$UCTT
Ultra Clean Holdings, Inc.

2017 Q1 Form 10-Q Financial Statement

#000156459017010187 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $204.6M $112.2M
YoY Change 82.31% -10.44%
Cost Of Revenue $167.1M $97.66M
YoY Change 71.11% -7.34%
Gross Profit $37.50M $14.57M
YoY Change 157.34% -26.85%
Gross Profit Margin 18.33% 12.98%
Selling, General & Admin $14.82M $12.99M
YoY Change 14.04% -11.65%
% of Gross Profit 39.51% 89.17%
Research & Development $2.906M $2.276M
YoY Change 27.68% -11.3%
% of Gross Profit 7.75% 15.62%
Depreciation & Amortization $2.400M $2.800M
YoY Change -14.29% 40.0%
% of Gross Profit 6.4% 19.22%
Operating Expenses $17.72M $15.27M
YoY Change 16.07% -11.6%
Operating Profit $19.77M -$698.0K
YoY Change -2932.81% -126.36%
Interest Expense -$938.0K -$1.091M
YoY Change -14.02% 14.12%
% of Operating Profit -4.74%
Other Income/Expense, Net
YoY Change
Pretax Income $18.84M -$1.789M
YoY Change -1152.82% -205.73%
Income Tax $4.494M $1.450M
% Of Pretax Income 23.86%
Net Earnings $14.34M -$3.239M
YoY Change -542.76% -376.13%
Net Earnings / Revenue 7.01% -2.89%
Basic Earnings Per Share $0.43 -$0.10
Diluted Earnings Per Share $0.42 -$0.10
COMMON SHARES
Basic Shares Outstanding 33.06M 32.31M
Diluted Shares Outstanding 33.87M 32.31M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.90M $45.50M
YoY Change 20.66% -34.63%
Cash & Equivalents $54.94M $45.54M
Short-Term Investments
Other Short-Term Assets $6.200M $6.500M
YoY Change -4.62% -45.38%
Inventory $123.0M $82.00M
Prepaid Expenses
Receivables $94.80M $66.67M
Other Receivables $0.00 $0.00
Total Short-Term Assets $279.0M $200.7M
YoY Change 39.0% -4.88%
LONG-TERM ASSETS
Property, Plant & Equipment $20.90M $17.92M
YoY Change 16.66% 23.76%
Goodwill $85.25M
YoY Change 14.74%
Intangibles $41.34M
YoY Change 5.85%
Long-Term Investments
YoY Change
Other Assets $2.300M $725.0K
YoY Change 217.24% -2.95%
Total Long-Term Assets $144.3M $145.2M
YoY Change -0.64% 10.28%
TOTAL ASSETS
Total Short-Term Assets $279.0M $200.7M
Total Long-Term Assets $144.3M $145.2M
Total Assets $423.3M $346.0M
YoY Change 22.36% 0.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $95.50M $52.95M
YoY Change 80.36% 5.63%
Accrued Expenses $10.80M $5.000M
YoY Change 116.0% -5.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.10M $13.80M
YoY Change 16.67% 187.5%
Total Short-Term Liabilities $131.1M $79.70M
YoY Change 64.48% 25.59%
LONG-TERM LIABILITIES
Long-Term Debt $48.10M $59.90M
YoY Change -19.7% -15.4%
Other Long-Term Liabilities $2.600M $3.000M
YoY Change -13.33% 3.45%
Total Long-Term Liabilities $50.70M $62.90M
YoY Change -19.4% -14.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $131.1M $79.70M
Total Long-Term Liabilities $50.70M $62.90M
Total Liabilities $191.5M $147.5M
YoY Change 29.81% 7.59%
SHAREHOLDERS EQUITY
Retained Earnings $24.75M
YoY Change -37.96%
Common Stock $177.0M
YoY Change 4.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.337M
YoY Change 0.0%
Treasury Stock Shares 601.9K shares
Shareholders Equity $231.8M $198.4M
YoY Change
Total Liabilities & Shareholders Equity $423.3M $346.0M
YoY Change 22.36% 0.94%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $14.34M -$3.239M
YoY Change -542.76% -376.13%
Depreciation, Depletion And Amortization $2.400M $2.800M
YoY Change -14.29% 40.0%
Cash From Operating Activities $9.100M -$200.0K
YoY Change -4650.0% -96.49%
INVESTING ACTIVITIES
Capital Expenditures $2.784M $2.030M
YoY Change 37.14% -21.38%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.800M -$2.000M
YoY Change 40.0% -93.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.383M
YoY Change
Debt Paid & Issued, Net $4.697M $3.566M
YoY Change 31.72% -92.7%
Cash From Financing Activities -3.900M -2.300M
YoY Change 69.57% -108.04%
NET CHANGE
Cash From Operating Activities 9.100M -200.0K
Cash From Investing Activities -2.800M -2.000M
Cash From Financing Activities -3.900M -2.300M
Net Change In Cash 2.400M -4.500M
YoY Change -153.33% -52.13%
FREE CASH FLOW
Cash From Operating Activities $9.100M -$200.0K
Capital Expenditures $2.784M $2.030M
Free Cash Flow $6.316M -$2.230M
YoY Change -383.23% -73.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:12pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Concentration of Credit Risk<font style="font-style:normal;"> &#8212; </font><font style="font-style:normal;">Financial instruments which subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and accounts receivable. The Company sells its products primarily to semiconductor capital equipment manufacturers in the United States. The Company performs credit evaluations of its customers&#8217; financial condition and generally requires no collateral</font></p></div>
CY2017Q1 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:12pt;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of Accounting Estimates<font style="font-style:normal;"> &#8212; </font><font style="font-style:normal;">The presentation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Such estimates and assumptions include reserves on inventory, valuation of deferred tax assets and impairment of goodwill and other long-lived assets. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, future events are subject to change and the best estimates and judgments routinely require adjustment. Actual amounts may differ from those estimates. </font></p></div>
CY2017Q1 us-gaap Number Of Operating Segments
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FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4582000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4210000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3682000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3554000
CY2017Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
7085000
CY2017Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
26806000
CY2017Q1 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Company is required to maintain certain financial covenants including a consolidated charge coverage ratio (as defined in the Credit Agreement) of at least 1.25 to 1.00, a consolidated leverage ratio (as defined in the Credit Agreement) no greater than 3.5 to 1.00 and a minimum cash balance of $35.0 million at the end of each quarter. The Company was in compliance with all covenants for the quarter ended March 31, 2017.
CY2017Q1 uctt Percentage Of Excess Cash Flow Use For Annual Debt Payment Condition One
PercentageOfExcessCashFlowUseForAnnualDebtPaymentConditionOne
0.33
CY2017Q1 uctt Term Loan Principal Amount Outstanding Condition One
TermLoanPrincipalAmountOutstandingConditionOne
20000000
CY2017Q1 uctt Percentage Of Excess Cash Flow Use For Annual Debt Payment Condition Two
PercentageOfExcessCashFlowUseForAnnualDebtPaymentConditionTwo
0.25
CY2017Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.239
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.808
CY2017Q1 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
119700000
CY2017Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
793000
CY2017Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
11000
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
94962
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
196286
CY2017Q1 uctt Operating Lease Expiration Period One
OperatingLeaseExpirationPeriodOne
Various dates through 2023
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
5093000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5563000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4415000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4100000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3607000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3051000
CY2017Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
25829000

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