TTM Technologies, Inc.
PART I
Statement Regarding Forward-Looking Statements
This 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 business and economic risks described in “Item 1A, Risk Factors”.
Unless otherwise indicated or unless the context requires otherwise, all references to time periods refer to our fiscal year, and all reference to “TTM,” “the Company,” “we,” “us,” “our,” and similar names refer to TTM Technologies, Inc. and its subsidiaries.
ITEM 1. BUSINESS
General
We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. In 2025, we generated approximately $2.9 billion in net sales and ended the year with approximately 18,200 employees worldwide. We currently operate a total of 24 specialized facilities in North America and Asia. 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 1,300 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).
We report our worldwide operations based on three reportable segments: (1) A&D, which consists of 13 domestic system, subsystem, and PCB fabrication plants; (2) Commercial, which consists of three domestic PCB fabrication plants, four PCB fabrication plants in China, one in Malaysia, and one in Canada; and (3) RF&S Components, which consists of one domestic RF component plant and one RF component plant in China. Each segment operates predominantly in the same industries with facilities that produce customized products for our customers and use similar means of product distribution.
Additional information on our reportable segments and product information is contained in Part II, Item 8, Note 4, Segment Information, of the Notes to Consolidated Financial Statements.
Industry Overview
Advanced interconnect products serve as the foundation for virtually all electronic products, including the electronic components and subsystems integrated into automobiles, high-end commercial electronic equipment such as medical robotics and testing equipment, data center switches and servers, and aerospace and defense electronic systems. Products designed to offer faster data transmission, thinner and more lightweight packaging, and reduced power consumption generally require increasingly complex interconnect products. Advanced technology interconnect product solutions such as HDI and SLP technologies provide increased circuit densities, rigid-flex circuits can be found in small and lightweight end products and other space-challenged electronics packaging applications, and high-performance substrates that serve as the interconnect between the IC and the PCB in many advanced electronic products are all found across a wide variety of end markets. Combined with the engineered systems and assemblies described above, these “advanced technologies" generally have growth rates which are higher than conventional technologies. In addition, most of our markets have low volume requirements during the prototype stage, which later transitions to higher volume requirements during product ramp.
TTM’s engineered systems are sold primarily to the aerospace and defense market, generally tier one subcontractors but also directly to government agencies (both domestic and allied foreign governments). Due to modernization priorities, an increased proportion of defense budgets is geared towards defense electronics such as radar, communications, and surveillance. These are the key markets for our engineered systems products.
4
TTM’s RF microwave/microelectronic assemblies are also used in complete defense electronic systems and sold to tier one subcontractors. They benefit from increasing electronics content in defense programs as well as increased focus on solid-state AESA radar systems. Based on our internal market intelligence, we expect this market to grow faster than the overall defense market.
TTM’s high-volume commercial RF components product lines are utilized by TTM’s customers to achieve advance signal conditioning in transceiver applications for 5G and other communication systems. The growth of the 5G transceiver market is expected to exceed overall telecommunications market growth over the next several years.
Our Strategy
Our vision is to inspire innovation as a global preeminent technology company. Our core strategy includes the following elements:
Provide differentiated capabilities by incorporating advanced design-to-specification engineering support, testing, components, and specialized assembly into the value-added solution provided to customers. With our past acquisitions of Anaren, Inc. and Telephonics, we moved beyond build-to-print manufacturing and assembly capabilities and expanded into integrated systems and deepened our RF and radar-related engagement to meet the technology needs of our customers, particularly our key aerospace and defense customers. As a result of additional design capabilities, we are more capable of providing cost-effective, ready for manufacture, enabling technologies to the customer.
Maintain our customer-driven culture and provide superior service to our customers in our core markets of aerospace and defense, automotive, data center computing, medical, industrial, and instrumentation, and networking. Our customer-oriented culture is designed to achieve extraordinary service, competitive differentiation, and superior execution. Our customer-oriented strategies include engaging in collaborative research and development and the co-development of new technologies and products, capturing new technology products for next generation equipment, and continuing investments to enhance our broad offering of advanced interconnect and RF/microwave technologies from components through integrated mission systems. We have invested in and employ a diverse group of design engineers and field application engineers (FAEs) to provide technical expertise to our customers with the goal of designing the best product and service solutions for their needs, and to provide ongoing technical support. We believe our ability to anticipate and meet customers’ needs is critical to retaining existing customers and attracting leading companies as new customers.
Drive operational efficiency and productivity. We are highly focused on improving our operational execution to increase efficiency, productivity, and yields. We strongly believe in the benefits of sharing best practices across our extensive manufacturing footprint and rely on stringent goals for throughput, quality, and customer satisfaction to measure our effectiveness. The fast-paced nature of our business requires a disciplined approach to manufacturing that is rooted in continuous improvement and new capability development.
Accelerate customer, end market, and technology diversification through strategic mergers and acquisitions. We have a history of executing successful acquisitions that have been key to our growth and profitability. Historically, we focused on strategic opportunities that could facilitate our efforts to further diversify into other growing end markets. Now that we have a more diversified end market mix, our focus is to strengthen and expand our leadership positions in existing end markets. We will also look for strategic opportunities that further strengthen our leading-edge technology capabilities and aim to manage our exposure to cyclical businesses.
Accelerate our expansion into growing markets using our advanced technology and diversified global manufacturing footprint as key points of differentiation. With rising requirements for faster data transmission, shrinking features (i.e., lightweight and thin), thermal management and lower power consumption, many advanced interconnect product designs have migrated to more complex multilayer and advanced HDI PCBs from conventional multilayer PCB technologies. As our customers consolidate their supply chains, our objective is to differentiate ourselves as a strategic supplier with the technology breadth to meet most, if not all, of our customers’ advanced interconnect and RF related requirements. Additionally, we intend to strategically invest to expand and develop our manufacturing footprint both domestically and internationally to meet customer requirements with the goals of supply chain reliability, resiliency, and geographic diversification.
Address customer needs in all stages of the product life cycle. By aiming to provide a one-stop solution, we work to service our customers’ needs from the earliest stages of product design and development through volume production. We believe that by engaging with our customers early in the development process, we are better able to develop solutions for our customers’ needs and establish an incumbent position early in the product development cycle, which translates into additional opportunities as our customers move into volume production. Our expertise is enhanced by our ability to deliver highly complex interconnect and integration solutions to customers in significantly compressed lead times. This rapid delivery service enables OEMs to develop sophisticated electronic products more quickly and reduce their time to market. Further, we believe our customized RF solutions from the concept stage through volume production and our complete engineered systems enhance our early customer engagement.
Deliver consistently strong financial performance and execute on our balance sheet strategy. We aspire to deliver industry‑leading financial performance. We expect to achieve this by servicing our customers’ needs in higher-growth end markets in a cost‑efficient and effective manner. We believe that this strategy will allow us to generate strong cash flows, which we expect will provide us with the financial flexibility for continued investments for growth and return of capital to shareholders.
5
Continuously enhance the elements that make TTM an appealing employer. We aim to attract the right employees who are aligned with our values and desire growth in their professional careers. We believe our employee engagement model, emphasis on communications and inclusion, commitment to career development and talent, and collaborative culture are the top reasons employees embrace us. Our ability to retain valued talent while attracting the right candidates is paramount to our continued human capital strategy.
Products and Services
We offer a wide range of engineered systems, RF and microwave assemblies, advanced interconnect products including PCBs and IC substrates, custom assemblies and integrated systems, passive and advanced ceramic RF components, hi-reliability multi-chip modules, and beamforming and switching networks. We also offer value-added services including DFM, PCB layout design, simulation and testing, QTA production, and specialized RF assembly and testing. By offering this wide range of engineered systems, RF components and subsystems, advanced interconnect products, and complementary value-added services, we provide our customers with a “one-stop” manufacturing solution for their hardware technology and integration requirements. Below we describe our product lines in more detail.
Radar Systems. We provide a wide range of high-performing, lightweight, and cost-effective multi-mode surveillance and weather avoidance radar systems for fixed- and rotary-wing aircraft, Unmanned Aerial Vehicles (UAVs), and shipboard platforms to the USG, tier one OEMs, and numerous international defense agencies. At this time, we are also the sole provider of the U.S. Navy’s AN/APS-153 multi-mode radar on the MH-60R helicopter, and the communications suite within the MH-60R/S multi-mission helicopters. Our multi-mode radars offer advanced features such as Ground Moving Target Indicator (GMTI), Synthetic Aperture Radar (SAR), Inverse Synthetic Aperture Radar (ISAR), Sense and Avoid, Automatic Identification System (AIS), and weather avoidance. Our MOSAIC® AESA radar family supports maritime surveillance, counter UAS, and advanced air mobility end markets.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
| Line item |
|---|
| Period ending |
Cautionary Statement Regarding Forward-Looking Statements
This 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 29, 2025, 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 29, 2025, 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 interconnect products, including PCBs and substrates. 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 1,300 customers in various markets throughout the world, including aerospace and defense; automotive; data center and networking; and medical, industrial, and instrumentation. Our customers include OEMs, EMS providers, ODMs, distributors, and government agencies (both domestic and allied foreign governments).
RECENT DEVELOPMENTS
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 continue to install and test equipment setups. Volume production in this facility is expected to commence in the second half of 2026.
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% of our net sales for both the quarters ended March 30, 2026 and March 31, 2025.
The percentage of our net sales attributable to each of the principal end markets we served was as follows:
|
For the Quarter Ended |
||||||||
|
March 30, 2026 |
|
March 31, 2025 (1) |
||||||
End Markets (2): |
|
|
|
|
|
|
|
||
Aerospace and Defense |
|
40 |
|
% |
|
|
48 |
|
% |
Automotive |
|
8 |
|
|
|
|
11 |
|
|
Data Center and Networking |
|
36 |
|
|
|
|
28 |
|
|
Medical, Industrial, and Instrumentation |
|
16 |
|
|
|
|
13 |
|
|
Total |
|
100 |
|
% |
|
|
100 |
|
% |
18
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 29, 2025 for further discussion of critical accounting policies and estimates. There have been no material changes to our critical accounting policies and estimates since December 29, 2025.
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 |
|
|||||
|
March 30, 2026 |
|
|
March 31, 2025 |
|
||
|
(In thousands, except margin rates) |
|
|||||
Net sales |
$ |
845,976 |
|
|
$ |
648,668 |
|
Cost of goods sold |
|
664,795 |
|
|
|
517,696 |
|
Gross profit |
|
181,181 |
|
|
|
130,972 |
|
Gross margin |
|
21.4 |
% |
|
|
20.2 |
% |
Operating expenses: |
|
|
|
|
|
||
Selling and marketing |
|
24,994 |
|
|
|
21,271 |
|
General and administrative |
|
68,745 |
|
|
|
43,774 |
|
Research and development |
|
7,808 |
|
|
|
8,064 |
|
Amortization of definite-lived intangibles |
|
6,889 |
|
|
|
6,889 |
|
Restructuring charges |
|
296 |
|
|
|
714 |
|
Total operating expenses |
|
108,732 |
|
|
|
80,712 |
|
Operating income |
|
72,449 |
|
|
|
50,260 |
|
Operating margin |
|
8.6 |
% |
|
|
7.7 |
% |
Total other expense, net |
|
(13,924 |
) |
|
|
(9,269 |
) |
Income tax provision |
|
(8,537 |
) |
|
|
(8,813 |
) |
Net income |
$ |
49,988 |
|
|
$ |
32,178 |
|
Net Sales
Total net sales increased $197.3 million, or 30.4%, to $846.0 million for the quarter ended March 30, 2026, from $648.7 million for the quarter ended March 31, 2025. The primary driver of this increase was due to continued strong demand in our data center and networking end market driven by the continued build out of AI data centers and related applications, as well as strong growth in our medical, industrial, and instrumentation and aerospace and defense end markets.
Gross Profit and Margin Rate
Gross profit increased $50.2 million to $181.2 million for the quarter ended March 30, 2026, from $131.0 million for the quarter ended March 31, 2025. Gross margin rate increased to 21.4% for the quarter ended March 30, 2026, from 20.2% for the quarter ended March 31, 2025. These increases were primarily due to higher sales volume, favorable product mix, and improved operational execution, partially offset by continued ramp-up costs in connection with our fabrication plant in Penang, Malaysia.
Operating Expenses
Operating expenses increased $28.0 million to $108.7 million for the quarter ended March 30, 2026, from $80.7 million for the quarter ended March 31, 2025, primarily due to higher stock-based compensation, labor costs, and incentive compensation. The increase in stock-based compensation was primarily driven by exceeding predetermined targets, stock price appreciation, and vesting of certain performance-based stock grants.
19
Operating Income and Margin Rate
Operating income increased $22.2 million to $72.4 million for the quarter ended March 30, 2026, from $50.3 million for the quarter ended March 31, 2025. Operating margin rate increased to 8.6% for the quarter ended March 30, 2026, from 7.7% for the quarter ended March 31, 2025. 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 increased $4.7 million to $13.9 million for the quarter ended March 30, 2026, from $9.3 million for the quarter ended March 31, 2025, primarily due to a higher amount of foreign exchange losses during the quarter ended March 30, 2026 resulting from strengthening RMB and MYR during the quarter ended March 30, 2026 as compared to the quarter ended March 31, 2025. We utilize the RMB and MYR at our China and Malaysia facilities, respectively, for employee‑related and other costs of running our operations in foreign countries.
Income Taxes
Income tax expense decreased $0.3 million to $8.5 million for the quarter ended March 30, 2026, from $8.8 million for the quarter ended March 31, 2025, primarily due to tax benefits from the deduction of stock-based compensation, partially offset by tax expense driven by higher income before income taxes.
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 $45.2 million and $40.6 million as of March 30, 2026 and March 31, 2025, respectively.
20
SEGMENT OPERATING RESULTS
Basis of Presentation
During the quarter ended March 30, 2026, the Company strategically realigned RF&S Components within the A&D sector and concluded that the Company now has two reportable segments: A&D and Commercial. In prior periods, the Company had three reportable segments: A&D, Commercial, and RF&S Components following a change during the quarter ended June 30, 2025. 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 |
|
|||||
|
March 30, 2026 |
|
|
March 31, 2025 |
|
||
|
(In thousands, except margin rates) |
|
|||||
Segment sales: |
|
|
|
|
|
||
A&D |
$ |
351,664 |
|
|
$ |
316,250 |
|
Commercial |
|
495,043 |
|
|
|
332,705 |
|
Total |
$ |
846,707 |
|
|
$ |
648,955 |
|
Segment operating income: |
|
|
|
|
|
||
A&D |
$ |
54,779 |
|
|
$ |
42,369 |
|
Commercial |
|
81,568 |
|
|
|
43,649 |
|
Total |
|
136,347 |
|
|
|
86,018 |
|
Segment operating margin rate: |
|
|
|
|
|
||
A&D |
|
15.6 |
% |
|
|
13.4 |
% |
Commercial |
|
16.5 |
% |
|
|
13.1 |
% |
Total |
|
16.1 |
% |
|
|
13.3 |
% |
Unallocated amounts: |
|
|
|
|
|
||
Restructuring |
|
(296 |
) |
|
|
(714 |
) |
Acquisition-related and other charges |
|
(197 |
) |
|
— |
|
|
Stock-based compensation |
|
(24,356 |
) |
|
|
(8,787 |
) |
Other corporate expenses |
|
(29,825 |
) |
|
|
(17,033 |
) |
Amortization of definite-lived intangibles (1) |
|
(9,224 |
) |
|
|
(9,224 |
) |
Operating income |
$ |
72,449 |
|
|
$ |
50,260 |
|
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 $35.4 million, or 11.2%, to $351.7 million for the quarter ended March 30, 2026, from $316.3 million for the quarter ended March 31, 2025. The primary drivers of this increase were strong defense budget spending, our strong strategic program alignment, and key bookings for ongoing franchise programs, 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 Operating Income and Margin Rate
Segment operating income for the A&D reportable segment increased $12.4 million to $54.8 million for the quarter ended March 30, 2026, from $42.4 million for the quarter ended March 31, 2025. Segment operating margin rate for the A&D reportable segment increased to 15.6% for the quarter ended March 30, 2026, from 13.4% for the quarter ended March 31, 2025. The primary drivers of these increases were higher sales volume, as discussed above, favorable product mix, and improved operational execution.
21
Commercial
Segment Sales
Segment sales for the Commercial reportable segment increased $162.3 million, or 48.8%, to $495.0 million for the quarter ended March 30, 2026, from $332.7 million for the quarter ended March 31, 2025. The primary driver of this increase was strong demand in our data center and networking end market driven by the continued buildout of AI data centers and related applications, as well as strong sales performance in our medical, industrial, and instrumentation end market.
Segment Operating Income and Margin Rate
Segment operating income for the Commercial reportable segment increased $37.9 million to $81.6 million for the quarter ended March 30, 2026, from $43.6 million for the quarter ended March 31, 2025. Segment operating margin rate for the Commercial reportable segment increased to 16.5% for the quarter ended March 30, 2026, from 13.1% for the quarter ended March 31, 2025. The primary driver of these increases was higher sales volume, as discussed above, and improved operational execution, partially offset by increased ramp-up costs in connection with our fabrication plant in Penang, Malaysia.
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 quarter of 2026 was $21.7 million as compared to cash flow used in operating activities of $10.7 million in the same period in 2025. The increase in cash flow was primarily due to an increase in net income of $17.8 million.
Net cash used in investing activities during the first quarter of 2026 was $106.8 million, consisting of net purchases of property, plant, and equipment and other assets. Net cash used in investing activities during the first quarter of 2025 was $63.2 million, primarily resulting from the use of $63.3 million for purchases of property, plant, and equipment and other assets.
Net cash used in financing activities during the first quarter of 2026 was $6.2 million, primarily resulting from the repayments of $5.0 million for customer deposits and $0.9 million for long-term debt borrowings. Net cash used in financing activities during the first quarter of 2025 was $18.8 million, reflecting the use of $17.9 million for repurchases of common stock and $0.9 million for the repayment of long-term debt borrowings.
As of March 30, 2026, we had cash and cash equivalents of approximately $410.0 million, of which approximately $156.4 million was held by our foreign subsidiaries, primarily in China, and $189.5 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 2026 capital expenditures are expected to be in the range of $300.0 million to $320.0 million, primarily for capacity expansion to meet market demand.
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 March 30, 2026. As of March 30, 2026, 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 March 30, 2026, we had $915.7 million of outstanding debt, net of discount and issuance costs, composed of $497.6 million of Senior Notes due 2029, $336.2 million under the Term Loan Facility, $80.0 million under the Asia ABL, and $1.9 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 March 30, 2026, we were in compliance with the covenants under the Senior Notes due 2029, Term Loan Facility, and ABL Revolving Loans.
22
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-08-25 | Roks Edwin | President and CEO | Buy | +10,000 | $111.77 | $1,117,700 |
| 2026-08-24 | Geveden Rex D | Director | Buy | +5,000 | $104.90 | $524,500 |
| 2026-08-10 | Knecht Dale Martin | SVP Information Technology | Sell | -26,198 | $142.00 | -$3,720,116 |
| 2026-06-25 | Walsh James P | Chief Operating Officer | Sell | -2,113 ×13 | $208.94 | -$441,482 |
| 2026-06-25 | Romo Elizabeth | Chief Accounting Officer | Sell | -720 ×13 | $208.92 | -$150,422 |
| 2026-06-25 | BOEHLE DANIEL L. | EVP and CFO | Sell | -4,218 ×14 | $208.94 | -$881,291 |
| 2026-06-25 | Clapprood Tom | PresA&D Interconnect Solutions | Sell | -1,239 ×13 | $208.95 | -$258,884 |
| 2026-06-25 | Knecht Dale Martin | SVP Information Technology | Sell | -2,014 ×13 | $208.94 | -$420,801 |
| 2026-06-25 | Powers Shawn A. | EVP, CHRO | Sell | -3,367 ×13 | $208.94 | -$703,508 |
| 2026-06-25 | Weber Daniel J | EVP, CLO & Secretary | Sell | -2,915 ×13 | $208.94 | -$609,052 |
| 2026-06-25 | Soder Douglas L | EVP, Commercial Sector Pres. | Sell | -2,874 ×13 | $208.94 | -$600,492 |
| 2026-06-25 | Gridley Catherine A | EVP, A&D Sector President | Sell | -3,056 ×13 | $208.94 | -$638,511 |
| 2026-06-25 | Farrell Robert P. | President C&C | Sell | -1,304 ×13 | $208.92 | -$272,438 |
| 2026-06-23 | Clapprood Tom | PresA&D Interconnect Solutions | Sell | -3,035 ×12 | $209.80 | -$636,743 |
| 2026-06-23 | Weber Daniel J | EVP, CLO & Secretary | Sell | -8,533 ×12 | $209.80 | -$1,790,187 |
| 2026-06-23 | BOEHLE DANIEL L. | EVP and CFO | Sell | -6,341 ×12 | $209.79 | -$1,330,307 |
| 2026-06-23 | Farrell Robert P. | President C&C | Sell | -2,920 ×12 | $209.79 | -$612,598 |
| 2026-06-23 | Knecht Dale Martin | SVP Information Technology | Sell | -6,754 ×12 | $209.79 | -$1,416,952 |
| 2026-06-23 | Walsh James P | Chief Operating Officer | Sell | -2,916 ×12 | $209.80 | -$611,766 |
| 2026-06-23 | Gridley Catherine A | EVP, A&D Sector President | Sell | -8,966 ×12 | $209.80 | -$1,881,033 |
| 2026-06-23 | Powers Shawn A. | EVP, CHRO | Sell | -9,856 ×12 | $209.80 | -$2,067,743 |
| 2026-06-23 | Soder Douglas L | EVP, Commercial Sector Pres. | Sell | -8,902 ×12 | $209.79 | -$1,867,592 |
Source: SEC Form 4 filings.
Next expected filings
- ~2026-10-30 10-Q expected by 2026-11-03 (in 47 days)
- ~2027-02-16 10-K expected by 2027-02-22 (in 156 days)
- ~2027-04-30 10-Q expected by 2027-05-04 (in 229 days)
- ~2027-08-04 10-Q expected by 2027-08-08 (in 325 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-08-17 8-K Material Agreement Entered; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-08-06 8-K Earnings Release; Financial Statements and Exhibits
- 2026-08-06 8-K/A Earnings Release; Financial Statements and Exhibits
- 2026-08-05 10-Q Quarterly Report
- 2026-06-18 8-K Other Events; Financial Statements and Exhibits
- 2026-06-17 S-8 Employee Benefit Plan Registration
- 2026-06-03 8-K Material Agreement Entered; Material Agreement Terminated; Material Financial Obligation; Material Modification to Rights; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-05-08 8-K Officer/Director Change; Shareholder Vote Results; Other Events; Financial Statements and Exhibits
- 2026-05-08 8-K/A Officer/Director Change
- 2026-05-01 10-Q Quarterly Report
- 2026-04-29 8-K Earnings Release; Financial Statements and Exhibits
- 2026-02-17 10-K Annual Report
- 2026-02-04 8-K Earnings Release; Financial Statements and Exhibits
- 2026-02-02 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-10-31 10-Q Quarterly Report