Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

August 10, 2023

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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)

 

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

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

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

 

 

As of

 

 

 

July 3,

 

 

January 2,

 

 

 

2023

 

 

2023

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

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)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

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

 

 

 

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

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

July 3,

 

 

July 4,

 

 

July 3,

 

 

July 4,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

546,509

 

 

$

625,550

 

 

$

1,090,946

 

 

$

1,206,810

 

Cost of goods sold

 

 

448,002

 

 

 

508,477

 

 

 

906,316

 

 

 

998,814

 

Gross profit

 

 

98,507

 

 

 

117,073

 

 

 

184,630

 

 

 

207,996

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

18,180

 

 

 

17,557

 

 

 

39,482

 

 

 

35,829

 

General and administrative

 

 

37,840

 

 

 

48,350

 

 

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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