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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 September 30, 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)

 

 

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 November 1, 2019: 105,493,763

 

 

 

 

 


TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of September 30, 2019 and December 31, 2018

 

3

Consolidated Condensed Statements of Operations for the quarter and three quarters ended September 30, 2019 and
October 1, 2018

 

4

Consolidated Condensed Statements of Comprehensive Income (Loss) for the quarter and three quarters ended
September 30, 2019 and October 1, 2018

 

5

Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended September 30, 2019 and
October 1, 2018

 

6

Consolidated Condensed Statements of Cash Flows for the three quarters ended September 30, 2019 and
October 1, 2018

 

8

Notes to Consolidated Condensed Financial Statements

 

9

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

 

26

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

31

Item 4. Controls and Procedures

 

33

PART II: OTHER INFORMATION

 

34

Item 1. Legal Proceedings

 

34

Item 1A. Risk Factors

 

34

Item 6. Exhibits

 

53

SIGNATURES

 

54

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

 

 

 

As of

 

 

As of

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

316,589

 

 

$

256,360

 

Accounts receivable, net

 

 

529,942

 

 

 

523,165

 

Contract assets

 

 

268,542

 

 

 

287,741

 

Inventories

 

 

126,324

 

 

 

109,377

 

Prepaid expenses and other current assets

 

 

36,438

 

 

 

30,271

 

Total current assets

 

 

1,277,835

 

 

 

1,206,914

 

Property, plant and equipment, net

 

 

1,027,868

 

 

 

1,052,024

 

Operating lease right-of-use assets

 

 

23,670

 

 

 

 

Goodwill

 

 

767,045

 

 

 

767,045

 

Definite-lived intangibles, net

 

 

334,116

 

 

 

375,923

 

Deposits and other non-current assets

 

 

67,824

 

 

 

55,597

 

 

 

$

3,498,358

 

 

$

3,457,503

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

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

 

$

 

 

$

30,000

 

Accounts payable

 

 

470,233

 

 

 

431,288

 

Contract liabilities

 

 

2,747

 

 

 

3,220

 

Accrued salaries, wages and benefits

 

 

82,576

 

 

 

94,950

 

Other

 

 

111,117

 

 

 

113,756

 

Total current liabilities

 

 

666,673

 

 

 

673,214

 

Long-term debt, net of discount and issuance costs

 

 

1,472,578

 

 

 

1,462,425

 

Operating lease liabilities

 

 

16,727

 

 

 

 

Other long-term liabilities

 

 

95,027

 

 

 

94,777

 

Total long-term liabilities

 

 

1,584,332

 

 

 

1,557,202

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

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

   105,493 and 103,687 shares issued and outstanding at

   September 30, 2019 and December 31, 2018, respectively

 

 

105

 

 

 

104

 

Additional paid-in capital

 

 

810,083

 

 

 

797,895

 

Retained earnings

 

 

449,050

 

 

 

433,008

 

Accumulated other comprehensive loss

 

 

(11,885

)

 

 

(3,920

)

Total stockholders’ equity

 

 

1,247,353

 

 

 

1,227,087

 

 

 

$

3,498,358

 

 

$

3,457,503

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarter and Three Quarters Ended September 30, 2019 and October 1, 2018

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 30,

 

 

October 1,

 

 

September 30,

 

 

October 1,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

716,817

 

 

$

755,837

 

 

$

1,970,055

 

 

$

2,136,306

 

Cost of goods sold

 

 

612,983

 

 

 

626,253

 

 

 

1,692,921

 

 

 

1,801,904

 

Gross profit

 

 

103,834

 

 

 

129,584

 

 

 

277,134

 

 

 

334,402

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

18,400

 

 

 

18,533

 

 

 

55,168

 

 

 

54,780

 

General and administrative

 

 

38,898

 

 

 

39,892

 

 

 

113,003

 

 

 

121,378

 

Amortization of definite-lived intangibles

 

 

10,175

 

 

 

16,609

 

 

 

38,268

 

 

 

41,959

 

Total operating expenses

 

 

67,473

 

 

 

75,034

 

 

 

206,439

 

 

 

218,117

 

Operating income

 

 

36,361

 

 

 

54,550

 

 

 

70,695

 

 

 

116,285

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(20,568

)

 

 

(22,225

)

 

 

(63,127

)

 

 

(56,425

)

Other, net

 

 

8,126

 

 

 

2,213

 

 

 

12,217

 

 

 

7,284

 

Total other expense, net

 

 

(12,442

)

 

 

(20,012

)

 

 

(50,910

)

 

 

(49,141

)

Income before income taxes

 

 

23,919

 

 

 

34,538

 

 

 

19,785

 

 

 

67,144

 

Income tax (provision) benefit

 

 

(8,049

)

 

 

(7,537

)

 

 

(3,743

)

 

 

53,958

 

Net income

 

$

15,870

 

 

$

27,001

 

 

$

16,042

 

 

$

121,102

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.15

 

 

$

0.26

 

 

$

0.15

 

 

$

1.17

 

Diluted earnings per share

 

$

0.14

 

 

$

0.22

 

 

$

0.15

 

 

$

0.98

 

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Income (Loss)

For the Quarter and Three Quarters Ended September 30, 2019 and October 1, 2018

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 30,

 

 

October 1,

 

 

September 30,

 

 

October 1,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income

 

$

15,870

 

 

$

27,001

 

 

$

16,042

 

 

$

121,102

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net

 

 

(954

)

 

 

(1,248

)

 

 

(925

)

 

 

(2,327

)

Pension obligation adjustments, net

 

 

(23

)

 

 

 

 

 

(4

)

 

 

 

Net unrealized (losses) gains on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on effective cash flow hedges during

the period, net

 

 

(1,833

)

 

 

1,641

 

 

 

(8,164

)

 

 

(104

)

Loss realized in the statement of operations

 

 

554

 

 

 

764

 

 

 

1,128

 

 

 

1,147

 

Net

 

 

(1,279

)

 

 

2,405

 

 

 

(7,036

)

 

 

1,043

 

Other comprehensive (loss) income, net of tax

 

 

(2,256

)

 

 

1,157

 

 

 

(7,965

)

 

 

(1,284

)

Comprehensive income, net of tax

 

$

13,614

 

 

$

28,158

 

 

$

8,077

 

 

$

119,818

 

 

See accompanying notes to consolidated condensed financial statements.

5


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Three Quarters Ended September 30, 2019

 

 

 

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

 

Net income

 

 

 

 

 

 

 

 

 

 

 

15,870

 

 

 

 

 

 

15,870

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,256

)

 

 

(2,256

)

Issuance of common stock for

   restricted stock units

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,662

 

 

 

 

 

 

 

 

 

4,662

 

Balance, September 30, 2019

 

 

105,493

 

 

$

105

 

 

$

810,083

 

 

$

449,050

 

 

$

(11,885

)

 

$

1,247,353

 

 

See accompanying notes to consolidated condensed financial statements.

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Three Quarters Ended October 1, 2018

 

 

 

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