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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

Form 10-Q

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 1, 2019

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                           to                          

Commission File Number: 0-31285

 

TTM TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

 

DELAWARE

 

91-1033443

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

200 East Sandpointe, Suite 400, Santa Ana, California 92707

(Address of principal executive offices)

(714) 327-3000

(Registrant’s telephone number, including area code)

 

1665 Scenic Avenue, Suite 250, Costa Mesa, California 92626

(Former address of principal executive offices)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

TTMI

Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted  pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.  

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

  

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of shares of common stock, $0.001 par value, of registrant outstanding at August 5, 2019: 105,492,642

 

 

 

 

 


TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of July 1, 2019 and December 31, 2018

 

3

Consolidated Condensed Statements of Operations for the quarter and two quarters ended July 1, 2019 and
July 2, 2018

 

4

Consolidated Condensed Statements of Comprehensive (Loss) Income for the quarter and two quarters ended
July 1, 2019 and July 2, 2018

 

5

Consolidated Condensed Statements of Stockholders' Equity for the two quarters ended July 1, 2019 and
July 2, 2018

 

6

Consolidated Condensed Statements of Cash Flows for the two quarters ended July 1, 2019 and July 2, 2018

 

7

Notes to Consolidated Condensed Financial Statements

 

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

24

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

30

Item 4. Controls and Procedures

 

32

PART II: OTHER INFORMATION

 

32

Item 1. Legal Proceedings

 

32

Item 1A. Risk Factors

 

32

Item 6. Exhibits

 

51

SIGNATURES

 

52

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

 

 

 

As of

 

 

As of

 

 

 

July 1,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

284,466

 

 

$

256,360

 

Accounts receivable, net

 

 

482,740

 

 

 

523,165

 

Contract assets

 

 

261,071

 

 

 

287,741

 

Inventories

 

 

122,149

 

 

 

109,377

 

Prepaid expenses and other current assets

 

 

39,260

 

 

 

30,271

 

Total current assets

 

 

1,189,686

 

 

 

1,206,914

 

Property, plant and equipment, net

 

 

1,037,087

 

 

 

1,052,024

 

Operating lease right-of-use assets

 

 

25,625

 

 

 

 

Goodwill

 

 

767,045

 

 

 

767,045

 

Definite-lived intangibles, net

 

 

345,471

 

 

 

375,923

 

Deposits and other non-current assets

 

 

75,199

 

 

 

55,597

 

 

 

$

3,440,113

 

 

$

3,457,503

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt, including current portion of long-term debt

 

$

 

 

$

30,000

 

Accounts payable

 

 

432,936

 

 

 

431,288

 

Contract liabilities

 

 

2,386

 

 

 

3,220

 

Accrued salaries, wages and benefits

 

 

81,490

 

 

 

94,950

 

Other

 

 

107,143

 

 

 

113,756

 

Total current liabilities

 

 

623,955

 

 

 

673,214

 

Long-term debt, net of discount and issuance costs

 

 

1,469,270

 

 

 

1,462,425

 

Operating lease liabilities

 

 

18,365

 

 

 

 

Other long-term liabilities

 

 

99,446

 

 

 

94,777

 

Total long-term liabilities

 

 

1,587,081

 

 

 

1,557,202

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized,

   105,491 and 103,687 shares issued and outstanding at

   July 1, 2019 and December 31, 2018, respectively

 

 

105

 

 

 

104

 

Additional paid-in capital

 

 

805,421

 

 

 

797,895

 

Retained earnings

 

 

433,180

 

 

 

433,008

 

Accumulated other comprehensive loss

 

 

(9,629

)

 

 

(3,920

)

Total stockholders’ equity

 

 

1,229,077

 

 

 

1,227,087

 

 

 

$

3,440,113

 

 

$

3,457,503

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarter and Two Quarters Ended July 1, 2019 and July 2, 2018

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

July 1,

 

 

July 2,

 

 

July 1,

 

 

July 2,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

633,038

 

 

$

716,887

 

 

$

1,253,238

 

 

$

1,380,469

 

Cost of goods sold

 

 

548,423

 

 

 

600,747

 

 

 

1,079,938

 

 

 

1,175,651

 

Gross profit

 

 

84,615

 

 

 

116,140

 

 

 

173,300

 

 

 

204,818

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

17,867

 

 

 

18,619

 

 

 

36,768

 

 

 

36,247

 

General and administrative

 

 

38,637

 

 

 

46,298

 

 

 

74,105

 

 

 

81,486

 

Amortization of definite-lived intangibles

 

 

11,267

 

 

 

19,489

 

 

 

28,093

 

 

 

25,350

 

Total operating expenses

 

 

67,771

 

 

 

84,406

 

 

 

138,966

 

 

 

143,083

 

Operating income

 

 

16,844

 

 

 

31,734

 

 

 

34,334

 

 

 

61,735

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(20,871

)

 

 

(20,453

)

 

 

(42,559

)

 

 

(34,200

)

Other, net

 

 

4,621

 

 

 

6,178

 

 

 

4,091

 

 

 

5,071

 

Total other expense, net

 

 

(16,250

)

 

 

(14,275

)

 

 

(38,468

)

 

 

(29,129

)

Income (loss) before income taxes

 

 

594

 

 

 

17,459

 

 

 

(4,134

)

 

 

32,606

 

Income tax benefit

 

 

2,830

 

 

 

66,545

 

 

 

4,306

 

 

 

61,495

 

Net income

 

$

3,424

 

 

$

84,004

 

 

$

172

 

 

$

94,101

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.03

 

 

$

0.81

 

 

$

0.00

 

 

$

0.91

 

Diluted earnings per share

 

$

0.03

 

 

$

0.65

 

 

$

0.00

 

 

$

0.75

 

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive (Loss) Income  

For the Quarter and Two Quarters Ended July 1, 2019 and July 2, 2018

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

July 1,

 

 

July 2,

 

 

July 1,

 

 

July 2,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income

 

$

3,424

 

 

$

84,004

 

 

$

172

 

 

$

94,101

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net

 

 

(601

)

 

 

(1,701

)

 

 

29

 

 

 

(1,079

)

Pension obligation adjustments, net

 

 

 

 

 

 

 

 

19

 

 

 

 

Net unrealized losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on effective cash flow hedges during the

      period, net

 

 

(4,503

)

 

 

(1,739

)

 

 

(6,331

)

 

 

(1,745

)

Loss realized in the statement of operations

 

 

296

 

 

 

342

 

 

 

574

 

 

 

383

 

Net

 

 

(4,207

)

 

 

(1,397

)

 

 

(5,757

)

 

 

(1,362

)

Other comprehensive loss, net of tax

 

 

(4,808

)

 

 

(3,098

)

 

 

(5,709

)

 

 

(2,441

)

Comprehensive (loss) income, net of tax

 

$

(1,384

)

 

$

80,906

 

 

$

(5,537

)

 

$

91,660

 

 

See accompanying notes to consolidated condensed financial statements.

5


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Two Quarters Ended July 1, 2019 and July 2, 2018

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, December 31, 2018

 

 

103,687

 

 

$

104

 

 

$

797,895

 

 

$

433,008

 

 

$

(3,920

)

 

$

1,227,087

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(3,252

)

 

 

 

 

 

(3,252

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(901

)

 

 

(901

)

Redemption of convertible notes, net

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

(1

)

Issuance of common stock for

   performance-based

   restricted stock units

 

 

694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for

   restricted stock units

 

 

1,040

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,926

 

 

 

 

 

 

 

 

 

3,926

 

Balance, April 1, 2019

 

 

105,421

 

 

$

105

 

 

$

801,819

 

 

$

429,756

 

 

$

(4,821

)

 

$

1,226,859

 

Net income

 

 

 

 

 

 

 

 

 

 

 

3,424

 

 

 

 

 

 

3,424

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,808

)

 

 

(4,808

)

Issuance of common stock for

   restricted stock units

 

 

70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,602

 

 

 

 

 

 

 

 

 

3,602

 

Balance, July 1, 2019

 

 

105,491

 

 

$

105

 

 

$

805,421

 

 

$

433,180

 

 

$

(9,629

)

 

$

1,229,077

 

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Income

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, January 1, 2018

 

 

101,820

 

 

$

102

 

 

$

777,025

 

 

$

230,850

 

 

$

3,403

 

 

$

1,011,380

 

New revenue standard adjustment

 

 

 

 

 

 

 

 

 

 

 

28,574

 

 

 

 

 

 

28,574

 

Net income

 

 

 

 

 

 

 

 

 

 

 

10,097

 

 

 

 

 

 

10,097

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

657

 

 

 

657

 

Issuance of common stock for

   performance-based

   restricted stock units

 

 

521

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for

   restricted stock units

 

 

1,104

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

3,622

 

 

 

 

 

 

 

 

 

3,622

 

Balance, April 2, 2018

 

 

103,445

 

 

$

103

 

 

$

780,646

 

 

$

269,521

 

 

$

4,060

 

 

$

1,054,330

 

Net income

 

 

 

 

 

 

 

 

 

 

 

84,004

 

 

 

 

 

 

84,004

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,098

)

 

 

(3,098

)

Exercise of stock options

 

 

20

 

 

 

 

 

 

190

 

 

 

 

 

 

 

 

 

190

 

Issuance of common stock for

   restricted stock units

 

 

209

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

5,867

 

 

 

 

 

 

 

 

 

5,867

 

Balance, July 2, 2018

 

 

103,674

 

 

$

104

 

 

$

786,702

 

 

$

353,525

 

 

$

962

 

 

$

1,141,293

 

 

See accompanying notes to consolidated condensed financial statements.

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Cash Flows

For the Two Quarters Ended July 1, 2019 and July 2, 2018

 

 

 

Two Quarters Ended

 

 

 

July 1,

 

 

July 2,

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

172

 

 

$

94,101

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

82,837

 

 

 

80,073

 

Amortization of definite-lived intangible assets

 

 

30,452

 

 

 

25,350