2022 Q1 Form 10-K Financial Statement

#000156459022008035 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2020 Q4
Revenue $598.1M $2.249B $523.8M
YoY Change 13.62% -2.22%
Cost Of Revenue $500.8M $1.877B $435.8M
YoY Change 12.59% 0.07%
Gross Profit $97.32M $372.0M $88.00M
YoY Change 19.27% -12.18%
Gross Profit Margin 16.27% 16.54% 16.8%
Selling, General & Admin $46.03M $187.9M $27.90M
YoY Change -3.73% -45.93%
% of Gross Profit 47.29% 50.5% 31.7%
Research & Development $5.071M $18.15M $4.600M
YoY Change 13.45% 4.55%
% of Gross Profit 5.21% 4.88% 5.23%
Depreciation & Amortization $32.63M $85.94M $34.70M
YoY Change 0.72% -35.14%
% of Gross Profit 33.53% 23.1% 39.43%
Operating Expenses $63.45M $241.8M $42.00M
YoY Change 2.67% -35.78%
Operating Profit $33.87M $126.0M $46.00M
YoY Change 71.07% 32.18%
Interest Expense -$11.86M -$45.48M -$14.60M
YoY Change -204.14% -27.0%
% of Operating Profit -35.01% -36.09% -31.74%
Other Income/Expense, Net -$584.0K -$55.94M -$1.900M
YoY Change -97.58% 11.76%
Pretax Income $20.62M $70.05M $12.70M
YoY Change -579.74% 64.94%
Income Tax $12.24M $15.64M -$26.20M
% Of Pretax Income 59.33% 22.32% -206.3%
Net Earnings $8.387M $54.41M $39.00M
YoY Change -362.75% 54.15%
Net Earnings / Revenue 1.4% 2.42% 7.45%
Basic Earnings Per Share $0.51
Diluted Earnings Per Share $79.05K $0.50 $364.1K
COMMON SHARES
Basic Shares Outstanding 106.3M
Diluted Shares Outstanding 108.2M

Balance Sheet

Concept 2022 Q1 2022 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $537.7M $537.7M $451.6M
YoY Change -0.36% 12.84%
Cash & Equivalents $537.7M $537.7M $451.6M
Short-Term Investments $0.00
Other Short-Term Assets $30.91M $30.91M $27.20M
YoY Change -7.44% -4.9%
Inventory $127.6M $127.6M $115.7M
Prepaid Expenses
Receivables $386.3M $711.2M $381.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.407B $1.407B $1.249B
YoY Change 5.61% -7.0%
LONG-TERM ASSETS
Property, Plant & Equipment $665.8M $686.6M $650.4M
YoY Change 2.24% -4.09%
Goodwill $637.3M $637.3M
YoY Change 0.0% -9.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $54.34M $54.34M $53.78M
YoY Change 2.71% -10.48%
Total Long-Term Assets $1.618B $1.618B $1.647B
YoY Change -0.92% -25.74%
TOTAL ASSETS
Total Short-Term Assets $1.407B $1.407B $1.249B
Total Long-Term Assets $1.618B $1.618B $1.647B
Total Assets $3.026B $3.026B $2.896B
YoY Change 2.01% -18.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $361.5M $361.5M $327.1M
YoY Change 7.36% -0.84%
Accrued Expenses $117.4M $117.4M $125.6M
YoY Change 12.35% 17.49%
Deferred Revenue $14.19M $4.254M
YoY Change 10.84%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $698.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $558.1M $558.1M $518.0M
YoY Change 9.61% -45.28%
LONG-TERM LIABILITIES
Long-Term Debt $927.8M $942.1M $842.9M
YoY Change 0.19% -31.25%
Other Long-Term Liabilities $68.91M $69.85M $73.83M
YoY Change -4.85% -20.04%
Total Long-Term Liabilities $1.012B $1.012B $933.9M
YoY Change 1297.36% -30.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $558.1M $558.1M $518.0M
Total Long-Term Liabilities $1.012B $1.012B $933.9M
Total Liabilities $1.570B $1.570B $1.452B
YoY Change 3.07% -36.37%
SHAREHOLDERS EQUITY
Retained Earnings $706.3M $651.8M
YoY Change 8.88% 37.43%
Common Stock $840.2M $831.1M
YoY Change 1.13% 2.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.455B $1.455B $1.444B
YoY Change
Total Liabilities & Shareholders Equity $3.026B $3.026B $2.896B
YoY Change 2.01% -18.67%

Cashflow Statement

Concept 2022 Q1 2022 2020 Q4
OPERATING ACTIVITIES
Net Income $8.387M $54.41M $39.00M
YoY Change -362.75% 54.15%
Depreciation, Depletion And Amortization $32.63M $85.94M $34.70M
YoY Change 0.72% -35.14%
Cash From Operating Activities $62.37M $176.6M $55.50M
YoY Change 51.58% -57.34%
INVESTING ACTIVITIES
Capital Expenditures -$19.86M -$81.95M -$19.30M
YoY Change -191.14% -59.11%
Acquisitions $0.00
YoY Change
Other Investing Activities -$3.209M $431.0K $600.0K
YoY Change -501.13% 200.0%
Cash From Investing Activities -$23.07M -$84.14M -$18.70M
YoY Change 10.05% -60.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $64.73M
YoY Change
Debt Paid & Issued, Net $425.8M
YoY Change
Cash From Financing Activities -32.02M -7.232M -249.8M
YoY Change -147.03% 124800.0%
NET CHANGE
Cash From Operating Activities 62.37M 176.6M 55.50M
Cash From Investing Activities -23.07M -84.14M -18.70M
Cash From Financing Activities -32.02M -7.232M -249.8M
Net Change In Cash 7.275M 85.26M -213.0M
YoY Change -91.74% -356.94%
FREE CASH FLOW
Cash From Operating Activities $62.37M $176.6M $55.50M
Capital Expenditures -$19.86M -$81.95M -$19.30M
Free Cash Flow $82.23M $258.6M $74.80M
YoY Change 325.03% -57.81%

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451565000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
400154000
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
20336000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
379818000
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71267000
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IncomeTaxesPaidNet
20120000
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CapitalExpendituresIncurredButNotYetPaid
33323000
CY2022 ttmi Issuance Of Common Stock For Warrant Settlement
IssuanceOfCommonStockForWarrantSettlement
2268000
CY2022 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:2.27%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company currently has two reportable segments: PCB and RF and Specialty Components (RF&amp;S Components). On April 29, 2020, the Company announced the restructuring of its E-M Solutions business unit. In prior periods, the Company’s E-M Solutions business unit consisted of three Chinese manufacturing facilities with two being in Shanghai (SH BPA and SH E-MS) and one in Shenzhen (SZ). The Company closed the SH E-MS and SZ facilities at the end of 2020 and integrated the SH BPA facility into its PCB operations. As of March 29, 2021, E-M Solutions no longer met the criteria for segment reporting. As a result of the restructuring of the E-M Solutions business unit, certain prior year amounts have been reclassified to conform to this new presentation.</p>
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. These estimates and assumptions are based on management’s best estimates and judgment. Due to the coronavirus (COVID-19) global pandemic, the global economy and financial markets have been volatile, have contributed to disruptions in global supply chains and labor shortages, and there is a significant amount of uncertainty about the length and severity of the consequences caused by the ongoing pandemic. The Company has considered information available to it as of the date of issuance of these 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. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the economic environment, which management believes to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. The actual results the Company experienced may differ materially and adversely from its estimates. To the extent there are material differences between the estimates and actual results, the Company’s future result of operations will be affected. </p>
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-5033000
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1558000
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85942000
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936000
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8071000
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0.80
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P1Y
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RevenueFromContractWithCustomerExcludingAssessedTax
2248740000
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RevenueFromContractWithCustomerExcludingAssessedTax
2105322000
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RevenueFromContractWithCustomerExcludingAssessedTax
2133210000
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0
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0.50
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10036000
CY2022 ttmi Lessee Operating Lease And Finance Lease Expire Description
LesseeOperatingLeaseAndFinanceLeaseExpireDescription
various dates through 2049
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OperatingLeaseCost
7907000
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OperatingLeaseCost
9304000
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VariableLeaseCost
798000
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
529000
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338000
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
525000
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538000
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FinanceLeaseInterestExpense
159000
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OperatingLeasePayments
8308000
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OperatingLeasePayments
8865000
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8651000
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15297000
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4840000
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OperatingLeaseRightOfUseAsset
20802000
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OperatingLeaseRightOfUseAsset
24340000
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FinanceLeaseRightOfUseAsset
14759000
CY2022Q1 ttmi Lease Right Of Use Asset
LeaseRightOfUseAsset
35561000
CY2020Q4 ttmi Lease Right Of Use Asset
LeaseRightOfUseAsset
24340000
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8144000
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698000
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15252000
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OperatingLeaseLiabilityNoncurrent
17211000
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FinanceLeaseLiabilityNoncurrent
14317000
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OperatingLeaseAndFinanceLeaseLiability
36629000
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OperatingLeaseAndFinanceLeaseLiability
25355000
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0.0256
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0.0331
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FinanceLeaseWeightedAverageDiscountRatePercent
0.0268
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6833000
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1089000
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LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6085000
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FinanceLeaseLiabilityPaymentsDueYearTwo
1110000
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4910000
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1135000
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2618000
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1458000
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901000
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22805000
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18311000
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1191000
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3296000
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OperatingLeaseLiability
21614000
CY2022Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
15015000
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LesseeOperatingLeaseLeaseNotYetCommencedLiabilityIncurred
851000
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143951000
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556098000
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136800000
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531592000
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7151000
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24506000
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2317000
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DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense
4875000
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DisposalGroupIncludingDiscontinuedOperationResearchAndDevelopmentExpenses
147000
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DisposalGroupIncludingDiscontinuedOperationAmortizationOfDefiniteLivedIntangibles
809000
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DisposalGroupIncludingDiscontinuedOperationAmortizationOfDefiniteLivedIntangibles
2698000
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DisposalGroupIncludingDiscontinuedOperationRestructuringCharges
1601000
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DisposalGroupIncludingDiscontinuedOperationOperatingExpense
4734000
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DisposalGroupIncludingDiscontinuedOperationOperatingExpense
14014000
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AssetsOfDisposalGroupIncludingDiscontinuedOperation
506316000
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10492000
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0.09
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DepreciationAndAmortizationDiscontinuedOperations
21375000
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4988000
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DisposalGroupIncludingDiscontinuedOperationPrepaidAndOtherAssets
4593000
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DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipment
328648000
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68267000
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DisposalGroupIncludingDiscontinuedOperationIntangibleAssets
5520000
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DepreciationAndAmortizationDiscontinuedOperations
73204000
CY2020 ttmi Discontinued Operation Tax Effect Of Discrete Income Tax Expense Benefit
DiscontinuedOperationTaxEffectOfDiscreteIncomeTaxExpenseBenefit
46686000
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DisposalGroupIncludingDiscontinuedOperationConsideration
569246000
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DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
12513000
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DisposalGroupIncludingDiscontinuedOperationRestrictedCash
35412000
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DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
12000
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DisposalGroupIncludingDiscontinuedOperationContractAssets
40072000
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DisposalGroupIncludingDiscontinuedOperationDepositsAndOtherNonCurrentAssets
6291000
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DisposalGroupIncludingDiscontinuedOperationOtherIncomeExpenseNet
238190000
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240607000
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11858000
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DiscontinuedOperationTaxEffectOfDiscontinuedOperation
46686000
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DiscontinuedOperationTaxEffectOfDiscontinuedOperation
2478000
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IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
193921000
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IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
9380000
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1.82
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0.09
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1.82
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142636000
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9392000
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8890000
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303000
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161221000
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26957000
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13855000
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237253000
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114653000
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103890000
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9620000
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7841000
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3339000
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3920000
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127612000
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115651000
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62015000
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61781000
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429344000
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398540000
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891925000
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832723000
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10360000
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10304000
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25554000
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33191000
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1419198000
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1336539000
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686104000
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753443000
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9986000
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445150000
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12853000
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7162000
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2428000
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6362000
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8144000
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4295000
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698000
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34000
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7382000
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52884000
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51296000
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93029000
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89422000
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28361000
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23704000
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14317000
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5276000
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14968000
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20958000
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25167000
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68912000
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73825000
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877924000
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171400000
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Goodwill
706524000
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69200000
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877924000
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877924000
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240600000
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GoodwillImpairedAccumulatedImpairmentLoss
240600000
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637324000
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Goodwill
637324000
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413721000
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173803000
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239918000
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163843000
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281307000
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41389000
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AmortizationOfIntangibleAssetsIncludingCostOfGoodAndServicesAmortizationContinuingOperations
44373000
CY2019 ttmi Amortization Of Intangible Assets Including Cost Of Good And Services Amortization Continuing Operations
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50598000
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5641000
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5535000
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DebtAndCapitalLeaseObligations
927818000
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4822000
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DebtAndCapitalLeaseObligations
842853000
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34326000
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38631000
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36699000
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29516000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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25397000
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25397000
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84278000
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814000
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7454000
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7212000
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435879000
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500000000
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4180000
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9926000
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9751000
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48150000
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977000
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CY2020 us-gaap Line Of Credit Facility Commitment Fee Amount
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541000
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7454000
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607000
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7212000
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814000
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2642000
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44000
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CY2020 us-gaap Current State And Local Tax Expense Benefit
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4624000
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2922000
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9211000
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CY2019 us-gaap Current Foreign Tax Expense Benefit
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9789000
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CY2019 us-gaap Current Income Tax Expense Benefit
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5850000
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5700000
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804000
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CY2022 us-gaap Income Tax Expense Benefit
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15639000
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868000
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14711000
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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7209000
CY2020Q4 ttmi Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued
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1046000
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2674000
CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3163000
CY2022 ttmi Income Tax Reconciliation Internal Revenue Code Section162 M Limitation
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725000
CY2020 ttmi Income Tax Reconciliation Internal Revenue Code Section162 M Limitation
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712000
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43209000
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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1298000
CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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252000
CY2022 ttmi Income Tax Reconciliation Global Intangible Low Taxed Income
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9824000
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1300000
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CY2020 ttmi Income Tax Reconciliation Foreign Income Tax Rate Differential And Other Permanent Items
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1139000
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2668000
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3028000
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4250000
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4582000
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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14532000
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IncomeTaxHolidaySharesBasic
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IncomeTaxHolidaySharesDiluted
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CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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99572000
CY2019 us-gaap Depreciation
Depreciation
93370000
CY2022 ttmi Capital Expenditures
CapitalExpenditures
82367000
CY2020 ttmi Capital Expenditures
CapitalExpenditures
72325000
CY2019 ttmi Capital Expenditures
CapitalExpenditures
117406000
CY2022Q1 us-gaap Assets
Assets
3025547000
CY2020Q4 us-gaap Assets
Assets
2895944000
CY2022 ttmi Number Of Countries Parent Company Markets And Sells Its Products
NumberOfCountriesParentCompanyMarketsAndSellsItsProducts
52
CY2022 ttmi Percentage Of Net Sales If Exceed Company Does Not Conduct Business
PercentageOfNetSalesIfExceedCompanyDoesNotConductBusiness
0.10
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2248740000
CY2022Q1 us-gaap Noncurrent Assets
NoncurrentAssets
1542997000
CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2105322000
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1569066000
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2133210000
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
1710405000
CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
54414000
CY2020 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-16386000
CY2019 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
31921000
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106314000
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106366000
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1639000
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1137000
CY2022 ttmi Incremental Common Shares Attributable To Warrants
IncrementalCommonSharesAttributableToWarrants
200000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
108153000
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106366000
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106332000
CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.51
CY2020 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.15
CY2019 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.30
CY2022 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.50
CY2021Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000
CY2021Q1 us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2023-02-03
CY2022 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4723000
CY2022 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
64726000
CY2022Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
35369000
CY2022 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
6702000
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
502000
CY2020 ttmi Restructuring Reserve Period Expense And Other Related Charges
RestructuringReservePeriodExpenseAndOtherRelatedCharges
16764000
CY2020 us-gaap Payments For Restructuring
PaymentsForRestructuring
9884000
CY2020Q4 us-gaap Restructuring Reserve
RestructuringReserve
7382000
CY2022 ttmi Restructuring Reserve Period Expense And Other Related Charges
RestructuringReservePeriodExpenseAndOtherRelatedCharges
4245000
CY2022 us-gaap Payments For Restructuring
PaymentsForRestructuring
11593000
CY2022Q1 us-gaap Restructuring Reserve
RestructuringReserve
34000

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