Company Quick10K Filing
Ultra Clean
Price14.49 EPS0
Shares40 P/E284
MCap580 P/FCF7
Net Debt-159 EBIT15
TEV421 TEV/EBIT29
TTM 2019-09-27, in MM, except price, ratios
10-Q 2020-03-27 Filed 2020-05-06
10-K 2019-12-27 Filed 2020-03-11
10-Q 2019-09-27 Filed 2019-11-05
10-Q 2019-06-28 Filed 2019-08-07
10-Q 2019-03-29 Filed 2019-05-08
10-K 2018-12-28 Filed 2019-03-22
10-Q 2018-09-28 Filed 2018-11-07
10-Q 2018-06-29 Filed 2018-08-08
10-Q 2018-03-30 Filed 2018-05-09
10-K 2017-12-29 Filed 2018-03-14
10-Q 2017-09-29 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-09
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-30 Filed 2017-03-15
10-Q 2016-09-23 Filed 2016-11-01
10-Q 2016-06-24 Filed 2016-08-03
10-Q 2016-03-25 Filed 2016-05-02
10-K 2015-12-25 Filed 2016-03-09
10-Q 2015-09-25 Filed 2015-11-04
10-Q 2015-06-26 Filed 2015-08-05
10-Q 2015-03-27 Filed 2015-05-04
10-K 2014-12-26 Filed 2015-03-11
10-Q 2014-09-26 Filed 2014-11-03
10-Q 2014-06-27 Filed 2014-08-04
10-Q 2014-03-28 Filed 2014-05-05
10-K 2013-12-27 Filed 2014-03-12
10-Q 2013-09-27 Filed 2013-11-01
10-Q 2013-06-28 Filed 2013-08-02
10-Q 2013-03-29 Filed 2013-05-03
10-K 2012-12-28 Filed 2013-03-13
10-Q 2012-09-28 Filed 2012-11-07
10-Q 2012-06-29 Filed 2012-08-07
10-Q 2012-03-30 Filed 2012-05-07
10-K 2011-12-30 Filed 2012-03-21
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-07-01 Filed 2011-08-03
10-Q 2011-04-01 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-10-01 Filed 2010-11-09
10-Q 2010-07-02 Filed 2010-08-09
10-Q 2010-04-02 Filed 2010-05-14
10-K 2010-01-01 Filed 2010-03-30
8-K 2020-04-29 Earnings, Exhibits
8-K 2020-02-19 Earnings, Exhibits
8-K 2019-12-17 Officers, Exhibits
8-K 2019-10-30 Earnings, Exhibits
8-K 2019-07-31 Earnings, Exhibits
8-K 2019-05-30 Officers, Exhibits
8-K 2019-05-28 Officers
8-K 2019-05-23 Officers, Shareholder Vote, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-03-25 Officers, Other Events, Exhibits
8-K 2019-02-21 Earnings, Exhibits
8-K 2018-11-06 Earnings, Exhibits
8-K 2018-10-26 Officers, Exhibits
8-K 2018-10-01 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-09-05 Regulation FD, Exhibits
8-K 2018-08-27 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-07-24 Enter Agreement, Other Events, Exhibits
8-K 2018-06-01 Officers
8-K 2018-06-01 Officers, Exhibits
8-K 2018-05-15 Shareholder Vote
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-03-29 Officers
8-K 2018-02-21 Earnings, Exhibits
8-K 2018-02-06 Officers, Exhibits
8-K 2018-01-30 Enter Agreement, Exhibits
8-K 2018-01-29 Other Events
8-K 2018-01-16 Earnings, Exhibits

UCTT 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 uctt-ex311_6.htm
EX-31.2 uctt-ex312_8.htm
EX-32.1 uctt-ex321_7.htm

Ultra Clean Earnings 2020-03-27

Balance SheetIncome StatementCash Flow
1.10.90.70.40.20.02012201420172020
Assets, Equity
0.40.30.20.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

uctt-10q_20200327.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 March 27, 2020

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 000-50646

 

Ultra Clean Holdings, Inc.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

61-1430858

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

26462 Corporate Avenue, Hayward, California

 

94545

(Address of principal executive offices)

 

(Zip Code)

 

(510) 576-4400

Registrant’s telephone number, including area code

 

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

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, 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

Smaller 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 

 

Number of shares outstanding of the issuer’s common stock as of April 24, 2020: 39.9 million

 

 

 


ULTRA CLEAN HOLDINGS, INC.

TABLE OF CONTENTS

 

 

 

PART I. FINANCIAL INFORMATION

 

 

ITEM 1.

 

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

3

ITEM 2.

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

23

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

30

ITEM 4.

 

CONTROLS AND PROCEDURES

 

30

 

 

PART II. OTHER INFORMATION

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

32

ITEM 1A.

 

RISK FACTORS

 

32

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

32

ITEM 3.

 

DEFAULTS UPON SENIOR SECURITIES

 

32

ITEM 4.

 

MINE SAFETY DISCLOSURES

 

32

ITEM 5.

 

OTHER INFORMATION

 

32

ITEM 6.

 

EXHIBITS

 

33

SIGNATURES

 

34

 

- 2 -


PART I. FINANCIAL INFORMATION

ITEM 1.

Financial Statements

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

March 27,

 

 

December 27,

 

(In millions, except par value)

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

208.1

 

 

$

162.5

 

Accounts receivable, net of allowance for doubtful accounts of $0.2 at

   March 27, 2020 and $0.3 at December 27, 2019

 

 

113.2

 

 

 

112.7

 

Inventories

 

 

187.0

 

 

 

172.4

 

Prepaid expenses and other current assets

 

 

19.6

 

 

 

19.4

 

Total current assets

 

 

527.9

 

 

 

467.0

 

Property, plant and equipment, net

 

 

143.4

 

 

 

145.3

 

Goodwill

 

 

171.1

 

 

 

171.1

 

Intangibles assets, net

 

 

175.4

 

 

 

180.3

 

Deferred tax assets, net

 

 

13.9

 

 

 

15.5

 

Operating lease right-of-use assets

 

 

35.6

 

 

 

34.9

 

Other non-current assets

 

 

4.9

 

 

 

5.2

 

Total assets

 

$

1,072.2

 

 

$

1,019.3

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Bank borrowings

 

$

8.3

 

 

$

8.8

 

Accounts payable

 

 

129.3

 

 

 

133.1

 

Accrued compensation and related benefits

 

 

25.0

 

 

 

24.8

 

Operating lease liabilities

 

 

13.4

 

 

 

13.2

 

Other current liabilities

 

 

37.0

 

 

 

30.7

 

Total current liabilities

 

 

213.0

 

 

 

210.6

 

Bank borrowings, net of current portion

 

 

323.9

 

 

 

283.4

 

Deferred tax liabilities

 

 

24.6

 

 

 

25.2

 

Operating lease liabilities

 

 

28.8

 

 

 

28.8

 

Other liabilities

 

 

19.1

 

 

 

18.8

 

Total liabilities

 

 

609.4

 

 

 

566.8

 

Commitments and contingencies (See Note 9)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

UCT stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock — $0.001 par value, 10.0 shares authorized; none

   outstanding

 

 

 

 

Common stock — $0.001 par value, 90.0 shares authorized; 39.9 shares

   issued and outstanding at March 27, 2020 and December 27, 2019

 

 

0.1

 

 

 

0.1

 

Additional paid-in capital

 

 

304.0

 

 

 

300.9

 

Common shares held in treasury, at cost, 0.6 shares at March 27, 2020

   and December 27, 2019

 

 

(3.3

)

 

 

(3.3

)

Retained earnings

 

 

149.7

 

 

 

140.3

 

Accumulated other comprehensive loss

 

 

(4.6

)

 

 

(1.3

)

Total UCT stockholders' equity

 

 

445.9

 

 

 

436.7

 

Noncontrolling interests

 

 

16.9

 

 

 

15.8

 

Total equity

 

 

462.8

 

 

 

452.5

 

Total liabilities and equity

 

$

1,072.2

 

 

$

1,019.3

 

(See accompanying Notes to Condensed Consolidated Financial Statements)

- 3 -


ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

Three Months Ended

 

 

 

March 27,

 

 

March 29,

 

(In millions, except per share amounts)

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Product

 

$

259.4

 

 

$

200.2

 

Services

 

 

61.5

 

 

 

59.9

 

Total revenues

 

 

320.9

 

 

 

260.1

 

Cost of revenues:

 

 

 

 

 

 

 

 

Product

 

 

214.7

 

 

174.5

 

Services

 

40.5

 

 

40.8

 

Total cost of revenues

 

255.2

 

 

215.3

 

Gross profit

 

 

65.7

 

 

 

44.8

 

Operating expenses:

 

 

 

 

 

 

 

 

Research and development

 

3.4

 

 

3.4

 

Sales and marketing

 

5.8

 

 

5.4

 

General and administrative

 

 

33.9

 

 

27.8

 

Total operating expenses

 

 

43.1

 

 

36.6

 

Income from operations

 

 

22.6

 

 

8.2

 

Interest income

 

 

0.3

 

 

 

0.2

 

Interest expense

 

 

(5.2

)

 

 

(6.6

)

Other income (expense), net

 

 

(2.7

)

 

 

1.1

 

Income before provision for income taxes

 

 

15.0

 

 

 

2.9

 

Provision for income taxes

 

 

4.5

 

 

1.5

 

Net income

 

 

10.5

 

 

 

1.4

 

Less: Net income attributable to noncontrolling interests

 

 

1.1

 

 

 

0.8

 

Net income attributable to UCT

 

$

9.4

 

 

$

0.6

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to UCT common stockholders:

 

Basic

 

$

0.24

 

 

$

0.02

 

Diluted

 

$

0.23

 

 

$

0.02

 

Shares used in computing net income per share:

 

 

 

 

 

 

 

 

Basic

 

 

39.8

 

 

 

39.1

 

Diluted

 

 

40.7

 

 

 

39.4

 

 

(See accompanying Notes to Condensed Consolidated Financial Statements)

 

 

- 4 -


ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)  

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 27,

 

 

March 29,

 

(In millions)

 

2020

 

 

2019

 

Net income

 

$

10.5

 

 

$

1.4

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Change in cumulative translation adjustment

 

 

(3.2

)

 

 

(0.9

)

Change in defined benefit pension plan net actuarial loss

 

 

(0.1

)

 

 

Total other comprehensive loss

 

 

(3.3

)

 

 

(0.9

)

Other comprehensive income, attributable

   to noncontrolling interests

 

1.1

 

 

 

0.8

 

Comprehensive income (loss) attributable to UCT

 

$

6.1

 

 

$

(0.3

)

 

(See accompanying Notes to Condensed Consolidated Financial Statements)

 


- 5 -


ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Three Months Ended

 

 

 

March 27,

 

 

March 29,

 

(In millions)

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

10.5

 

 

$

1.4

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

6.4

 

 

 

6.8

 

Amortization of intangible assets

 

 

4.9

 

 

 

4.9

 

Stock-based compensation

 

 

3.1

 

 

 

2.9

 

Amortization of debt issuance costs

 

 

0.4

 

 

 

0.4

 

Loss on the disposal of assets and business

 

 

 

 

 

0.2

 

Deferred income taxes

 

 

1.0

 

 

 

 

Change in the fair value of financial instruments and earn-out liability

 

 

3.0

 

 

 

(1.4

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(0.7

)

 

 

(4.2

)

Inventories

 

 

(14.7

)

 

 

5.5

 

Prepaid expenses and other current assets

 

 

(0.2

)

 

 

(2.4

)

Other non-current assets

 

 

0.3

 

 

 

(0.9

)

Accounts payable

 

 

(4.1

)

 

 

(0.6

)

Accrued compensation and related benefits

 

 

0.2

 

 

 

3.1

 

Income taxes payable

 

 

1.6

 

 

 

1.3

 

Operating lease assets and liabilities

 

 

(0.4

)

 

 

 

Other liabilities

 

 

4.4

 

 

 

1.1

 

Net cash provided by operating activities

 

 

15.7

 

 

 

18.1

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(6.7

)

 

 

(4.8

)

Proceeds from sale of equipment

 

 

 

 

 

0.6

 

Net cash used in investing activities

 

 

(6.7

)

 

 

(4.2

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from bank borrowings

 

 

51.5

 

 

 

6.6

 

Principal payments on bank borrowings and finance leases

 

 

(14.5

)

 

 

(8.9

)

Withholding tax on employee equity compensation

 

 

 

 

 

(0.8

)

Net cash provided by (used in) financing activities

 

 

37.0

 

 

 

(3.1

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(0.4

)

 

 

(0.1

)

Net increase in cash and cash equivalents

 

 

45.6

 

 

 

10.7

 

Cash and cash equivalents at beginning of period

 

 

162.5

 

 

 

144.1

 

Cash and cash equivalents at end of period

 

 

208.1

 

 

$

154.8

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Income taxes paid, net of income tax refunds

 

$

2.0

 

 

$

4.0

 

Interest paid

 

$

4.8

 

 

$

5.6

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Property, plant and equipment purchased included in accounts payable and other liabilities

 

$

2.9

 

 

$

7.1

 

 

(See accompanying Notes to Condensed Consolidated Financial Statements)

 

 

 

- 6 -


 

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(Unaudited)

 

 

 

Common Stock

 

 

 

 

 

 

Treasury shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Shares

 

 

Amount

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Stockholders’

Equity of UCT

 

 

Noncontrolling

Interests

 

 

Total

Equity

 

Balance December 27, 2019

 

 

39.9

 

 

$

0.1

 

 

$

300.9

 

 

 

0.6

 

 

$

(3.3

)

 

$

140.3

 

 

$

(1.3

)

 

$

436.7

 

 

$

15.8

 

 

$

452.5

 

Stock-based compensation expense

 

 

 

 

 

 

3.1

 

 

 

 

 

 

 

 

 

 

 

3.1

 

 

 

 

 

3.1

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

9.4

 

 

 

 

 

9.4

 

 

 

1.1

 

 

 

10.5

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.3

)

 

 

(3.3

)

 

 

 

 

(3.3

)

Balance March 27, 2020

 

 

39.9

 

 

$

0.1

 

 

$

304.0

 

 

 

0.6

 

 

$

(3.3

)

 

$

149.7

 

 

$

(4.6

)

 

$

445.9

 

 

$

16.9

 

 

$

462.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

 

 

 

 

Treasury shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In millions)

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Shares

 

 

Amount

 

 

Retained

Earnings

 

 

Accumulated

Other

Comprehensive

Income (Loss)

 

 

Total

Stockholders’

Equity of UCT

 

 

Noncontrolling

Interests

 

 

Total

Equity

 

Balance December 28, 2018

 

 

39.1

 

 

$

0.1

 

 

$

290.4

 

 

 

0.6

 

 

$

(3.3

)

 

$

149.7

 

 

$

(0.6

)

 

$

436.3

 

 

$

14.7

 

 

$

451.0

 

Issuance under employee stock plans

 

 

0.3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

 

 

 

 

 

 

2.9

 

 

 

 

 

 

 

 

 

 

 

2.9

 

 

 

 

 

2.9

 

Employees’ taxes paid upon vesting

   of restricted stock units

 

 

(0.1

)

 

 

 

 

(0.9

)

 

 

 

 

 

 

 

 

 

 

(0.9

)

 

 

 

 

(0.9

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

0.6

 

 

 

 

 

0.6

 

 

 

0.8

 

 

 

1.4

 

Other comprehensive loss