156,736

 

 

 

129,888

 

 

 

435,817

 

 

 

350,834

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

21,796

 

 

 

19,961

 

 

 

64,383

 

 

 

60,053

 

General and administrative

 

 

48,598

 

 

 

42,567

 

 

 

142,091

 

 

 

124,841

 

Research and development

 

 

7,038

 

 

 

8,054

 

 

 

22,111

 

 

 

23,922

 

Amortization of definite-lived intangibles

 

 

6,889

 

 

 

6,951

 

 

 

20,666

 

 

 

28,636

 

Restructuring charges

 

 

509

 

 

 

1,393

 

 

 

2,631

 

 

 

6,367

 

Total operating expenses

 

 

84,830

 

 

 

78,926

 

 

 

251,882

 

 

 

243,819

 

Operating income

 

 

71,906

 

 

 

50,962

 

 

 

183,935

 

 

 

107,015

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

( 10,399

)

 

 

( 11,768

)

 

 

( 32,958

)

 

 

( 36,311

)

Other, net

 

 

306

 

 

 

( 14,177

)

 

 

( 2,648

)

 

 

( 1,086

)

Total other expense, net

 

 

( 10,093

)

 

 

( 25,945

)

 

 

( 35,606

)

 

 

( 37,397

)

Income before income taxes

 

 

61,813

 

 

 

25,017

 

 

 

148,329

 

 

 

69,618

 

Income tax provision

 

 

( 8,758

)

 

 

( 10,706

)

 

 

( 21,566

)

 

 

( 18,489

)

Net income

 

$

53,055

 

 

$

14,311

 

 

$

126,763

 

 

$

51,129

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.51

 

 

$

0.14

 

 

$

1.24

 

 

$

0.50

 

Diluted earnings per share

 

 

0.50

 

 

 

0.14

 

 

 

1.21

 

 

 

0.49

 

 
See accompanying notes to consolidated condensed financial statements.

4

 

TTM TECHNOLOGIES, INC.
Consolidated Condensed Statements of Comprehensive Income
For the Quarter and Three Quarters Ended September 29, 2025 and September 30, 2024
 

 

 

For the Quarter Ended

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income

 

$

53,055

 

 

$

14,311

 

 

$

126,763

 

 

$

51,129

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligation

 

 

—

 

 

 

—

 

 

 

1,174

 

 

 

—

 

Foreign currency translation

 

 

49

 

 

 

325

 

 

 

208

 

 

 

( 533

)

Net unrealized gain (loss) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on effective cash flow
    hedges during the period, net

 

 

335

 

 

 

( 3,905

)

 

 

( 1,439

)

 

 

835

 

Amounts realized in the statement of
    operations, net

 

 

( 522

)

 

 

( 851

)

 

 

( 793

)

 

 

( 2,579

)

Net

 

 

( 187

)

 

 

( 4,756

)

 

 

( 2,232

)

 

 

( 1,744

)

Other comprehensive loss, net of tax

 

 

( 138

)

 

 

( 4,431

)

 

 

( 850

)

 

 

( 2,277

)

Comprehensive income, net of tax

 

$

52,917

 

 

$

9,880

 

 

$

125,913

 

 

$

48,852

 

 
See accompanying notes to consolidated condensed financial statements.

5

 

TTM TECHNOLOGIES, INC.
Consolidated Condensed Statements of Stockholders’ Equity
For the Three Quarters Ended September 29, 2025 and September 30, 2024
 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Retained

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, December 30, 2024

 

 

113,161

 

 

$

113

 

 

 

( 11,164

)

 

$

( 157,570

)

 

$

910,741

 

 

$

838,422

 

 

$

( 27,882

)

 

$

1,563,824

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

32,178

 

 

 

—

 

 

 

32,178

 

Other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

87

 

 

 

87

 

Issuance of common stock for
   performance-based
   restricted stock units

 

 

305

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Issuance of common stock for
   restricted stock units

 

 

20

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Repurchases of common stock

 

 

—

 

 

 

—

 

 

 

( 700

)

 

 

( 17,875

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 17,875

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,787

 

 

 

—

 

 

 

—

 

 

 

8,787

 

Balance, March 31, 2025

 

 

113,486

 

 

$

113

 

 

 

( 11,864

)

 

$

( 175,445

)

 

$

919,528

 

 

$

870,600

 

 

$

( 27,795

)

 

$

1,587,001

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

41,530

 

 

 

—

 

 

 

41,530

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 799

)

 

 

( 799

)

Issuance of common stock for
   restricted stock units

 

 

1,687

 

 

 

2

 

 

 

—

 

 

 

—

 

 

 

( 2

)

 

 

—

 

 

 

—

 

 

 

—

 

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

9,188

 

 

 

—

 

 

 

—

 

 

 

9,188

 

Balance, June 30, 2025

 

 

115,173

 

 

$

115

 

 

 

( 11,864

)

 

$

( 175,445

)

 

$

928,714

 

 

$

912,130

 

 

$

( 28,594

)

 

$

1,636,920

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

53,055

 

 

 

—

 

 

 

53,055

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 138

)

 

 

( 138

)

Issuance of common stock for
   restricted stock units

 

 

22

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

11,611

 

 

 

—

 

 

 

—

 

 

 

11,611

 

Balance, September 29, 2025

 

 

115,195

 

 

$

115

 

 

 

( 11,864

)

 

$

( 175,445

)

 

$

940,325

 

 

$

965,185

 

 

$

( 28,732

)

 

$

1,701,448

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Retained

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, January 1, 2024

 

 

111,282

 

 

$

111

 

 

 

( 9,174

)

 

$

( 123,091

)

 

$

880,963

 

 

$

782,123

 

 

$

( 29,067

)

 

$

1,511,039

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

10,466

 

 

 

—

 

 

 

10,466

 

Other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,150

 

 

 

2,150

 

Issuance of common stock for
   performance-based
   restricted stock units

 

 

227

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

( 1

)

 

 

—

 

 

 

—

 

 

 

—

 

Issuance of common stock for
   restricted stock units

 

 

41

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Repurchases of common stock

 

 

—

 

 

 

—

 

 

 

( 600

)

 

 

( 9,334

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 9,334

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,787

 

 

 

—

 

 

 

—

 

 

 

6,787

 

Balance, April 1, 2024

 

 

111,550

 

 

$

112

 

 

 

( 9,774

)

 

$

( 132,425

)

 

$

887,749

 

 

$

792,589

 

 

$

( 26,917

)

 

$

1,521,108

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

26,352

 

 

 

—

 

 

 

26,352

 

Other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

4

 

 

 

4

 

Issuance of common stock
   for restricted stock units

 

 

1,559

 

 

 

1

 

 

 

—

 

 

 

—

 

 

 

( 1

)

 

 

—

 

 

 

—

 

 

 

—

 

Repurchases of common stock

 

 

—

 

 

 

—

 

 

 

( 1,390

)

 

 

( 25,145

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 25,145

)

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

6,580

 

 

 

—

 

 

 

—

 

 

 

6,580

 

Balance, July 1, 2024

 

 

113,109

 

 

$

113

 

 

 

( 11,164

)

 

$

( 157,570

)

 

$

894,328

 

 

$

818,941

 

 

$

( 26,913

)

 

$

1,528,899

 

Net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,311

 

 

 

—

 

 

 

14,311

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

( 4,431

)

 

 

( 4,431

)

Issuance of common stock for
   restricted stock units

 

 

23

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Stock-based compensation

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

8,330

 

 

 

—

 

 

 

—

 

 

 

8,330

 

Balance, September 30, 2024

 

 

113,132

 

 

$

113

 

 

 

( 11,164

)

 

$

( 157,570

)

 

$

902,658

 

 

$

833,252

 

 

$

( 31,344

)

 

$

1,547,109

 

 
See accompanying notes to consolidated condensed financial statements.

6

 

TTM TECHNOLOGIES, INC.
Consolidated Condensed S tatements of Cash Flows
For the Three Quarters Ended September 29, 2025 and September 30, 2024
 

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income

 

$

126,763

 

 

$

51,129

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation of property, plant, and equipment

 

 

82,135

 

 

 

78,709

 

Amortization of definite-lived intangible assets

 

 

27,673

 

 

 

35,642

 

Amortization of debt discount and issuance costs

 

 

1,609

 

 

 

1,517

 

Deferred income taxes

 

 

1,461

 

 

 

( 1,180

)

Stock-based compensation

 

 

29,586

 

 

 

21,697

 

Other

 

 

5,512

 

 

 

2,194

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

( 51,536

)

 

 

( 9,328

)

Contract assets

 

 

( 65,585

)

 

 

( 70,618

)

Inventories

 

 

( 28,702

)

 

 

( 14,838

)

Prepaid expenses and other assets

 

 

( 11,667

)

 

 

( 2,236

)

Accounts payable

 

 

102,253

 

 

 

34,698

 

Contract liabilities

 

 

( 21,547

)

 

 

11,860

 

Accrued salaries, wages, and benefits

 

 

22,944

 

 

 

14,055

 

Other liabilities

 

 

8,053

 

 

 

( 2,461

)

Net cash provided by operating activities

 

 

228,952

 

 

 

150,840

 

Cash flows from investing activities:

 

 

 

 

 

 

Net purchases of property, plant, and equipment and other assets

 

 

( 223,176

)

 

 

( 129,709

)

Proceeds from sale of property, plant, and equipment and other assets

 

 

489

 

 

 

29,599

 

Proceeds from sale of Shanghai E-MS (SH E-MS) property

 

 

—

 

 

 

6,737

 

Other

 

 

—

 

 

 

( 76

)

Net cash used in investing activities

 

 

( 222,687

)

 

 

( 93,449

)

Cash flows from financing activities:

 

 

 

 

 

 

Repurchases of common stock

 

 

( 17,875

)

 

 

( 34,479

)

Repayment of long-term debt borrowings

 

 

( 2,845

)

 

 

( 8,730

)

Customer deposits

 

 

1,500

 

 

 

—

 

Proceeds from long-term debt borrowings

 

 

—

 

 

 

6,105

 

Payment of debt issuance costs

 

 

—

 

 

 

( 1,113

)

Net cash used in financing activities

 

 

( 19,220

)

 

 

( 38,217

)

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

143

 

 

 

118

 

Net (decrease) increase in cash and cash equivalents

 

 

( 12,812

)

 

 

19,292

 

Cash and cash equivalents at beginning of period

 

 

503,932

 

 

 

450,208

 

Cash and cash equivalents at end of period

 

$

491,120

 

 

$

469,500

 

Supplemental cash flow information:

 

 

 

 

 

 

Cash paid, net for interest

 

$

39,807

 

 

$

42,646

 

Cash paid, net for income taxes

 

 

19,426

 

 

 

15,196

 

Supplemental disclosure of non-cash investing activities:

 

 

 

 

 

 

Property, plant, and equipment recorded in accounts payable and other current liabilities

 

$

62,561

 

 

$

83,934

 

Cashless rollover of debt

 

 

—

 

 

 

340,395

 

 
See accompanying notes to consolidated condensed financial statements.

7

 

TTM TECHNOLOGIES, INC.
Notes to Consolidated Conde nsed Financial Statements
(Unaudited)
(Dollars and shares in thousands, except per share data)
(1) Nature of Operations and Basis of Presentation
TTM Technologies, Inc. (the Company or TTM) is a leading global manufacturer of technology products, including mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and technologically advanced printed circuit boards (PCBs). The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering, and manufacturing solution to customers. This solution allows the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market.
The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation, and networking. The Company’s customers include original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), distributors, and government agencies (both domestic and allied foreign governments).
The accompanying unaudited consolidated condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. These consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Due, in part, to the conflicts between Russia and Ukraine, as well as other global regions and the imposition of, or changes to, tariffs by the United States as well as retaliatory tariffs or measures by other countries, the global economy and financial markets have been volatile in recent periods. As such, the Company has considered information available to it as of the date of issuance of these consolidated condensed financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. The actual results the Company experienced may differ materially and adversely from its estimates. The Company uses a 52/53 week fiscal calendar with the fourth quarter ending on the Monday nearest December 31.
Recently Issued Accounting Standards Not Yet Adopted
In September 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-06, Targeted Improvements to the Accounting for Internal-Use Software , which amends the existing standard to remove all references to prescriptive and sequential software development project stages. Under this guidance, eligible software development costs will begin capitalization when management has authorized and committed to funding the software project, and it is probable that the project will be completed and the software will be used to perform the function intended. The ASU is effective for annual periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The guidance may be applied on a prospective basis, a modified basis, or a retrospective basis. The Company is currently evaluating the timing of the adoption and the impact of this ASU on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets , which provides a practical expedient to measure credit losses on accounts receivable and contract assets. The ASU is effective for annual periods beginning after December 15, 2025, and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the timing of the adoption and the impact of this ASU on its consolidated financial statements and related disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses , which requires disclosure in the notes to the financial statements of specified information about certain costs and expenses. In January 2025, the FASB issued ASU 2025-01, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date , which amends the effective date of ASU 2024-03 to clarify that all public business entities are required to adopt the guidance in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption of ASU 2024-03 is permitted. ASU 2024-03 should be applied either prospectively to financial statements issued for reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated financial statements and related disclosures, but expects additional disclosures upon adoption.

8

 

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The update will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements not yet issued or made available for issuance. The Company will adopt ASU 2023-09 in its 2025 fiscal year Form 10-K. This ASU will impact only the Company's disclosures with no impacts to the results of operations, cash flows, and financial condition.

(2) Revenues
As of September 29, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations for long‑term contracts was $ 418,620 . The Company expects to recognize revenue on approximately 57 % of the remaining performance obligations for the Company’s long-term contracts over the next 12 months with the remaining amount expected t o be recognized thereafter.
For contracts in which anticipated total costs exceed the total expected revenue, an estimated loss is recognized in the period when identifiable. A provision for the entire amount of the estimated loss is recorded on a cumulative basis. The estimated remaining costs to complete for loss contracts as of September 29, 2025 and December 30, 2024 were $ 32,275 and $ 36,976 , respectively.
Revenue recognized for the three quarters ended September 29, 2025 from amounts recorded as contract liabilities as of December 30, 2024 was $ 82,722 . Revenue recognized for the three quarters ended September 30, 2024 from amounts recorded as contract liabilities as of January 1, 2024 was $ 33,331 .
Revenue from products and services transferred to customers over time and at a point in time accounted for 96 % and 4 % , respectively, of the Company’s revenue for both the quarter and three quarters ended September 29, 2025 and September 30, 2024.
Disaggregated revenue by principal end markets within reportable segments was as follows:
 

 

 

For the Quarter Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

Aerospace and Defense (A&D)

 

 

Commercial

 

 

RF and Specialty Components (RF&S Components)

 

 

Total

 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Total

 

 

 

(In thousands)

 

End Markets (1) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

$

333,556

 

 

$

—

 

 

$

—

 

 

$

333,556

 

 

$

277,604

 

 

$

—

 

 

$

—

 

 

$

277,604

 

Automotive

 

 

—

 

 

 

79,355

 

 

 

—

 

 

 

79,355

 

 

 

—

 

 

 

86,773

 

 

 

—

 

 

 

86,773

 

Data Center Computing

 

 

—

 

 

 

175,302

 

 

 

33

 

 

 

175,335

 

 

 

—

 

 

 

121,767

 

 

 

201

 

 

 

121,968

 

Medical/Industrial/Instrumentation

 

 

—

 

 

 

107,289

 

 

 

1,128

 

 

 

108,417

 

 

 

—

 

 

 

87,968

 

 

 

579

 

 

 

88,547

 

Networking

 

 

—

 

 

 

46,790

 

 

 

9,283

 

 

 

56,073

 

 

 

—

 

 

 

32,681

 

 

 

8,965

 

 

 

41,646

 

Total

 

$

333,556

 

 

$

408,736

 

 

$

10,444

 

 

$

752,736

 

 

$

277,604

 

 

$

329,189

 

 

$

9,745

 

 

$

616,538

 

 

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Total

 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Total

 

 

 

(In thousands)

 

End Markets (1) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

$

966,066

 

 

$

—

 

 

$

—

 

 

$

966,066

 

 

$

828,908

 

 

$

—

 

 

$

—

 

 

$

828,908

 

Automotive

 

 

—

 

 

 

232,133

 

 

 

—

 

 

 

232,133

 

 

 

—

 

 

 

239,681

 

 

 

—

 

 

 

239,681

 

Data Center Computing

 

 

—

 

 

 

460,291

 

 

 

979

 

 

 

461,270

 

 

 

—

 

 

 

359,680

 

 

 

323

 

 

 

360,003

 

Medical/Industrial/Instrumentation

 

 

—

 

 

 

299,397

 

 

 

3,046

 

 

 

302,443

 

 

 

—

 

 

 

249,532

 

 

 

2,035

 

 

 

251,567

 

Networking

 

 

—

 

 

 

144,826

 

 

 

25,287

 

 

 

170,113

 

 

 

—

 

 

 

86,940

 

 

 

24,689

 

 

 

111,629

 

Total

 

$

966,066

 

 

$

1,136,647

 

 

$

29,312

 

 

$

2,132,025

 

 

$

828,908

 

 

$

935,833

 

 

$

27,047

 

 

$

1,791,788

 

 
(1) The end market revenue for the A&D and Commercial reportable segments prior to the quarter ended June 30, 2025 has been recast to reflect certain adjustments to allocations resulting from the segment reorganization. The end market revenue excludes intersegment sales totaling $ 3,469 and $ 9,119 for the quarter and three quarters ended September 29, 2025, respectively, and $ 2,157 and $ 5,646 for the quarter and three quarters ended September 30, 2024, respectively. See Note 4, Segment Information , for further information.

 

9

 

(3) Significant Customers and Concentration of Credit Risk
Financial instruments that are potentially subject to concentrations of credit risk are primarily cash and cash equivalents and accounts receivable.
The Company had cash and cash equivalents held by its foreign subsidiaries of $ 196,603 and $ 207,909 as of September 29, 2025 and December 30, 2024, respectively. The Company maintains its cash and cash equivalents with major financial institutions and such balances exceed Federal Deposit Insurance Corporation insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk on cash and cash equivalents.
In the normal course of business, the Company extends credit to its customers. Some customers to whom the Company extends credit are located outside the United States. The Company performs ongoing credit evaluations of customers, does not require collateral, and considers the credit risk profile of the entity from which the receivable is due in further evaluating collection risk. As of September 29, 2025 , one customer accounted for 14 % of the Compa ny's accounts receivable. There were no customers that accounted for 10 % or more of the Company's accounts receivable as of December 30, 2024.
The Company’s customers include both OEMs and EMS companies. The Company’s OEM customers often direct a significant portion of their purchases through EMS companies. While the Company’s customers include both OEM and EMS providers, the Company measures customer concentration based on OEM companies, as they are the ultimate end customers.

For the quarter and three quarters ended September 29, 2025 , two customers collectively accounted for approximately 23 % and 22 % of the Company's net sales, respectively. For the quarter and three quarters ended September 30, 2024, one customer accounted for approximately 11 % of the Company's net sales.
(4) Segment Information
During the quarter ended June 30, 2025, in connection with the Company's change in organizational structure to enhance clarity in sector performance, accountability, and operating costs, the Company’s management finalized its assessment of the Company's operating segments and concluded that the Company now has three reportable segments: A&D, Commercial, and RF&S Components. In prior periods, the Company had two reportable segments: PCB and RF&S Components. As a result, certain prior period amounts have been reclassified to conform with this new presentation.
The reportable segments shown below are the Company’s segments for which separate financial information is available and upon which operating results are evaluated by the chief operating decision maker (CODM), who is the President and Chief Executive Officer , to assess performance and to allocate resources. The CODM uses segment operating income to allocate resources such as employees and capital resources for each segment during the Company’s annual budgeting and forecasting process. Total sales and operating profit by segment include intersegment sales which are generally recorded at cost-plus a specified fee or at a negotiated fixed price. Separate segment asset measures are not used as a basis for the CODM to evaluate the performance of or to allocate resources to the segments.
The A&D reportable segment consists of PCBs, value-added assemblies, microelectronics, RF/microwave components and assemblies, and integrated mission systems. These highly engineered electronics products include the manufacture and test of customer‑supplied designs as well as long-term contracts to design, develop, manufacture, and test new products. The products in the A&D reportable segment support surveillance, intelligence, communications, and other critical missions for customers in the aerospace and defense industry. The Commercial reportable segment consists of PCBs using customer-supplied engineering and design plans supporting customers in the automotive, medical, industrial, and instrumentation, networking, and data center computing end markets. The RF&S Components reportable segment consists of TTM designed RF components for commercial customers in the telecommunications, industrial, and instrumentation markets, as well as commercial off-the-shelf (COTS) components for certain aerospace and defense customers.

10

 

Reconciliations of net sales and segment operating income were as follows:
 

 

 

For the Quarter Ended September 29, 2025

 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Eliminations

 

 

Total

 

 

(In thousands, except margin rates)

Net sales

 

$

333,556

 

 

$

408,736

 

 

$

10,444

 

 

$

—

 

 

$

752,736

 

 

Intersegment sales

 

 

3,285

 

 

 

184

 

 

 

—

 

 

 

( 3,469

)

 

 

—

 

 

Segment sales

 

$

336,841

 

 

$

408,920

 

 

$

10,444

 

 

$

( 3,469

)

 

$

752,736

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

Cost of Goods Sold

 

 

Operating Expenses

 

 

Operating Income

 

 

Operating Margin

A&D

 

$

336,841

 

 

$

( 255,033

)

 

$

( 28,924

)

 

$

52,884

 

 

 

15.7

 

%

Commercial

 

 

408,920

 

 

 

( 330,183

)

 

 

( 18,706

)

 

 

60,031

 

 

 

14.7

 

 

RF&S Components

 

 

10,444

 

 

 

( 5,032

)

 

 

( 2,286

)

 

 

3,126

 

 

 

29.9

 

 

Total segment

 

 

756,205

 

 

 

( 590,248

)

 

 

( 49,916

)

 

 

116,041

 

 

 

15.3

 

 

Eliminations

 

 

( 3,469

)

 

 

 

 

 

 

 

 

—

 

 

 

 

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring

 

 

 

 

 

 

 

 

 

 

 

( 509

)

 

 

 

 

Acquisition-related and other charges

 

 

 

 

 

 

 

 

 

 

 

( 15

)

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

( 11,611

)

 

 

 

 

Other corporate expenses

 

 

 

 

 

 

 

 

 

 

 

( 22,775

)

 

 

 

 

Amortization of definite-lived intangibles

 

 

 

 

 

 

 

 

 

 

 

( 9,225

)

 

 

 

 

Consolidated

 

$

752,736

 

 

 

 

 

 

 

 

 

71,906

 

 

 

9.6

 

%

Interest expense

 

 

 

 

 

 

 

 

 

 

 

( 10,399

)

 

 

 

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

306

 

 

 

 

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

61,813

 

 

 

 

 

 

 

 

For the Quarter Ended September 30, 2024

 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Eliminations

 

 

Total

 

 

(In thousands, except margin rates)

Net sales

 

$

277,604

 

 

$

329,189

 

 

$

9,745

 

 

$

—

 

 

$

616,538

 

 

Intersegment sales

 

 

1,929

 

 

 

193

 

 

 

35

 

 

 

( 2,157

)

 

 

—

 

 

Segment sales

 

$

279,533

 

 

$

329,382

 

 

$

9,780

 

 

$

( 2,157

)

 

$

616,538

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

Cost of Goods Sold

 

 

Operating Expenses

 

 

Operating Income

 

 

Operating Margin

A&D

 

$

279,533

 

 

$

( 211,536

)

 

$

( 27,718

)

 

$

40,279

 

 

 

14.4

 

%

Commercial

 

 

329,382

 

 

 

( 262,147

)

 

 

( 16,130

)

 

 

51,105

 

 

 

15.5

 

 

RF&S Components

 

 

9,780

 

 

 

( 4,871

)

 

 

( 2,483

)

 

 

2,426

 

 

 

24.8

 

 

Total segment

 

 

618,695

 

 

 

( 478,554

)

 

 

( 46,331

)

 

 

93,810

 

 

 

15.2

 

 

Eliminations

 

 

( 2,157

)

 

 

 

 

 

 

 

 

—

 

 

 

 

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring

 

 

 

 

 

 

 

 

 

 

 

( 1,393

)

 

 

 

 

Acquisition-related and other charges

 

 

 

 

 

 

 

 

 

 

 

( 2,867

)

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

( 8,330

)

 

 

 

 

Other corporate expenses

 

 

 

 

 

 

 

 

 

 

 

( 20,972

)

 

 

 

 

Amortization of definite-lived intangibles

 

 

 

 

 

 

 

 

 

 

 

( 9,286

)

 

 

 

 

Consolidated

 

$

616,538

 

 

 

 

 

 

 

 

 

50,962

 

 

 

8.3

 

%

Interest expense

 

 

 

 

 

 

 

 

 

 

 

( 11,768

)

 

 

 

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

( 14,177

)

 

 

 

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

25,017

 

 

 

 

 

 

11

 

 

 

 

For the Three Quarters Ended September 29, 2025

 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Eliminations

 

 

Total

 

 

(In thousands, except margin rates)

Net sales

 

$

966,066

 

 

$

1,136,647

 

 

$

29,312

 

 

$

—

 

 

$

2,132,025

 

 

Intersegment sales

 

 

8,487

 

 

 

602

 

 

 

30

 

 

 

( 9,119

)

 

 

—

 

 

Segment sales

 

$

974,553

 

 

$

1,137,249

 

 

$

29,342

 

 

$

( 9,119

)

 

$

2,132,025

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

Cost of Goods Sold

 

 

Operating Expenses

 

 

Operating Income

 

 

Operating Margin

A&D

 

$

974,553

 

 

$

( 745,008

)

 

$

( 90,602

)

 

$

138,943

 

 

 

14.3

 

%

Commercial

 

 

1,137,249

 

 

 

( 916,920

)

 

 

( 56,580

)

 

 

163,749

 

 

 

14.4

 

 

RF&S Components

 

 

29,342

 

 

 

( 14,665

)

 

 

( 7,096

)

 

 

7,581

 

 

 

25.8

 

 

Total segment

 

 

2,141,144

 

 

 

( 1,676,593

)

 

 

( 154,278

)

 

 

310,273

 

 

 

14.5

 

 

Eliminations

 

 

( 9,119

)

 

 

 

 

 

 

 

 

—

 

 

 

 

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring

 

 

 

 

 

 

 

 

 

 

 

( 2,631

)

 

 

 

 

Acquisition-related and other charges

 

 

 

 

 

 

 

 

 

 

 

( 15

)

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

( 29,586

)

 

 

 

 

Other corporate expenses

 

 

 

 

 

 

 

 

 

 

 

( 66,433

)

 

 

 

 

Amortization of definite-lived intangibles

 

 

 

 

 

 

 

 

 

 

 

( 27,673

)

 

 

 

 

Consolidated

 

$

2,132,025

 

 

 

 

 

 

 

 

 

183,935

 

 

 

8.6

 

%

Interest expense

 

 

 

 

 

 

 

 

 

 

 

( 32,958

)

 

 

 

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

( 2,648

)

 

 

 

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

148,329

 

 

 

 

 

 

 

 

For the Three Quarters Ended September 30, 2024

 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Eliminations

 

 

Total

 

 

(In thousands, except margin rates)

Net sales

 

$

828,908

 

 

$

935,833

 

 

$

27,047

 

 

$

—

 

 

$

1,791,788

 

 

Intersegment sales

 

 

4,890

 

 

 

607

 

 

 

149

 

 

 

( 5,646

)

 

 

—

 

 

Segment sales

 

$

833,798

 

 

$

936,440

 

 

$

27,196

 

 

$

( 5,646

)

 

$

1,791,788

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Sales

 

 

Cost of Goods Sold

 

 

Operating Expenses

 

 

Operating Income

 

 

Operating Margin

A&D

 

$

833,798

 

 

$

( 648,883

)

 

$

( 84,663

)

 

$

100,252

 

 

 

12.0

 

%

Commercial

 

 

936,440

 

 

 

( 755,231

)

 

 

( 50,351

)

 

 

130,858

 

 

 

14.0

 

 

RF&S Components

 

 

27,196

 

 

 

( 13,861

)

 

 

( 7,196

)

 

 

6,139

 

 

 

22.6

 

 

Total segment

 

 

1,797,434

 

 

 

( 1,417,975

)

 

 

( 142,210

)

 

 

237,249

 

 

 

13.2

 

 

Eliminations

 

 

( 5,646

)

 

 

 

 

 

 

 

 

—

 

 

 

 

 

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring

 

 

 

 

 

 

 

 

 

 

 

( 6,367

)

 

 

 

 

Gain on sale of property, plant, and equipment

 

 

 

 

 

 

 

 

 

 

 

14,420

 

 

 

 

 

Acquisition-related and other charges

 

 

 

 

 

 

 

 

 

 

 

( 12,939

)

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

( 21,697

)

 

 

 

 

Other corporate expenses

 

 

 

 

 

 

 

 

 

 

 

( 68,009

)

 

 

 

 

Amortization of definite-lived intangibles

 

 

 

 

 

 

 

 

 

 

 

( 35,642

)

 

 

 

 

Consolidated

 

$

1,791,788

 

 

 

 

 

 

 

 

 

107,015

 

 

 

6.0

 

%

Interest expense

 

 

 

 

 

 

 

 

 

 

 

( 36,311

)

 

 

 

 

Other, net

 

 

 

 

 

 

 

 

 

 

 

( 1,086

)

 

 

 

 

Income before income taxes

 

 

 

 

 

 

 

 

 

 

$

69,618

 

 

 

 

 

 

12

 

Amortization of definite-lived intangibles relates to the A&D, Commercial, and RF&S Components reportable segments, but is not reviewed separately by the CODM. For the quarter and three quarters ended September 29, 2025, amortization expense of $ 2,336 and $ 7,007 , respectively, is included in cost of goods sold for the A&D reportable segment. For the quarter and three quarters ended September 30, 2024, amortization expense of $ 2,335 and $ 7,006 , respectively, is included in cost of goods sold for the A&D reportable segment.
Depreciation expense by reportable segment was as follows:
 

 

 

For the Quarter Ended

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(In thousands)

 

A&D

 

$

7,985

 

 

$

8,868

 

 

$

25,718

 

 

$

27,882

 

Commercial

 

 

17,536

 

 

 

14,938

 

 

 

50,881

 

 

 

42,902

 

RF&S Components

 

 

453

 

 

 

404

 

 

 

1,319

 

 

 

1,290

 

Segment total

 

 

25,974

 

 

 

24,210

 

 

 

77,918

 

 

 

72,074

 

Corporate

 

 

1,606

 

 

 

3,620

 

 

 

4,217

 

 

 

6,635

 

Total

 

$

27,580

 

 

$

27,830

 

 

$

82,135

 

 

$

78,709

 

The Company markets and sells its products in approximately 50 countries. For the quarter and three quarters ended September 29, 2025, the Company did not conduct business in any country other than the United States in which its net sales in that country exceeded 10% of the Company’s total net sales. For the quarter and three quarters ended September 30, 2024 , net sales in Taiwan also exceeded 10 % of the Company’s total net sales. Net sales are attributed to countries by the invoiced location and were as follows:
 

 

 

For the Quarter Ended

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(In thousands)

 

United States

 

$

407,222

 

 

$

316,508

 

 

$

1,146,649

 

 

$

926,241

 

Taiwan

 

 

62,384

 

 

 

63,607

 

 

 

167,396

 

 

 

206,462

 

Other

 

 

283,130

 

 

 

236,423

 

 

 

817,980

 

 

 

659,085

 

Total net sales

 

$

752,736

 

 

$

616,538

 

 

$

2,132,025

 

 

$

1,791,788

 

 

13

 

(5) Composition of Certain Consolidated Condensed Financial Statement Captions
 

 

 

As of

 

 

 

September 29, 2025

 

 

December 30, 2024

 

 

 

(In thousands)

 

Inventories:

 

 

 

 

 

 

Raw materials

 

$

198,073

 

 

$

178,066

 

Work-in-process

 

 

50,840

 

 

 

45,580

 

Finished goods

 

 

4,774

 

 

 

1,339

 

Inventories

 

$

253,687

 

 

$

224,985

 

 

 

 

 

 

 

Property, plant, and equipment, net:

 

 

 

 

 

 

Land and land-use rights

 

$

70,075

 

 

$

69,788

 

Buildings and improvements

 

 

554,679

 

 

 

515,773

 

Machinery and equipment

 

 

1,181,531

 

 

 

1,116,658

 

Furniture and fixtures and other

 

 

11,492

 

 

 

11,115

 

Construction-in-progress

 

 

156,982

 

 

 

75,502

 

Property, plant, and equipment, gross

 

 

1,974,759

 

 

 

1,788,836

 

Less: Accumulated depreciation

 

 

( 982,566

)

 

 

( 918,879

)

Property, plant, and equipment, net

 

$

992,193

 

 

$

869,957

 

 

 

 

 

 

 

Other current liabilities:

 

 

 

 

 

 

Income taxes payable

 

$

22,395

 

 

$

15,919

 

Sales return and allowances

 

 

12,668

 

 

 

10,777

 

Accrued facility operating costs

 

 

11,000

 

 

 

8,925

 

Warranty

 

 

10,223

 

 

 

7,685

 

Housing fund

 

 

8,515

 

 

 

7,927

 

Operating leases

 

 

8,326

 

 

 

7,556

 

Interest

 

 

3,867

 

 

 

9,054

 

Accrued professional fees

 

 

3,212

 

 

 

3,606

 

Other

 

 

34,340

 

 

 

48,525

 

Other current liabilities

 

$

114,546

 

 

$

119,974

 

 

 

 

 

 

 

Other long-term liabilities:

 

 

 

 

 

 

Deferred income taxes

 

$

42,835

 

 

$

41,362

 

Customer deposits

 

 

30,105

 

 

 

28,390

 

Finance leases

 

 

15,916

 

 

 

11,985

 

Other

 

 

27,652

 

 

 

26,011

 

Other long-term liabilities

 

$

116,508

 

 

$

107,748

 

 

14

 

(6) Goodwill and Definite-lived Intangibles
Goodwill
In connection with the Company’s assessment of its operating segments, effective during the quarter ended June 30, 2025, the Company determined that its operating segments were also its reporting units and reallocated its PCB goodwill between A&D and Commercial based on the estimated relative fair values of the reporting units. In connection with the reallocation of goodwill, management performed a goodwill impairment assessment for each segment and concluded no impairment indicators as of June 30, 2025.
Goodwill by reportable segment was as follows:
 

 

A&D

 

 

Commercial

 

 

RF&S Components

 

 

Total

 

 

 

(In thousands)

 

As of September 29, 2025 and December 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

$

256,199

 

 

$

382,636

 

 

$

177,200

 

 

$

816,035

 

Accumulated impairment losses

 

 

—

 

 

 

—

 

 

 

( 145,900

)

 

 

( 145,900

)

 Carrying amount

 

$

256,199

 

 

$

382,636

 

 

$

31,300

 

 

$

670,135

 

Definite-lived Intangibles
The components of definite-lived intangibles were as follows:
 

 

 

Gross
Amount

 

 

Accumulated
Amortization

 

 

Net
Carrying
Amount

 

 

Weighted
Average
Amortization
Period

 

 

 

(In thousands)

 

 

(In years)

 

As of September 29, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

323,500

 

 

$

( 182,376

)

 

$

141,124

 

 

 

11.8

 

Technology

 

 

66,650

 

 

 

( 43,628

)

 

 

23,022

 

 

 

8.2

 

Total

 

$

390,150

 

 

$

( 226,004

)

 

$

164,146

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 30, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Customer relationships

 

$

323,500

 

 

$

( 161,710

)

 

$

161,790

 

 

 

11.8

 

Technology

 

 

66,650

 

 

 

( 36,621

)

 

 

30,029

 

 

 

8.2

 

Total

 

$

390,150

 

 

$

( 198,331

)

 

$

191,819

 

 

 

 

Definite-lived intangibles are amortized using the straight-line method of amortization over the useful life. Amortization expense was $ 9,225 and $ 27,673 for the quarter and three quarters ended September 29, 2025, respectively, and $ 9,286 and $ 35,642 for the quarter and three quarters ended September 30, 2024, respectively. For the quarter and three quarters ended September 29, 2025, $ 2,336 and $ 7,007 , respectively, of amortization expense was included in cost of goods sold. For the quarter and three quarters ended September 30, 2024, $ 2,335 and $ 7,006 , respectively, of amortization expense was included in cost of goods sold.
Estimated aggregate amortization for definite-lived intangible assets for the next five years and thereafter is as follows:

 

 

(In thousands)

 

Remaining 2025

 

$

9,224

 

2026

 

 

36,897

 

2027

 

 

34,543

 

2028

 

 

30,997

 

2029

 

 

22,355

 

Thereafter

 

 

30,130

 

Total

 

$

164,146

 

 

15

 

(7) Long-term Debt and Letters of Credit
Long-term debt was as follows:
 

 

 

As of

 

 

 

September 29, 2025

 

 

December 30, 2024

 

 

 

Interest Rate

 

Principal
Outstanding

 

 

Interest Rate

 

Principal
Outstanding

 

 

 

(In thousands, except interest rates)

 

Senior Notes due March 2029

 

 

4.00

 

%

 

$

500,000

 

 

 

4.00

 

%

 

$

500,000

 

Term Loan due May 2030

 

 

6.38

 

 

 

 

343,035

 

 

 

6.59

 

 

 

 

345,634

 

Asia ABL Revolving Loan due June 2028

 

 

5.43

 

 

 

 

80,000

 

 

 

5.64

 

 

 

 

80,000

 

Other

 

 

5.99

 

 

 

 

2,065

 

 

 

5.99

 

 

 

 

2,311

 

Total debt

 

 

 

 

 

 

925,100

 

 

 

 

 

 

 

927,945

 

Less: Unamortized debt issuance costs

 

 

 

 

 

 

( 5,957

)

 

 

 

 

 

 

( 6,951

)

Less: Unamortized debt discount

 

 

 

 

 

 

( 2,498

)

 

 

 

 

 

 

( 2,840

)

Subtotal

 

 

 

 

 

 

916,645

 

 

 

 

 

 

 

918,154

 

Less: Current maturities

 

 

 

 

 

 

( 3,810

)

 

 

 

 

 

 

( 3,795

)

Long-term debt, less current maturities

 

 

 

 

 

$

912,835

 

 

 

 

 

 

$

914,359

 

Debt Covenants
Borrowings under the Senior Notes due 2029 and Term Loan Facility due 2030 (Term Loan Facility) are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and restricted payments.
Under the occurrence of certain events, the U.S. Asset-Based Lending Credit Agreement (U.S. ABL) and Asia Asset-Based Lending Credit Agreement (Asia ABL) (collectively, the ABL Revolving Loans) are subject to various financial covenants, including leverage and fixed-charge coverage ratios.
Debt Issuance Costs and Debt Discount
Remaining unamortized debt issuance costs and debt discount were as follows:
 

 

 

As of

 

 

September 29, 2025

 

December 30, 2024

 

 

Debt
Issuance Costs

 

 

Debt
Discount

 

 

Effective
Interest Rate

 

Debt
Issuance Costs

 

 

Debt
Discount

 

 

Effective
Interest Rate

 

 

(In thousands, except interest rates)

Senior Notes due March 2029

 

$

2,799

 

 

$

—

 

 

 

4.18

 

%

 

$

3,362

 

 

$

—

 

 

 

4.18

 

%

Term Loan due May 2030

 

 

3,158

 

 

 

2,498

 

 

 

8.01

 

 

 

 

3,589

 

 

 

2,840

 

 

 

8.01

 

 

Total

 

$

5,957

 

 

$

2,498

 

 

 

 

 

 

$

6,951

 

 

$

2,840

 

 

 

 

 

The above debt issuance costs and debt discount are recorded as a reduction of the debt and are amortized into interest expense using an effective interest rate over the duration of the debt.
Remaining unamortized debt issuance costs for the ABL Revolving Loans of $ 966 and $ 1,239 as of September 29, 2025 and December 30, 2024, respectively, are included in deposits and other non-current assets and are amortized to interest expense over the duration of the ABL Revolving Loans using the straight-line method of amortization.
As of September 29, 2025, the remaining weighted average amortization period for all unamortized debt issuance costs and debt discount wa s 4.1 yea rs.

(8) Income Taxes
The Company’s effective tax rate is impacted by the mix of foreign and U.S. income, tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, the generation of credits, and deductions available to the Company as well as changes in valuation allowances and certain non-deductible items. No tax benefit was recorded on the losses incurred in certain foreign jurisdictions as a result of corresponding increases in the valuation allowances in these jurisdictions.
During the quarter and three quarters ended September 29, 2025, the Company’s effective tax rate was impacted by a net discrete benefit of $ 37 and $ 3,321 , respectively, and the One Big Beautiful Bill Act (OBBBA) tax impact, as discussed below. The net discrete benefit was primarily related to the deduction of stock‑based compensation, partially offset by accruals for potential assessments and uncertain tax positions in various jurisdictions.

16

 

The Company has various foreign subsidiaries formed or acquired to conduct or support its business outside the U.S. The Company expects its earnings attributable to most foreign subsidiaries may be repatriated back to the U.S. and so a deferred tax liability has been recorded for foreign withholding taxes and the estimated federal/state tax impact on any repatriation. For those other companies with earnings currently being reinvested outside of the U.S., no deferred tax liability on undistributed earnings has been recorded.
OBBBA
On July 4, 2025, the OBBBA was enacted, introducing amendments to U.S. tax laws with various effective dates from 2025 to 2027. The OBBBA includes provisions such as the permanent extension of certain provisions of the Tax Cuts and Jobs Act that were set to expire at the end of 2025 and modifications to the international tax framework. Because Topic 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted, the Company’s tax provisions for the quarter and three quarters ended September 29, 2025 incorporated the estimated effects of the tax law changes including the accelerated depreciation of qualified property and the immediate expensing of U.S. research and development expenditure paid or incurred for tax years beginning after December 31, 2024. The Company recorded a $ 5,186 b enefit from the decrease in the U.S. valuation allowance resulting from the OBBBA impact to its deferred tax assets.

(9) Earnings Per Share, Share Repurchase Program, and Accumulated Other Comprehensive Loss
Earnings Per Share
The reconciliation of the numerator and denominator used to calculate basic earnings per share and diluted earnings per share is as follows:

 

 

For the Quarter Ended

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(In thousands, except per share amounts)

 

Net income

 

$

53,055

 

 

$

14,311

 

 

$

126,763

 

 

$

51,129

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares

 

 

103,321

 

 

 

101,958

 

 

 

102,337

 

 

 

101,704

 

Dilutive effect of performance-based
    restricted stock units (PRUs), restricted
    stock units (RSUs), and stock options

 

 

2,491

 

 

 

1,870

 

 

 

2,724

 

 

 

2,224

 

Diluted shares

 

 

105,812

 

 

 

103,828

 

 

 

105,061

 

 

 

103,928

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.51

 

 

$

0.14

 

 

$

1.24

 

 

$

0.50

 

Diluted earnings per share

 

 

0.50

 

 

 

0.14

 

 

 

1.21

 

 

 

0.49

 

PRUs and RSUs to pur chase 161 and 220 shares of common stock for the quarter and three quarters ended September 29, 2025 , respectively, and PRUs, RSUs, and stock options to purchase 144 and 166 shares of common stock for the quarter and three quarters ended September 30, 2024, respectively, were not included in the computation of diluted earnings per share because the impact would be anti-dilutive. The PRUs would have had an anti-dilutive impact because the performance conditions had not been met during the applicable quarter and three quarters. The RSUs and stock options would have had an anti-dilutive impact because the total expected proceeds under the treasury stock method or the options’ exercise prices were greater than the average market price of common stock during the applicable quarter and three quarters.
 
Share Repurchase Program
On May 8, 2025, the Company's Board of Directors authorized a new share repurchase program (2025 Repurchase Program) , under which the Company may repurchase up to $ 100,000 in value of the Company’s outstanding shares of common stock from time to time through May 7, 2027 . The Company’s previous two-year repurchase program expired on May 3, 2025 . The Company may repurchase shares through open market purchases, privately‑negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (Exchange Act), which sets certain restrictions on the method, timing, price, and volume of open market stock repurchases. In addition, the Company adopted one trading plan in accordance with Rule 10b5-1 of the Exchange Act to facilitate certain purchases that may be effected under the share repurchase program. The timing, manner, price, and amount of any repurchases will be determined at the Company’s discretion, and the share repurchase program may be suspended, terminated, or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares.

17

 

During the quarter ended September 29, 2025, the Comp any did no t repurchase any shares. During the three quarters ended September 29, 2025 , the Company repurchased 700 shares of common stock for a total cost of $ 17,875 (including commissions) under the Company’s previous repurchase program. As of September 29, 2025, the remaining amount in value available to be repurchased under the 2025 Repurchase Program was $ 100,000 .
Accumulated Other Comprehensive Loss
The components of accumulated other comprehensive loss, n et of tax, were as follows:
 

 

 

As of

 

 

 

September 29, 2025

 

 

December 30, 2024

 

 

 

(In thousands)

 

Foreign currency translation

 

$

( 33,549

)

 

$

( 33,757

)

Pension obligation

 

 

4,786

 

 

 

3,612

 

Cash flow hedges

 

 

31

 

 

 

2,263

 

Total

 

$

( 28,732

)

 

$

( 27,882

)

 
(10) Fair Value Measures
The Company measures at fair value its financial and non-financial assets and liabilities by using a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, essentially an exit price, based on the highest and best use of the asset or liability.
The carrying amount and estimated fair value of the Company’s financial instruments were as follows:
 

 

 

As of

 

 

 

September 29, 2025

 

 

December 30, 2024

 

 

 

Carrying Amount

 

 

Fair Value

 

 

Carrying Amount

 

 

Fair Value

 

 

 

(In thousands)

 

Derivative assets, current

 

$

1,666

 

 

$

1,666

 

 

$

1,765

 

 

$

1,765

 

Derivative assets, non-current

 

 

—

 

 

 

—

 

 

 

1,326

 

 

 

1,326

 

Derivative liabilities, current

 

 

—

 

 

 

—

 

 

 

667

 

 

 

667

 

Derivative liabilities, non-current

 

 

429

 

 

 

429

 

 

 

—

 

 

 

—

 

Senior Notes due March 2029

 

 

497,201

 

 

 

481,695

 

 

 

496,638

 

 

 

464,325

 

Term Loan due May 2030

 

 

337,379

 

 

 

344,966

 

 

 

339,205

 

 

 

346,930

 

ABL Revolving Loans

 

 

80,000

 

 

 

80,000

 

 

 

80,000

 

 

 

80,000

 

Other loan

 

 

2,065

 

 

 

2,065

 

 

 

2,311

 

 

 

2,311

 

The fair value of the derivative instruments was determined using pricing models developed based on the 1-month Chicago Mercantile Exchange (CME) Term Secured Overnight Financing Rate (SOFR) swap rate and other observable market data, including quoted market prices, as appropriate using Level 2 inputs. The values were adjusted to reflect non-performance risk of both the counterparty and the Company, as necessary.
The fair value of the long-term debt was estimated based on quoted market prices or discounting the debt over its life using current market rates for similar debt as of September 29, 2025 and December 30, 2024, which are considered Level 2 inputs.
As of September 29, 2025 and December 30, 2024, the Company’s other financial instruments included cash and cash equivalents, accounts receivable, contract assets, accounts payable, and contract liabilities. The carrying amount of these instruments approximates fair value.
The majority of the Company’s non-financial assets and liabilities, which include goodwill, intangible assets, inventories, and property, plant, and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or as indicated by the annual test in the case of goodwill) such that a non-financial instrument is required to be evaluated for impairment, based upon a comparison of the non-financial instrument’s fair value to its carrying value, an impairment is recorded to reduce the carrying value to the fair value, if the carrying value exceeds the fair value.

18

 

(11) Commitments and Contingencies
Legal Matters
The Company is subject to various legal matters, which it considers normal for its business activities. While the Company currently believes that the amount of any reasonably possible loss for known matters would not be material to the Company’s financial condition, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on the Company’s financial condition or results of operations in a particular period. The Company has accrued amounts for its loss contingencies which are probable and estimable as of September 29, 2025 and December 30, 2024 and included as a component of other current liabilities. However, these amounts are not material to the consolidated condensed financial statements of the Company.
Supplier Finance Program Obligations
The Company has agreements with financial institutions to facilitate payments to certain suppliers. Liabilities associated with these agreements are recorded in accounts payable on the consolidated condensed balance sheets and amounted to $ 12,195 and $ 17,218 as of September 29, 2025 and December 30, 2024 , respectively.

19

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Statement Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q (Report) contains forward-looking statements regarding future events or our future financial and operational performance. Forward-looking statements include statements regarding markets for our products; trends in net sales, gross profits, and estimated expense levels; liquidity and anticipated cash needs and availability; and any statement that contains the words “anticipate,” “believe,” “plan,” “forecast,” “foresee,” “estimate,” “project,” “expect,” “seek,” “target,” “intend,” “goal,” and other similar expressions. The forward-looking statements included in this Report reflect our current expectations and beliefs, and we do not undertake publicly to update or revise these statements, even if experience or future changes make it clear that any projected results expressed in this Report or future quarterly reports to stockholders, press releases, or company statements will not be realized. In addition, the inclusion of any statement in this Report does not constitute an admission by us that the events or circumstances described in such statement are material. Furthermore, we wish to caution and advise readers that these statements are based on assumptions that may not materialize and may involve risks and uncertainties, many of which are beyond our control, that could cause actual events or performance to differ materially from those contained or implied in these forward-looking statements. These risks and uncertainties include the risks identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 30, 2024, as updated by our other filings with the SEC, and described elsewhere in this Report. The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated condensed financial statements and the related notes and the other financial information included in this Report, as well as the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” set forth in our Annual Report on Form 10-K for the fiscal year ended December 30, 2024, filed with the SEC.
COMPANY OVERVIEW
We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced PCBs. We focus on providing time-to-market and volume production of advanced technology products and offer a one-stop design, engineering, and manufacturing solution to our customers. This solution allows us to align technology development with the diverse needs of our customers and to enable them to reduce the time required to develop new products and bring them to market. We serve a diversified customer base consisting of approximately 1,400 customers in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation, and networking. Our customers include OEMs, EMS providers, ODMs, distributors, and government agencies (both domestic and allied foreign governments).
RECENT DEVELOPMENTS
On July 9, 2025, we announced the acquisition of a 750,000-square-foot facility in Eau Claire, Wisconsin, as well as land rights for an additional future manufacturing site in Penang, Malaysia. We believe the Eau Claire, Wisconsin facility comes equipped with the necessary infrastructure to support advanced technology PCB manufacturing and enhances our ability to support future high-volume U.S. production of advanced technology PCBs across key markets, particularly data center computing and networking for generative artificial intelligence (AI) applications. In addition, we acquired land rights for ten acres in Penang to establish a new production site that we anticipate will align with customers’ increasing interests in supply chain diversification beyond China. The future Penang facility will be in close proximity to our existing facility and will enable us to deliver cost-competitive, high-quality advanced technology PCB manufacturing to commercial markets such as data center computing, networking, and medical, industrial, and instrumentation. Together, these new investments support our strategy to offer regionally optimized, globally connected manufacturing solutions for our customers.
We previously announced we are in the process of constructing a new advanced technology PCB manufacturing facility in Syracuse, New York. We expect that our new facility will bring advanced technology capability for our domestic high-volume production of ultra‑high‑density interconnect (HDI) PCBs in support of national security requirements. The building construction is complete, equipment is arriving, and we are beginning to install and test equipment setups. Volume production in this facility is expected to commence in the second half of 2026.

20

 

FINANCIAL OVERVIEW
Our customers include both OEMs and EMS providers. We sell to OEMs both directly and indirectly through EMS providers. For such indirect sales, we measure customers based on OEM companies as they are the ultimate end customers. Sales to our ten largest customers collectively accounted for 56% and 55% of our net sales for the quarter and three quarters ended September 29, 2025, respectively. Sales to our ten largest customers collectively accounted for 54% and 53% of our net sales for the quarter and three quarters ended September 30, 2024, respectively.
The percentage of our net sales attributable to each of the principal end markets we served was as follows:
 

 

 

For the Quarter Ended

 

For the Three Quarters Ended

 

 

September 29, 2025

 

September 30, 2024 (1)

 

September 29, 2025 (1)

 

September 30, 2024 (1)

End Markets (2) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerospace and Defense

 

 

45

 

%

 

 

45

 

%

 

 

45

 

%

 

 

46

 

%

Automotive

 

 

11

 

 

 

 

14

 

 

 

 

11

 

 

 

 

14

 

 

Data Center Computing

 

 

23

 

 

 

 

20

 

 

 

 

22

 

 

 

 

20

 

 

Medical/Industrial/Instrumentation

 

 

14

 

 

 

 

14

 

 

 

 

14

 

 

 

 

14

 

 

Networking

 

 

7

 

 

 

 

7

 

 

 

 

8

 

 

 

 

6

 

 

Total

 

 

100

 

%

 

 

100

 

%

 

 

100

 

%

 

 

100

 

%

 
(1) The end market revenue prior to the quarter ended June 30, 2025 has been recast to reflect certain adjustments to allocations resulting from the segment reorganization.

(2) Sales to EMS companies are classified by the end markets of their OEM customers.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
Our consolidated condensed financial statements included in this Report have been prepared in accordance with U.S. GAAP. The preparation of these consolidated condensed financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities.
See Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations , in our Annual Report on Form 10-K for the fiscal year ended December 30, 2024 for further discussion of critical accounting policies and estimates. There have been no material changes to our critical accounting policies and estimates since December 30, 2024.
CONSOLIDATED OPERATING RESULTS
Net sales consist of gross sales less an allowance for returns, which typically have been approximately 2% of gross sales. We provide our customers a limited right of return for defective PCBs including components, assemblies, and subsystems. We record an estimate for sales returns and allowances at the time of sale based on historical results and anticipated returns.
Selected financial highlights are presented in the table below:
 

 

 

For the Quarter Ended

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(In thousands, except margin rates)

 

Net sales

 

$

752,736

 

 

$

616,538

 

 

$

2,132,025

 

 

$

1,791,788

 

Cost of goods sold

 

 

596,000

 

 

 

486,650

 

 

 

1,696,208

 

 

 

1,440,954

 

Gross profit

 

 

156,736

 

 

 

129,888

 

 

 

435,817

 

 

 

350,834

 

Gross margin

 

 

20.8

%

 

 

21.1

%

 

 

20.4

%

 

 

19.6

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

21,796

 

 

 

19,961

 

 

 

64,383

 

 

 

60,053

 

General and administrative

 

 

48,598

 

 

 

42,567

 

 

 

142,091

 

 

 

124,841

 

Research and development

 

 

7,038

 

 

 

8,054

 

 

 

22,111

 

 

 

23,922

 

Amortization of definite-lived intangibles

 

 

6,889

 

 

 

6,951

 

 

 

20,666

 

 

 

28,636

 

Restructuring charges

 

 

509

 

 

 

1,393

 

 

 

2,631

 

 

 

6,367

 

Total operating expenses

 

 

84,830

 

 

 

78,926

 

 

 

251,882

 

 

 

243,819

 

Operating income

 

 

71,906

 

 

 

50,962

 

 

 

183,935

 

 

 

107,015

 

Operating margin

 

 

9.6

%

 

 

8.3

%

 

 

8.6

%

 

 

6.0

%

Total other expense, net

 

 

(10,093

)

 

 

(25,945

)

 

 

(35,606

)

 

 

(37,397

)

Income tax provision

 

 

(8,758

)

 

 

(10,706

)

 

 

(21,566

)

 

 

(18,489

)

Net income

 

$

53,055

 

 

$

14,311

 

 

$

126,763

 

 

$

51,129

 

The following discussion and analysis is for the quarter and three quarters ended September 29, 2025, compared to the quarter and three quarters ended September 30, 2024, unless otherwise stated.

21

 

Net Sales
Total net sales increased $136.2 million, or 22.1%, to $752.7 million for the quarter ended September 29, 2025, from $616.5 million for the quarter ended September 30, 2024. The primary driver of this increase was strong demand in our aerospace and defense, data center computing, and networking end markets, the latter two being driven by generative AI. In addition, our medical, industrial, and instrumentation end market was also stronger as inventories and demand have normalized in this end market.
Total net sales increased $340.2 million, or 19.0%, to $2,132.0 million for the three quarters ended September 29, 2025, from $1,791.8 million for the three quarters ended September 30, 2024. The primary drivers of the increase were as discussed in the paragraph above.
Gross Profit and Margin Rate
Gross profit increased $26.8 million to $156.7 million for the quarter ended September 29, 2025, from $129.9 million for the quarter ended September 30, 2024, primarily due to higher sales. Gross margin rate decreased slightly to 20.8% for the quarter ended September 29, 2025, from 21.1% for the quarter ended September 30, 2024. This decrease was primarily due to ramp‑up costs incurred in the third quarter of 2025 in connection with our fabrication plant in Penang, Malaysia as compared to the third quarter of 2024.
Gross profit increased $85.0 million to $435.8 million for the three quarters ended September 29, 2025, from $350.8 million for the three quarters ended September 30, 2024, primarily due to higher sales. Gross margin rate increased to 20.4% for the three quarters ended September 29, 2025, from 19.6% for the three quarters ended September 30, 2024. The increase was primarily due to improved operational execution, favorable product mix, and increased volume of PCB shipments as compared to the same period of 2024.
Operating Expenses
Operating expenses increased $5.9 million to $84.8 million for the quarter ended September 29, 2025, from $78.9 million for the quarter ended September 30, 2024, primarily due to higher incentive compensation expense, stock-based compensation, and outside services costs.
Operating expenses increased $8.1 million to $251.9 million for the three quarters ended September 29, 2025, from $243.8 million for the three quarters ended September 30, 2024, primarily due to the absence of gains on the sale of assets primarily related to the sale of two buildings vacated with the closure of our Anaheim and Santa Clara plants of $14.4 million that occurred in the three quarters ended September 30, 2024, partially offset by the write down of our Hong Kong building of $6.1 million that occurred in the three quarters ended September 30, 2024. In addition, increased stock-based compensation and incentive compensation expense contributed to the higher operating expenses, partially offset by a decrease in amortization of definite-lived intangibles.
Operating Income and Margin Rate
Operating income increased $20.9 million to $71.9 million for the quarter ended September 29, 2025, from $51.0 million for the quarter ended September 30, 2024. Operating margin rate increased to 9.6% for the quarter ended September 29, 2025, from 8.3% for the quarter ended September 30, 2024. The primary drivers of these increases are discussed above in the variance explanations for Gross Profit and Margin Rate and Operating Expenses .
Operating income increased $76.9 million to $183.9 million for the three quarters ended September 29, 2025, from $107.0 million for the three quarters ended September 30, 2024. Operating margin rate increased to 8.6% for the three quarters ended September 29, 2025, from 6.0% for the three quarters ended September 30, 2024. The primary drivers of these increases are discussed above in the variance explanations for Gross Profit and Margin Rate and Operating Expenses .
Total Other Expense, Net
Total other expense, net decreased $15.9 million to $10.1 million for the quarter ended September 29, 2025, from $25.9 million for the quarter ended September 30, 2024, primarily as a result of lower unrealized foreign exchange losses during the quarter ended September 29, 2025. We utilize the Chinese Renminbi (RMB) and Malaysian Ringgit (MYR) at our China and Malaysia facilities, respectively, for employee‑related and other costs of running our operations in foreign countries. There was an unrealized loss from foreign exchange of $0.5 million during the quarter ended September 29, 2025, compared to $16.2 million during the quarter ended September 30, 2024. This unrealized loss was related to the translation of our China and Malaysia balance sheets from their local currencies into the U.S. dollar functional currency, resulting from weakening RMB and MYR during the quarter ended September 29, 2025 as compared to the quarter ended September 30, 2024.
Total other expense, net decreased $1.8 million to $35.6 million for the three quarters ended September 29, 2025, from $37.4 million for the three quarters ended September 30, 2024, primarily as a result of lower unrealized foreign exchange losses during the three quarters ended September 29, 2025. There was an unrealized loss from foreign exchange of $8.5 million during the three quarters ended September 29, 2025, compared to $12.0 million during the three quarters ended September 30, 2024. This decrease was primarily due to the foreign currency impacts discussed in the paragraph above.

22

 

Income Taxes
Income tax expense decreased $1.9 million to $8.8 million for the quarter ended September 29, 2025, from $10.7 million for the quarter ended September 30, 2024, primarily due to the OBBBA tax impact, as discussed below, and an income tax benefit from the deduction of stock-based compensation, partially offset by accruals for potential assessments and uncertain tax positions in various jurisdictions.
Income tax expense increased $3.1 million to $21.6 million for the three quarters ended September 29, 2025, from $18.5 million for the three quarters ended September 30, 2024, primarily due to an increase in income before income taxes for the three quarters ended September 29, 2025 and income tax accruals for potential assessments and uncertain tax positions in various jurisdictions, partially offset by the OBBBA tax impact, as discussed below, and an income tax benefit from the deduction of stock‑based compensation.
On July 4, 2025, the OBBBA was enacted, introducing amendments to U.S. tax laws with various effective dates from 2025 to 2027. The OBBBA includes provisions such as the permanent extension of certain provisions of the Tax Cuts and Jobs Act that were set to expire at the end of 2025 and modifications to the international tax framework. Topic 740 requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Accordingly, our tax provisions for the quarter and three quarters ended September 29, 2025 incorporated the estimated effects of the tax law changes including the accelerated depreciation of qualified property and the immediate expensing of U.S. research and development expenditure paid or incurred for tax years beginning after December 31, 2024. We recorded a $5.2 million benefit from the decrease in the U.S. valuation allowance resulting from the OBBBA impact to our deferred tax assets.
Our effective tax rate is primarily impacted by the mix of foreign and U.S. income, tax rates in China and Hong Kong, the U.S. federal income tax rate, apportioned state income tax rates, the generation of credits and deductions available to us as well as changes in valuation allowances and certain non-deductible items. We had a net deferred income tax liability of $41.9 million and $40.4 million as of September 29, 2025 and September 30, 2024, respectively.

23

 

SEGMENT OPERATING RESULTS
Basis of Presentation
During the quarter ended June 30, 2025, in connection with our change in organizational structure to enhance clarity in sector performance, accountability, and operating costs, our management finalized its assessment of our operating segments and concluded that we now have three reportable segments: A&D, Commercial, and RF&S Components. As a result, certain prior period amounts have been reclassified to conform with this new presentation. See Part I, Item 1, Note 4, Segment Information , of the Notes to Consolidated Condensed Financial Statements in this Report for further information.
Selected segment financial highlights, with reconciliations to operating income, are presented in the table below:
 

 

 

For the Quarter Ended

 

 

For the Three Quarters Ended

 

 

 

September 29, 2025

 

 

September 30, 2024

 

 

September 29, 2025

 

 

September 30, 2024

 

 

 

(In thousands, except margin rates)

 

Segment sales:

 

 

 

 

 

 

 

 

 

 

 

 

A&D

 

$

336,841

 

 

$

279,533

 

 

$

974,553

 

 

$

833,798

 

Commercial

 

 

408,920

 

 

 

329,382

 

 

 

1,137,249

 

 

 

936,440

 

RF&S Components

 

 

10,444

 

 

 

9,780

 

 

 

29,342

 

 

 

27,196

 

Total

 

$

756,205

 

 

$

618,695

 

 

$

2,141,144

 

 

$

1,797,434

 

Segment operating income:

 

 

 

 

 

 

 

 

 

 

 

 

A&D

 

$

52,884

 

 

$

40,279

 

 

$

138,943

 

 

$

100,252

 

Commercial

 

 

60,031

 

 

 

51,105

 

 

 

163,749

 

 

 

130,858

 

RF&S Components

 

 

3,126

 

 

 

2,426

 

 

 

7,581

 

 

 

6,139

 

Total

 

 

116,041

 

 

 

93,810

 

 

 

310,273

 

 

 

237,249

 

Segment operating margin rate:

 

 

 

 

 

 

 

 

 

 

 

 

A&D

 

 

15.7

%

 

 

14.4

%

 

 

14.3

%

 

 

12.0

%

Commercial

 

 

14.7

%

 

 

15.5

%

 

 

14.4

%

 

 

14.0

%

RF&S Components

 

 

29.9

%

 

 

24.8

%

 

 

25.8

%

 

 

22.6

%

Total

 

 

15.3

%

 

 

15.2

%

 

 

14.5

%

 

 

13.2

%

Unallocated amounts:

 

 

 

 

 

 

 

 

 

 

 

 

Restructuring

 

 

(509

)

 

 

(1,393

)

 

 

(2,631

)

 

 

(6,367

)

Gain on sale of property, plant, and equipment

 

—

 

 

—

 

 

—

 

 

 

14,420

 

Acquisition-related and other charges

 

 

(15

)

 

 

(2,867

)

 

 

(15

)

 

 

(12,939

)

Stock-based compensation

 

 

(11,611

)

 

 

(8,330

)

 

 

(29,586

)

 

 

(21,697

)

Other corporate expenses

 

 

(22,775

)

 

 

(20,972

)

 

 

(66,433

)

 

 

(68,009

)

Amortization of definite-lived intangibles (1)

 

 

(9,225

)

 

 

(9,286

)

 

 

(27,673

)

 

 

(35,642

)

Operating income

 

$

71,906

 

 

$

50,962

 

 

$

183,935

 

 

$

107,015

 

 
(1) Amortization of definite-lived intangibles relates to the A&D, Commercial, and RF&S Components reportable segments, but is not reviewed separately by the CODM. For the quarter and three quarters ended September 29, 2025, amortization expense of $2,336 and $7,007, respectively, is included in cost of goods sold for the A&D reportable segment. For the quarter and three quarters ended September 30, 2024, amortization expense of $2,335 and $7,006, respectively, is included in cost of goods sold for the A&D reportable segment.

Segment operating income, as reconciled in Part I, Item 1, Note 4, Segment Information , of the Notes to Consolidated Condensed Financial Statements in this Report, and segment operating margin rate (segment operating income divided by segment sales) are presented in conformity with Accounting Standards Codification (ASC) Topic 280, Segment Reporting . These measures are reported to the CODM, who is the President and Chief Executive Officer, for purposes of making decisions about allocating resources to the segments and assessing their performance. For these reasons, these measures are excluded from the definition of non‑GAAP financial measures under the SEC's Regulation G and Item 10(e) of Regulation S-K.
A&D
Segment Sales
Segment sales for the A&D reportable segment increased $57.3 million, or 20.5%, to $336.8 million for the quarter ended September 29, 2025, from $279.5 million for the quarter ended September 30, 2024. The primary drivers of this increase were improved spending in previous defense budgets, our strong strategic program alignment, and key bookings for ongoing franchise programs,

24

 

including restricted programs. These increases were driven by increased sales related to missiles and munitions as well as strong demand in our mission systems and specialty assembly businesses.
Segment sales for the A&D reportable segment increased $140.8 million, or 16.9%, to $974.6 million for the three quarters ended September 29, 2025, from $833.8 million for the three quarters ended September 30, 2024. The primary drivers of the increase were as discussed in the paragraph above.
Segment Operating Income and Margin Rate
Segment operating income for the A&D reportable segment increased $12.6 million to $52.9 million for the quarter ended September 29, 2025, from $40.3 million for the quarter ended September 30, 2024. Segment operating margin rate for the A&D reportable segment increased to 15.7% for the quarter ended September 29, 2025, from 14.4% for the quarter ended September 30, 2024. The primary drivers of these increases were higher sales volume, as discussed above, favorable product mix, and improved operational execution.
Segment operating income for the A&D reportable segment increased $38.7 million to $138.9 million for the three quarters ended September 29, 2025, from $100.3 million for the three quarters ended September 30, 2024. Segment operating margin rate for the A&D reportable segment increased to 14.3% for the three quarters ended September 29, 2025, from 12.0% for the three quarters ended September 30, 2024. The primary drivers of these increases were higher sales volume, as discussed above, favorable product mix, and improved operational execution.
Commercial
Segment Sales
Segment sales for the Commercial reportable segment increased $79.5 million, or 24.1%, to $408.9 million for the quarter ended September 29, 2025, from $329.4 million for the quarter ended September 30, 2024. The primary driver of this increase was strong demand in our data center computing and networking end markets driven by generative AI.
Segment sales for the Commercial reportable segment increased $200.8 million, or 21.4%, to $1,137.2 million for the three quarters ended September 29, 2025, from $936.4 million for the three quarters ended September 30, 2024. The primary driver of this increase was strong demand in our data center computing and networking end markets driven by generative AI, as well as normalized demand and increased AI-related demand in our medical, industrial, and instrumentation end market.
Segment Operating Income and Margin Rate
Segment operating income for the Commercial reportable segment increased $8.9 million to $60.0 million for the quarter ended September 29, 2025, from $51.1 million for the quarter ended September 30, 2024. Segment operating margin rate for the Commercial reportable segment decreased to 14.7% for the quarter ended September 29, 2025, from 15.5% for the quarter ended September 30, 2024. The primary driver of the increase in segment operating income was higher sales volume as discussed above, while the segment operating margin rate decreased due to increased ramp-up costs in connection with our fabrication plant in Penang, Malaysia, as well as product mix change.
Segment operating income for the Commercial reportable segment increased $32.9 million to $163.7 million for the three quarters ended September 29, 2025, from $130.9 million for the three quarters ended September 30, 2024. Segment operating margin rate for the Commercial reportable segment increased to 14.4% for the three quarters ended September 29, 2025, from 14.0% for the three quarters ended September 30, 2024. The primary drivers of these increases were higher sales volume as discussed above, and improved operational execution.
RF&S Components
Segment Sales
Segment sales for the RF&S Components reportable segment increased $0.7 million, or 6.8%, to $10.4 million for the quarter ended September 29, 2025, from $9.8 million for the quarter ended September 30, 2024. The primary driver of this increase was stronger demand across the networking and medical, industrial, and instrumentation end markets.
Segment sales for the RF&S Components reportable segment increased $2.1 million, or 7.9%, to $29.3 million for the three quarters ended September 29, 2025, from $27.2 million for the three quarters ended September 30, 2024. The primary driver of this increase was stronger demand across the networking and medical, industrial, and instrumentation end markets.
Segment Operating Income and Margin Rate
Segment operating income for the RF&S Components reportable segment increased $0.7 million to $3.1 million for the quarter ended September 29, 2025, from $2.4 million for the quarter ended September 30, 2024. Segment operating margin rate for the RF&S Components reportable segment increased to 29.9% for the quarter ended September 29, 2025, from 24.8% for the quarter ended

25

 

September 30, 2024. The primary drivers of these increases were higher sales volume as discussed above, and improved operational execution.
Segment operating income for the RF&S Components reportable segment increased $1.4 million to $7.6 million for the three quarters ended September 29, 2025, from $6.1 million for the three quarters ended September 30, 2024. Segment operating margin rate for the RF&S Components reportable segment increased to 25.8% for the three quarters ended September 29, 2025, from 22.6% for the three quarters ended September 30, 2024. The primary drivers of these increases were higher sales volume as discussed above, and improved operational execution.
Liquidity and Capital Resources
Our principal sources of liquidity have been cash provided by operations, the issuance of debt, and borrowings under our revolving credit facilities. Our principal uses of cash have been to finance capital expenditures, finance acquisitions, fund working capital requirements, repay debt obligations, and repurchase common stock. We anticipate that financing capital expenditures, financing acquisitions, funding working capital requirements, servicing debt, and repurchasing common stock will be the principal demands on our cash in the future.
Cash flow provided by operating activities during the first three quarters of 2025 was $229.0 million as compared to cash flow provided by operating activities of $150.8 million in the same period in 2024. The increase in cash flow was primarily due to an increase in net income of $75.6 million.
Net cash used in investing activities during the first three quarters of 2025 was $222.7 million, primarily resulting from the use of $223.2 million for net purchases of property, plant, and equipment and other assets. Net cash used in investing activities during the first three quarters of 2024 was $93.4 million, primarily resulting from the use of $129.7 million for purchases of property, plant, and equipment and other assets. This was partially offset by the receipt of $29.6 million of proceeds from the sale of property, plant, and equipment and other assets primarily related to the sale of two buildings vacated by the closure of our Anaheim and Santa Clara plants and $6.7 million of proceeds from the sale of property associated with our Shanghai E‑MS subsidiary.
Net cash used in financing activities during the first three quarters of 2025 was $19.2 million, reflecting the use of $17.9 million for repurchases of our common stock and $2.8 million for the repayment of long-term debt borrowings, less customer deposits of $1.5 million. Net cash used in financing activities during the first three quarters of 2024 was $38.2 million, reflecting the use of $34.5 million for repurchases of common stock, $8.7 million for the repayment of long-term debt borrowings, and $1.1 million for payment of debt issuance costs, partially offset by $6.1 million of proceeds from long-term debt borrowings related to the refinancing of our Term Loan Facility.
As of September 29, 2025, we had cash and cash equivalents of approximately $491.1 million, of which approximately $196.6 million was held by our foreign subsidiaries, primarily in China, and $199.4 million of available borrowing capacity under our revolving credit facilities. Should we choose to remit cash to the United States from our foreign locations, we may incur tax obligations which would reduce the amount of cash ultimately available to the United States. However, we believe there would be no material tax expenses not previously accrued for the repatriation of this cash.
Our total 2025 capital expenditures are expected to be in the range of $265.0 million to $285.0 million, of which approximately $54.0 million relate to construction of our new plant in Syracuse, New York.
Share Repurchases
On May 8, 2025, our Board of Directors authorized the 2025 Repurchase Program, under which we may repurchase up to $100.0 million in value of our common stock from time to time through May 7, 2027. We did not repurchase any shares of our common stock during the quarter ended September 29, 2025. During the three quarters ended September 29, 2025, under our previous two-year repurchase program that expired on May 3, 2025, we repurchased approximately 0.7 million shares of our common stock for a total cost of $17.9 million (including commissions). As of September 29, 2025, the remaining amount in value available to be repurchased under the 2025 Repurchase Program was $100.0 million.
Long-term Debt and Letters of Credit
As of September 29, 2025, we had $916.6 million of outstanding debt, net of discount and issuance costs, composed of $497.2 million of Senior Notes due 2029, $337.4 million under the Term Loan Facility, $80.0 million under the Asia ABL, and $2.1 million of other loans.
Pursuant to the terms of the Senior Notes due 2029 and Term Loan Facility, we are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and restricted payments. Under the ABL Revolving Loans, we are also subject to various financial covenants, including leverage and fixed-charge coverage ratios. As of September 29, 2025, we were in compliance with the covenants under the Senior Notes due 2029, Term Loan Facility, and ABL Revolving Loans.

26

 

Based on our current level of operations, we believe that cash generated from operations, cash on hand, and cash from the issuance of term and revolving debt will be adequate to meet our currently anticipated capital expenditure, debt service, and working capital needs for the next 12 months. Additional information regarding our indebtedness, including information about the credit available under our debt facilities, interest rates, and other key terms of our outstanding indebtedness, is included in Part I, Item 1, Note 7, Long‑term Debt and Letters of Credit , of the Notes to Consolidated Condensed Financial Statements included in this Report.
Supplier Finance Program Obligations
We have agreements with financial institutions to facilitate payments to certain suppliers. Liabilities associated with these agreements are recorded in accounts payable on the consolidated condensed balance sheets and amounted to $12.2 million and $17.2 million as of September 29, 2025 and December 30, 2024, respectively.
Contractual Obligations and Commitments
As part of our ongoing operations, we enter into contractual arrangements that obligate us to make future cash payments. These obligations impact our liquidity and capital resource needs. Our estimated future obligations consist of long-term debt obligations, interest on debt obligations, derivative liabilities, purchase obligations, and leases. As of September 29, 2025, there were no material changes outside the ordinary course of business since December 30, 2024 to our contractual obligations and commitments and the related cash requirements.
Seasonality
We tend to experience modest seasonal softness in the first and third quarters due to holidays and vacation periods in China and North America, respectively, which limit production leading to stronger revenue levels in the second and fourth quarters.
Recently Issued Accounting Standards
For a description of recently adopted and issued accounting standards, including the respective dates of adoption and the expected effects on our results of operations and financial condition, see Part I, Item 1, Note 1, Nature of Operations and Basis of Presentation , of the Notes to Consolidated Condensed Financial Statements included in this Report.
Item 3. Quantitative and Qualitati ve Disclosures About Market Risk
There have been no material changes to our risks as previously disclosed in Item 7A, Quantitative and Qualitative Disclosures About Market Risk, in our Annual Report on Form 10-K for the fiscal year ended December 30, 2024.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, under the supervision and with the participation of our Chief Executive Officer (CEO) and Chief Financial Officer (CFO), has evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our CEO and CFO have concluded that, as of September 29, 2025 such disclosure controls and procedures were effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is (1) recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and (2) accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosures.
In designing and evaluating our disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Changes in Internal Control over Financial Reporting
We continue to expand our implementation of an enterprise resource planning (ERP) system on a worldwide basis, which is expected to improve the efficiency of the financial reporting and related transaction processes. We have completed the implementation at certain locations and as a result, we made changes to our processes and procedures which, in turn, resulted in changes to our internal control over financial reporting, including the implementation of additional controls. We are in the process of rolling out the ERP system to our remaining locations to standardize the ERP system.
There were no other changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the quarter ended September 29, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

27

 

PART II. OTHER INFORMATION
Item 1. Legal Proceedings
From time to time, we may become a party to various legal proceedings arising in the ordinary course of our business. There can be no assurance that we will prevail in any such litigation. We believe that the amount of any reasonably possible or probable loss for known matters would not be material to our financial statements; however, the outcome of these actions is inherently difficult to predict. In the event of an adverse outcome, the ultimate potential loss could have a material adverse effect on our financial condition, results of operations, or cash flows in a particular period.
Item 1A. Ri sk Factors
There have been no material changes in our risk factors as previously disclosed in Part I, Item 1A, Risk Factors , of our Annual Report on Form 10-K for the fiscal year ended December 30, 2024.
Item 2. Unre gistered Sales of Equity Securities and Use of Proceeds
Issuer Purchases of Equity Securities
On May 8, 2025, our Board of Directors authorized a new share repurchase program, under which we may repurchase up to $100.0 million in value of our outstanding shares of common stock from time to time through May 7, 2027. Our previous two-year repurchase program expired on May 3, 2025.
We did not repurchase any shares of our common stock during the quarter ended September 29, 2025.
Item 3. Defaults Upon Senior Securities
Not applicable.
Item 4 . Mine Safety Disclosures
Not applicable.
Item 5. Other Information
Rule 10b5-1 Trading Plans
During the quarter ended September 29, 2025, our directors and/or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions, or written plans for the purchase or sale of our securities set forth in the table below.
 

Name and Title

 

Action

 

Adoption / Termination Date

 

Rule 10b5-1 (1)

 

Non-Rule 10b5-1 (2)

 

Total Number of Shares of Common Stock to be Sold (3)

 

Expiration Date

Daniel L. Boehle
( Executive Vice President and CFO )

 

Adoption

 

August 8, 2025

 

X

 

 

 

Indeterminable (4)

 

August 31, 2026

Thomas Clapprood
( President, Radar Systems and Sensors Business Unit)

 

Adoption

 

August 27, 2025

 

X

 

 

 

Indeterminable (4)

 

June 30, 2026

Thomas T. Edman
( Director )

 

Adoption

 

August 20, 2025

 

X

 

 

 

Indeterminable (4)

 

June 30, 2026
 

Thomas T. Edman
( Director )

 

Adoption

 

August 25, 2025

 

X

 

 

 

Up to 84,000
 

 

May 29, 2026
 

Robert Farrell
( President, Communication and Computing Business Unit )

 

Adoption

 

August 15, 2025

 

X

 

 

 

Indeterminable (4)

 

June 30, 2026
 

Catherine A. Gridley
( Executive Vice President and President, Aerospace & Defense Sector )

 

Adoption

 

August 27, 2025

 

X

 

 

 

Indeterminable (4)
 

 

June 30, 2026
 

Dale Knecht
( Senior Vice President of Global Information Technology )

 

Adoption

 

August 8, 2025

 

X

 

 

 

Indeterminable (4)

 

June 30, 2026
 

Shawn Powers
( Executive Vice President and Chief Human Resources Officer )

 

Adoption

 

August 29, 2025

 

X

 

 

 

Indeterminable (4)
 

 

June 30, 2026
 

28

 

Name and Title

 

Action

 

Adoption / Termination Date

 

Rule 10b5-1 (1)

 

Non-Rule 10b5-1 (2)

 

Total Number of Shares of Common Stock to be Sold (3)

 

Expiration Date

Shawn Powers
( Executive Vice President and Chief Human Resources Officer )

 

Adoption

 

August 29, 2025
 

 

X

 

 

 

Up to 15,000
 

 

November 30, 2026

Douglas L. Soder
( Executive Vice President and President, Commercial Sector )

 

Adoption

 

August 21, 2025
 

 

X

 

 

 

Up to 25,000

 

November 30, 2026
 

Douglas L. Soder
( Executive Vice President and President, Commercial Sector )

 

Adoption

 

August 21, 2025
 

 

X

 

 

 

Indeterminable (4)

 

June 30, 2026
 

Steven Spoto
( President, Integrated Electronics Business Unit )

 

Adoption

 

August 22, 2025
 

 

X

 

 

 

Indeterminable (4)
 

 

August 12, 2026
 

James P. Walsh
( Chief Operating Officer )

 

Adoption

 

August 11, 2025
 

 

X

 

 

 

Indeterminable (4)
 

 

June 30, 2026
 

Daniel J. Weber
( Executive Vice President, Chief Legal Officer and Secretary )

 

Adoption

 

August 6, 2025

 

X

 

 

 

Indeterminable (4)

 

June 30, 2026
 

 
(1) Contract, instruction, or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.

(2) “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.

(3) Represents the maximum number of shares that may be sold pursuant to the 10b5-1 arrangement. The number of shares sold will be dependent on the satisfaction of certain conditions as set forth in the trading plan.

(4) Rule 10b5-1 trading arrangement that is intended to provide for “eligible sell-to-cover transactions” (as described in Rule 10b5-1(c)(1)(ii)(D)(3) under the Exchange Act) to satisfy tax withholding obligations arising exclusively from vesting of RSUs or PRUs. The number of shares subject to covered RSUs or PRUs that will be sold to satisfy applicable tax withholding obligations upon vesting is not currently determinable as the number will vary based on the market price of our common stock and the extent to which vesting conditions are satisfied. This sell-to-cover arrangement provides solely for the automatic sale of shares that would otherwise be issuable in respect of a covered RSU or PRU in an amount sufficient to satisfy the applicable withholding obligation, with the proceeds of the sale delivered to the Company in satisfaction of the applicable withholding obligation.

29

 

Item 6. Exhibits
 

Exhibit

 

 

 

Filed/Furnished

 

Incorporated by Reference

Number

 

Exhibit Description

 

Herewith

 

Form

 

File Number

 

Exhibit

 

Filing Date

 

 

 

 

 

 

 

 

 

 

 

 

 

10.1‡

 

Letter Agreement, dated as of August 14, 2025, by and between the Company and Edwin Roks

 

 

 

8-K

 

000-31285

 

10.1

 

August 14, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

10.2‡

 

Form of First Amendment to Performance-Based RSU Grant Notice Award Agreement by and between TTM Technologies, Inc. and Thomas Edman

 

 

 

8-K

 

000-31285

 

10.2

 

August 14, 2025

 

 

 

 

 

 

 

 

 

 

 

 

 

31.1

 

CEO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

31.2

 

CFO Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32.1*

 

CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

32.2*

 

CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

X

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101.INS

 

Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

101.SCH

 

Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

104

 

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

 

 

 

 

 

 

 

 
‡ Management contract or compensatory plan.
* Furnished herewith. The certifications attached as Exhibits 32.1 and 32.2 that accompany this Report are not deemed filed with the Commission and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Report, irrespective of any general incorporation language contained in such filing.

30

 

SIGNAT URES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 

 

TTM Technologies, Inc.

 

 

 

 

 

 

 

/s/ Daniel L. Boehle

 

 

 

Dated: October 31, 2025

 

Daniel L. Boehle

 

Executive Vice President and Chief Financial Officer

 

 

(Principal Financial Officer and Principal Accounting Officer and duly authorized signatory)

 

31