| Closing Price ($) | Shares Out (MM) | Market Cap ($MM) |
| $0.00 | 38 | $1,891 |
| 8-K | 2020-02-01 | Earnings, Officers, Exhibits |
| 8-K | 2019-12-12 | Officers, Shareholder Vote |
| 8-K | 2019-11-04 | Earnings, Exhibits |
| 8-K | 2019-08-20 | Enter Agreement, M&A, Off-BS Arrangement, Exhibits |
| 8-K | 2019-08-19 | Earnings, Exhibits |
| 8-K | 2019-08-14 | Officers, Exhibits |
| 8-K | 2019-05-01 | Earnings, Officers, Exhibits |
| 8-K | 2019-02-26 | Officers, Exhibits |
| 8-K | 2019-02-04 | Earnings, Exhibits |
| 8-K | 2018-12-13 | Shareholder Vote |
| 8-K | 2018-08-14 | Earnings, Officers, Other Events, Exhibits |
| 8-K | 2018-06-15 | Officers, Other Events |
| 8-K | 2018-06-04 | Enter Agreement, Off-BS Arrangement, Exhibits |
| 8-K | 2018-05-03 | Earnings, Officers, Exhibits |
| 8-K | 2018-02-05 | Earnings, Exhibits |
| 8-K | 2018-01-09 | Officers, Exhibits |
| Part I: Financial Information |
| Item 1. Financial Statements |
| Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk |
| Item 4. Controls and Procedures |
| Part Ii: Other Information |
| Item 1. Legal Proceedings |
| Item 1A. Risk Factors |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
| Item 6. Exhibits |
| EX-31.1 | d843183dex311.htm |
| EX-31.2 | d843183dex312.htm |
| EX-32.1 | d843183dex321.htm |
| Balance Sheet | Income Statement | Cash Flow |
|---|---|---|
| Comparables ($MM TTM) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker | M Cap | Assets | Liab | Rev | G Profit | Net Inc | EBITDA | EV | G Margin | EV/EBITDA | ROA |
| CTV | 2,562 | 3,909 | 2,238 | 1,660 | 501 | 95 | 219 | 3,236 | 30% | 14.8 | 2% |
| BDC | 2,361 | 3,823 | 2,395 | 2,536 | 986 | 197 | 401 | 3,524 | 39% | 8.8 | 5% |
| AXE | 2,341 | 4,911 | 3,213 | 8,669 | 1,723 | 192 | 403 | 3,659 | 20% | 9.1 | 4% |
| WCC | 2,213 | 5,068 | 2,933 | 8,190 | 1,579 | 231 | 428 | 3,526 | 19% | 8.2 | 5% |
| ESE | 2,087 | 1,326 | 514 | 807 | 301 | 85 | 151 | 2,266 | 37% | 15.0 | 6% |
| SHEN | 1,944 | 1,822 | 1,360 | 638 | 0 | 57 | 269 | 2,606 | 0% | 9.7 | 3% |
| SKM | 1,930 | 42,369,111 | 20,019,861 | 0 | 0 | 0 | 0 | 1,930 | 0% | ||
| FN | 1,891 | 1,255 | 392 | 1,584 | 179 | 121 | 162 | 1,703 | 11% | 10.5 | 10% |
| PLT | 1,387 | 3,122 | 2,453 | 1,901 | 797 | -195 | 171 | 1,196 | 42% | 7.0 | -6% |
| AVYA | 1,380 | 6,991 | 5,521 | 2,899 | 1,573 | -369 | 315 | 3,737 | 54% | 11.9 | -5% |
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
| | | |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| Grand Cayman | | |
| (Address of principal executive offices) | (Zip Code) |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| | | |
| | ☒ | Accelerated filer | ☐ | |||
| Non-accelerated filer | ☐ | Smaller reporting company | | |||
| Emerging growth company | |
| Page No. | ||||
| 3 | ||||
| 3 | ||||
| 3 | ||||
| 4 | ||||
| 5 | ||||
| 7 | ||||
| 9 | ||||
| 33 | ||||
| 44 | ||||
| 45 | ||||
| 46 | ||||
| 46 | ||||
| 46 | ||||
| 62 | ||||
| 63 | ||||
| 64 | ||||
(in thousands of U.S. dollars, except share data and par value) | December 27, 2019 | June 28, 2019 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Short-term restricted cash | — | |||||||
Short-term investments | ||||||||
Trade accounts receivable, net | ||||||||
Contract assets | ||||||||
Inventor ies | ||||||||
Other receivable | — | |||||||
Prepaid expenses | ||||||||
Other current assets | ||||||||
Total current assets | ||||||||
Non-current assets | ||||||||
Long-term restricted cash | ||||||||
Property, plant and equipment, net | ||||||||
Intangibles, net | ||||||||
Operating right-of-use assets | — | |||||||
Goodwill | ||||||||
Deferred tax assets | ||||||||
Other non-current assets | ||||||||
Total non-current assets | ||||||||
Total Assets | $ | $ | ||||||
Liabilities and Shareholders’ Equity | ||||||||
Current liabilities | ||||||||
Long-term borrowings, current portion, net | $ | $ | ||||||
Trade accounts payable | ||||||||
Contract liabilities | ||||||||
Capital lease liability, current portion | ||||||||
Operating lease liability, current portion | — | |||||||
Income tax payable | ||||||||
Accrued payroll, bonus and related expenses | ||||||||
Accrued expenses | ||||||||
Other payables | ||||||||
Total current liabilities | ||||||||
Non-current liabilities | ||||||||
Long-term borrowings, non-current portion, net | ||||||||
Deferred tax liability | ||||||||
Capital lease liability, non-current portion | — | |||||||
Operating lease liabilit ies , non-current portion | — | |||||||
Severance liabilities | ||||||||
Other non-current liabilities | ||||||||
Total non-current liabilities | ||||||||
Total Liabilities | ||||||||
Commitments and contingencies (Note 1 9 ) | ||||||||
Shareholders’ equity | ||||||||
Preferred shares ( | ||||||||
Ordinary shares ( | ||||||||
Additional paid-in capital | ||||||||
Less: Treasury shares , at c (ost | ( | ) | ( | ) | ||||
Accumulated other comprehensive loss | ( | ) | ( | ) | ||||
Retained earnings | ||||||||
Total Shareholders’ Equity | ||||||||
Total Liabilities and Shareholders’ Equity | $ | $ | ||||||
| (in thousands of U.S. dollars, except per share data) | Three Months Ended | Six Months Ended | ||||||||||||||
| December 27, 2019 | December 28, 2018 | December 27, 2019 | December 28, 2018 | |||||||||||||
| Revenues | $ | | $ | | $ | | $ | | ||||||||
| Cost of revenues | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Gross profit | | | | | ||||||||||||
| Selling, general and administrative expenses | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Expenses related to reduction in workforce | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Operating income | | | | | ||||||||||||
| Interest income | | | | | ||||||||||||
| Interest expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Foreign exchange ( loss) gain , net | ( | ) | ( | ) | ( | ) | | |||||||||
| Other income, net | | | | | ||||||||||||
| Income before income taxes | | | | | ||||||||||||
| Income tax expense | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net income | | | | | ||||||||||||
| Other comprehensive income (loss), net of tax: | ||||||||||||||||
| Change in net unrealized (loss) gain on available-for-sale securities | ( | ) | | ( | ) | | ||||||||||
| Change in net unrealized loss on derivative instruments | ( | ) | — | ( | ) | ( | ) | |||||||||
| Change in net retirement benefits plan – prior service cost | | — | | — | ||||||||||||
| Change in foreign currency translation adjustment | | ( | ) | | ( | ) | ||||||||||
| Total other comprehensive income, net of tax | | | | | ||||||||||||
| Net comprehensive income | $ | | $ | | $ | | $ | | ||||||||
| Earnings per share | ||||||||||||||||
| Basic | $ | | $ | | $ | | $ | | ||||||||
| Diluted | $ | | $ | | $ | | $ | | ||||||||
| Weighted-average number of ordinary shares outstanding | ||||||||||||||||
| Basic | | | | | ||||||||||||
| Diluted | | | | | ||||||||||||
Ordinary Shares | Additional Paid-in | Treasury | Accumulated Other Comprehensive | Retained | ||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | Capital | Shares | (Loss) Income | Earnings | Total | |||||||||||||||||||||
Balances at September 27, 2019 | ( | ) | ( | ) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | |||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | — | ||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Balances at December 27, 2019 | ( | ) | ( | ) | ||||||||||||||||||||||||
Ordinary Shares | Additional Paid-in | Treasury | Accumulated Other Comprehensive | Retained | ||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | Capital | Shares | (Loss) Income | Earnings | Total | |||||||||||||||||||||
Balances at June 28, 2019 | ( | ) | ( | ) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | |||||||||||||||||||||||
Issuance of ordinary shares | ( | ) | — | — | — | — | ||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Balances at December 27, 2019 | ( | ) | ( | ) | ||||||||||||||||||||||||
Ordinary Shares | Additional Paid-in | Treasury | Accumulated Other Comprehensive | Retained | ||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | Capital | Shares | (Loss) Income | Earnings | Total | |||||||||||||||||||||
Balances at September 29, 2018 | ( | ) | ( | ) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | |||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | — | ||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Balances at December 28, 2018 | ( | ) | ( | ) | ||||||||||||||||||||||||
Ordinary Share | Additional Paid-in | Treasury | Accumulated Other Comprehensive | Retained | ||||||||||||||||||||||||
(in thousands of U.S. dollars, except share data) | Shares | Amount | Capital | Shares | (Loss) Income | Earnings | Total | |||||||||||||||||||||
Balances at June 29, 2018 | ( | ) | ( | ) | ||||||||||||||||||||||||
Net income | — | — | — | — | — | |||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||
Cumulative effect adjustment from adoption of ASC 606 | — | — | — | — | — | |||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | |||||||||||||||||||||||
Issuance of ordinary shares | ( | ) | — | — | — | — | ||||||||||||||||||||||
Tax withholdings related to net share settlement of restricted share units | — | — | ( | ) | — | — | — | ( | ) | |||||||||||||||||||
Balances at December 28, 2018 | ( | ) | ( | ) | ||||||||||||||||||||||||
Six Months Ended | ||||||||
(in thousands of U.S. dollars) | December 27, 2019 | December 28, 2018 | ||||||
Cash flows from operating activities | ||||||||
Net income for the period | $ | $ | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | ||||||||
Loss on disposal of property, plant and equipment | ||||||||
Loss on disposal of intangibles | — | |||||||
(Gain) loss from sales and maturities of available-for-sale securities | ( | ) | ||||||
Amortization of investment discount (premium) | ( | ) | ||||||
Amortization of deferred debt issuance costs | — | |||||||
Allowance for doubtful accounts | — | |||||||
Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts | ( | ) | ||||||
Unrealized loss (gain) on fair value of interest rate swaps | ||||||||
Amortization of interest rate swaps’ fair value at hedge inception | ( | ) | — | |||||
Share-based compensation | ||||||||
Deferred income tax | ||||||||
Severance liabilities | ||||||||
Other non-cash expenses | ( | ) | ( | ) | ||||
Changes in operating assets and liabilities | ||||||||
Trade accounts receivable | ( | ) | ( | ) | ||||
Contract assets | ( | ) | ||||||
Inventor ies | ( | ) | ( | ) | ||||
Other current assets and non-current assets | ||||||||
Trade accounts payable | ( | ) | ||||||
Contract liabilities | — | |||||||
Income tax payable | ||||||||
Other current liabilities and non-current liabilities | ||||||||
Net cash provided by operating activities | ||||||||
Cash flows from investing activities | ||||||||
Purchase of short-term investments | ( | ) | ( | ) | ||||
Proceeds from sales of short-term investments | ||||||||
Proceeds from maturities of short-term investments | ||||||||
Other receivable provided to customer (Note 9) | ( | ) | — | |||||
Purchase of property, plant and equipment | ( | ) | ( | ) | ||||
Purchase of intangibles | ( | ) | ( | ) | ||||
Proceeds from disposal of property, plant and equipment | ||||||||
Net cash (used in) provided by investing activities | ( | ) | ||||||
Cash flows from financing activities | ||||||||
Payment of debt issuance costs | ( | ) | — | |||||
Proceeds from long-term borrowings | — | |||||||
Repayment of long-term borrowings | ( | ) | ( | ) | ||||
Repayment of capital lease liability | ( | |||||||