10-Q 1 ichr-10q_20220701.htm 10-Q ichr-10q_20220701.htm
false Q2 0001652535 --12-27 00-0000000 P15D 0001652535 2022-01-01 2022-07-01 xbrli:shares 0001652535 2022-08-05 iso4217:USD 0001652535 2022-07-01 0001652535 2021-12-31 iso4217:USD xbrli:shares 0001652535 2022-04-02 2022-07-01 0001652535 2021-03-27 2021-06-25 0001652535 2020-12-26 2021-06-25 0001652535 us-gaap:CommonStockMember 2022-04-01 0001652535 us-gaap:AdditionalPaidInCapitalMember 2022-04-01 0001652535 us-gaap:TreasuryStockMember 2022-04-01 0001652535 us-gaap:RetainedEarningsMember 2022-04-01 0001652535 2022-04-01 0001652535 us-gaap:CommonStockMember 2022-04-02 2022-07-01 0001652535 us-gaap:AdditionalPaidInCapitalMember 2022-04-02 2022-07-01 0001652535 us-gaap:RetainedEarningsMember 2022-04-02 2022-07-01 0001652535 us-gaap:CommonStockMember 2022-07-01 0001652535 us-gaap:AdditionalPaidInCapitalMember 2022-07-01 0001652535 us-gaap:TreasuryStockMember 2022-07-01 0001652535 us-gaap:RetainedEarningsMember 2022-07-01 0001652535 us-gaap:CommonStockMember 2021-12-31 0001652535 us-gaap:AdditionalPaidInCapitalMember 2021-12-31 0001652535 us-gaap:TreasuryStockMember 2021-12-31 0001652535 us-gaap:RetainedEarningsMember 2021-12-31 0001652535 us-gaap:CommonStockMember 2022-01-01 2022-07-01 0001652535 us-gaap:AdditionalPaidInCapitalMember 2022-01-01 2022-07-01 0001652535 us-gaap:RetainedEarningsMember 2022-01-01 2022-07-01 0001652535 us-gaap:CommonStockMember 2021-03-26 0001652535 us-gaap:AdditionalPaidInCapitalMember 2021-03-26 0001652535 us-gaap:TreasuryStockMember 2021-03-26 0001652535 us-gaap:RetainedEarningsMember 2021-03-26 0001652535 2021-03-26 0001652535 us-gaap:CommonStockMember 2021-03-27 2021-06-25 0001652535 us-gaap:AdditionalPaidInCapitalMember 2021-03-27 2021-06-25 0001652535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-03-27 2021-06-25 0001652535 us-gaap:RetainedEarningsMember 2021-03-27 2021-06-25 0001652535 us-gaap:CommonStockMember 2021-06-25 0001652535 us-gaap:AdditionalPaidInCapitalMember 2021-06-25 0001652535 us-gaap:TreasuryStockMember 2021-06-25 0001652535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2021-06-25 0001652535 us-gaap:RetainedEarningsMember 2021-06-25 0001652535 2021-06-25 0001652535 us-gaap:CommonStockMember 2020-12-25 0001652535 us-gaap:AdditionalPaidInCapitalMember 2020-12-25 0001652535 us-gaap:TreasuryStockMember 2020-12-25 0001652535 us-gaap:RetainedEarningsMember 2020-12-25 0001652535 2020-12-25 0001652535 us-gaap:CommonStockMember 2020-12-26 2021-06-25 0001652535 us-gaap:AdditionalPaidInCapitalMember 2020-12-26 2021-06-25 0001652535 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2020-12-26 2021-06-25 0001652535 us-gaap:RetainedEarningsMember 2020-12-26 2021-06-25 0001652535 srt:MinimumMember 2022-01-01 2022-07-01 0001652535 srt:MaximumMember 2022-01-01 2022-07-01 0001652535 2022-07-02 2022-07-01 0001652535 us-gaap:MachineryAndEquipmentMember 2022-07-01 0001652535 us-gaap:MachineryAndEquipmentMember 2021-12-31 0001652535 us-gaap:LeaseholdImprovementsMember 2022-07-01 0001652535 us-gaap:LeaseholdImprovementsMember 2021-12-31 0001652535 us-gaap:ComputerSoftwareIntangibleAssetMember 2022-07-01 0001652535 us-gaap:ComputerSoftwareIntangibleAssetMember 2021-12-31 0001652535 us-gaap:FurnitureAndFixturesMember 2022-07-01 0001652535 us-gaap:FurnitureAndFixturesMember 2021-12-31 0001652535 us-gaap:VehiclesMember 2022-07-01 0001652535 us-gaap:VehiclesMember 2021-12-31 0001652535 us-gaap:ConstructionInProgressMember 2022-07-01 0001652535 us-gaap:ConstructionInProgressMember 2021-12-31 0001652535 us-gaap:CustomerRelationshipsMember 2022-07-01 0001652535 us-gaap:DevelopedTechnologyRightsMember 2022-07-01 0001652535 us-gaap:CustomerRelationshipsMember srt:WeightedAverageMember 2022-01-01 2022-07-01 0001652535 us-gaap:DevelopedTechnologyRightsMember srt:WeightedAverageMember 2022-01-01 2022-07-01 0001652535 us-gaap:CustomerRelationshipsMember 2021-12-31 0001652535 us-gaap:DevelopedTechnologyRightsMember 2021-12-31 0001652535 us-gaap:OrderOrProductionBacklogMember 2021-12-31 0001652535 us-gaap:CustomerRelationshipsMember srt:WeightedAverageMember 2021-01-01 2021-12-31 0001652535 us-gaap:DevelopedTechnologyRightsMember srt:WeightedAverageMember 2021-01-01 2021-12-31 0001652535 us-gaap:OrderOrProductionBacklogMember srt:WeightedAverageMember 2021-01-01 2021-12-31 ichr:Operatinglease xbrli:pure 0001652535 ichr:TermLoanFacilityMember 2022-07-01 0001652535 ichr:TermLoanFacilityMember 2021-12-31 0001652535 us-gaap:RevolvingCreditFacilityMember 2022-07-01 0001652535 us-gaap:RevolvingCreditFacilityMember 2021-12-31 0001652535 ichr:TermLoanFacilityMember ichr:CreditAgreementMember 2021-10-29 0001652535 us-gaap:RevolvingCreditFacilityMember ichr:CreditAgreementMember 2021-10-29 0001652535 ichr:TermLoanFacilityMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 ichr:TermLoanAndRevolvingCreditFacilityMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 ichr:CreditAgreementMember 2022-01-01 2022-07-01 0001652535 ichr:FederalFundRateMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 ichr:BloombergShortTermBankYieldIndexMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 us-gaap:BaseRateMember srt:MinimumMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 us-gaap:BaseRateMember srt:MaximumMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 ichr:BloombergShortTermBankYieldIndexMember srt:MinimumMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 ichr:BloombergShortTermBankYieldIndexMember srt:MaximumMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 srt:MinimumMember us-gaap:RevolvingCreditFacilityMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 srt:MaximumMember us-gaap:RevolvingCreditFacilityMember ichr:CreditAgreementMember 2021-10-29 2021-10-29 0001652535 us-gaap:BaseRateMember ichr:CreditAgreementMember 2022-01-01 2022-07-01 0001652535 ichr:BloombergShortTermBankYieldIndexMember ichr:CreditAgreementMember 2022-01-01 2022-07-01 0001652535 ichr:BloombergShortTermBankYieldIndexMember ichr:TermLoanFacilityMember ichr:CreditAgreementMember 2022-07-01 0001652535 ichr:TwoThousandSixteenOmnibusIncentivePlanMember 2022-01-01 2022-07-01 0001652535 ichr:ServiceConditionMember us-gaap:StockOptionMember 2021-12-31 0001652535 ichr:ServiceConditionMember us-gaap:StockOptionMember 2022-01-01 2022-07-01 0001652535 ichr:ServiceConditionMember us-gaap:StockOptionMember 2022-07-01 0001652535 us-gaap:StockOptionMember 2021-12-31 0001652535 us-gaap:StockOptionMember 2022-01-01 2022-07-01 0001652535 us-gaap:StockOptionMember 2022-07-01 0001652535 ichr:ServiceConditionMember 2021-12-31 0001652535 ichr:ServiceConditionMember 2022-01-01 2022-07-01 0001652535 ichr:ServiceConditionMember 2022-07-01 0001652535 ichr:PerformanceConditionMember 2021-12-31 0001652535 ichr:PerformanceConditionMember 2022-01-01 2022-07-01 0001652535 ichr:PerformanceConditionMember 2022-07-01 0001652535 ichr:MarketConditionMember 2021-12-31 0001652535 ichr:MarketConditionMember 2022-01-01 2022-07-01 0001652535 ichr:MarketConditionMember 2022-07-01 0001652535 ichr:TwoThousandSeventeenEmployeeStockPurchasePlanMember 2022-01-01 2022-07-01 0001652535 ichr:TwoThousandSeventeenEmployeeStockPurchasePlanMember us-gaap:CommonStockMember 2022-01-01 2022-07-01 0001652535 us-gaap:EmployeeStockOptionMember 2022-04-02 2022-07-01 0001652535 us-gaap:EmployeeStockOptionMember 2021-03-27 2021-06-25 0001652535 us-gaap:EmployeeStockOptionMember 2022-01-01 2022-07-01 0001652535 us-gaap:EmployeeStockOptionMember 2020-12-26 2021-06-25 0001652535 us-gaap:RestrictedStockMember 2022-04-02 2022-07-01 0001652535 us-gaap:RestrictedStockMember 2021-03-27 2021-06-25 0001652535 us-gaap:RestrictedStockMember 2022-01-01 2022-07-01 0001652535 us-gaap:RestrictedStockMember 2020-12-26 2021-06-25 0001652535 ichr:TwoThousandSeventeenEmployeeStockPurchasePlanMember 2022-04-02 2022-07-01 0001652535 ichr:TwoThousandSeventeenEmployeeStockPurchasePlanMember 2021-03-27 2021-06-25 0001652535 ichr:TwoThousandSeventeenEmployeeStockPurchasePlanMember 2020-12-26 2021-06-25 ichr:Segment 0001652535 country:US 2022-04-02 2022-07-01 0001652535 country:US 2021-03-27 2021-06-25 0001652535 country:US 2022-01-01 2022-07-01 0001652535 country:US 2020-12-26 2021-06-25 0001652535 country:SG 2022-04-02 2022-07-01 0001652535 country:SG 2021-03-27 2021-06-25 0001652535 country:SG 2022-01-01 2022-07-01 0001652535 country:SG 2020-12-26 2021-06-25 0001652535 srt:EuropeMember 2022-04-02 2022-07-01 0001652535 srt:EuropeMember 2021-03-27 2021-06-25 0001652535 srt:EuropeMember 2022-01-01 2022-07-01 0001652535 srt:EuropeMember 2020-12-26 2021-06-25 0001652535 ichr:OtherCountriesMember 2022-04-02 2022-07-01 0001652535 ichr:OtherCountriesMember 2021-03-27 2021-06-25 0001652535 ichr:OtherCountriesMember 2022-01-01 2022-07-01 0001652535 ichr:OtherCountriesMember 2020-12-26 2021-06-25

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended July 1, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from __ to __

 

Commission File Number: 001-37961

 

ICHOR HOLDINGS, LTD.

(Exact Name of Registrant as Specified in its Charter)

 

 

Cayman Islands

Not Applicable

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

3185 Laurelview Ct.

Fremont, CA

94538

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (510) 897-5200

 

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

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary Shares, par value $0.0001

ICHR

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non‑accelerated filer

 

  

Small reporting company

 

 

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).    Yes      No  

As of August 5, 2022, the registrant had 28,739,608 ordinary shares, $0.0001 par value per share, outstanding.

 


 

TABLE OF CONTENTS

 

 

 

 


 

PART I

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

ICHOR HOLDINGS, LTD.

Consolidated Balance Sheets

(dollars in thousands, except per share amounts)

(unaudited)

 

 

 

July 1,

2022

 

 

December 31,

2021

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

46,064

 

 

$

75,495

 

Accounts receivable, net

 

 

158,403

 

 

 

142,990

 

Inventories

 

 

290,327

 

 

 

236,133

 

Prepaid expenses and other current assets

 

 

5,699

 

 

 

8,153

 

Total current assets

 

 

500,493

 

 

 

462,771

 

Property and equipment, net

 

 

91,603

 

 

 

85,204

 

Operating lease right-of-use assets

 

 

35,649

 

 

 

29,790

 

Other noncurrent assets

 

 

12,887

 

 

 

9,166

 

Deferred tax assets, net

 

 

9,247

 

 

 

8,116

 

Intangible assets, net

 

 

79,923

 

 

 

89,927

 

Goodwill

 

 

335,902

 

 

 

335,902

 

Total assets

 

$

1,065,704

 

 

$

1,020,876

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

147,650

 

 

$

159,727

 

Accrued liabilities

 

 

21,652

 

 

 

19,066

 

Other current liabilities

 

 

14,162

 

 

 

14,377

 

Current portion of long-term debt

 

 

7,500

 

 

 

7,500

 

Current portion of lease liabilities

 

 

7,956

 

 

 

7,633

 

Total current liabilities

 

 

198,920

 

 

 

208,303

 

Long-term debt, less current portion, net

 

 

296,736

 

 

 

285,253

 

Lease liabilities, less current portion

 

 

28,063

 

 

 

22,354

 

Deferred tax liabilities, net

 

 

38

 

 

 

38

 

Other non-current liabilities

 

 

4,623

 

 

 

4,213

 

Total liabilities

 

 

528,380

 

 

 

520,161

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Preferred shares ($0.0001 par value; 20,000,000 shares authorized; zero shares issued and outstanding)

 

 

 

 

 

 

Ordinary shares ($0.0001 par value; 200,000,000 shares authorized; 28,735,728 and 28,551,160 shares outstanding, respectively; 33,173,167 and 32,988,599 shares issued, respectively)

 

 

3

 

 

 

3

 

Additional paid in capital

 

 

424,471

 

 

 

417,438

 

Treasury shares at cost (4,437,439 shares)

 

 

(91,578

)

 

 

(91,578

)

Accumulated other comprehensive loss

 

 

 

 

 

 

Retained earnings

 

 

204,428

 

 

 

174,852

 

Total shareholders’ equity

 

 

537,324

 

 

 

500,715

 

Total liabilities and shareholders’ equity

 

$

1,065,704

 

 

$

1,020,876

 

 

See accompanying notes.

1


ICHOR HOLDINGS, LTD.

Consolidated Statements of Operations

(dollars in thousands, except per share amounts)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 1,

2022

 

 

June 25,

2021

 

 

July 1,

2022

 

 

June 25,

2021

 

Net sales

 

$

329,560

 

 

$

282,308

 

 

$

622,706

 

 

$

546,874

 

Cost of sales

 

 

274,099

 

 

 

234,955

 

 

 

523,313

 

 

 

460,009

 

Gross profit

 

 

55,461

 

 

 

47,353

 

 

 

99,393

 

 

 

86,865

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

4,907

 

 

 

4,049

 

 

 

9,758

 

 

 

7,564

 

Selling, general, and administrative

 

 

21,103

 

 

 

14,699

 

 

 

44,370

 

 

 

29,048

 

Amortization of intangible assets

 

 

4,655

 

 

 

3,390

 

 

 

10,004

 

 

 

6,781

 

Total operating expenses

 

 

30,665

 

 

 

22,138

 

 

 

64,132

 

 

 

43,393

 

Operating income

 

 

24,796

 

 

 

25,215

 

 

 

35,261

 

 

 

43,472

 

Interest expense, net

 

 

2,063

 

 

 

1,591

 

 

 

3,595

 

 

 

3,510

 

Other expense (income), net

 

 

(548

)

 

 

22

 

 

 

(464

)

 

 

207

 

Income before income taxes

 

 

23,281

 

 

 

23,602

 

 

 

32,130

 

 

 

39,755

 

Income tax expense

 

 

1,744

 

 

 

737

 

 

 

2,554

 

 

 

2,252

 

Net income

 

$

21,537

 

 

$

22,865

 

 

$

29,576

 

 

$

37,503

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.75

 

 

$

0.81

 

 

$

1.03

 

 

$

1.33

 

Diluted

 

$

0.74

 

 

$

0.79

 

 

$

1.02

 

 

$

1.30

 

Shares used to compute net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

28,665,930

 

 

 

28,180,821

 

 

 

28,629,280

 

 

 

28,092,535

 

Diluted

 

 

29,042,519

 

 

 

29,092,521

 

 

 

28,948,055

 

 

 

28,942,902

 

See accompanying notes.

2


ICHOR HOLDINGS, LTD.

Consolidated Statements of Comprehensive Income

(in thousands)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

July 1,

2022

 

 

June 25,

2021

 

 

July 1,

2022

 

 

June 25,

2021

 

Net income

 

$

21,537

 

 

$

22,865

 

 

$

29,576

 

 

$

37,503

 

Other comprehensive loss, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on available-for-sale marketable securities

 

 

 

 

 

(24

)

 

 

 

 

 

(24

)

Comprehensive income

 

$

21,537

 

 

$

22,841

 

 

$

29,576

 

 

$

37,479

 

 

See accompanying notes.

 

3


 

 

ICHOR HOLDINGS, LTD.

Consolidated Statements of Shareholders’ Equity

(dollars in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Total

 

For the three months ending July 1, 2022

 

Ordinary Shares

 

 

Paid-In

 

 

Shares

 

 

Other Comprehensive

 

 

Retained

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Earnings

 

 

Equity

 

Balance at April 1, 2022

 

 

28,628,907

 

 

$

3

 

 

$

420,513

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

 

 

$

182,891

 

 

$

511,829

 

Ordinary shares issued from exercise of stock options

 

 

5,015

 

 

 

 

 

 

83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

83

 

Ordinary shares issued from vesting of restricted share units

 

 

59,741

 

 

 

 

 

 

(563

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(563

)

Ordinary shares issued from employee share purchase plan

 

 

42,065

 

 

 

 

 

 

929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

929

 

Share-based compensation expense

 

 

 

 

 

 

 

 

3,509

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,509

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

21,537

 

 

 

21,537

 

Balance at July 1, 2022

 

 

28,735,728

 

 

$

3

 

 

$

424,471

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

 

 

$

204,428

 

 

$

537,324

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Total

 

For the six months ending July 1, 2022

 

Ordinary Shares

 

 

Paid-In

 

 

Shares

 

 

Other Comprehensive

 

 

Retained

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Earnings

 

 

Equity

 

Balance at December 31, 2021

 

 

28,551,160

 

 

$

3

 

 

$

417,438

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

 

 

$

174,852

 

 

$

500,715

 

Ordinary shares issued from exercise of stock options

 

 

47,768

 

 

 

 

 

 

1,038

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,038

 

Ordinary shares issued from vesting of restricted share units

 

 

94,735

 

 

 

 

 

 

(1,340

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,340

)

Ordinary shares issued from employee share purchase plan

 

 

42,065

 

 

 

 

 

 

929

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

929

 

Share-based compensation expense

 

 

 

 

 

 

 

 

6,406

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,406

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

29,576

 

 

 

29,576

 

Balance at July 1, 2022

 

 

28,735,728

 

 

$

3

 

 

 

424,471

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

 

 

$

204,428

 

 

$

537,324

 

 

See accompanying notes.

4


ICHOR HOLDINGS, LTD.

Consolidated Statements of Shareholders’ Equity (continued)

(dollars in thousands)

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Total

 

For the three months ending June 25, 2021

 

Ordinary Shares

 

 

Paid-In

 

 

Shares

 

 

Other Comprehensive

 

 

Retained

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Earnings

 

 

Equity

 

Balance at March 26, 2021

 

 

28,070,251

 

 

$

3

 

 

$

404,046

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

 

 

$

118,591

 

 

$

431,062

 

Ordinary shares issued from exercise of stock options

 

 

179,131

 

 

 

 

 

 

3,150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,150

 

Ordinary shares issued from vesting of restricted share units

 

 

77,177

 

 

 

 

 

 

(1,251

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,251

)

Share-based compensation expense

 

 

 

 

 

 

 

 

2,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,681

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24

)

 

 

 

 

 

(24

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22,865

 

 

 

22,865

 

Balance at June 25, 2021

 

 

28,326,559

 

 

$

3

 

 

$

408,626

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

(24

)

 

$

141,456

 

 

$

458,483

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Treasury

 

 

Accumulated

 

 

 

 

 

 

Total

 

For the six months ending June 25, 2021

 

Ordinary Shares

 

 

Paid-In

 

 

Shares

 

 

Other Comprehensive

 

 

Retained

 

 

Shareholders'

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Shares

 

 

Amount

 

 

Income (Loss)

 

 

Earnings

 

 

Equity

 

Balance at December 25, 2020

 

 

27,907,077

 

 

$

3

 

 

$

399,311

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

 

 

$

103,953

 

 

$

411,689

 

Ordinary shares issued from exercise of stock options

 

 

284,731

 

 

 

 

 

 

5,531

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,531

 

Ordinary shares issued from vesting of restricted share units

 

 

107,600

 

 

 

 

 

 

(1,918

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,918

)

Ordinary shares issued from employee share purchase plan

 

 

27,151

 

 

 

 

 

 

606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

606

 

Share-based compensation expense

 

 

 

 

 

 

 

 

5,096

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,096

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(24

)

 

 

 

 

 

(24

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,503

 

 

 

37,503

 

Balance at June 25, 2021

 

 

28,326,559

 

 

$

3

 

 

$

408,626

 

 

 

4,437,439

 

 

$

(91,578

)

 

$

(24

)

 

$

141,456

 

 

$

458,483

 

 

See accompanying notes.

 

5


 

ICHOR HOLDINGS, LTD.

Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

 

 

Six Months Ended

 

 

 

July 1,

2022

 

 

June 25,

2021

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

29,576

 

 

$

37,503

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

18,394