0000950103-21-002398.txt : 20210217 0000950103-21-002398.hdr.sgml : 20210217 20210217161642 ACCESSION NUMBER: 0000950103-21-002398 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20210217 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210217 DATE AS OF CHANGE: 20210217 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Ultra Clean Holdings, Inc. CENTRAL INDEX KEY: 0001275014 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 611430858 STATE OF INCORPORATION: DE FISCAL YEAR END: 1227 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-50646 FILM NUMBER: 21644978 BUSINESS ADDRESS: STREET 1: 26462 CORPORATE AVENUE CITY: HAYWARD STATE: CA ZIP: 94545 BUSINESS PHONE: (510) 576-4400 MAIL ADDRESS: STREET 1: 26462 CORPORATE AVENUE CITY: HAYWARD STATE: CA ZIP: 94545 FORMER COMPANY: FORMER CONFORMED NAME: ULTRA CLEAN HOLDINGS INC DATE OF NAME CHANGE: 20031231 8-K 1 dp146206_8k.htm FORM 8-K
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SECURITIES AND EXCHANGE COMMISSION 

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (Date of earliest event reported): February 17, 2021

 

ULTRA CLEAN HOLDINGS, INC.

(Exact Name of Registrant

as Specified in Charter)

 

  Delaware  
  (State or Other Jurisdiction of Incorporation)

 

 

000-50646   61-1430858
(Commission File Number)   (IRS Employer Identification No.)

 

26462 CORPORATE AVENUE

HAYWARD, CA

   94545
(Address of Principal Executive Offices)   (Zip Code)

 

Registrant’s telephone number, including area code:  (510) 576-4400

 

n/a
(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading

Symbol(s)

 Name of each exchange on which registered
Common stock, par value $0.001 per share UCTT

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02 Results of Operations and Financial Condition 

 

On February 17, 2021, Ultra Clean Holdings, Inc. (“UCT,” the “Company” or “We”) issued a press release announcing its financial results for its fourth fiscal quarter and fiscal year ended December 25, 2020. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

 

The information furnished under Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into the Company’s filings with the SEC under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

Item 9.01 Financial Statements and Exhibits

 

(d) Exhibits

 

Exhibit

No.

 

Exhibit Description  

   
99.1   Press Release dated February 17, 2021
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    ULTRA CLEAN HOLDINGS, INC.
     
     
Date: February 17, 2021   By: /s/ Paul Y. Cho
        Name: Paul Y. Cho
        Title: General Counsel and Corporate Secretary

 

 

 

 

 EX-99.1 2 dp146206_ex9901.htm EXHIBIT 99.1

 

Exhibit 99.1

 

Press Release Source: Ultra Clean Holdings, Inc.

 

Ultra Clean Reports Fourth Quarter and Full Year 2020 Financial Results

 

HAYWARD, Calif., February 17, 2021 /PRNewswire/ Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the fourth quarter and full year ended December 25, 2020.

 

“UCT delivered another solid quarter to conclude an extraordinary year where we reached many new milestones, including record revenue and earnings per share, marking the fifth straight year we significantly outperformed the overall wafer fab equipment industry,” said Jim Scholhamer, CEO. “Industry demand remains robust and we continue to position ourselves for new opportunities. We are excited about our acquisition of Hamlet and expect to close the transaction by early Q2 of 2021”.

 

Fourth Quarter 2020 GAAP Financial Results

 

Total revenue was $369.6 million. SPS contributed $299.5 million and SSB added $70.1 million. Total gross margin was 21.0%, operating margin was 9.0%, and net income was $22.6 million or $0.56 and $0.55 per basic and diluted share. This compares to total revenue of $363.3 million, gross margin of 20.5%, operating margin of 9.6%, and net income of $24.4 million or $0.60 and $0.59 per basic and diluted share in the prior quarter.

 

Fourth Quarter 2020 Non-GAAP Financial Results

 

On a non-GAAP basis, gross margin was 21.5%, operating margin was 11.9%, and net income was $33.5 million or $0.81 per diluted share. This compares to gross margin of 21.0%, operating margin of 11.6%, and net income of $29.9 million or $0.73 per diluted share in the prior quarter.

 

Full Year 2020 GAAP Financial Results

 

Total revenue was $1,398.6 million. SPS contributed $1,131.2 million and SSB added $267.4 million. Total gross margin was 20.9%, operating margin was 8.7%, and net income was $77.6 million or $1.93 and $1.89 per basic and diluted share. This compares to total revenue of $1,066.2 million, gross margin of 18.5%, operating margin of 2.8%, and net loss of $9.4 million or $0.24 per basic and diluted share in the prior year.

 

Full Year 2020 Non-GAAP Financial Results

 

On a non-GAAP basis, the company reported gross margin of 21.4%, operating margin of 11.3%, and net income of $115.0 million or $2.80 per diluted share. This compares to the gross margin of 19.3% operating margin of 7.8%, and net income of $46.5 million or $1.16 per diluted share in the prior year.

 

First Quarter 2021 Outlook

 

Due to limited visibility resulting from the pandemic, the Company has widened its guidance ranges to reflect the heightened uncertainty in the marketplace. The Company expects revenue in the range of $375.0 million to $405.0 million and GAAP diluted net income per share to be between $0.61 and $0.74. The Company expects non-GAAP diluted net income per share to be between $0.80 and $0.93.

 

Conference Call

 

The call 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 10151480. 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, ultra-high purity cleaning and analytical services primarily for the semiconductor industry. Ultra Clean offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping and component manufacturing, and 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, and the tax effects of the foregoing adjustments.

 

A reconciliation of our guidance for non-GAAP net income per diluted share for the following 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, 2019 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, Vice President Investor Relations

rbennetto@uct.com

 

 

 

 

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited; in thousands, except per share data)

 

   Three Months Ended  Twelve Months Ended
   December 25,  December 27,  December 25,  December 27,
   2020  2019  2020  2019
             
Revenues:                    
Product  $299,495   $230,206   $1,131,151   $840,866 
Services   70,133    56,207    267,431    225,378 
Total revenues   369,628    286,413    1,398,582    1,066,244 
Cost of revenues:                    
Product   247,103    193,321    934,716    719,103 
Services   44,880    36,696    172,105    150,275 
Total cost of revenues   291,983    230,017    1,106,821    869,378 
Gross profit   77,645    56,396    291,761    196,866 
Operating expenses:                    
Research and development   3,987    3,632    14,829    14,618 
Sales and marketing   6,569    5,755    25,128    22,393 
General and administrative   33,915    42,505    130,434    129,942 
Total operating expenses   44,471    51,892    170,391    166,953 
Income from operations   33,174    4,504    121,370    29,913 
Interest income   179    32    875    448 
Interest expense   (3,758)   (5,656)   (16,852)   (25,555)
Other income (expense), net   (2,512)   (6,676)   (5,722)   (2,394)
Income (loss) before provision for income taxes   27,083    (7,796)   99,671    2,412 
Provision for income taxes   4,349    1,811    19,281    10,031 
Net income (loss)   22,734    (9,607)   80,390    (7,619)
Less: Net income attributable to noncontrolling interests   180    660    2,785    1,732 
Net income (loss) attributable to UCT  $22,554   $(10,267)  $77,605   $(9,351)
                     
Net income (loss) per share attributable to UCT common stockholders:                    
Basic  $0.56   $(0.26)  $1.93   $(0.24)
Diluted  $0.55   $(0.26)  $1.89   $(0.24)
Shares used in computing net income (loss) per share:                    
Basic   40,521    39,778    40,198    39,467 
Diluted   41,353    39,778    41,074    39,467 

 

 

 

 

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS 

(Unaudited; in thousands)

 

   December 25,  December 27,
   2020  2019
ASSETS          
Current assets:          
  Cash and cash equivalents  $200,274   $162,531 
  Accounts receivable, net of allowance   145,539    112,694 
  Inventories   180,385    172,420 
  Prepaid expenses and other current assets   18,895    19,400 
Total current assets   545,093    467,045 
           
Property, plant and equipment, net   159,150    145,272 
Goodwill   171,132    171,087 
Intangibles assets, net   160,519    180,318 
Deferred tax assets, net   23,513    15,498 
Operating lease right-of-use assets   37,821    34,877 
Other non-current assets   5,315    5,209 
Total assets  $1,102,543   $1,019,306 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
  Bank borrowings  $7,361   $8,842 
  Accounts payable   121,328    133,058 
  Accrued compensation and related benefits   34,532    24,825 
  Operating lease liabilities   11,721    13,179 
  Other current liabilities   26,335    30,694 
Total current liabilities   201,277    210,598 
           
Bank borrowings, net of current portion   261,619    283,390 
Deferred tax liabilities   33,571    25,183 
Operating lease liabilities   31,050    28,828 
Other liabilities   23,812    18,800 
Total liabilities   551,329    566,799 
           
Equity:          
UCT stockholders’ equity:          
  Common stock   309,589    297,693 
  Retained earnings   217,972    140,367 
  Accumulated other comprehensive loss   5,087    (1,334)
Total UCT stockholders' equity   532,648    436,726 
  Noncontrolling interest   18,566    15,781 
Total equity   551,214    452,507 
Total liabilities and equity  $1,102,543   $1,019,306 

 

 

 

 

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited; in thousands)

 

   Fiscal Year Ended
   December 25,  December 27,
   2020  2019
Cash flows from operating activities:          
Net income (loss)  $80,390   $(7,619)
Adjustments to reconcile net income to net cash provided by operating activities (excluding assets acquired and liabilities assumed):          
      Depreciation and amortization   46,635    43,360 
Stock-based compensation   12,743    12,065 
Deferred income taxes   375    (3,563)
Change in the fair value of financial instruments and earn-out liability   7,653    2,799 
Others   (2,402)   1,964 
Changes in assets and liabilities:          
Accounts receivable   (32,693)   (4,488)
Inventories   (8,017)   22,292 
Prepaid expenses and other current assets   1,243    3,747 
Other non-current assets   (106)   12 
Accounts payable   (12,559)   31,017 
Accrued compensation and related benefits   9,696    9,006 
Operating lease assets and liabilities   (1,111)   7,130 
Income taxes payable   2,785    (2,906)
Other liabilities   (7,354)   6,153 
Net cash provided by operating activities   97,278    120,969 
Cash flows from investing activities:          
Purchases of property, plant and equipment   (36,427)   (26,312)
Proceeds from sale of property and equipment, including insurance proceeds   6,601    7,002 
Acquisition of Dynamic Manufacturing Solutions, LLC   —    (29,873)
Net cash used in investing activities   (29,826)   (49,183)
Cash flows from financing activities:          
Proceeds from bank borrowings   76,690    41,847 
Proceeds from issuance of common stock   604    342 
Payments on bank borrowings and finance leases   (105,475)   (93,065)
Payment of contingent earn-out   (1,428)   — 
Withholding tax on employee equity compensation   (1,500)   (1,841)
Others   —    (641)
Net cash used in financing activities   (31,109)   (53,358)
Effect of exchange rate changes on cash and cash equivalents   1,400    (42)
Net increase in cash and cash equivalents   37,743    18,386 
Cash and cash equivalents at beginning of period   162,531    144,145 
Cash and cash equivalents at end of period  $200,274   $162,531 


 

 

 

ULTRA CLEAN HOLDINGS, INC.

REPORTABLE SEGMENTS

GAAP TO NON-GAAP RECONCILIATION  

(Unaudited; dollars in thousands)

 

   GAAP  Non-GAAP
   Three Months Ended  Three Months Ended
   December 25, 2020  December 25, 2020
   SPS  SSB  Consolidated  SPS  SSB  Consolidated
Revenues  $299,495   $70,133   $369,628   $299,495   $70,133   $369,628 
Gross profit  $52,392   $25,253   $77,645   $53,330   $26,276   $79,606 
Gross margin   17.5%   36.0%   21.0%   17.8%   37.5%   21.5%
Income from operations  $25,905   $7,269   $33,174   $32,461   $11,450   $43,911 
Operating margin   8.6%   10.4%   9.0%   10.8%   16.3%   11.9%

 

   Three Months Ended
   December 25, 2020
   SPS  SSB  Consolidated
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in thousands)               
Reported gross profit on a GAAP basis  $52,392   $25,253   $77,645 
Amortization of intangible assets (1)   -    1,023    1,023 
Restructuring charges (2)   242    -    242 
Stock-based compensation expense (3)   696    -    696 
Non-GAAP gross profit  $53,330   $26,276   $79,606 
                
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin               
Reported gross margin on a GAAP basis   17.5%   36.0%   21.0%
Amortization of intangible assets (1)   0.0%   1.5%   0.3%
Restructuring charges (2)   0.1%   -    0.0%
Stock-based compensation expense (3)   0.2%   -    0.2%
Non-GAAP gross margin   17.8%   37.5%   21.5%
                
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in thousands)               
Reported income from operations on a GAAP basis  $25,905   $7,269   $33,174 
Amortization of intangible assets (1)   1,173    3,777    4,950 
Restructuring charges (2)   998    5    1,003 
Stock-based compensation expense (3)   3,361    399    3,760 
Acquisition related costs (4)   1,024    -    1,024 
Non-GAAP income from operations  $32,461   $11,450   $43,911 
                
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin               
Reported operating margin on a GAAP basis   8.6%   10.4%   9.0%
Amortization of intangible assets (1)   0.4%   5.4%   1.3%
Restructuring charges (2)   0.4%   0.0%   0.3%
Stock-based compensation expense (3)   1.1%   0.5%   1.0%
Acquisition related costs (4)   0.3%   0.0%   0.3%
Non-GAAP operating margin   10.8%   16.3%   11.9%

 

1Amortization of intangible assets related to the Company's acquisitions of Thermal, FDS, QGT and DMS

2Represents severance, retention and costs related to facility closures

3Represents compensation expense for stock granted to employees and directors

4Represents costs related to the proposed acquisition of Ham-Let Ltd.

 

 

 

 

ULTRA CLEAN HOLDINGS, INC. 

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS

 

   Three Months Ended  Twelve Months Ended
   December 25,  December 27,  September 25,  December 25,  December 27,
   2020  2019  2020  2020  2019
Reconciliation of GAAP Net Income to Non-GAAP Net Income (in thousands)                         
Reported net income (loss) attributable to UCT on a GAAP basis  $22,554   $(10,267)  $24,365   $77,605   $(9,351)
Amortization of intangible assets (1)   4,950    5,091    4,949    19,799    20,090 
Restructuring charges (2)   1,003    13,552    400    4,573    16,667 
Stock-based compensation expense (3)   3,760    3,537    3,284    12,899    13,062 
Fair value adjustments (4)   3,266    6,562    200    7,624    7,457 
Acquisition related costs (5)   1,024    111    -    1,024    3,861 
Gain on the sale of property (6)   -    -    (1,352)   (1,352)   - 
Depreciation adjustments (7)   -    -    -    -    (360)
Income tax effect of non-GAAP adjustments (8)   (2,521)   (6,001)   (1,352)   (8,200)   (14,343)
Income tax effect of valuation allowance (9)   (525)   3,440    (616)   994    9,461 
Non-GAAP net income attributable to UCT  $33,511   $16,025   $29,878   $114,966   $46,544 
                          
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in thousands)                         
Reported income from operations on a GAAP basis  $33,174   $4,504   $34,822   $121,370   $29,913 
Amortization of intangible assets (1)   4,950    5,091    4,949    19,799    20,090 
Restructuring charges (2)   1,003    13,500    260    4,433    15,821 
Stock-based compensation expense (3)   3,760    3,537    3,284    12,899    13,062 
Fair value adjustments (4)   -    -    -    -    895 
Acquisition related costs (5)   1,024    111    -    1,024    3,863 
Gain on the sale of property (6)   -    -    (1,352)   (1,352)   - 
Depreciation adjustments (7)   -    -         -    (360)
Non-GAAP income from operations  $43,911   $26,743   $41,963   $158,173   $83,284 
                          
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin                         
Reported operating margin on a GAAP basis   9.0%   1.6%   9.6%   8.7%   2.8%
Amortization of intangible assets (1)   1.3%   1.8%   1.4%   1.4%   1.9%
Restructuring charges (2)   0.3%   4.7%   0.1%   0.3%   1.5%
Stock-based compensation expense (3)   1.0%   1.2%   0.9%   0.9%   1.1%
Fair value adjustments (4)   0.0%   0.0%   0.0%   0.0%   0.1%
Acquisition related costs (5)   0.3%   0.0%   0.0%   0.1%   0.4%
Gain on the sale of property (6)   0.0%   0.0%   -0.4%   -0.1%   0.0%
Non-GAAP operating margin   11.9%   9.3%   11.6%   11.3%   7.8%
                          
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in thousands)                         
Reported gross profit on a GAAP basis  $77,645   $56,396   $74,576    291,761    196,866 
Amortization of intangible assets (1)   1,023    1,023    1,022    4,090    4,090 
Restructuring charges (2)   242    21    260    988    1,041 
Stock-based compensation expense (3)   696    875    383    2,112    2,853 
Fair value adjustments (4)   -    -    -    -    895 
Depreciation adjustments (7)   -    -    -    -    (316)
Non-GAAP gross profit  $79,606   $58,315   $76,241   $298,951   $205,429 
                          
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin                         
Reported gross margin on a GAAP basis   21.0%   19.7%   20.5%   20.9%   18.5%
Amortization of intangible assets (1)   0.3%   0.4%   0.3%   0.3%   0.4%
Restructuring charges (2)   0.0%   0.0%   0.1%   0.1%   0.1%
Stock-based compensation expense (3)   0.2%   0.3%   0.1%   0.2%   0.3%
Fair value adjustments (4)   0.0%   0.0%   0.0%   0.0%   0.1%
Depreciation adjustments (7)   0.0%   0.0%   0.0%   0.0%   -0.1%
Non-GAAP gross margin   21.5%   20.4%   21.0%   21.4%   19.3%
                          
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  $(6,091)  $(12,300)  $(4,986)  $(21,699)  $(27,501)
Restructuring charges (2)   -    52    140    140    847 
Fair value adjustments (4)   3,266    6,562    200    7,624    6,562 
Non-GAAP interest and other income (expense)  $(2,825)  $(5,686)  $(4,646)  $(13,935)  $(20,092)
                          
Reconciliation of GAAP Earnings Per Diluted Share to Non-GAAP Earnings Per Diluted Share                         
Reported net income (loss) on a GAAP basis  $0.55   $(0.26)  $0.59    1.89    (0.24)
Amortization of intangible assets (1)   0.12    0.13    0.12    0.48    0.50 
Restructuring charges (2)   0.02    0.34    0.01    0.11    0.42 
Stock-based compensation expense (3)   0.09    0.09    0.08    0.32    0.33 
Fair value adjustments (4)   0.08    0.16    0.00    0.19    0.19 
Acquisition related costs (5)   0.02    0.00    -    0.02    0.10 
Gain on the sale of property (6)   -    -    (0.03)   (0.03)   - 
Depreciation adjustments (7)   -    -         -    (0.01)
Income tax effect of non-GAAP adjustments (8)   (0.06)   (0.15)   (0.03)   (0.20)   (0.36)
Income tax effect of valuation allowance (9)   (0.01)   0.09    (0.01)   0.02    0.23 
Non-GAAP net income  $0.81   $0.40   $0.73   $2.80   $1.16 
Weighted average number of diluted shares (thousands) on a non-GAAP basis   41,353    40,025    41,149    41,074    40,027 

 

 

 

 

ULTRA CLEAN HOLDINGS, INC.

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

 

   Three Months Ended  Twelve Months Ended
   December 25,  December 27,  September 25,  December 25,  December 27,
   2020  2019  2020  2020  2019
(in thousands, except percentages)               
Provision for income taxes on a GAAP basis  $4,349   $1,811   $4,776    19,281    10,031 
Income tax effect of non-GAAP adjustments (7)   2,521    6,001    1,352    8,200    14,343 
Income tax effect of valuation allowance (8)   525    (3,440)   616    (994)   (9,461)
Non-GAAP provision for income taxes  $7,395   $4,372   $6,744   $26,487   $14,913 
                          
Income (loss) before income taxes on a GAAP basis  $27,083   $(7,796)  $29,836    99,671    2,412 
Amortization of intangible assets (1)   4,950    5,091    4,949    19,799    20,090 
Restructuring charges (2)   1,003    13,552    400    4,573    16,667 
Stock-based compensation expense (3)   3,760    3,537    3,284    12,899    13,062 
Fair value adjustments (4)   3,266    6,562    200    7,624    7,457 
Acquisition related costs (5)   1,024    111    -    1,024    3,861 
Gain on the sale of property (6)   -    -    (1,352)   (1,352)   - 
Depreciation adjustments (7)   -    -    -    -    (360)
Non-GAAP income before income taxes  $41,086   $21,057   $37,317   $144,238   $63,189 
Effective income tax rate on a GAAP basis   16.1%   -23.2%   16.0%   19.3%   415.9%
Non-GAAP effective income tax rate   18.0%   20.8%   18.1%   18.4%   23.6%

 

1Amortization of intangible assets related to the Company's acquisitions of AIT, Thermal, FDS, QGT and DMS

2Represents severance, retention and costs related to facility closures

3Represents compensation expense for stock granted to employees and directors

4Fair value adjustments related to contingent consideration, purchase obligation, DMS' sold inventories, forward hedge contracts

5Represents costs related to the acquisitions

6Represents gain realized on the sale of land in South Korea

7Depreciation adjustments related to QGT's fixed assets

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

9The 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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