$UCTT
Ultra Clean Holdings, Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019017108 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $260.1M $314.8M
YoY Change -17.38% 53.86%
Cost Of Revenue $215.3M $266.0M
YoY Change -19.07% 59.21%
Gross Profit $44.80M $48.80M
YoY Change -8.2% 30.15%
Gross Profit Margin 17.22% 15.5%
Selling, General & Admin $33.19M $18.87M
YoY Change 75.92% 27.34%
% of Gross Profit 74.09% 38.66%
Research & Development $3.400M $3.029M
YoY Change 12.25% 4.23%
% of Gross Profit 7.59% 6.21%
Depreciation & Amortization $11.80M $2.400M
YoY Change 391.67% 0.0%
% of Gross Profit 26.34% 4.92%
Operating Expenses $36.62M $21.90M
YoY Change 67.23% 23.55%
Operating Profit $8.200M $26.91M
YoY Change -69.53% 36.08%
Interest Expense $6.600M $326.0K
YoY Change 1924.54% -134.75%
% of Operating Profit 80.49% 1.21%
Other Income/Expense, Net
YoY Change
Pretax Income $2.900M $27.23M
YoY Change -89.35% 44.59%
Income Tax $1.500M $2.493M
% Of Pretax Income 51.72% 9.15%
Net Earnings $600.0K $24.70M
YoY Change -97.57% 72.23%
Net Earnings / Revenue 0.23% 7.85%
Basic Earnings Per Share $0.02 $0.67
Diluted Earnings Per Share $0.02 $0.66
COMMON SHARES
Basic Shares Outstanding 39.10M 36.72M
Diluted Shares Outstanding 39.40M 37.49M

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $154.8M $162.4M
YoY Change -4.68% 195.81%
Cash & Equivalents $154.8M $162.4M
Short-Term Investments
Other Short-Term Assets $28.10M $13.30M
YoY Change 111.28% 114.52%
Inventory $180.3M $261.8M
Prepaid Expenses
Receivables $111.0M $83.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $474.1M $521.0M
YoY Change -9.0% 86.74%
LONG-TERM ASSETS
Property, Plant & Equipment $174.0M $36.80M
YoY Change 372.83% 76.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $16.30M $7.200M
YoY Change 126.39% 213.04%
Total Long-Term Assets $545.2M $159.8M
YoY Change 241.18% 10.74%
TOTAL ASSETS
Total Short-Term Assets $474.1M $521.0M
Total Long-Term Assets $545.2M $159.8M
Total Assets $1.019B $680.8M
YoY Change 49.72% 60.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.20M $169.6M
YoY Change -41.51% 77.59%
Accrued Expenses $29.50M $11.00M
YoY Change 168.18% 1.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $10.20M $54.80M
YoY Change -81.39% 240.37%
Total Short-Term Liabilities $156.7M $245.5M
YoY Change -36.17% 87.26%
LONG-TERM LIABILITIES
Long-Term Debt $332.6M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $44.50M $5.800M
YoY Change 667.24% 123.08%
Total Long-Term Liabilities $377.1M $5.800M
YoY Change 6401.72% -88.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $156.7M $245.5M
Total Long-Term Liabilities $377.1M $5.800M
Total Liabilities $565.2M $261.3M
YoY Change 116.3% 36.45%
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 $438.1M $419.5M
YoY Change
Total Liabilities & Shareholders Equity $1.003B $680.8M
YoY Change 47.36% 60.83%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $600.0K $24.70M
YoY Change -97.57% 72.23%
Depreciation, Depletion And Amortization $11.80M $2.400M
YoY Change 391.67% 0.0%
Cash From Operating Activities $18.10M $5.079M
YoY Change 256.37% -44.19%
INVESTING ACTIVITIES
Capital Expenditures $4.844M $5.911M
YoY Change -18.05% 112.32%
Acquisitions
YoY Change
Other Investing Activities $600.0K
YoY Change
Cash From Investing Activities -$4.200M -$5.911M
YoY Change -28.95% 111.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $94.33M
YoY Change 6720.68%
Debt Paid & Issued, Net $8.863M $7.873M
YoY Change 12.57% 67.62%
Cash From Financing Activities -3.100M 94.82M
YoY Change -103.27% -2531.21%
NET CHANGE
Cash From Operating Activities 18.10M 5.079M
Cash From Investing Activities -4.200M -5.911M
Cash From Financing Activities -3.100M 94.82M
Net Change In Cash 10.70M 94.06M
YoY Change -88.62% 3819.13%
FREE CASH FLOW
Cash From Operating Activities $18.10M $5.079M
Capital Expenditures $4.844M $5.911M
Free Cash Flow $13.26M -$832.0K
YoY Change -1693.27% -113.17%

Facts In Submission

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CY2019Q1 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">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, impairment of goodwill, valuation of pension obligations 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>
CY2019Q1 us-gaap Concentration Risk Credit Risk
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk<font style="font-style:normal;"> &#8212; 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>
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
18409000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
18135000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
13063000
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
96942000
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
179666000
CY2019Q1 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
235100000
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1000000
CY2019Q1 uctt Lessee Estimated Incremental Borrowing Rate
LesseeEstimatedIncrementalBorrowingRate
0.070
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
33000
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
60000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
3420000
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
245000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
41000
CY2019Q1 us-gaap Lease Cost
LeaseCost
3717000
CY2019Q1 uctt Operating Cash Flows For Financing Leases
OperatingCashFlowsForFinancingLeases
60000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
3438000
CY2019Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
156000
CY2019Q1 uctt Finance Lease Property Plant And Equipment Gross
FinanceLeasePropertyPlantAndEquipmentGross
3636000
CY2019Q1 uctt Finance Lease Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
FinanceLeaseAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
47000
CY2019Q1 uctt Finance Lease Property Plant And Equipment Net
FinanceLeasePropertyPlantAndEquipmentNet
3589000
CY2019Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
482000
CY2019Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
2838000
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
3320000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
761000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.07
CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.07
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
9807000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
11122000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8691000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6688000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2498000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2338000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
41144000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5458000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
35686000
CY2019Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
467000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
623000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
623000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
616000
CY2019Q1 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
569000
CY2019Q1 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
840000
CY2019Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3738000
CY2019Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
418000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
323000
CY2019Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
3000
CY2018Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
7000

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