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 2020-06-26 Filed 2020-08-03
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 2020-07-29 Earnings, Exhibits
8-K 2020-06-02
8-K 2020-04-29
8-K 2020-02-19
8-K 2019-12-17
8-K 2019-10-30
8-K 2019-07-31
8-K 2019-05-30
8-K 2019-05-28
8-K 2019-05-23
8-K 2019-05-02
8-K 2019-03-25
8-K 2019-02-21
8-K 2018-11-06
8-K 2018-10-26
8-K 2018-10-01
8-K 2018-09-05
8-K 2018-08-27
8-K 2018-07-26
8-K 2018-07-24
8-K 2018-06-01
8-K 2018-06-01
8-K 2018-05-15
8-K 2018-04-25
8-K 2018-03-29
8-K 2018-02-21
8-K 2018-02-06
8-K 2018-01-30
8-K 2018-01-29
8-K 2018-01-16

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_7.htm
EX-31.2 uctt-ex312_6.htm
EX-32.1 uctt-ex321_8.htm

Ultra Clean Earnings 2020-06-26

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

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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 June 26, 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 July 24, 2020: 40.4 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

 

24

ITEM 3.

 

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

32

ITEM 4.

 

CONTROLS AND PROCEDURES

 

32

 

 

PART II. OTHER INFORMATION

 

 

ITEM 1.

 

LEGAL PROCEEDINGS

 

34

ITEM 1A.

 

RISK FACTORS

 

34

ITEM 2.

 

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

34

ITEM 3.

 

DEFAULTS UPON SENIOR SECURITIES

 

34

ITEM 4.

 

MINE SAFETY DISCLOSURES

 

34

ITEM 5.

 

OTHER INFORMATION

 

34

ITEM 6.

 

EXHIBITS

 

35

SIGNATURES

 

36

 

- 2 -


PART I. FINANCIAL INFORMATION

ITEM 1.

Financial Statements

ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

June 26,

 

 

December 27,

 

(In millions, except par value)

 

2020

 

 

2019

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

214.4

 

 

$

162.5

 

Accounts receivable, net of allowance for doubtful accounts of $0.2 at June 26, 2020 and $0.3 at December 27, 2019

 

 

138.9

 

 

 

112.7

 

Inventories

 

 

193.8

 

 

 

172.4

 

Prepaid expenses and other current assets

 

 

18.7

 

 

 

19.4

 

Total current assets

 

 

565.8

 

 

 

467.0

 

Property, plant and equipment, net

 

 

148.1

 

 

 

145.3

 

Goodwill

 

 

171.1

 

 

 

171.1

 

Intangibles assets, net

 

 

170.4

 

 

 

180.3

 

Deferred tax assets, net

 

 

15.5

 

 

 

15.5

 

Operating lease right-of-use assets

 

 

38.9

 

 

 

34.9

 

Other non-current assets

 

 

5.0

 

 

 

5.2

 

Total assets

 

$

1,114.8

 

 

$

1,019.3

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Bank borrowings

 

$

7.7

 

 

$

8.8

 

Accounts payable

 

 

140.1

 

 

 

133.1

 

Accrued compensation and related benefits

 

 

27.7

 

 

 

24.8

 

Operating lease liabilities

 

 

12.1

 

 

 

13.2

 

Other current liabilities

 

 

39.3

 

 

 

30.7

 

Total current liabilities

 

 

226.9

 

 

 

210.6

 

Bank borrowings, net of current portion

 

 

322.1

 

 

 

283.4

 

Deferred tax liabilities

 

 

25.2

 

 

 

25.2

 

Operating lease liabilities

 

 

33.4

 

 

 

28.8

 

Other liabilities

 

 

19.0

 

 

 

18.8

 

Total liabilities

 

 

626.6

 

 

 

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; 40.3 shares and 39.9 shares issued and outstanding at June 26, 2020 and December 27, 2019, respectively

 

 

0.1

 

 

 

0.1

 

Additional paid-in capital

 

 

306.0

 

 

 

300.9

 

Common shares held in treasury, at cost, 0.6 shares at June 26, 2020 and December 27, 2019

 

 

(3.3

)

 

 

(3.3

)

Retained earnings

 

 

171.0

 

 

 

140.3

 

Accumulated other comprehensive loss

 

 

(3.3

)

 

 

(1.3

)

Total UCT stockholders' equity

 

 

470.5

 

 

 

436.7

 

Noncontrolling interests

 

 

17.7

 

 

 

15.8

 

Total equity

 

 

488.2

 

 

 

452.5

 

Total liabilities and equity

 

$

1,114.8

 

 

$

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

 

 

Six Months Ended

 

 

 

June 26,

 

 

June 28,

 

 

June 26,

 

 

June 28,

 

(In millions, except per share amounts)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

$

277.9

 

 

$

210.4

 

 

$

537.3

 

 

$

410.6

 

Services

 

 

66.9

 

 

 

55.0

 

 

 

128.4

 

 

 

114.9

 

Total revenues

 

 

344.8

 

 

 

265.4

 

 

 

665.7

 

 

 

525.5

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Product

 

 

229.3

 

 

181.1

 

 

 

444.0

 

 

355.6

 

Services

 

41.6

 

 

36.1

 

 

82.1

 

 

76.9

 

Total cost of revenues

 

270.9

 

 

217.2

 

 

526.1

 

 

432.5

 

Gross profit

 

 

73.9

 

 

 

48.2

 

 

 

139.6

 

 

 

93.0

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

3.8

 

 

3.9

 

 

7.2

 

 

7.3

 

Sales and marketing

 

5.9

 

 

5.4

 

 

11.7

 

 

10.8

 

General and administrative

 

 

33.4

 

 

29.9

 

 

 

67.3

 

 

57.7

 

Total operating expenses

 

 

43.1

 

 

39.2

 

 

 

86.2

 

 

75.8

 

Income from operations

 

 

30.8

 

 

 

9.0

 

 

 

53.4

 

 

17.2

 

Interest income

 

 

0.2

 

 

 

0.2

 

 

 

0.5

 

 

 

0.4

 

Interest expense

 

 

(3.8

)

 

 

(6.7

)

 

 

(9.0

)

 

 

(13.3

)

Other income (expense), net

 

 

0.6

 

 

 

-

 

 

 

(2.1

)

 

 

1.1

 

Income before provision for income taxes

 

 

27.8

 

 

 

2.5

 

 

 

42.8

 

 

 

5.4

 

Provision for income taxes

 

 

5.7

 

 

2.8

 

 

 

10.2

 

 

4.3

 

Net income (loss)

 

 

22.1

 

 

 

(0.3

)

 

 

32.6

 

 

 

1.1

 

Less: Net income (loss) attributable to noncontrolling interests

 

 

0.8

 

 

 

(0.1

)

 

 

1.9

 

 

 

0.7

 

Net income (loss) attributable to UCT

 

$

21.3

 

 

$

(0.2

)

 

$

30.7

 

 

$

0.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share attributable to UCT common stockholders:

 

Basic

 

$

0.53

 

 

$

(0.01

)

 

$

0.77

 

 

$

0.01

 

Diluted

 

$

0.52

 

 

$

(0.01

)

 

$

0.75

 

 

$

0.01

 

Shares used in computing net income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

40.1

 

 

 

39.4

 

 

 

39.9

 

 

 

39.3

 

Diluted

 

 

40.8

 

 

 

39.4

 

 

 

40.8

 

 

 

39.6

 

 

(See accompanying Notes to Condensed Consolidated Financial Statements)

 

 

- 4 -


ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)  

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 26,

 

 

June 28,

 

 

June 26,

 

 

June 28,

 

(In millions)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income (loss)

 

$

22.1

 

 

$

(0.3

)

 

$

32.6

 

 

$

1.1

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in cumulative translation adjustment

 

 

1.2

 

 

 

(1.3

)

 

 

(2.0

)

 

 

(2.2

)

Change in defined benefit pension plan net actuarial loss

 

 

0.1

 

 

 

 

 

 

 

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 

 

 

0.1

 

 

 

 

 

0.1

 

Total other comprehensive income (loss)

 

 

1.3

 

 

 

(1.2

)

 

 

(2.0

)

 

 

(2.1

)

Other comprehensive income, attributable

   to noncontrolling interests

 

0.8

 

 

 

(0.1

)

 

 

1.9

 

 

 

0.7

 

Comprehensive income (loss) attributable to UCT

 

$

22.6

 

 

$

(1.4

)

 

$

28.7

 

 

$

(1.7

)

 

(See accompanying Notes to Condensed Consolidated Financial Statements)

 


- 5 -


ULTRA CLEAN HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

Six Months Ended

 

 

 

June 26,

 

 

June 28,

 

(In millions)

 

2020

 

 

2019

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

32.6

 

 

$

1.1

 

Adjustments to reconcile net income to net cash provided by operating activities (excluding assets acquired and liabilities assumed):

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

12.6

 

 

 

10.4

 

Amortization of intangible assets

 

 

9.9

 

 

 

9.9

 

Stock-based compensation

 

 

6.2

 

 

 

5.8

 

Amortization of debt issuance costs

 

 

0.9

 

 

 

0.9

 

(Gain) loss on the disposal of assets and business

 

 

0.3

 

 

 

(0.3

)

Gain from insurance proceeds

 

 

(0.6

)

 

 

 

Deferred income taxes

 

 

 

 

 

(2.1

)

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

 

 

4.2

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(26.0

)

 

 

10.0

 

Inventories

 

 

(21.5

)

 

 

32.4

 

Prepaid expenses and other current assets

 

 

(1.6

)

 

 

3.7

 

Other non-current assets

 

 

0.3

 

 

 

(0.6

)

Accounts payable

 

 

6.5

 

 

 

(4.7

)

Accrued compensation and related benefits

 

 

2.8

 

 

 

3.4

 

Income taxes payable

 

 

4.9

 

 

 

(2.2

)

Operating lease assets and liabilities

 

 

(0.5

)

 

 

0.5

 

Other liabilities

 

 

2.2

 

 

 

(0.2

)

Net cash provided by operating activities

 

 

33.2

 

 

 

68.0

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Purchases of property, plant and equipment

 

 

(17.0

)

 

 

(6.8

)

Acquisition of Dynamic Manufacturing Solutions, LLC

 

 

 

 

 

(29.8

)

Proceeds from sale of equipment, including insurance proceeds

 

 

2.9

 

 

 

0.5

 

Net cash used in investing activities

 

 

(14.1

)

 

 

(36.1

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from bank borrowings

 

 

60.5

 

 

 

28.1

 

Proceeds from issuance of common stock

 

 

0.3

 

 

 

0.1

 

Principal payments on bank borrowings and finance leases

 

 

(26.3

)

 

 

(32.4

)

Taxes paid related to net share settlement of equity awards

 

 

(1.4

)

 

 

(1.4

)

Net cash provided by (used in) financing activities

 

 

33.1

 

 

 

(5.6

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(0.3

)

 

 

(2.3

)

Net increase in cash and cash equivalents

 

 

51.9

 

 

 

24.0

 

Cash and cash equivalents at beginning of period

 

 

162.5

 

 

 

144.1

 

Cash and cash equivalents at end of period

 

 

214.4

 

 

$

168.1

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Income taxes paid, net of income tax refunds

 

$

4.6

 

 

$

8.6

 

Interest paid

 

$

9.2

 

 

$

12.3

 

Non-cash investing and financing activities:

 

 

 

 

 

 

 

 

Fair value of earn-out payment related to DMS acquisition

 

 

 

 

$

1.4

 

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

 

$

2.5

 

 

$

5.1

 

 

(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

 

 

$