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Ultra Clean Holdings, Inc.

$UCTT
$26.98
Капитализция: $1.2B
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О компании

Ultra Clean Holdings, Inc. является мировым лидером в области разработки, проектирования и изготовления производственных инструментов, модулей и подсистем для отрасли промышленности, специализирующейся на изготовлении производственного оборудования для создания полупроводниковой электроники, показать больше
и сегментов промышленности с аналогичными требованиями, включая сегмент производства дисплеев, потребительский и медицинский сегменты. Основное направление деятельности компании - это предоставление специализированных технических и производственных решений для этих областей применения. Эмитент отправляет большинство своих продуктов и деталей, прошедших обслуживание, клиентам, зарегистрированным в США, которые могут находиться как в США, так и за их пределами. Помимо производства и обслуживания в США компании производит продукцию и предоставляет услуги по чистке деталей и другие сопутствующие услуги на собственных производственных объектах в Азии и Европе, чтобы обеспечить поддержку местных клиентов и клиентов из США.
Ultra Clean Holdings, Inc. designs, engineers, and manufactures production tools, modules, and subsystems for the semiconductor and display capital equipment markets in the United States and internationally. The company provides subsystems, such as wafer cleaning modules chemical delivery modules that deliver gases and reactive chemicals in a liquid or gaseous form from a centralized subsystem to the reaction chamber frame assemblies process modules, a subsystems of semiconductor manufacturing tools that process integrated circuits onto wafers and top-plate assemblies. It also offers various industrial and automation production equipment products gas delivery systems, which include one or more gas lines, such as weldments, filters, mass flow controllers, regulators, pressure transducers and valves, component heaters, and an integrated electronic and/or pneumatic control system fluid delivery systems consists of one or more chemical delivery units, including PFA tubing, filters, flow controllers, regulators, component heaters, and an integrated electronic and/or pneumatic control system precision robotic systems that are used when accurate controlled motion is required and other high level assemblies. In addition, the company provides tool chamber parts cleaning and coating services micro-contamination analysis services for tool parts, wafers and depositions, chemicals, cleanroom materials, deionized water, and airborne molecular contamination and analytical verification services for process tool chamber part cleaning. It primarily serves original equipment manufacturing customers in the semiconductor capital equipment and semiconductor integrated device manufacturing industries, as well as display, consumer, medical, energy, industrial, and research equipment industries. Ultra Clean Holdings, Inc. was founded in 1991 and is headquartered in Hayward, California.
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Ultra Clean Reports First Quarter Financial Results

Ultra Clean сообщает о финансовых результатах за первый квартал

27 апр. 2022 г.

HAYWARD, Calif., April 27, 2022 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the first quarter ended April 1, 2022.

"The semiconductor industry is in a period of robust secular growth and increasing demand," said Jim Scholhamer, CEO. "Appetite and appreciation for our products and services remains elevated, upheld by our persistent commitment to quality as recognized by key customers. We are confident in our proven ability to navigate and adapt to challenges, including those that affected our first quarter results."

First Quarter 2022 GAAP Financial Results

Total revenue was $564.1 million. Products contributed $486.8 million and Services added $77.3 million. Total gross margin was 20.2%, operating margin was 8.1%, and net income was $27.9 million or $0.62 and $0.61 per basic and diluted share, respectively. This compares to total revenue of $615.1 million, gross margin of 21.0%, operating margin of 10.2%, and net income of $45.5 million or $1.01 and $1.00 per basic and diluted share, respectively, in the prior quarter.

First Quarter 2022 Non-GAAP Financial Results

On a non-GAAP basis, gross margin was 20.5%, operating margin was 10.9%, and net income was $43.3 million or $0.95 per diluted share. This compares to gross margin of 21.5%, operating margin of 12.6%, and net income of $55.5 million or $1.22 per diluted share in the prior quarter.

Second Quarter 2022 Outlook

The Company expects revenue in the range of $550.0 million to $630.0 million and GAAP diluted net income per share to be between $0.60 and $0.92. The Company expects non-GAAP diluted net income per share to be between $0.84 and $1.20.   

Conference Call

The conference call and webcast will take place at 1:45 p.m. PT and can be accessed by dialing 1-844-826-3034 or 1-412-317-5179. No passcode is required. A replay of the call will be available by dialing 1-877-344-7529 or 1-412-317-0088 and entering the confirmation code 9474156. The Webcast will be available on the Investor Relations section of the Company's website at http://uct.com/investors/events/. 

About Ultra Clean Holdings, Inc.

Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components and parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry. Under its Products division, UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping, and high-precision manufacturing. Under its Services Division, UCT offers its customers tool chamber parts cleaning and coating, as well as micro-contamination analytical services. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com.

Use of Non-GAAP Measures

In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America (GAAP), management uses non-GAAP gross margin, non-GAAP operating margin and non-GAAP net income to evaluate the Company's operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing our core business and business trends and comparing performance to prior periods, along with enhancing investors' ability to view the Company's results from management's perspective. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP. Tables presenting reconciliations from GAAP results to non-GAAP results are included at the end of this press release.

The Company currently defines non-GAAP net income as net income (loss) before amortization of intangible assets, restructuring charges, executive transition costs, acquisition costs, fair value adjustments, depreciation adjustments, stock-based compensation, certain insurance proceeds, gain on sale of property, legal related costs and the tax effects of the foregoing adjustments.

A reconciliation of our guidance for non-GAAP net income per diluted share for the subsequent quarter is not available due to fluctuations in the geographic mix of our earnings from quarter to quarter, which impacts our tax rate and cannot be reasonably predicted or determined. As a result, such reconciliation is not available without unreasonable efforts and we are unable to determine the probable significance of the unavailable information.

Safe Harbor Statement

The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "projection," "outlook," "forecast," "believes," "plan," "expect," "future," "intends," "may," "will," "estimates," "see," "predicts," "should" and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations about the semiconductor capital equipment market and outlook. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company's actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations'' and elsewhere in our annual report on Form 10-K for the year ended December 31, 2021 as filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless required by law.

Contact:Rhonda BennettoSVP Investor Relations[email protected]

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share data)








Three Months Ended


April 1, 


March 26, 

2022


2021







Revenues:






Product

$

486,831


$

345,616

Services


77,313



72,011

Total revenues


564,144



417,627

Cost of revenues:






Product


399,539



283,569

Services


50,877



47,120

Total cost of revenues


450,416



330,689

Gross profit


113,728



86,938

Operating expenses:






Research and development


6,839



4,208

Sales and marketing


13,797



7,608

General and administrative


47,381



34,712

Total operating expenses


68,017



46,528

Income from operations


45,711



40,410

Interest income


65



98

Interest expense


(6,413)



(3,605)

Other income (expense), net


5



(4,263)

Income before provision for income taxes


39,368



32,640

Provision for income taxes


8,542



7,015

Net income


30,826



25,625

Less: Net income attributable to noncontrolling interests


2,896



628

Net income attributable to UCT

$

27,930


$

24,997







Net income per share attributable to UCT common stockholders:






Basic

$

0.62


$

0.62

Diluted

$

0.61


$

0.60

Shares used in computing net income per share:






Basic


44,927



40,564

Diluted


45,593



41,639

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in thousands)










April 1, 


December 31,

2022

2021

ASSETS







Current assets:







  Cash and cash equivalents


$

367,004


$

466,455

  Accounts receivable, net of allowance



279,274



250,147

  Inventories



440,341



379,235

  Prepaid expenses and other current assets



36,079



41,260

Total current assets



1,122,698



1,137,097








Property, plant and equipment, net



250,088



242,347

Goodwill



268,521



270,044

Intangibles assets, net



237,644



245,696

Deferred tax assets, net



36,575



37,607

Operating lease right-of-use assets



86,799



83,357

Other non-current assets



9,315



9,242

Total assets


$

2,011,640


$

2,025,390








LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:







  Bank borrowings


$

19,489


$

22,071

  Accounts payable



288,121



332,897

  Accrued compensation and related benefits



40,813



46,790

  Operating lease liabilities



17,316



17,299

  Other current liabilities



51,923



50,060

Total current liabilities



417,662



469,117








Bank borrowings, net of current portion



530,892



529,919

Deferred tax liabilities 



54,761



54,889

Operating lease liabilities



68,837



65,923

Other liabilities



13,386



12,894

Total liabilities



1,085,538



1,132,742








Equity:







UCT stockholders' equity:







  Common stock



517,222



511,628

  Retained earnings



365,347



337,417

  Accumulated other comprehensive gain (loss)



(3,004)



(167)

Total UCT stockholders' equity



879,565



848,878

  Non-controlling interest



46,537



43,770

Total equity



926,102



892,648

Total liabilities and stockholders' equity


$

2,011,640


$

2,025,390

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)








Fiscal Year Ended


April 1, 


March 26, 


2022


2021

Cash flows from operating activities:






Net income

$

30,826


$

25,625

Adjustments to reconcile net income to net cash provided by operating activities:






      Depreciation and amortization


18,903



11,823

Stock-based compensation


5,596



3,465

Deferred income taxes


1,390



1,236

Change in the fair value of financial instruments and earn-out liability


285



11,639

Gain from insurance proceeds




(7,332)

Others


181



101

Changes in assets and liabilities:






Accounts receivable


(29,127)



(22,502)

Inventories


(61,106)



(8,782)

Prepaid expenses and other current assets


4,590



3,018

Other non-current assets


(73)



(1,011)

Accounts payable


(35,887)



43,266

Accrued compensation and related benefits


(5,977)



(3,599)

Operating lease assets and liabilities


(511)



(315)

Income taxes payable




2,777

Other liabilities


3,487



6,194

Net cash provided by (used in) operating activities


(67,423)



65,603

Cash flows from investing activities:






Purchases of property, plant and equipment


(28,380)



(6,487)

Proceeds from sale of property and equipment, including insurance proceeds




7,332

Net cash provided by (used in) investing activities


(28,380)



845

Cash flows from financing activities:






Proceeds from bank borrowings




6,627

Payments on bank borrowings and finance leases


(2,672)



(8,243)

Others




(2)

Net cash used in financing activities


(2,672)



(1,618)

Effect of exchange rate changes on cash and cash equivalents


(976)



(847)

Net increase (decrease) in cash and cash equivalents


(99,451)



63,983

Cash and cash equivalents at beginning of period


466,455



200,274

Cash and cash equivalents at end of period

$

367,004


$

264,257

ULTRA CLEAN HOLDINGS, INC.

REPORTABLE SEGMENTS

GAAP TO NON-GAAP RECONCILIATION 

(Unaudited; dollars in thousands)























GAAP



Non-GAAP




Three Months Ended



Three Months Ended



April 1, 2022


April 1, 2022



Products


Services


Consolidated


Products


Services


Consolidated

Revenues


$

486,831


$

77,313


$

564,144


$

486,831


$

77,313


$

564,144

Gross profit


$

87,292


$

26,436


$

113,728


$

88,426


$

27,459


$

115,885

Gross margin



17.9%



34.2%



20.2%



18.2%



35.5%



20.5%

Income from operations


$

37,573


$

8,138


$

45,711


$

49,476


$

12,157


$

61,633

Operating margin



7.7%



10.5%



8.1%



10.2%



15.7%



10.9%































Three Months Ended












April 1, 2022












Products


Services


Consolidated

Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in thousands)

Reported gross profit on a GAAP basis


$

87,292


$

26,436


$

113,728

Amortization of intangible assets (1)



657



1,023



1,680

Stock-based compensation expense (3)



477





477

Non-GAAP gross profit


$

88,426


$

27,459


$

115,885




















Reconciliation of GAAP Gross margin to Non-GAAP Gross margin

Reported gross margin on a GAAP basis



17.9%



34.2%



20.2%

Amortization of intangible assets (1)



0.2%



1.3%



0.2%

Stock-based compensation expense (3)



0.1%





0.1%

Non-GAAP gross margin



18.2%



35.5%



20.5%




















Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in thousands)

Reported income from operations on a GAAP basis


$

37,573


$

8,138


$

45,711

Amortization of intangible assets (1)



4,405



3,647



8,052

Restructuring charges (2)



49





49

Stock-based compensation expense (3)



5,077



372



5,449

Legal-related costs (4)












2,200





2,200

Acquisition related costs (5)



172





172

Non-GAAP income from operations


$

49,476


$

12,157


$

61,633




















Reconciliation of GAAP Operating margin to Non-GAAP Operating margin

Reported operating margin on a GAAP basis



7.7%



10.5%



8.1%

Amortization of intangible assets (1)



0.9%



4.7%



1.4%

Restructuring charges (2)



0.0%



0.0%



0.0%

Stock-based compensation expense (3)



1.0%



0.5%



1.0%

Legal-related costs (4)



0.5%



0.0%



0.4%

Acquisition related costs (5)



0.1%



0.0%



0.1%

Non-GAAP operating margin



10.2%



15.7%



10.9%




















1    Amortization of intangible assets related to the Company's business acquisitions

2    Represents severance, retention and costs related to facility closures

3    Represents compensation expense for stock granted to employees and directors

4    Represents estimated costs related to legal proceedings
















5    Represents costs related to the acquisition of Ham-Let 
















ULTRA CLEAN HOLDINGS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS











Three Months Ended


April 1, 


March 26, 


December 31, 


2022


2021


2021

Reconciliation of GAAP Net Income to Non-GAAP Net Income (in thousands)

Reported net income attributable to UCT on a GAAP basis

$

27,930


$

24,997


$

45,470

Amortization of intangible assets (1)


8,052



4,889



9,511

Restructuring charges (2)


49



140



(391)

Stock-based compensation expense (3)


5,449



4,043



4,667

Legal-related costs (4)


2,200





2,200

Acquisition related costs (5)


172



1,337



449

Fair value related adjustments (6)




11,582



546

Insurance proceeds (7)




(7,332)



Income tax effect of non-GAAP adjustments (8)


(2,611)



(2,639)



(2,336)

Income tax effect of valuation allowance (9)


2,084



1,140



(2,400)

Non-GAAP net income attributable to UCT

$

43,325


$

38,157


$

57,716










Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in thousands)

Reported income from operations on a GAAP basis

$

45,711


$

40,410


$

62,732

Amortization of intangible assets (1)


8,052



4,889



9,511

Restructuring charges (2)


49



140



(391)

Stock-based compensation expense (3)


5,449



4,043



4,667

Legal-related costs (4)


2,200





Acquisition related costs (5)


172



1,337



449

Fair value related adjustments (6)






546

Non-GAAP income from operations

$

61,633


$

50,819


$

77,514










Reconciliation of GAAP Operating margin to Non-GAAP Operating margin

Reported operating margin on a GAAP basis


8.1%



9.7%



10.2%

Amortization of intangible assets (1)


1.4%



1.2%



1.5%

Restructuring charges (2)


0.0%



0.0%



-0.1%

Stock-based compensation expense (3)


1.0%



1.0%



0.8%

Legal-related costs (4)


0.4%





Acquisition related costs (5)


0.1%



0.3%



0.1%

Fair value related adjustments (6)




0.0%



0.1%

Non-GAAP operating margin


10.9%



12.2%



12.6%










Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in thousands)

Reported gross profit on a GAAP basis

$

113,728


$

86,938


$

129,086

Amortization of intangible assets (1)


1,680



1,022



1,681

Restructuring charges (2)




6



115

Stock-based compensation expense (3)


477



980



719

Fair value related adjustments (6)






546

Non-GAAP gross profit

$

115,885


$

88,946


$

132,147










Reconciliation of GAAP Gross margin to Non-GAAP Gross margin

Reported gross margin on a GAAP basis


20.2%



20.8%



21.0%

Amortization of intangible assets (1)


0.2%



0.3%



0.3%

Restructuring charges (2)




0.0%



0.0%

Stock-based compensation expense (3)


0.1%



0.2%



0.1%

Fair value related adjustments (6)






0.1%

Non-GAAP gross margin


20.5%



21.3%



21.5%

Reconciliation of GAAP Interest and other income (expense) to Non-GAAP Interest and other income (expense) (in thousands)

Reported interest and other income (expense) on a GAAP basis

$

(6,343)


$

(7,770)


$

(7,643)

Fair value related adjustments (6)




11,582



Insurance proceeds (7)




(7,332)



Non-GAAP interest and other income (expense)

$

(6,343)


$

(3,520)


$

(7,643)










Reconciliation of GAAP Earnings Per Diluted Share to Non-GAAP Earnings Per Diluted Share

Reported net income on a GAAP basis

$

0.61


$

0.60


$

1.00

Amortization of intangible assets (1)


0.18



0.12



0.21

Restructuring charges (2)


0.00





(0.01)

Stock-based compensation expense (3)


0.12



0.10



0.10

Legal-related costs (4)


0.05





Acquisition related costs (5)




0.03



0.01

Fair value related adjustments (6)




0.28



0.01

Insurance proceeds (7)




(0.18)



Income tax effect of non-GAAP adjustments (8)


(0.06)



(0.06)



(0.05)

Income tax effect of valuation allowance (9)


0.05



0.03



(0.05)

Non-GAAP net income

$

0.95


$

0.92


$

1.22

Weighted average number of diluted shares (thousands) on a non-GAAP basis


45,593



41,639



45,525

ULTRA CLEAN HOLDINGS, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE











Three Months Ended


April 1, 


March 26, 


December 31, 


2022


2021


2021

(in thousands, except percentages)









Provision for income taxes on a GAAP basis

$

8,542


$

7,015


$

6,303

Income tax effect of non-GAAP adjustments (8)


2,611



2,639



2,336

Income tax effect of valuation allowance (9)


(2,084)



(1,140)



2,400

Non-GAAP provision for income taxes

$

9,069


$

8,514


$

11,039










Income before income taxes on a GAAP basis

$

39,368


$

32,640


$

55,089

Amortization of intangible assets (1)


8,052



4,889



9,511

Restructuring charges (2)


49



140



(391)

Stock-based compensation expense (3)


5,449



4,043



4,667

Legal-related costs (4)


2,200





Acquisition related costs (5)


172



1,337



449

Fair value related adjustments (6)




11,582



546

Insurance proceeds (7)




(7,332)



Non-GAAP income before income taxes

$

55,290


$

47,299


$

69,871

Effective income tax rate on a GAAP basis


21.7%



21.5%



11.4%

Non-GAAP effective income tax rate


16.4%



18.0%



15.8%










1    Amortization of intangible assets related to the Company's business acquisitions

2    Represents severance, retention and costs related to facility closures

3    Represents compensation expense for stock granted to employees and directors

4    Represents estimated costs related to legal proceedings









5    Represents costs related to the acquisition of Ham-Let 









6    Adjustments related to the fair values of inventories, contingent consideration, purchase obligation and forward hedge contracts


7    Insurance proceeds pertaining to the Cinos fire in 2018

8    Tax effect of items (1) through (7) above based on the non-GAAP tax rate 

9    The Company's GAAP tax expense is generally higher than the Company's non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company's non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect. 

SOURCE Ultra Clean Holdings, Inc.

ХЕЙВОРД, Калифорния, 27 апреля 2022 г. /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), сегодня сообщила о своих финансовых результатах за первый квартал, закончившийся 1 апреля 2022 года.

"Полупроводниковая промышленность переживает период устойчивого роста и растущего спроса", - сказал Джим Шолхамер, генеральный директор. "Аппетит и оценка наших продуктов и услуг остаются на высоком уровне, что подтверждается нашей постоянной приверженностью качеству, признанному ключевыми клиентами. Мы уверены в нашей доказанной способности ориентироваться и адаптироваться к вызовам, в том числе тем, которые повлияли на наши результаты за первый квартал".

Финансовые результаты за первый квартал 2022 года по ОПБУ

Общий доход составил 564,1 миллиона долларов. Продукция принесла 486,8 миллиона долларов, а услуги - 77,3 миллиона долларов. Общая валовая прибыль составила 20,2%, операционная прибыль - 8,1%, а чистая прибыль составила 27,9 млн долларов, или 0,62 и 0,61 доллара на базовую и разводненную акцию соответственно. Это сопоставимо с общей выручкой в размере $615,1 млн, валовой прибылью в размере 21,0%, операционной прибылью в размере 10,2% и чистой прибылью в размере $45,5 млн или $1,01 и $1,00 на базовую и разводненную акцию соответственно в предыдущем квартале.

Финансовые результаты за Первый квартал 2022 года, Не относящиеся к ОПБУ

На основе без учета GAAP валовая прибыль составила 20,5%, операционная маржа - 10,9%, а чистая прибыль составила 43,3 млн долларов, или 0,95 доллара на разводненную акцию. Это сопоставимо с валовой прибылью в 21,5%, операционной прибылью в 12,6% и чистой прибылью в размере 55,5 млн долларов или 1,22 доллара на разводненную акцию в предыдущем квартале.

Прогноз на Второй квартал 2022 года

Компания ожидает, что выручка составит от $550,0 млн до $630,0 млн, а разводненная чистая прибыль на акцию по GAAP составит от $0,60 до $0,92. Компания ожидает, что разводненная чистая прибыль на акцию без учета GAAP составит от 0,84 до 1,20 доллара США.   

Конференц-связь

Конференц-связь и веб-трансляция состоятся в 1:45 вечера по североамериканскому времени, и к ним можно получить доступ, набрав 1-844-826-3034 или 1-412-317-5179. Пароль не требуется. Повторить вызов можно, набрав 1-877-344-7529 или 1-412-317-0088 и введя код подтверждения 9474156. Веб-трансляция будет доступна в разделе по связям с инвесторами веб-сайта Компании по адресу http://uct.com/investors/events /. 

О компании Ultra Clean Holdings, Inc.

Ultra Clean Holdings, Inc. является ведущим разработчиком и поставщиком критически важных подсистем, компонентов и деталей, а также услуг по очистке и анализу сверхвысокой чистоты, в первую очередь для полупроводниковой промышленности. В рамках своего подразделения продуктов UCT предлагает своим клиентам интегрированное аутсорсинговое решение для основных узлов, улучшенное время цикла от проектирования до поставки, технологичность проектирования, прототипирование и высокоточное производство. В рамках своего сервисного подразделения UCT предлагает своим клиентам очистку и нанесение покрытий на детали инструментальных камер, а также услуги по анализу микрозагрязнений. Штаб-квартира Ultra Clean находится в Хейворде, штат Калифорния. Дополнительная информация доступна по адресу www.uct.com .

Использование показателей, не относящихся к GAAP

В дополнение к предоставлению результатов, которые определяются в соответствии с Общепринятыми Принципами бухгалтерского учета в Соединенных Штатах Америки (GAAP), руководство использует валовую прибыль, не связанную с GAAP, операционную маржу, не связанную с GAAP, и чистую прибыль, не связанную с GAAP, для оценки операционных и финансовых результатов Компании. Мы считаем, что представление результатов, не относящихся к GAAP, полезно для инвесторов для анализа нашего основного бизнеса и бизнес-тенденций и сравнения результатов с предыдущими периодами, а также для расширения возможностей инвесторов рассматривать результаты Компании с точки зрения руководства. Представление этой дополнительной информации не следует рассматривать как замену результатов, подготовленных в соответствии с GAAP. Таблицы, в которых представлены сверки результатов GAAP с результатами, не относящимися к GAAP, включены в конце этого пресс-релиза.

В настоящее время Компания определяет чистую прибыль без учета GAAP как чистую прибыль (убыток) до амортизации нематериальных активов, расходов на реструктуризацию, затрат на переход руководства, затрат на приобретение, корректировок справедливой стоимости, корректировок амортизации, компенсации на основе акций, определенных страховых поступлений, прибыли от продажи имущества, юридических расходов и налоговых последствий из вышеуказанных корректировок.

Сверка наших рекомендаций по чистой прибыли на разводненную акцию без учета GAAP за последующий квартал недоступна из-за колебаний географического распределения нашей прибыли от квартала к кварталу, что влияет на нашу налоговую ставку и не может быть разумно спрогнозировано или определено. В результате такая сверка невозможна без необоснованных усилий, и мы не в состоянии определить вероятную значимость недоступной информации.

Заявление о безопасной гавани

Приведенная выше информация содержит или может считаться содержащей "прогнозные заявления" (как определено в Законе США о реформе судебных разбирательств по частным ценным бумагам 1995 года), которые отражают наши текущие взгляды в отношении будущих событий и финансовых результатов. Мы используем такие слова, как "ожидает", "прогноз", "перспектива", "прогноз", "полагает", "планирует", "ожидает", "будущее", "намеревается", "может", "будет", "оценивает", "видит", "предсказывает," "следует" и подобные выражения для обозначения этих прогнозных заявлений. Прогнозные заявления, включенные в этот пресс-релиз, включают наши ожидания относительно рынка полупроводникового оборудования и перспектив. Все прогнозные заявления касаются вопросов, связанных с рисками и неопределенностями. Соответственно, фактические результаты Компании могут существенно отличаться от результатов, предсказанных или подразумеваемых в этих прогнозных заявлениях. Эти риски, неопределенности и другие факторы также включают, среди прочего, те, которые указаны в разделе "Факторы риска", "Обсуждение и анализ руководством финансового состояния и результатов деятельности" и в других разделах нашего годового отчета по форме 10-K за год, закончившийся 31 декабря 2021 года, который был подан в Комиссию по ценным бумагам и Комиссия за обмен. Ultra Clean Holdings, Inc. не берет на себя никаких обязательств по публичному обновлению или пересмотру любых прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом, если этого не требует закон.

Контактное лицо: Ронда Беннетт, Специалист по связям с инвесторами [email protected]

Ultra Clean Holdings, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share data)








Three Months Ended


April 1, 


March 26, 

2022


2021







Revenues:






Product

$

486,831


$

345,616

Services


77,313



72,011

Total revenues


564,144



417,627

Cost of revenues:






Product


399,539



283,569

Services


50,877



47,120

Total cost of revenues


450,416



330,689

Gross profit


113,728



86,938

Operating expenses:






Research and development


6,839



4,208

Sales and marketing


13,797



7,608

General and administrative


47,381



34,712

Total operating expenses


68,017



46,528

Income from operations


45,711



40,410

Interest income


65



98

Interest expense


(6,413)



(3,605)

Other income (expense), net


5



(4,263)

Income before provision for income taxes


39,368



32,640

Provision for income taxes


8,542



7,015

Net income


30,826



25,625

Less: Net income attributable to noncontrolling interests


2,896



628

Net income attributable to UCT

$

27,930


$

24,997







Net income per share attributable to UCT common stockholders:






Basic

$

0.62


$

0.62

Diluted

$

0.61


$

0.60

Shares used in computing net income per share:






Basic


44,927



40,564

Diluted


45,593



41,639

Ultra Clean Holdings, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited; in thousands)










April 1, 


December 31,

2022

2021

ASSETS







Current assets:







  Cash and cash equivalents


$

367,004


$

466,455

  Accounts receivable, net of allowance



279,274



250,147

  Inventories



440,341



379,235

  Prepaid expenses and other current assets



36,079



41,260

Total current assets



1,122,698



1,137,097








Property, plant and equipment, net



250,088



242,347

Goodwill



268,521



270,044

Intangibles assets, net



237,644



245,696

Deferred tax assets, net



36,575



37,607

Operating lease right-of-use assets



86,799



83,357

Other non-current assets



9,315



9,242

Total assets


$

2,011,640


$

2,025,390








LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:







  Bank borrowings


$

19,489


$

22,071

  Accounts payable



288,121



332,897

  Accrued compensation and related benefits



40,813



46,790

  Operating lease liabilities



17,316



17,299

  Other current liabilities



51,923



50,060

Total current liabilities



417,662



469,117








Bank borrowings, net of current portion



530,892



529,919

Deferred tax liabilities 



54,761



54,889

Operating lease liabilities



68,837



65,923

Other liabilities



13,386



12,894

Total liabilities



1,085,538



1,132,742








Equity:







UCT stockholders' equity:







  Common stock



517,222



511,628

  Retained earnings



365,347



337,417

  Accumulated other comprehensive gain (loss)



(3,004)



(167)

Total UCT stockholders' equity



879,565



848,878

  Non-controlling interest



46,537



43,770

Total equity



926,102



892,648

Total liabilities and stockholders' equity


$

2,011,640


$

2,025,390

Ultra Clean Holdings, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)








Fiscal Year Ended


April 1, 


March 26, 


2022


2021

Cash flows from operating activities:






Net income

$

30,826


$

25,625

Adjustments to reconcile net income to net cash provided by operating activities:






      Depreciation and amortization


18,903



11,823

Stock-based compensation


5,596



3,465

Deferred income taxes


1,390



1,236

Change in the fair value of financial instruments and earn-out liability


285



11,639

Gain from insurance proceeds




(7,332)

Others


181



101

Changes in assets and liabilities:






Accounts receivable


(29,127)



(22,502)

Inventories


(61,106)



(8,782)

Prepaid expenses and other current assets


4,590



3,018

Other non-current assets


(73)



(1,011)

Accounts payable


(35,887)



43,266

Accrued compensation and related benefits


(5,977)



(3,599)

Operating lease assets and liabilities


(511)



(315)

Income taxes payable




2,777

Other liabilities


3,487



6,194

Net cash provided by (used in) operating activities


(67,423)



65,603

Cash flows from investing activities:






Purchases of property, plant and equipment


(28,380)



(6,487)

Proceeds from sale of property and equipment, including insurance proceeds




7,332

Net cash provided by (used in) investing activities


(28,380)



845

Cash flows from financing activities:






Proceeds from bank borrowings




6,627

Payments on bank borrowings and finance leases


(2,672)



(8,243)

Others




(2)

Net cash used in financing activities


(2,672)



(1,618)

Effect of exchange rate changes on cash and cash equivalents


(976)



(847)

Net increase (decrease) in cash and cash equivalents


(99,451)



63,983

Cash and cash equivalents at beginning of period


466,455



200,274

Cash and cash equivalents at end of period

$

367,004


$

264,257

Ultra Clean Holdings, INC.

REPORTABLE SEGMENTS

GAAP TO NON-GAAP RECONCILIATION 

(Unaudited; dollars in thousands)























GAAP



Non-GAAP




Three Months Ended



Three Months Ended



April 1, 2022


April 1, 2022



Products


Services


Consolidated


Products


Services


Consolidated

Revenues


$

486,831


$

77,313


$

564,144


$

486,831


$

77,313


$

564,144

Gross profit


$

87,292


$

26,436


$

113,728


$

88,426


$

27,459


$

115,885

Gross margin



17.9%



34.2%



20.2%



18.2%



35.5%



20.5%

Income from operations


$

37,573


$

8,138


$

45,711


$

49,476


$

12,157


$

61,633

Operating margin



7.7%



10.5%



8.1%



10.2%



15.7%



10.9%































Three Months Ended












April 1, 2022












Products


Services


Consolidated

Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in thousands)

Reported gross profit on a GAAP basis


$

87,292


$

26,436


$

113,728

Amortization of intangible assets (1)



657



1,023



1,680

Stock-based compensation expense (3)



477





477

Non-GAAP gross profit


$

88,426


$

27,459


$

115,885




















Reconciliation of GAAP Gross margin to Non-GAAP Gross margin

Reported gross margin on a GAAP basis



17.9%



34.2%



20.2%

Amortization of intangible assets (1)



0.2%



1.3%



0.2%

Stock-based compensation expense (3)



0.1%





0.1%

Non-GAAP gross margin



18.2%



35.5%



20.5%




















Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in thousands)

Reported income from operations on a GAAP basis


$

37,573


$

8,138


$

45,711

Amortization of intangible assets (1)



4,405



3,647



8,052

Restructuring charges (2)



49





49

Stock-based compensation expense (3)



5,077



372



5,449

Legal-related costs (4)












2,200





2,200

Acquisition related costs (5)



172





172

Non-GAAP income from operations


$

49,476


$

12,157


$

61,633




















Reconciliation of GAAP Operating margin to Non-GAAP Operating margin

Reported operating margin on a GAAP basis



7.7%



10.5%



8.1%

Amortization of intangible assets (1)



0.9%



4.7%



1.4%

Restructuring charges (2)



0.0%



0.0%



0.0%

Stock-based compensation expense (3)



1.0%



0.5%



1.0%

Legal-related costs (4)



0.5%



0.0%



0.4%

Acquisition related costs (5)



0.1%



0.0%



0.1%

Non-GAAP operating margin



10.2%



15.7%



10.9%




















1    Amortization of intangible assets related to the Company's business acquisitions

2    Represents severance, retention and costs related to facility closures

3    Represents compensation expense for stock granted to employees and directors

4    Represents estimated costs related to legal proceedings
















5    Represents costs related to the acquisition of Ham-Let 
















Ultra Clean Holdings, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS











Three Months Ended


April 1, 


March 26, 


December 31, 


2022


2021


2021

Reconciliation of GAAP Net Income to Non-GAAP Net Income (in thousands)

Reported net income attributable to UCT on a GAAP basis

$

27,930


$

24,997


$

45,470

Amortization of intangible assets (1)


8,052



4,889



9,511

Restructuring charges (2)


49



140



(391)

Stock-based compensation expense (3)


5,449



4,043



4,667

Legal-related costs (4)


2,200





2,200

Acquisition related costs (5)


172



1,337



449

Fair value related adjustments (6)




11,582



546

Insurance proceeds (7)




(7,332)



Income tax effect of non-GAAP adjustments (8)


(2,611)



(2,639)



(2,336)

Income tax effect of valuation allowance (9)


2,084



1,140



(2,400)

Non-GAAP net income attributable to UCT

$

43,325


$

38,157


$

57,716










Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in thousands)

Reported income from operations on a GAAP basis

$

45,711


$

40,410


$

62,732

Amortization of intangible assets (1)


8,052



4,889



9,511

Restructuring charges (2)


49



140



(391)

Stock-based compensation expense (3)


5,449



4,043



4,667

Legal-related costs (4)


2,200





Acquisition related costs (5)


172



1,337



449

Fair value related adjustments (6)






546

Non-GAAP income from operations

$

61,633


$

50,819


$

77,514










Reconciliation of GAAP Operating margin to Non-GAAP Operating margin

Reported operating margin on a GAAP basis


8.1%



9.7%



10.2%

Amortization of intangible assets (1)


1.4%



1.2%



1.5%

Restructuring charges (2)


0.0%



0.0%



-0.1%

Stock-based compensation expense (3)


1.0%



1.0%



0.8%

Legal-related costs (4)


0.4%





Acquisition related costs (5)


0.1%



0.3%



0.1%

Fair value related adjustments (6)




0.0%



0.1%

Non-GAAP operating margin


10.9%



12.2%



12.6%










Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in thousands)

Reported gross profit on a GAAP basis

$

113,728


$

86,938


$

129,086

Amortization of intangible assets (1)


1,680



1,022



1,681

Restructuring charges (2)




6



115

Stock-based compensation expense (3)


477



980



719

Fair value related adjustments (6)






546

Non-GAAP gross profit

$

115,885


$

88,946


$

132,147










Reconciliation of GAAP Gross margin to Non-GAAP Gross margin

Reported gross margin on a GAAP basis


20.2%



20.8%



21.0%

Amortization of intangible assets (1)


0.2%



0.3%



0.3%

Restructuring charges (2)




0.0%



0.0%

Stock-based compensation expense (3)


0.1%



0.2%



0.1%

Fair value related adjustments (6)






0.1%

Non-GAAP gross margin


20.5%



21.3%



21.5%

Reconciliation of GAAP Interest and other income (expense) to Non-GAAP Interest and other income (expense) (in thousands)

Reported interest and other income (expense) on a GAAP basis

$

(6,343)


$

(7,770)


$

(7,643)

Fair value related adjustments (6)




11,582



Insurance proceeds (7)




(7,332)



Non-GAAP interest and other income (expense)

$

(6,343)


$

(3,520)


$

(7,643)










Reconciliation of GAAP Earnings Per Diluted Share to Non-GAAP Earnings Per Diluted Share

Reported net income on a GAAP basis

$

0.61


$

0.60


$

1.00

Amortization of intangible assets (1)


0.18



0.12



0.21

Restructuring charges (2)


0.00





(0.01)

Stock-based compensation expense (3)


0.12



0.10



0.10

Legal-related costs (4)


0.05





Acquisition related costs (5)




0.03



0.01

Fair value related adjustments (6)




0.28



0.01

Insurance proceeds (7)




(0.18)



Income tax effect of non-GAAP adjustments (8)


(0.06)



(0.06)



(0.05)

Income tax effect of valuation allowance (9)


0.05



0.03



(0.05)

Non-GAAP net income

$

0.95


$

0.92


$

1.22

Weighted average number of diluted shares (thousands) on a non-GAAP basis


45,593



41,639



45,525

Ultra Clean Holdings, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE











Three Months Ended


April 1, 


March 26, 


December 31, 


2022


2021


2021

(in thousands, except percentages)









Provision for income taxes on a GAAP basis

$

8,542


$

7,015


$

6,303

Income tax effect of non-GAAP adjustments (8)


2,611



2,639



2,336

Income tax effect of valuation allowance (9)


(2,084)



(1,140)



2,400

Non-GAAP provision for income taxes

$

9,069


$

8,514


$

11,039










Income before income taxes on a GAAP basis

$

39,368


$

32,640


$

55,089

Amortization of intangible assets (1)


8,052



4,889



9,511

Restructuring charges (2)


49



140



(391)

Stock-based compensation expense (3)


5,449



4,043



4,667

Legal-related costs (4)


2,200





Acquisition related costs (5)


172



1,337



449

Fair value related adjustments (6)




11,582



546

Insurance proceeds (7)




(7,332)



Non-GAAP income before income taxes

$

55,290


$

47,299


$

69,871

Effective income tax rate on a GAAP basis


21.7%



21.5%



11.4%

Non-GAAP effective income tax rate


16.4%



18.0%



15.8%










1    Amortization of intangible assets related to the Company's business acquisitions

2    Represents severance, retention and costs related to facility closures

3    Represents compensation expense for stock granted to employees and directors

4    Represents estimated costs related to legal proceedings









5    Represents costs related to the acquisition of Ham-Let 









6    Adjustments related to the fair values of inventories, contingent consideration, purchase obligation and forward hedge contracts


7    Insurance proceeds pertaining to the Cinos fire in 2018

8    Tax effect of items (1) through (7) above based on the non-GAAP tax rate 

9    The Company's GAAP tax expense is generally higher than the Company's non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company's non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect. 

ИСТОЧНИК Ultra Clean Holdings, Inc.

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