$TTMI
TTM TECHNOLOGIES INC

2018 Q3 Form 10-Q Financial Statement

#000156459018020718 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $716.9M $627.2M
YoY Change 14.3% -2.27%
Cost Of Revenue $600.7M $531.3M
YoY Change 13.07% -0.16%
Gross Profit $116.1M $95.87M
YoY Change 21.15% -12.5%
Gross Profit Margin 16.2% 15.29%
Selling, General & Admin $64.92M $44.49M
YoY Change 45.93% -13.26%
% of Gross Profit 55.9% 46.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.80M $42.00M
YoY Change 42.38% -2.1%
% of Gross Profit 51.49% 43.81%
Operating Expenses $84.41M $50.81M
YoY Change 66.12% -14.37%
Operating Profit $31.73M $45.06M
YoY Change -29.57% -10.29%
Interest Expense $20.45M $12.92M
YoY Change 58.28% -31.53%
% of Operating Profit 64.45% 28.68%
Other Income/Expense, Net -$14.28M -$18.75M
YoY Change -23.85% 25.46%
Pretax Income $17.46M $26.31M
YoY Change -33.64% -25.43%
Income Tax -$66.50M $5.558M
% Of Pretax Income -380.89% 21.13%
Net Earnings $84.00M $20.59M
YoY Change 307.96% -19.51%
Net Earnings / Revenue 11.72% 3.28%
Basic Earnings Per Share $0.81 $0.20
Diluted Earnings Per Share $0.65 $0.18
COMMON SHARES
Basic Shares Outstanding 103.6M 101.8M shares
Diluted Shares Outstanding 134.7M 133.2M

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.1M $246.9M
YoY Change -17.33% -15.39%
Cash & Equivalents $204.1M $246.9M
Short-Term Investments
Other Short-Term Assets $35.00M $43.00M
YoY Change -18.6% 29.91%
Inventory $121.3M $282.5M
Prepaid Expenses
Receivables $541.6M $452.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.203B $1.025B
YoY Change 17.3% -2.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.073B $1.034B
YoY Change 3.69% 0.8%
Goodwill $758.8M $372.5M
YoY Change 103.7% -0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.27M $25.03M
YoY Change 20.94% 29.0%
Total Long-Term Assets $2.276B $1.547B
YoY Change 47.17% -0.29%
TOTAL ASSETS
Total Short-Term Assets $1.203B $1.025B
Total Long-Term Assets $2.276B $1.547B
Total Assets $3.479B $2.572B
YoY Change 35.26% -1.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $448.5M $382.2M
YoY Change 17.34% -1.4%
Accrued Expenses $190.8M $229.8M
YoY Change -16.97% 7.99%
Deferred Revenue $7.680M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $40.70M $110.7M
YoY Change -63.23% -24.44%
Total Short-Term Liabilities $689.3M $722.7M
YoY Change -4.62% -3.24%
LONG-TERM LIABILITIES
Long-Term Debt $1.555B $863.8M
YoY Change 80.06% -7.65%
Other Long-Term Liabilities $92.94M $74.84M
YoY Change 24.19% 4.13%
Total Long-Term Liabilities $1.648B $938.7M
YoY Change 75.6% -6.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $689.3M $722.7M
Total Long-Term Liabilities $1.648B $938.7M
Total Liabilities $2.338B $1.661B
YoY Change 40.71% -5.29%
SHAREHOLDERS EQUITY
Retained Earnings $316.0M $128.3M
YoY Change 146.21% 56.07%
Common Stock $786.8M $767.2M
YoY Change 2.55% 1.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.141B $902.0M
YoY Change
Total Liabilities & Shareholders Equity $3.479B $2.572B
YoY Change 35.26% -1.35%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $84.00M $20.59M
YoY Change 307.96% -19.51%
Depreciation, Depletion And Amortization $59.80M $42.00M
YoY Change 42.38% -2.1%
Cash From Operating Activities $55.70M $59.10M
YoY Change -5.75% -42.51%
INVESTING ACTIVITIES
Capital Expenditures -$39.10M -$53.80M
YoY Change -27.32% 122.31%
Acquisitions
YoY Change
Other Investing Activities -$596.2M $8.200M
YoY Change -7370.73% -730.77%
Cash From Investing Activities -$635.4M -$45.60M
YoY Change 1293.42% 78.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 432.6M -50.00M
YoY Change -965.2% -50100.0%
NET CHANGE
Cash From Operating Activities 55.70M 59.10M
Cash From Investing Activities -635.4M -45.60M
Cash From Financing Activities 432.6M -50.00M
Net Change In Cash -147.1M -36.50M
YoY Change 303.01% -147.22%
FREE CASH FLOW
Cash From Operating Activities $55.70M $59.10M
Capital Expenditures -$39.10M -$53.80M
Free Cash Flow $94.80M $112.9M
YoY Change -16.03% -11.1%

Facts In Submission

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CY2018Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
3275000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
98722000
CY2018Q1 us-gaap Goodwill Gross
GoodwillGross
543971000
CY2018Q1 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
171400000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
386278000
CY2018Q3 us-gaap Goodwill Gross
GoodwillGross
930249000
CY2018Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
171400000
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
206563000
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
129034000
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
103685000
CY2018Q1 ttmi Finite Lived Intangible Assets Accumulated Foreign Exchange Impact
FiniteLivedIntangibleAssetsAccumulatedForeignExchangeImpact
72000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
38084000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
53293000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
45430000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
42118000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
39013000
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
196662000
CY2018Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1642420000
CY2018Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1023029000
CY2018Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
27359000
CY2018Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
30513000
CY2018Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
18907000
CY2018Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
12459000
CY2018Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1596154000
CY2018Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
980057000
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
40729000
CY2018Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
4578000
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1555425000
CY2018Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
975479000
CY2018Q3 ttmi Convertible Notes Contractual Coupon Interest
ConvertibleNotesContractualCouponInterest
1093000
CY2017Q3 ttmi Convertible Notes Contractual Coupon Interest
ConvertibleNotesContractualCouponInterest
1093000
ttmi Convertible Notes Contractual Coupon Interest
ConvertibleNotesContractualCouponInterest
2187000
CY2018Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2267000
CY2017Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2125000
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
1571000
CY2018Q3 us-gaap Undistributed Earnings
UndistributedEarnings
84004000
CY2017Q3 us-gaap Undistributed Earnings
UndistributedEarnings
20591000
us-gaap Undistributed Earnings
UndistributedEarnings
94101000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
4497000
CY2018Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
227000
CY2017Q3 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
214000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
451000
CY2018Q3 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
247000
CY2017Q3 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
180000
us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
488000
CY2018Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
18907000
CY2018Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
12459000
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-66429000
CY2018Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-67309000
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
0
CY2018Q3 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
0
CY2018Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
74599000
CY2018Q3 ttmi Discrete Income Tax Benefit Expense
DiscreteIncomeTaxBenefitExpense
9963000
CY2018Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
0
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
ttmi Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpense
0
ttmi Tax Cuts And Jobs Act Of2017 Incomplete Accounting Foreign Global Intangible Low Taxed Income Provisions Deferred Tax
TaxCutsAndJobsActOf2017IncompleteAccountingForeignGlobalIntangibleLowTaxedIncomeProvisionsDeferredTax
0
CY2018Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
3587000
CY2017Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
3432000
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
7135000
CY2018Q3 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
87591000
CY2017Q3 us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
24023000
us-gaap Undistributed Earnings Diluted
UndistributedEarningsDiluted
101236000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103553000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1376000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1604000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1603000
CY2018Q3 ttmi Incremental Common Shares Attributable To Warrants
IncrementalCommonSharesAttributableToWarrants
3854000
CY2017Q3 ttmi Incremental Common Shares Attributable To Warrants
IncrementalCommonSharesAttributableToWarrants
3924000
ttmi Incremental Common Shares Attributable To Warrants
IncrementalCommonSharesAttributableToWarrants
3517000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
25938000
CY2017Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
25940000
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
25938000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134721000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133224000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
134088000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
45000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
488000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5867000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
5000000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
20000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
20000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.92
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.92
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
31997000
CY2018Q3 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
15256000
CY2018Q1 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
14452000

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