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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 September 30, 2019
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 1, 2019: 105,493,763
TABLE OF CONTENTS
|
|
Page
|
PART I: FINANCIAL INFORMATION
|
|
3
|
Item 1. Financial Statements (unaudited)
|
|
3
|
Consolidated Condensed Balance Sheets as of September 30, 2019 and December 31, 2018
|
|
3
|
Consolidated Condensed Statements of Operations for the quarter and three quarters ended September 30, 2019 and October 1, 2018
|
|
4
|
Consolidated Condensed Statements of Comprehensive Income (Loss) for the quarter and three quarters ended September 30, 2019 and October 1, 2018
|
|
5
|
Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended September 30, 2019 and October 1, 2018
|
|
6
|
Consolidated Condensed Statements of Cash Flows for the three quarters ended September 30, 2019 and October 1, 2018
|
|
8
|
Notes to Consolidated Condensed Financial Statements
|
|
9
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
26
|
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
|
31
|
Item 4. Controls and Procedures
|
|
33
|
PART II: OTHER INFORMATION
|
|
34
|
Item 1. Legal Proceedings
|
|
34
|
Item 1A. Risk Factors
|
|
34
|
Item 6. Exhibits
|
|
53
|
SIGNATURES
|
|
54
|
2
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
TTM TECHNOLOGIES, INC.
Consolidated Condensed Balance Sheets
|
|
As of
|
|
|
As of
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands, except par value)
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
316,589
|
|
|
$
|
256,360
|
|
Accounts receivable, net
|
|
|
529,942
|
|
|
|
523,165
|
|
Contract assets
|
|
|
268,542
|
|
|
|
287,741
|
|
Inventories
|
|
|
126,324
|
|
|
|
109,377
|
|
Prepaid expenses and other current assets
|
|
|
36,438
|
|
|
|
30,271
|
|
Total current assets
|
|
|
1,277,835
|
|
|
|
1,206,914
|
|
Property, plant and equipment, net
|
|
|
1,027,868
|
|
|
|
1,052,024
|
|
Operating lease right-of-use assets
|
|
|
23,670
|
|
|
|
—
|
|
Goodwill
|
|
|
767,045
|
|
|
|
767,045
|
|
Definite-lived intangibles, net
|
|
|
334,116
|
|
|
|
375,923
|
|
Deposits and other non-current assets
|
|
|
67,824
|
|
|
|
55,597
|
|
|
|
$
|
3,498,358
|
|
|
$
|
3,457,503
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Short-term debt, including current portion of long-term debt
|
|
$
|
—
|
|
|
$
|
30,000
|
|
Accounts payable
|
|
|
470,233
|
|
|
|
431,288
|
|
Contract liabilities
|
|
|
2,747
|
|
|
|
3,220
|
|
Accrued salaries, wages and benefits
|
|
|
82,576
|
|
|
|
94,950
|
|
Other
|
|
|
111,117
|
|
|
|
113,756
|
|
Total current liabilities
|
|
|
666,673
|
|
|
|
673,214
|
|
Long-term debt, net of discount and issuance costs
|
|
|
1,472,578
|
|
|
|
1,462,425
|
|
Operating lease liabilities
|
|
|
16,727
|
|
|
|
—
|
|
Other long-term liabilities
|
|
|
95,027
|
|
|
|
94,777
|
|
Total long-term liabilities
|
|
|
1,584,332
|
|
|
|
1,557,202
|
|
Commitments and contingencies (Note 14)
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value; 300,000 shares authorized,
105,493 and 103,687 shares issued and outstanding at
September 30, 2019 and December 31, 2018, respectively
|
|
|
105
|
|
|
|
104
|
|
Additional paid-in capital
|
|
|
810,083
|
|
|
|
797,895
|
|
Retained earnings
|
|
|
449,050
|
|
|
|
433,008
|
|
Accumulated other comprehensive loss
|
|
|
(11,885
|
)
|
|
|
(3,920
|
)
|
Total stockholders’ equity
|
|
|
1,247,353
|
|
|
|
1,227,087
|
|
|
|
$
|
3,498,358
|
|
|
$
|
3,457,503
|
|
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, 2019 and October 1, 2018
|
|
Quarter Ended
|
|
|
Three Quarters Ended
|
|
|
|
September 30,
|
|
|
October 1,
|
|
|
September 30,
|
|
|
October 1,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands, except per share data)
|
|
Net sales
|
|
$
|
716,817
|
|
|
$
|
755,837
|
|
|
$
|
1,970,055
|
|
|
$
|
2,136,306
|
|
Cost of goods sold
|
|
|
612,983
|
|
|
|
626,253
|
|
|
|
1,692,921
|
|
|
|
1,801,904
|
|
Gross profit
|
|
|
103,834
|
|
|
|
129,584
|
|
|
|
277,134
|
|
|
|
334,402
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and marketing
|
|
|
18,400
|
|
|
|
18,533
|
|
|
|
55,168
|
|
|
|
54,780
|
|
General and administrative
|
|
|
38,898
|
|
|
|
39,892
|
|
|
|
113,003
|
|
|
|
121,378
|
|
Amortization of definite-lived intangibles
|
|
|
10,175
|
|
|
|
16,609
|
|
|
|
38,268
|
|
|
|
41,959
|
|
Total operating expenses
|
|
|
67,473
|
|
|
|
75,034
|
|
|
|
206,439
|
|
|
|
218,117
|
|
Operating income
|
|
|
36,361
|
|
|
|
54,550
|
|
|
|
70,695
|
|
|
|
116,285
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(20,568
|
)
|
|
|
(22,225
|
)
|
|
|
(63,127
|
)
|
|
|
(56,425
|
)
|
Other, net
|
|
|
8,126
|
|
|
|
2,213
|
|
|
|
12,217
|
|
|
|
7,284
|
|
Total other expense, net
|
|
|
(12,442
|
)
|
|
|
(20,012
|
)
|
|
|
(50,910
|
)
|
|
|
(49,141
|
)
|
Income before income taxes
|
|
|
23,919
|
|
|
|
34,538
|
|
|
|
19,785
|
|
|
|
67,144
|
|
Income tax (provision) benefit
|
|
|
(8,049
|
)
|
|
|
(7,537
|
)
|
|
|
(3,743
|
)
|
|
|
53,958
|
|
Net income
|
|
$
|
15,870
|
|
|
$
|
27,001
|
|
|
$
|
16,042
|
|
|
$
|
121,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
$
|
0.15
|
|
|
$
|
0.26
|
|
|
$
|
0.15
|
|
|
$
|
1.17
|
|
Diluted earnings per share
|
|
$
|
0.14
|
|
|
$
|
0.22
|
|
|
$
|
0.15
|
|
|
$
|
0.98
|
|
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, 2019 and October 1, 2018
|
|
Quarter Ended
|
|
|
Three Quarters Ended
|
|
|
|
September 30,
|
|
|
October 1,
|
|
|
September 30,
|
|
|
October 1,
|
|
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands)
|
|
Net income
|
|
$
|
15,870
|
|
|
$
|
27,001
|
|
|
$
|
16,042
|
|
|
$
|
121,102
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments, net
|
|
|
(954
|
)
|
|
|
(1,248
|
)
|
|
|
(925
|
)
|
|
|
(2,327
|
)
|
Pension obligation adjustments, net
|
|
|
(23
|
)
|
|
|
—
|
|
|
|
(4
|
)
|
|
|
—
|
|
Net unrealized (losses) gains on cash flow hedges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on effective cash flow hedges during
the period, net
|
|
|
(1,833
|
)
|
|
|
1,641
|
|
|
|
(8,164
|
)
|
|
|
(104
|
)
|
Loss realized in the statement of operations
|
|
|
554
|
|
|
|
764
|
|
|
|
1,128
|
|
|
|
1,147
|
|
Net
|
|
|
(1,279
|
)
|
|
|
2,405
|
|
|
|
(7,036
|
)
|
|
|
1,043
|
|
Other comprehensive (loss) income, net of tax
|
|
|
(2,256
|
)
|
|
|
1,157
|
|
|
|
(7,965
|
)
|
|
|
(1,284
|
)
|
Comprehensive income, net of tax
|
|
$
|
13,614
|
|
|
$
|
28,158
|
|
|
$
|
8,077
|
|
|
$
|
119,818
|
|
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, 2019
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Retained
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Total
Stockholders'
|
|
|
|
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
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,424
|
|
|
|
—
|
|
|
|
3,424
|
|
Other comprehensive loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,808
|
)
|
|
|
(4,808
|
)
|
Issuance of common stock for
restricted stock units
|
|
|
70
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
3,602
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,602
|
|
Balance, July 1, 2019
|
|
|
105,491
|
|
|
$
|
105
|
|
|
$
|
805,421
|
|
|
$
|
433,180
|
|
|
$
|
(9,629
|
)
|
|
$
|
1,229,077
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
15,870
|
|
|
|
—
|
|
|
|
15,870
|
|
Other comprehensive loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,256
|
)
|
|
|
(2,256
|
)
|
Issuance of common stock for
restricted stock units
|
|
|
2
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
4,662
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,662
|
|
Balance, September 30, 2019
|
|
|
105,493
|
|
|
$
|
105
|
|
|
$
|
810,083
|
|
|
$
|
449,050
|
|
|
$
|
(11,885
|
)
|
|
$
|
1,247,353
|
|
See accompanying notes to consolidated condensed financial statements.
6
TTM TECHNOLOGIES, INC.
Consolidated Condensed Statements of Stockholders’ Equity
For the Three Quarters Ended October 1, 2018
|
|
Common Stock
|
|
|
Additional
Paid-In
|
|
|
Retained
|
|
|
Accumulated
Other
Comprehensive
|
|
|
Total
Stockholders'
|
|
|
|
Shares
|
|
|
Amount
|
|
|
Capital
|
|
|
Earnings
|
|
|
Income
|
|
|
Equity
|
|
|
|
(Unaudited)
|
|
|
|
(In thousands)
|
|
Balance, January 1, 2018
|
|
|
101,820
|
|
|
$
|
102
|
|
|
$
|
777,025
|
|
|
$
|
230,850
|
|
|
$
|
3,403
|
|
|
$
|
1,011,380
|
|
New revenue standard adjustment
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
28,574
|
|
|
|
—
|
|
|
|
28,574
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
10,097
|
|
|
|
—
|
|
|
|
10,097
|
|
Other comprehensive income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
657
|
|
|
|
657
|
|
Issuance of common stock for
performance-based
restricted stock units
|
|
|
521
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Issuance of common stock for
restricted stock units
|
|
|
1,104
|
|
|
|
1
|
|
|
|
(1
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
Stock-based compensation
|
|
|
—
|
|
|
|
—
|
|
|
|
3,622
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,622
|
|
Balance, April 2, 2018
|
|
|
103,445
|
|
|
$
|
103
|
|
|
$
|
780,646
|
|
|
$
|
269,521
|
|
|
$
|
4,060
|
|
|
$
|
1,054,330
|
|
Net income
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
84,004
|
|
|
|
—
|
|
|
|
84,004
|
|
Other comprehensive loss
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(3,098
|
)
|
|
|
(3,098
|
)
|
Exercise of stock options
|
|
|
20
|
|
|
|
—
|
|
|
|
|