(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
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)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Item 9.01 | Financial Statements and Exhibits. | |||||||
(d) | Exhibits. | |||||||
Exhibit No. | Description | |||||||
99.1 | Press Release dated November 17, 2021 | |||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8‑K. | |||||||
KULICKE AND SOFFA INDUSTRIES, INC. | |||||||||||
Date: November 18, 2021 | By: | /s/ LESTER WONG | |||||||||
Name: | Lester Wong | ||||||||||
Title: | Senior Vice President and Chief Financial Officer | ||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8‑K. |
![]() | Kulicke & Soffa Pte. Ltd. 23A Serangoon North Ave 5 Singapore 554369 +65 6880-9600 main Co. Regn. No. 199902120H | ||||
Kulicke and Soffa Industries, Inc. 1005 Virginia Drive Fort Washington, PA 19034 USA +1-215-784-6000 main www.kns.com |
Fiscal Q4 2021 | Change vs. Fiscal Q4 2020 | Change vs. Fiscal Q3 2021 | |||||||||
Net Revenue | $485.3 million | up 173.1% | up 14.4% | ||||||||
Gross Profit | $231.3 million | up 160.2% | up 18.2% | ||||||||
Gross Margin | 47.7% | down 230 bps | up 160 bps | ||||||||
Income from Operations | $154.8 million | up 573% | up 28.5% | ||||||||
Operating Margin | 31.9% | up 1900 bps | up 350 bps | ||||||||
Net Income | $133.7 million | up 746.2% | up 17.5% | ||||||||
Net Margin | 27.6% | up 1870 bps | up 80 bps | ||||||||
EPS – Diluted | $2.10 | up 740% | up 17.3% |
Fiscal Q4 2021 | Change vs. Fiscal Q4 2020 | Change vs. Fiscal Q3 2021 | |||||||||
Income from Operations | $160.2 million | up 448.7% | up 27.2% | ||||||||
Operating Margin | 33.0% | up 1660 bps | up 330 bps | ||||||||
Net Income | $138.3 million | up 535.7% | up 16.4% | ||||||||
Net Margin | 28.5% | up 1630 bps | up 50 bps | ||||||||
EPS - Diluted | $2.17 | up 520% | up 16% |
Kulicke & Soffa Industries, Inc. | |||||
Joseph Elgindy | |||||
Investor Relations & Strategic Initiatives | |||||
P: +1-215-784-7518 | |||||
F: +1-215-784-6180 | |||||
Three months ended | Twelve months ended | ||||||||||||||||||||||
October 2, 2021 | October 3, 2020 | October 2, 2021 | October 3, 2020 | ||||||||||||||||||||
Net revenue | $ | 485,326 | $ | 177,688 | $ | 1,517,664 | $ | 623,176 | |||||||||||||||
Cost of sales | 254,011 | 88,803 | 820,678 | 325,201 | |||||||||||||||||||
Gross profit | 231,315 | 88,885 | 696,986 | 297,975 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | 40,186 | 28,101 | 139,224 | 107,947 | |||||||||||||||||||
Research and development | 34,929 | 35,553 | 137,478 | 123,459 | |||||||||||||||||||
Acquisition-related cost | — | — | 1,730 | — | |||||||||||||||||||
Amortization of intangible assets | 1,322 | 1,920 | 5,974 | 7,371 | |||||||||||||||||||
Restructuring | 42 | 263 | 133 | 689 | |||||||||||||||||||
Total operating expenses | 76,479 | 65,837 | 284,539 | 239,466 | |||||||||||||||||||
Income from operations | 154,836 | 23,048 | 412,447 | 58,509 | |||||||||||||||||||
Other income / (expense): | |||||||||||||||||||||||
Interest income | 520 | 653 | 2,321 | 7,541 | |||||||||||||||||||
Interest expense | (72) | (26) | (218) | (1,716) | |||||||||||||||||||
Income before income taxes | 155,284 | 23,675 | 414,550 | 64,334 | |||||||||||||||||||
Income tax expense / (benefit) | 21,573 | 8,013 | 47,295 | 11,998 | |||||||||||||||||||
Share of results of equity-method investee, net of tax | — | (122) | 94 | 36 | |||||||||||||||||||
Net income | $ | 133,711 | $ | 15,784 | $ | 367,161 | $ | 52,300 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 2.16 | $ | 0.26 | $ | 5.92 | $ | 0.83 | |||||||||||||||
Diluted | $ | 2.10 | $ | 0.25 | $ | 5.78 | $ | 0.83 | |||||||||||||||
Cash dividends declared per share | $ | 0.14 | $ | 0.12 | $ | 0.56 | $ | 0.48 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 61,966 | 61,791 | 62,009 | 62,828 | |||||||||||||||||||
Diluted | 63,611 | 62,411 | 63,515 | 63,359 |
Three months ended | Twelve months ended | ||||||||||||||||||||||
Supplemental financial data: | October 2, 2021 | October 3, 2020 | October 2, 2021 | October 3, 2020 | |||||||||||||||||||
Depreciation and amortization | $ | 5,258 | $ | 5,142 | $ | 19,810 | $ | 19,739 | |||||||||||||||
Capital expenditures | 5,792 | 5,964 | 22,555 | 14,514 | |||||||||||||||||||
Equity-based compensation expense: | |||||||||||||||||||||||
Cost of sales | 202 | 147 | 828 | 744 | |||||||||||||||||||
Selling, general and administrative | 2,887 | 2,965 | 10,998 | 11,071 | |||||||||||||||||||
Research and development | 909 | 851 | 3,676 | 3,204 | |||||||||||||||||||
Total equity-based compensation expense | $ | 3,998 | $ | 3,963 | $ | 15,502 | $ | 15,019 |
As of | |||||||||||
October 2, 2021 | October 3, 2020 | ||||||||||
Backlog of orders 1 | $ | 787,241 | $ | 127,924 | |||||||
Number of employees | 3,586 | 2,836 |
As of | |||||||||||
October 2, 2021 | October 3, 2020 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 362,788 | $ | 188,127 | |||||||
Short-term investments | 377,000 | 342,000 | |||||||||
Accounts and notes receivable, net of allowance for doubtful accounts of $687 and $968 respectively | 421,193 | 198,640 | |||||||||
Inventories, net | 167,323 | 111,809 | |||||||||
Prepaid expenses and other current assets | 23,586 | 19,620 | |||||||||
TOTAL CURRENT ASSETS | 1,351,890 | 860,196 | |||||||||
Property, plant and equipment, net | 67,982 | 59,147 | |||||||||
Operating right-of-use assets | 41,592 | 22,688 | |||||||||
Goodwill | 72,949 | 56,695 | |||||||||
Intangible assets, net | 42,752 | 37,972 | |||||||||
Deferred tax assets | 15,715 | 8,147 | |||||||||
Equity investments | 6,388 | 7,535 | |||||||||
Other assets | 2,363 | 2,186 | |||||||||
TOTAL ASSETS | $ | 1,601,631 | $ | 1,054,566 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | 154,636 | 57,688 | |||||||||
Operating lease liabilities | 4,903 | 5,903 | |||||||||
Accrued expenses and other current liabilities | 161,570 | 76,762 | |||||||||
Income taxes payable | 30,766 | 17,540 | |||||||||
TOTAL CURRENT LIABILITIES | 351,875 | 157,893 | |||||||||
Deferred tax liabilities | 32,828 | 33,005 | |||||||||
Income taxes payable | 69,422 | 74,957 | |||||||||
Operating lease liabilities | 38,084 | 18,325 | |||||||||
Other liabilities | 14,185 | 12,392 | |||||||||
TOTAL LIABILITIES | 506,394 | 296,572 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common stock, no par value | 550,117 | 539,213 | |||||||||
Treasury stock, at cost | (400,412) | (394,817) | |||||||||
Retained earnings | 948,554 | 616,119 | |||||||||
Accumulated other comprehensive loss | (3,022) | (2,521) | |||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 1,095,237 | $ | 757,994 | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,601,631 | $ | 1,054,566 |
Three months ended | Twelve months ended | ||||||||||||||||||||||
October 2, 2021 | October 3, 2020 | October 2, 2021 | October 3, 2020 | ||||||||||||||||||||
Net cash provided by operating activities | $ | 123,376 | $ | 31,731 | $ | 300,032 | $ | 94,412 | |||||||||||||||
Net cash used in investing activities, continuing operations | (135,928) | (151,820) | (81,707) | (125,957) | |||||||||||||||||||
Net cash used in financing activities, continuing operations | (12,276) | (15,191) | (44,258) | (145,809) | |||||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (383) | 1,632 | 594 | 1,297 | |||||||||||||||||||
Changes in cash and cash equivalents | (25,211) | (133,648) | 174,661 | (176,057) | |||||||||||||||||||
Cash and cash equivalents, beginning of period | 387,999 | 321,775 | 188,127 | 364,184 | |||||||||||||||||||
Cash and cash equivalents, end of period | $ | 362,788 | $ | 188,127 | $ | 362,788 | $ | 188,127 | |||||||||||||||
Short-term investments | 377,000 | 342,000 | 377,000 | 342,000 | |||||||||||||||||||
Total cash, cash equivalents, and short-term investments | $ | 739,788 | $ | 530,127 | $ | 739,788 | $ | 530,127 | |||||||||||||||
Three months ended | ||||||||||||||||||||
October 2, 2021 | October 3, 2020 | July 3, 2021 | ||||||||||||||||||
Net revenue | $ | 485,326 | $ | 177,688 | $ | 424,318 | ||||||||||||||
U.S. GAAP income from operations | 154,836 | 23,048 | 120,455 | |||||||||||||||||
U.S. GAAP operating margin | 31.9 | % | 13.0 | % | 28.4 | % | ||||||||||||||
Pre-tax non-GAAP items: | ||||||||||||||||||||
Amortization related to intangible assets acquired through business combination- selling, general and administrative | $ | 1,322 | $ | 1,920 | 1,340 | |||||||||||||||
Equity-based compensation (a) | 3,998 | 3,963 | 4,140 | |||||||||||||||||
Restructuring | 42 | 263 | — | |||||||||||||||||
Non-GAAP income from operations | $ | 160,198 | $ | 29,194 | $ | 125,935 | ||||||||||||||
Non-GAAP operating margin | 33.0 | % | 16.4 | % | 29.7 | % | ||||||||||||||
Twelve months ended | Three months ended | ||||||||||||||||||||||
October 2, 2021 | October 2, 2021 | October 3, 2020 | July 3, 2021 | ||||||||||||||||||||
Net revenue | $ | 1,517,664 | $ | 485,326 | $ | 177,688 | $ | 424,318 | |||||||||||||||
U.S. GAAP net income | 367,161 | 133,711 | 15,784 | 113,766 | |||||||||||||||||||
U.S. GAAP net margin | 24.2 | % | 27.6 | % | 8.9 | % | 26.8 | % | |||||||||||||||
Non-GAAP adjustments: | |||||||||||||||||||||||
Amortization related to intangible assets acquired through business combination- selling, general and administrative | $ | 5,974 | $ | 1,322 | $ | 1,920 | 1,340 | ||||||||||||||||
Restructuring | 133 | 42 | 263 | — | |||||||||||||||||||
Acquisition-related costs | 1,730 | — | — | — | |||||||||||||||||||
Equity-based compensation | 15,502 | 3,998 | 3,963 | 4,140 | |||||||||||||||||||
Net income tax (benefit)/expense on non-GAAP items | (311) | (807) | (181) | (460) | |||||||||||||||||||
Total non-GAAP adjustments | 23,028 | 4,555 | 5,965 | 5,020 | |||||||||||||||||||
Non-GAAP net income | 390,189 | 138,266 | 21,749 | 118,786 | |||||||||||||||||||
Non-GAAP net margin | 25.7 | % | 28.5 | % | 12.2 | % | 28.0 | % | |||||||||||||||
U.S. GAAP net income per share: | |||||||||||||||||||||||
Basic | 5.92 | 2.16 | 0.25 | 1.83 | |||||||||||||||||||
Diluted(a) | 5.78 | 2.10 | 0.25 | 1.79 | |||||||||||||||||||
Non-GAAP adjustments per share:(b) | |||||||||||||||||||||||
Basic | 0.37 | 0.07 | 0.10 | 0.08 | |||||||||||||||||||
Diluted | 0.36 | 0.07 | 0.10 | 0.08 | |||||||||||||||||||
Non-GAAP net income per share: | |||||||||||||||||||||||
Basic | $ | 6.29 | $ | 2.23 | $ | 0.35 | $ | 1.91 | |||||||||||||||
Diluted(c) | $ | 6.14 | $ | 2.17 | $ | 0.35 | $ | 1.87 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 62,009 | 61,966 | 61,791 | 62,023 | |||||||||||||||||||
Diluted(b) | 63,515 | 63,611 | 62,411 | 63,485 | |||||||||||||||||||
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