(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 | ||||||||
104 | Inline XBRL for the cover page of this Current Report on Form 8‑K. | |||||||
KULICKE AND SOFFA INDUSTRIES, INC. | |||||||||||
Date: February 1, 2023 | By: | /s/ LESTER WONG | |||||||||
Name: | Lester Wong | ||||||||||
Title: | Executive Vice President and Chief Financial Officer (principal financial officer and principal accounting officer) | ||||||||||
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 |
Quarterly Results - U.S. GAAP | |||||||||||
Fiscal Q1 2023 | Change vs. Fiscal Q1 2022 | Change vs. Fiscal Q4 2022 | |||||||||
Net Revenue | $176.2 million | down 61.8% | down 38.5% | ||||||||
Gross Profit | $88.7 million | down 60.3% | down 33.2% | ||||||||
Gross Margin | 50.3% | up 190 bps | up 400 bps | ||||||||
Income from Operations | $11.8 million | down 92.2% | down 82.5% | ||||||||
Operating Margin | 6.7% | down 2610 bps | down 1690 bps | ||||||||
Net Income | $14.6 million | down 89.1% | down 77.5% | ||||||||
Net Margin | 8.3% | down 2070 bps | down 1440 bps | ||||||||
EPS – Diluted | $0.25 | down 88.2% | down 77.3% |
Quarterly Results - Non-GAAP | |||||||||||
Fiscal Q1 2023 | Change vs. Fiscal Q1 2022 | Change vs. Fiscal Q4 2022 | |||||||||
Income from Operations | $20.2 million | down 87.2% | down 72.6% | ||||||||
Operating Margin | 11.5% | down 2270 bps | down 1420 bps | ||||||||
Net Income | $21.8 million | down 84.3% | down 68.9% | ||||||||
Net Margin | 12.4% | down 1770 bps | down 1210 bps | ||||||||
EPS – Diluted | $0.37 | down 83.1% | down 68.9% |
Kulicke and Soffa Industries, Inc. | |||||
Joseph Elgindy | |||||
Finance | |||||
P: +1-215-784-7518 | |||||
Three months ended | |||||||||||
December 31, 2022 | January 1, 2022 | ||||||||||
Net revenue | $ | 176,233 | $ | 460,888 | |||||||
Cost of sales | 87,527 | 237,650 | |||||||||
Gross profit | 88,706 | 223,238 | |||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 40,500 | 37,550 | |||||||||
Research and development | 34,508 | 33,169 | |||||||||
Amortization of intangible assets | 1,394 | 1,283 | |||||||||
Acquisition-related costs | 107 | — | |||||||||
Restructuring | 375 | 126 | |||||||||
Total operating expenses | 76,884 | 72,128 | |||||||||
Income from operations | 11,822 | 151,110 | |||||||||
Other income (expense): | |||||||||||
Interest income | 6,559 | 471 | |||||||||
Interest expense | (34) | (40) | |||||||||
Income before income taxes | 18,347 | 151,541 | |||||||||
Income tax expense | 3,758 | 17,935 | |||||||||
Net income | $ | 14,589 | $ | 133,606 | |||||||
Net income per share: | |||||||||||
Basic | $ | 0.26 | $ | 2.14 | |||||||
Diluted | $ | 0.25 | $ | 2.11 | |||||||
Cash dividends declared per share | $ | 0.19 | $ | 0.17 | |||||||
Weighted average shares outstanding: | |||||||||||
Basic | 57,051 | 62,385 | |||||||||
Diluted | 57,729 | 63,316 |
Three months ended | |||||||||||
Supplemental financial data: | December 31, 2022 | January 1, 2022 | |||||||||
Depreciation and amortization | $ | 5,613 | $ | 5,339 | |||||||
Capital expenditures | 15,651 | 2,876 | |||||||||
Equity-based compensation expense: | |||||||||||
Cost of sales | 308 | 226 | |||||||||
Selling, general and administrative | 4,867 | 3,956 | |||||||||
Research and development | 1,346 | 1,130 | |||||||||
Total equity-based compensation expense | $ | 6,521 | $ | 5,312 |
As of | |||||||||||
December 31, 2022 | January 1, 2022 | ||||||||||
Number of employees | 3,176 | 3,602 |
As of | |||||||||||
December 31, 2022 | October 1, 2022 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 550,613 | $ | 555,537 | |||||||
Short-term investments | 245,000 | 220,000 | |||||||||
Accounts and other receivable, net of allowance for doubtful accounts of $0 and $0, respectively | 200,337 | 309,323 | |||||||||
Inventories, net | 211,637 | 184,986 | |||||||||
Prepaid expenses and other current assets | 63,122 | 62,200 | |||||||||
TOTAL CURRENT ASSETS | 1,270,709 | 1,332,046 | |||||||||
Property, plant and equipment, net | 92,819 | 80,908 | |||||||||
Operating right-of-use assets | 45,377 | 41,767 | |||||||||
Goodwill | 70,536 | 68,096 | |||||||||
Intangible assets, net | 33,281 | 31,939 | |||||||||
Deferred tax assets | 28,414 | 25,572 | |||||||||
Equity investments | 5,433 | 5,397 | |||||||||
Other assets | 3,249 | 2,874 | |||||||||
TOTAL ASSETS | $ | 1,549,818 | $ | 1,588,599 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Accounts payable | 57,482 | 67,311 | |||||||||
Operating lease liabilities | 6,841 | 6,766 | |||||||||
Accrued expenses and other current liabilities | 110,933 | 134,541 | |||||||||
Income taxes payable | 45,799 | 40,063 | |||||||||
TOTAL CURRENT LIABILITIES | 221,055 | 248,681 | |||||||||
Deferred tax liabilities | 34,139 | 34,037 | |||||||||
Income taxes payable | 64,641 | 64,634 | |||||||||
Operating lease liabilities | 40,325 | 34,927 | |||||||||
Other liabilities | 12,429 | 11,670 | |||||||||
TOTAL LIABILITIES | 372,589 | 393,949 | |||||||||
SHAREHOLDERS' EQUITY | |||||||||||
Common stock, no par value | 561,736 | 561,684 | |||||||||
Treasury stock, at cost | (714,713) | (675,800) | |||||||||
Retained earnings | 1,345,461 | 1,341,666 | |||||||||
Accumulated other comprehensive loss | (15,255) | (32,900) | |||||||||
TOTAL SHAREHOLDERS' EQUITY | $ | 1,177,229 | $ | 1,194,650 | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,549,818 | $ | 1,588,599 |
Three months ended | |||||||||||
December 31, 2022 | January 1, 2022 | ||||||||||
Net cash provided by operating activities | $ | 85,116 | $ | 95,874 | |||||||
Net cash (used in) / provided by investing activities | (38,914) | 7,289 | |||||||||
Net cash used in financing activities | (56,230) | (24,077) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | 5,104 | (384) | |||||||||
Changes in cash and cash equivalents | (4,924) | 78,702 | |||||||||
Cash and cash equivalents, beginning of period | 555,537 | 362,788 | |||||||||
Cash and cash equivalents, end of period | $ | 550,613 | $ | 441,490 | |||||||
Short-term investments | 245,000 | 367,000 | |||||||||
Total cash, cash equivalents and short-term investments | $ | 795,613 | $ | 808,490 | |||||||
Three months ended | ||||||||||||||||||||
December 31, 2022 | January 1, 2022 | October 1, 2022 | ||||||||||||||||||
Net revenue | $ | 176,233 | $ | 460,888 | $ | 286,313 | ||||||||||||||
U.S. GAAP income from operations | 11,822 | 151,110 | 67,544 | |||||||||||||||||
U.S. GAAP operating margin | 6.7 | % | 32.8 | % | 23.6 | % | ||||||||||||||
Pre-tax non-GAAP items: | ||||||||||||||||||||
Amortization related to intangible assets acquired through business combination- selling, general and administrative | 1,394 | 1,283 | 1,374 | |||||||||||||||||
Restructuring | 375 | 126 | 20 | |||||||||||||||||
Equity-based compensation | 6,521 | 5,312 | 4,513 | |||||||||||||||||
Acquisition-related costs | 107 | — | 118 | |||||||||||||||||
Non-GAAP income from operations | $ | 20,219 | $ | 157,831 | $ | 73,569 | ||||||||||||||
Non-GAAP operating margin | 11.5 | % | 34.2 | % | 25.7 | % | ||||||||||||||
Three months ended | ||||||||||||||||||||
December 31, 2022 | January 1, 2022 | October 1, 2022 | ||||||||||||||||||
Net revenue | $ | 176,233 | $ | 460,888 | $ | 286,313 | ||||||||||||||
U.S. GAAP net income | 14,589 | 133,606 | 64,904 | |||||||||||||||||
U.S. GAAP net margin | 8.3 | % | 29.0 | % | 22.7 | % | ||||||||||||||
Non-GAAP adjustments: | ||||||||||||||||||||
Amortization related to intangible assets acquired through business combination- selling, general and administrative | 1,394 | 1,283 | 1,374 | |||||||||||||||||
Restructuring | 375 | 126 | 20 | |||||||||||||||||
Equity-based compensation | 6,521 | 5,312 | 4,513 | |||||||||||||||||
Acquisition-related costs | 107 | — | 118 | |||||||||||||||||
Net income tax benefit on non-GAAP items | (1,218) | (1,508) | (689) | |||||||||||||||||
Total non-GAAP adjustments | $ | 7,179 | $ | 5,213 | $ | 5,336 | ||||||||||||||
Non-GAAP net income | $ | 21,768 | $ | 138,819 | $ | 70,240 | ||||||||||||||
Non-GAAP net margin | 12.4 | % | 30.1 | % | 24.5 | % | ||||||||||||||
U.S. GAAP net income per share: | ||||||||||||||||||||
Basic | 0.26 | 2.14 | 1.12 | |||||||||||||||||
Diluted(a) | 0.25 | 2.11 | 1.10 | |||||||||||||||||
Non-GAAP adjustments per share:(b) | ||||||||||||||||||||
Basic | 0.13 | 0.08 | 0.10 | |||||||||||||||||
Diluted | 0.12 | 0.08 | 0.09 | |||||||||||||||||
Non-GAAP net income per share: | ||||||||||||||||||||
Basic | $ | 0.39 | $ | 2.22 | $ | 1.22 | ||||||||||||||
Diluted(c) | $ | 0.37 | $ | 2.19 | $ | 1.19 | ||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Basic | 57,051 | 62,385 | 57,804 | |||||||||||||||||
Diluted | 57,729 | 63,316 | 58,816 | |||||||||||||||||
Three months ended | ||||||||||||||||||||
December 31, 2022 | January 1, 2022 | October 1, 2022 | ||||||||||||||||||
U.S. GAAP net cash provided by operating activities | $ | 85,116 | $ | 95,874 | $ | 116,563 | ||||||||||||||
Expenditures for property, plant and equipment | (13,878) | (2,711) | (12,605) | |||||||||||||||||
Proceeds from sales of property, plant and equipment | — | — | 62 | |||||||||||||||||
Non-GAAP adjusted free cash flow | 71,238 | 93,163 | 104,020 | |||||||||||||||||
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