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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 July 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 August 8, 2022: 102,194,259

 

 

 

 

 


 

TABLE OF CONTENTS

 

 

 

Page

PART I: FINANCIAL INFORMATION

 

3

Item 1. Financial Statements (unaudited)

 

3

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

 

3

Consolidated Condensed Statements of Operations for the quarter and two quarters ended July 4, 2022 and
June 28, 2021

 

4

Consolidated Condensed Statements of Comprehensive Income for the quarter and two quarters ended
July 4, 2022 and June 28, 2021

 

5

Consolidated Condensed Statements of Stockholders' Equity for the two quarters ended July 4, 2022 and
June 28, 2021

 

6

Consolidated Condensed Statements of Cash Flows for the two quarters ended July 4, 2022 and June 28, 2021

 

8

Notes to Consolidated Condensed Financial Statements

 

9

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

 

23

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

29

Item 4. Controls and Procedures

 

31

PART II: OTHER INFORMATION

 

32

Item 1. Legal Proceedings

 

32

Item 1A. Risk Factors

 

32

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

 

48

Item 6. Exhibits

 

49

SIGNATURES

 

50

 

2


 

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

TTM TECHNOLOGIES, INC.

Consolidated Condensed Balance Sheets

As of July 4, 2022 and January 3, 2022

 

 

 

As of

 

 

 

July 4,

 

 

January 3,

 

 

 

2022

 

 

2022

 

 

 

(Unaudited)

 

 

 

(In thousands, except par value)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

266,546

 

 

$

537,678

 

Accounts receivable, net

 

 

474,829

 

 

 

386,347

 

Contract assets

 

 

376,367

 

 

 

324,862

 

Inventories

 

 

209,960

 

 

 

127,612

 

Prepaid expenses and other current assets

 

 

53,181

 

 

 

30,914

 

Total current assets

 

 

1,380,883

 

 

 

1,407,413

 

Property, plant and equipment, net

 

 

748,439

 

 

 

665,755

 

Operating lease right-of-use assets

 

 

22,618

 

 

 

20,802

 

Goodwill

 

 

715,591

 

 

 

637,324

 

Definite-lived intangibles, net

 

 

311,352

 

 

 

239,918

 

Deposits and other non-current assets

 

 

35,768

 

 

 

54,335

 

Total assets

 

$

3,214,651

 

 

$

3,025,547

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

425,135

 

 

$

361,484

 

Contract liabilities

 

 

83,668

 

 

 

14,189

 

Accrued salaries, wages and benefits

 

 

100,584

 

 

 

89,446

 

Other current liabilities

 

 

112,922

 

 

 

93,029

 

Total current liabilities

 

 

722,309

 

 

 

558,148

 

Long-term debt, net of discount and issuance costs

 

 

928,605

 

 

 

927,818

 

Operating lease liabilities

 

 

15,832

 

 

 

15,252

 

Other long-term liabilities

 

 

73,825

 

 

 

68,912

 

Total long-term liabilities

 

 

1,018,262

 

 

 

1,011,982

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 300,000 shares authorized; 109,555 and 108,194

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

   102,185 and 103,533 shares outstanding as of July 4, 2022 and

   January 3, 2022, respectively

 

 

109

 

 

 

108

 

Treasury stock – common stock at cost; 7,370 and 4,661 shares as of July 4, 2022

   and January 3, 2022, respectively

 

 

(98,659

)

 

 

(63,807

)

Additional paid-in capital

 

 

847,214

 

 

 

840,113

 

Retained earnings

 

 

751,296

 

 

 

706,258

 

Accumulated other comprehensive loss

 

 

(25,880

)

 

 

(27,255

)

Total stockholders’ equity

 

 

1,474,080

 

 

 

1,455,417

 

Total liabilities and stockholders' equity

 

$

3,214,651

 

 

$

3,025,547

 

 

See accompanying notes to consolidated condensed financial statements.

3


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Operations

For the Quarter and Two Quarters Ended July 4, 2022 and June 28, 2021

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

July 4,

 

 

June 28,

 

 

July 4,

 

 

June 28,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

(In thousands, except per share data)

 

Net sales

 

$

625,550

 

 

$

567,383

 

 

$

1,206,810

 

 

$

1,093,815

 

Cost of goods sold

 

 

508,477

 

 

 

467,473

 

 

 

998,814

 

 

 

912,305

 

Gross profit

 

 

117,073

 

 

 

99,910

 

 

 

207,996

 

 

 

181,510

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

17,557

 

 

 

14,605

 

 

 

35,829

 

 

 

30,887

 

General and administrative

 

 

48,806

 

 

 

31,193

 

 

 

81,760

 

 

 

62,720

 

Research and development

 

 

5,233

 

 

 

4,182

 

 

 

10,788

 

 

 

8,652

 

Amortization of definite-lived intangibles

 

 

8,275

 

 

 

9,042

 

 

 

16,549

 

 

 

18,563

 

Total operating expenses

 

 

79,871

 

 

 

59,022

 

 

 

144,926

 

 

 

120,822

 

Operating income

 

 

37,202

 

 

 

40,888

 

 

 

63,070

 

 

 

60,688

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(10,711

)

 

 

(11,079

)

 

 

(22,072

)

 

 

(22,468

)

Loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

(15,217

)

Other, net

 

 

7,638

 

 

 

306

 

 

 

9,608

 

 

 

2,813

 

Total other expense, net

 

 

(3,073

)

 

 

(10,773

)

 

 

(12,464

)

 

 

(34,872

)

Income before income taxes

 

 

34,129

 

 

 

30,115

 

 

 

50,606

 

 

 

25,816

 

Income tax provision

 

 

(6,337

)

 

 

(1,854

)

 

 

(5,568

)

 

 

(747

)

Net income

 

$

27,792

 

 

$

28,261

 

 

$

45,038

 

 

$

25,069

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.27

 

 

$

0.26

 

 

$

0.44

 

 

$

0.23

 

Diluted earnings per share

 

$

0.27

 

 

$

0.26

 

 

$

0.43

 

 

$

0.23

 

 

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 July 4, 2022 and June 28, 2021

 

 

 

Quarter Ended

 

 

Two Quarters Ended

 

 

 

July 4,

 

 

June 28,

 

 

July 4,

 

 

June 28,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

(In thousands)

 

Net income

 

$

27,792

 

 

$

28,261

 

 

$

45,038

 

 

$

25,069

 

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension obligation adjustments, net

 

 

 

 

 

29

 

 

 

 

 

 

29

 

Foreign currency translation adjustments, net

 

 

(1,700

)

 

 

417

 

 

 

(1,736

)

 

 

414

 

Net unrealized gain on cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized (loss) gain on effective cash flow hedges during

     the period, net

 

 

(129

)

 

 

60

 

 

 

24

 

 

 

(203

)

Loss realized in the statement of operations, net

 

 

1,053

 

 

 

1,932

 

 

 

3,087

 

 

 

3,984

 

Net

 

 

924

 

 

 

1,992

 

 

 

3,111

 

 

 

3,781

 

Other comprehensive (loss) income, net of tax

 

 

(776

)

 

 

2,438

 

 

 

1,375

 

 

 

4,224

 

Comprehensive income, net of tax

 

$

27,016

 

 

$

30,699

 

 

$

46,413

 

 

$

29,293

 

 

See accompanying notes to consolidated condensed financial statements.

5


 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Two Quarters Ended July 4, 2022

 

 

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

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

27,792

 

 

 

 

 

 

27,792

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(776

)

 

 

(776

)

Issuance of common stock

   for restricted stock units

 

 

1,172

 

 

 

1

 

 

 

 

 

 

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Repurchases of common stock

 

 

 

 

 

 

 

 

(374

)

 

 

(5,192

)

 

 

 

 

 

 

 

 

 

 

 

(5,192

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,427

 

 

 

 

 

 

 

 

 

4,427

 

Balance, July 4, 2022

 

 

109,555

 

 

$

109

 

 

 

(7,370

)

 

$

(98,659

)

 

$

847,214

 

 

$

751,296

 

 

$

(25,880

)

 

$

1,474,080

 

 

See accompanying notes to consolidated condensed financial statements.


6


 

 

TTM TECHNOLOGIES, INC.

Consolidated Condensed Statements of Stockholders’ Equity

For the Two Quarters Ended June 28, 2021

 

 

 

Common Stock

 

 

Treasury Stock

 

 

Additional

Paid-In

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Shares

 

 

Amount

 

 

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