Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

November 5, 2020

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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 28, 2020

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 2, 2020: 106,741,736

 

 

 

 

 


TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of September 28, 2020 and December 30, 2019

 

3

Consolidated Condensed Statements of Operations for the quarter and three quarters ended September 28, 2020 and
September 30, 2019

 

4

Consolidated Condensed Statements of Comprehensive (Loss) Income for the quarter and three quarters ended
September 28, 2020 and September 30, 2019

 

5

Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended September 28, 2020 and
September 30, 2019

 

6

Consolidated Condensed Statements of Cash Flows for the three quarters ended September 28, 2020 and
September 30, 2019

 

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

 

32

Item 4. Controls and Procedures

 

34

PART II: OTHER INFORMATION

 

35

Item 1. Legal Proceedings

 

35

Item 1A. Risk Factors

 

35

Item 6. Exhibits

 

51

SIGNATURES

 

52

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of September 28, 2020 and December 30, 2019

 

 

 

As of

 

 

 

September 28,

 

 

December 30,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

413,310

 

 

$

379,818

 

Restricted cash

 

 

249,975

 

 

 

 

Accounts receivable, net

 

 

374,971

 

 

 

503,598

 

Contract assets

 

 

281,663

 

 

 

254,600

 

Inventories

 

 

127,588

 

 

 

113,753

 

Current assets held for sale

 

 

 

 

 

67,572

 

Prepaid expenses and other current assets

 

 

38,670

 

 

 

23,343

 

Total current assets

 

 

1,486,177

 

 

 

1,342,684

 

Property, plant and equipment, net

 

 

654,837

 

 

 

678,201

 

Operating lease right-of-use assets

 

 

22,993

 

 

 

22,173

 

Goodwill

 

 

637,324

 

 

 

706,524

 

Definite-lived intangibles, net

 

 

292,280

 

 

 

325,680

 

Non-current assets held for sale

 

 

 

 

 

425,597

 

Deposits and other non-current assets

 

 

54,803

 

 

 

60,074

 

Total assets

 

$

3,148,414

 

 

$

3,560,933

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

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

 

$

249,975

 

 

$

249,975

 

Accounts payable

 

 

341,505

 

 

 

329,866

 

Contract liabilities

 

 

2,999

 

 

 

3,838

 

Accrued salaries, wages and benefits

 

 

77,525

 

 

 

85,114

 

Current liabilities held for sale

 

 

 

 

 

185,391

 

Other current liabilities

 

 

115,318

 

 

 

92,482

 

Total current liabilities

 

 

787,322

 

 

 

946,666

 

Long-term debt, net of discount and issuance costs

 

 

840,023

 

 

 

1,225,962

 

Operating lease liabilities

 

 

15,885

 

 

 

15,413

 

Non-current liabilities held for sale

 

 

 

 

 

1,530

 

Other long-term liabilities

 

 

105,881

 

 

 

92,325

 

Total long-term liabilities

 

 

961,789

 

 

 

1,335,230

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized, 106,742 and 105,510

   shares issued and outstanding as of September 28, 2020 and December 30, 2019,

   respectively

 

 

107

 

 

 

106

 

Additional paid-in capital

 

 

826,859

 

 

 

814,708

 

Retained earnings

 

 

612,884

 

 

 

474,309

 

Accumulated other comprehensive loss

 

 

(40,547

)

 

 

(10,086

)

Total stockholders’ equity

 

 

1,399,303

 

 

 

1,279,037

 

Total liabilities and stockholders' equity

 

$

3,148,414

 

 

$

3,560,933

 

 

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 28, 2020 and September 30, 2019

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 28,

 

 

September 30,

 

 

September 28,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

513,576

 

 

$

534,173

 

 

$

1,581,520

 

 

$

1,597,495

 

Cost of goods sold

 

 

424,298

 

 

 

448,915

 

 

 

1,310,470

 

 

 

1,320,563

 

Gross profit

 

 

89,278

 

 

 

85,258

 

 

 

271,050

 

 

 

276,932

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

15,895

 

 

 

17,153

 

 

 

48,033

 

 

 

51,611

 

General and administrative

 

 

29,086

 

 

 

33,116

 

 

 

110,476

 

 

 

95,267

 

Research and development

 

 

5,223

 

 

 

4,358

 

 

 

15,166

 

 

 

13,570

 

Amortization of definite-lived intangibles

 

 

10,126

 

 

 

9,500

 

 

 

29,249

 

 

 

36,245

 

Impairment of goodwill

 

 

69,200

 

 

 

 

 

 

69,200

 

 

 

 

Total operating expenses

 

 

129,530

 

 

 

64,127

 

 

 

272,124

 

 

 

196,693

 

Operating (loss) income

 

 

(40,252

)

 

 

21,131

 

 

 

(1,074

)

 

 

80,239

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(20,204

)

 

 

(20,423

)

 

 

(58,557

)

 

 

(62,111

)

Other, net

 

 

(2,316

)

 

 

5,875

 

 

 

641

 

 

 

8,525

 

Total other expense, net

 

 

(22,520

)

 

 

(14,548

)

 

 

(57,916

)

 

 

(53,586

)

(Loss) income from continuing operations before income taxes

 

 

(62,772

)

 

 

6,583

 

 

 

(58,990

)

 

 

26,653

 

Income tax benefit (provision)

 

 

1,300

 

 

 

(4,190

)

 

 

3,644

 

 

 

(5,529

)

Net (loss) income from continuing operations

 

 

(61,472

)

 

 

2,393

 

 

 

(55,346

)

 

 

21,124

 

Income (loss) from discontinued operations, net of income taxes

 

 

20,021

 

 

 

13,477

 

 

 

193,921

 

 

 

(5,082

)

Net (loss) income

 

$

(41,451

)

 

$

15,870

 

 

$

138,575

 

 

$

16,042

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per share from continuing operations

 

$

(0.58

)

 

$

0.02

 

 

$

(0.52

)

 

$

0.20

 

Basic earnings (loss) per share from discontinued operations

 

 

0.19

 

 

 

0.13

 

 

 

1.83

 

 

 

(0.05

)

Basic (loss) earnings per share

 

$

(0.39

)

 

$

0.15

 

 

$

1.31

 

 

$

0.15

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted (loss) earnings per share from continuing operations

 

$

(0.58

)

 

$

0.02

 

 

$

(0.52

)

 

$

0.20

 

Diluted earnings (loss) per share from discontinued operations

 

 

0.19

 

 

 

0.13

 

 

 

1.83

 

 

 

(0.05

)

Diluted (loss) earnings per share

 

$

(0.39

)

 

$

0.15

 

 

$

1.31

 

 

$

0.15

 

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive (Loss) Income

For the Quarter and Three Quarters Ended September 28, 2020 and September 30, 2019

 

 

 

Quarter Ended

 

 

Three Quarters Ended

 

 

 

September 28,

 

 

September 30,

 

 

September 28,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net (loss) income

 

$

(41,451

)

 

$

15,870

 

 

$

138,575

 

 

$

16,042

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligation adjustments, net

 

 

(17

)

 

 

(23

)

 

 

4

 

 

 

(4

)

Reclassification adjustment for foreign currency translation

 

 

(346

)

 

 

 

 

 

(346

)

 

 

 

Derecognition of foreign currency translation adjustments

     due to sale of Mobility business unit

 

 

 

 

 

 

 

 

(27,341

)

 

 

 

Foreign currency translation adjustments, net

 

 

1,049

 

 

 

(954

)

 

 

778

 

 

 

(925

)

Derecognition of unrealized losses on cash flow hedge

     due to sale of Mobility business unit

 

 

 

 

 

 

 

 

384

 

 

 

 

Net unrealized losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on effective cash flow hedges during

     the period, net

 

 

(655

)

 

 

(1,833

)

 

 

(8,667

)

 

 

(8,164

)

Loss realized in the statement of operations, net

 

 

2,098

 

 

 

554

 

 

 

4,727

 

 

 

1,128

 

Net

 

 

1,443

 

 

 

(1,279

)

 

 

(3,940

)

 

 

(7,036

)

Other comprehensive income (loss), net of tax

 

 

2,129

 

 

 

(2,256

)

 

 

(30,461

)

 

 

(7,965

)

Comprehensive (loss) income, net of tax

 

$

(39,322

)

 

$

13,614

 

 

$

108,114

 

 

$

8,077

 

 

See accompanying notes to consolidated condensed financial statements.

5


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Three Quarters Ended September 28, 2020

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Loss

 

 

Equity

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Balance, December 30, 2019

 

 

105,510

 

 

$

106

 

 

$

814,708

 

 

$

474,309

 

 

$

(10,086

)

 

$

1,279,037

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(1,174

)

 

 

 

 

 

(1,174

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,498

)

 

 

(5,498

)

Issuance of common stock for

   performance-based

   restricted stock units

 

 

187

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for

   restricted stock units

 

 

520

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,835

 

 

 

 

 

 

 

 

 

4,835

 

Balance, March 30, 2020

 

 

106,217

 

 

$

106

 

 

$

819,543

 

 

$

473,135

 

 

$

(15,584

)

 

$

1,277,200

 

Net income

 

 

 

 

 

 

 

 

 

 

 

181,200

 

 

 

 

 

 

181,200

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,092

)

 

 

(27,092

)

Issuance of common stock for

   restricted stock units

 

 

484

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

2,647

 

 

 

 

 

 

 

 

 

2,647

 

Balance, June 29, 2020

 

 

106,701

 

 

$

107

 

 

$

822,189

 

 

$

654,335

 

 

$

(42,676

)

 

$

1,433,955

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(41,451

)

 

 

 

 

 

(41,451

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,129

 

 

 

2,129

 

Exercise of stock options

 

 

20

 

 

 

 

 

 

191

 

 

 

 

 

 

 

 

 

191

 

Issuance of common stock for

   restricted stock units

 

 

21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,479

 

 

 

 

 

 

 

 

 

4,479

 

Balance, September 28, 2020

 

 

106,742

 

 

$

107

 

 

$

826,859

 

 

$

612,884

 

 

$

(40,547

)

 

$

1,399,303

 

 

See accompanying notes to consolidated condensed financial statements.


6


 

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'