| Segment Information |
(10) 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. Reconciliations of net sales and segment operating income were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended June 30, 2025 |
|
|
A&D |
|
|
Commercial |
|
|
RF&S Components |
|
|
Eliminations |
|
|
Total |
|
|
(In thousands, except margin rates) |
Net sales |
|
$ |
325,092 |
|
|
$ |
395,481 |
|
|
$ |
10,048 |
|
|
$ |
— |
|
|
$ |
730,621 |
|
|
Intersegment sales |
|
|
2,477 |
|
|
|
143 |
|
|
|
30 |
|
|
|
(2,650 |
) |
|
|
— |
|
|
Segment sales |
|
$ |
327,569 |
|
|
$ |
395,624 |
|
|
$ |
10,078 |
|
|
$ |
(2,650 |
) |
|
$ |
730,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
A&D |
|
$ |
327,569 |
|
|
$ |
(251,046 |
) |
|
$ |
(31,241 |
) |
|
$ |
45,282 |
|
|
|
13.8 |
|
% |
Commercial |
|
|
395,624 |
|
|
|
(317,652 |
) |
|
|
(17,903 |
) |
|
|
60,069 |
|
|
|
15.2 |
|
|
RF&S Components |
|
|
10,078 |
|
|
|
(4,855 |
) |
|
|
(2,360 |
) |
|
|
2,863 |
|
|
|
28.4 |
|
|
Total segment |
|
|
733,271 |
|
|
|
(573,553 |
) |
|
|
(51,504 |
) |
|
|
108,214 |
|
|
|
14.8 |
|
|
Eliminations |
|
|
(2,650 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(1,408 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(9,188 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(26,625 |
) |
|
|
|
|
Amortization of definite-lived intangibles (1) |
|
|
|
|
|
|
|
|
|
|
|
(9,224 |
) |
|
|
|
|
Consolidated |
|
$ |
730,621 |
|
|
|
|
|
|
|
|
|
61,769 |
|
|
|
8.5 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(11,095 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
(5,149 |
) |
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
45,525 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Quarter Ended July 1, 2024 |
|
|
A&D |
|
|
Commercial |
|
|
RF&S Components |
|
|
Eliminations |
|
|
Total |
|
|
(In thousands, except margin rates) |
Net sales |
|
$ |
273,038 |
|
|
$ |
323,069 |
|
|
$ |
9,030 |
|
|
$ |
— |
|
|
$ |
605,137 |
|
|
Intersegment sales |
|
|
1,469 |
|
|
|
186 |
|
|
|
53 |
|
|
|
(1,708 |
) |
|
|
— |
|
|
Segment sales |
|
$ |
274,507 |
|
|
$ |
323,255 |
|
|
$ |
9,083 |
|
|
$ |
(1,708 |
) |
|
$ |
605,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
A&D |
|
$ |
274,507 |
|
|
$ |
(220,647 |
) |
|
$ |
(28,360 |
) |
|
$ |
25,500 |
|
|
|
9.3 |
|
% |
Commercial |
|
|
323,255 |
|
|
|
(256,244 |
) |
|
|
(17,341 |
) |
|
|
49,670 |
|
|
|
15.4 |
|
|
RF&S Components |
|
|
9,083 |
|
|
|
(4,586 |
) |
|
|
(2,445 |
) |
|
|
2,052 |
|
|
|
22.6 |
|
|
Total segment |
|
|
606,845 |
|
|
|
(481,477 |
) |
|
|
(48,146 |
) |
|
|
77,222 |
|
|
|
12.7 |
|
|
Eliminations |
|
|
(1,708 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(1,036 |
) |
|
|
|
|
Gain on sale of property, plant, and equipment |
|
|
|
|
|
|
|
|
|
|
|
14,420 |
|
|
|
|
|
Acquisition-related and other charges |
|
|
|
|
|
|
|
|
|
|
|
(10,184 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(6,580 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(22,265 |
) |
|
|
|
|
Amortization of definite-lived intangibles (1) |
|
|
|
|
|
|
|
|
|
|
|
(12,591 |
) |
|
|
|
|
Consolidated |
|
$ |
605,137 |
|
|
|
|
|
|
|
|
|
38,986 |
|
|
|
6.4 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(12,219 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
3,765 |
|
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
30,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Two Quarters Ended June 30, 2025 |
|
|
A&D |
|
|
Commercial |
|
|
RF&S Components |
|
|
Eliminations |
|
|
Total |
|
|
(In thousands, except margin rates) |
Net sales |
|
$ |
632,510 |
|
|
$ |
727,911 |
|
|
$ |
18,868 |
|
|
$ |
— |
|
|
$ |
1,379,289 |
|
|
Intersegment sales |
|
|
5,202 |
|
|
|
418 |
|
|
|
30 |
|
|
|
(5,650 |
) |
|
|
— |
|
|
Segment sales |
|
$ |
637,712 |
|
|
$ |
728,329 |
|
|
$ |
18,898 |
|
|
$ |
(5,650 |
) |
|
$ |
1,379,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
A&D |
|
$ |
637,712 |
|
|
$ |
(489,975 |
) |
|
$ |
(61,678 |
) |
|
$ |
86,059 |
|
|
|
13.5 |
|
% |
Commercial |
|
|
728,329 |
|
|
|
(586,737 |
) |
|
|
(37,874 |
) |
|
|
103,718 |
|
|
|
14.2 |
|
|
RF&S Components |
|
|
18,898 |
|
|
|
(9,633 |
) |
|
|
(4,810 |
) |
|
|
4,455 |
|
|
|
23.6 |
|
|
Total segment |
|
|
1,384,939 |
|
|
|
(1,086,345 |
) |
|
|
(104,362 |
) |
|
|
194,232 |
|
|
|
14.0 |
|
|
Eliminations |
|
|
(5,650 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(2,122 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(17,975 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(43,658 |
) |
|
|
|
|
Amortization of definite-lived intangibles (1) |
|
|
|
|
|
|
|
|
|
|
|
(18,448 |
) |
|
|
|
|
Consolidated |
|
$ |
1,379,289 |
|
|
|
|
|
|
|
|
|
112,029 |
|
|
|
8.1 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(22,559 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
(2,954 |
) |
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
86,516 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Two Quarters Ended July 1, 2024 |
|
|
A&D |
|
|
Commercial |
|
|
RF&S Components |
|
|
Eliminations |
|
|
Total |
|
|
(In thousands, except margin rates) |
Net sales |
|
$ |
551,304 |
|
|
$ |
606,644 |
|
|
$ |
17,302 |
|
|
$ |
— |
|
|
$ |
1,175,250 |
|
|
Intersegment sales |
|
|
2,961 |
|
|
|
414 |
|
|
|
114 |
|
|
|
(3,489 |
) |
|
|
— |
|
|
Segment sales |
|
$ |
554,265 |
|
|
$ |
607,058 |
|
|
$ |
17,416 |
|
|
$ |
(3,489 |
) |
|
$ |
1,175,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
Cost of Goods Sold |
|
|
Operating Expenses |
|
|
Operating Income |
|
|
Operating Margin |
A&D |
|
$ |
554,265 |
|
|
$ |
(437,347 |
) |
|
$ |
(56,945 |
) |
|
$ |
59,973 |
|
|
|
10.8 |
|
% |
Commercial |
|
|
607,058 |
|
|
|
(493,084 |
) |
|
|
(34,221 |
) |
|
|
79,753 |
|
|
|
13.1 |
|
|
RF&S Components |
|
|
17,416 |
|
|
|
(8,990 |
) |
|
|
(4,713 |
) |
|
|
3,713 |
|
|
|
21.3 |
|
|
Total segment |
|
|
1,178,739 |
|
|
|
(939,421 |
) |
|
|
(95,879 |
) |
|
|
143,439 |
|
|
|
12.2 |
|
|
Eliminations |
|
|
(3,489 |
) |
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
Unallocated amounts: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
|
|
|
|
|
|
|
|
|
|
(4,974 |
) |
|
|
|
|
Gain on sale of property, plant, and equipment |
|
|
|
|
|
|
|
|
|
|
|
14,420 |
|
|
|
|
|
Acquisition-related and other charges |
|
|
|
|
|
|
|
|
|
|
|
(10,072 |
) |
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
|
|
|
|
|
(13,367 |
) |
|
|
|
|
Other corporate expenses |
|
|
|
|
|
|
|
|
|
|
|
(47,037 |
) |
|
|
|
|
Amortization of definite-lived intangibles (1) |
|
|
|
|
|
|
|
|
|
|
|
(26,356 |
) |
|
|
|
|
Consolidated |
|
$ |
1,175,250 |
|
|
|
|
|
|
|
|
|
56,053 |
|
|
|
4.8 |
|
% |
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
(24,543 |
) |
|
|
|
|
Other, net |
|
|
|
|
|
|
|
|
|
|
|
13,091 |
|
|
|
|
|
Income before income taxes |
|
|
|
|
|
|
|
|
|
|
$ |
44,601 |
|
|
|
|
|
(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 quarters ended June 30, 2025 and July 1, 2024, amortization expense of $2,336 and $2,335, respectively, is included in cost of goods sold for the A&D reportable segment. For both the two quarters ended June 30, 2025 and July 1, 2024, amortization expense of $4,671 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 Two Quarters Ended |
|
|
|
June 30, 2025 |
|
|
July 1, 2024 |
|
|
June 30, 2025 |
|
|
July 1, 2024 |
|
|
|
(In thousands) |
|
A&D |
|
$ |
8,942 |
|
|
$ |
9,490 |
|
|
$ |
17,733 |
|
|
$ |
19,014 |
|
Commercial |
|
|
16,956 |
|
|
|
14,651 |
|
|
|
33,345 |
|
|
|
27,964 |
|
RF&S Components |
|
|
443 |
|
|
|
419 |
|
|
|
866 |
|
|
|
886 |
|
Segment total |
|
|
26,341 |
|
|
|
24,560 |
|
|
|
51,944 |
|
|
|
47,864 |
|
Corporate |
|
|
1,351 |
|
|
|
1,623 |
|
|
|
2,611 |
|
|
|
3,015 |
|
Total |
|
$ |
27,692 |
|
|
$ |
26,183 |
|
|
$ |
54,555 |
|
|
$ |
50,879 |
|
The Company markets and sells its products in approximately 50 countries. For the quarter and two quarters ended June 30, 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 two quarters ended July 1, 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 Two Quarters Ended |
|
|
|
June 30, 2025 |
|
|
July 1, 2024 |
|
|
June 30, 2025 |
|
|
July 1, 2024 |
|
|
|
(In thousands) |
|
United States |
|
$ |
381,619 |
|
|
$ |
308,774 |
|
|
$ |
739,427 |
|
|
$ |
609,733 |
|
Taiwan |
|
|
50,856 |
|
|
|
73,931 |
|
|
|
105,012 |
|
|
|
142,855 |
|
Other |
|
|
298,146 |
|
|
|
222,432 |
|
|
|
534,850 |
|
|
|
422,662 |
|
Total net sales |
|
$ |
730,621 |
|
|
$ |
605,137 |
|
|
$ |
1,379,289 |
|
|
$ |
1,175,250 |
|
|