Ttm Technologies Inc 8-K, filed Oct 22, 2026
Ttm Technologies Inc (TTMI)
About this 8-K
Ttm Technologies Inc filed this 8-K on October 22, 2026.
TTM Technologies, Inc. reported third-quarter 2026 net sales of $1.2 billion, up 60%, and adjusted EBITDA of $242.3 million. It guided fourth-quarter net sales to $1.42 billion–$1.44 billion and announced plans to acquire Ophir Optics for $650 million. AI summary
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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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. ☐
| Item 2.02 | Results of Operations and Financial Condition |
On October 22, 2026, TTM Technologies, Inc. (the “Registrant”) issued a press release announcing results for its third quarter 2026, which ended on September 28, 2026, and guidance for its fourth quarter of fiscal year 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
As provided in General Instruction B.2 to Form 8-K, the information furnished in Item 2.02 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section, and shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly provided by specific reference in such filing.
| Item 9.01. | Financial Statements and Exhibits |
(d) Exhibits
The following exhibits are filed with this Report:
| Exhibit |
Description | |
| 99.1 | Press release regarding earnings results, dated October 22, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
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 hereunto duly authorized.
| TTM TECHNOLOGIES, INC. | ||||||
| Date: October 22, 2026 | /s/ Daniel J. Weber | |||||
| By: | Daniel J. Weber | |||||
| Executive Vice President, Chief Legal Officer & Secretary | ||||||
Exhibit 99.1
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| Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
TTM Technologies, Inc. Reports Third Quarter 2026 Results
SANTA ANA, Calif. – October 22, 2026 – TTM Technologies, Inc. (NASDAQ: TTMI) (“TTM”), a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including printed circuit boards (“PCB”s) and substrates, today reported results for the third quarter of 2026, which ended on September 28, 2026.
Third Quarter 2026 Highlights
| • | Net sales were $1.2 billion, up 60% year on year, and an all-time quarterly record |
| • | GAAP net income of $84.8 million, or $0.79 per diluted share |
| • | Adjusted EBITDA of $242.3 million, or 20.1% of net sales, an all-time quarterly record |
| • | Non-GAAP net income of $157.8 million, or $1.46 per diluted share, an all-time quarterly record |
| • | Cash flow from operations of $154.7 million, or 12.9% of net sales |
| • | Total book to bill of 2.13 |
| • | A&D end market was 34% of total net sales; and total A&D program backlog was $2.0 billion |
| • | Data Center and Networking end market was 41% of total net sales driven by continued AI demand |
Recent Acquisition Activity
| • | October 19, 2026 – TTM announced plans to acquire the Ophir Optics business from MKS Inc. (NASDAQ: MKSI) for $650 million, or 10.3x expected FY 2027 Adjusted EBITDA, in an all-cash transaction that is expected to be funded through a combination of cash on hand, expected future cash flow, and borrowings under TTM’s existing revolving credit facility. This proposed acquisition is not included in current guidance. |
| • | October 9, 2026 – In furtherance of TTM’s strategic initiative to expand its footprint in Europe, TTM entered into a definitive agreement with plans to acquire Merlin Circuit Technology Ltd. and Merlin Flex Ltd., two small printed circuit board fabrication factories in the United Kingdom for an undisclosed amount, with transaction funding expected to come from cash on hand. The transaction is subject to regulatory approvals and is expected to close during the fourth quarter of 2026. This proposed acquisition is not included in current guidance. |
| • | TTM previously announced the planned acquisition of ILFA GmbH, a German printed circuit manufacturer. The acquisition is expected to close during the fourth quarter of 2026 and is excluded from current guidance. |
| • | In recent weeks and up through the date of this press release, TTM has completed the previously announced acquisitions of Swiss Technology Group (“STG”) and Epiq Solutions (“Epiq”). These acquisitions are now included in current guidance. |
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| Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
Third Quarter 2026 GAAP Financial Results
Net sales in the third quarter of 2026 were $1.2 billion, compared to $752.7 million in the third quarter of 2025.
GAAP operating income in the third quarter of 2026 was $162.3 million. This compared to GAAP operating income in the third quarter of 2025 of $71.9 million.
GAAP net income in the third quarter of 2026 was $84.8 million, or $0.79 per diluted share. This compared to GAAP net income in the third quarter of 2025 of $53.1 million, or $0.50 per diluted share.
Third Quarter 2026 Non-GAAP Financial Results
Adjusted EBITDA in the third quarter of 2026 was $242.3 million, or 20.1% of net sales, compared to adjusted EBITDA of $120.9 million, or 16.1% of net sales, in the third quarter of 2025.
Non-GAAP net income in the third quarter of 2026 was $157.8 million, or $1.46 per diluted share, compared to non-GAAP net income of $71.0 million, or $0.67 per diluted share, in the third quarter of 2025.
“Once again, we delivered quarterly records for both net sales and non-GAAP EPS,” said Edwin Roks, CEO of TTM. “All key markets contributed to our 60% year on year growth with Data Center & Networking up 115%, Medical, Industrial & Instrumentation up 97%, and Aerospace & Defense up 21%. Our margin expansion efforts are producing results as evidenced by adjusted EBITDA margin exceeding 20% for the first time. Our cash flow from operations continues to be solid which gives us confidence that we can comfortably handle the leverage from recent acquisitions and capital investments. Following the end of the third quarter and the previously disclosed completion of the Epiq Solutions acquisition on September 30, 2026, our net leverage ratio as of September 30, 2026, was 2.8x of pro-forma adjusted TTM EBITDA. By the expected closing date of the proposed acquisition of the Ophir Optics business, we expect leverage to be within our targeted range of 1.5-2.0x,” concluded Dr. Roks.
Dr. Roks added, “TTM is well positioned for growth for the foreseeable future. We expect continued healthy growth in our key end markets, with particular strength in Data Center & Networking and Aerospace & Defense. Our close customer relationships and strong operational execution add to our confidence in this outlook. Consistent with our strategic plan, the recent acquisitions broaden our offering in differentiated, long-cycle products, add geographic diversification and provide new platforms for future growth.
Business Outlook
For the fourth quarter of 2026, TTM estimates that net sales will be in the range of $1.42 billion to $1.44 billion, and non-GAAP net income will be in the range of $1.77 to $1.83 per diluted share. These fourth quarter estimates result in full year 2026 expected net sales of $4.47 billion to $4.49 billion and expected non-GAAP net income in the range of $4.97 to $5.03 per diluted share. Our fourth quarter estimate and full year 2026 outlook now include contributions from our closed STG and Epiq acquisition and associated financing costs.
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| Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
In addition, we are initiating our preliminary 2027 full year forecast with expected net sales in the range of $6.5 billion to $6.75 billion and expected non-GAAP net income in the range of $8.10 to $8.90 per diluted share. Our initial 2027 full year forecast includes contributions from recently closed acquisitions and associated financing costs while excluding the impacts of planned or potential acquisitions that have not been closed.
With respect to TTM’s outlook for non-GAAP net income per diluted share, we are unable to predict with reasonable certainty or without unreasonable effort certain items that may affect a comparable measure calculated and presented in accordance with GAAP. Our expected non-GAAP net income per diluted share excludes primarily the future impact of restructuring actions, impairment charges, unusual gains and losses including but not limited to unrealized foreign exchange translation, and tax adjustments. These reconciling items are highly variable and difficult to predict due to various factors outside of management’s control and could have a material impact on our future period net income per diluted share calculated and presented in accordance with GAAP. Accordingly, a reconciliation of non-GAAP net income per diluted share to a comparable measure calculated and presented in accordance with GAAP has not been provided because TTM is unable to provide such reconciliation without unreasonable effort. For the same reasons, TTM is unable to address the probable significance of the information.
Live Webcast/Conference Call
TTM will host a conference call and webcast to discuss third quarter 2026 results and the fourth quarter 2026 outlook today, October 22, 2026, at 8:30 a.m. Eastern Time (5:30 a.m. Pacific Time). The conference call will include forward-looking statements.
Access to the conference call will be available by clicking on the registration link TTM Technologies, Inc. Third Quarter 2026 Conference Call. Registering participants will receive dial in information and a unique PIN to join the call. Participants can register at any time up to the start of the conference call. The conference call will also be simulcast on the company’s website for those who would like to view the live webcast, and this can be accessed by clicking on the link TTM Technologies Third Quarter 2026 Webcast. The webcast will remain accessible for one week following the live event.
About TTM
TTM Technologies, Inc. is a leading global manufacturer of technology products, including mission systems, radio frequency (“RF”) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. TTM stands for time-to-market, representing how TTM’s time-critical, one-stop design, engineering and manufacturing services enable customers to reduce the time required to develop new products and bring them to market. Additional information can be found at www.ttm.com.
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| Contact: Sean K.F. Hannan, Vice President, Investor Relations Sean.Hannan@ttmtech.com +1 339 466 7737 |
Forward-Looking Statements
The preliminary financial results included in this press release represent the most current information available to management. TTM’s actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of TTM’s financial closing procedures, final adjustments, completion of the review by TTM’s independent registered accounting firm, and other developments that may arise between now and the disclosure of the final results. This release contains forward-looking statements that relate to future events or performance. TTM cautions you that such statements are simply predictions and actual events or results may differ materially. These statements reflect TTM’s current expectations, and TTM does not undertake to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other TTM statements will not be realized. Further, these statements involve risks and uncertainties, many of which are beyond TTM’s control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, general market and economic conditions, including interest rates, currency exchange rates, and consumer spending, demand for TTM’s products, market pressures on prices of TTM’s products, warranty claims, changes in product mix, contemplated significant capital expenditures and related financing requirements, TTM’s dependence upon a small number of customers, and other factors set forth in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of TTM’s public reports filed with the SEC.
About Our Non-GAAP Financial Measures
To supplement our consolidated condensed financial statements presented on a GAAP basis, this release includes information about TTM’s adjusted EBITDA, pro-forma adjusted TTM EBITDA, adjusted EBITDA margin, non-GAAP net income, and non-GAAP earnings per diluted share (“EPS”), all of which are non-GAAP financial measures. TTM presents non-GAAP financial information to enable investors to see TTM through the eyes of management and to provide better insight into TTM’s ongoing financial performance.
A material limitation associated with the use of the above non-GAAP financial measures is that they have no standardized measurement prescribed by GAAP and may not be comparable to similar non-GAAP financial measures used by other companies. TTM compensates for these limitations by providing full disclosure of each non-GAAP financial measure and reconciliations below to the most directly comparable GAAP financial measure. However, the non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
- Tables Follow -
TTM TECHNOLOGIES, INC.
Selected Unaudited Financial Information
(In thousands, except per share data)
| Third Quarter | First Three Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS |
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| Net sales |
$ | 1,203,855 | $ | 752,736 | $ | 3,053,885 | $ | 2,132,025 | ||||||||
| Cost of goods sold |
911,991 | 596,000 | 2,368,982 | 1,696,208 | ||||||||||||
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| Gross profit |
291,864 | 156,736 | 684,903 | 435,817 | ||||||||||||
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| Operating expenses: |
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| Selling and marketing |
25,142 | 21,796 | 75,626 | 64,383 | ||||||||||||
| General and administrative |
87,554 | 48,598 | 218,406 | 142,091 | ||||||||||||
| Research and development |
9,646 | 7,038 | 25,432 | 22,111 | ||||||||||||
| Amortization of definite-lived intangibles |
6,889 | 6,889 | 20,666 | 20,666 | ||||||||||||
| Restructuring charges |
380 | 509 | 1,016 | 2,631 | ||||||||||||
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| Total operating expenses |
129,611 | 84,830 | 341,146 | 251,882 | ||||||||||||
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| Operating income |
162,253 | 71,906 | 343,757 | 183,935 | ||||||||||||
| Interest expense |
(12,809 | ) | (10,399 | ) | (33,905 | ) | (32,958 | ) | ||||||||
| Loss on extinguishment of debt |
— | — | (747 | ) | — | |||||||||||
| Realized and unrealized losses on derivative instruments |
(6,103 | ) | — | (20,097 | ) | — | ||||||||||
| Other, net |
(1,640 | ) | 306 | (7,535 | ) | (2,648 | ) | |||||||||
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| Income before income taxes |
141,701 | 61,813 | 281,473 | 148,329 | ||||||||||||
| Income tax provision |
(56,898 | ) | (8,758 | ) | (63,635 | ) | (21,566 | ) | ||||||||
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| Net income |
$ | 84,803 | $ | 53,055 | $ | 217,838 | $ | 126,763 | ||||||||
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| Earnings per share: |
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| Basic |
$ | 0.80 | $ | 0.51 | $ | 2.08 | $ | 1.24 | ||||||||
| Diluted |
0.79 | 0.50 | 2.03 | 1.21 | ||||||||||||
| Weighted-average shares used in computing per share amounts: |
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| Basic |
105,665 | 103,321 | 104,596 | 102,337 | ||||||||||||
| Diluted |
107,699 | 105,812 | 107,455 | 105,061 | ||||||||||||
| Reconciliation of the denominator used to calculate basic earnings per share and diluted earnings per share: |
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| Weighted-average shares outstanding |
105,665 | 103,321 | 104,596 | 102,337 | ||||||||||||
| Dilutive effect of performance-based stock units, restricted stock units and stock options |
2,034 | 2,491 | 2,859 | 2,724 | ||||||||||||
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| Diluted shares |
107,699 | 105,812 | 107,455 | 105,061 | ||||||||||||
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| SELECTED BALANCE SHEET DATA | ||||||||||||||||
| September 28, 2026 | December 29, 2025 | |||||||||||||||
| Cash and cash equivalents |
$ | 876,347 | $ | 501,234 | ||||||||||||
| Accounts receivable, net |
836,362 | 563,741 | ||||||||||||||
| Contract assets |
793,552 | 468,006 | ||||||||||||||
| Inventories |
325,432 | 250,057 | ||||||||||||||
| Total current assets |
2,961,717 | 1,855,406 | ||||||||||||||
| Property, plant and equipment, net |
1,286,879 | 1,010,710 | ||||||||||||||
| Total assets |
5,562,920 | 3,840,331 | ||||||||||||||
| Short-term debt, including current portion of long-term debt |
$ | 184,000 | $ | 3,815 | ||||||||||||
| Accounts payable |
1,032,661 | 543,538 | ||||||||||||||
| Contract liabilities |
202,342 | 175,627 | ||||||||||||||
| Total current liabilities |
1,773,485 | 962,197 | ||||||||||||||
| Long-term debt, net of discount and issuance costs |
1,459,872 | 912,336 | ||||||||||||||
| Total long-term liabilities |
1,746,993 | 1,115,881 | ||||||||||||||
| Total stockholders’ equity |
2,042,442 | 1,762,253 | ||||||||||||||
| Total liabilities and stockholders’ equity |
5,562,920 | 3,840,331 | ||||||||||||||
| SUPPLEMENTAL DATA | ||||||||||||||||
| Third Quarter | First Three Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Gross margin |
24.2 | % | 20.8 | % | 22.4 | % | 20.4 | % | ||||||||
| Operating margin |
13.5 | % | 9.6 | % | 11.3 | % | 8.6 | % | ||||||||
| Third Quarter | First Three Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| End market breakdown1: |
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| Aerospace and Defense |
34 | % | 45 | % | 37 | % | 45 | % | ||||||||
| Automotive |
7 | % | 11 | % | 8 | % | 11 | % | ||||||||
| Data Center and Networking |
41 | % | 30 | % | 39 | % | 30 | % | ||||||||
| Medical, Industrial, and Instrumentation |
18 | % | 14 | % | 16 | % | 14 | % | ||||||||
| Third Quarter | First Three Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Operating segment data1: |
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| Net sales: |
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| Aerospace & Defense |
$ | 416,540 | $ | 344,482 | $ | 1,150,954 | $ | 995,915 | ||||||||
| Commercial |
787,882 | 408,920 | 1,904,530 | 1,137,249 | ||||||||||||
| Intersegment eliminations |
(567 | ) | (666 | ) | (1,599 | ) | (1,139 | ) | ||||||||
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| Total net sales |
$ | 1,203,855 | $ | 752,736 | $ | 3,053,885 | $ | 2,132,025 | ||||||||
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| Segment operating income: |
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| Aerospace & Defense |
77,041 | 56,010 | 195,681 | 146,524 | ||||||||||||
| Commercial |
166,279 | 60,031 | 360,523 | 163,749 | ||||||||||||
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| Total segment operating income |
$ | 243,320 | $ | 116,041 | $ | 556,204 | $ | 310,273 | ||||||||
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| Unallocated amounts: |
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| Restructuring |
(380 | ) | (509 | ) | (1,016 | ) | (2,631 | ) | ||||||||
| Acquisition-related and other charges |
(13,564 | ) | (15 | ) | (18,510 | ) | (15 | ) | ||||||||
| Stock-based compensation |
(24,090 | ) | (11,611 | ) | (61,738 | ) | (29,586 | ) | ||||||||
| Other corporate expenses |
(33,809 | ) | (22,775 | ) | (103,511 | ) | (66,433 | ) | ||||||||
| Amortization of definite-lived intangibles |
(9,224 | ) | (9,225 | ) | (27,672 | ) | (27,673 | ) | ||||||||
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| Total operating income |
$ | 162,253 | $ | 71,906 | $ | 343,757 | $ | 183,935 | ||||||||
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| RECONCILIATIONS2 | ||||||||||||||||
| Third Quarter | First Three Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Non-GAAP gross profit reconciliation3: |
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| GAAP gross profit |
$ | 291,864 | $ | 156,736 | $ | 684,903 | $ | 435,817 | ||||||||
| Add back item: |
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| Amortization of definite-lived intangibles |
2,335 | 2,336 | 7,006 | 7,007 | ||||||||||||
| Stock-based compensation |
5,315 | 3,720 | 12,753 | 9,220 | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
(516 | ) | (776 | ) | 2,763 | (1,835 | ) | |||||||||
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| Non-GAAP gross profit |
$ | 298,998 | $ | 162,016 | $ | 707,425 | $ | 450,209 | ||||||||
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| Non-GAAP gross margin |
24.8 | % | 21.5 | % | 23.2 | % | 21.1 | % | ||||||||
| Non-GAAP operating income reconciliation4: |
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| GAAP operating income |
$ | 162,253 | $ | 71,906 | $ | 343,757 | $ | 183,935 | ||||||||
| Add back items: |
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| Amortization of definite-lived intangibles |
9,224 | 9,225 | 27,672 | 27,673 | ||||||||||||
| Stock-based compensation |
24,090 | 11,611 | 61,738 | 29,586 | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
(516 | ) | (776 | ) | 2,763 | (1,835 | ) | |||||||||
| Restructuring, acquisition-related and other charges |
13,945 | 581 | 19,527 | 2,818 | ||||||||||||
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| Non-GAAP operating income |
$ | 208,996 | $ | 92,547 | $ | 455,457 | $ | 242,177 | ||||||||
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| Non-GAAP operating margin |
17.4 | % | 12.3 | % | 14.9 | % | 11.4 | % | ||||||||
| Non-GAAP net income and EPS reconciliation5: |
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| GAAP net income |
$ | 84,803 | $ | 53,055 | $ | 217,838 | $ | 126,763 | ||||||||
| Add back items: |
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| Amortization of definite-lived intangibles |
9,224 | 9,225 | 27,672 | 27,673 | ||||||||||||
| Stock-based compensation |
24,090 | 11,611 | 61,738 | 29,586 | ||||||||||||
| Non-cash interest expense |
753 | 542 | 1,895 | 1,609 | ||||||||||||
| Loss on extinguishment of debt |
— | — | 747 | — | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
(516 | ) | (776 | ) | 2,763 | (1,835 | ) | |||||||||
| Unrealized (gain) loss on foreign exchange |
4,738 | 502 | 3,529 | 8,466 | ||||||||||||
| Realized and unrealized losses on derivative instruments |
6,103 | — | 20,097 | — | ||||||||||||
| Restructuring, acquisition-related and other charges |
9,848 | 561 | 15,430 | 2,818 | ||||||||||||
| Income taxes6 |
18,732 | (3,764 | ) | (6,973 | ) | (10,931 | ) | |||||||||
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| Non-GAAP net income |
$ | 157,775 | $ | 70,956 | $ | 344,736 | $ | 184,149 | ||||||||
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| Non-GAAP earnings per diluted share |
$ | 1.46 | $ | 0.67 | $ | 3.21 | $ | 1.75 | ||||||||
| Third Quarter | First Three Quarters | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Adjusted EBITDA reconciliation7: |
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| GAAP net income |
$ | 84,803 | $ | 53,055 | $ | 217,838 | $ | 126,763 | ||||||||
| Add back items: |
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| Income tax (benefit) provision |
56,898 | 8,758 | 63,635 | 21,566 | ||||||||||||
| Interest expense |
12,809 | 10,399 | 33,905 | 32,958 | ||||||||||||
| Amortization of definite-lived intangibles |
9,224 | 9,225 | 27,672 | 27,673 | ||||||||||||
| Depreciation expense |
34,310 | 27,580 | 94,724 | 82,135 | ||||||||||||
| Stock-based compensation |
24,090 | 11,611 | 61,738 | 29,586 | ||||||||||||
| Loss on extinguishment of debt |
— | — | 747 | — | ||||||||||||
| Unrealized (gain) loss on commodity hedge |
(516 | ) | (776 | ) | 2,763 | (1,835 | ) | |||||||||
| Unrealized (gain) loss on foreign exchange |
4,738 | 502 | 3,529 | 8,466 | ||||||||||||
| Realized and unrealized losses on derivative instruments |
6,103 | — | 20,097 | — | ||||||||||||
| Restructuring, acquisition-related and other charges |
9,848 | 561 | 15,311 | 2,818 | ||||||||||||
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| Adjusted EBITDA |
$ | 242,307 | $ | 120,915 | $ | 541,959 | $ | 330,130 | ||||||||
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| Adjusted EBITDA margin |
20.1 | % | 16.1 | % | 17.7 | % | 15.5 | % | ||||||||
| Free cash flow reconciliation: |
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| Operating cash flow |
$ | 154,711 | $ | 141,803 | $ | 272,883 | $ | 228,952 | ||||||||
| Capital expenditures, net |
(79,921 | ) | (99,233 | ) | (237,138 | ) | (222,687 | ) | ||||||||
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| Free cash flow |
$ | 74,790 | $ | 42,570 | $ | 35,745 | $ | 6,265 | ||||||||
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| 1 | Prior year end market revenue has been recasted due to merged Data Center Computing and Networking end markets. The operating segment data has been recasted also due to strategically realigning the RF and Specialty Components (RF&S Components) segment within the A&D segment during the quarter ended March 30, 2026. |
| 2 | This information provides a reconciliation of non-GAAP gross profit, non-GAAP operating income, non-GAAP net income, non-GAAP EPS, and adjusted EBITDA to the most comparable GAAP metric in our consolidated condensed statements of operations. |
| 3 | Non-GAAP gross profit and gross margin measures exclude amortization of definite-lived intangibles, stock-based compensation, and unrealized (gain) loss on commodity hedge. |
| 4 | Non-GAAP operating income and operating margin measures exclude amortization of definite-lived intangibles, stock-based compensation, unrealized (gain) loss on commodity hedge, restructuring, acquisition-related, and other charges. |
| 5 | This information provides non-GAAP net income and non-GAAP EPS, which are non-GAAP financial measures. Management believes that both measures — which add back amortization of definite-lived intangibles, stock-based compensation, non-cash interest expense, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, realized and unrealized losses on derivative instruments, restructuring, acquisition-related, and other charges as well as the associated tax impact of these charges and discrete tax items — provide additional useful information to investors regarding the Company’s ongoing financial condition and results of operations. |
| 6 | Income tax adjustments reflect the difference between income taxes based on a non-GAAP tax rate and a forecasted annual GAAP tax rate. |
| 7 | Adjusted EBITDA is defined as earnings before income tax (benefit) provision, interest expense, amortization of definite-lived intangibles, depreciation expense, stock-based compensation, loss on extinguishment of debt, unrealized (gain) loss on commodity hedge, unrealized (gain) loss on foreign exchange, realized and unrealized losses on derivative instruments, restructuring, acquisition-related, and other charges. We present adjusted EBITDA to enhance the understanding of our operating results, and it is a key measure we use to evaluate our operations. In addition, we provide our adjusted EBITDA because we believe that investors and securities analysts will find adjusted EBITDA to be a useful measure for evaluating our operating performance and comparing our operating performance with that of similar companies that have different capital structures and for evaluating our ability to meet our future debt service, capital expenditures, and working capital requirements. However, adjusted EBITDA should not be considered as an alternative to cash flows from operating activities as a measure of liquidity or as an alternative to net income as a measure of operating results in accordance with accounting principles generally accepted in the United States of America. |