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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 March 30, 2020

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 May 4, 2020: 106,243,673

 

 

 

 

 


TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of March 30, 2020 and December 30, 2019

 

3

Consolidated Condensed Statements of Operations for the quarters ended March 30, 2020 and April 1, 2019

 

4

Consolidated Condensed Statements of Comprehensive Loss for the quarters ended March 30, 2020 and 
April 1, 2019

 

5

Consolidated Condensed Statements of Stockholders' Equity for the quarters ended March 30, 2020 and
April 1, 2019

 

6

Consolidated Condensed Statements of Cash Flows for the quarters ended March 30, 2020 and
April 1, 2019

 

7

Notes to Consolidated Condensed Financial Statements

 

8

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

 

22

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

27

Item 4. Controls and Procedures

 

29

PART II: OTHER INFORMATION

 

30

Item 1. Legal Proceedings

 

30

Item 1A. Risk Factors

 

30

Item 6. Exhibits

 

49

SIGNATURES

 

50

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

 

 

 

As of

 

 

 

March 30,

 

 

December 30,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

361,992

 

 

$

379,818

 

Accounts receivable, net

 

 

458,639

 

 

 

503,598

 

Contract assets

 

 

256,482

 

 

 

254,600

 

Inventories

 

 

120,949

 

 

 

113,753

 

Current assets held for sale

 

 

522,974

 

 

 

67,572

 

Prepaid expenses and other current assets

 

 

30,751

 

 

 

23,343

 

Total current assets

 

 

1,751,787

 

 

 

1,342,684

 

Property, plant and equipment, net

 

 

666,611

 

 

 

678,201

 

Operating lease right-of-use assets

 

 

21,724

 

 

 

22,173

 

Goodwill

 

 

706,524

 

 

 

706,524

 

Definite-lived intangibles, net

 

 

314,735

 

 

 

325,680

 

Non-current assets held for sale

 

 

 

 

 

425,597

 

Deposits and other non-current assets

 

 

62,737

 

 

 

60,074

 

 

 

$

3,524,118

 

 

$

3,560,933

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

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

 

$

249,975

 

 

$

249,975

 

Accounts payable

 

 

309,580

 

 

 

329,866

 

Contract liabilities

 

 

3,576

 

 

 

3,838

 

Accrued salaries, wages and benefits

 

 

70,281

 

 

 

85,114

 

Current liabilities held for sale

 

 

170,735

 

 

 

185,391

 

Other current liabilities

 

 

100,216

 

 

 

92,482

 

Total current liabilities

 

 

904,363

 

 

 

946,666

 

Long-term debt, net of discount and issuance costs

 

 

1,229,372

 

 

 

1,225,962

 

Operating lease liabilities

 

 

14,832

 

 

 

15,413

 

Non-current liabilities held for sale

 

 

 

 

 

1,530

 

Other long-term liabilities

 

 

98,351

 

 

 

92,325

 

Total long-term liabilities

 

 

1,342,555

 

 

 

1,335,230

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized, 106,217 and 105,510

   shares issued and outstanding as of March 30, 2020 and December 30, 2019,

   respectively

 

 

106

 

 

 

106

 

Additional paid-in capital

 

 

819,543

 

 

 

814,708

 

Retained earnings

 

 

473,135

 

 

 

474,309

 

Accumulated other comprehensive loss

 

 

(15,584

)

 

 

(10,086

)

Total stockholders’ equity

 

 

1,277,200

 

 

 

1,279,037

 

 

 

$

3,524,118

 

 

$

3,560,933

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarters Ended March 30, 2020 and April 1, 2019

 

 

 

Quarter Ended

 

 

 

March 30,

 

 

April 1,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

497,646

 

 

$

536,445

 

Cost of goods sold

 

 

416,304

 

 

 

437,619

 

Gross profit

 

 

81,342

 

 

 

98,826

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing

 

 

16,169

 

 

 

17,560

 

General and administrative

 

 

34,667

 

 

 

30,282

 

Research and development

 

 

4,762

 

 

 

4,716

 

Amortization of definite-lived intangibles

 

 

9,562

 

 

 

16,152

 

Total operating expenses

 

 

65,160

 

 

 

68,710

 

Operating income

 

 

16,182

 

 

 

30,116

 

Other expense:

 

 

 

 

 

 

 

 

Interest expense

 

 

(19,781

)

 

 

(21,135

)

Other, net

 

 

2,502

 

 

 

(357

)

Total other expense, net

 

 

(17,279

)

 

 

(21,492

)

(Loss) income from continuing operations before income taxes

 

 

(1,097

)

 

 

8,624

 

Income tax provision

 

 

(2,123

)

 

 

(2,386

)

Net (loss) income from continuing operations

 

 

(3,220

)

 

 

6,238

 

Income (loss) from discontinued operations, net of income taxes

 

 

2,046

 

 

 

(9,490

)

Net loss

 

$

(1,174

)

 

$

(3,252

)

 

 

 

 

 

 

 

 

 

Loss per share:

 

 

 

 

 

 

 

 

Basic (loss) earnings per share from continuing operations

 

$

(0.03

)

 

$

0.06

 

Basic earnings (loss) per share from discontinued operations

 

 

0.02

 

 

 

(0.09

)

Basic loss per share

 

$

(0.01

)

 

$

(0.03

)

 

 

 

 

 

 

 

 

 

Diluted (loss) earnings per share from continuing operations

 

$

(0.03

)

 

$

0.06

 

Diluted earnings (loss) per share from discontinued operations

 

 

0.02

 

 

 

(0.09

)

Diluted loss per share

 

$

(0.01

)

 

$

(0.03

)

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Loss

For the Quarters Ended March 30, 2020 and April 1, 2019

 

 

 

Quarter Ended

 

 

 

March 30,

 

 

April 1,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net loss

 

$

(1,174

)

 

$

(3,252

)

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net

 

 

(367

)

 

 

630

 

Pension obligation adjustments, net

 

 

27

 

 

 

19

 

Net unrealized losses on cash flow hedges:

 

 

 

 

 

 

 

 

Unrealized loss on effective cash flow hedges during

     the period, net

 

 

(6,018

)

 

 

(1,828

)

Loss realized in the statement of operations

 

 

860

 

 

 

278

 

Net

 

 

(5,158

)

 

 

(1,550

)

Other comprehensive loss, net of tax

 

 

(5,498

)

 

 

(901

)

Comprehensive loss, net of tax

 

$

(6,672

)

 

$

(4,153

)

 

See accompanying notes to consolidated condensed financial statements.

5


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Quarters Ended March 30, 2020 and April 1, 2019

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, December 30, 2019

 

 

105,510

 

 

$

106

 

 

$

814,708

 

 

$

474,309

 

 

$

(10,086

)

 

$

1,279,037

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(1,174

)

 

 

 

 

 

(1,174

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,498

)

 

 

(5,498

)

Issuance of common stock for

   performance-based

   restricted stock units

 

 

187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for

   restricted stock units

 

 

520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,835

 

 

 

 

 

 

 

 

 

4,835

 

Balance, March 30, 2020

 

 

106,217

 

 

$

106

 

 

$

819,543

 

 

$

473,135

 

 

$

(15,584

)

 

$

1,277,200

 

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

 

 

 

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

 

 

See accompanying notes to consolidated condensed financial statements.

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Cash Flows

For the Quarters Ended March 30, 2020 and April 1, 2019

 

 

 

 

Quarter Ended

 

 

March 30, 2020

 

 

April 1, 2019

 

 

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net loss

 

$

(1,174

)

 

$

(3,252

)

 

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

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

42,632

 

 

 

41,602

 

 

Amortization of definite-lived intangible assets

 

 

11,620

 

 

 

18,005

 

 

Amortization of debt discount and issuance costs

 

 

3,552

 

 

 

3,845

 

 

Deferred income taxes

 

 

(353

)

 

 

(1,262

)

 

Stock-based compensation

 

 

4,835

 

 

 

3,926

 

 

Other

 

 

876

 

 

 

(4,346

)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

45,019

 

 

 

6,337

 

 

Contract assets

 

 

1,572

 

 

 

24,668

 

 

Inventories

 

 

(7,573

)

 

 

(5,423

)

 

Prepaid expenses and other current assets

 

 

(5,959

)

 

 

(8,599

)

 

Accounts payable

 

 

(52,791

)

 

 

(5,976

)

 

Contract liabilities

 

 

(262

)

 

 

(833

)

 

Accrued salaries, wages and benefits and other current liabilities

 

 

(14,081

)

 

 

(31,768

)

 

Net cash provided by operating activities

 

 

27,913

 

 

 

36,924

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Refundable deposit related to sale of the Mobility business unit

 

 

35,342

 

 

 

 

 

Purchase of property, plant and equipment and other assets

 

 

(32,451

)

 

 

(33,483

)

 

Proceeds from sale of property, plant and equipment and other assets

 

 

 

 

 

5,037

 

 

Net cash provided by (used in) investing activities

 

 

2,891

 

 

 

(28,446

)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Repayment of long-term debt borrowing

 

 

 

 

 

(30,000

)

 

Redemption of convertible notes

 

 

 

 

 

(10

)

 

Net cash used in financing activities

 

 

 

 

 

(30,010

)

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

(521

)

 

 

391

 

 

Net increase (decrease) in cash and cash equivalents

 

 

30,283

 

 

 

(21,141

)

 

Cash and cash equivalents and restricted cash at beginning of period

 

 

400,154

 

 

 

256,360

 

 

Cash and cash equivalents and restricted cash at end of period

 

 

430,437

 

 

 

235,219

 

 

Cash and cash equivalents and restricted cash in assets held for sale

 

 

(68,445

)

 

 

(49,991

)

 

Cash and cash equivalents as presented on the consolidated condensed balance sheet

 

$

361,992

 

 

$

185,228

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid, net for interest

 

$

10,455

 

 

$

25,840

 

 

Cash paid, net for income taxes

 

 

4,367

 

 

 

9,575

 

 

Net cash provided by operating activities from discontinued operations

 

 

21,286

 

 

 

27,822

 

 

Net cash provided by (used in) investing activities from discontinued operations

 

 

26,823

 

 

 

(6,199

)

 

Net cash used in financing activities from discontinued operations

 

 

 

 

 

 

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

 

 

 

Property, plant and equipment recorded in accounts payable

 

$

46,784

 

 

$

48,148

 

 

Supplemental disclosure of noncash investing activities from discontinued operations:

 

 

 

 

 

 

 

 

 

Property, plant and equipment recorded in accounts payable

 

$

6,673

 

 

$

7,502

 

 

 

See accompanying notes to consolidated condensed financial statements.

 

 

7


TTM TECHNOLOGIES, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Dollars and shares in thousands, except per share data)

(1) Nature of Operations and Basis of Presentation

TTM Technologies, Inc. (the Company or TTM) is a leading global printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically complex PCBs, backplane assemblies and electro-mechanical solutions (E-M Solutions) as well as a global designer and manufacturer of radio-frequency (RF) and microwave components and assemblies. The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering and manufacturing solution to customers. This one-stop design and manufacturing solution enables the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market.

The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, automotive components, medical, industrial and instrumentation related products, as well as networking/communications infrastructure products. The Company’s customers include both original equipment manufacturers (OEMs) and electronic manufacturing services (EMS) providers.

The accompanying consolidated condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Due to the coronavirus (COVID-19) global pandemic, the global economy and financial markets have been disrupted and there is a significant amount of uncertainty about the length and severity of the consequences caused by the 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. Actual results could differ materially from those estimates. The Company uses a 13-week fiscal quarter accounting period with the fourth quarter ending on the Monday nearest December 31.

On January 19, 2020, the Company entered into a definitive equity interests purchase agreement with AKMMeadville Electronics (Xiamen) Co., Ltd (the Purchaser) for the sale of the Company’s following subsidiaries, which was completed on April 17, 2020: Shanghai Kaiser Electronics Co., Ltd. (SKE), Shanghai Meadville Electronics Co., Ltd. (SME), Shanghai Meadville Science & Technology Co., Ltd. (SP) and Guangzhou Meadville Electronics Co., Ltd. (GME) (collectively, the Mobility business unit). For all periods presented in the consolidated condensed balance sheet, all assets and liabilities attributable to the Mobility business unit have been aggregated under the captions “Current assets held for sale”, “Non-current assets held for sale”, “Current liabilities held for sale” and “Non-current liabilities held for sale”. For all periods presented in the consolidated condensed statements of operations, all sales, costs, expenses and income taxes attributable to the Mobility business unit have been aggregated under the caption “Income from discontinued operations, net of income taxes”. Prior year results have been recast to conform with the current presentation. Refer to Note 2, Discontinued Operations, for additional information.

Unless otherwise noted, amounts and disclosures throughout these notes to consolidated condensed financial statements relate to continuing operations. These consolidated condensed financial statements reflect all adjustments (consisting only of normal recurring adjustments) which, in the opinion of management, are necessary to present fairly the financial position, the results of operations and cash flows of the Company for the periods presented. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

Reclassifications

Certain prior year amounts in the condensed consolidated financial statements have been reclassified due to the sale of the Company’s Mobility business unit. Refer to Note 2, Discontinued Operations, for further information regarding this sale and the resulting prior year reclassifications. Further, in 2020, the Company began presenting research and development expenses as a separate line item on the consolidated condensed statements of operations to better align with similar presentation made by peers and to provide additional disclosure that is meaningful for investors. The prior year consolidated condensed statements of operations were adjusted to conform with this new presentation. Research and development expense were previously presented within general and administrative expense on the consolidated condensed statements of operations.

8


TTM TECHNOLOGIES, INC.

Notes to Consolidated Condensed Financial Statements—(Continued)

 

Recently Adopted and Issued Accounting Standards  

Recently Adopted Accounting Standards

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, the Company will be required to use a forward-looking expected loss model that reflects losses that are probable rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. The Company adopted this ASU as of December 31, 2019 and it did not have a material impact on its financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides temporary relief to the GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens of the expected market transition from LIBOR and other interbank offered rates to alternative rates. This guidance is effective beginning on March 12, 2020 through December 31, 2022. The guidance on contract modifications can be applied prospectively from any date beginning March 12, 2020 and may also be applied to modifications of existing contracts made earlier in the interim period that includes March 12, 2020. The guidance on hedging can be applied to eligible hedging relationships existing at the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of that interim period. The Company is currently evaluating the new guidance to determine the impact it may have on its consolidated condensed financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. Early adoption is permitted. The Company has evaluated the new guidance to determine the impact it may have on its consolidated condensed financial statements and related disclosures and the impact is not expected to be material.

In August 2018, the FASB issued ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20)—Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans. The amendments in this update change the disclosure requirements for employers that sponsor defined benefit pension and/or other postretirement benefit plans. It eliminates requirements for certain disclosures that are no longer considered cost beneficial and requires new disclosures that the FASB considers pertinent. The guidance is effective for fiscal years ending after December 15, 2020. Early adoption is permitted. The Company does not anticipate the adoption will have a material impact on the consolidated condensed financial statements and related disclosures.

 

(2) Discontinued Operations

On January 19, 2020, the Company entered into a definitive equity interests purchase agreement for the sale of the Company’s Mobility business unit. The sale was completed on April 17, 2020 for a base purchase price of $550,000 in cash, subject to customary purchase price adjustments. The base purchase price does not include certain accounts receivable of the divested business, which are estimated to total approximately $95,000.

As the sale of the Company’s Mobility business unit represents a strategic shift that will have a major effect on the Company’s operations and financial results, in accordance with the provisions of FASB authoritative guidance on the presentation of financial statements, Mobility business unit results are classified as discontinued operations in the consolidated condensed statements of operations for all periods presented. Prior year results have been recast to conform with the current presentation. The Mobility business unit is part of the Company’s PCB reportable segment.

9


TTM TECHNOLOGIES, INC.

Notes to Consolidated Condensed Financial Statements—(Continued)

 

The following table summarizes the results of Mobility operations for each period prior to sale:

 

 

 

Quarter Ended

 

 

 

March 30,

 

 

April 1,

 

 

 

2020

 

 

2019

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

113,174

 

 

$

83,755

 

Cost of goods sold

 

 

108,425

 

 

 

93,896

 

Gross profit

 

 

4,749

 

 

 

(10,141

)

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing

 

 

1,176

 

 

 

1,341

 

General and administrative

 

 

1,310

 

 

 

470

 

Research and development

 

 

147

 

 

 

 

Amortization of definite-lived intangibles

 

 

675

 

 

 

674

 

Total operating expenses

 

 

3,308

 

 

 

2,485

 

Operating income (loss)

 

 

1,441

 

 

 

(12,626

)

Other income (expense):

 

 

 

 

 

 

 

 

Interest expense

 

 

(223

)

 

 

(553

)

Other, net

 

 

1,571

 

 

 

(173

)

Total other income (expense), net

 

 

1,348

 

 

 

(726

)

Income (loss) from discontinued operations before income taxes

 

 

2,789

 

 

 

(13,352

)

Income tax (provision) benefit

 

 

(743

)

 

 

3,862

 

Income (loss) from discontinued operations, net of income taxes

 

$

2,046

 

 

$

(9,490

)

 

 

 

 

 

 

 

 

 

Earnings (loss) per share from discontinued operations:

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.02

 

 

$

(0.09

)

Diluted earnings (loss) per share

 

$

0.02

 

 

$

(0.09

)

 

Depreciation expense related to the discontinued operations for the quarter ended March 30, 2020 and April 1, 2019 was $18,265 and $18,075, respectively.

10


TTM TECHNOLOGIES, INC.

Notes to Consolidated Condensed Financial Statements—(Continued)

 

Assets being sold and liabilities being assumed by the Purchaser in the sale of the Company’s Mobility business unit include substantially all assets and liabilities, with the exception of certain accounts receivable. The following table summarizes the major categories of assets and liabilities classified as held for sale in the consolidated condensed balance sheets as of the end of each period:

 

 

 

As of

 

 

 

March 30,

 

 

December 30,

 

 

 

2020

 

 

2019

 

 

 

(In thousands)

 

Cash and cash equivalents

 

$

33,103

 

 

$

20,336

 

Restricted cash

 

 

35,342

 

 

 

 

Accounts receivable, net