Kulicke & Soffa Industries Inc. Files 2024 10-K

TL;DR

KULICKE & SOFFA 2024 10-K FILED. FULL YEAR RESULTS OUT.

AI Summary

Kulicke & Soffa Industries Inc. reported its fiscal year 2024 results ending September 28, 2024. The company's financial performance for the year is detailed in this 10-K filing. Specific financial figures, operational highlights, and risk factors are outlined within the document.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Kulicke & Soffa's financial health and strategic direction for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — The filing details the company's financial performance and operational risks, which are inherent in the semiconductor industry.

Key Players & Entities

• KULICKE & SOFFA INDUSTRIES INC (company) — Filer
• 20240928 (date) — Fiscal Year End
• 20241114 (date) — Filing Date
• SINGAPORE (location) — Business Address

FAQ

Key Financial Figures

• $15 million — 's fiscal 2024 revenue by approximately $15 million. The Company also incurred certain char
• $100 million — ram (the "Program") to repurchase up to $100 million of the Company's common stock on or bef
• $200 m — hase authorization under the Program to $200 million, $300 million and $400 million, r
• $300 million — tion under the Program to $200 million, $300 million and $400 million, respectively. On Marc
• $400 m — ogram to $200 million, $300 million and $400 million, respectively. On March 3, 2022,
• $400 million — tion under the Program by an additional $400 million to $800 million, and extended its durat
• $800 m — rogram by an additional $400 million to $800 million, and extended its duration throug
• $169 million — for the purchase of up to approximately $169 million of the Company's common stock from Nove
• $151.0 million — k at an aggregate cost of approximately $151.0 million. The stock repurchases were recorded in
• $30.3 million — ion under the Program was approximately $30.3 million. 4 Table of Contents Dividends On
• $0.20 — ectors declared a quarterly dividend of $0.20 per share of common stock, resulting in
• $0.80 — , resulting in an aggregate dividend of $0.80 per share of common stock for the fisca
• $577.1 m — valents and short-term investments were $577.1 million, a $182.3 million decrease from t
• $182.3 million — term investments were $577.1 million, a $182.3 million decrease from the prior fiscal year end

Filing Documents

• klic-20240928.htm (10-K) — 2025KB
• aexhibit422024.htm (EX-4.2) — 15KB
• bex1014formofceopsugrowth2.htm (EX-10.14) — 48KB
• cex1015formofexecutivepsug.htm (EX-10.15) — 47KB
• dex1016formofceopsurelativ.htm (EX-10.16) — 75KB
• eex1017formofexecutivepsur.htm (EX-10.17) — 74KB
• fex1018rsuagreement2024.htm (EX-10.18) — 21KB
• gex1019icpfy2024.htm (EX-10.19) — 128KB
• hex1021insidertradingpolic.htm (EX-10.21) — 91KB
• iexhibit2112024.htm (EX-21.1) — 12KB
• jexhibit2312024.htm (EX-23.1) — 3KB
• kexhibit3112024.htm (EX-31.1) — 11KB
• lexhibit3122024.htm (EX-31.2) — 10KB
• mexhibit3212024.htm (EX-32.1) — 5KB
• nexhibit3222024.htm (EX-32.2) — 5KB
• image1013b.jpg (GRAPHIC) — 139KB
• image1014b.jpg (GRAPHIC) — 139KB
• image1018aa.jpg (GRAPHIC) — 83KB
• image1018ba.jpg (GRAPHIC) — 105KB
• image1018ca.jpg (GRAPHIC) — 121KB
• image1018da.jpg (GRAPHIC) — 97KB
• image1018ea.jpg (GRAPHIC) — 110KB
• imagea.jpg (GRAPHIC) — 11KB
• 0000056978-24-000148.txt ( ) — 12934KB
• klic-20240928.xsd (EX-101.SCH) — 74KB
• klic-20240928_cal.xml (EX-101.CAL) — 119KB
• klic-20240928_def.xml (EX-101.DEF) — 338KB
• klic-20240928_lab.xml (EX-101.LAB) — 889KB
• klic-20240928_pre.xml (EX-101.PRE) — 647KB
• klic-20240928_htm.xml (XML) — 1886KB

Risk Factors 13

Item 1A. Risk Factors 13

Unresolved Staff Comments 28

Item 1B. Unresolved Staff Comments 28

Cybersecurity 29

Item 1C. Cybersecurity 29

Properties 30

Item 2. Properties 30

Legal Proceedings 30

Item 3. Legal Proceedings 30

Mine Safety Disclosures 30

Item 4. Mine Safety Disclosures 30 Part II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31

[Reserved] 31

Item 6. [Reserved] 31

Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures about Market Risk 43

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 43

Financial Statements and Supplementary Data 44

Item 8. Financial Statements and Supplementary Data 44

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 83

Controls and Procedures 83

Item 9A. Controls and Procedures 83

Other Information 84

Item 9B. Other Information 84

Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 84

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspection 84 Part III

Directors, Executive Officers and Corporate Governance 85

Item 10. Directors, Executive Officers and Corporate Governance 85

Executive Compensation 85

Item 11. Executive Compensation 85

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 85

Certain Relationships and Related Transactions and Director Independence 86

Item 13. Certain Relationships and Related Transactions and Director Independence 86

Principal Accountant Fees and Services 86

Item 14. Principal Accountant Fees and Services 86 Part IV

Exhibits and Financial Statement Schedules 87

Item 15. Exhibits and Financial Statement Schedules 87

Form 10-K Summary 90

Item 16. Form 10-K Summary 90 Signatures 91 Solely for convenience, trademarks and trade names referred to in this Annual Report on Form 10-K for the fiscal year ended September 28, 2024 (the "Annual Report" or "Form 10-K"), including logos, artwork and other visual displays, may appear without the or TM symbols, but such references are not intended to indicate in any way that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. Table of Contents PART I

Forward-Looking Statements

Forward-Looking Statements In addition to historical information, this filing contains statements relating to future events or our future results. These statements are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and are subject to the safe harbor provisions created by statute. Such forward-looking statements include, but are not limited to, statements with respect to our future revenue increasing, continuing or strengthening, or decreasing or weakening; our capital allocation strategies, including any share repurchases; demand for our products, including replacement demand; our research and development efforts; our ability to identify and realize new growth opportunities; our ability to successfully execute our business; our ability to control costs; our expectations regarding our wind down activities related to Project W and the impact of the cancellation of Project W on our results of operations and financial condition; and our operational flexibility as a result of (among other factors): our expectations regarding the potential impacts on our business of actual or potential inflationary pressures, interest rate and risk premium adjustments, falling consumer sentiment, or economic recession caused, directly or indirectly, by the ongoing tensions in the Middle East, the prolonged Ukraine/Russia conflict, geopolitical tensions and other macroeconomic factors; our expectations regarding supply chain disruptions caused, directly or indirectly, by various macroeconomic events, including geopolitical tensions, catastrophic events resulting from climate change or other natural disasters and other factors; our expectations regarding our effective tax rate and our unrecognized tax benefit; our ability to operate our business in accordance with our

BUSINESS

Item 1. BUSINESS Founded in 1951, Kulicke and Soffa Industries, Inc. ("K&S," "we," "us," "our," or the "Company") specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smarter and more sustainable future. Our ever-growing range of products and services supports growth and facilitates technology transitions across large-scale markets, such as advanced display, automotive, communications, compute, consumer, data storage, energy storage and industrial. We design, develop, manufacture and sell capital equipment and consumables and provide services used to assemble semiconductor and electronic devices, such as integrated circuits, power discretes, light-emitting diode ("LEDs"), advanced displays and sensors. We also service, maintain, repair and upgrade our equipment and sell consumable aftermarket solutions and services for our and our peer companies' equipment. Our customers primarily consist of integrated device manufacturers ("IDMs"), outsourced semiconductor assembly and test providers ("OSATs"), foundry service providers, and other electronics manufacturers and automotive electronics suppliers. Our goal is to be the technology leader and the most competitive supplier in terms of performance, cost and quality in each of our major product lines. Accordingly, we invest in research and engineering projects intended to expand our market access and enhance our leadership position in semiconductor, electronics and display assembly. We also remain focused on enhancing our value to customers through higher productivity systems, more autonomous capabilities and continuous improvement and optimization of our operational costs. Delivering new levels of value to our customers is a critically important goal. K&S was incorporated in Pennsylvania in 1956. Our principal offices are located at 23A Serangoon North Avenue 5, #01-01, Singapore 554369 and 1005 Virginia Dr., Fort Washington, PA 19034, and our telephone number in the United

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View this 10-K filing on SEC EDGAR