Ultra Clean Reports Second Quarter 2025 Financial Results
Ultra Clean Holdings (NASDAQ:UCTT) released its Q2 2025 financial results, reporting total revenue of $518.8 million, with Products contributing $454.9 million and Services adding $63.9 million. The quarter saw significant challenges, including a $151.1 million pre-tax noncash goodwill impairment charge, resulting in a GAAP net loss of $(162.0) million or $(3.58) per diluted share.
On a non-GAAP basis, the company achieved a gross margin of 16.3% and operating margin of 5.5%, with net income of $12.1 million or $0.27 per diluted share. Looking ahead, UCTT projects Q3 2025 revenue between $480-530 million, with non-GAAP diluted net income per share expected between $0.14 and $0.34.
Ultra Clean Holdings (NASDAQ:UCTT) ha pubblicato i risultati finanziari del secondo trimestre 2025, registrando un fatturato totale di 518,8 milioni di dollari, di cui 454,9 milioni derivanti dai Prodotti e 63,9 milioni dai Servizi. Il trimestre ha affrontato sfide significative, inclusa una rettifica non monetaria per svalutazione dell'avviamento pre-tasse di 151,1 milioni di dollari, che ha portato a una perdita netta GAAP di 162,0 milioni di dollari, pari a (3,58) dollari per azione diluita.
Su base non-GAAP, l'azienda ha raggiunto un margine lordo del 16,3% e un margine operativo del 5,5%, con un utile netto di 12,1 milioni di dollari, ovvero 0,27 dollari per azione diluita. Guardando al futuro, UCTT prevede per il terzo trimestre 2025 un fatturato compreso tra 480 e 530 milioni di dollari, con un utile netto diluito non-GAAP per azione stimato tra 0,14 e 0,34 dollari.
Ultra Clean Holdings (NASDAQ:UCTT) present贸 sus resultados financieros del segundo trimestre de 2025, reportando ingresos totales de 518,8 millones de d贸lares, con Productos aportando 454,9 millones y Servicios sumando 63,9 millones. El trimestre enfrent贸 desaf铆os significativos, incluyendo un cargo no monetario por deterioro de goodwill antes de impuestos de 151,1 millones de d贸lares, que result贸 en una p茅rdida neta GAAP de 162,0 millones de d贸lares o (3,58) d贸lares por acci贸n diluida.
En base no-GAAP, la compa帽铆a logr贸 un margen bruto del 16,3% y un margen operativo del 5,5%, con un ingreso neto de 12,1 millones de d贸lares o 0,27 d贸lares por acci贸n diluida. De cara al futuro, UCTT proyecta ingresos para el tercer trimestre de 2025 entre 480 y 530 millones de d贸lares, con un ingreso neto diluido por acci贸n no-GAAP esperado entre 0,14 y 0,34 d贸lares.
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Ultra Clean Holdings (NASDAQ:UCTT) a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025, annon莽ant un chiffre d'affaires total de 518,8 millions de dollars, avec 454,9 millions provenant des Produits et 63,9 millions des Services. Le trimestre a 茅t茅 marqu茅 par des d茅fis importants, notamment une charge d'amortissement non mon茅taire de l'茅cart d'acquisition avant imp么ts de 151,1 millions de dollars, entra卯nant une perte nette GAAP de (162,0) millions de dollars, soit (3,58) dollars par action dilu茅e.
Sur une base non-GAAP, la soci茅t茅 a r茅alis茅 une marge brute de 16,3% et une marge op茅rationnelle de 5,5%, avec un b茅n茅fice net de 12,1 millions de dollars, soit 0,27 dollar par action dilu茅e. Pour l'avenir, UCTT pr茅voit un chiffre d'affaires pour le troisi猫me trimestre 2025 compris entre 480 et 530 millions de dollars, avec un b茅n茅fice net dilu茅 non-GAAP par action attendu entre 0,14 et 0,34 dollar.
Ultra Clean Holdings (NASDAQ:UCTT) ver枚ffentlichte seine Finanzergebnisse f眉r das zweite Quartal 2025 und meldete einen Gesamtumsatz von 518,8 Millionen US-Dollar, wobei der Produktbereich 454,9 Millionen und der Dienstleistungsbereich 63,9 Millionen beitrug. Das Quartal war von erheblichen Herausforderungen gepr盲gt, darunter eine nicht zahlungswirksame, vorsteuerliche Goodwill-Abschreibung in H枚he von 151,1 Millionen US-Dollar, was zu einem GAAP-Nettogewinnverlust von (162,0) Millionen US-Dollar oder (3,58) US-Dollar pro verw盲sserter Aktie f眉hrte.
Auf Non-GAAP-Basis erzielte das Unternehmen eine Bruttomarge von 16,3% und eine operative Marge von 5,5% sowie einen Nettogewinn von 12,1 Millionen US-Dollar bzw. 0,27 US-Dollar pro verw盲sserter Aktie. F眉r das dritte Quartal 2025 prognostiziert UCTT einen Umsatz zwischen 480 und 530 Millionen US-Dollar und einen Non-GAAP verw盲sserten Nettogewinn je Aktie zwischen 0,14 und 0,34 US-Dollar.
- None.
- Significant $151.1 million goodwill impairment charge recorded
- GAAP net loss widened to $(162.0) million from $(5.0) million in prior quarter
- Gross margin declined to 15.3% from 16.2% in previous quarter
- Q3 guidance suggests potential revenue decline with midpoint at $505 million
Insights
UCT reported flat Q2 revenue with significant goodwill impairment, cost-cutting underway amid challenging conditions; Q3 guidance suggests continued pressure.
Ultra Clean Holdings delivered
The core business metrics reveal a more nuanced picture. Non-GAAP operating margin actually improved slightly to
Looking ahead, UCT's Q3 guidance of
The revenue split between Products (
"UCT's second quarter results reflect the impact of a highly dynamic environment across a diverse customer base and product portfolio," said Clarence Granger, Chairman and Interim CEO. "Although we expect near-term revenue to remain relatively stable, our actions to reduce operating expenses are well underway, and we anticipate realizing the benefits of these actions later this year. We are confident in our ability to outperform broader semiconductor industry growth, supported by our ability to navigate evolving conditions, expand our addressable market, gain share, and deliver innovative products and services that advance our multi-year growth strategy."
Second Quarter 2025 GAAP Financial Results
Total revenue was
Second Quarter 2025 Non-GAAP Financial Results
On a non-GAAP basis, gross margin was
Third Quarter 2025 Outlook
The Company expects revenue in the range of
Conference Call
The call will take place at 1:45 p.m. PT and can be accessed by dialing 1-800-836-8184 or 1-646-357-8785. No passcode is required. A replay of the call will be available by dialing 1-888-660-6345 or 1-646-517-4150 and entering the confirmation code 48157#. The Webcast will be available on the Investor Relations section of the Company's website at .
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services, primarily for the semiconductor industry. Under its Products division, UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping, and high-precision manufacturing. Under its Services Division, UCT offers its customers tool chamber parts cleaning and coating, as well as micro-contamination analytical services. Ultra Clean is headquartered in
Use of Non-GAAP Measures
In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in
The Company defines non-GAAP net income as net income (loss) before amortization of intangible assets, stock-based compensation, restructuring charges, acquisition activity costs, fair value adjustments, debt refinancing costs, impairment of goodwill, legal-related costs and the tax effects of the foregoing adjustments.
A reconciliation of our guidance for non-GAAP net income per diluted share for the subsequent quarter is not available due to fluctuations in the geographic mix of our earnings from quarter to quarter, which impacts our tax rate and cannot be reasonably predicted or determined. As a result, such reconciliation is not available without unreasonable efforts and we are unable to determine the probable significance of the unavailable information.
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain, "forward-looking statements" (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as "anticipates," "projection," "outlook," "forecast," "believes," "plan," "expect," "future," "intends," "may," "will," "estimates," "see," "predicts," "should" and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations about the semiconductor capital equipment market and outlook. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company's actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere in our annual report on Form 10-K for the year ended December 27, 2024, as filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless required by law.
Contact:
Rhonda Bennetto
SVP Investor Relations
[email protected]
听ULTRA CLEAN HOLDINGS, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Unaudited; in millions, except per share data) | |||||||
Three Months Ended | Six Months Ended | ||||||
June 27, 2025 | June 28, 2024 | June 27, 2025 | June 28, 2024 | ||||
Revenues: | |||||||
Products | $听听听听听听听 454.9 | $听听听听听听听 452.7 | $听听听听听听听 911.9 | $听听听听听听听 871.2 | |||
Services | 63.9 | 63.4 | 125.5 | 122.7 | |||
Total revenues | 518.8 | 516.1 | 1,037.4 | 993.9 | |||
Cost of revenues: | |||||||
Products | 393.3 | 383.9 | 783.5 | 738.0 | |||
Services | 46.0 | 43.7 | 90.4 | 84.8 | |||
Total cost revenues | 439.3 | 427.6 | 873.9 | 822.8 | |||
Gross margin | 79.5 | 88.5 | 163.5 | 171.1 | |||
Operating expenses: | |||||||
Research and development | 7.8 | 7.1 | 15.4 | 14.1 | |||
Sales and marketing | 15.5 | 14.8 | 30.5 | 28.5 | |||
General and administrative | 46.9 | 43.7 | 95.4 | 88.3 | |||
Impairment of goodwill | 151.1 | 鈥� | 151.1 | 鈥� | |||
Total operating expenses | 221.3 | 65.6 | 292.4 | 130.9 | |||
Income (loss) from operations | (141.8) | 22.9 | (128.9) | 40.2 | |||
Interest income | 0.8 | 1.4 | 1.9 | 2.8 | |||
Interest expense | (10.1) | (11.7) | (20.0) | (23.9) | |||
Other income (expense), net | (2.2) | 17.4 | (1.3) | 13.5 | |||
Income (loss) before provision for income taxes | (153.3) | 30.0 | (148.3) | 32.6 | |||
Provision for income taxes | 7.2 | 8.5 | 14.6 | 18.4 | |||
Net income (loss) | (160.5) | 21.5 | (162.9) | 14.2 | |||
Less: Net income attributable to noncontrolling interests | 1.5 | 2.4 | 4.1 | 4.5 | |||
Net income (loss) attributable to UCT | $听听听听听 (162.0) | $听听听听听听听听 19.1 | $听听听听听 (167.0) | $听听听听听听听听听听 9.7 | |||
Net income (loss) per share attributable to UCT | |||||||
Basic | $听听听听听听听 (3.58) | $听听听听听听听听 0.43 | $听听听听听听听 (3.70) | $听听听听听听听听 0.22 | |||
Diluted | $听听听听听听听 (3.58) | $听听听听听听听听 0.42 | $听听听听听听听 (3.70) | $听听听听听听听听 0.21 | |||
Shares used in computing net income (loss) per share: | |||||||
Basic | 45.2 | 44.9 | 45.2 | 44.7 | |||
Diluted | 45.2 | 45.4 | 45.2 | 45.3 | |||
听
ULTRA CLEAN HOLDINGS, INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
(Unaudited; in millions) | |||
June 27, 2025 | December 27, 2024 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $听听听听听听听听听 327.4 | $听听听听听听听听听听听听 313.9 | |
Accounts receivable, net of allowance for credit losses | 206.7 | 241.1 | |
Inventories | 375.6 | 381.0 | |
Prepaid expenses and other current assets | 46.1 | 34.1 | |
Total current assets | 955.8 | 970.1 | |
Property, plant and equipment, net | 336.7 | 325.9 | |
Goodwill | 114.2 | 265.3 | |
Intangible assets, net | 170.6 | 184.9 | |
Deferred tax assets, net | 2.8 | 3.1 | |
Operating lease right-of-use assets | 153.9 | 161.0 | |
Other non-current assets | 11.6 | 9.6 | |
Total assets | $听听听听听听听 1,745.6 | $听听听听听听听听听 1,919.9 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Bank borrowings | $听听听听听听听听听听听 10.0 | $听听听听听听听听听听听听听 16.0 | |
Accounts payable | 202.2 | 212.5 | |
Accrued compensation and related benefits | 47.6 | 50.1 | |
Operating lease liabilities | 18.6 | 18.6 | |
Other current liabilities | 33.6 | 38.4 | |
Total current liabilities | 312.0 | 335.6 | |
Bank borrowings, net of current portion | 468.4 | 476.5 | |
Deferred tax liabilities | 16.2 | 16.1 | |
Operating lease liabilities | 151.4 | 149.2 | |
Other liabilities | 7.8 | 6.7 | |
Total liabilities | 955.8 | 984.1 | |
Equity: | |||
UCT stockholders' equity: | |||
Common stock | 0.1 | 0.1 | |
Additional paid-in capital | 568.8 | 558.4 | |
Common shares held in treasury | (48.4) | (45.0) | |
Retained earnings | 203.4 | 370.4 | |
Accumulated other comprehensive loss | (4.5) | (10.3) | |
Total UCT stockholders' equity | 719.4 | 873.6 | |
Noncontrolling interests | 70.4 | 62.2 | |
Total equity | 789.8 | 935.8 | |
Total liabilities and equity | $听听听听听听听 1,745.6 | $听听听听听听听听听 1,919.9 | |
听
听
ULTRA CLEAN HOLDINGS, INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
(Unaudited; in millions) | |||
Six Months Ended | |||
June 27, | June 28, | ||
Cash flows from operating activities: | |||
Net income (loss) | $听听听听听听听听听听 (162.9) | $听听听听听听听听听听听听听 14.2 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 23.4 | 22.7 | |
Amortization of intangible assets | 14.3 | 15.3 | |
Stock-based compensation | 10.0 | 8.0 | |
Amortization of debt issuance costs | 1.1 | 1.9 | |
Impairment of goodwill | 151.1 | 鈥� | |
Change in the fair value of financial instruments | (0.1) | (22.6) | |
Deferred income taxes | 0.6 | (0.5) | |
Loss on sale of property, plant and equipment | 0.1 | 0.1 | |
Changes in assets and liabilities: | |||
Accounts receivable | 34.3 | (26.1) | |
Inventories | 5.4 | (25.4) | |
Prepaid expenses and other current assets | (7.8) | (1.5) | |
Other non-current assets | (0.5) | 0.7 | |
Accounts payable | (11.9) | 41.4 | |
Accrued compensation and related benefits | (2.6) | 1.5 | |
Income taxes payable | (4.2) | 1.4 | |
Operating lease assets and liabilities | 11.1 | 0.5 | |
Other liabilities | (4.0) | 1.4 | |
Net cash provided by operating activities | 57.4 | 33.0 | |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (29.2) | (31.0) | |
Proceeds from sale of equipment | 0.1 | 0.1 | |
Net cash used in investing activities | (29.1) | (30.9) | |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 1.1 | 0.9 | |
Principal payments on bank borrowings | (15.1) | (7.1) | |
Repurchase of shares | (3.4) | 鈥� | |
Employees' taxes paid upon vesting of restricted stock units | (0.7) | (2.2) | |
Payments of dividends to a joint venture shareholder | (0.1) | (0.1) | |
Proceeds from bank borrowings | 鈥� | 67.7 | |
Extinguishment of bank borrowings | 鈥� | (44.2) | |
Payment of debt issuance costs | 鈥� | (2.5) | |
Other financing activities | (0.6) | 鈥� | |
Net cash provided by (used in) financing activities | (18.8) | 12.5 | |
Effect of exchange rate changes on cash and cash equivalents | 4.0 | (2.1) | |
Net increase in cash and cash equivalents | 13.5 | 12.5 | |
Cash and cash equivalents at beginning of period | 313.9 | 307.0 | |
Cash and cash equivalents at end of period | $听听听听听听听听听听听听 327.4 | $听听听听听听听听听听听听 319.5 | |
听
ULTRA CLEAN HOLDINGS, INC. | |||||||||||
REPORTABLE SEGMENTS | |||||||||||
GAAP TO NON-GAAP RECONCILIATION | |||||||||||
(Unaudited; dollars in millions) | |||||||||||
GAAP | Non-GAAP | ||||||||||
Three听Months听Ended | Three听Months听Ended | ||||||||||
June 27, 2025 | June 27, 2025 | ||||||||||
Products | Services | Consolidated | Products | Services | Consolidated | ||||||
Revenues | $听听 63.9 | $听听听听听 518.8 | $听听听听听 454.9 | $听听听听听听听 63.9 | $听听听听听 518.8 | ||||||
Gross profit | $听听 61.6 | $听听 17.9 | $听听听听听听听 79.5 | $听听听听听听听 65.5 | $听听听听听听听 19.1 | $听听听听听听听 84.6 | |||||
Gross margin | 13.5听% | 28.0听% | 15.3听% | 14.4听% | 29.9听% | 16.3听% | |||||
Income from operations | $听 (70.9) | $听 (70.9) | $听听听 (141.8) | $听听听听听听听 21.8 | $听听听听听听听听听 6.7 | $听听听听听听听 28.5 | |||||
Operating margin | (15.6)听% | (110.9)听% | (27.3)听% | 4.8听% | 10.5听% | 5.5听% | |||||
Three听Months听Ended | |||||||||||
June 27, 2025 | |||||||||||
Products | Services | Consolidated | |||||||||
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||||||||
Reported gross profit on a GAAP basis | $听听听听听听听 61.6 | $听听听听听听听 17.9 | $听听听听听听听 79.5 | ||||||||
Amortization of intangible assets (1) | 1.3 | 1.0 | 2.3 | ||||||||
Stock-based compensation expense (2) | 0.4 | 鈥� | 0.4 | ||||||||
Restructuring charges (3) | 2.2 | 0.2 | 2.4 | ||||||||
Non-GAAP gross profit | $听听听听听听听 65.5 | $听听听听听听听 19.1 | $听听听听听听听 84.6 | ||||||||
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||||||||
Reported gross margin on a GAAP basis | 13.5听% | 28.0听% | 15.3听% | ||||||||
Amortization of intangible assets (1) | 0.3听% | 1.6听% | 0.4听% | ||||||||
Stock-based compensation expense (2) | 0.1听% | 鈥斕�% | 0.1听% | ||||||||
Restructuring charges (3) | 0.5听% | 0.3听% | 0.5听% | ||||||||
Non-GAAP gross margin | 14.4听% | 29.9听% | 16.3听% | ||||||||
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions) | |||||||||||
Reported income from operations on a GAAP basis | $听听听听听 (70.9) | $听听听听听听 (70.9) | $听听听听 (141.8) | ||||||||
Amortization of intangible assets (1) | 4.1 | 2.9 | 7.0 | ||||||||
Stock-based compensation expense (2) | 6.5 | 0.6 | 7.1 | ||||||||
Restructuring charges (3) | 4.2 | 0.6 | 4.8 | ||||||||
Legal-related costs (4) | 0.3 | 鈥� | 0.3 | ||||||||
Impairment of goodwill (5) | 77.6 | 73.5 | 151.1 | ||||||||
Non-GAAP income from operations | $听听听听听听听 21.8 | $听听听听听听听听听 6.7 | $听听听听听听听 28.5 | ||||||||
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||||||||
Reported operating margin on a GAAP basis | (15.6)听% | (110.9)听% | (27.3)听% | ||||||||
Amortization of intangible assets (1) | 0.9听% | 4.6听% | 1.3听% | ||||||||
Stock-based compensation expense (2) | 1.4听% | 0.9听% | 1.4听% | ||||||||
Restructuring charges (3) | 0.9听% | 0.9听% | 0.9听% | ||||||||
Legal-related costs (4) | 0.1听% | 鈥斕�% | 0.1听% | ||||||||
Impairment of goodwill (5) | 17.1听% | 115.0听% | 29.1听% | ||||||||
Non-GAAP operating margin | 4.8听% | 10.5听% | 5.5听% | ||||||||
1听听听 Amortization of intangible assets related to the Company's business acquisitions | |||||||||||
2听听听 Represents compensation expense for stock granted to employees and directors | |||||||||||
3听听听 Represents costs associated with employee separation, severance, retention, and facility related closures expenses | |||||||||||
4听听听 Represents estimated costs related to certain legal proceedings and a cybersecurity incident | |||||||||||
5听听听 Represents non-cash charges related to the impairment of goodwill | |||||||||||
听
ULTRA CLEAN HOLDINGS, INC. | |||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS | |||||
Three Months Ended | |||||
June 27, 2025 | June 28, 2024 | March 28, 2025 | |||
Reconciliation of GAAP Net Income (Loss) to Non-GAAP Net Income (in millions) | |||||
Reported net income (loss) attributable to UCT on a GAAP basis | $听听 (162.0) | $听听听听听 19.1 | $听听听听听听 (5.0) | ||
Amortization of intangible assets (1) | 7.0 | 7.6 | 7.3 | ||
Stock-based compensation expense (2) | 7.1 | 4.7 | 2.6 | ||
Restructuring charges (3) | 4.8 | 0.5 | 3.6 | ||
Fair value related adjustments (4) | 鈥� | (24.1) | (0.1) | ||
Debt refinancing costs expensed (5) | 鈥� | 3.6 | 鈥� | ||
Legal-related costs (6) | 0.3 | 鈥� | 0.7 | ||
Impairment of goodwill (7) | 151.1 | 鈥� | 鈥� | ||
Income tax effect of non-GAAP adjustments (8) | (34.1) | 1.9 | (2.8) | ||
Income tax effect of valuation allowance (9) | 37.9 | 1.1 | 6.4 | ||
Non-GAAP net income attributable to UCT | $听听听听听 12.1 | $听听听听听 14.4 | $听听听听听 12.7 | ||
Reconciliation of GAAP Income (loss) from operations to Non-GAAP Income from operations (in millions) | |||||
Reported income (loss) from operations on a GAAP basis | $听听 (141.8) | $听听听听听 22.9 | $听听听听听 12.9 | ||
Amortization of intangible assets (1) | 7.0 | 7.6 | 7.3 | ||
Stock-based compensation expense (2) | 7.1 | 4.7 | 2.6 | ||
Restructuring charges (3) | 4.8 | 0.5 | 3.6 | ||
Legal-related costs (6) | 0.3 | 鈥� | 0.7 | ||
Impairment of goodwill (7) | $听听听 151.1 | $听听听听听听听听 鈥� | $听听听听听听听听 鈥� | ||
Non-GAAP income from operations | $听听听听听 28.5 | $听听听听听 35.7 | $听听听听听 27.1 | ||
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin | |||||
Reported operating margin on a GAAP basis | (27.3)听% | 4.4听% | 2.5听% | ||
Amortization of intangible assets (1) | 1.3听% | 1.5听% | 1.4听% | ||
Stock-based compensation expense (2) | 1.4听% | 0.9听% | 0.5听% | ||
Restructuring charges (3) | 0.9听% | 0.1听% | 0.7听% | ||
Legal-related costs (6) | 0.1听% | 鈥斕�% | 0.1听% | ||
Impairment of goodwill (7) | 29.1听% | 鈥斕�% | 鈥斕�% | ||
Non-GAAP operating margin | 5.5听% | 6.9听% | 5.2听% | ||
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions) | |||||
Reported gross profit on a GAAP basis | $听听听听听 79.5 | $听听听听听 88.5 | $听听听听听 84.0 | ||
Amortization of intangible assets (1) | 2.3 | 2.3 | 2.3 | ||
Stock-based compensation expense (2) | 0.4 | 0.5 | 0.2 | ||
Restructuring charges (3) | 2.4 | 0.2 | 鈥� | ||
Non-GAAP gross profit | $听听听听听 84.6 | $听听听听听 91.5 | $听听听听听 86.5 | ||
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin | |||||
Reported gross margin on a GAAP basis | 15.3听% | 17.1听% | 16.2听% | ||
Amortization of intangible assets (1) | 0.4听% | 0.5听% | 0.5听% | ||
Stock-based compensation expense (2) | 0.1听% | 0.1听% | 鈥斕�% | ||
Restructuring charges (3) | 0.5听% | 0.0听% | 鈥斕�% | ||
Non-GAAP gross margin | 16.3听% | 17.7听% | 16.7听% | ||
Reconciliation of GAAP Other income (expense), net to Non-GAAP Other income (expense), net (in millions) | |||||
Reported Other income (expense), net on a GAAP basis | $听听听听听听 (2.2) | $听听听听听 17.4 | $听听听听听听听 0.8 | ||
Fair value related adjustments (4) | 鈥� | (24.1) | (0.1) | ||
Debt refinancing costs expensed (5) | 鈥� | 3.6 | 鈥� | ||
Non-GAAP Other income (expense), net | $听听听听听听 (2.2) | $听听听听听听 (3.1) | $听听听听听听听 0.7 | ||
Reconciliation of GAAP Income (Loss) Per Diluted Share to Non-GAAP Earnings Per Diluted Share | |||||
Diluted net income (loss) on a GAAP basis | $听听听听 (3.58) | $听听听听听 0.42 | $听听听听 (0.11) | ||
Amortization of intangible assets (1) | 0.15 | 0.17 | 0.16 | ||
Stock-based compensation expense (2) | 0.16 | 0.10 | 0.06 | ||
Restructuring charges (3) | 0.10 | 0.01 | 0.08 | ||
Fair value related adjustments (4) | 0.00 | (0.53) | 0.00 | ||
Debt refinancing costs expensed (5) | 鈥� | 0.08 | 鈥� | ||
Legal-related costs (6) | 0.01 | 鈥� | 0.01 | ||
Impairment of goodwill (7) | 3.34 | 鈥� | |||
Income tax effect of non-GAAP adjustments (8) | (0.75) | 0.04 | (0.06) | ||
Income tax effect of valuation allowance (9) | 0.84 | 0.03 | 0.14 | ||
Non-GAAP net earnings | $听听听听听 0.27 | $听听听听听 0.32 | $听听听听听 0.28 | ||
Weighted average number of diluted shares (in millions) on a non-GAAP basis | 45.3 | 45.4 | 45.4 | ||
ULTRA CLEAN HOLDINGS, INC. | |||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE | |||||
Three Months Ended | |||||
June 27, 2025 | June 28, 2024 | March 28, 2025 | |||
Provision for income taxes on a GAAP basis | $听听听听听听听 7.2 | $听听听听听听听 8.5 | $听听听听听听听 7.4 | ||
Income tax effect of non-GAAP adjustments (8) | 34.1 | (1.9) | 2.8 | ||
Income tax effect of valuation allowance (9) | (37.9) | (1.1) | (6.4) | ||
Non-GAAP provision for income taxes | $听听听听听听听 3.4 | $听听听听听听听 5.5 | $听听听听听听听 3.8 | ||
Income (loss) before income taxes on a GAAP basis | $听听 (153.3) | $听听听听听 30.0 | $听听听听听听听 4.9 | ||
Amortization of intangible assets (1) | 7.0 | 7.6 | 7.3 | ||
Stock-based compensation expense (2) | 7.1 | 4.7 | 2.6 | ||
Restructuring charges (3) | 4.8 | 0.5 | 3.6 | ||
Fair value related adjustments (4) | 鈥� | (24.1) | (0.1) | ||
Debt refinancing costs expensed (5) | 鈥� | 3.6 | 鈥� | ||
Legal-related costs (6) | 0.3 | 鈥� | 0.7 | ||
Impairment of goodwill (7) | 151.1 | 鈥� | 鈥� | ||
Non-GAAP income before income taxes | $听听听听听 17.0 | $听听听听听 22.3 | $听听听听听 19.0 | ||
Effective income tax rate on a GAAP basis | (4.7)听% | 28.3听% | 151.0听% | ||
Non-GAAP effective income tax rate | 20.0听% | 24.7听% | 20.0听% | ||
1听听听 Amortization of intangible assets related to the Company's business acquisitions | |||||
2听听听 Represents compensation expense for stock granted to employees and directors | |||||
3听听听 Represents costs associated with employee separation, severance, retention, and facility related closures expenses | |||||
4听听听 Fair value adjustments related to contingent consideration | |||||
5听听听 Represents the third party transaction costs related to the amended credit agreement and the previously capitalized costs of extinguished debt | |||||
6听听听 Represents estimated costs related to certain legal proceedings and a cybersecurity incident | |||||
7听 听 Represents non-cash charges related to the impairment of goodwill | |||||
8听听听 Tax effect of items (1) through (7) above based on the non-GAAP tax rate | |||||
9听听听 The Company's GAAP tax expense is generally higher than the Company's non-GAAP tax expense, primarily due to losses in the |
听
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