$TTMI
TTM TECHNOLOGIES INC

2019 Q2 Form 10-Q Financial Statement

#000156459019017942 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $536.4M $663.6M
YoY Change -19.16% 6.13%
Cost Of Revenue $531.5M $574.9M
YoY Change -7.55% 10.51%
Gross Profit $88.69M $88.68M
YoY Change 0.01% -15.56%
Gross Profit Margin 16.53% 13.36%
Selling, General & Admin $53.03M $52.82M
YoY Change 0.4% 13.49%
% of Gross Profit 59.79% 59.56%
Research & Development $4.716M
YoY Change
% of Gross Profit 5.32%
Depreciation & Amortization $41.60M $39.78M
YoY Change 4.59% 10.25%
% of Gross Profit 46.91% 44.85%
Operating Expenses $68.71M $58.68M
YoY Change 17.1% 11.87%
Operating Profit $30.12M $30.00M
YoY Change 0.38% -42.93%
Interest Expense $21.14M $13.75M
YoY Change 53.74% 1.11%
% of Operating Profit 70.18% 45.82%
Other Income/Expense, Net -$21.49M -$14.85M
YoY Change 44.69% -2.95%
Pretax Income $8.624M $15.15M
YoY Change -43.06% -59.35%
Income Tax $2.386M $5.050M
% Of Pretax Income 27.67% 33.34%
Net Earnings -$3.252M $10.10M
YoY Change -132.21% -69.36%
Net Earnings / Revenue -0.61% 1.52%
Basic Earnings Per Share -$0.03 $0.10
Diluted Earnings Per Share -$0.03 $0.09
COMMON SHARES
Basic Shares Outstanding 104.3M 102.5M
Diluted Shares Outstanding 105.6M 107.5M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $235.2M $352.6M
YoY Change -33.3% 24.64%
Cash & Equivalents $185.2M $352.6M
Short-Term Investments
Other Short-Term Assets $39.60M $33.00M
YoY Change 20.0% -34.0%
Inventory $114.8M $82.10M
Prepaid Expenses
Receivables $779.9M $779.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.170B $1.248B
YoY Change -6.26% 21.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.059B $1.040B
YoY Change 1.88% 6.49%
Goodwill $767.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.45M $29.30M
YoY Change 106.3% -11.84%
Total Long-Term Assets $2.245B $1.539B
YoY Change 45.89% 2.38%
TOTAL ASSETS
Total Short-Term Assets $1.170B $1.248B
Total Long-Term Assets $2.245B $1.539B
Total Assets $3.414B $2.786B
YoY Change 22.54% 10.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $424.3M $487.8M
YoY Change -13.02% 34.7%
Accrued Expenses $86.40M $185.1M
YoY Change -53.32% -6.89%
Deferred Revenue $2.387M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $4.600M
YoY Change -100.0% -97.14%
Total Short-Term Liabilities $607.7M $677.5M
YoY Change -10.3% -6.1%
LONG-TERM LIABILITIES
Long-Term Debt $1.466B $977.4M
YoY Change 49.99% 13.47%
Other Long-Term Liabilities $99.09M $77.08M
YoY Change 28.55% 3.33%
Total Long-Term Liabilities $1.580B $1.054B
YoY Change 49.81% 12.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $607.7M $677.5M
Total Long-Term Liabilities $1.580B $1.054B
Total Liabilities $2.187B $1.732B
YoY Change 26.29% 4.49%
SHAREHOLDERS EQUITY
Retained Earnings $429.8M $232.0M
YoY Change 85.23% 115.33%
Common Stock $801.9M $780.7M
YoY Change 2.71% 2.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.227B $1.054B
YoY Change
Total Liabilities & Shareholders Equity $3.414B $2.786B
YoY Change 22.54% 10.12%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$3.252M $10.10M
YoY Change -132.21% -69.36%
Depreciation, Depletion And Amortization $41.60M $39.78M
YoY Change 4.59% 10.25%
Cash From Operating Activities $36.92M -$14.26M
YoY Change -358.92% -128.75%
INVESTING ACTIVITIES
Capital Expenditures $33.48M $42.19M
YoY Change -20.64% 26.86%
Acquisitions
YoY Change
Other Investing Activities $5.000M $100.0K
YoY Change 4900.0% -98.99%
Cash From Investing Activities -$28.45M -$42.14M
YoY Change -32.49% 80.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $30.00M $875.0K
YoY Change 3328.57%
Cash From Financing Activities -30.01M -875.0K
YoY Change 3329.71% -975.0%
NET CHANGE
Cash From Operating Activities 36.92M -14.26M
Cash From Investing Activities -28.45M -42.14M
Cash From Financing Activities -30.01M -875.0K
Net Change In Cash -21.14M -57.28M
YoY Change -63.09% -317.78%
FREE CASH FLOW
Cash From Operating Activities $36.92M -$14.26M
Capital Expenditures $33.48M $42.19M
Free Cash Flow $3.441M -$56.45M
YoY Change -106.1% -445.47%

Facts In Submission

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CY2019Q2 us-gaap Prior Period Reclassification Adjustment Description
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<p style="text-align:justify;margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:4pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain amounts in the prior period consolidated condensed financial statement have been reclassified to conform to the presentation of the current period consolidated condensed financial statement. These reclassifications had no effect on the previously reported net income. An adjustment has been made to combine the statutory surplus reserve with retained earnings on the consolidated condensed balance sheet and the consolidated statement of stockholders&#8217; equity.</p>
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
4172000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
24141000
CY2019Q2 us-gaap Land And Land Improvements
LandAndLandImprovements
74850000
CY2018Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
75431000
CY2019Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
536038000
CY2018Q4 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
534122000
CY2019Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1381549000
CY2018Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1357035000
CY2019Q2 ttmi Construction In Progress Furniture And Fixtures And Other
ConstructionInProgressFurnitureAndFixturesAndOther
40446000
CY2018Q4 ttmi Construction In Progress Furniture And Fixtures And Other
ConstructionInProgressFurnitureAndFixturesAndOther
42713000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2032883000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2009301000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
995187000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
957277000
CY2019Q2 us-gaap Goodwill Gross
GoodwillGross
938445000
CY2019Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
171400000
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
542634000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
125582000
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
166711000
CY2019Q2 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
1179000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
35156000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
45419000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
42108000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
39002000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
36290000
CY2019Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
159943000
CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1500854000
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1530864000
CY2019Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
19603000
CY2018Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
22167000
CY2019Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
15241000
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
16272000
CY2019Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1466010000
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1492425000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
30000000
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1466010000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
1462425000
CY2019Q2 ttmi Convertible Notes Contractual Coupon Interest
ConvertibleNotesContractualCouponInterest
1094000
CY2018Q2 ttmi Convertible Notes Contractual Coupon Interest
ConvertibleNotesContractualCouponInterest
1094000
CY2019Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2379000
CY2018Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
2230000
CY2019Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
238000
CY2018Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
224000
CY2019Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
240000
CY2018Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
241000
CY2019Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
15241000
CY2018Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16272000
CY2019Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-342000
CY2019Q2 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
0
CY2019Q2 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
-1417000
CY2019Q2 ttmi Number Of Customers Contributing To More Than Ten Percent Of Revenue
NumberOfCustomersContributingToMoreThanTenPercentOfRevenue
0
CY2018Q2 ttmi Number Of Customers Contributing To More Than Ten Percent Of Revenue
NumberOfCustomersContributingToMoreThanTenPercentOfRevenue
1
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104315000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
102508000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1829000
CY2018Q2 ttmi Incremental Common Shares Attributable To Warrants
IncrementalCommonSharesAttributableToWarrants
3180000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104315000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107517000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18548000
CY2019Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q2 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
10260000
CY2018Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
10630000

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