HAYWARD,
Calif., May 6, 2024 /PRNewswire/ -- Ultra
Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial
results for the first quarter ended March
29, 2024.
"UCT's first quarter revenue and earnings came in above midpoint
due to pockets of strength in shipments related to High Bandwidth
Memory and advanced packaging supporting AI as well as the
operational efficiencies associated with those shipments," said
Jim Scholhamer. "While not a clear
sign of a broader industry recovery right now, we anticipate these
areas remaining strong."
First Quarter 2024 GAAP Financial Results
Total
revenue was $477.7 million. Products
contributed $418.5 million and
Services added $59.2 million. Total
gross margin was 17.3%, operating margin was 3.6%, and net loss was
$(9.4) million or $(0.21) per diluted share. This compares to total
revenue of $444.8 million, gross
margin of 16.0%, operating margin of 1.0%, and net loss of
$(3.8) million or $(0.08) per diluted share, in the prior
quarter.
First Quarter 2024 Non-GAAP Financial Results
On a
non-GAAP basis, gross margin was 17.9%, operating margin was 6.5%,
and net income was $12.1 million or
$0.27 per diluted share. This
compares to gross margin of 16.7%, operating margin of 5.2%, and
net income of $8.5 million or
$0.19 per diluted share in the prior
quarter.
Second Quarter 2024 Outlook
The Company expects
revenue in the range of $465 million
to $515 million. The Company expects
GAAP diluted net loss per share to be between $(0.13) and $0.07
and non-GAAP diluted net income per share to be between
$0.16 and $0.36.
Conference Call
The conference call and webcast will
take place on Monday, May 6, 2024 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 78395#. 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 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 defines non-GAAP net income as net loss before
amortization of intangible assets, stock-based compensation,
restructuring charges, acquisition activity costs, fair value
adjustments, 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
|
|
March 29,
2024
|
|
March 31,
2023
|
|
Revenues:
|
|
|
|
|
Product
|
$
418.5
|
|
$
368.6
|
|
Services
|
59.2
|
|
64.7
|
|
Total
revenues
|
477.7
|
|
433.3
|
|
Cost of
revenues:
|
|
|
|
|
Product
|
354.0
|
|
315.1
|
|
Services
|
41.1
|
|
45.2
|
|
Total cost
revenues
|
395.1
|
|
360.3
|
|
Gross margin
|
82.6
|
|
73.0
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
7.0
|
|
7.1
|
|
Sales and
marketing
|
13.7
|
|
13.1
|
|
General and
administrative
|
44.6
|
|
40.4
|
|
Total operating
expenses
|
65.3
|
|
60.6
|
|
Income from
operations
|
17.3
|
|
12.4
|
|
Interest
income
|
1.4
|
|
0.5
|
|
Interest
expense
|
(12.2)
|
|
(11.8)
|
|
Other income (expense),
net
|
(3.8)
|
|
2.8
|
|
Income before provision
for income taxes
|
2.7
|
|
3.9
|
|
Provision for income
taxes
|
9.9
|
|
3.5
|
|
Net income
(loss)
|
(7.2)
|
|
0.4
|
|
Less: Net income
attributable to noncontrolling interests
|
2.2
|
|
3.8
|
|
Net loss attributable
to UCT
|
$
(9.4)
|
|
$
(3.4)
|
|
|
|
|
|
Net loss per share
attributable to UCT common stockholders:
|
|
|
|
|
Basic
|
$
(0.21)
|
|
$
(0.08)
|
|
Diluted
|
$
(0.21)
|
|
$
(0.08)
|
|
Shares used in
computing net loss per share:
|
|
|
|
|
Basic
|
44.6
|
|
44.8
|
|
Diluted
|
44.6
|
|
44.8
|
|
ULTRA CLEAN
HOLDINGS, INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(Unaudited; in
millions)
|
|
|
|
|
|
March 29,
2024
|
|
December 29,
2023
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
293.0
|
|
$
307.0
|
|
Accounts receivable,
net of allowance for credit losses
|
194.5
|
|
180.8
|
|
Inventories
|
388.1
|
|
374.5
|
|
Prepaid expenses and
other current assets
|
33.1
|
|
30.9
|
|
Total current
assets
|
908.7
|
|
893.2
|
|
Property, plant and
equipment, net
|
329.2
|
|
328.3
|
|
Goodwill
|
265.2
|
|
265.2
|
|
Intangible assets,
net
|
207.6
|
|
215.3
|
|
Deferred tax assets,
net
|
3.3
|
|
3.1
|
|
Operating lease
right-of-use assets
|
163.4
|
|
151.7
|
|
Other non-current
assets
|
10.2
|
|
10.9
|
|
Total
assets
|
$
1,887.6
|
|
$
1,867.7
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Bank
borrowings
|
$
17.0
|
|
$
17.6
|
|
Accounts
payable
|
215.7
|
|
192.9
|
|
Accrued compensation
and related benefits
|
37.1
|
|
47.7
|
|
Operating lease
liabilities
|
18.3
|
|
18.1
|
|
Other current
liabilities
|
41.3
|
|
33.7
|
|
Total current
liabilities
|
329.4
|
|
310.0
|
|
Bank borrowings, net of
current portion
|
458.2
|
|
461.2
|
|
Deferred tax
liabilities
|
18.9
|
|
19.0
|
|
Operating lease
liabilities
|
153.4
|
|
143.0
|
|
Other
liabilities
|
38.6
|
|
37.3
|
|
Total
liabilities
|
998.5
|
|
970.5
|
|
Equity:
|
|
|
|
|
UCT stockholders'
equity:
|
|
|
|
|
Common
stock
|
500.1
|
|
496.6
|
|
Retained
earnings
|
337.3
|
|
346.7
|
|
Accumulated other
comprehensive loss
|
(6.5)
|
|
(4.4)
|
|
Total UCT
stockholders' equity
|
830.9
|
|
838.9
|
|
Noncontrolling
interests
|
58.2
|
|
58.3
|
|
Total
equity
|
889.1
|
|
897.2
|
|
Total liabilities and
equity
|
$
1,887.6
|
|
$
1,867.7
|
|
ULTRA CLEAN
HOLDINGS, INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(Unaudited; in
millions)
|
|
|
|
|
|
Three Months
Ended
|
|
March 29,
2024
|
|
March 31,
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
Net income
(loss)
|
$
(7.2)
|
|
$
0.4
|
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
11.5
|
|
8.9
|
|
Amortization of
intangible assets
|
7.7
|
|
5.8
|
|
Stock-based
compensation
|
3.5
|
|
3.7
|
|
Change in the fair
value of financial instruments
|
1.8
|
|
0.2
|
|
Amortization of debt
issuance costs
|
1.0
|
|
1.0
|
|
Deferred income
taxes
|
(0.7)
|
|
(0.6)
|
|
Changes in assets and
liabilities:
|
|
|
|
|
Accounts
receivable
|
(13.7)
|
|
63.4
|
|
Inventories
|
(13.6)
|
|
10.9
|
|
Prepaid expenses and
other current assets
|
(0.8)
|
|
6.3
|
|
Other non-current
assets
|
0.7
|
|
(1.7)
|
|
Accounts
payable
|
25.1
|
|
(50.5)
|
|
Accrued compensation
and related benefits
|
(10.6)
|
|
(14.7)
|
|
Income taxes
payable
|
2.1
|
|
(1.6)
|
|
Operating lease assets
and liabilities
|
(1.1)
|
|
(0.3)
|
|
Other
liabilities
|
4.1
|
|
(3.2)
|
|
Net cash provided by
operating activities
|
9.8
|
|
28.0
|
|
Cash flows from
investing activities:
|
|
|
|
|
Purchases of property,
plant and equipment
|
(18.0)
|
|
(27.3)
|
|
Proceeds from sale of
equipment
|
0.1
|
|
—
|
|
Net cash used in
investing activities
|
(17.9)
|
|
(27.3)
|
|
Cash flows from
financing activities:
|
|
|
|
|
Principal payments on
bank borrowings
|
(4.5)
|
|
(22.0)
|
|
Repurchase of
shares
|
—
|
|
(14.2)
|
|
Net cash used in
financing activities
|
(4.5)
|
|
(36.2)
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
(1.4)
|
|
(1.2)
|
|
Net decrease in cash
and cash equivalents
|
(14.0)
|
|
(36.7)
|
|
Cash and cash
equivalents at beginning of period
|
307.0
|
|
358.8
|
|
Cash and cash
equivalents at end of period
|
$
293.0
|
|
$
322.1
|
|
ULTRA CLEAN
HOLDINGS, INC.
|
|
REPORTABLE
SEGMENTS
|
|
GAAP TO NON-GAAP
RECONCILIATION
|
|
(Unaudited; dollars
in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
|
|
Non-GAAP
|
|
Three Months Ended
|
|
Three Months Ended
|
|
March 29,
2024
|
|
March 29,
2024
|
|
Products
|
|
Services
|
|
Consolidated
|
|
Products
|
|
Services
|
|
Consolidated
|
|
Revenues
|
$ 418.5
|
|
$ 59.2
|
|
$ 477.7
|
|
$ 418.5
|
|
$ 59.2
|
|
$ 477.7
|
|
Gross profit
|
$ 64.5
|
|
$ 18.1
|
|
$
82.6
|
|
$
66.4
|
|
$ 19.1
|
|
$
85.5
|
|
Gross margin
|
15.4 %
|
|
30.6 %
|
|
17.3 %
|
|
15.8 %
|
|
32.3 %
|
|
17.9 %
|
|
Income from
operations
|
$ 14.7
|
|
$
2.6
|
|
$
17.3
|
|
$
25.0
|
|
$
6.0
|
|
$
31.0
|
|
Operating
margin
|
3.5 %
|
|
4.4 %
|
|
3.6 %
|
|
6.0 %
|
|
10.1 %
|
|
6.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
|
|
|
March 29,
2024
|
|
|
|
|
|
|
|
Products
|
|
Services
|
|
Consolidated
|
|
Reconciliation of GAAP
Gross profit to Non-GAAP Gross profit (in millions)
|
|
Reported gross profit
on a GAAP basis
|
|
|
|
|
|
|
$
64.5
|
|
$ 18.1
|
|
$
82.6
|
|
Amortization of
intangible assets (1)
|
|
1.3
|
|
1.0
|
|
2.3
|
|
Stock-based
compensation expense (2)
|
|
0.6
|
|
—
|
|
0.6
|
|
Non-GAAP gross
profit
|
|
$
66.4
|
|
$ 19.1
|
|
$
85.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Gross margin to Non-GAAP Gross margin
|
|
Reported gross margin
on a GAAP basis
|
|
15.4 %
|
|
30.6 %
|
|
17.3 %
|
|
Amortization of
intangible assets (1)
|
|
0.3 %
|
|
1.7 %
|
|
0.5 %
|
|
Stock-based
compensation expense (2)
|
|
0.1 %
|
|
— %
|
|
0.1 %
|
|
Non-GAAP gross
margin
|
|
15.8 %
|
|
32.3 %
|
|
17.9 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Income (loss) from operations to Non-GAAP Income from operations
(in millions)
|
|
Reported income from
operations on a GAAP basis
|
|
$
14.7
|
|
$
2.6
|
|
$
17.3
|
|
Amortization of
intangible assets (1)
|
|
4.8
|
|
2.9
|
|
7.7
|
|
Stock-based
compensation expense (2)
|
|
3.4
|
|
0.5
|
|
3.9
|
|
Restructuring charges
(3)
|
|
1.8
|
|
—
|
|
1.8
|
|
Acquisition-related
costs (4)
|
|
0.3
|
|
—
|
|
0.3
|
|
Non-GAAP income from
operations
|
|
$
25.0
|
|
$
6.0
|
|
$
31.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Operating margin to Non-GAAP Operating margin
|
|
Reported operating
margin on a GAAP basis
|
|
3.5 %
|
|
4.4 %
|
|
3.6 %
|
|
Amortization of
intangible assets (1)
|
|
1.1 %
|
|
4.9 %
|
|
1.6 %
|
|
Stock-based
compensation expense (2)
|
|
0.8 %
|
|
0.8 %
|
|
0.8 %
|
|
Restructuring charges
(3)
|
|
0.5 %
|
|
— %
|
|
0.4 %
|
|
Acquisition-related
costs (4)
|
|
0.1 %
|
|
— %
|
|
0.1 %
|
|
Non-GAAP operating
margin
|
|
6.0 %
|
|
10.1 %
|
|
6.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
ULTRA CLEAN
HOLDINGS, INC.
|
|
UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March 29,
2024
|
|
March 31,
2023
|
|
December 29,
2023
|
|
Reconciliation of GAAP
Net Loss to Non-GAAP Net Income (in millions)
|
|
Reported net loss
attributable to UCT on a GAAP basis
|
$
(9.4)
|
|
$
(3.4)
|
|
$
(3.8)
|
|
Amortization of
intangible assets (1)
|
7.7
|
|
5.8
|
|
7.2
|
|
Stock-based
compensation expense (2)
|
3.9
|
|
3.7
|
|
3.6
|
|
Restructuring charges
(3)
|
1.8
|
|
0.2
|
|
3.4
|
|
Acquisition related
costs (4)
|
0.3
|
|
—
|
|
3.4
|
|
Fair value related
adjustments (5)
|
1.3
|
|
—
|
|
2.5
|
|
Legal-related costs
(6)
|
—
|
|
—
|
|
0.5
|
|
Income tax effect of
non-GAAP adjustments (7)
|
(3.0)
|
|
(1.6)
|
|
(3.4)
|
|
Income tax effect of
valuation allowance (8)
|
9.5
|
|
2.9
|
|
(4.9)
|
|
Non-GAAP net income
attributable to UCT
|
$
12.1
|
|
$
7.6
|
|
$
8.5
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Income from operations to Non-GAAP Income from operations (in
millions)
|
|
Reported income from
operations on a GAAP basis
|
$
17.3
|
|
$
12.4
|
|
$
4.6
|
|
Amortization of
intangible assets (1)
|
7.7
|
|
5.8
|
|
7.2
|
|
Stock-based
compensation expense (2)
|
3.9
|
|
3.7
|
|
3.6
|
|
Restructuring charges
(3)
|
1.8
|
|
0.2
|
|
3.4
|
|
Acquisition related
costs (4)
|
0.3
|
|
—
|
|
3.4
|
|
Fair value related
adjustments (5)
|
—
|
|
—
|
|
0.4
|
|
Legal-related costs
(6)
|
—
|
|
—
|
|
0.5
|
|
Non-GAAP income from
operations
|
$
31.0
|
|
$
22.1
|
|
$
23.1
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Operating margin to Non-GAAP Operating margin
|
|
Reported operating
margin on a GAAP basis
|
3.6 %
|
|
2.9 %
|
|
1.0 %
|
|
Amortization of
intangible assets (1)
|
1.6 %
|
|
1.3 %
|
|
1.6 %
|
|
Stock-based
compensation expense (2)
|
0.8 %
|
|
0.9 %
|
|
0.8 %
|
|
Restructuring charges
(3)
|
0.4 %
|
|
— %
|
|
0.8 %
|
|
Acquisition related
costs (4)
|
0.1 %
|
|
— %
|
|
0.1 %
|
|
Fair value related
adjustments (5)
|
— %
|
|
— %
|
|
0.1 %
|
|
Legal-related costs
(5)
|
— %
|
|
— %
|
|
0.8 %
|
|
Non-GAAP operating
margin
|
6.5 %
|
|
5.1 %
|
|
5.2 %
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Gross profit to Non-GAAP Gross profit (in millions)
|
|
Reported gross profit
on a GAAP basis
|
$
82.6
|
|
$
73.0
|
|
$
71.1
|
|
Amortization of
intangible assets (1)
|
2.3
|
|
1.5
|
|
2.0
|
|
Stock-based
compensation expense (2)
|
0.6
|
|
0.3
|
|
0.5
|
|
Restructuring charges
(3)
|
—
|
|
—
|
|
0.4
|
|
Fair value related
adjustments (5)
|
—
|
|
—
|
|
0.4
|
|
Non-GAAP gross
profit
|
$
85.5
|
|
$
74.8
|
|
$
74.4
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Gross margin to Non-GAAP Gross margin
|
|
Reported gross margin
on a GAAP basis
|
17.3 %
|
|
16.8 %
|
|
16.0 %
|
|
Amortization of
intangible assets (1)
|
0.5 %
|
|
0.4 %
|
|
0.4 %
|
|
Stock-based
compensation expense (2)
|
0.1 %
|
|
0.1 %
|
|
0.1 %
|
|
Restructuring charges
(3)
|
— %
|
|
— %
|
|
0.1 %
|
|
Fair value related
adjustments (5)
|
— %
|
|
— %
|
|
0.1 %
|
|
Non-GAAP gross
margin
|
17.9 %
|
|
17.3 %
|
|
16.7 %
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Interest and other income (expense) to Non-GAAP Interest and other
income (expense) (in millions)
|
|
Reported interest and
other income (expense) on a GAAP basis
|
$ (14.6)
|
|
$
(8.5)
|
|
$
(12.3)
|
|
Fair value related
adjustments (5)
|
1.3
|
|
—
|
|
2.1
|
|
Non-GAAP interest and
other income (expense)
|
$ (13.3)
|
|
$
(8.5)
|
|
$
(10.2)
|
|
|
|
|
|
|
|
Reconciliation of GAAP
Loss Per Diluted Share to Non-GAAP Earnings Per Diluted
Share
|
|
Reported net loss on a
GAAP basis
|
$ (0.21)
|
|
$ (0.08)
|
|
$
(0.08)
|
|
Amortization of
intangible assets (1)
|
0.17
|
|
0.13
|
|
0.16
|
|
Stock-based
compensation expense (2)
|
0.09
|
|
0.08
|
|
0.08
|
|
Restructuring charges
(3)
|
0.04
|
|
—
|
|
0.08
|
|
Acquisition related
costs (4)
|
0.01
|
|
—
|
|
0.08
|
|
Fair value related
adjustments (5)
|
0.03
|
|
—
|
|
0.05
|
|
Legal-related costs
(6)
|
—
|
|
—
|
|
0.01
|
|
Income tax effect of
non-GAAP adjustments (7)
|
(0.07)
|
|
(0.03)
|
|
(0.08)
|
|
Income tax effect of
valuation allowance (8)
|
0.21
|
|
0.07
|
|
(0.11)
|
|
Non-GAAP net
earnings
|
$
0.27
|
|
$
0.17
|
|
$
0.19
|
|
Weighted average number
of diluted shares (in millions) on a non-GAAP basis
|
45.1
|
|
45.3
|
|
44.9
|
|
ULTRA CLEAN
HOLDINGS, INC.
|
|
UNAUDITED
RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX
RATE
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Provision (benefit) for
income taxes on a GAAP basis
|
$
9.9
|
|
$
3.5
|
|
$
(6.2)
|
|
Income tax effect of
non-GAAP adjustments (7)
|
3.0
|
|
1.6
|
|
3.4
|
|
Income tax effect of
valuation allowance (8)
|
(9.5)
|
|
(2.9)
|
|
4.9
|
|
Non-GAAP provision for
income taxes
|
$
3.4
|
|
$
2.2
|
|
$
2.1
|
|
|
|
|
|
|
|
Income (loss) before
income taxes on a GAAP basis
|
$
2.7
|
|
$
3.9
|
|
$
(7.7)
|
|
Amortization of
intangible assets (1)
|
7.7
|
|
5.8
|
|
7.2
|
|
Stock-based
compensation expense (2)
|
3.9
|
|
3.7
|
|
3.6
|
|
Restructuring charges
(3)
|
1.8
|
|
0.2
|
|
3.4
|
|
Acquisition related
costs (4)
|
0.3
|
|
—
|
|
3.4
|
|
Fair value related
adjustments (5)
|
1.3
|
|
—
|
|
2.5
|
|
Legal-related costs
(6)
|
—
|
|
—
|
|
0.5
|
|
Non-GAAP income before
income taxes
|
$
17.7
|
|
$
13.6
|
|
$
12.9
|
|
Effective income tax
rate on a GAAP basis
|
366.7 %
|
|
89.7 %
|
|
80.5 %
|
|
Non-GAAP effective
income tax rate
|
19.7 %
|
|
16.0 %
|
|
16.4 %
|
|
|
|
|
|
|
|
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 estimated costs related to certain legal
proceedings
|
|
7 Tax
effect of items (1) through (6) above based on the non-GAAP tax
rate
|
|
8 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
|
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SOURCE Ultra Clean Holdings, Inc.
