Ultra Clean Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Ultra Clean Holdings, Inc. has filed its 2023 10-K annual report detailing its financial performance and business operations.</b>

AI Summary

Ultra Clean Holdings, Inc. (UCTT) filed a Annual Report (10-K) with the SEC on March 6, 2024. Ultra Clean Holdings, Inc. filed its 10-K report for the fiscal year ended December 29, 2023. The filing covers the period from January 1, 2023, to December 29, 2023. Key financial elements mentioned include common stock, additional paid-in capital, and accumulated other comprehensive income. The company's business address is located at 26462 Corporate Avenue, Hayward, CA 94545. The filing references various financial instruments and assets, including letters of credit and plan assets.

Why It Matters

For investors and stakeholders tracking Ultra Clean Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Ultra Clean Holdings' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data and risk factors within the report are essential for stakeholders to understand the company's position in the semiconductor industry and its exposure to market and operational challenges.

Risk Assessment

Risk Level: medium — Ultra Clean Holdings, Inc. shows moderate risk based on this filing. The company's business is concentrated in the semiconductor industry, which is subject to cyclicality and rapid technological changes, as indicated by references to 'SemiconductorServicesBusiness' and 'SemiconductorProductsAndSolutions'.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Ultra Clean Holdings' performance and strategic positioning within the volatile semiconductor market.

Key Numbers

• 2023-12-29 — Fiscal Year End (Conformed period of report)
• 2024-03-06 — Filing Date (Date the 10-K was filed)
• 3674 — SIC Code (Standard Industrial Classification for Semiconductors & Related Devices)
• 611430858 — IRS Number (Company's IRS identification number)

Key Players & Entities

• Ultra Clean Holdings, Inc. (company) — Filer name
• 2023-12-29 (date) — Fiscal year end date
• 26462 Corporate Avenue, Hayward, CA 94545 (address) — Business address
• Barclays Bank PLC (company) — Mentioned in relation to credit facilities
• Lam Research Corporation (company) — Mentioned in context of customer concentration risk
• IL (location) — State of Illinois, mentioned in relation to jurisdictions
• US (location) — United States, mentioned in relation to jurisdictions

FAQ

Risk Factors

• Customer Concentration Risk [high — market]: The company faces risk due to significant revenue concentration from a limited number of customers, such as Lam Research Corporation.
• Semiconductor Industry Volatility [high — operational]: The company operates within the semiconductor industry, which is subject to rapid technological changes and market fluctuations.

Key Dates

• 2023-12-29: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-06: Filing Date — Date the 10-K was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, containing detailed financial and operational information for the fiscal year.)

Semiconductor Services Business

A business segment related to providing services within the semiconductor industry. (Indicates a key area of the company's operations and revenue generation.)

Key Financial Figures

• $0.001 — nge on Which Registered Common Stock, $0.001 par value The NASDAQ Global Market LL
• $46.5 m — prised of initial cash consideration of $46.5 million, subject to customary post-closin
• $70.0 million — ary post-closing adjustments, and up to $70.0 million of additional cash consideration that m
• $150.0 million — mpany to purchase up to an aggregate of $150.0 million of the Company's common stock over a th
• $29.4 million — this program with an aggregate cost of $29.4 million and $12.1 million and an average price
• $12.1 million — an aggregate cost of $29.4 million and $12.1 million and an average price of $29.16 and $35.
• $29.16 — d $12.1 million and an average price of $29.16 and $35.31 per share, respectively. 3
• $35.31 — lion and an average price of $29.16 and $35.31 per share, respectively. 3 Our inte

Filing Documents

• uctt-20231229.htm (10-K) — 3293KB
• uctt-ex4_2.htm (EX-4.2) — 15KB
• uctt-ex10_1.htm (EX-10.1) — 119KB
• uctt-ex10_5.htm (EX-10.5) — 57KB
• uctt-ex21_1.htm (EX-21.1) — 14KB
• uctt-ex23_1.htm (EX-23.1) — 4KB
• uctt-ex31_1.htm (EX-31.1) — 11KB
• uctt-ex31_2.htm (EX-31.2) — 12KB
• uctt-ex32_1.htm (EX-32.1) — 6KB
• uctt-ex32_2.htm (EX-32.2) — 5KB
• uctt-ex97_1.htm (EX-97.1) — 48KB
• img31627014_0.jpg (GRAPHIC) — 40KB
• 0000950170-24-027213.txt (&nbsp;) — 13288KB
• uctt-20231229.xsd (EX-101.SCH) — 1762KB
• uctt-20231229_htm.xml (XML) — 2419KB

Business

Business 3 Item 1A

Risk Factors

Risk Factors 13 Item 1B Unresolved Staff Comments 27 Item 2

Properties

Properties 28 Item 3

Legal Proceedings

Legal Proceedings 28 Item 4 Mine Safety Disclosures 28 PART II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6 Reserved 30 Item 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 43 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 75 Item 9A

Controls and Procedures

Controls and Procedures 75 Item 9B Other Information 77 PART III Item 10 Directors and Executive Officers of the Registrant 78 Item 11

Executive Compensation

Executive Compensation 78 Item 12

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13 Certain Relationships and Related Transactions and Director Independence 78 Item 14 Principal Accountant Fees and Services 79 PART IV Item 15 Exhibits, Financial Statement Schedules 80 Item 16 Form 10-K Summary 83 2 This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," "will be," "will continue," "will likely results," variations of such words, and similar expressions are intended to identify such forward-looking statements, but the absence of these words does not necessarily mean that a statement is not forward-looking. These forward-looking statements include, but are not limited to, statements concerning the following: projections of our financial performance, our anticipated growth and trends in our business, levels of capital expenditures, the adequacy of our capital resources to fund operations and growth, our ability to compete effectively with our competitors, our strategies and ability to protect our intellectual property, future acquisitions, customer demand, our manufacturing and procurement process, employee matters, supplier relations, foreign operations, the legal and regulatory backdrop (including environmental regulation), our exposure to market risks and other characterizations of future events or circumstances described in this Annual Report. Readers are cautioned that these forward-looking statements are only predictions and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified below, under "Risk Factors," and elsewhere herein. Therefore, actual results may differ materially and adversely from those expressed in any forward-

B usiness

Item 1. B usiness Overview Ultra Clean Holdings, Inc., ("UCT", the "Company" or "We") is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services primarily for the semiconductor industry. UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping and part and component manufacturing, as well as tool chamber parts cleaning and coating, and micro-contamination analytical services. We report results for two operating segments: Products and Services. Our Products segment primarily designs, engineers and manufactures production tools, components, parts, and modules and subsystems for the semiconductor and display capital equipment markets. Products include chemical delivery modules, frame assemblies, gas delivery systems, fluid delivery systems, precision robotics and process modules as well as other high-level assemblies. Our Services segment provides ultra-high purity parts cleaning, process tool part recoating, surface encapsulation and high sensitivity micro contamination analysis primarily for the semiconductor device makers and wafer fabrication equipment ("WFE") markets. We ship a majority of our products and provide most of our services to U.S. registered customers with locations both in and outside the U.S. In addition to U.S. manufacturing and service operations, we manufacture products and provide parts cleaning and other related services in our Asia Pacific, Europe and Middle East ("EMEA") facilities to support local and U.S. based customers. We conduct our operating activities primarily through our subsidiaries. Over the long-term, we believe the semiconductor market we serve will continue to grow due to multi-year industry demand from a broad range of drivers, such as new CPU architectures that enable higher performance servers necessary for cloud, artificial intelligenc

View Full Filing

View this 10-K filing on SEC EDGAR