Business Context and Reporting Period
This Form 8-K is a current report filed by TTM Technologies, Inc. on May 27, 2026. The filing serves as a Regulation FD disclosure in connection with the Company's 2026 Investor Day held on the same date. The report outlines updated financial guidance for fiscal year 2026 and details significant proposed debt refinancing transactions.
Key Financial Metrics and Guidance
The filing provides forward-looking guidance for fiscal year 2026 rather than historical results. Key metrics include:
- Revenue: Raised expectation to $4.0 billion.
- Non-GAAP Operating Margin: Target range of 13% to 15%.
- Adjusted EBITDA Margin: Target range of 16% to 18%.
- Cash Flow from Operations: Expected range of $300 million to $320 million.
- Free Cash Flow: Expected to be slightly positive.
Material Changes and Debt Restructuring
The Company has taken steps to restructure its debt facilities, with closings expected in June 2026 subject to customary conditions:
- Term Loan Refinancing: A repriced and upsized Term Loan due May 2030 with an aggregate principal amount of $400 million. This transaction is expected to reduce the cost of borrowing by 50 basis points.
- Revolving Credit Facilities: New commitments for up to $1 billion in available borrowings, maturing in 2031. These facilities are intended to replace the existing U.S. ABL Revolving Facility and the ABL Facility in Asia.
Management Commentary and Risks
Management emphasizes that the non-GAAP measures exclude restructuring actions, impairment charges, stock-based compensation, and unusual gains/losses. The filing explicitly states that the Company cannot provide a quantitative reconciliation to GAAP measures for these forward-looking targets without unreasonable effort due to the variability of these items. The report includes standard cautionary notes regarding forward-looking statements, noting that actual results may differ materially due to risks beyond the Company's control.
Investor Verification Checklist
- Verify the closing of the $400 million Term Loan and the $1 billion Revolving Credit facilities in June 2026.
- Confirm the actual reduction in borrowing costs (targeted at 50 basis points) once the Term Loan is finalized.
- Monitor the realization of the raised $4.0 billion revenue target for fiscal year 2026.
- Review future filings for the reconciliation of non-GAAP margins to GAAP measures, as this was not provided for the forward-looking period.
- Assess the impact of the new debt structure on liquidity and interest expense coverage.