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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 July 3, 2023
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: 000-31285
TTM TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
|
91-1033443 |
(State or other jurisdiction of
incorporation or organization)
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|
(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:
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|
|
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.
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|
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 ☑
As of August 4, 2023, there were outstanding 103,871,225 shares of the registrant’s Common Stock, $0.001 par value.
TTM TECHNOLOGIES, INC.
Form 10-Q
For the Quarter Ended July 3, 2023
TABLE OF CONTENTS
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Page |
PART I: FINANCIAL INFORMATION |
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3 |
Item 1. Financial Statements (unaudited) |
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3 |
Consolidated Condensed Balance Sheets as of July 3, 2023 and January 2, 2023 |
|
3 |
Consolidated Condensed Statements of Operations for the quarter and two quarters ended July 3, 2023 and July 4, 2022 |
|
4 |
Consolidated Condensed Statements of Comprehensive Income (Loss) for the quarter and two quarters ended July 3, 2023 and July 4, 2022 |
|
5 |
Consolidated Condensed Statements of Stockholders' Equity for the two quarters ended July 3, 2023 and July 4, 2022 |
|
6 |
Consolidated Condensed Statements of Cash Flows for the two quarters ended July 3, 2023 and July 4, 2022 |
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7 |
Notes to Consolidated Condensed Financial Statements |
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8 |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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22 |
Item 3. Quantitative and Qualitative Disclosures About Market Risk |
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28 |
Item 4. Controls and Procedures |
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30 |
PART II: OTHER INFORMATION |
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31 |
Item 1. Legal Proceedings |
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31 |
Item 1A. Risk Factors |
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31 |
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
|
47 |
Item 3. Defaults Upon Senior Securities |
|
47 |
Item 4. Mine Safety Disclosures |
|
47 |
Item 5. Other Information |
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47 |
Item 6. Exhibits |
|
48 |
SIGNATURES |
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49 |
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
TTM TECHNOLOGIES, INC.
Consolidated Condensed Balance Sheets
As of July 3, 2023 and January 2, 2023
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As of |
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July 3, |
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January 2, |
|
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2023 |
|
|
2023 |
|
|
|
(Unaudited) |
|
|
|
(In thousands, except par value) |
|
ASSETS |
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Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
398,716 |
|
|
$ |
402,749 |
|
Accounts receivable, net |
|
|
386,903 |
|
|
|
473,225 |
|
Contract assets |
|
|
312,529 |
|
|
|
335,788 |
|
Inventories |
|
|
186,765 |
|
|
|
170,639 |
|
Receivable from sale of Shanghai E-MS (SH E-MS) property |
|
|
6,595 |
|
|
|
69,240 |
|
Prepaid expenses and other current assets |
|
|
44,546 |
|
|
|
41,415 |
|
Total current assets |
|
|
1,336,054 |
|
|
|
1,493,056 |
|
Property, plant and equipment, net |
|
|
709,577 |
|
|
|
724,204 |
|
Operating lease right-of-use assets |
|
|
14,041 |
|
|
|
18,862 |
|
Goodwill |
|
|
746,835 |
|
|
|
760,437 |
|
Definite-lived intangibles, net |
|
|
264,240 |
|
|
|
288,037 |
|
Deposits and other non-current assets |
|
|
77,744 |
|
|
|
39,008 |
|
Total assets |
|
$ |
3,148,491 |
|
|
$ |
3,323,604 |
|
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
|
|
|
|
|
|
Short-term debt, including current portion of long-term debt |
|
$ |
3,500 |
|
|
$ |
50,000 |
|
Accounts payable |
|
|
306,298 |
|
|
|
361,788 |
|
Contract liabilities |
|
|
115,246 |
|
|
|
103,981 |
|
Accrued salaries, wages and benefits |
|
|
74,097 |
|
|
|
115,524 |
|
Other current liabilities |
|
|
103,243 |
|
|
|
130,032 |
|
Total current liabilities |
|
|
602,384 |
|
|
|
761,325 |
|
Long-term debt, net of discount and issuance costs |
|
|
864,413 |
|
|
|
879,407 |
|
Operating lease liabilities |
|
|
8,804 |
|
|
|
12,249 |
|
Other long-term liabilities |
|
|
128,581 |
|
|
|
135,044 |
|
Total long-term liabilities |
|
|
1,001,798 |
|
|
|
1,026,700 |
|
Commitments and contingencies (Note 14) |
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Equity: |
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|
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Common stock, $0.001 par value; 300,000 shares authorized; 111,240 and 109,598 shares issued as of July 3, 2023 and January 2, 2023, respectively; 103,870 and 102,228 shares outstanding as of July 3, 2023 and January 2, 2023, respectively |
|
|
111 |
|
|
|
110 |
|
Treasury stock – common stock at cost; 7,370 shares as of July 3, 2023 and January 2, 2023 |
|
|
(98,659 |
) |
|
|
(98,659 |
) |
Additional paid-in capital |
|
|
868,437 |
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|
|
858,077 |
|
Retained earnings |
|
|
801,851 |
|
|
|
800,841 |
|
Accumulated other comprehensive loss |
|
|
(27,431 |
) |
|
|
(24,790 |
) |
Total stockholders’ equity |
|
|
1,544,309 |
|
|
|
1,535,579 |
|
Total liabilities and stockholders' equity |
|
$ |
3,148,491 |
|
|
$ |
3,323,604 |
|
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 3, 2023 and July 4, 2022
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Quarter Ended |
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Two Quarters Ended |
|
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July 3, |
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July 4, |
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July 3, |
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July 4, |
|
|
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2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
(In thousands, except per share data) |
|
Net sales |
|
$ |
546,509 |
|
|
$ |
625,550 |
|
|
$ |
1,090,946 |
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|
$ |
1,206,810 |
|
Cost of goods sold |
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|
448,002 |
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|
508,477 |
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|
906,316 |
|
|
|
998,814 |
|
Gross profit |
|
|
98,507 |
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|
|
117,073 |
|
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|
184,630 |
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|
207,996 |
|
Operating expenses: |
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|
|
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|
|
|
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Selling and marketing |
|
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18,180 |
|
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17,557 |
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|
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39,482 |
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|
35,829 |
|
General and administrative |
|
|
37,840 |
|
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|
48,350 |
|
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|
72,913 |
|
|
|
81,120 |
|
Research and development |
|
|
6,424 |
|
|
|
5,233 |
|
|
|
13,509 |
|
|
|
10,788 |
|
Amortization of definite-lived intangibles |
|
|
3,852 |
|
|
|
8,275 |
|
|
|
25,816 |
|
|
|
16,549 |
|
Restructuring charges |
|
|
10,803 |
|
|
|
456 |
|
|
|
14,970 |
|
|
|
640 |
|
Total operating expenses |
|
|
77,099 |
|
|
|
79,871 |
|
|
|
166,690 |
|
|
|
144,926 |
|
Operating income |
|
|
21,408 |
|
|
|
37,202 |
|
|
|
17,940 |
|
|
|
63,070 |
|
Other (expense) income: |
|
|
|
|
|
|
|
|
|
|
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|
Interest expense |
|
|
(11,843 |
) |
|
|
(10,711 |
) |
|
|
(24,650 |
) |
|
|
(22,072 |
) |
Loss on extinguishment of debt |
|
|
(1,154 |
) |
|
|
— |
|
|
|
(1,154 |
) |
|
|
— |
|
(Loss) gain on sale of subsidiary |
|
|
(69 |
) |
|
|
— |
|
|
|
1,270 |
|
|
|
— |
|
Other, net |
|
|
5,068 |
|
|
|
7,638 |
|
|
|
6,266 |
|
|
|
9,608 |
|
Total other expense, net |
|
|
(7,998 |
) |
|
|
(3,073 |
) |
|
|
(18,268 |
) |
|
|
(12,464 |
) |
Income (loss) before income taxes |
|
|
13,410 |
|
|
|
34,129 |
|
|
|
(328 |
) |
|
|
50,606 |
|
Income tax (provision) benefit |
|
|
(6,586 |
) |
|
|
(6,337 |
) |
|
|
1,338 |
|
|
|
(5,568 |
) |
Net income |
|
$ |
6,824 |
|
|
$ |
27,792 |
|
|
$ |
1,010 |
|
|
$ |
45,038 |
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|
|
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|
|
|
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|
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Earnings per share: |
|
|
|
|
|
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|
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|
Basic earnings per share |
|
$ |
0.07 |
|
|
$ |
0.27 |
|
|
$ |
0.01 |
|
|
$ |
0.44 |
|
Diluted earnings per share |
|
$ |
0.07 |
|
|
$ |
0.27 |
|
|
$ |
0.01 |
|
|
$ |
0.43 |
|
See accompanying notes to consolidated condensed financial statements.
4
TTM TECHNOLOGIES, INC.
Consolidated Condensed Statements of Comprehensive Income (Loss)
For the Quarter and Two Quarters Ended July 3, 2023 and July 4, 2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended |
|
|
Two Quarters Ended |
|
|
|
July 3, |
|
|
July 4, |
|
|
July 3, |
|
|
July 4, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
(Unaudited) |
|
|
|
(In thousands) |
|
Net income |
|
$ |
6,824 |
|
|
$ |
27,792 |
|
|
$ |
1,010 |
|
|
$ |
45,038 |
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Pension obligation adjustments, net |
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Foreign currency translation adjustments |
|
|
(463 |
) |
|
|
(1,700 |
) |
|
|
(433 |
) |
|
|
(1,736 |
) |
Derecognition of foreign currency translation adjustments due to sale of subsidiary |
|
|
— |
|
|
|
— |
|
|
|
(6,627 |
) |
|
|
— |
|
Net unrealized gain (loss) on cash flow hedges: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on effective cash flow hedges during the period, net |
|
|
5,820 |
|
|
|
(129 |
) |
|
|
5,140 |
|
|
|
24 |
|
(Loss) gain realized in the statement of operations, net |
|
|
(726 |
) |
|
|
1,053 |
|
|
|
(721 |
) |
|
|
3,087 |
|
Net |
|
|
5,094 |
|
|
|
924 |
|
|
|
4,419 |
|
|
|
3,111 |
|
Other comprehensive income (loss), net of tax |
|
|
4,630 |
|
|
|
(776 |
) |
|
|
(2,641 |
) |
|
|
1,375 |
|
Comprehensive income (loss), net of tax |
|
$ |
11,454 |
|
|
$ |
27,016 |
|
|
$ |
(1,631 |
) |
|
$ |
46,413 |
|
See accompanying notes to consolidated condensed financial statements.
5
TTM TECHNOLOGIES, INC.
Consolidated Condensed Statements of Stockholders’ Equity
For the Two Quarters Ended July 3, 2023 and July 4, 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 2, 2023 |
|
|
109,598 |
|
|
$ |
110 |
|
|
|
(7,370 |
) |
|
$ |
(98,659 |
) |
|
$ |
858,077 |
|
|
$ |
800,841 |
|
|
$ |
(24,790 |
) |
|
$ |
1,535,579 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,814 |
) |
|
|
— |
|
|
|
(5,814 |
) |
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,271 |
) |
|
|
(7,271 |
) |
Issuance of common stock for performance-based restricted stock units |
|
|
337 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock for restricted stock units |
|
|
21 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,240 |
|
|
|
— |
|
|
|
— |
|
|
|
5,240 |
|
Balance, April 3, 2023 |
|
|
109,956 |
|
|
$ |
110 |
|
|
|
(7,370 |
) |
|
$ |
(98,659 |
) |
|
$ |
863,317 |
|
|
$ |
795,027 |
|
|
$ |
(32,061 |
) |
|
$ |
1,527,734 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,824 |
|
|
|
— |
|
|
|
6,824 |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,630 |
|
|
|
4,630 |
|
Issuance of common stock for restricted stock units |
|
|
1,284 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
(1 | ) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,121 |
|
|
|
— |
|
|
|
— |
|
|
|
5,121 |
|
Balance, July 3, 2023 |
|
|
111,240 |
|
|
$ |
111 |
|
|
|
(7,370 | ) |
|
$ |
(98,659 | ) |
|
$ |
868,437 |
|
|
$ |
801,851 |
|
|
$ |
(27,431 | ) |
|
$ |
1,544,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
— |
|
|
|
— |
|
|