Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 5, 2024

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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 September 30, 2024

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 November 1, 2024, there were outstanding 101,969,460 shares of the registrant’s Common Stock, $0.001 par value.

 


 

TTM TECHNOLOGIES, INC.

Form 10-Q

For the Quarter Ended September 30, 2024

TABLE OF CONTENTS

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of September 30, 2024 and January 1, 2024

 

3

Consolidated Condensed Statements of Operations for the quarter and three quarters ended September 30, 2024 and October 2, 2023

 

4

Consolidated Condensed Statements of Comprehensive Income (Loss) for the quarter and three quarters ended September 30, 2024 and October 2, 2023

 

5

Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended September 30, 2024 and October 2, 2023

 

6

Consolidated Condensed Statements of Cash Flows for the three quarters ended September 30, 2024 and October 2, 2023

 

7

Notes to Consolidated Condensed Financial Statements

 

8

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

 

19

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

25

Item 4. Controls and Procedures

 

26

PART II: OTHER INFORMATION

 

27

Item 1. Legal Proceedings

 

27

Item 1A. Risk Factors

 

27

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

27

Item 3. Defaults Upon Senior Securities

 

27

Item 4. Mine Safety Disclosures

 

27

Item 5. Other Information

 

27

Item 6. Exhibits

 

29

SIGNATURES

 

30

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of September 30, 2024 and January 1, 2024

 

 

As of

 

 

 

September 30, 2024

 

 

January 1, 2024

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

469,500

 

 

$

450,208

 

Accounts receivable, net

 

 

422,885

 

 

 

413,557

 

Contract assets

 

 

362,668

 

 

 

292,050

 

Inventories

 

 

227,913

 

 

 

213,075

 

Receivable from sale of Shanghai E-MS (SH E-MS) property

 

 

 

 

 

6,737

 

Prepaid expenses and other current assets

 

 

41,861

 

 

 

54,060

 

Total current assets

 

 

1,524,827

 

 

 

1,429,687

 

Property, plant, and equipment, net

 

 

859,247

 

 

 

807,667

 

Operating lease right-of-use assets

 

 

79,500

 

 

 

86,286

 

Goodwill

 

 

702,735

 

 

 

702,735

 

Definite-lived intangibles, net

 

 

201,069

 

 

 

236,711

 

Deposits and other non-current assets

 

 

51,440

 

 

 

60,577

 

Total assets

 

$

3,418,818

 

 

$

3,323,663

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

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

 

$

3,465

 

 

$

3,500

 

Accounts payable

 

 

387,071

 

 

 

334,609

 

Contract liabilities

 

 

138,368

 

 

 

126,508

 

Accrued salaries, wages, and benefits

 

 

112,616

 

 

 

98,561

 

Other current liabilities

 

 

121,730

 

 

 

140,806

 

Total current liabilities

 

 

763,250

 

 

 

703,984

 

Long-term debt, net of discount and issuance costs

 

 

912,809

 

 

 

914,336

 

Operating lease liabilities

 

 

84,291

 

 

 

80,786

 

Other long-term liabilities

 

 

111,359

 

 

 

113,518

 

Total long-term liabilities

 

 

1,108,459

 

 

 

1,108,640

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized; 113,132 and 111,282
   shares issued as of September 30, 2024 and January 1, 2024, respectively;
   
101,968 and 102,108 shares outstanding as of September 30, 2024 and
   January 1, 2024, respectively

 

 

113

 

 

 

111

 

Treasury stock – common stock at cost; 11,164 and 9,174 shares as of
   September 30, 2024 and January 1, 2024, respectively

 

 

(157,570

)

 

 

(123,091

)

Additional paid-in capital

 

 

902,658

 

 

 

880,963

 

Retained earnings

 

 

833,252

 

 

 

782,123

 

Accumulated other comprehensive loss

 

 

(31,344

)

 

 

(29,067

)

Total stockholders’ equity

 

 

1,547,109

 

 

 

1,511,039

 

Total liabilities and stockholders' equity

 

$

3,418,818

 

 

$

3,323,663

 

 

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, 2024 and October 2, 2023

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 30, 2024

 

 

October 2, 2023

 

 

September 30, 2024

 

 

October 2, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

616,538

 

 

$

572,582

 

 

$

1,791,788

 

 

$

1,663,528

 

Cost of goods sold

 

 

486,650

 

 

 

459,312

 

 

 

1,440,954

 

 

 

1,365,628

 

Gross profit

 

 

129,888

 

 

 

113,270

 

 

 

350,834

 

 

 

297,900

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

19,961

 

 

 

18,763

 

 

 

60,053

 

 

 

58,245

 

General and administrative

 

 

42,567

 

 

 

38,916

 

 

 

124,841

 

 

 

111,829

 

Research and development

 

 

8,054

 

 

 

6,173

 

 

 

23,922

 

 

 

19,682

 

Amortization of definite-lived intangibles

 

 

6,951

 

 

 

11,429

 

 

 

28,636

 

 

 

37,245

 

Impairment of goodwill

 

 

 

 

 

44,100

 

 

 

 

 

 

44,100

 

Restructuring charges

 

 

1,393

 

 

 

4,091

 

 

 

6,367

 

 

 

19,061

 

Total operating expenses

 

 

78,926

 

 

 

123,472

 

 

 

243,819

 

 

 

290,162

 

Operating income (loss)

 

 

50,962

 

 

 

(10,202

)

 

 

107,015

 

 

 

7,738

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(11,768

)

 

 

(10,101

)

 

 

(36,311

)

 

 

(34,751

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(1,154

)

Gain on sale of subsidiary

 

 

 

 

 

 

 

 

 

 

 

1,270

 

Other, net

 

 

(14,177

)

 

 

3,044

 

 

 

(1,086

)

 

 

9,310

 

Total other expense, net

 

 

(25,945

)

 

 

(7,057

)

 

 

(37,397

)

 

 

(25,325

)

Income (loss) before income taxes

 

 

25,017

 

 

 

(17,259

)

 

 

69,618

 

 

 

(17,587

)

Income tax provision

 

 

(10,706

)

 

 

(19,807

)

 

 

(18,489

)

 

 

(18,469

)

Net income (loss)

 

$

14,311

 

 

$

(37,066

)

 

$

51,129

 

 

$

(36,056

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.14

 

 

$

(0.36

)

 

$

0.50

 

 

$

(0.35

)

Diluted earnings (loss) per share

 

 

0.14

 

 

 

(0.36

)

 

 

0.49

 

 

 

(0.35

)

 

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, 2024 and October 2, 2023

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 30, 2024

 

 

October 2, 2023

 

 

September 30, 2024

 

 

October 2, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income (loss)

 

$

14,311

 

 

$

(37,066

)

 

$

51,129

 

 

$

(36,056

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net

 

 

325

 

 

 

(52

)

 

 

(533

)

 

 

(485

)

Derecognition of foreign currency translation
   adjustments due to sale of subsidiary

 

 

 

 

 

 

 

 

 

 

 

(6,627

)

Net unrealized (loss) gain on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(3,905

)

 

 

3,010

 

 

 

835

 

 

 

8,150

 

Amounts realized in the statement of
    operations, net

 

 

(851

)

 

 

(837

)

 

 

(2,579

)

 

 

(1,558

)

Net

 

 

(4,756

)

 

 

2,173

 

 

 

(1,744

)

 

 

6,592

 

Other comprehensive (loss) income, net of tax

 

 

(4,431

)

 

 

2,121

 

 

 

(2,277

)

 

 

(520

)

Comprehensive income (loss), net of tax

 

$

9,880

 

 

$

(34,945

)

 

$

48,852

 

 

$

(36,576

)

 

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, 2024 and October 2, 2023

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Retained

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, January 1, 2024

 

 

111,282

 

 

$

111

 

 

 

(9,174

)

 

$

(123,091

)

 

$

880,963

 

 

$

782,123

 

 

$

(29,067

)

 

$

1,511,039

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10,466

 

 

 

 

 

 

10,466

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,150

 

 

 

2,150

 

Issuance of common stock for
   performance-based
   restricted stock units

 

 

227

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Issuance of common stock for
   restricted stock units

 

 

41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(600

)

 

 

(9,334

)

 

 

 

 

 

 

 

 

 

 

 

(9,334

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,787

 

 

 

 

 

 

 

 

 

6,787

 

Balance, April 1, 2024

 

 

111,550

 

 

$

112

 

 

 

(9,774

)

 

$

(132,425

)

 

$

887,749

 

 

$

792,589

 

 

$

(26,917

)

 

$

1,521,108

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

26,352

 

 

 

 

 

 

26,352

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4

 

 

 

4

 

Issuance of common stock for
   restricted stock units

 

 

1,559

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(1,390

)

 

 

(25,145

)

 

 

 

 

 

 

 

 

 

 

 

(25,145

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,580

 

 

 

 

 

 

 

 

 

6,580

 

Balance, July 1, 2024

 

 

113,109

 

 

$

113

 

 

 

(11,164

)

 

$

(157,570

)

 

$

894,328

 

 

$

818,941

 

 

$

(26,913

)

 

$

1,528,899

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,311

 

 

 

 

 

 

14,311

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,431

)

 

 

(4,431

)

Issuance of common stock for
   restricted stock units

 

 

23

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,330

 

 

 

 

 

 

 

 

 

8,330

 

Balance, September 30, 2024

 

 

113,132

 

 

$

113

 

 

 

(11,164

)

 

$

(157,570

)

 

$

902,658

 

 

$

833,252

 

 

$

(31,344

)

 

$

1,547,109

 

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional
Paid-In

 

 

Retained

 

 

Accumulated
Other
Comprehensive

 

 

Total
Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

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

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,066

)

 

 

 

 

 

(37,066

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,121

 

 

 

2,121

 

Issuance of common stock for
   restricted stock units

 

 

10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(1,020

)

 

 

(14,617

)

 

 

 

 

 

 

 

 

 

 

 

(14,617

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,367

 

 

 

 

 

 

 

 

 

6,367

 

Balance, October 2, 2023

 

 

111,250

 

 

$

111

 

 

 

(8,390

)

 

$

(113,276

)

 

$

874,804

 

 

$

764,785

 

 

$

(25,310

)

 

$

1,501,114

 

 

See accompanying notes to consolidated condensed financial statements.

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Cash Flows

For the Three Quarters Ended September 30, 2024 and October 2, 2023

 

 

 

Three Quarters Ended

 

 

 

September 30, 2024

 

 

October 2, 2023

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Cash flows from operating activities:

 

 

 

 

 

 

Net income (loss)

 

$

51,129

 

 

$

(36,056

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

 

Depreciation of property, plant, and equipment

 

 

78,709

 

 

 

74,060

 

Amortization of definite-lived intangible assets

 

 

35,642

 

 

 

47,811

 

Amortization of debt discount and issuance costs

 

 

1,517

 

 

 

1,726

 

Loss on extinguishment of debt

 

 

 

 

 

1,154

 

Deferred income taxes

 

 

(1,180

)

 

 

1,177

 

Stock-based compensation

 

 

21,697

 

 

 

16,728

 

Gain on sale of subsidiary

 

 

 

 

 

(1,270

)

Impairment of goodwill

 

 

 

 

 

44,100

 

Other

 

 

2,194

 

 

 

(633

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable, net

 

 

(9,328

)

 

 

72,591

 

Contract assets

 

 

(70,618

)

 

 

30,360

 

Inventories

 

 

(14,838

)

 

 

(38,493

)

Prepaid expenses and other current assets

 

 

(2,236

)

 

 

81

 

Accounts payable

 

 

34,698

 

 

 

(26,788

)

Contract liabilities

 

 

11,860

 

 

 

(1,745

)

Accrued salaries, wages, and benefits

 

 

14,055

 

 

 

(20,955

)

Other current liabilities

 

 

(2,461

)

 

 

(24,034

)

Net cash provided by operating activities

 

 

150,840

 

 

 

139,814

 

Cash flows from investing activities:

 

 

 

 

 

 

Proceeds from sale of SH E-MS property

 

 

6,737

 

 

 

61,769

 

Purchase of property, plant, and equipment and other assets

 

 

(129,709

)

 

 

(114,167

)

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

 

 

29,599

 

 

 

384

 

Proceeds from sale of subsidiary, net of cash disposed

 

 

 

 

 

6,039

 

Other

 

 

(76

)

 

 

(101

)

Net cash used in investing activities

 

 

(93,449

)

 

 

(46,076

)

Cash flows from financing activities:

 

 

 

 

 

 

Repurchases of common stock

 

 

(34,479

)

 

 

(14,617

)

Repayment of long-term debt

 

 

(8,730