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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 June 28, 2021

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 August 2, 2021: 107,793,788

 

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of June 28, 2021 and December 28, 2020

 

3

Consolidated Condensed Statements of Operations for the quarter and two quarters ended June 28, 2021 and
June 29, 2020

 

4

Consolidated Condensed Statements of Comprehensive Income for the quarter and two quarters ended
June 28, 2021 and June 29, 2020

 

5

Consolidated Condensed Statements of Stockholders' Equity for the two quarters ended June 28, 2021 and
June 29, 2020

 

6

Consolidated Condensed Statements of Cash Flows for the two quarters ended June 28, 2021 and June 29, 2020

 

7

Notes to Consolidated Condensed Financial Statements

 

8

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

 

25

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

31

Item 4. Controls and Procedures

 

34

PART II: OTHER INFORMATION

 

35

Item 1. Legal Proceedings

 

35

Item 1A. Risk Factors

 

35

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

 

50

Item 5. Other Information

 

51

Item 6. Exhibits

 

52

SIGNATURES

 

53

 

2


 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of June 28, 2021 and December 28, 2020

 

 

 

As of

 

 

 

June 28,

 

 

December 28,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

558,291

 

 

$

451,565

 

Accounts receivable, net

 

 

378,762

 

 

 

381,105

 

Contract assets

 

 

300,697

 

 

 

273,256

 

Inventories

 

 

126,355

 

 

 

115,651

 

Prepaid expenses and other current assets

 

 

40,410

 

 

 

27,181

 

Total current assets

 

 

1,404,515

 

 

 

1,248,758

 

Property, plant and equipment, net

 

 

650,764

 

 

 

650,435

 

Operating lease right-of-use assets

 

 

20,134

 

 

 

24,340

 

Goodwill

 

 

637,324

 

 

 

637,324

 

Definite-lived intangibles, net

 

 

259,977

 

 

 

281,307

 

Deposits and other non-current assets

 

 

53,022

 

 

 

53,780

 

Total assets

 

$

3,025,736

 

 

$

2,895,944

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

364,005

 

 

$

327,102

 

Contract liabilities

 

 

2,066

 

 

 

4,254

 

Accrued salaries, wages and benefits

 

 

87,764

 

 

 

97,268

 

Other current liabilities

 

 

100,915

 

 

 

89,422

 

Total current liabilities

 

 

554,750

 

 

 

518,046

 

Long-term debt, net of discount and issuance costs

 

 

926,523

 

 

 

842,853

 

Operating lease liabilities

 

 

14,836

 

 

 

17,211

 

Other long-term liabilities

 

 

59,256

 

 

 

73,825

 

Total long-term liabilities

 

 

1,000,615

 

 

 

933,889

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized; 108,145 and 106,770

   shares issued as of June 28, 2021 and December 28, 2020, respectively; 107,784 and

   106,770 shares outstanding as of June 28, 2021 and December 28, 2020, respectively

 

 

108

 

 

 

107

 

Treasury stock – common stock at cost; 361 shares as of June 28, 2021

 

 

(5,400

)

 

 

 

Additional paid-in capital

 

 

833,439

 

 

 

830,971

 

Retained earnings

 

 

676,913

 

 

 

651,844

 

Accumulated other comprehensive loss

 

 

(34,689

)

 

 

(38,913

)

Total stockholders’ equity

 

 

1,470,371

 

 

 

1,444,009

 

Total liabilities and stockholders' equity

 

$

3,025,736

 

 

$

2,895,944

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarter and Two Quarters Ended June 28, 2021 and June 29, 2020

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

June 28,

 

 

June 29,

 

 

June 28,

 

 

June 29,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

567,383

 

 

$

570,298

 

 

$

1,093,815

 

 

$

1,067,944

 

Cost of goods sold

 

 

467,473

 

 

 

469,868

 

 

 

912,305

 

 

 

886,172

 

Gross profit

 

 

99,910

 

 

 

100,430

 

 

 

181,510

 

 

 

181,772

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

14,605

 

 

 

15,969

 

 

 

30,887

 

 

 

32,138

 

General and administrative

 

 

31,193

 

 

 

46,723

 

 

 

62,720

 

 

 

81,390

 

Research and development

 

 

4,182

 

 

 

5,181

 

 

 

8,652

 

 

 

9,943

 

Amortization of definite-lived intangibles

 

 

9,042

 

 

 

9,561

 

 

 

18,563

 

 

 

19,123

 

Total operating expenses

 

 

59,022

 

 

 

77,434

 

 

 

120,822

 

 

 

142,594

 

Operating income

 

 

40,888

 

 

 

22,996

 

 

 

60,688

 

 

 

39,178

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(11,079

)

 

 

(18,572

)

 

 

(22,468

)

 

 

(38,353

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

(15,217

)

 

 

 

Other, net

 

 

306

 

 

 

455

 

 

 

2,813

 

 

 

2,957

 

Total other expense, net

 

 

(10,773

)

 

 

(18,117

)

 

 

(34,872

)

 

 

(35,396

)

Income from continuing operations before income taxes

 

 

30,115

 

 

 

4,879

 

 

 

25,816

 

 

 

3,782

 

Income tax (provision) benefit

 

 

(1,854

)

 

 

4,467

 

 

 

(747

)

 

 

2,344

 

Net income from continuing operations

 

 

28,261

 

 

 

9,346

 

 

 

25,069

 

 

 

6,126

 

Income from discontinued operations, net of income taxes

 

 

 

 

 

172,421

 

 

 

 

 

 

174,467

 

Net income

 

$

28,261

 

 

$

181,767

 

 

$

25,069

 

 

$

180,593

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share from continuing operations

 

$

0.26

 

 

$

0.09

 

 

$

0.23

 

 

$

0.06

 

Basic earnings per share from discontinued operations

 

 

 

 

 

1.62

 

 

 

 

 

 

1.64

 

Basic earnings per share

 

$

0.26

 

 

$

1.71

 

 

$

0.23

 

 

$

1.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share from continuing operations

 

$

0.26

 

 

$

0.09

 

 

$

0.23

 

 

$

0.06

 

Diluted earnings per share from discontinued operations

 

 

 

 

 

1.60

 

 

 

 

 

 

1.62

 

Diluted earnings per share

 

$

0.26

 

 

$

1.69

 

 

$

0.23

 

 

$

1.68

 

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Income

For the Quarter and Two Quarters Ended June 28, 2021 and June 29, 2020

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

June 28,

 

 

June 29,

 

 

June 28,

 

 

June 29,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income

 

$

28,261

 

 

$

181,767

 

 

$

25,069

 

 

$

180,593

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligation adjustments, net

 

 

29

 

 

 

(6

)

 

 

29

 

 

 

21

 

Derecognition of foreign currency translation adjustments

     due to sale of Mobility business unit

 

 

 

 

 

(27,341

)

 

 

 

 

 

(27,341

)

Foreign currency translation adjustments, net

 

 

417

 

 

 

96

 

 

 

414

 

 

 

(271

)

Derecognition of unrealized losses on cash flow hedge

     due to sale of Mobility business unit

 

 

 

 

 

384

 

 

 

 

 

 

384

 

Net unrealized gain (loss) on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on effective cash flow hedges during

     the period, net

 

 

60

 

 

 

(1,994

)

 

 

(203

)

 

 

(8,012

)

Loss realized in the statement of operations, net

 

 

1,932

 

 

 

1,769

 

 

 

3,984

 

 

 

2,629

 

Net

 

 

1,992

 

 

 

(225

)

 

 

3,781

 

 

 

(5,383

)

Other comprehensive income (loss), net of tax

 

 

2,438

 

 

 

(27,092

)

 

 

4,224

 

 

 

(32,590

)

Comprehensive income, net of tax

 

$

30,699

 

 

$

154,675

 

 

$

29,293

 

 

$

148,003

 

 

See accompanying notes to consolidated condensed financial statements.

5


 

 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Two Quarters Ended June 28, 2021 and June 29, 2020

 

 

 

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, 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

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,261

 

 

 

 

 

 

28,261

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,438

 

 

 

2,438

 

Issuance of common stock

   for restricted stock units

 

 

947

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(411

)

 

 

(6,145

)

 

 

 

 

 

 

 

 

 

 

 

(6,145

)

Issuance of stock

   from warrant exercises

 

 

86

 

 

 

 

 

 

50

 

 

 

745

 

 

 

(745

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,350

 

 

 

 

 

 

 

 

 

3,350

 

Balance, June 28, 2021

 

 

108,145

 

 

$

108

 

 

 

(361

)

 

$

(5,400

)

 

$

833,439

 

 

$

676,913

 

 

$

(34,689

)

 

$

1,470,371

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

181,767

 

 

 

 

 

 

181,767

 

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

 

 

$

654,902

 

 

$

(42,676

)

 

$

1,434,522

 

 

See accompanying notes to consolidated condensed financial statements.

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Cash Flows

For the Two Quarters Ended June 28, 2021 and June 29, 2020

 

 

 

 

Two Quarters Ended

 

 

June 28, 2021

 

 

June 29, 2020

 

 

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

 

$

25,069

 

 

$

180,593

 

 

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

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

42,717

 

 

 

71,503

 

 

Amortization of definite-lived intangible assets

 

 

21,330

 

 

 

22,699

 

 

Amortization of debt discount and issuance costs

 

 

1,074

 

 

 

7,157

 

 

Loss on extinguishment of debt

 

 

15,217

 

 

 

 

 

Deferred income taxes

 

 

1,407

 

 

 

34,206

 

 

Stock-based compensation

 

 

7,559

 

 

 

7,482

 

 

Gain on sale of the Mobility business unit

 

 

 

 

 

(237,820

)

 

Other

 

 

(1,514

)

 

 

157

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

2,343

 

 

 

89,323

 

 

Contract assets

 

 

(27,441

)

 

 

(39,118

)

 

Inventories

 

 

(10,704

)

 

 

(6,470

)

 

Prepaid expenses and other current assets

 

 

(13,284

)

 

 

(14,574

)

 

Accounts payable

 

 

45,344

 

 

 

24,183

 

 

Contract liabilities

 

 

(2,188

)

 

 

(698

)

 

Accrued salaries, wages and benefits

 

 

(9,504

)

 

 

(9,904

)

 

Other current liabilities

 

 

629

 

 

 

18,190

 

 

Net cash provided by operating activities

 

 

98,054

 

 

 

146,909

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Proceeds from sale of the Mobility business unit, net of cash disposed

 

 

 

 

 

202,752

 

 

Purchase of property, plant and equipment and other assets

 

 

(44,636

)