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 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 2020-09-04 Officers
8-K 2020-07-29 Earnings, Exhibits
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 6. Exhibits
EX-31.1 ttmi-ex311_6.htm
EX-31.2 ttmi-ex312_7.htm
EX-32.1 ttmi-ex321_8.htm
EX-32.2 ttmi-ex322_9.htm

TTM Technologies Earnings 2020-06-29

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

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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 29, 2020

Or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                           to                          

Commission File Number: 0-31285

 

TTM TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

 

DELAWARE

 

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 3, 2020: 106,725,174

 

 

 

 

 


TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

Consolidated Condensed Balance Sheets as of June 29, 2020 and December 30, 2019

 

3

Consolidated Condensed Statements of Operations for the quarter and two quarters ended June 29, 2020 and
July 1, 2019

 

4

Consolidated Condensed Statements of Comprehensive Income (Loss) for the quarter and two quarters ended
June 29, 2020 and July 1, 2019

 

5

Consolidated Condensed Statements of Stockholders' Equity for the two quarters ended June 29, 2020 and
July 1, 2019

 

6

Consolidated Condensed Statements of Cash Flows for the two quarters ended June 29, 2020 and
July 1, 2019

 

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 6. Exhibits

 

50

SIGNATURES

 

51

 

2


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

 

 

 

As of

 

 

 

June 29,

 

 

December 30,

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

694,668

 

 

$

379,818

 

Accounts receivable, net

 

 

414,329

 

 

 

503,598

 

Contract assets

 

 

287,281

 

 

 

254,600

 

Inventories

 

 

122,847

 

 

 

113,753

 

Current assets held for sale

 

 

 

 

 

67,572

 

Receivable from Purchaser of the Mobility business unit

 

 

314,585

 

 

 

 

Prepaid expenses and other current assets

 

 

38,202

 

 

 

23,343

 

Total current assets

 

 

1,871,912

 

 

 

1,342,684

 

Property, plant and equipment, net

 

 

660,866

 

 

 

678,201

 

Operating lease right-of-use assets

 

 

21,993

 

 

 

22,173

 

Goodwill

 

 

706,524

 

 

 

706,524

 

Definite-lived intangibles, net

 

 

303,790

 

 

 

325,680

 

Non-current assets held for sale

 

 

 

 

 

425,597

 

Deposits and other non-current assets

 

 

29,586

 

 

 

60,074

 

 

 

$

3,594,671

 

 

$

3,560,933

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Short-term debt, including current portion of long-term debt

 

$

649,975

 

 

$

249,975

 

Accounts payable

 

 

351,819

 

 

 

329,866

 

Contract liabilities

 

 

3,140

 

 

 

3,838

 

Accrued salaries, wages and benefits

 

 

79,424

 

 

 

85,114

 

Current liabilities held for sale

 

 

 

 

 

185,391

 

Other current liabilities

 

 

113,099

 

 

 

92,482

 

Total current liabilities

 

 

1,197,457

 

 

 

946,666

 

Long-term debt, net of discount and issuance costs

 

 

832,834

 

 

 

1,225,962

 

Operating lease liabilities

 

 

15,015

 

 

 

15,413

 

Non-current liabilities held for sale

 

 

 

 

 

1,530

 

Other long-term liabilities

 

 

103,800

 

 

 

92,325

 

Total long-term liabilities

 

 

951,649

 

 

 

1,335,230

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized, 106,701 and 105,510

   shares issued and outstanding as of June 29, 2020 and December 30, 2019,

   respectively

 

 

107

 

 

 

106

 

Additional paid-in capital

 

 

822,189

 

 

 

814,708

 

Retained earnings

 

 

665,945

 

 

 

474,309

 

Accumulated other comprehensive loss

 

 

(42,676

)

 

 

(10,086

)

Total stockholders’ equity

 

 

1,445,565

 

 

 

1,279,037

 

 

 

$

3,594,671

 

 

$

3,560,933

 

 

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 29, 2020 and July 1, 2019

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

June 29,

 

 

July 1,

 

 

June 29,

 

 

July 1,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

570,298

 

 

$

526,877

 

 

$

1,067,944

 

 

$

1,063,322

 

Cost of goods sold

 

 

469,868

 

 

 

434,029

 

 

 

886,172

 

 

 

871,648

 

Gross profit

 

 

100,430

 

 

 

92,848

 

 

 

181,772

 

 

 

191,674

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

15,969

 

 

 

16,898

 

 

 

32,138

 

 

 

34,458

 

General and administrative

 

 

46,723

 

 

 

31,869

 

 

 

81,390

 

 

 

62,151

 

Research and development

 

 

5,181

 

 

 

4,496

 

 

 

9,943

 

 

 

9,212

 

Amortization of definite-lived intangibles

 

 

9,561

 

 

 

10,593

 

 

 

19,123

 

 

 

26,745

 

Total operating expenses

 

 

77,434

 

 

 

63,856

 

 

 

142,594

 

 

 

132,566

 

Operating income

 

 

22,996

 

 

 

28,992

 

 

 

39,178

 

 

 

59,108

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(18,572

)

 

 

(20,553

)

 

 

(38,353

)

 

 

(41,688

)

Other, net

 

 

455

 

 

 

3,007

 

 

 

2,957

 

 

 

2,650

 

Total other expense, net

 

 

(18,117

)

 

 

(17,546

)

 

 

(35,396

)

 

 

(39,038

)

Income from continuing operations before income taxes

 

 

4,879

 

 

 

11,446

 

 

 

3,782

 

 

 

20,070

 

Income tax benefit (provision)

 

 

4,467

 

 

 

1,047

 

 

 

2,344

 

 

 

(1,339

)

Net income from continuing operations

 

 

9,346

 

 

 

12,493

 

 

 

6,126

 

 

 

18,731

 

Income (loss) from discontinued operations, net of income taxes

 

 

183,464

 

 

 

(9,069

)

 

 

185,510

 

 

 

(18,559

)

Net income

 

$

192,810

 

 

$

3,424

 

 

$

191,636

 

 

$

172

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share from continuing operations

 

$

0.09

 

 

$

0.12

 

 

$

0.06

 

 

$

0.18

 

Basic earnings (loss) per share from discontinued operations

 

 

1.72

 

 

 

(0.09

)

 

 

1.75

 

 

 

(0.18

)

Basic earnings per share

 

$

1.81

 

 

$

0.03

 

 

 

1.81

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share from continuing operations

 

$

0.09

 

 

$

0.12

 

 

$

0.06

 

 

$

0.18

 

Diluted earnings (loss) per share from discontinued operations

 

 

1.70

 

 

 

(0.09

)

 

 

1.72

 

 

 

(0.18

)

Diluted earnings per share

 

$

1.79

 

 

$

0.03

 

 

 

1.78

 

 

$

 

 

See accompanying notes to consolidated condensed financial statements.

 

4


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Comprehensive Income (Loss)

For the Quarter and Two Quarters Ended June 29, 2020 and July 1, 2019

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

June 29,

 

 

July 1,

 

 

June 29,

 

 

July 1,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income

 

$

192,810

 

 

$

3,424

 

 

$

191,636

 

 

$

172

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligation adjustments, net

 

 

(6

)

 

 

 

 

 

21

 

 

 

19

 

Derecognition of foreign currency translation adjustments

     due to sale of Mobility business unit

 

 

(27,341

)

 

 

 

 

 

(27,341

)

 

 

 

Foreign currency translation adjustments, net

 

 

96

 

 

 

(601

)

 

 

(271

)

 

 

29

 

Derecognition of unrealized losses on cash flow hedge

     due to sale of Mobility business unit

 

 

384

 

 

 

 

 

 

384

 

 

 

 

Net unrealized losses on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on effective cash flow hedges during

     the period, net

 

 

(1,994

)

 

 

(4,503

)

 

 

(8,012

)

 

 

(6,331

)

Loss realized in the statement of operations, net

 

 

1,769

 

 

 

296

 

 

 

2,629

 

 

 

574

 

Net

 

 

(225

)

 

 

(4,207

)

 

 

(5,383

)

 

 

(5,757

)

Other comprehensive loss, net of tax

 

 

(27,092

)

 

 

(4,808

)

 

 

(32,590

)

 

 

(5,709

)

Comprehensive income (loss), net of tax

 

$

165,718

 

 

$

(1,384

)

 

$

159,046

 

 

$

(5,537

)

 

See accompanying notes to consolidated condensed financial statements.

5


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Two Quarters Ended June 29, 2020 and July 1, 2019

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

192,810

 

 

 

 

 

 

192,810

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(27,092

)

 

 

(27,092

)

Issuance of common stock for

   restricted stock units

 

 

484

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation