Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 8, 2022

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

Form 10-Q

 

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

For the quarterly period ended October 3, 2022

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 3, 2022: 102,206,175

 

 


 

TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of October 3, 2022 and January 3, 2022

 

3

Consolidated Condensed Statements of Operations for the quarter and three quarters ended October 3, 2022 and
September 27, 2021

 

4

Consolidated Condensed Statements of Comprehensive Income for the quarter and three quarters ended
October 3, 2022 and September 27, 2021

 

5

Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended October 3, 2022 and
September 27, 2021

 

6

Consolidated Condensed Statements of Cash Flows for the three quarters ended October 3, 2022 and September 27, 2021

 

8

Notes to Consolidated Condensed Financial Statements

 

9

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

 

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

29

Item 4. Controls and Procedures

 

31

PART II: OTHER INFORMATION

 

32

Item 1. Legal Proceedings

 

32

Item 1A. Risk Factors

 

32

Item 6. Exhibits

 

48

SIGNATURES

 

49

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of October 3, 2022 and January 3, 2022

 

 

As of

 

 

 

October 3,

 

 

January 3,

 

 

 

2022

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

335,625

 

 

$

537,678

 

Accounts receivable, net

 

 

480,838

 

 

 

386,347

 

Contract assets

 

 

363,604

 

 

 

324,862

 

Inventories

 

 

205,370

 

 

 

127,612

 

Prepaid expenses and other current assets

 

 

53,791

 

 

 

30,914

 

Total current assets

 

 

1,439,228

 

 

 

1,407,413

 

Property, plant and equipment, net

 

 

745,992

 

 

 

665,755

 

Operating lease right-of-use assets

 

 

20,464

 

 

 

20,802

 

Goodwill

 

 

730,394

 

 

 

637,324

 

Definite-lived intangibles, net

 

 

299,695

 

 

 

239,918

 

Deposits and other non-current assets

 

 

57,117

 

 

 

54,335

 

Total assets

 

$

3,292,890

 

 

$

3,025,547

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

406,816

 

 

$

361,484

 

Contract liabilities

 

 

93,841

 

 

 

14,189

 

Accrued salaries, wages and benefits

 

 

122,759

 

 

 

89,446

 

Other current liabilities

 

 

119,474

 

 

 

93,029

 

Total current liabilities

 

 

742,890

 

 

 

558,148

 

Long-term debt, net of discount and issuance costs

 

 

929,004

 

 

 

927,818

 

Operating lease liabilities

 

 

13,687

 

 

 

15,252

 

Other long-term liabilities

 

 

84,840

 

 

 

68,912

 

Total long-term liabilities

 

 

1,027,531

 

 

 

1,011,982

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized; 109,576 and 108,194
   shares issued as of October 3, 2022 and January 3, 2022, respectively;
   
102,206 and 103,533 shares outstanding as of October 3, 2022 and
   January 3, 2022, respectively

 

 

109

 

 

 

108

 

Treasury stock – common stock at cost; 7,370 and 4,661 shares as of October 3, 2022
   and January 3, 2022, respectively

 

 

(98,659

)

 

 

(63,807

)

Additional paid-in capital

 

 

852,684

 

 

 

840,113

 

Retained earnings

 

 

794,824

 

 

 

706,258

 

Accumulated other comprehensive loss

 

 

(26,489

)

 

 

(27,255

)

Total stockholders’ equity

 

 

1,522,469

 

 

 

1,455,417

 

Total liabilities and stockholders' equity

 

$

3,292,890

 

 

$

3,025,547

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarter and Three Quarters Ended October 3, 2022 and September 27, 2021

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

October 3,

 

 

September 27,

 

 

October 3,

 

 

September 27,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

671,080

 

 

$

556,784

 

 

$

1,877,890

 

 

$

1,650,599

 

Cost of goods sold

 

 

542,513

 

 

 

463,605

 

 

 

1,541,327

 

 

 

1,375,910

 

Gross profit

 

 

128,567

 

 

 

93,179

 

 

 

336,563

 

 

 

274,689

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

19,824

 

 

 

15,858

 

 

 

55,653

 

 

 

46,745

 

General and administrative

 

 

41,370

 

 

 

32,389

 

 

 

123,130

 

 

 

95,109

 

Research and development

 

 

7,322

 

 

 

4,423

 

 

 

18,110

 

 

 

13,075

 

Amortization of definite-lived intangibles

 

 

10,273

 

 

 

8,274

 

 

 

26,822

 

 

 

26,837

 

Total operating expenses

 

 

78,789

 

 

 

60,944

 

 

 

223,715

 

 

 

181,766

 

Operating income

 

 

49,778

 

 

 

32,235

 

 

 

112,848

 

 

 

92,923

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(10,939

)

 

 

(11,147

)

 

 

(33,011

)

 

 

(33,615

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(15,217

)

Other, net

 

 

10,324

 

 

 

2,525

 

 

 

19,932

 

 

 

5,338

 

Total other expense, net

 

 

(615

)

 

 

(8,622

)

 

 

(13,079

)

 

 

(43,494

)

Income before income taxes

 

 

49,163

 

 

 

23,613

 

 

 

99,769

 

 

 

49,429

 

Income tax provision

 

 

(5,635

)

 

 

(2,655

)

 

 

(11,203

)

 

 

(3,402

)

Net income

 

$

43,528

 

 

$

20,958

 

 

$

88,566

 

 

$

46,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.43

 

 

$

0.20

 

 

$

0.87

 

 

$

0.43

 

Diluted earnings per share

 

$

0.42

 

 

$

0.19

 

 

$

0.85

 

 

$

0.42

 

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Income

For the Quarter and Three Quarters Ended October 3, 2022 and September 27, 2021

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

October 3,

 

 

September 27,

 

 

October 3,

 

 

September 27,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income

 

$

43,528

 

 

$

20,958

 

 

$

88,566

 

 

$

46,027

 

Other comprehensive (loss) income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligation adjustments, net

 

 

 

 

 

30

 

 

 

 

 

 

59

 

Foreign currency translation adjustments, net

 

 

(614

)

 

 

(51

)

 

 

(2,350

)

 

 

363

 

Net unrealized gain (loss) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on effective cash flow hedges during
     the period, net

 

 

 

 

 

116

 

 

 

24

 

 

 

(87

)

Loss realized in the statement of operations, net

 

 

5

 

 

 

1,891

 

 

 

3,092

 

 

 

5,875

 

Net

 

 

5

 

 

 

2,007

 

 

 

3,116

 

 

 

5,788

 

Other comprehensive (loss) income, net of tax

 

 

(609

)

 

 

1,986

 

 

 

766

 

 

 

6,210

 

Comprehensive income, net of tax

 

$

42,919

 

 

$

22,944

 

 

$

89,332

 

 

$

52,237

 

 

See accompanying notes to consolidated condensed financial statements.

5


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Three Quarters Ended October 3, 2022

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Retained

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

(Loss) Income

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, January 3, 2022

 

 

108,194

 

 

$

108

 

 

 

(4,661

)

 

$

(63,807

)

 

$

840,113

 

 

$

706,258

 

 

$

(27,255

)

 

$

1,455,417

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,246

 

 

 

 

 

 

17,246

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,151

 

 

 

2,151

 

Issuance of common stock for
   performance-based
   restricted stock units

 

 

182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for
   restricted stock units

 

 

7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(2,373

)

 

 

(30,232

)

 

 

 

 

 

 

 

 

 

 

 

(30,232

)

Fair value of warrants
   reclassified to
   warrant liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(987

)

 

 

 

 

 

 

 

 

(987

)

Issuance of stock
   from warrant exercises

 

 

 

 

 

 

 

 

38

 

 

 

572

 

 

 

(572

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,234

 

 

 

 

 

 

 

 

 

4,234

 

Balance, April 4, 2022

 

 

108,383

 

 

$

108

 

 

 

(6,996

)

 

$

(93,467

)

 

$

842,788

 

 

$

723,504

 

 

$

(25,104

)

 

$

1,447,829

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,792

 

 

 

 

 

 

27,792

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(776

)

 

 

(776

)

Issuance of common stock
   for restricted stock units

 

 

1,172

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(374

)

 

 

(5,192

)

 

 

 

 

 

 

 

 

 

 

 

(5,192

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,427

 

 

 

 

 

 

 

 

 

4,427

 

Balance, July 4, 2022

 

 

109,555

 

 

$

109

 

 

 

(7,370

)

 

$

(98,659

)

 

$

847,214

 

 

$

751,296

 

 

$

(25,880

)

 

$

1,474,080

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

43,528

 

 

 

 

 

 

43,528

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(609

)

 

 

(609

)

Issuance of common stock for
   restricted stock units

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,470

 

 

 

 

 

 

 

 

 

5,470

 

Balance, October 3, 2022

 

 

109,576

 

 

$

109

 

 

 

(7,370

)

 

$

(98,659

)

 

$

852,684

 

 

$

794,824

 

 

$

(26,489

)

 

$

1,522,469

 

 

See accompanying notes to consolidated condensed financial statements.

 

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Three Quarters Ended September 27, 2021

 

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