Ultra Clean Reports Fourth Quarter and Full Year 2024 Financial Results
Ultra Clean Holdings (UCTT) reported strong Q4 and full-year 2024 results, with total revenue growing 21% year-over-year to $2,097.6 million, outperforming the WFE market. Q4 revenue reached $563.3 million, with Products contributing $503.5 million and Services $59.8 million.
Q4 GAAP net income was $16.3 million ($0.36 per diluted share), while non-GAAP net income was $22.9 million ($0.51 per diluted share). Full-year 2024 GAAP net income was $23.7 million ($0.52 per diluted share), compared to a net loss in 2023.
The company expanded its global manufacturing capacity to support a $4 billion revenue run rate. For Q1 2025, UCTT expects revenue between $505-555 million, with GAAP EPS between $(0.11) and $0.09, and non-GAAP EPS between $0.22 and $0.42.
Ultra Clean Holdings (UCTT) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024, con ricavi totali in crescita del 21% rispetto all'anno precedente, raggiungendo i 2.097,6 milioni di dollari, superando il mercato WFE. I ricavi del quarto trimestre hanno raggiunto i 563,3 milioni di dollari, con i Prodotti che hanno contribuito con 503,5 milioni di dollari e i Servizi con 59,8 milioni di dollari.
Il reddito netto GAAP del quarto trimestre è stato di 16,3 milioni di dollari (0,36 dollari per azione diluita), mentre il reddito netto non GAAP è stato di 22,9 milioni di dollari (0,51 dollari per azione diluita). Per l'intero anno 2024, il reddito netto GAAP è stato di 23,7 milioni di dollari (0,52 dollari per azione diluita), rispetto a una perdita netta nel 2023.
L'azienda ha ampliato la propria capacità di produzione globale per supportare un tasso di ricavi di 4 miliardi di dollari. Per il primo trimestre del 2025, UCTT prevede ricavi compresi tra 505 e 555 milioni di dollari, con EPS GAAP compreso tra (0,11) e 0,09 dollari, ed EPS non GAAP compreso tra 0,22 e 0,42 dollari.
Ultra Clean Holdings (UCTT) reportó resultados sólidos para el cuarto trimestre y el año completo 2024, con ingresos totales creciendo un 21% interanual a 2,097.6 millones de dólares, superando el mercado WFE. Los ingresos del cuarto trimestre alcanzaron los 563.3 millones de dólares, con Productos contribuyendo con 503.5 millones de dólares y Servicios con 59.8 millones de dólares.
El ingreso neto GAAP del cuarto trimestre fue de 16.3 millones de dólares (0.36 dólares por acción diluida), mientras que el ingreso neto no GAAP fue de 22.9 millones de dólares (0.51 dólares por acción diluida). El ingreso neto GAAP del año completo 2024 fue de 23.7 millones de dólares (0.52 dólares por acción diluida), en comparación con una pérdida neta en 2023.
La empresa amplió su capacidad de fabricación global para apoyar una tasa de ingresos de 4 mil millones de dólares. Para el primer trimestre de 2025, UCTT espera ingresos entre 505 y 555 millones de dólares, con EPS GAAP entre (0.11) y 0.09 dólares, y EPS no GAAP entre 0.22 y 0.42 dólares.
Ultra Clean Holdings (UCTT)는 2024년 4분기 및 전체 연도 실적이 강력하다고 보고했으며, 총 수익이 전년 대비 21% 증가한 20억 9760만 달러에 달해 WFE 시장을 초과 달성했습니다. 4분기 수익은 5억 6330만 달러에 도달했으며, 제품이 5억 350만 달러, 서비스가 5980만 달러를 기여했습니다.
4분기 GAAP 순이익은 1630만 달러(희석 주당 0.36 달러)였고, 비GAAP 순이익은 2290만 달러(희석 주당 0.51 달러)였습니다. 2024년 전체 연도 GAAP 순이익은 2370만 달러(희석 주당 0.52 달러)로, 2023년의 순손실과 비교됩니다.
회사는 40억 달러의 수익률을 지원하기 위해 전 세계 제조 능력을 확장했습니다. 2025년 1분기에는 UCTT가 5억 500만 달러에서 5억 550만 달러 사이의 수익을 예상하며, GAAP EPS는 (0.11)에서 0.09 달러, 비GAAP EPS는 0.22에서 0.42 달러 사이로 예상합니다.
Ultra Clean Holdings (UCTT) a rapporté de solides résultats pour le quatrième trimestre et l'année entière 2024, avec des revenus totaux en hausse de 21 % d'une année sur l'autre, atteignant 2 097,6 millions de dollars, surpassant le marché WFE. Les revenus du quatrième trimestre ont atteint 563,3 millions de dollars, les Produits contribuant à 503,5 millions de dollars et les Services à 59,8 millions de dollars.
Le revenu net GAAP du quatrième trimestre était de 16,3 millions de dollars (0,36 dollar par action diluée), tandis que le revenu net non GAAP était de 22,9 millions de dollars (0,51 dollar par action diluée). Pour l'année entière 2024, le revenu net GAAP était de 23,7 millions de dollars (0,52 dollar par action diluée), par rapport à une perte nette en 2023.
L'entreprise a élargi sa capacité de fabrication mondiale pour soutenir un taux de revenus de 4 milliards de dollars. Pour le premier trimestre 2025, UCTT s'attend à des revenus compris entre 505 et 555 millions de dollars, avec un BPA GAAP compris entre (0,11) et 0,09 dollar, et un BPA non GAAP compris entre 0,22 et 0,42 dollar.
Ultra Clean Holdings (UCTT) berichtete über starke Ergebnisse im 4. Quartal und für das Gesamtjahr 2024, wobei die Gesamteinnahmen im Jahresvergleich um 21 % auf 2.097,6 Millionen Dollar stiegen und den WFE-Markt übertrafen. Die Einnahmen im 4. Quartal beliefen sich auf 563,3 Millionen Dollar, wobei Produkte 503,5 Millionen Dollar und Dienstleistungen 59,8 Millionen Dollar beitrugen.
Der GAAP-Nettoeinkommen im 4. Quartal betrug 16,3 Millionen Dollar (0,36 Dollar pro verwässerter Aktie), während das nicht-GAAP-Nettoeinkommen 22,9 Millionen Dollar (0,51 Dollar pro verwässerter Aktie) betrug. Für das Gesamtjahr 2024 betrug das GAAP-Nettoeinkommen 23,7 Millionen Dollar (0,52 Dollar pro verwässerter Aktie), im Vergleich zu einem Nettoverlust im Jahr 2023.
Das Unternehmen hat seine globale Produktionskapazität erweitert, um eine Einnahmenlaufzeit von 4 Milliarden Dollar zu unterstützen. Für das 1. Quartal 2025 erwartet UCTT Einnahmen zwischen 505 und 555 Millionen Dollar, mit GAAP EPS zwischen (0,11) und 0,09 Dollar sowie nicht-GAAP EPS zwischen 0,22 und 0,42 Dollar.
- Revenue grew 21% year-over-year to $2.097 billion
- Q4 revenue increased to $563.3 million from $540.4 million in Q3
- Full-year 2024 turned profitable with $23.7 million net income vs $(31.1) million loss in 2023
- Manufacturing capacity expanded to support $4 billion revenue run rate
- Q4 gross margin declined to 16.3% from 17.3% in Q3
- Q4 operating margin decreased to 4.6% from 4.7% in Q3
- Q1 2025 revenue guidance suggests sequential decline to $505-555 million
- Q1 2025 guidance indicates possible GAAP net loss
Insights
Ultra Clean Holdings delivered a remarkable 21% year-over-year revenue growth to
The financial metrics reveal important trends: The Products segment, contributing
However, the Q1 2025 guidance of
The improvement in full-year GAAP gross margin to
"UCT's fourth quarter capped off a strong year with total revenue growing 21 percent over the prior year, significantly outperforming the overall WFE market," said Jim Scholhamer, CEO. "Our unique ability to support the key drivers of semiconductor innovation, including those required by advancements in artificial intelligence, position us well to benefit over the long-term."
"Our cash flow generation for the year enabled us to make strategic investments to drive long-term growth," said Sheri Savage, CFO. "We now have the global manufacturing capacity to support a
Fourth Quarter 2024 GAAP Financial Results
Total revenue was
Fourth Quarter 2024 Non-GAAP Financial Results
On a non-GAAP basis, gross margin was
Full Year 2024 GAAP Financial Results
Total revenue was
Full Year 2024 Non-GAAP Financial Results
On a non-GAAP basis, the company reported gross margin of
First Quarter 2025 Outlook
The Company expects revenue in the range of
Conference Call
The call will take place at 1:45 p.m. PT and can be accessed by dialing 1-800-836-8184 or 1-646-357-8785. No passcode is required. A replay of the call will be available by dialing 1-888-660-6345 or 1-646-517-4150 and entering the confirmation code 80801#. 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, 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
Use of Non-GAAP Measures
In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in
The Company defines non-GAAP net income as net income (loss) before amortization of intangible assets, stock-based compensation, restructuring charges, acquisition activity costs, fair value adjustments, debt refinancing costs, 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 29, 2023, 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 Bennetto
SVP Investor Relations
rbennetto@uct.com
ULTRA CLEAN HOLDINGS, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited; in millions, except per share data) | |||||||
Three Months Ended | Twelve months ended | ||||||
December 27, | December 29, | December 27, | December 29, | ||||
(In millions, except per share amounts) | |||||||
Revenues: | $ 503.5 | $ 389.7 | $ 1,853.7 | $ 1,501.6 | |||
Product | 59.8 | 55.1 | 243.9 | 232.9 | |||
Services | 563.3 | 444.8 | 2,097.6 | 1,734.5 | |||
Total revenues | |||||||
Cost of revenues: | |||||||
Product | 428.5 | 335.0 | 1,569.7 | 1,290.5 | |||
Services | 43.0 | 38.7 | 171.6 | 166.7 | |||
Total cost revenues | 471.5 | 373.7 | 1,741.3 | 1,457.2 | |||
Gross margin | 91.8 | 71.1 | 356.3 | 277.3 | |||
Operating expenses: | |||||||
Research and development | 7.1 | 6.6 | 28.3 | 28.3 | |||
Sales and marketing | 14.4 | 13.2 | 57.3 | 51.8 | |||
General and administrative | 44.4 | 46.7 | 179.5 | 162.0 | |||
Total operating expenses | 65.9 | 66.5 | 265.1 | 242.1 | |||
Income from operations | 25.9 | 4.6 | 91.2 | 35.2 | |||
Interest income | 0.9 | 1.6 | 4.8 | 4.1 | |||
Interest expense | (10.7) | (12.8) | (46.5) | (48.8) | |||
Other income (expense), net | 8.4 | (1.1) | 17.7 | (1.8) | |||
Income (loss) before provision for income taxes | 24.5 | (7.7) | 67.2 | (11.3) | |||
Provision for income tax | 4.5 | (6.2) | 32.7 | 10.9 | |||
Net income (loss) | 20.0 | (1.5) | 34.5 | (22.2) | |||
Less: Net income attributable to noncontrolling interests | 3.7 | 2.3 | 10.8 | 8.9 | |||
Net income (loss) attributable to UCT | $ 16.3 | $ (3.8) | $ 23.7 | $ (31.1) | |||
Net income (loss) per share attributable to UCT common stockholders: | |||||||
Basic | $ 0.36 | $ (0.08) | $ 0.53 | $ (0.70) | |||
Diluted | $ 0.36 | $ (0.08) | $ 0.52 | $ (0.70) | |||
Shares used in computing net income (loss) per share: | |||||||
Basic | 45.1 | 44.7 | 44.9 | 44.7 | |||
Diluted | 45.4 | 44.7 | 45.3 | 44.7 | |||
ULTRA CLEAN HOLDINGS, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(Unaudited; in millions) | |||
December 27, | December 29, | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 313.9 | $ 307.0 | |
Accounts receivable, net of allowance for credit losses | 241.1 | 180.8 | |
Inventories | 381.0 | 374.5 | |
Prepaid expenses and other current assets | 34.1 | 30.9 | |
Total current assets | 970.1 | 893.2 | |
Property, plant and equipment, net | 325.9 | 328.3 | |
Goodwill | 265.3 | 265.2 | |
Intangible assets, net | 184.9 | 215.3 | |
Deferred tax assets, net | 3.1 | 3.1 | |
Operating lease right-of-use assets | 161.0 | 151.7 | |
Other non-current assets | 9.6 | 10.9 | |
Total assets | $ 1,919.9 | $ 1,867.7 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Bank borrowings | $ 16.0 | $ 17.6 | |
Accounts payable | 212.5 | 192.9 | |
Accrued compensation and related benefits | 50.1 | 47.7 | |
Operating lease liabilities | 18.6 | 18.1 | |
Other current liabilities | 38.4 | 33.7 | |
Total current liabilities | 335.6 | 310.0 | |
Bank borrowings, net of current portion | 476.5 | 461.2 | |
Deferred tax liabilities | 16.1 | 19.0 | |
Operating lease liabilities | 149.2 | 143.0 | |
Other liabilities | 6.7 | 37.3 | |
Total liabilities | 984.1 | 970.5 | |
Equity: | |||
UCT stockholders' equity: | |||
Common stock | 0.1 | 0.1 | |
Additional paid-in capital | 558.4 | 541.5 | |
Common shares held in treasury | (45.0) | (45.0) | |
Retained earnings | 370.4 | 346.7 | |
Accumulated other comprehensive loss | (10.3) | (4.4) | |
Total UCT stockholders' equity | 873.6 | 838.9 | |
Noncontrolling interests | 62.2 | 58.3 | |
Total equity | 935.8 | 897.2 | |
Total liabilities and equity | $ 1,919.9 | $ 1,867.7 | |
ULTRA CLEAN HOLDINGS, INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited; in millions) | |||
Twelve months ended | |||
December 27, | December 29, | ||
Cash flows from operating activities: | |||
Net income (loss) | $ 34.5 | $ (22.2) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities (excluding assets acquired, liabilities assumed and noncontrolling interests at acquisition): | |||
Depreciation and amortization | 45.7 | 37.6 | |
Amortization of intangible assets | 30.4 | 24.1 | |
Stock-based compensation | 17.4 | 12.1 | |
Amortization of debt issuance costs | 3.0 | 3.9 | |
Loss (gain) on sale of property, plant and equipment | 1.2 | (0.9) | |
Change in the fair value of financial instruments | (29.2) | 1.7 | |
Deferred income taxes | (3.0) | (12.4) | |
Changes in assets and liabilities, net of effects of acquisitions: | |||
Accounts receivable | (60.3) | 78.5 | |
Inventories | (6.5) | 80.8 | |
Prepaid expenses and other current assets | (3.2) | 12.5 | |
Other non-current assets | 1.3 | — | |
Accounts payable | 26.4 | (61.5) | |
Accrued compensation and related benefits | 2.4 | (5.6) | |
Income taxes payable | 1.0 | (5.2) | |
Operating lease assets and liabilities | 2.6 | 0.4 | |
Other liabilities | 1.3 | (7.9) | |
Net cash provided by operating activities | 65.0 | 135.9 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (63.5) | (75.8) | |
Acquisition of businesses, net of cash acquired | — | (46.1) | |
Proceeds from sale of equipment | — | 2.2 | |
Net cash used in investing activities | (63.5) | (119.7) | |
Cash flows from financing activities: | |||
Proceeds from bank borrowings | 67.7 | — | |
Proceeds from issuance of common stock | 2.0 | 0.8 | |
Extinguishment of bank borrowings | (44.2) | — | |
Principal payments on bank borrowings | (10.2) | (38.6) | |
Payment of debt issuance costs | (2.5) | (0.3) | |
Employees' taxes paid upon vesting of restricted stock units | (2.5) | (2.2) | |
Payments of dividends to a joint venture shareholder | (0.5) | (0.2) | |
Repurchase of shares | — | (29.4) | |
Net cash provided by (used in) financing activities | 9.8 | (69.9) | |
Effect of exchange rate changes on cash and cash equivalents | (4.4) | 1.9 | |
Net increase (decrease) in cash and cash equivalents | 6.9 | (51.8) | |
Cash and cash equivalents at beginning of period | 307.0 | 358.8 | |
Cash and cash equivalents at end of period | $ 313.9 | $ 307.0 | |
ULTRA CLEAN HOLDINGS, INC. | |||||||||||
REPORTABLE SEGMENTS | |||||||||||
GAAP TO NON-GAAP RECONCILIATION | |||||||||||
(Unaudited; dollars in millions) | |||||||||||
GAAP | Non-GAAP | ||||||||||
Three Months Ended | Three Months Ended | ||||||||||
December 27, 2024 | December 27, 2024 | ||||||||||
Products | Services | Consolidated | Products | Services | Consolidated | ||||||
Revenues | $ 503.5 | $ 59.8 | $ 563.3 | $ 503.5 | $ 59.8 | $ 563.3 | |||||
Gross profit | $ 75.0 | $ 16.8 | $ 91.8 | $ 76.7 | $ 17.8 | $ 94.5 | |||||
Gross margin | 14.9 % | 28.1 % | 16.3 % | 15.2 % | 29.8 % | 16.8 % | |||||
Income from operations | $ 23.5 | $ 2.4 | $ 25.9 | $ 33.4 | $ 5.8 | $ 39.2 | |||||
Operating margin | 4.7 % | 4.0 % | 4.6 % | 6.6 % | 9.7 % | 7.0 % | |||||
Three Months Ended | |||||||||||
December 27, 2024 | |||||||||||
Products | Services | Consolidated | |||||||||
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||||||||
Reported gross profit on a GAAP basis | $ 75.0 | $ 16.8 | $ 91.8 | ||||||||
Amortization of intangible assets (1) | 1.3 | 1.0 | 2.3 | ||||||||
Stock-based compensation expense (2) | 0.4 | — | 0.4 | ||||||||
Non-GAAP gross profit | $ 76.7 | $ 17.8 | $ 94.5 | ||||||||
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||||||||
Reported gross margin on a GAAP basis | 14.9 % | 28.1 % | 16.3 % | ||||||||
Amortization of intangible assets (1) | 0.2 % | 1.7 % | 0.4 % | ||||||||
Stock-based compensation expense (2) | 0.1 % | — % | 0.1 % | ||||||||
Non-GAAP gross margin | 15.2 % | 29.8 % | 16.8 % | ||||||||
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions) | |||||||||||
Reported income from operations on a GAAP basis | $ 23.5 | $ 2.4 | $ 25.9 | ||||||||
Amortization of intangible assets (1) | 4.6 | 2.9 | 7.5 | ||||||||
Stock-based compensation expense (2) | 4.2 | 0.5 | 4.7 | ||||||||
Legal-related costs (3) | 1.1 | — | 1.1 | ||||||||
Non-GAAP income from operations | $ 33.4 | $ 5.8 | $ 39.2 | ||||||||
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||||||||
Reported operating margin on a GAAP basis | 4.7 % | 4.0 % | 4.6 % | ||||||||
Amortization of intangible assets (1) | 0.9 % | 4.8 % | 1.3 % | ||||||||
Stock-based compensation expense (2) | 0.8 % | 0.9 % | 0.9 % | ||||||||
Legal-related costs (3) | 0.2 % | — % | 0.2 % | ||||||||
Non-GAAP operating margin | 6.6 % | 9.7 % | 7.0 % | ||||||||
1 Amortization of intangible assets related to the Company's business acquisitions | |||||||||||
2 Represents compensation expense for stock granted to employees and directors | |||||||||||
3 Represents estimated costs related to certain legal proceedings | |||||||||||
ULTRA CLEAN HOLDINGS, INC. | |||||||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS | |||||||||
Three Months Ended | Twelve months ended | ||||||||
December 27, | December 29, | September 27, | December 27, | December 29, | |||||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (in millions) | |||||||||
Reported net income (loss) attributable to UCT on a GAAP basis | 16.3 | $ (3.8) | $ (2.3) | 23.7 | $ (31.1) | ||||
Amortization of intangible assets (1) | 7.5 | 7.2 | 7.6 | 30.4 | 24.1 | ||||
Stock-based compensation expense (2) | 4.7 | 3.6 | 4.5 | 17.8 | 12.5 | ||||
Restructuring charges (3) | — | 3.4 | 0.3 | 2.3 | 9.2 | ||||
Acquisition related costs (4) | — | 3.4 | 0.6 | 1.0 | 4.3 | ||||
Fair value related adjustments (5) | (7.1) | 2.5 | 0.8 | (29.1) | 4.0 | ||||
Debt refinancing costs expensed (6) | 0.4 | — | — | 4.0 | — | ||||
Legal-related costs (7) | 1.1 | 0.5 | 1.3 | 2.7 | (0.4) | ||||
Income tax effect of non-GAAP adjustments (8) | (1.0) | (3.4) | (4.1) | (6.1) | (10.2) | ||||
Income tax effect of valuation allowance (9) | 1.0 | (4.9) | 7.2 | 18.5 | 12.8 | ||||
Non-GAAP net income attributable to UCT | $ 22.9 | $ 8.5 | $ 15.9 | $ 65.2 | $ 25.2 | ||||
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions) | |||||||||
Reported income from operations on a GAAP basis | $ 25.9 | $ 4.6 | $ 25.2 | $ 91.2 | $ 35.2 | ||||
Amortization of intangible assets (1) | 7.5 | 7.2 | 7.6 | 30.4 | 24.1 | ||||
Stock-based compensation expense (2) | 4.7 | 3.6 | 4.5 | 17.8 | 12.5 | ||||
Restructuring charges (3) | — | 3.4 | 0.3 | 2.3 | 9.2 | ||||
Acquisition related costs (4) | — | 3.4 | 0.6 | 1.0 | 4.3 | ||||
Fair value related adjustments (5) | — | 0.4 | — | — | 0.4 | ||||
Legal-related costs (7) | 1.1 | 0.5 | 1.3 | 2.7 | (0.4) | ||||
Non-GAAP income from operations | $ 39.2 | $ 23.1 | $ 39.5 | $ 145.4 | $ 85.3 | ||||
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||||||
Reported operating margin on a GAAP basis | 4.6 % | 1.0 % | 4.7 % | 4.3 % | 2.0 % | ||||
Amortization of intangible assets (1) | 1.3 % | 1.6 % | 1.4 % | 1.4 % | 1.4 % | ||||
Stock-based compensation expense (2) | 0.9 % | 0.8 % | 0.8 % | 0.9 % | 0.7 % | ||||
Restructuring charges (3) | — % | 0.8 % | 0.1 % | 0.1 % | 0.5 % | ||||
Acquisition related costs (4) | — % | 0.1 % | 0.1 % | 0.1 % | 0.3 % | ||||
Fair value related adjustments (5) | — % | 0.1 % | — % | — % | 0.0 % | ||||
Legal-related costs (7) | 0.2 % | 0.8 % | 0.2 % | 0.1 % | 0.0 % | ||||
Non-GAAP operating margin | 7.0 % | 5.2 % | 7.3 % | 6.9 % | 4.9 % | ||||
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||||||
Reported gross profit on a GAAP basis | $ 91.8 | $ 71.1 | $ 93.4 | $ 356.3 | $ 277.3 | ||||
Amortization of intangible assets (1) | 2.3 | 2.0 | 2.3 | 9.1 | 6.5 | ||||
Stock-based compensation expense (2) | 0.4 | 0.5 | 0.3 | 1.9 | 1.5 | ||||
Restructuring charges (3) | — | 0.4 | — | 0.3 | 1.6 | ||||
Fair value related adjustments (5) | — | 0.4 | — | — | 0.4 | ||||
Non-GAAP gross profit | $ 94.5 | $ 74.4 | $ 96.0 | $ 367.6 | $ 287.3 | ||||
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||||||
Reported gross margin on a GAAP basis | 16.3 % | 16.0 % | 17.3 % | 17.0 % | 16.0 % | ||||
Amortization of intangible assets (1) | 0.4 % | 0.4 % | 0.4 % | 0.4 % | 0.4 % | ||||
Stock-based compensation expense (2) | 0.1 % | 0.1 % | 0.1 % | 0.1 % | 0.1 % | ||||
Restructuring charges (3) | — % | 0.1 % | — % | 0.0 % | 0.1 % | ||||
Fair value related adjustments (5) | — % | 0.1 % | — % | — % | 0.0 % | ||||
Non-GAAP gross margin | 16.8 % | 16.7 % | 17.8 % | 17.5 % | 16.6 % | ||||
Reconciliation of GAAP Other income (expense), net to Non-GAAP Other income (expense), net (in millions) | |||||||||
Reported Other income (expense), net on a GAAP basis | $ 8.4 | $ (1.1) | $ (4.1) | $ 17.7 | $ (1.8) | ||||
Fair value related adjustments (5) | (7.1) | 2.1 | 0.8 | (29.1) | 4.9 | ||||
Debt refinancing costs expensed (6) | 0.4 | — | — | 4.0 | — | ||||
Non-GAAP Other income (expense), net | $ 1.7 | $ 1.0 | $ (3.3) | $ (7.4) | $ 3.1 | ||||
Reconciliation of GAAP Income (Loss) Per Diluted Share to Non-GAAP Earnings Per Diluted Share | |||||||||
Reported net income (loss) on a GAAP basis | $ 0.36 | $ (0.08) | $ (0.05) | $ 0.52 | $ (0.70) | ||||
Amortization of intangible assets (1) | 0.17 | 0.16 | 0.17 | 0.67 | 0.54 | ||||
Stock-based compensation expense (2) | 0.10 | 0.08 | 0.10 | 0.39 | 0.28 | ||||
Restructuring charges (3) | — | 0.08 | 0.00 | 0.05 | 0.20 | ||||
Acquisition related costs (4) | — | 0.08 | 0.01 | 0.02 | 0.10 | ||||
Fair value related adjustments (5) | (0.16) | 0.05 | 0.02 | (0.64) | 0.09 | ||||
Debt refinancing costs expensed (6) | 0.01 | — | — | 0.09 | — | ||||
Legal-related costs (7) | 0.03 | 0.01 | 0.03 | 0.06 | (0.01) | ||||
Income tax effect of non-GAAP adjustments (8) | (0.02) | (0.08) | (0.09) | (0.13) | (0.23) | ||||
Income tax effect of valuation allowance (9) | 0.02 | (0.11) | 0.16 | 0.41 | 0.29 | ||||
Non-GAAP net earnings | $ 0.51 | $ 0.19 | $ 0.35 | $ 1.44 | $ 0.56 | ||||
Weighted average number of diluted shares (in millions) on a non-GAAP basis | 45.4 | 44.9 | 45.5 | 45.3 | 45.1 | ||||
ULTRA CLEAN HOLDINGS, INC. | |||||||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE | |||||||||
Three Months Ended | Twelve months ended | ||||||||
December 27, | December 29, | September 27, | December 27, | December 29, | |||||
Provision for income taxes on a GAAP basis | $ 4.5 | $ (6.2) | $ 9.9 | $ 32.7 | $ 10.9 | ||||
Income tax effect of non-GAAP adjustments (8) | 1.0 | 3.4 | 4.1 | 6.1 | 10.2 | ||||
Income tax effect of valuation allowance (9) | (1.0) | 4.9 | (7.2) | (18.5) | (12.8) | ||||
Non-GAAP provision for income taxes | $ 4.5 | $ 2.1 | $ 6.8 | $ 20.3 | $ 8.3 | ||||
Income before income taxes on a GAAP basis | $ 24.5 | $ (7.7) | $ 10.2 | $ 67.2 | $ (11.3) | ||||
Amortization of intangible assets (1) | 7.5 | 7.2 | 7.6 | 30.4 | 24.1 | ||||
Stock-based compensation expense (2) | 4.7 | 3.6 | 4.5 | 17.8 | 12.5 | ||||
Restructuring charges (3) | — | 3.4 | 0.3 | 2.3 | 9.2 | ||||
Acquisition related costs (4) | — | 3.4 | 0.6 | 1.0 | 4.3 | ||||
Fair value related adjustments (5) | (7.1) | 2.5 | 0.8 | (29.1) | 5.4 | ||||
Debt refinancing costs expensed (6) | 0.4 | — | — | 4.0 | — | ||||
Legal-related costs (7) | 1.1 | 0.5 | 1.3 | 2.7 | (0.4) | ||||
Non-GAAP income before income taxes | $ 31.1 | $ 12.9 | $ 25.3 | $ 96.3 | $ 43.8 | ||||
Effective income tax rate on a GAAP basis | 18.4 % | 80.5 % | 97.1 % | 48.7 % | (96.5) % | ||||
Non-GAAP effective income tax rate | 14.5 % | 16.4 % | 27.1 % | 21.1 % | 18.9 % | ||||
1 | Amortization of intangible assets related to the Company's business acquisitions |
2 | Represents compensation expense for stock granted to employees and directors |
3 | Represents severance, retention and costs related to facility closures |
4 | Represents acquisition activity costs |
5 | Fair value adjustments related to contingent consideration |
6 | Represents the third party transaction costs related to the amended credit agreement and the previously capitalized costs of extinguished debt |
7 | Represents estimated costs related to certain legal proceedings |
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 |
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SOURCE Ultra Clean Holdings, Inc.
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