Ultra Clean Holdings, Inc. Files 10-Q for Period Ending March 29, 2024

TL;DR

<b>Ultra Clean Holdings, Inc. has filed its Q1 2024 10-Q report.</b>

AI Summary

Ultra Clean Holdings, Inc. (UCTT) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Ultra Clean Holdings, Inc. filed a 10-Q report for the period ending March 29, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 30th. The filing was submitted on May 6, 2024. The company's principal executive offices are located in Hayward, California.

Why It Matters

For investors and stakeholders tracking Ultra Clean Holdings, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Ultra Clean Holdings, Inc. for the first quarter of fiscal year 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks and opportunities in the semiconductor industry.

Risk Assessment

Risk Level: medium — Ultra Clean Holdings, Inc. shows moderate risk based on this filing. The company operates in the semiconductor industry, which is subject to cyclical demand and rapid technological changes, posing inherent risks to revenue and profitability.

Analyst Insight

Monitor future filings for updates on revenue trends, profitability, and any specific segment performance within the semiconductor market.

Key Numbers

• 2024-03-29 — Period of Report (10-Q filing)
• 2024-05-06 — Filing Date (10-Q filing)
• 12/30 — Fiscal Year End (Company fiscal year)
• 3674 — SIC Code (Semiconductors & Related Devices)

Key Players & Entities

• Ultra Clean Holdings, Inc. (company) — Filer
• 2024-03-29 (date) — Period of Report
• 2024-05-06 (date) — Filed As Of Date
• Hayward (location) — Business Address City
• CA (location) — Business Address State
• 26462 Corporate Avenue (address) — Business Address Street 1
• 3674 (industry_code) — Standard Industrial Classification
• DE (state) — State of Incorporation

FAQ

Industry Context

Ultra Clean Holdings, Inc. operates within the semiconductor industry, which is characterized by rapid innovation, complex supply chains, and cyclical demand influenced by global economic conditions.

Regulatory Implications

As a publicly traded company, Ultra Clean Holdings, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze segment revenue and profitability if provided in the detailed financial tables.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-29: End of Reporting Period — The period covered by the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the 10-Q for the period ending March 29, 2024, providing updated financial information since the last reported period.

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share UCTT The Nasdaq Stock Market,

Filing Documents

• uctt-20240329.htm (10-Q) — 941KB
• uctt-20240329xexx311.htm (EX-31.1) — 9KB
• uctt-20240329xexx312.htm (EX-31.2) — 9KB
• uctt-20240329xexx321.htm (EX-32.1) — 6KB
• uctt-20240329_g1.jpg (GRAPHIC) — 200KB
• 0001628280-24-020679.txt (&nbsp;) — 6376KB
• uctt-20240329.xsd (EX-101.SCH) — 42KB
• uctt-20240329_cal.xml (EX-101.CAL) — 79KB
• uctt-20240329_def.xml (EX-101.DEF) — 240KB
• uctt-20240329_lab.xml (EX-101.LAB) — 551KB
• uctt-20240329_pre.xml (EX-101.PRE) — 393KB
• uctt-20240329_htm.xml (XML) — 729KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

Item 1. Unaudited Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets 3 Condensed Consolidated Statements of Operations 4 C ondensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Cash Flows 6 C ondensed Consolidated Statements of Stockholders' Equity 7 Index to Notes to Condensed Consolidated Financial Statements 8

M anagement's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. M anagement's Discussion and Analysis of Financial Condition and Results of Operations 22

Q uantitative and Qualitative Disclosures about Market Risk

Item 3. Q uantitative and Qualitative Disclosures about Market Risk 29

C o ntrols and Procedures

Item 4. C o ntrols and Procedures 29

—OTHER INFORMATION

PART II—OTHER INFORMATION

L egal Proceedings

Item 1. L egal Proceedings 31

R isk Factors

Item 1A. R isk Factors 31

U nregistered Sales of Equity Securities and Use of Proceeds

Item 2. U nregistered Sales of Equity Securities and Use of Proceeds 31

D efaults Upon Senior Securities

Item 3. D efaults Upon Senior Securities 31

M ine Safety Disclosures

Item 4. M ine Safety Disclosures 31

O ther Information

Item 5. O ther Information 31

E xhibits

Item 6. E xhibits 32

SIGNATURES

SIGNATURES 33 - 2 - Table of Contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements ULTRA CLEAN HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 29, 2024 December 29, 2023 (In millions, except par value) ASSETS Current assets: Cash and cash equivalents $ 293.0 $ 307.0 Accounts receivable, net of allowance for credit losses of $ 1.8 and $ 1.0 at March 29, 2024 and December 29, 2023, respectively 194.5 180.8 Inventories 388.1 374.5 Prepaid expenses and other current assets 33.1 30.9 Total current assets 908.7 893.2 Property, plant and equipment, net 329.2 328.3 Goodwill 265.2 265.2 Intangible assets, net 207.6 215.3 Deferred tax assets, net 3.3 3.1 Operating lease right-of-use assets 163.4 151.7 Other non-current assets 10.2 10.9 Total assets $ 1,887.6 $ 1,867.7 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank borrowings $ 17.0 $ 17.6 Accounts payable 215.7 192.9 Accrued compensation and related benefits 37.1 47.7 Operating lease liabilities 18.3 18.1 Other current liabilities 41.3 33.7 Total current liabilities 329.4 310.0 Bank borrowings, net of current portion 458.2 461.2 Deferred tax liabilities 18.9 19.0 Operating lease liabilities 153.4 143.0 Other liabilities 38.6 37.3 Total liabilities 998.5 970.5 Commitments and contingencies (See Note 9) Equity: UCT stockholders' equity: Preferred stock — $ 0.001 par value, 10.0 shares authorized; none outstanding — — Common stock — $ 0.001 par value, 90.0 shares authorized; 46.1 and 46.1 shares issued and 44.6 and 44.6 shares outstanding at March 29, 2024 and December 29, 2023, respectively 0.1 0.1 Additional paid-in capital 545.0 541.5 Common shares held in treasury, at cost, 1.5 and 1.5 shares at March 29, 2024 and December 29, 2023, respectively ( 45.0 ) ( 45.0 ) Retained earnings 337.3 346.7 Accumulated other comprehensive loss ( 6.5 ) ( 4.4 ) Total UCT stockholders' equity 830.9 838.9 Noncontrolling interests 58.2 58.3 Total equity 889.1 897.2 Total liabilities and equity $ 1,887.6 $ 1,

View Full Filing

View this 10-Q filing on SEC EDGAR