Ultra Clean Reports First Quarter 2025 Financial Results
Ultra Clean Holdings (NASDAQ: UCTT) reported its Q1 2025 financial results, showing signs of market challenges. Total revenue reached $518.6 million, with Products contributing $457.0 million and Services adding $61.6 million.
Key financial metrics for Q1 2025:
- GAAP Results: Gross margin of 16.2%, operating margin of 2.5%, with a net loss of $(0.5) million or $(0.11) per diluted share
- Non-GAAP Results: Improved performance with gross margin of 16.7%, operating margin of 5.2%, and net income of $12.7 million or $0.28 per diluted share
Interim CEO Clarence Granger noted that results were impacted by softening demand and customer spending reassessment due to market uncertainty. Looking ahead, Ultra Clean projects Q2 2025 revenue between $475-525 million, with GAAP diluted net loss per share of $(0.06) to $(0.26) and non-GAAP diluted net income per share of $0.17 to $0.37.
Ultra Clean Holdings (NASDAQ: UCTT) ha comunicato i risultati finanziari del primo trimestre 2025, evidenziando segnali di difficoltà nel mercato. Il fatturato totale ha raggiunto 518,6 milioni di dollari, con i Prodotti che hanno contribuito per 457,0 milioni di dollari e i Servizi per 61,6 milioni di dollari.
Principali indicatori finanziari per il primo trimestre 2025:
- Risultati GAAP: Margine lordo del 16,2%, margine operativo del 2,5%, con una perdita netta di 0,5 milioni di dollari o 0,11 dollari per azione diluita
- Risultati Non-GAAP: Performance migliorata con margine lordo del 16,7%, margine operativo del 5,2% e utile netto di 12,7 milioni di dollari o 0,28 dollari per azione diluita
Il CEO ad interim Clarence Granger ha osservato che i risultati sono stati influenzati da una domanda in calo e da una revisione della spesa dei clienti a causa dell'incertezza del mercato. Guardando al futuro, Ultra Clean prevede per il secondo trimestre 2025 un fatturato tra 475 e 525 milioni di dollari, con una perdita netta GAAP per azione diluita tra 0,06 e 0,26 dollari e un utile netto non-GAAP per azione diluita tra 0,17 e 0,37 dollari.
Ultra Clean Holdings (NASDAQ: UCTT) informó sus resultados financieros del primer trimestre de 2025, mostrando señales de desafíos en el mercado. Los ingresos totales alcanzaron 518,6 millones de dólares, con Productos aportando 457,0 millones y Servicios sumando 61,6 millones de dólares.
Métricas financieras clave para el primer trimestre de 2025:
- Resultados GAAP: Margen bruto del 16,2%, margen operativo del 2,5%, con una pérdida neta de 0,5 millones de dólares o 0,11 dólares por acción diluida
- Resultados No GAAP: Mejor desempeño con margen bruto del 16,7%, margen operativo del 5,2% y utilidad neta de 12,7 millones de dólares o 0,28 dólares por acción diluida
El CEO interino Clarence Granger señaló que los resultados se vieron afectados por una demanda débil y una reevaluación del gasto de los clientes debido a la incertidumbre del mercado. De cara al futuro, Ultra Clean proyecta ingresos para el segundo trimestre de 2025 entre 475 y 525 millones de dólares, con una pérdida neta GAAP por acción diluida de 0,06 a 0,26 dólares y una utilidad neta no GAAP por acción diluida de 0,17 a 0,37 dólares.
Ultra Clean Holdings (NASDAQ: UCTT)는 2025년 1분기 재무 실적을 발표하며 시장의 어려움 징후를 보였습니다. 총 매출은 5억 1860만 달러에 달했으며, 제품 부문이 4억 5700만 달러, 서비스 부문이 6160만 달러를 차지했습니다.
2025년 1분기 주요 재무 지표:
- GAAP 결과: 매출총이익률 16.2%, 영업이익률 2.5%, 희석 주당 순손실 0.5백만 달러(0.11달러)
- 비 GAAP 결과: 매출총이익률 16.7%, 영업이익률 5.2%, 희석 주당 순이익 1270만 달러(0.28달러)로 개선된 성과
임시 CEO 클라렌스 그레인저는 시장 불확실성으로 인한 수요 약화와 고객 지출 재평가가 실적에 영향을 미쳤다고 언급했습니다. 향후 Ultra Clean은 2025년 2분기 매출을 4억 7500만~5억 2500만 달러로 예상하며, GAAP 희석 주당 순손실은 0.06달러에서 0.26달러, 비 GAAP 희석 주당 순이익은 0.17달러에서 0.37달러 사이로 전망하고 있습니다.
Ultra Clean Holdings (NASDAQ : UCTT) a publié ses résultats financiers du premier trimestre 2025, révélant des signes de difficultés sur le marché. Le chiffre d'affaires total a atteint 518,6 millions de dollars, dont 457,0 millions provenant des Produits et 61,6 millions des Services.
Principaux indicateurs financiers du T1 2025 :
- Résultats GAAP : marge brute de 16,2 %, marge opérationnelle de 2,5 %, avec une perte nette de 0,5 million de dollars soit 0,11 dollar par action diluée
- Résultats Non-GAAP : performance améliorée avec une marge brute de 16,7 %, une marge opérationnelle de 5,2 % et un bénéfice net de 12,7 millions de dollars soit 0,28 dollar par action diluée
Le PDG par intérim Clarence Granger a noté que les résultats ont été impactés par un ralentissement de la demande et une réévaluation des dépenses clients en raison de l'incertitude du marché. Pour le deuxième trimestre 2025, Ultra Clean prévoit un chiffre d'affaires compris entre 475 et 525 millions de dollars, avec une perte nette GAAP par action diluée de 0,06 à 0,26 dollar et un bénéfice net Non-GAAP par action diluée de 0,17 à 0,37 dollar.
Ultra Clean Holdings (NASDAQ: UCTT) veröffentlichte seine Finanzergebnisse für das erste Quartal 2025 und zeigte Anzeichen von Marktproblemen. Der Gesamtumsatz erreichte 518,6 Millionen US-Dollar, wobei Produkte 457,0 Millionen und Dienstleistungen 61,6 Millionen US-Dollar beitrugen.
Wichtige Finanzkennzahlen für Q1 2025:
- GAAP-Ergebnisse: Bruttomarge von 16,2 %, operative Marge von 2,5 % bei einem Nettoverlust von 0,5 Millionen US-Dollar bzw. 0,11 US-Dollar je verwässerter Aktie
- Non-GAAP-Ergebnisse: Verbesserte Leistung mit einer Bruttomarge von 16,7 %, operativen Marge von 5,2 % und einem Nettogewinn von 12,7 Millionen US-Dollar bzw. 0,28 US-Dollar je verwässerter Aktie
Der Interim-CEO Clarence Granger erklärte, dass die Ergebnisse durch eine nachlassende Nachfrage und eine Neubewertung der Kundenausgaben aufgrund der Marktunsicherheit beeinträchtigt wurden. Für das zweite Quartal 2025 prognostiziert Ultra Clean einen Umsatz zwischen 475 und 525 Millionen US-Dollar, mit einem GAAP-Verlust je verwässerter Aktie von 0,06 bis 0,26 US-Dollar und einem Non-GAAP-Gewinn je verwässerter Aktie von 0,17 bis 0,37 US-Dollar.
- Services segment contributed $61.6 million to total revenue
- Non-GAAP net income remained positive at $12.7 million
- Total revenue declined to $518.6M from $563.3M in previous quarter
- GAAP net loss of $(0.5) million compared to net income of $16.3M in prior quarter
- Operating margin decreased to 2.5% from 4.6% quarter-over-quarter
- Non-GAAP net income dropped to $12.7M from $22.9M in previous quarter
- Q2 2025 guidance projects lower revenue range of $475M-$525M
- Expected GAAP net loss per share of $(0.06) to $(0.26) for next quarter
- Softening customer demand reported late in the quarter
- Uncertain and volatile business environment affecting operations
Insights
UCT reports significant financial deterioration with revenue down 7.9% sequentially, swing to GAAP loss, and weak Q2 guidance suggesting continued challenges.
Ultra Clean Holdings' Q1 2025 results reveal concerning financial deterioration. Revenue declined
Operating performance shows substantial pressure with GAAP operating margin dropping from
Management's commentary explicitly attributes these results to "softening demand late in the quarter" as customers reassessed spending amid an "increasingly uncertain and volatile business environment." This rapid deceleration in customer order patterns has prompted management to focus on "controlling costs and maximizing business efficiency" - a defensive posture indicating expectations of continued market challenges.
Forward guidance offers little relief, with projected Q2 revenue of
The comprehensive weakening across multiple financial metrics indicates significant headwinds for UCT's near-term performance, with the services segment (
"UCT's first quarter results were impacted by softening demand late in the quarter as customers reassessed their spending in reaction to an increasingly uncertain and volatile business environment," said Clarence Granger, UCT Interim CEO. "Amid reduced industry visibility and an increasingly dynamic geopolitical landscape, we are focused on execution for our customers, while controlling our costs and maximizing our business efficiency."
First Quarter 2025 GAAP Financial Results
Total revenue was
First Quarter 2025 Non-GAAP Financial Results
On a non-GAAP basis, gross margin was
Second 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 84790#. 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 27, 2024, 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 28, | March 29, | ||
Revenues: | |||
Products | $ 457.0 | $ 418.5 | |
Services | 61.6 | 59.2 | |
Total revenues | 518.6 | 477.7 | |
Cost of revenues: | |||
Products | 390.3 | 354.0 | |
Services | 44.3 | 41.1 | |
Total cost revenues | 434.6 | 395.1 | |
Gross margin | 84.0 | 82.6 | |
Operating expenses: | |||
Research and development | 7.6 | 7.0 | |
Sales and marketing | 14.9 | 13.7 | |
General and administrative | 48.6 | 44.6 | |
Total operating expenses | 71.1 | 65.3 | |
Income from operations | 12.9 | 17.3 | |
Interest income | 1.1 | 1.4 | |
Interest expense | (9.9) | (12.2) | |
Other income (expense), net | 0.8 | (3.8) | |
Income before provision for income taxes | 4.9 | 2.7 | |
Provision for income taxes | 7.4 | 9.9 | |
Net loss | (2.5) | (7.2) | |
Less: Net income attributable to noncontrolling interests | 2.5 | 2.2 | |
Net loss attributable to UCT | $ (5.0) | $ (9.4) | |
Net loss per share attributable to UCT common stockholders: | |||
Basic | $ (0.11) | $ (0.21) | |
Diluted | $ (0.11) | $ (0.21) | |
Shares used in computing net income loss per share: | |||
Basic | 45.1 | 44.6 | |
Diluted | 45.1 | 44.6 | |
ULTRA CLEAN HOLDINGS, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(Unaudited; in millions) | |||
March 28, | December 27, | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 317.6 | $ 313.9 | |
Accounts receivable, net of allowance for credit losses | 217.9 | 241.1 | |
Inventories | 374.6 | 381.0 | |
Prepaid expenses and other current assets | 37.7 | 34.1 | |
Total current assets | 947.8 | 970.1 | |
Property, plant and equipment, net | 328.6 | 325.9 | |
Goodwill | 265.3 | 265.3 | |
Intangible assets, net | 177.6 | 184.9 | |
Deferred tax assets, net | 3.5 | 3.1 | |
Operating lease right-of-use assets | 157.2 | 161.0 | |
Other non-current assets | 11.0 | 9.6 | |
Total assets | $ 1,891.0 | $ 1,919.9 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Bank borrowings | $ 10.0 | $ 16.0 | |
Accounts payable | 207.4 | 212.5 | |
Accrued compensation and related benefits | 39.7 | 50.1 | |
Operating lease liabilities | 18.6 | 18.6 | |
Other current liabilities | 37.5 | 38.4 | |
Total current liabilities | 313.2 | 335.6 | |
Bank borrowings, net of current portion | 470.9 | 476.5 | |
Deferred tax liabilities | 16.2 | 16.1 | |
Operating lease liabilities | 146.9 | 149.2 | |
Other liabilities | 7.0 | 6.7 | |
Total liabilities | 954.2 | 984.1 | |
Equity: | |||
UCT stockholders' equity: | |||
Common stock | 0.1 | 0.1 | |
Additional paid-in capital | 561.3 | 558.4 | |
Common shares held in treasury | (45.0) | (45.0) | |
Retained earnings | 365.4 | 370.4 | |
Accumulated other comprehensive loss | (9.8) | (10.3) | |
Total UCT stockholders' equity | 872.0 | 873.6 | |
Noncontrolling interests | 64.8 | 62.2 | |
Total equity | 936.8 | 935.8 | |
Total liabilities and equity | $ 1,891.0 | $ 1,919.9 | |
ULTRA CLEAN HOLDINGS, INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited; in millions) | |||
Three Months Ended | |||
March 28, | March 29, | ||
Cash flows from operating activities: | |||
Net loss | $ (2.5) | $ (7.2) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 11.7 | 11.5 | |
Amortization of intangible assets | 7.3 | 7.7 | |
Stock-based compensation | 2.9 | 3.5 | |
Amortization of debt issuance costs | 0.6 | 1.0 | |
Change in the fair value of financial instruments | (0.1) | 1.8 | |
Deferred income taxes | (0.3) | (0.7) | |
Changes in assets and liabilities: | |||
Accounts receivable | 23.1 | (13.7) | |
Inventories | 6.4 | (13.6) | |
Prepaid expenses and other current assets | (0.6) | (0.8) | |
Other non-current assets | 0.2 | 0.7 | |
Accounts payable | (8.5) | 25.1 | |
Accrued compensation and related benefits | (10.4) | (10.6) | |
Income taxes payable | (0.7) | 2.1 | |
Operating lease assets and liabilities | 1.4 | (1.1) | |
Other liabilities | (2.3) | 4.1 | |
Net cash provided by operating activities | 28.2 | 9.8 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (12.4) | (18.0) | |
Proceeds from sale of equipment | — | 0.1 | |
Net cash used in investing activities | (12.4) | (17.9) | |
Cash flows from financing activities: | |||
Principal payments on bank borrowings | (12.0) | (4.5) | |
Other financing activities | (0.2) | — | |
Net cash used in financing activities | (12.2) | (4.5) | |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | (1.4) | |
Net increase (decrease) in cash and cash equivalents | 3.7 | (14.0) | |
Cash and cash equivalents at beginning of period | 313.9 | 307.0 | |
Cash and cash equivalents at end of period | $ 317.6 | $ 293.0 | |
ULTRA CLEAN HOLDINGS, INC. | |||||||||||
REPORTABLE SEGMENTS | |||||||||||
GAAP TO NON-GAAP RECONCILIATION | |||||||||||
(Unaudited; dollars in millions) | |||||||||||
GAAP | Non-GAAP | ||||||||||
Three Months Ended | Three Months Ended | ||||||||||
March 28, 2025 | March 28, 2025 | ||||||||||
Products | Services | Consolidated | Products | Services | Consolidated | ||||||
Revenues | $ 61.6 | $ 518.6 | $ 457.0 | $ 61.6 | $ 518.6 | ||||||
Gross profit | $ 66.7 | $ 17.3 | $ 84.0 | $ 68.2 | $ 18.3 | $ 86.5 | |||||
Gross margin | 14.6 % | 28.1 % | 16.2 % | 14.9 % | 29.8 % | 16.7 % | |||||
Income from operations | $ 10.1 | $ 2.8 | $ 12.9 | $ 20.9 | $ 6.2 | $ 27.1 | |||||
Operating margin | 2.2 % | 4.6 % | 2.5 % | 4.6 % | 10.2 % | 5.2 % | |||||
Three Months Ended | |||||||||||
March 28, 2025 | |||||||||||
Products | Services | Consolidated | |||||||||
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||||||||
Reported gross profit on a GAAP basis | $ 66.7 | $ 17.3 | $ 84.0 | ||||||||
Amortization of intangible assets (1) | 1.3 | 1.0 | 2.3 | ||||||||
Stock-based compensation expense (2) | 0.2 | — | 0.2 | ||||||||
Non-GAAP gross profit | $ 68.2 | $ 18.3 | $ 86.5 | ||||||||
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||||||||
Reported gross margin on a GAAP basis | 14.6 % | 28.1 % | 16.2 % | ||||||||
Amortization of intangible assets (1) | 0.3 % | 1.7 % | 0.5 % | ||||||||
Stock-based compensation expense (2) | 0.0 % | — % | 0.0 % | ||||||||
Non-GAAP gross margin | 14.9 % | 29.8 % | 16.7 % | ||||||||
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions) | |||||||||||
Reported income from operations on a GAAP basis | $ 10.1 | $ 2.8 | $ 12.9 | ||||||||
Amortization of intangible assets (1) | 4.4 | 2.9 | 7.3 | ||||||||
Stock-based compensation expense (2) | 2.1 | 0.5 | 2.6 | ||||||||
Restructuring charges (3) | 3.6 | — | 3.6 | ||||||||
Legal-related costs (4) | 0.7 | — | 0.7 | ||||||||
Non-GAAP income from operations | $ 20.9 | $ 6.2 | $ 27.1 | ||||||||
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||||||||
Reported operating margin on a GAAP basis | 2.2 % | 4.6 % | 2.5 % | ||||||||
Amortization of intangible assets (1) | 1.0 % | 4.8 % | 1.4 % | ||||||||
Stock-based compensation expense (2) | 0.5 % | 0.8 % | 0.5 % | ||||||||
Restructuring charges (3) | 0.8 % | — % | 0.7 % | ||||||||
Legal-related costs (4) | 0.1 % | — % | 0.1 % | ||||||||
Non-GAAP operating margin | 4.6 % | 10.2 % | 5.2 % | ||||||||
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 costs associated with employee separation, severance, retention, and other expenses related to facility closures | |||||||||||
4 Represents estimated costs related to certain legal proceedings | |||||||||||
ULTRA CLEAN HOLDINGS, INC. | |||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS | |||||
Three Months Ended | |||||
March 28, | March 29, | December 27, | |||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (in millions) | |||||
Reported net income (loss) attributable to UCT on a GAAP basis | $ (5.0) | $ (9.4) | $ 16.3 | ||
Amortization of intangible assets (1) | 7.3 | 7.7 | 7.5 | ||
Stock-based compensation expense (2) | 2.6 | 3.9 | 4.7 | ||
Restructuring charges (3) | 3.6 | 1.8 | — | ||
Acquisition related costs (4) | — | 0.3 | — | ||
Fair value related adjustments (5) | (0.1) | 1.3 | (7.1) | ||
Debt refinancing costs expensed (6) | — | — | 0.4 | ||
Legal-related costs (7) | 0.7 | — | 1.1 | ||
Income tax effect of non-GAAP adjustments (8) | (2.8) | (3.0) | (1.0) | ||
Income tax effect of valuation allowance (9) | 6.4 | 9.5 | 1.0 | ||
Non-GAAP net income attributable to UCT | $ 12.7 | $ 12.1 | $ 22.9 | ||
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions) | |||||
Reported income from operations on a GAAP basis | $ 12.9 | $ 17.3 | $ 25.9 | ||
Amortization of intangible assets (1) | 7.3 | 7.7 | 7.5 | ||
Stock-based compensation expense (2) | 2.6 | 3.9 | 4.7 | ||
Restructuring charges (3) | 3.6 | 1.8 | — | ||
Acquisition related costs (4) | — | 0.3 | — | ||
Legal-related costs (7) | 0.7 | — | 1.1 | ||
Non-GAAP income from operations | $ 27.1 | $ 31.0 | $ 39.2 | ||
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||
Reported operating margin on a GAAP basis | 2.5 % | 3.6 % | 4.6 % | ||
Amortization of intangible assets (1) | 1.4 % | 1.6 % | 1.3 % | ||
Stock-based compensation expense (2) | 0.5 % | 0.8 % | 0.9 % | ||
Restructuring charges (3) | 0.7 % | 0.4 % | — % | ||
Acquisition related costs (4) | — % | 0.1 % | — % | ||
Legal-related costs (7) | 0.1 % | — % | 0.2 % | ||
Non-GAAP operating margin | 5.2 % | 6.5 % | 7.0 % | ||
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||
Reported gross profit on a GAAP basis | $ 84.0 | $ 82.6 | $ 91.8 | ||
Amortization of intangible assets (1) | 2.3 | 2.3 | 2.3 | ||
Stock-based compensation expense (2) | 0.2 | 0.6 | 0.4 | ||
Non-GAAP gross profit | $ 86.5 | $ 85.5 | $ 94.5 | ||
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||
Reported gross margin on a GAAP basis | 16.2 % | 17.3 % | 16.3 % | ||
Amortization of intangible assets (1) | 0.5 % | 0.5 % | 0.4 % | ||
Stock-based compensation expense (2) | 0.0 % | 0.1 % | 0.1 % | ||
Non-GAAP gross margin | 16.7 % | 17.9 % | 16.8 % | ||
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 | $ 0.8 | $ (3.8) | $ 8.4 | ||
Fair value related adjustments (5) | (0.1) | 1.3 | (7.1) | ||
Debt refinancing costs expensed (6) | — | — | 0.4 | ||
Non-GAAP Other income (expense), net | $ 0.7 | $ (2.5) | $ 1.7 | ||
Reconciliation of GAAP Income (Loss) Per Diluted Share to Non-GAAP Earnings Per Diluted Share | |||||
Reported net income (loss) on a GAAP basis | $ (0.11) | $ (0.21) | $ 0.36 | ||
Amortization of intangible assets (1) | 0.16 | 0.17 | 0.17 | ||
Stock-based compensation expense (2) | 0.06 | 0.09 | 0.10 | ||
Restructuring charges (3) | 0.08 | 0.04 | — | ||
Acquisition related costs (4) | — | 0.01 | — | ||
Fair value related adjustments (5) | 0.00 | 0.03 | (0.16) | ||
Debt refinancing costs expensed (6) | — | — | 0.01 | ||
Legal-related costs (7) | 0.01 | — | 0.03 | ||
Income tax effect of non-GAAP adjustments (8) | (0.06) | (0.07) | (0.02) | ||
Income tax effect of valuation allowance (9) | 0.14 | 0.21 | 0.02 | ||
Non-GAAP net earnings | $ 0.28 | $ 0.27 | $ 0.51 | ||
Weighted average number of diluted shares (in millions) on a non-GAAP basis | 45.4 | 45.1 | 45.4 | ||
ULTRA CLEAN HOLDINGS, INC. | |||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE | |||||
Three Months Ended | |||||
March 28, | March 29, | December 27, | |||
Provision for income taxes on a GAAP basis | $ 7.4 | $ 9.9 | $ 4.5 | ||
Income tax effect of non-GAAP adjustments (8) | 2.8 | 3.0 | 1.0 | ||
Income tax effect of valuation allowance (9) | (6.4) | (9.5) | (1.0) | ||
Non-GAAP provision for income taxes | $ 3.8 | $ 3.4 | $ 4.5 | ||
Income before income taxes on a GAAP basis | $ 4.9 | $ 2.7 | $ 24.5 | ||
Amortization of intangible assets (1) | 7.3 | 7.7 | 7.5 | ||
Stock-based compensation expense (2) | 2.6 | 3.9 | 4.7 | ||
Restructuring charges (3) | 3.6 | 1.8 | — | ||
Acquisition related costs (4) | — | 0.3 | — | ||
Fair value related adjustments (5) | (0.1) | 1.3 | (7.1) | ||
Debt refinancing costs expensed (6) | — | — | 0.4 | ||
Legal-related costs (7) | 0.7 | — | 1.1 | ||
Non-GAAP income before income taxes | $ 19.0 | $ 17.7 | $ 31.1 | ||
Effective income tax rate on a GAAP basis | 151.0 % | 366.7 % | 18.4 % | ||
Non-GAAP effective income tax rate | 20.0 % | 19.7 % | 14.5 % | ||
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 costs associated with employee separation, severance, retention, and other expenses 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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