$UCTT
Ultra Clean Holdings, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459018020364 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2017 Q2
Revenue $228.3M
YoY Change 75.81%
Cost Of Revenue $184.9M
YoY Change 66.85%
Gross Profit $43.37M
YoY Change 128.02%
Gross Profit Margin 19.0%
Selling, General & Admin $16.20M
YoY Change 25.16%
% of Gross Profit 37.35%
Research & Development $2.800M
YoY Change 18.69%
% of Gross Profit 6.46%
Depreciation & Amortization $2.700M
YoY Change -6.9%
% of Gross Profit 6.23%
Operating Expenses $19.00M
YoY Change 24.17%
Operating Profit $24.37M
YoY Change 555.31%
Interest Expense -$1.100M
YoY Change 37.5%
% of Operating Profit -4.51%
Other Income/Expense, Net
YoY Change
Pretax Income $23.30M
YoY Change 708.19%
Income Tax $3.100M
% Of Pretax Income 13.3%
Net Earnings $20.20M
YoY Change 2693.91%
Net Earnings / Revenue 8.85%
Basic Earnings Per Share
Diluted Earnings Per Share $592.4K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.50M
YoY Change 34.92%
Cash & Equivalents $59.50M
Short-Term Investments
Other Short-Term Assets $6.800M
YoY Change -1.45%
Inventory $139.7M
Prepaid Expenses
Receivables $101.9M
Other Receivables $0.00
Total Short-Term Assets $307.9M
YoY Change 43.68%
LONG-TERM ASSETS
Property, Plant & Equipment $23.50M
YoY Change 29.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.700M
YoY Change 258.57%
Total Long-Term Assets $145.9M
YoY Change 1.29%
TOTAL ASSETS
Total Short-Term Assets $307.9M
Total Long-Term Assets $145.9M
Total Assets $453.8M
YoY Change 26.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $104.1M
YoY Change 60.87%
Accrued Expenses $11.00M
YoY Change 52.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $16.10M
YoY Change 23.85%
Total Short-Term Liabilities $142.3M
YoY Change 53.19%
LONG-TERM LIABILITIES
Long-Term Debt $44.70M
YoY Change -21.44%
Other Long-Term Liabilities $2.500M
YoY Change -13.79%
Total Long-Term Liabilities $47.20M
YoY Change -21.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.3M
Total Long-Term Liabilities $47.20M
Total Liabilities $199.2M
YoY Change 26.03%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares $601.9K
Shareholders Equity $254.7M
YoY Change
Total Liabilities & Shareholders Equity $453.8M
YoY Change 26.64%

Cashflow Statement

Concept 2017 Q2
OPERATING ACTIVITIES
Net Income $20.20M
YoY Change 2693.91%
Depreciation, Depletion And Amortization $2.700M
YoY Change -6.9%
Cash From Operating Activities $11.10M
YoY Change 192.11%
INVESTING ACTIVITIES
Capital Expenditures -$3.000M
YoY Change 76.47%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.000M
YoY Change 87.5%
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
YoY Change -2.7%
NET CHANGE
Cash From Operating Activities 11.10M
Cash From Investing Activities -3.000M
Cash From Financing Activities -3.600M
Net Change In Cash 4.500M
YoY Change -400.0%
FREE CASH FLOW
Cash From Operating Activities $11.10M
Capital Expenditures -$3.000M
Free Cash Flow $14.10M
YoY Change 156.36%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
290213000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
228261000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
605055000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
432855000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
244148000
CY2017Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
184890000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
510186000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
351989000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
2917000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2195000
CY2018Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParent
-95000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-894000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
18066000
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
76000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
228000
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-619000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-201000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12046000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9666000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-5770000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7535000
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
1475000
us-gaap Use Of Estimates
UseOfEstimates
<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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2356000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1380000
CY2018Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
312000
CY2017Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
184000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
540000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
498000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2044000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
1196000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4380000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
2264000
CY2018Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-600000
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-600000
CY2017Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
0
CY2018Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
177432000
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
183457000
CY2018Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
37581000
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
43826000
CY2018Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
13557000
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
9557000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40994000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
38879000
CY2018Q2 uctt Property Plant And Equipment Net Excluding Construction In Progress
PropertyPlantAndEquipmentNetExcludingConstructionInProgress
18679000
CY2017Q4 uctt Property Plant And Equipment Net Excluding Construction In Progress
PropertyPlantAndEquipmentNetExcludingConstructionInProgress
18731000
CY2018Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
20090000
CY2017Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
13515000
CY2018Q2 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
114640000
CY2017Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
116835000
CY2018Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
63657000
CY2018Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
34265000
CY2017Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
63657000
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
32070000
CY2018Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000
CY2017Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
2196000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4040000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3543000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3543000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
3543000
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
3540000
CY2018Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
20405000
us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
The Credit Agreement requires the Company to maintain certain financial covenants including a consolidated fixed charge coverage ratio (as defined in the Credit Agreement) of at least 1.25 to 1.00 starting with the end of the first quarter of fiscal 2015 and a consolidated leverage ratio (as defined in the Credit Agreement) no greater than 3.5 to 1.00 starting with the end of the first quarter of fiscal 2015. The Credit Agreement also includes other customary affirmative and negative covenants. In December 2015, the Credit Agreement was amended to add a covenant requiring the Company to maintain 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 29, 2018.
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.132
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.110
CY2017Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.133
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.180
CY2018Q2 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
207600000
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
300000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
489000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
622000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
649000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
749000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
6000
CY2017Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
9000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
6000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
21000
CY2018Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4761905
uctt Weighted Average Impact Of Shares Issued During Period
WeightedAverageImpactOfSharesIssuedDuringPeriod
3872318
uctt Operating Lease Expiration Period One
OperatingLeaseExpirationPeriodOne
various dates through 2023
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
4110000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
6256000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5250000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
4640000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3840000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
116000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
24212000

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