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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
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91-1033443
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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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
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.001 par value
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TTMI
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Nasdaq Global Select Market
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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
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☑
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
|
☐
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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
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Page
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PART I: FINANCIAL INFORMATION
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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
|
|
|
|
—
|
|
|
|
—
|
|
|
|
|