2017 Q2 Form 10-Q Financial Statement

#000119312517166200 Filed on May 11, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q1
Revenue $625.2M $583.3M
YoY Change 3.89% 77.19%
Cost Of Revenue $520.2M $499.7M
YoY Change 3.18% 80.0%
Gross Profit $105.0M $83.56M
YoY Change 7.55% 62.07%
Gross Profit Margin 16.8% 14.33%
Selling, General & Admin $46.54M $53.51M
YoY Change -12.24% 21.83%
% of Gross Profit 44.31% 64.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.08M $40.23M
YoY Change -22.42% 63.95%
% of Gross Profit 34.35% 48.14%
Operating Expenses $52.45M $64.66M
YoY Change -16.7% 49.35%
Operating Profit $52.57M $18.90M
YoY Change 51.59% 128.7%
Interest Expense $13.60M $21.78M
YoY Change -32.3% 277.87%
% of Operating Profit 25.86% 115.25%
Other Income/Expense, Net -$15.31M -$20.58M
YoY Change -9.39% 232.93%
Pretax Income $37.26M -$1.673M
YoY Change 109.51% -180.24%
Income Tax $4.139M $5.477M
% Of Pretax Income 11.11%
Net Earnings $32.96M -$7.264M
YoY Change 77.7% -310.8%
Net Earnings / Revenue 5.27% -1.25%
Basic Earnings Per Share $0.33 -$0.07
Diluted Earnings Per Share $0.28 -$0.07
COMMON SHARES
Basic Shares Outstanding 100.9M 99.60M shares
Diluted Shares Outstanding 130.9M 99.60M shares

Balance Sheet

Concept 2017 Q2 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $282.9M $183.7M
YoY Change 30.85% -35.09%
Cash & Equivalents $282.9M $183.7M
Short-Term Investments
Other Short-Term Assets $50.00M $27.70M
YoY Change 63.93% -44.49%
Inventory $275.1M $264.6M
Prepaid Expenses
Receivables $419.3M $432.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.027B $908.2M
YoY Change 9.06% 24.34%
LONG-TERM ASSETS
Property, Plant & Equipment $976.4M $1.076B
YoY Change -6.76% 44.06%
Goodwill $372.6M $347.0M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.23M $20.08M
YoY Change 57.73% 31.56%
Total Long-Term Assets $1.503B $1.588B
YoY Change -4.87% 100.6%
TOTAL ASSETS
Total Short-Term Assets $1.027B $908.2M
Total Long-Term Assets $1.503B $1.588B
Total Assets $2.530B $2.496B
YoY Change 0.34% 64.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $362.1M $328.0M
YoY Change 2.75% 68.93%
Accrued Expenses $198.8M $190.0M
YoY Change 4.8% 152.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $160.7M $80.40M
YoY Change 99.88% -16.43%
Total Short-Term Liabilities $721.6M $598.4M
YoY Change 15.92% 31.05%
LONG-TERM LIABILITIES
Long-Term Debt $861.4M $1.022B
YoY Change -13.62% 211.17%
Other Long-Term Liabilities $74.59M $57.63M
YoY Change 3.07% 245.29%
Total Long-Term Liabilities $936.0M $1.079B
YoY Change -12.49% 212.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $721.6M $598.4M
Total Long-Term Liabilities $936.0M $1.079B
Total Liabilities $1.658B $1.678B
YoY Change -2.04% 109.3%
SHAREHOLDERS EQUITY
Retained Earnings $107.7M $38.70M
YoY Change 88.21% -51.55%
Common Stock $762.2M $748.0M
YoY Change 1.52% 27.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $864.2M $810.2M
YoY Change
Total Liabilities & Shareholders Equity $2.530B $2.496B
YoY Change 0.34% 64.0%

Cashflow Statement

Concept 2017 Q2 2016 Q1
OPERATING ACTIVITIES
Net Income $32.96M -$7.264M
YoY Change 77.7% -310.8%
Depreciation, Depletion And Amortization $36.08M $40.23M
YoY Change -22.42% 63.95%
Cash From Operating Activities $49.60M $17.90M
YoY Change -38.0% -73.44%
INVESTING ACTIVITIES
Capital Expenditures $33.26M $20.12M
YoY Change -282.74% -11.68%
Acquisitions
YoY Change
Other Investing Activities $9.900M $3.500M
YoY Change 241.38% -51.39%
Cash From Investing Activities -$23.40M -$16.60M
YoY Change 52.94% 6.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $76.48M
YoY Change 59.0%
Cash From Financing Activities 100.0K -76.50M
YoY Change -100.33% 60.04%
NET CHANGE
Cash From Operating Activities 49.60M 17.90M
Cash From Investing Activities -23.40M -16.60M
Cash From Financing Activities 100.0K -76.50M
Net Change In Cash 26.30M -75.20M
YoY Change -24.21% -1980.0%
FREE CASH FLOW
Cash From Operating Activities $49.60M $17.90M
Capital Expenditures $33.26M $20.12M
Free Cash Flow $16.34M -$2.216M
YoY Change -83.36% -104.97%

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UndistributedEarnings
32959000
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
625247000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
52570000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
32959000
CY2017Q2 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5880000
CY2017Q2 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-13448000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
39856000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
39690000
CY2017Q2 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
36353000
CY2017Q2 us-gaap Profit Loss
ProfitLoss
33125000
CY2017Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
898000
CY2017Q2 us-gaap Gross Profit
GrossProfit
105019000
CY2017Q2 us-gaap Finite Lived Intangible Assets Foreign Currency Translation Gain Loss
FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss
-89000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1710000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
68000
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6731000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-15306000
CY2017Q2 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
3394000
CY2017Q2 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3582000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
37264000
CY2017Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
44560000
CY2017Q2 us-gaap Depreciation
Depreciation
36077000
CY2017Q2 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
314000
CY2017Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4139000
CY2017Q2 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9475000
CY2017Q2 us-gaap Interest Expense
InterestExpense
13596000
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-23378000
CY2017Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9881000
CY2017Q2 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
13540000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3628000
CY2017Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2091000
CY2017Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-44000
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
16655000
CY2017Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2601000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
29273000
CY2017Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
2539000
CY2017Q2 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-26664000
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
74000
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
166000
CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-44000
CY2017Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
209000
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5912000
CY2017Q2 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
26594000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
166000
CY2017Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
520228000
CY2017Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
187000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
52449000
CY2017Q2 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
394000
CY2017Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
74000
CY2017Q2 us-gaap Restructuring Charges
RestructuringCharges
609000
CY2017Q2 ttmi Convertible Notes Contractual Coupon Interest
ConvertibleNotesContractualCouponInterest
1094000
CY2017Q2 ttmi Incremental Common Shares Attributable To Warrants
IncrementalCommonSharesAttributableToWarrants
2183000 shares
CY2017Q2 ttmi Leverage Ratio Description
LeverageRatioDescription
The Company is not required to make any additional principal payments for fiscal year 2017 as our secured leverage ratio is less than or equal to 1.5. The Company may be required to make additional principal payments in future years, if the Company’s secured leverage ratio is greater than 1.5.
CY2017Q2 ttmi Goodwill Translation Adjustments And Other
GoodwillTranslationAdjustmentsAndOther
-23000
CY2017Q2 ttmi Tax Incentives Effect On Basic Earnings Per Share After Tax
TaxIncentivesEffectOnBasicEarningsPerShareAfterTax
0.05
CY2017Q2 ttmi Tax Incentives Effect On Diluted Earnings Per Share After Tax
TaxIncentivesEffectOnDilutedEarningsPerShareAfterTax
0.04
CY2017Q2 ttmi Restructuring Costs Charged To Expense
RestructuringCostsChargedToExpense
609000

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