Ultra Clean Holdings Files 10-Q for Q2 2024

TL;DR

Ultra Clean Holdings filed its Q2 10-Q. Financials are in, check for performance updates.

AI Summary

Ultra Clean Holdings, Inc. filed its 10-Q for the period ending June 28, 2024. The company, based in Hayward, CA, operates in the Semiconductors & Related Devices sector. Financial details for the quarter and year-to-date are presented, including revenue and profit figures, though specific dollar amounts for the current period are not detailed in this excerpt.

Why It Matters

This filing provides investors with a quarterly update on Ultra Clean Holdings' financial performance and operational status, crucial for understanding the company's trajectory in the semiconductor industry.

Risk Assessment

Risk Level: medium — The semiconductor industry is subject to cyclical demand and intense competition, which can impact Ultra Clean Holdings' financial performance.

Key Numbers

• 20240628 — Reporting Period End Date (The end date for the financial information presented in the 10-Q.)
• 20240726 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Ultra Clean Holdings, Inc. (company) — Filer of the 10-Q
• 26462 CORPORATE AVENUE, HAYWARD, CA 94545 (location) — Business and mailing address
• SEMICONDUCTORS & RELATED DEVICES (industry) — Company's Standard Industrial Classification

FAQ

Key Financial Figures

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

Filing Documents

• uctt-20240628.htm (10-Q) — 1274KB
• uctt-20240628xexx311.htm (EX-31.1) — 9KB
• uctt-20240628xexx312.htm (EX-31.2) — 9KB
• uctt-20240628xexx321.htm (EX-32.1) — 6KB
• uctt-20240628_g1.jpg (GRAPHIC) — 200KB
• 0001628280-24-033152.txt ( ) — 7168KB
• uctt-20240628.xsd (EX-101.SCH) — 42KB
• uctt-20240628_cal.xml (EX-101.CAL) — 83KB
• uctt-20240628_def.xml (EX-101.DEF) — 233KB
• uctt-20240628_lab.xml (EX-101.LAB) — 553KB
• uctt-20240628_pre.xml (EX-101.PRE) — 390KB
• uctt-20240628_htm.xml (XML) — 913KB

—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 Condensed Consolidated Statements of Comprehensive Income (Loss) 5 Condensed Consolidated Statements of Cash Flows 6 Condensed Consolidated Statements of Stockholders' Equity 7 Index to Notes to Condensed Consolidated Financial Statements 9

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

—OTHER INFORMATION

PART II—OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 33

Risk Factors

Item 1A. Risk Factors 33

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33

Other Information

Item 5. Other Information 33

Exhibits

Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 - 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) June 28, 2024 December 29, 2023 (In millions, except par value) ASSETS Current assets: Cash and cash equivalents $ 319.5 $ 307.0 Accounts receivable, net of allowance for credit losses of $ 2.1 and $ 1.0 at June 28, 2024 and December 29, 2023, respectively 206.9 180.8 Inventories 399.9 374.5 Prepaid expenses and other current assets 34.5 30.9 Total current assets 960.8 893.2 Property, plant and equipment, net 326.6 328.3 Goodwill 265.2 265.2 Intangible assets, net 200.0 215.3 Deferred tax assets, net 3.1 3.1 Operating lease right-of-use assets 161.3 151.7 Other non-current assets 10.3 10.9 Total assets $ 1,927.3 $ 1,867.7 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Bank borrowings $ 16.3 $ 17.6 Accounts payable 229.0 192.9 Accrued compensation and related benefits 49.2 47.7 Operating lease liabilities 18.7 18.1 Other current liabilities 38.2 33.7 Total current liabilities 351.4 310.0 Bank borrowings, net of current portion 478.3 461.2 Deferred tax liabilities 18.9 19.0 Operating lease liabilities 152.4 143.0 Other liabilities 14.6 37.3 Total liabilities 1,015.6 970.5 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; 46.5 and 46.1 shares issued and 45.0 and 44.6 shares outstanding at June 28, 2024 and December 29, 2023, respectively 0.1 0.1 Additional paid-in capital 548.2 541.5 Common shares held in treasury, at cost, 1.5 and 1.5 shares at June 28, 2024 and December 29, 2023, respectively ( 45.0 ) ( 45.0 ) Retained earnings 356.4 346.7 Accumulated other comprehensive loss ( 7.4 ) ( 4.4 ) Total UCT stockholders' equity 852.3 838.9 Noncontrolling interests 59.4 58.3 Total equity 911.7 897.2 Total liabilities and equity $ 1,927.3 $ 1,86

View Full Filing

View this 10-Q filing on SEC EDGAR