Form: 10-Q

Quarterly report pursuant to Section 13 or 15(d)

May 11, 2022

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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 April 4, 2022

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 May 9, 2022: 101,012,236

 

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of April 4, 2022 and January 3, 2022

 

3

Consolidated Condensed Statements of Operations for the quarters ended April 4, 2022 and March 29, 2021

 

4

Consolidated Condensed Statements of Comprehensive Income (Loss) for the quarters ended April 4, 2022 and March 29, 2021

 

5

Consolidated Condensed Statements of Stockholders' Equity for the quarters ended April 4, 2022 and
March 29, 2021

 

6

Consolidated Condensed Statements of Cash Flows for the quarters ended April 4, 2022 and March 29, 2021

 

7

Notes to Consolidated Condensed Financial Statements

 

8

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

 

20

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

25

Item 4. Controls and Procedures

 

27

PART II: OTHER INFORMATION

 

28

Item 1. Legal Proceedings

 

28

Item 1A. Risk Factors

 

28

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

 

44

Item 6. Exhibits

 

45

SIGNATURES

 

46

 

2


 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of April 4, 2022 and January 3, 2022

 

 

 

As of

 

 

 

April 4,

 

 

January 3,

 

 

 

2022

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

519,079

 

 

$

537,678

 

Accounts receivable, net

 

 

412,432

 

 

 

386,347

 

Contract assets

 

 

318,713

 

 

 

324,862

 

Inventories

 

 

137,343

 

 

 

127,612

 

Prepaid expenses and other current assets

 

 

46,616

 

 

 

30,914

 

Total current assets

 

 

1,434,183

 

 

 

1,407,413

 

Property, plant and equipment, net

 

 

663,394

 

 

 

665,755

 

Operating lease right-of-use assets

 

 

19,503

 

 

 

20,802

 

Goodwill

 

 

637,324

 

 

 

637,324

 

Definite-lived intangibles, net

 

 

230,260

 

 

 

239,918

 

Deposits and other non-current assets

 

 

59,484

 

 

 

54,335

 

Total assets

 

$

3,044,148

 

 

$

3,025,547

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

383,929

 

 

$

361,484

 

Contract liabilities

 

 

22,524

 

 

 

14,189

 

Accrued salaries, wages and benefits

 

 

88,992

 

 

 

89,446

 

Other current liabilities

 

 

91,121

 

 

 

93,029

 

Total current liabilities

 

 

586,566

 

 

 

558,148

 

Long-term debt, net of discount and issuance costs

 

 

928,210

 

 

 

927,818

 

Operating lease liabilities

 

 

13,917

 

 

 

15,252

 

Other long-term liabilities

 

 

67,626

 

 

 

68,912

 

Total long-term liabilities

 

 

1,009,753

 

 

 

1,011,982

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized; 108,383 and 108,194

   shares issued as of April 4, 2022 and January 3, 2022, respectively;

   101,387 and 103,533 shares outstanding as of April 4, 2022 and

   January 3, 2022, respectively

 

 

108

 

 

 

108

 

Treasury stock – common stock at cost; 6,996 and 4,661 shares as of April 4, 2022

   and January 3, 2022, respectively

 

 

(93,467

)

 

 

(63,807

)

Additional paid-in capital

 

 

842,788

 

 

 

840,113

 

Retained earnings

 

 

723,504

 

 

 

706,258

 

Accumulated other comprehensive loss

 

 

(25,104

)

 

 

(27,255

)

Total stockholders’ equity

 

 

1,447,829

 

 

 

1,455,417

 

Total liabilities and stockholders' equity

 

$

3,044,148

 

 

$

3,025,547

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarters Ended April 4, 2022 and March 29, 2021

 

 

 

Quarter Ended

 

 

 

April 4,

 

 

March 29,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

581,260

 

 

$

526,432

 

Cost of goods sold

 

 

490,337

 

 

 

444,832

 

Gross profit

 

 

90,923

 

 

 

81,600

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing

 

 

18,272

 

 

 

16,282

 

General and administrative

 

 

32,954

 

 

 

31,527

 

Research and development

 

 

5,555

 

 

 

4,470

 

Amortization of definite-lived intangibles

 

 

8,274

 

 

 

9,521

 

Total operating expenses

 

 

65,055

 

 

 

61,800

 

Operating income

 

 

25,868

 

 

 

19,800

 

Other (expense) income:

 

 

 

 

 

 

 

 

Interest expense

 

 

(11,361

)

 

 

(11,389

)

Loss on extinguishment of debt

 

 

 

 

 

(15,217

)

Other, net

 

 

1,970

 

 

 

2,507

 

Total other expense, net

 

 

(9,391

)

 

 

(24,099

)

Income (loss) before income taxes

 

 

16,477

 

 

 

(4,299

)

Income tax benefit

 

 

769

 

 

 

1,107

 

Net income (loss)

 

$

17,246

 

 

$

(3,192

)

 

 

 

 

 

 

 

 

 

Earnings (loss) per share:

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

0.17

 

 

$

(0.03

)

Diluted earnings (loss) per share

 

$

0.17

 

 

$

(0.03

)

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Income (Loss)

For the Quarters Ended April 4, 2022 and March 29, 2021

 

 

 

Quarter Ended

 

 

 

April 4,

 

 

March 29,

 

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income (loss)

 

$

17,246

 

 

$

(3,192

)

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net

 

 

(36

)

 

 

(3

)

Net unrealized gain on cash flow hedges:

 

 

 

 

 

 

 

 

Unrealized gain (loss) on effective cash flow hedges during

     the period, net

 

 

153

 

 

 

(263

)

Loss realized in the statement of operations, net

 

 

2,034

 

 

 

2,052

 

Net

 

 

2,187

 

 

 

1,789

 

Other comprehensive income, net of tax

 

 

2,151

 

 

 

1,786

 

Comprehensive income (loss), net of tax

 

$

19,397

 

 

$

(1,406

)

 

See accompanying notes to consolidated condensed financial statements.

5


 

 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Quarters Ended April 4, 2022 and March 29, 2021

 

 

 

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

 

 

 

 

 

 

 

 

(2,373

)

 

 

(30,232

)

 

 

 

 

 

 

 

 

 

 

 

(30,232

)

Fair value of warrants

   reclassified to

   warrant liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(987

)

 

 

 

 

 

 

 

 

(987

)

Issuance of stock

   from warrant exercises

 

 

 

 

 

 

 

 

38

 

 

 

572

 

 

 

(572

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,234

 

 

 

 

 

 

 

 

 

4,234

 

Balance, April 4, 2022

 

 

108,383

 

 

$

108

 

 

 

(6,996

)

 

$

(93,467

)

 

$

842,788

 

 

$

723,504

 

 

$

(25,104

)

 

$

1,447,829

 

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

(Loss) Income

 

 

Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance, December 28, 2020

 

 

106,770

 

 

$

107

 

 

$

830,971

 

 

$

651,844

 

 

$

(38,913

)

 

$

1,444,009

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(3,192

)

 

 

 

 

 

(3,192

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,786

 

 

 

1,786

 

Issuance of common stock for

   performance-based

   restricted stock units

 

 

135

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock for

   restricted stock units

 

 

203

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of warrants

   reclassified to

   warrant liabilities

 

 

 

 

 

 

 

 

(4,345

)

 

 

 

 

 

 

 

 

(4,345

)

Issuance of common stock

   from warrant exercises

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,209

 

 

 

 

 

 

 

 

 

4,209

 

Balance, March 29, 2021

 

 

107,113

 

 

$

107

 

 

$

830,835

 

 

$

648,652

 

 

$

(37,127

)

 

$

1,442,467

 

 

See accompanying notes to consolidated condensed financial statements.

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Cash Flows

For the Quarters Ended April 4, 2022 and March 29, 2021

 

 

 

 

Quarter Ended

 

 

April 4, 2022

 

 

March 29, 2021

 

 

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

17,246

 

 

$

(3,192

)

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

21,500

 

 

 

21,476

 

 

Amortization of definite-lived intangible assets

 

 

9,658

 

 

 

10,905

 

 

Amortization of debt discount and issuance costs

 

 

533

 

 

 

537

 

 

Loss on extinguishment of debt

 

 

 

 

 

15,217

 

 

Deferred income taxes

 

 

(3,298

)

 

 

683

 

 

Stock-based compensation

 

 

4,234

 

 

 

4,209

 

 

Other

 

 

(1,360

)

 

 

(534

)

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(26,085

)

 

 

14,337

 

 

Contract assets

 

 

6,149

 

 

 

1,554

 

 

Inventories

 

 

(9,731

)

 

 

(5,473

)

 

Prepaid expenses and other current assets

 

 

(15,848

)

 

 

(6,495

)

 

Accounts payable

 

 

24,112

 

 

 

10,885

 

 

Contract liabilities

 

 

8,335

 

 

 

(768

)

 

Accrued salaries, wages and benefits

 

 

(454

)

 

 

(15,067

)

 

Other current liabilities

 

 

1,000

 

 

 

(7,129

)

 

Net cash provided by operating activities

 

 

35,991

 

 

 

41,145

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Purchase of property, plant and equipment and other assets

 

 

(23,445

)

 

 

(21,797

)

 

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

 

 

25

 

 

 

831

 

 

Net cash used in investing activities

 

 

(23,420

)

 

 

(20,966

)

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

(30,232

)

 

 

 

 

Cash used to settle warrants

 

 

(887

)

 

 

 

 

Proceeds from long-term debt borrowing

 

 

 

 

 

500,000

 

 

Repayment of long-term debt borrowings

 

 

 

 

 

(425,838

)

 

Payment of debt issuance costs

 

 

 

 

 

(4,773

)

 

Other

 

 

 

 

 

(1,309

)

 

Net cash (used in) provided by financing activities

 

 

(31,119

)

 

 

68,080

 

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

(51

)

 

 

(176

)

 

Net (decrease) increase in cash and cash equivalents

 

 

(18,599

)

 

 

88,083

 

 

Cash and cash equivalents at beginning of period

 

 

537,678

 

 

 

451,565

 

 

Cash and cash equivalents at end of period

 

$

519,079

 

 

$

539,648

 

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

 

Cash paid, net for interest

 

$

17,563

 

 

$

15,244

 

 

Cash paid, net for income taxes

 

 

3,259

 

 

 

713

 

 

Supplemental disclosure of noncash investing and financing activities:

 

 

 

 

 

 

 

 

 

Property, plant and equipment recorded in accounts payable

 

$

31,656

 

 

$

28,960

 

 

Issuance of common stock for warrant settlement

 

 

589

 

 

 

68

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to consolidated condensed financial statements.

 

7


 

 

TTM TECHNOLOGIES, INC.

Notes to Consolidated Condensed Financial Statements

(Unaudited)

(Dollars and shares in thousands, except per share data)

(1) Nature of Operations and Basis of Presentation

TTM Technologies, Inc. (the Company or TTM) is a leading global printed circuit board (PCB) manufacturer, focusing on quick-turn and volume production of technologically advanced PCBs and backplane assemblies as well as a global designer and manufacturer of high-frequency radio frequency (RF) and microwave/microelectronics components and assemblies. The Company provides time-to-market and volume production of advanced technology products and offers a one-stop design, engineering, and manufacturing solution to customers. This one-stop design, engineering, and manufacturing solution allows the Company to align technology developments with the diverse needs of the Company’s customers and to enable them to reduce the time required to develop new products and bring them to market.

The Company serves a diversified customer base in various markets throughout the world, including aerospace and defense, data center computing, automotive components, medical, industrial and instrumentation related products, as well as networking/communications infrastructure products. The Company’s customers include both original equipment manufacturers (OEMs) and electronic manufacturing services (EMS) providers.

The accompanying consolidated condensed financial statements have been prepared by the Company, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain information and disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted pursuant to such rules and regulations. It is suggested that these consolidated condensed financial statements be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s most recent Annual Report on Form 10-K. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company’s consolidated condensed financial statements and accompanying notes. Due, in part, to the on-going coronavirus (COVID-19) global pandemic, the global economy and financial markets have been volatile, and the pandemic has contributed to disruptions in global supply chains and labor shortages and high inflation, and there is a significant amount of uncertainty about the length and severity of the consequences caused by the ongoing pandemic. The Company has considered information available to it as of the date of issuance of these financial statements and is not aware of any specific events or circumstances that would require an update to its estimates or judgments, or a revision to the carrying value of its assets or liabilities. Actual results could differ materially from those estimates. The Company uses a 52/53 week fiscal calendar with the fourth quarter ending on the Monday nearest December 31.

Recently Adopted and Issued Accounting Standards

Recently Adopted Accounting Standards

In October 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers, as if it had originated the contracts. Prior to this ASU, an acquirer generally recognizes contract assets acquired and contract liabilities assumed that arose from contracts with customers at fair value on the acquisition date. The ASU is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The ASU is to be applied prospectively to business combinations occurring on or after the effective date of the amendment (or if adopted early as of an interim period, as of the beginning of the fiscal year that includes the interim period of early application). The Company early adopted ASU 2021-08 on April 4, 2022 and any impact on the condensed consolidated financial statements will be dependent on the magnitude and nature of future acquired entities.

Recently Issued Accounting Standards Not Yet Adopted

In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance, which provides guidance on disclosures for transactions with a government that are accounted for by applying a grant or contribution accounting model by analogy. The guidance is effective for annual periods beginning after December 15, 2021. Early adoption is permitted. The Company does not anticipate the adoption will have a material impact on the consolidated financial statements and related disclosures.

 

8


 

 

(2) Share Repurchase Program

On February 3, 2021, the Company’s Board of Directors authorized and approved a share repurchase program. Under the program, the Company may repurchase up to $100,000 in value of the Company’s outstanding shares of common stock from time to time through February 3, 2023. The Company may repurchase shares through open market purchases, privately-negotiated transactions, or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended (the Exchange Act) which sets certain restrictions on the method, timing, price, and volume of open market stock repurchases. In addition, the Company adopted a trading plan, which may be amended from time to time, in accordance with Rule 10b5-1 of the Exchange Act to facilitate certain purchases that may be effected under the share repurchase program. The timing, manner, price, and amount of any repurchases are determined at the Company’s discretion, and the share repurchase program may be suspended, terminated, or modified at any time for any reason. The repurchase program does not obligate the Company to acquire any specific number of shares.

During the quarter ended April 4, 2022, the Company repurchased 2,373 shares of common stock for a total cost of $30,232 (including commissions). As of April 4, 2022, the remaining amount available to be repurchased under the Company’s share repurchase program was $5,184. Subsequent to April 4, 2022, the Company repurchased 374 shares of common stock for a total cost of $5,192 (including commissions) and there are no amounts available for repurchase as of May 4, 2022.

(3) Leases

The Company leases some of its manufacturing and assembly plants, sales offices and equipment under non-cancellable operating leases and finance leases that expire at various dates through 2049. The majority of the Company’s lease arrangements are comprised of fixed payments, and certain leases consist of variable payments based on equipment usage. These variable payments are not included in the measurement of the right-of-use (ROU) asset or lease liability due to uncertainty of the payment amount and are recorded as lease expense in the period incurred. Certain leases contain renewal provisions at the Company’s option. Most of the leases require the Company to pay for certain other costs such as property taxes and maintenance. Certain leases also contain rent escalation clauses (step rents) that require additional rental amounts in the later years of the term. Rent expense for leases with step rents is recognized on a straight-line basis over the minimum lease term. The lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The components of lease expense were as follows:

 

 

 

Quarter Ended

 

 

 

April 4, 2022

 

 

March 29, 2021

 

 

 

(In thousands)

 

Operating lease cost

 

$

1,884

 

 

$

2,208

 

Variable lease cost

 

 

246

 

 

 

234

 

Short-term lease cost

 

 

140

 

 

 

54

 

Finance lease costs:

 

 

 

 

 

 

 

 

Amortization of right-of-use assets

 

 

344

 

 

 

 

Interest on lease liabilities

 

 

98

 

 

 

 

 

Supplemental cash flow information related to leases was as follows:

 

 

 

Quarter Ended

 

 

 

April 4, 2022

 

 

March 29, 2021

 

 

 

(In thousands)

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

 

 

Operating cash flows for operating leases

 

$

1,861

 

 

$

2,159

 

Right-of-use assets obtained in exchange for new lease obligations:

 

 

 

 

 

 

 

 

Operating leases

 

 

421

 

 

 

284

 

9


 

 

 

Supplemental balance sheet information related to leases was as follows:

 

 

 

 

 

As of

 

 

 

Balance Sheet Location

 

April 4, 2022

 

 

January 3, 2022

 

 

 

 

 

(In thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

Operating leases

 

Operating lease right-of-use assets

 

$

19,503

 

 

$

20,802

 

Finance leases

 

Property, plant and equipment, net

 

 

14,415

 

 

 

14,759

 

Total lease assets

 

 

 

$

33,918

 

 

$

35,561

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

Current: