Company Quick10K Filing
TTM Technologies
Price12.14 EPS0
Shares132 P/E100
MCap1,607 P/FCF9
Net Debt1,184 EBIT94
TEV2,792 TEV/EBIT30
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-29 Filed 2021-05-05
10-K 2020-12-28 Filed 2021-02-22
10-Q 2020-09-28 Filed 2020-11-05
10-Q 2020-06-29 Filed 2020-08-06
10-Q 2020-03-30 Filed 2020-05-07
10-K 2019-12-30 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-07-01 Filed 2019-08-07
10-Q 2019-04-01 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-10-01 Filed 2018-11-08
10-Q 2018-07-02 Filed 2018-08-09
10-Q 2018-04-02 Filed 2018-05-08
10-K 2018-01-01 Filed 2018-02-23
10-Q 2017-10-02 Filed 2017-11-08
10-Q 2017-07-03 Filed 2017-08-08
10-Q 2017-04-03 Filed 2017-05-11
10-K 2017-01-02 Filed 2017-02-24
10-Q 2016-09-26 Filed 2016-11-03
10-Q 2016-06-27 Filed 2016-08-04
10-Q 2016-03-28 Filed 2016-05-06
10-K 2015-12-28 Filed 2016-02-25
10-Q 2015-09-28 Filed 2015-11-04
10-Q 2015-06-29 Filed 2015-08-10
10-Q 2015-03-30 Filed 2015-05-05
10-K 2014-12-29 Filed 2015-02-27
10-Q 2014-09-29 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-30 Filed 2014-02-21
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-04-01 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-24 Filed 2012-11-05
10-Q 2012-06-25 Filed 2012-08-06
10-Q 2012-03-26 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-26 Filed 2011-11-07
10-Q 2011-06-27 Filed 2011-08-08
10-Q 2011-03-28 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-15
10-Q 2010-09-27 Filed 2010-11-08
10-Q 2010-06-28 Filed 2010-08-09
10-Q 2010-03-29 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-15
8-K 2020-10-28
8-K 2020-09-04
8-K 2020-07-29
8-K 2020-05-07
8-K 2020-05-01
8-K 2020-04-29
8-K 2020-04-29
8-K 2020-04-17
8-K 2020-02-05
8-K 2020-01-30
8-K 2020-01-19
8-K 2019-10-30
8-K 2019-08-18
8-K 2019-07-31
8-K 2019-07-18
8-K 2019-06-13
8-K 2019-06-03
8-K 2019-05-08
8-K 2019-05-01
8-K 2019-02-06
8-K 2019-01-14
8-K 2018-10-30
8-K 2018-10-18
8-K 2018-09-06
8-K 2018-08-01
8-K 2018-05-29
8-K 2018-05-09
8-K 2018-05-09
8-K 2018-05-02
8-K 2018-04-18
8-K 2018-02-21
8-K 2018-02-13
8-K 2018-02-09
8-K 2018-02-07

TTMI 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements (Unaudited)
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 ttmi-ex311_6.htm
EX-31.2 ttmi-ex312_8.htm
EX-32.1 ttmi-ex321_7.htm
EX-32.2 ttmi-ex322_9.htm

TTM Technologies Earnings 2021-03-29

Balance SheetIncome StatementCash Flow
3.52.82.11.40.70.02012201420172020
Assets, Equity
0.80.60.40.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.20.10.0-0.0-0.1-0.22012201420172020
Ops, Inv, Fin

ttmi-10q_20210329.htm
false Q1 0001116942 --01-03 true true P4Y us-gaap:OtherLiabilitiesCurrent us-gaap:OtherLiabilitiesCurrent P10Y10M24D P9Y6M P10Y10M24D P9Y6M P1Y4M24D P1Y4M24D P1Y1M6D 0001116942 2020-12-29 2021-03-29 xbrli:shares 0001116942 2021-05-03 iso4217:USD 0001116942 2021-03-29 0001116942 2020-12-28 iso4217:USD xbrli:shares 0001116942 2019-12-31 2020-03-30 0001116942 us-gaap:CommonStockMember 2020-12-28 0001116942 us-gaap:AdditionalPaidInCapitalMember 2020-12-28 0001116942 us-gaap:RetainedEarningsMember 2020-12-28 0001116942 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-28 0001116942 us-gaap:RetainedEarningsMember 2020-12-29 2021-03-29 0001116942 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-29 2021-03-29 0001116942 us-gaap:CommonStockMember 2020-12-29 2021-03-29 0001116942 us-gaap:AdditionalPaidInCapitalMember 2020-12-29 2021-03-29 0001116942 us-gaap:CommonStockMember 2021-03-29 0001116942 us-gaap:AdditionalPaidInCapitalMember 2021-03-29 0001116942 us-gaap:RetainedEarningsMember 2021-03-29 0001116942 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-29 0001116942 us-gaap:CommonStockMember 2019-12-30 0001116942 us-gaap:AdditionalPaidInCapitalMember 2019-12-30 0001116942 us-gaap:RetainedEarningsMember 2019-12-30 0001116942 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-30 0001116942 2019-12-30 0001116942 us-gaap:RetainedEarningsMember 2019-12-31 2020-03-30 0001116942 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 2020-03-30 0001116942 us-gaap:CommonStockMember 2019-12-31 2020-03-30 0001116942 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 2020-03-30 0001116942 us-gaap:CommonStockMember 2020-03-30 0001116942 us-gaap:AdditionalPaidInCapitalMember 2020-03-30 0001116942 us-gaap:RetainedEarningsMember 2020-03-30 0001116942 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-03-30 0001116942 2020-03-30 ttmi:Segment 0001116942 2019-12-29 2020-12-28 ttmi:Facility 0001116942 ttmi:ElectronicManufacturingSolutionsMember 2020-04-29 2020-04-29 0001116942 ttmi:ElectronicManufacturingSolutionsMember ttmi:ShanghaiMember 2020-04-29 2020-04-29 0001116942 ttmi:ElectronicManufacturingSolutionsMember ttmi:ShenzhenMember 2020-04-29 2020-04-29 0001116942 us-gaap:AccountingStandardsUpdate201912Member 2021-03-29 0001116942 ttmi:DefinitiveEquityInterestPurchaseAgreementMember 2020-04-17 2020-04-17 0001116942 ttmi:DefinitiveEquityInterestPurchaseAgreementMember 2020-12-29 2021-03-29 0001116942 ttmi:TransitionServicesAgreementMember 2020-04-16 2020-04-18 xbrli:pure 0001116942 2021-03-30 2021-03-29 0001116942 us-gaap:TransferredOverTimeMember 2020-12-29 2021-03-29 0001116942 us-gaap:TransferredOverTimeMember 2019-12-31 2020-03-30 0001116942 us-gaap:TransferredAtPointInTimeMember 2020-12-29 2021-03-29 0001116942 us-gaap:TransferredAtPointInTimeMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember ttmi:AerospaceAndDefenseMember 2020-12-29 2021-03-29 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember ttmi:AerospaceAndDefenseMember 2020-12-29 2021-03-29 0001116942 ttmi:AerospaceAndDefenseMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember ttmi:AutomotiveComponentsMember 2020-12-29 2021-03-29 0001116942 ttmi:OtherSegmentMember ttmi:AutomotiveComponentsMember 2020-12-29 2021-03-29 0001116942 ttmi:AutomotiveComponentsMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember ttmi:DataCenterComputingMember 2020-12-29 2021-03-29 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember ttmi:DataCenterComputingMember 2020-12-29 2021-03-29 0001116942 ttmi:DataCenterComputingMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember ttmi:MedicalIndustrialInstrumentationMember 2020-12-29 2021-03-29 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember ttmi:MedicalIndustrialInstrumentationMember 2020-12-29 2021-03-29 0001116942 ttmi:OtherSegmentMember ttmi:MedicalIndustrialInstrumentationMember 2020-12-29 2021-03-29 0001116942 ttmi:MedicalIndustrialInstrumentationMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember ttmi:NetworkingCommunicationMember 2020-12-29 2021-03-29 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember ttmi:NetworkingCommunicationMember 2020-12-29 2021-03-29 0001116942 ttmi:OtherSegmentMember ttmi:NetworkingCommunicationMember 2020-12-29 2021-03-29 0001116942 ttmi:NetworkingCommunicationMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember us-gaap:ProductAndServiceOtherMember 2020-12-29 2021-03-29 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember us-gaap:ProductAndServiceOtherMember 2020-12-29 2021-03-29 0001116942 ttmi:OtherSegmentMember us-gaap:ProductAndServiceOtherMember 2020-12-29 2021-03-29 0001116942 us-gaap:ProductAndServiceOtherMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember 2020-12-29 2021-03-29 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember 2020-12-29 2021-03-29 0001116942 ttmi:OtherSegmentMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember ttmi:AerospaceAndDefenseMember 2019-12-31 2020-03-30 0001116942 ttmi:AerospaceAndDefenseMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember ttmi:AutomotiveComponentsMember 2019-12-31 2020-03-30 0001116942 ttmi:OtherSegmentMember ttmi:AutomotiveComponentsMember 2019-12-31 2020-03-30 0001116942 ttmi:AutomotiveComponentsMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember ttmi:CellularPhoneMember 2019-12-31 2020-03-30 0001116942 ttmi:CellularPhoneMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember ttmi:DataCenterComputingMember 2019-12-31 2020-03-30 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember ttmi:DataCenterComputingMember 2019-12-31 2020-03-30 0001116942 ttmi:OtherSegmentMember ttmi:DataCenterComputingMember 2019-12-31 2020-03-30 0001116942 ttmi:DataCenterComputingMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember ttmi:MedicalIndustrialInstrumentationMember 2019-12-31 2020-03-30 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember ttmi:MedicalIndustrialInstrumentationMember 2019-12-31 2020-03-30 0001116942 ttmi:OtherSegmentMember ttmi:MedicalIndustrialInstrumentationMember 2019-12-31 2020-03-30 0001116942 ttmi:MedicalIndustrialInstrumentationMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember ttmi:NetworkingCommunicationMember 2019-12-31 2020-03-30 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember ttmi:NetworkingCommunicationMember 2019-12-31 2020-03-30 0001116942 ttmi:OtherSegmentMember ttmi:NetworkingCommunicationMember 2019-12-31 2020-03-30 0001116942 ttmi:NetworkingCommunicationMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember us-gaap:ProductAndServiceOtherMember 2019-12-31 2020-03-30 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember us-gaap:ProductAndServiceOtherMember 2019-12-31 2020-03-30 0001116942 ttmi:OtherSegmentMember us-gaap:ProductAndServiceOtherMember 2019-12-31 2020-03-30 0001116942 us-gaap:ProductAndServiceOtherMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember 2019-12-31 2020-03-30 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember 2019-12-31 2020-03-30 0001116942 ttmi:OtherSegmentMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember 2021-03-29 0001116942 ttmi:RadioFrequencyAndSpecialtyComponentsMember 2021-03-29 0001116942 us-gaap:CustomerRelationshipsMember 2021-03-29 0001116942 ttmi:TechnologyMember 2021-03-29 0001116942 us-gaap:CustomerRelationshipsMember 2020-12-28 0001116942 ttmi:TechnologyMember 2020-12-28 0001116942 us-gaap:CustomerRelationshipsMember 2020-12-29 2021-03-29 0001116942 ttmi:TechnologyMember 2020-12-29 2021-03-29 0001116942 us-gaap:CustomerRelationshipsMember 2019-12-29 2020-12-28 0001116942 ttmi:TechnologyMember 2019-12-29 2020-12-28 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyNineMember 2021-03-29 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember 2021-03-29 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember 2020-12-28 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyFiveMember 2020-12-28 0001116942 ttmi:UsAssetBasedLendingRevolvingLoanDueTwoThousandTwentyFourMember 2020-12-28 0001116942 ttmi:AsiaAssetBasedLendingRevolvingLoanDueMayTwoThousandTwentyFourMember 2021-03-29 0001116942 ttmi:AsiaAssetBasedLendingRevolvingLoanDueMayTwoThousandTwentyFourMember 2020-12-28 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember 2020-12-29 2021-03-29 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember 2019-12-29 2020-12-28 0001116942 ttmi:UsAssetBasedLendingRevolvingLoanDueTwoThousandTwentyFourMember 2019-12-29 2020-12-28 0001116942 ttmi:AsiaAssetBasedLendingRevolvingLoanDueMayTwoThousandTwentyFourMember 2020-12-29 2021-03-29 0001116942 ttmi:AsiaAssetBasedLendingRevolvingLoanDueMayTwoThousandTwentyFourMember 2019-12-29 2020-12-28 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyNineMember 2020-12-29 2021-03-29 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyFiveMember 2020-12-29 2021-03-29 0001116942 ttmi:UsAssetBasedLendingRevolvingLoanDueTwoThousandTwentyFourMember 2020-12-29 2021-03-29 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyNineMember 2021-03-10 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyNineMember 2021-03-10 2021-03-10 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyFiveMember 2021-03-01 2021-03-29 0001116942 ttmi:UsAssetBasedLendingRevolvingCreditFacilityMember 2021-03-01 2021-03-29 0001116942 us-gaap:LetterOfCreditMember ttmi:UsAssetBasedLendingRevolvingLoanDueTwoThousandTwentyFourMember 2021-03-29 0001116942 us-gaap:LetterOfCreditMember ttmi:AsiaAssetBasedLendingRevolvingLoanDueMayTwoThousandTwentyFourMember 2021-03-29 0001116942 srt:MaximumMember us-gaap:LetterOfCreditMember 2021-03-01 2021-03-29 0001116942 ttmi:UsAssetBasedLendingRevolvingLoanDueTwoThousandTwentyFourMember 2021-03-29 0001116942 srt:WeightedAverageMember 2020-12-29 2021-03-29 0001116942 ttmi:OneMonthLondonInterbankOfferedRateLIBORMember us-gaap:InterestRateSwapMember 2018-05-14 2018-05-15 0001116942 ttmi:OneMonthLondonInterbankOfferedRateLIBORMember us-gaap:InterestRateSwapMember 2018-05-15 0001116942 us-gaap:InterestRateSwapMember 2018-05-15 0001116942 us-gaap:InterestRateSwapMember us-gaap:OtherNoncurrentLiabilitiesMember 2021-03-29 0001116942 us-gaap:InterestRateSwapMember 2020-12-29 2021-03-29 0001116942 us-gaap:InterestRateSwapMember 2019-12-31 2020-03-30 0001116942 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:InterestRateSwapMember us-gaap:InterestExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:ForeignExchangeContractMember 2021-03-29 0001116942 us-gaap:ForeignExchangeContractMember 2020-12-28 iso4217:JPY 0001116942 us-gaap:InterestRateSwapMember us-gaap:OtherNoncurrentLiabilitiesMember 2020-12-28 0001116942 us-gaap:ForeignExchangeContractMember us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2020-12-28 0001116942 us-gaap:ForeignExchangeContractMember us-gaap:OtherCurrentLiabilitiesMember 2021-03-29 0001116942 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-28 0001116942 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-30 0001116942 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-12-29 2021-03-29 0001116942 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2019-12-31 2020-03-30 0001116942 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2021-03-29 0001116942 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2020-03-30 0001116942 us-gaap:AccumulatedTranslationAdjustmentMember 2020-12-28 0001116942 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2020-12-28 0001116942 us-gaap:AccumulatedTranslationAdjustmentMember 2020-12-29 2021-03-29 0001116942 us-gaap:AccumulatedTranslationAdjustmentMember 2021-03-29 0001116942 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2021-03-29 ttmi:Customer 0001116942 us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2020-12-29 2021-03-29 0001116942 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-28 0001116942 us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-03-29 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyNineMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-03-29 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-03-29 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-28 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyFiveMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-28 0001116942 ttmi:AssetBackedLendingRevolvingLoansMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2021-03-29 0001116942 ttmi:AssetBackedLendingRevolvingLoansMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2020-12-28 0001116942 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-28 0001116942 us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-03-29 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyNineMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-03-29 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-03-29 0001116942 ttmi:TermLoanDueTwoThousandTwentyFourMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-28 0001116942 ttmi:SeniorNotesDueTwoThousandTwentyFiveMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-28 0001116942 ttmi:AssetBackedLendingRevolvingLoansMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2021-03-29 0001116942 ttmi:AssetBackedLendingRevolvingLoansMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2020-12-28 0001116942 us-gaap:MeasurementInputExpectedTermMember us-gaap:FairValueInputsLevel3Member 2020-12-29 2021-03-29 0001116942 us-gaap:MeasurementInputPriceVolatilityMember us-gaap:FairValueInputsLevel3Member 2021-03-29 0001116942 us-gaap:MeasurementInputRiskFreeInterestRateMember us-gaap:FairValueInputsLevel3Member 2021-03-29 0001116942 us-gaap:MeasurementInputExpectedDividendRateMember us-gaap:FairValueInputsLevel3Member 2021-03-29 0001116942 ttmi:DomesticSubsidiariesMember 2021-03-29 0001116942 ttmi:ForeignSubsidiariesMember 2021-03-29 0001116942 us-gaap:EmployeeStockOptionMember ttmi:ExercisePricesRangeFromElevenPointEightThreeToSixteenPointSixZeroPerShareMember 2020-12-29 2021-03-29 0001116942 us-gaap:RestrictedStockUnitsRSUMember ttmi:ExercisePricesRangeFromElevenPointEightThreeToSixteenPointSixZeroPerShareMember 2020-12-29 2021-03-29 0001116942 ttmi:PerformanceBasedRestrictedStockUnitsMember ttmi:ExercisePricesRangeFromElevenPointEightThreeToSixteenPointSixZeroPerShareMember 2020-12-29 2021-03-29 0001116942 us-gaap:EmployeeStockOptionMember ttmi:ExercisePricesRangeFromNinePointFiveFourToSixteenPointSixZeroPerShareMember 2019-12-31 2020-03-30 0001116942 us-gaap:RestrictedStockUnitsRSUMember ttmi:ExercisePricesRangeFromNinePointFiveFourToSixteenPointSixZeroPerShareMember 2019-12-31 2020-03-30 0001116942 ttmi:PerformanceBasedRestrictedStockUnitsMember ttmi:ExercisePricesRangeFromNinePointFiveFourToSixteenPointSixZeroPerShareMember 2019-12-31 2020-03-30 0001116942 us-gaap:CostOfSalesMember 2020-12-29 2021-03-29 0001116942 us-gaap:CostOfSalesMember 2019-12-31 2020-03-30 0001116942 us-gaap:SellingAndMarketingExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:SellingAndMarketingExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:ResearchAndDevelopmentExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:ResearchAndDevelopmentExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:RestrictedStockUnitsRSUMember 2021-03-29 0001116942 ttmi:PerformanceBasedRestrictedStockUnitsMember 2021-03-29 0001116942 us-gaap:EmployeeStockOptionMember 2021-03-29 0001116942 us-gaap:RestrictedStockUnitsRSUMember 2020-12-29 2021-03-29 0001116942 ttmi:PerformanceBasedRestrictedStockUnitsMember 2020-12-29 2021-03-29 0001116942 us-gaap:EmployeeStockOptionMember 2020-12-29 2021-03-29 0001116942 us-gaap:OperatingSegmentsMember ttmi:PrintedCircuitBoardMember 2020-12-29 2021-03-29 0001116942 us-gaap:OperatingSegmentsMember ttmi:PrintedCircuitBoardMember 2019-12-31 2020-03-30 0001116942 us-gaap:OperatingSegmentsMember ttmi:RadioFrequencyAndSpecialtyComponentsMember 2020-12-29 2021-03-29 0001116942 us-gaap:OperatingSegmentsMember ttmi:RadioFrequencyAndSpecialtyComponentsMember 2019-12-31 2020-03-30 0001116942 us-gaap:OperatingSegmentsMember ttmi:OtherSegmentMember 2020-12-29 2021-03-29 0001116942 us-gaap:OperatingSegmentsMember ttmi:OtherSegmentMember 2019-12-31 2020-03-30 0001116942 us-gaap:CorporateNonSegmentMember 2020-12-29 2021-03-29 0001116942 us-gaap:CorporateNonSegmentMember 2019-12-31 2020-03-30 0001116942 us-gaap:OperatingSegmentsMember 2020-12-29 2021-03-29 0001116942 us-gaap:OperatingSegmentsMember 2019-12-31 2020-03-30 0001116942 us-gaap:OperatingSegmentsMember ttmi:PrintedCircuitBoardMember 2021-03-29 0001116942 us-gaap:OperatingSegmentsMember ttmi:PrintedCircuitBoardMember 2020-12-28 0001116942 us-gaap:OperatingSegmentsMember ttmi:RadioFrequencyAndSpecialtyComponentsMember 2021-03-29 0001116942 us-gaap:OperatingSegmentsMember ttmi:RadioFrequencyAndSpecialtyComponentsMember 2020-12-28 0001116942 us-gaap:CorporateNonSegmentMember 2021-03-29 0001116942 us-gaap:CorporateNonSegmentMember 2020-12-28 0001116942 ttmi:PrintedCircuitBoardAndRadioFrequencyAndSpecialtyComponentsMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardAndRadioFrequencyAndSpecialtyComponentsMember 2019-12-31 2020-03-30 ttmi:Country 0001116942 country:US 2020-12-29 2021-03-29 0001116942 country:CN 2020-12-29 2021-03-29 0001116942 ttmi:OtherThanUnitedStatesAndChinaMember 2020-12-29 2021-03-29 0001116942 country:US 2019-12-31 2020-03-30 0001116942 country:CN 2019-12-31 2020-03-30 0001116942 ttmi:OtherThanUnitedStatesAndChinaMember 2019-12-31 2020-03-30 0001116942 2021-03-28 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember us-gaap:OperatingSegmentsMember us-gaap:EmployeeSeveranceMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember us-gaap:OperatingSegmentsMember ttmi:ContractTerminationAndOtherCostsMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember us-gaap:OperatingSegmentsMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:CorporateNonSegmentMember us-gaap:EmployeeSeveranceMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:CorporateNonSegmentMember ttmi:ContractTerminationAndOtherCostsMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:CorporateNonSegmentMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 us-gaap:EmployeeSeveranceMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 ttmi:ContractTerminationAndOtherCostsMember us-gaap:GeneralAndAdministrativeExpenseMember 2020-12-29 2021-03-29 0001116942 ttmi:PrintedCircuitBoardMember us-gaap:OperatingSegmentsMember ttmi:ContractTerminationAndOtherCostsMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 ttmi:PrintedCircuitBoardMember us-gaap:OperatingSegmentsMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:CorporateNonSegmentMember us-gaap:EmployeeSeveranceMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:CorporateNonSegmentMember ttmi:ContractTerminationAndOtherCostsMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:CorporateNonSegmentMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:EmployeeSeveranceMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 ttmi:ContractTerminationAndOtherCostsMember us-gaap:GeneralAndAdministrativeExpenseMember 2019-12-31 2020-03-30 0001116942 us-gaap:EmployeeSeveranceMember 2020-12-28 0001116942 ttmi:ContractTerminationAndOtherCostsMember 2020-12-28 0001116942 us-gaap:EmployeeSeveranceMember 2020-12-29 2021-03-29 0001116942 ttmi:ContractTerminationAndOtherCostsMember 2020-12-29 2021-03-29 0001116942 us-gaap:EmployeeSeveranceMember 2021-03-29 0001116942 ttmi:ContractTerminationAndOtherCostsMember 2021-03-29

 

 

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 March 29, 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 May 3, 2021: 107,189,462

 

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of March 29, 2021 and December 28, 2020

 

3

Consolidated Condensed Statements of Operations for the quarters ended March 29, 2021 and March 30, 2020

 

4

Consolidated Condensed Statements of Comprehensive Loss for the quarters ended March 29, 2021 and
March 30, 2020

 

5

Consolidated Condensed Statements of Stockholders' Equity for the quarters ended March 29, 2021 and
March 30, 2020

 

6

Consolidated Condensed Statements of Cash Flows for the quarters ended March 29, 2021 and March 30, 2020

 

7

Notes to Consolidated Condensed Financial Statements

 

8

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

 

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

28

Item 4. Controls and Procedures

 

30

PART II: OTHER INFORMATION

 

31

Item 1. Legal Proceedings

 

31

Item 1A. Risk Factors

 

31

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

 

45

Item 6. Exhibits

 

46

SIGNATURES

 

47

 

2


 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of March 29, 2021 and December 28, 2020

 

 

 

As of

 

 

 

March 29,

 

 

December 28,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

539,648

 

 

$

451,565

 

Accounts receivable, net

 

 

366,768

 

 

 

381,105

 

Contract assets

 

 

271,702

 

 

 

273,256

 

Inventories

 

 

121,124

 

 

 

115,651

 

Prepaid expenses and other current assets

 

 

33,397

 

 

 

27,181

 

Total current assets

 

 

1,332,639

 

 

 

1,248,758

 

Property, plant and equipment, net

 

 

651,194

 

 

 

650,435

 

Operating lease right-of-use assets

 

 

21,383

 

 

 

24,340

 

Goodwill

 

 

637,324

 

 

 

637,324

 

Definite-lived intangibles, net

 

 

270,402

 

 

 

281,307

 

Deposits and other non-current assets

 

 

52,886

 

 

 

53,780

 

Total assets

 

$

2,965,828

 

 

$

2,895,944

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

336,739

 

 

$

327,102

 

Contract liabilities

 

 

3,486

 

 

 

4,254

 

Accrued salaries, wages and benefits

 

 

82,201

 

 

 

97,268

 

Other current liabilities

 

 

86,728

 

 

 

89,422

 

Total current liabilities

 

 

509,154

 

 

 

518,046

 

Long-term debt, net of discount and issuance costs

 

 

926,128

 

 

 

842,853

 

Operating lease liabilities

 

 

15,658

 

 

 

17,211

 

Other long-term liabilities

 

 

72,421

 

 

 

73,825

 

Total long-term liabilities

 

 

1,014,207

 

 

 

933,889

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized, 107,113 and 106,770

   shares issued and outstanding as of March 29, 2021 and December 28, 2020,

   respectively

 

 

107

 

 

 

107

 

Additional paid-in capital

 

 

830,835

 

 

 

830,971

 

Retained earnings

 

 

648,652

 

 

 

651,844

 

Accumulated other comprehensive loss

 

 

(37,127

)

 

 

(38,913

)

Total stockholders’ equity

 

 

1,442,467

 

 

 

1,444,009

 

Total liabilities and stockholders' equity

 

$

2,965,828

 

 

$

2,895,944

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarters Ended March 29, 2021 and March 30, 2020

 

 

 

Quarter Ended

 

 

 

March 29,

 

 

March 30,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

526,432

 

 

$

497,646

 

Cost of goods sold

 

 

444,832

 

 

 

416,304

 

Gross profit

 

 

81,600

 

 

 

81,342

 

Operating expenses:

 

 

 

 

 

 

 

 

Selling and marketing

 

 

16,282

 

 

 

16,169

 

General and administrative

 

 

31,527

 

 

 

34,667

 

Research and development

 

 

4,470

 

 

 

4,762

 

Amortization of definite-lived intangibles

 

 

9,521

 

 

 

9,562

 

Total operating expenses

 

 

61,800

 

 

 

65,160

 

Operating income

 

 

19,800

 

 

 

16,182

 

Other (expense) income:

 

 

 

 

 

 

 

 

Interest expense

 

 

(11,389

)

 

 

(19,781

)

Loss on extinguishment of debt

 

 

(15,217

)

 

 

 

Other, net

 

 

2,507

 

 

 

2,502

 

Total other expense, net

 

 

(24,099

)

 

 

(17,279

)

Loss from continuing operations before income taxes

 

 

(4,299

)

 

 

(1,097

)

Income tax benefit (provision)

 

 

1,107

 

 

 

(2,123

)

Net loss from continuing operations

 

 

(3,192

)

 

 

(3,220

)

Income from discontinued operations, net of income taxes

 

 

 

 

 

2,046

 

Net loss

 

$

(3,192

)

 

$

(1,174

)

 

 

 

 

 

 

 

 

 

(Loss) earnings per share:

 

 

 

 

 

 

 

 

Basic loss per share from continuing operations

 

$

(0.03

)

 

$

(0.03

)

Basic earnings per share from discontinued operations

 

 

 

 

 

0.02

 

Basic loss per share

 

$

(0.03

)

 

$

(0.01

)

 

 

 

 

 

 

 

 

 

Diluted loss per share from continuing operations

 

$

(0.03

)

 

$

(0.03

)

Diluted earnings per share from discontinued operations

 

 

 

 

 

0.02

 

Diluted loss per share

 

$

(0.03

)

 

$

(0.01

)

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Loss

For the Quarters Ended March 29, 2021 and March 30, 2020

 

 

 

Quarter Ended

 

 

 

March 29,

 

 

March 30,

 

 

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net loss

 

$

(3,192

)

 

$

(1,174

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Pension obligation adjustments, net

 

 

 

 

 

27

 

Foreign currency translation adjustments, net

 

 

(3

)

 

 

(367

)

Net unrealized losses on cash flow hedges:

 

 

 

 

 

 

 

 

Unrealized loss on effective cash flow hedges during

     the period, net

 

 

(263

)

 

 

(6,018

)

Loss realized in the statement of operations, net

 

 

2,052

 

 

 

860

 

Net

 

 

1,789

 

 

 

(5,158

)

Other comprehensive income (loss), net of tax

 

 

1,786

 

 

 

(5,498

)

Comprehensive loss, net of tax

 

$

(1,406

)

 

$

(6,672

)

 

See accompanying notes to consolidated condensed financial statements.

5


 

 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Quarters Ended March 29, 2021 and March 30, 2020

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

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

 

 

 

 

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

 

 

See accompanying notes to consolidated condensed financial statements.

6


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Cash Flows

For the Quarters Ended March 29, 2021 and March 30, 2020

 

 

 

 

Quarter Ended

 

 

March 29, 2021

 

 

March 30, 2020

 

 

 

 

(Unaudited)

 

 

(In thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net loss

 

$

(3,192

)

 

$

(1,174

)

 

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

 

 

 

 

 

 

 

 

 

Depreciation of property, plant and equipment

 

 

21,476

 

 

 

42,632

 

 

Amortization of definite-lived intangible assets

 

 

10,905

 

 

 

11,620

 

 

Amortization of debt discount and issuance costs

 

 

537

 

 

 

3,552

 

 

Loss on extinguishment of debt

 

 

15,217

 

 

 

 

 

Deferred income taxes

 

 

683

 

 

 

(353

)

 

Stock-based compensation

 

 

4,209

 

 

 

4,835

 

 

Other

 

 

(534

)

 

 

876

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

14,337

 

 

 

45,019

 

 

Contract assets

 

 

1,554

 

 

 

1,572

 

 

Inventories

 

 

(5,473

)

 

 

(7,573

)

 

Prepaid expenses and other current assets

 

 

(6,495

)

 

 

(5,959

)

 

Accounts payable

 

 

10,885

 

 

 

(52,791

)

 

Contract liabilities

 

 

(768

)

 

 

(262

)

 

Accrued salaries, wages and benefits

 

 

(15,067

)

 

 

(16,382

)

 

Other current liabilities

 

 

(7,129

)

 

 

2,301

 

 

Net cash provided by operating activities

 

 

41,145

 

 

 

27,913

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Refundable deposit related to sale of the Mobility business unit

 

 

 

 

 

35,342

 

 

Purchase of property, plant and equipment and other assets

 

 

(21,797

)

 

 

(32,451

)

 

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

 

 

831

 

 

 

 

 

Net cash (used in) provided by investing activities

 

 

(20,966

)

 

 

2,891

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

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 provided by financing activities

 

 

68,080

 

 

 

 

 

Effect of foreign currency exchange rates on cash and cash equivalents

 

 

(176

)

 

 

(521

)

 

Net increase in cash and cash equivalents

 

 

88,083

 

 

 

30,283

 

 

Cash and cash equivalents at beginning of period

 

 

451,565