$UCTT
Ultra Clean Holdings, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017016891 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q4 2016 Q2
Revenue $228.3M $174.5M $129.8M
YoY Change 75.81% 68.76% 10.45%
Cost Of Revenue $184.9M $144.8M $110.8M
YoY Change 66.85% 60.71% 12.24%
Gross Profit $43.37M $29.70M $19.02M
YoY Change 128.02% 123.31% 1.06%
Gross Profit Margin 19.0% 17.02% 14.65%
Selling, General & Admin $16.20M $14.20M $12.94M
YoY Change 25.16% -1.39% -0.38%
% of Gross Profit 37.35% 47.81% 68.05%
Research & Development $2.800M $2.800M $2.359M
YoY Change 18.69% 21.74% -1.75%
% of Gross Profit 6.46% 9.43% 12.4%
Depreciation & Amortization $2.700M $3.300M $2.900M
YoY Change -6.9% -5.71% 26.09%
% of Gross Profit 6.23% 11.11% 15.25%
Operating Expenses $19.00M $17.10M $15.30M
YoY Change 24.17% 3.01% -0.6%
Operating Profit $24.37M $12.60M $3.719M
YoY Change 555.31% -481.82% 8.49%
Interest Expense -$1.100M -$200.0K -$800.0K
YoY Change 37.5% 0.0% 122.84%
% of Operating Profit -4.51% -1.59% -21.51%
Other Income/Expense, Net
YoY Change
Pretax Income $23.30M $12.50M $2.883M
YoY Change 708.19% -457.14% -6.06%
Income Tax $3.100M $2.500M $2.200M
% Of Pretax Income 13.3% 20.0% 76.31%
Net Earnings $20.20M $10.00M $723.0K
YoY Change 2693.91% -163.29% -67.24%
Net Earnings / Revenue 8.85% 5.73% 0.56%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $592.4K $295.0K $0.02
COMMON SHARES
Basic Shares Outstanding 32.92M 32.57M
Diluted Shares Outstanding 32.79M

Balance Sheet

Concept 2017 Q2 2016 Q4 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.50M $52.50M $44.10M
YoY Change 34.92% 4.79% -42.43%
Cash & Equivalents $59.50M $52.47M $44.05M
Short-Term Investments
Other Short-Term Assets $6.800M $6.500M $6.900M
YoY Change -1.45% -20.73% -44.35%
Inventory $139.7M $103.9M $90.30M
Prepaid Expenses
Receivables $101.9M $74.66M $73.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $307.9M $237.5M $214.3M
YoY Change 43.68% 24.88% 1.48%
LONG-TERM ASSETS
Property, Plant & Equipment $23.50M $18.86M $18.10M
YoY Change 29.83% 9.21% 21.89%
Goodwill $85.25M
YoY Change 0.0%
Intangibles $37.02M
YoY Change -13.46%
Long-Term Investments
YoY Change
Other Assets $2.700M $762.0K $753.0K
YoY Change 258.57% 6.28% -0.13%
Total Long-Term Assets $145.9M $143.2M $144.0M
YoY Change 1.29% -1.9% 10.49%
TOTAL ASSETS
Total Short-Term Assets $307.9M $237.5M $214.3M
Total Long-Term Assets $145.9M $143.2M $144.0M
Total Assets $453.8M $380.7M $358.3M
YoY Change 26.64% 13.25% 4.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.1M $71.19M $64.71M
YoY Change 60.87% 79.5% 39.24%
Accrued Expenses $11.00M $7.900M $7.200M
YoY Change 52.78% 21.54% 12.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $16.10M $16.80M $13.00M
YoY Change 23.85% 32.28% 100.0%
Total Short-Term Liabilities $142.3M $101.1M $92.89M
YoY Change 53.19% 56.17% 49.32%
LONG-TERM LIABILITIES
Long-Term Debt $44.70M $50.90M $56.90M
YoY Change -21.44% -18.95% -16.2%
Other Long-Term Liabilities $2.500M $2.700M $2.900M
YoY Change -13.79% -15.63% 3.57%
Total Long-Term Liabilities $47.20M $53.60M $59.80M
YoY Change -21.07% -18.79% -15.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.3M $101.1M $92.89M
Total Long-Term Liabilities $47.20M $53.60M $59.80M
Total Liabilities $199.2M $164.6M $158.1M
YoY Change 26.03% 21.71% 18.93%
SHAREHOLDERS EQUITY
Retained Earnings $38.04M $25.47M
YoY Change 35.91% -39.5%
Common Stock $181.8M $178.2M
YoY Change 3.12% 4.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.337M $3.337M
YoY Change 0.0% 0.0%
Treasury Stock Shares $601.9K $601.9K $601.9K
Shareholders Equity $254.7M $216.1M $200.3M
YoY Change
Total Liabilities & Shareholders Equity $453.8M $380.7M $358.3M
YoY Change 26.64% 13.25% 4.91%

Cashflow Statement

Concept 2017 Q2 2016 Q4 2016 Q2
OPERATING ACTIVITIES
Net Income $20.20M $10.00M $723.0K
YoY Change 2693.91% -163.29% -67.24%
Depreciation, Depletion And Amortization $2.700M $3.300M $2.900M
YoY Change -6.9% -5.71% 26.09%
Cash From Operating Activities $11.10M $8.200M $3.800M
YoY Change 192.11% -334.29% -61.22%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M -$1.800M -$1.700M
YoY Change 76.47% -104.56% 41.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0%
Cash From Investing Activities -$3.000M -$1.900M -$1.600M
YoY Change 87.5% -65.45% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.600M -1.100M -3.700M
YoY Change -2.7% 83.33% 131.25%
NET CHANGE
Cash From Operating Activities 11.10M 8.200M 3.800M
Cash From Investing Activities -3.000M -1.900M -1.600M
Cash From Financing Activities -3.600M -1.100M -3.700M
Net Change In Cash 4.500M 5.200M -1.500M
YoY Change -400.0% -154.17% -121.43%
FREE CASH FLOW
Cash From Operating Activities $11.10M $8.200M $3.800M
Capital Expenditures -$3.000M -$1.800M -$1.700M
Free Cash Flow $14.10M $10.00M $5.500M
YoY Change 156.36% -123.26% -50.0%

Facts In Submission

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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; 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>
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
13.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
14.56
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.32
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.32
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y6M25D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y7M6D
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
135000
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
169000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1380000
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1118000
CY2017Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
184000
CY2016Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
26529000
CY2016Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
8859000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
33825000
CY2016Q4 uctt Property Plant And Equipment Net Excluding Construction In Progress
PropertyPlantAndEquipmentNetExcludingConstructionInProgress
14282000
CY2016Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
4576000
CY2017Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
119810000
CY2016Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
122272000
CY2017Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
63657000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2462000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4582000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4210000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3682000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3554000
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
7085000
CY2017Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
25575000
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 June 30, 2017.
uctt Percentage Of Excess Cash Flow Use For Annual Debt Payment Condition One
PercentageOfExcessCashFlowUseForAnnualDebtPaymentConditionOne
0.33
CY2017Q2 uctt Term Loan Principal Amount Outstanding Condition One
TermLoanPrincipalAmountOutstandingConditionOne
20000000
uctt Percentage Of Excess Cash Flow Use For Annual Debt Payment Condition Two
PercentageOfExcessCashFlowUseForAnnualDebtPaymentConditionTwo
0.25
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.133
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.180
CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.751
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
3.302
CY2017Q2 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
139700000
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
622000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
184000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
749000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
9000
CY2016Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
43000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
21000
uctt Operating Lease Expiration Period One
OperatingLeaseExpirationPeriodOne
Various dates through 2023
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
3553000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6264000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5090000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4745000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
4252000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
3642000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
27546000

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