Ultra Clean Holdings, Inc.

$UCTT

$26.64

Капитализция: $1.4B

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Ultra Clean Holdings, Inc. является мировым лидером в области разработки, проектирования и изготовления производственных инструментов, модулей и подсистем для отрасли промышленности, специализирующейся на изготовлении производственного оборудования для создания полупроводниковой электроники, показать больше

и сегментов промышленности с аналогичными требованиями, включая сегмент производства дисплеев, потребительский и медицинский сегменты. Основное направление деятельности компании - это предоставление специализированных технических и производственных решений для этих областей применения. Эмитент отправляет большинство своих продуктов и деталей, прошедших обслуживание, клиентам, зарегистрированным в США, которые могут находиться как в США, так и за их пределами. Помимо производства и обслуживания в США компании производит продукцию и предоставляет услуги по чистке деталей и другие сопутствующие услуги на собственных производственных объектах в Азии и Европе, чтобы обеспечить поддержку местных клиентов и клиентов из США.

Ultra Clean Holdings, Inc. designs, engineers, and manufactures production tools, modules, and subsystems for the semiconductor and display capital equipment markets in the United States and internationally. The company provides subsystems, such as wafer cleaning modules chemical delivery modules that deliver gases and reactive chemicals in a liquid or gaseous form from a centralized subsystem to the reaction chamber frame assemblies process modules, a subsystems of semiconductor manufacturing tools that process integrated circuits onto wafers and top-plate assemblies. It also offers various industrial and automation production equipment products gas delivery systems, which include one or more gas lines, such as weldments, filters, mass flow controllers, regulators, pressure transducers and valves, component heaters, and an integrated electronic and/or pneumatic control system fluid delivery systems consists of one or more chemical delivery units, including PFA tubing, filters, flow controllers, regulators, component heaters, and an integrated electronic and/or pneumatic control system precision robotic systems that are used when accurate controlled motion is required and other high level assemblies. In addition, the company provides tool chamber parts cleaning and coating services micro-contamination analysis services for tool parts, wafers and depositions, chemicals, cleanroom materials, deionized water, and airborne molecular contamination and analytical verification services for process tool chamber part cleaning. It primarily serves original equipment manufacturing customers in the semiconductor capital equipment and semiconductor integrated device manufacturing industries, as well as display, consumer, medical, energy, industrial, and research equipment industries. Ultra Clean Holdings, Inc. was founded in 1991 and is headquartered in Hayward, California.

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Отчетность

03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY

04.08.2021, 23:12 Прибыль на акцию за 2 квартал XX, консенсус-прогноз YY

Квартальная отчетность будет доступна после Регистрации

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Аналитик Аарон Кесслер поддерживает с сильной покупкой и снижает целевую цену со xxx до yyy долларов.

25.10.2021, 16:02 Аналитик Berenberg Сунил Райгопал инициирует освещение на GoDaddy с рейтингом «Покупать» и объявляет целевую цену в xxx долларов.

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Ultra Clean Reports Second Quarter 2023 Financial Results

Ultra Clean сообщает о финансовых результатах за второй квартал 2023 года

27 июл. 2023 г.

HAYWARD, Calif., July 27, 2023 /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the second quarter ended June 30, 2023.

"The semiconductor industry continued to face some near-term headwinds in the second quarter," said Jim Scholhamer, CEO. "Our Products business performed as expected, however, we experienced pockets of weakness in other areas. While recent cost reduction initiatives are reflected in our financial results, we will continue to respond to current market conditions while driving strategic initiatives in preparation for the next industry ramp."

Second Quarter 2023 GAAP Financial Results

ULTRA CLEAN HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share data)

	Three Months Ended				Six Months Ended
	June 30,		July 1,		June 30,		July 1,
	2023		2022		2023		2022

Revenues:
Product	$	362.5	$	532.0	$	731.1	$	1,018.9
Services		59.0		76.7		123.7		154.0
Total revenues		421.5		608.7		854.8		1,172.9
Cost of revenues:
Product		311.1		441.1		626.2		840.6
Services		42.3		49.2		87.5		100.1
Total cost of revenues		353.4		490.3		713.7		940.7
Gross profit		68.1		118.4		141.1		232.2
Operating expenses:
Research and development		7.2		7.2		14.3		14.1
Sales and marketing		12.7		13.9		25.8		27.7
General and administrative		35.6		46.2		76.0		93.5
Net loss on divestitures		—		56.6		—		56.6
Total operating expenses		55.5		123.9		116.1		191.9
Income (loss) from operations		12.6		(5.5)		25.0		40.3
Interest income		0.8		0.1		1.3		0.2
Interest expense		(11.8)		(7.3)		(23.6)		(13.7)
Other income (expense), net		(1.5)		(0.3)		1.3		(0.4)
Income (loss) before provision for income taxes		0.1		(13.0)		4.0		26.4
Provision for income taxes		8.3		8.7		11.8		17.3
Net income (loss)		(8.2)		(21.7)		(7.8)		9.1
Less: Net income attributable to noncontrolling interests		1.2		3.4		5.0		6.3
Net income (loss) attributable to UCT	$	(9.4)	$	(25.1)	$	(12.8)	$	2.8

Net income (loss) per share attributable to UCT common stockholders:
Basic	$	(0.21)	$	(0.56)	$	(0.29)	$	0.06
Diluted	$	(0.21)	$	(0.56)	$	(0.29)	$	0.06
Shares used in computing net income (loss) per share:
Basic		44.7		45.2		44.8		45.1
Diluted		44.7		45.2		44.8		45.7

ULTRA CLEAN HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions)

	Six Months Ended
	June 30,		July 1,
	2023		2022
Cash flows from operating activities:
Net income (loss)	$	(7.8)	$	9.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		31.5		37.6
Stock-based compensation		4.7		10.1
Change in the fair value of financial instruments		(0.2)		(1.1)
Deferred income taxes		(0.6)		1.1
Net loss on divestitures		—		56.6
Others		(0.4)		(0.1)
Changes in assets and liabilities:
Accounts receivable		75.1		2.8
Inventories		45.1		(43.2)
Prepaid expenses and other current assets		5.2		(2.9)
Other non-current assets		(0.3)		(1.0)
Accounts payable		(62.6)		(55.8)
Accrued compensation and related benefits		(12.5)		4.6
Income taxes payable		(4.3)		(2.5)
Operating lease assets and liabilities		(2.9)		(2.3)
Other liabilities		(5.6)		1.3
Net cash provided by operating activities		64.4		14.3
Cash flows from investing activities:
Purchases of property, plant and equipment		(47.0)		(46.5)
Proceeds from sale of equipment, including insurance proceeds		0.5		0.4
Divestiture of subsidiaries		—		(0.3)
Net cash used in investing activities		(46.5)		(46.4)
Cash flows from financing activities:
Payments on bank borrowings		(30.9)		(10.5)
Repurchase of shares		(23.7)		—
Employees' taxes paid upon vesting of restricted stock units		(2.2)		(3.8)
Payments of dividends to a joint venture shareholder		(0.1)		(0.3)
Proceeds from bank borrowings		—		4.7
Proceeds from issuance of common stock		—		0.7
Net cash used in financing activities		(56.9)		(9.2)
Effect of exchange rate changes on cash and cash equivalents		1.0		(3.8)
Net decrease in cash and cash equivalents		(38.0)		(45.1)
Cash and cash equivalents at beginning of period		358.8		466.5
Cash and cash equivalents at end of period	$	320.8	$	421.4

ULTRA CLEAN HOLDINGS, INC. REPORTABLE SEGMENTS GAAP TO NON-GAAP RECONCILIATION (Unaudited; dollars in millions)


		GAAP										Non-GAAP
		Three Months Ended										Three Months Ended
	June 30, 2023										June 30, 2023
	Products				Services			Consolidated			Products				Services			Consolidated
Revenues	$		362.5		$	59.0		$	421.5		$		362.5		$	59.0		$	421.5
Gross profit	$		51.4		$	16.7		$	68.1		$		52.6		$	17.9		$	70.5
Gross margin			14.2	%		28.3	%		16.2	%			14.5	%		30.3	%		16.7	%
Income from operations	$		10.8		$	1.8		$	12.6		$		15.5		$	5.5		$	21.0
Operating margin			3.0	%		3.1	%		3.0	%			4.3	%		9.3	%		5.0	%

											Three Months Ended
											June 30, 2023
											Products				Services			Consolidated
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis											$		51.4		$	16.7		$	68.1
Amortization of intangible assets (1)													0.5			1.0			1.5
Stock-based compensation expense (2)													0.5			—			0.5
Restructuring charges (3)													0.2			0.2			0.4
Non-GAAP gross profit											$		52.6		$	17.9		$	70.5

Reconciliation of GAAP Gross margin to Non-GAAP Gross margin
Reported gross margin on a GAAP basis													14.2	%		28.3	%		16.2	%
Amortization of intangible assets (1)													0.1	%		1.6	%		0.3	%
Stock-based compensation expense (2)													0.1	%		0.0	%		0.1	%
Restructuring charges (3)													0.1	%		0.4	%		0.1	%
Non-GAAP gross margin													14.5	%		30.3	%		16.7	%

Reconciliation of GAAP Income (loss) from operations to Non-GAAP Income from operations (in millions)
Reported income from operations on a GAAP basis											$		10.8		$	1.8		$	12.6
Amortization of intangible assets (1)													2.6			2.9			5.5
Stock-based compensation expense (2)													0.8			0.5			1.3
Restructuring charges (3)													2.1			0.3			2.4
Acquisition-related costs (4)													0.1			—			0.1
Legal-related costs (5)													(0.9)			—			(0.9)
Non-GAAP income from operations											$		15.5		$	5.5		$	21.0

Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis													3.0	%		3.1	%		3.0	%
Amortization of intangible assets (1)													0.7	%		4.9	%		1.3	%
Stock-based compensation expense (2)													0.2	%		0.8	%		0.3	%
Restructuring charges (3)													0.6	%		0.5	%		0.6	%
Acquisition-related costs (4)													0.0	%		0.0	%		0.0	%
Legal-related costs (5)													-0.2	%		0.0	%		-0.2	%
Non-GAAP operating margin													4.3	%		9.3	%		5.0	%

1 Amortization of intangible assets related to the Company's business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents severance, retention, operational alignments and costs related to facility closures
4 Represents acquisition activity costs
5 Related to certain legal proceedings

ULTRA CLEAN HOLDINGS, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS

	Three Months Ended
	June 30,			July 1,			March 31,
	2023			2022			2023
Reconciliation of GAAP Net Loss to Non-GAAP Net Income (in millions)
Reported net loss attributable to UCT on a GAAP basis	$	(9.4)		$	(25.1)		$	(3.4)
Amortization of intangible assets (1)		5.5			7.7			5.8
Stock-based compensation expense (2)		1.3			4.4			3.7
Restructuring charges (3)		2.4			1.1			0.2
Acquisition-related costs (4)		0.1			0.2			—
Fair value adjustments (5)		1.6			—			—
Legal-related costs (6)		(0.9)			—			—
Covid-19 related costs (7)		—			2.9			—
Net loss on divestitures (8)		—			56.6			—
Income tax effect of non-GAAP adjustments (9)		(1.6)			(11.1)			(1.6)
Income tax effect of valuation allowance (10)		8.1			10.7			2.9
Non-GAAP net income attributable to UCT	$	7.1		$	47.4		$	7.6

Reconciliation of GAAP Income (loss) from operations to Non-GAAP Income from operations (in millions)
Reported income (loss) from operations on a GAAP basis	$	12.6		$	(5.5)		$	12.4
Amortization of intangible assets (1)		5.5			7.7			5.8
Stock-based compensation expense (2)		1.3			4.4			3.7
Restructuring charges (3)		2.4			1.1			0.2
Acquisition-related costs (4)		0.1			0.2			—
Legal-related costs (6)		(0.9)			—			—
Covid-19 related costs (7)		—			2.9			—
Net loss on divestitures (8)		—			56.6			—
Non-GAAP income from operations	$	21.0		$	67.4		$	22.1

Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis		3.0	%		-0.9	%		2.9	%
Amortization of intangible assets (1)		1.3	%		1.3	%		1.3	%
Stock-based compensation expense (2)		0.3	%		0.7	%		0.9	%
Restructuring charges (3)		0.6	%		0.2	%		0.0	%
Acquisition-related costs (4)		0.0	%		0.0	%		—
Legal-related costs (6)		-0.2	%		—			—
Covid-19 related costs (7)		—			0.5	%		—
Net loss on divestitures (8)		—			9.3	%		—
Non-GAAP operating margin		5.0	%		11.1	%		5.1	%

Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis	$	68.1		$	118.4		$	73.0
Amortization of intangible assets (1)		1.5			1.6			1.5
Stock-based compensation expense (2)		0.5			0.4			0.3
Restructuring charges (3)		0.4			—			—
Covid-19 related costs (7)		—			2.9			—
Non-GAAP gross profit	$	70.5		$	123.3		$	74.8

ULTRA CLEAN HOLDINGS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE

	Three Months Ended
	June 30,			July 1,			March 31,
	2023			2022			2023
(in millions, except percentages)
Provision for income taxes on a GAAP basis	$	8.3		$	8.7		$	3.5
Income tax effect of non-GAAP adjustments (9)		1.6			11.1			1.6
Income tax effect of valuation allowance (10)		(8.1)			(10.7)			(2.9)
Non-GAAP provision for income taxes	$	1.8		$	9.1		$	2.2

Income (loss) before income taxes on a GAAP basis	$	0.1		$	(13.0)		$	3.9
Amortization of intangible assets (1)		5.5			7.7			5.8
Stock-based compensation expense (2)		1.3			4.4			3.7
Restructuring charges (3)		2.4			1.1			0.2
Acquisition-related costs (4)		0.1			0.2			—
Fair value adjustments (5)		2.9			—			—
Legal-related costs (6)		(0.9)			—			—
Covid-19 related costs (7)		—			2.9			—
Net loss on divestitures (8)		—			56.6			—
Non-GAAP income before income taxes	$	11.4		$	59.9		$	13.6
Effective income tax rate on a GAAP basis		8300.0	%		-66.8	%		89.7	%
Non-GAAP effective income tax rate		16.0	%		15.2	%		16.0	%

1 Amortization of intangible assets related to the Company's business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents severance, retention, operational alignments and costs related to facility closures
4 Represents acquisition activity costs
5 Represents the fair value adjustment on intercompany loan related to an acquisition, net of $1.3 million loss attributable to noncontrolling interest
6 Related to certain legal proceedings
7 Covid-19 related expenses incurred during the period
8 Represents the net loss on the divestiture of certain non-core subsidiary entities
9 Tax effect of items (1) through (8) above based on the non-GAAP tax rate
10 The Company's GAAP tax expense is generally higher than the Company's non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company's non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect

ХЕЙВОРД, Калифорния, 27 июля 2023 г. /PRNewswire/ -- Ultra Clean Holdings, Inc. (Nasdaq: UCTT), сегодня сообщила о своих финансовых результатах за второй квартал, закончившийся 30 июня 2023 года.

"Полупроводниковая промышленность продолжала сталкиваться с некоторыми краткосрочными препятствиями во втором квартале", - сказал Джим Шолхамер, генеральный директор. "Наш продуктовый бизнес работал так, как ожидалось, однако мы столкнулись с недостатками в других областях. Несмотря на то, что недавние инициативы по снижению затрат нашли отражение в наших финансовых результатах, мы продолжим реагировать на текущие рыночные условия, реализуя стратегические инициативы в рамках подготовки к следующему росту отрасли".

Финансовые результаты по ОПБУ за второй квартал 2023 года

Вышеуказанная информация содержит или может считаться содержащей "заявления прогнозного характера" (как определено в Законе США о реформе судебного разбирательства по частным ценным бумагам от 1995 года), которые отражают наши текущие взгляды в отношении будущих событий и финансовых показателей. Мы используем такие слова, как "ожидает", "проекция", "перспектива", "прогноз", "полагает", "планирует", "ожидает", "будущее", "намеревается", "может", "будет", "оценивает", "видит", "предсказывает," "следует" и аналогичные выражения для идентификации этих прогнозных заявлений. Заявления о перспективах, включенные в этот пресс-релиз, включают наши ожидания относительно рынка полупроводникового оборудования и его перспектив. Все заявления прогнозного характера касаются вопросов, связанных с рисками и неопределенностями. Соответственно, фактические результаты Компании могут существенно отличаться от результатов, предсказанных или подразумеваемых в этих прогнозных заявлениях. Эти риски, неопределенности и другие факторы также включают, среди прочего, те, которые указаны в разделах "Факторы риска", "Обсуждение и анализ руководством финансового состояния и результатов деятельности" и других разделах нашего годового отчета по форме 10-К за год, закончившийся 30 декабря 2022 года, представленного в Отдел ценных бумаг и комиссия за обмен. Ultra Clean Holdings, Inc. не берет на себя никаких обязательств по публичному обновлению или пересмотру каких-либо прогнозных заявлений, будь то в результате новой информации, будущих событий или иным образом, за исключением случаев, предусмотренных законом.

Ultra Clean Holdings, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in millions, except per share data)

	Three Months Ended				Six Months Ended
	June 30,		July 1,		June 30,		July 1,
	2023		2022		2023		2022

Revenues:
Product	$	362.5	$	532.0	$	731.1	$	1,018.9
Services		59.0		76.7		123.7		154.0
Total revenues		421.5		608.7		854.8		1,172.9
Cost of revenues:
Product		311.1		441.1		626.2		840.6
Services		42.3		49.2		87.5		100.1
Total cost of revenues		353.4		490.3		713.7		940.7
Gross profit		68.1		118.4		141.1		232.2
Operating expenses:
Research and development		7.2		7.2		14.3		14.1
Sales and marketing		12.7		13.9		25.8		27.7
General and administrative		35.6		46.2		76.0		93.5
Net loss on divestitures		—		56.6		—		56.6
Total operating expenses		55.5		123.9		116.1		191.9
Income (loss) from operations		12.6		(5.5)		25.0		40.3
Interest income		0.8		0.1		1.3		0.2
Interest expense		(11.8)		(7.3)		(23.6)		(13.7)
Other income (expense), net		(1.5)		(0.3)		1.3		(0.4)
Income (loss) before provision for income taxes		0.1		(13.0)		4.0		26.4
Provision for income taxes		8.3		8.7		11.8		17.3
Net income (loss)		(8.2)		(21.7)		(7.8)		9.1
Less: Net income attributable to noncontrolling interests		1.2		3.4		5.0		6.3
Net income (loss) attributable to UCT	$	(9.4)	$	(25.1)	$	(12.8)	$	2.8

Net income (loss) per share attributable to UCT common stockholders:
Basic	$	(0.21)	$	(0.56)	$	(0.29)	$	0.06
Diluted	$	(0.21)	$	(0.56)	$	(0.29)	$	0.06
Shares used in computing net income (loss) per share:
Basic		44.7		45.2		44.8		45.1
Diluted		44.7		45.2		44.8		45.7

Ultra Clean Holdings, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited; in millions)

	Six Months Ended
	June 30,		July 1,
	2023		2022
Cash flows from operating activities:
Net income (loss)	$	(7.8)	$	9.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		31.5		37.6
Stock-based compensation		4.7		10.1
Change in the fair value of financial instruments		(0.2)		(1.1)
Deferred income taxes		(0.6)		1.1
Net loss on divestitures		—		56.6
Others		(0.4)		(0.1)
Changes in assets and liabilities:
Accounts receivable		75.1		2.8
Inventories		45.1		(43.2)
Prepaid expenses and other current assets		5.2		(2.9)
Other non-current assets		(0.3)		(1.0)
Accounts payable		(62.6)		(55.8)
Accrued compensation and related benefits		(12.5)		4.6
Income taxes payable		(4.3)		(2.5)
Operating lease assets and liabilities		(2.9)		(2.3)
Other liabilities		(5.6)		1.3
Net cash provided by operating activities		64.4		14.3
Cash flows from investing activities:
Purchases of property, plant and equipment		(47.0)		(46.5)
Proceeds from sale of equipment, including insurance proceeds		0.5		0.4
Divestiture of subsidiaries		—		(0.3)
Net cash used in investing activities		(46.5)		(46.4)
Cash flows from financing activities:
Payments on bank borrowings		(30.9)		(10.5)
Repurchase of shares		(23.7)		—
Employees' taxes paid upon vesting of restricted stock units		(2.2)		(3.8)
Payments of dividends to a joint venture shareholder		(0.1)		(0.3)
Proceeds from bank borrowings		—		4.7
Proceeds from issuance of common stock		—		0.7
Net cash used in financing activities		(56.9)		(9.2)
Effect of exchange rate changes on cash and cash equivalents		1.0		(3.8)
Net decrease in cash and cash equivalents		(38.0)		(45.1)
Cash and cash equivalents at beginning of period		358.8		466.5
Cash and cash equivalents at end of period	$	320.8	$	421.4

Ultra Clean Holdings, INC. REPORTABLE SEGMENTS GAAP TO NON-GAAP RECONCILIATION (Unaudited; dollars in millions)


		GAAP										Non-GAAP
		Three Months Ended										Three Months Ended
	June 30, 2023										June 30, 2023
	Products				Services			Consolidated			Products				Services			Consolidated
Revenues	$		362.5		$	59.0		$	421.5		$		362.5		$	59.0		$	421.5
Gross profit	$		51.4		$	16.7		$	68.1		$		52.6		$	17.9		$	70.5
Gross margin			14.2	%		28.3	%		16.2	%			14.5	%		30.3	%		16.7	%
Income from operations	$		10.8		$	1.8		$	12.6		$		15.5		$	5.5		$	21.0
Operating margin			3.0	%		3.1	%		3.0	%			4.3	%		9.3	%		5.0	%

											Three Months Ended
											June 30, 2023
											Products				Services			Consolidated
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis											$		51.4		$	16.7		$	68.1
Amortization of intangible assets (1)													0.5			1.0			1.5
Stock-based compensation expense (2)													0.5			—			0.5
Restructuring charges (3)													0.2			0.2			0.4
Non-GAAP gross profit											$		52.6		$	17.9		$	70.5

Reconciliation of GAAP Gross margin to Non-GAAP Gross margin
Reported gross margin on a GAAP basis													14.2	%		28.3	%		16.2	%
Amortization of intangible assets (1)													0.1	%		1.6	%		0.3	%
Stock-based compensation expense (2)													0.1	%		0.0	%		0.1	%
Restructuring charges (3)													0.1	%		0.4	%		0.1	%
Non-GAAP gross margin													14.5	%		30.3	%		16.7	%

Reconciliation of GAAP Income (loss) from operations to Non-GAAP Income from operations (in millions)
Reported income from operations on a GAAP basis											$		10.8		$	1.8		$	12.6
Amortization of intangible assets (1)													2.6			2.9			5.5
Stock-based compensation expense (2)													0.8			0.5			1.3
Restructuring charges (3)													2.1			0.3			2.4
Acquisition-related costs (4)													0.1			—			0.1
Legal-related costs (5)													(0.9)			—			(0.9)
Non-GAAP income from operations											$		15.5		$	5.5		$	21.0

Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis													3.0	%		3.1	%		3.0	%
Amortization of intangible assets (1)													0.7	%		4.9	%		1.3	%
Stock-based compensation expense (2)													0.2	%		0.8	%		0.3	%
Restructuring charges (3)													0.6	%		0.5	%		0.6	%
Acquisition-related costs (4)													0.0	%		0.0	%		0.0	%
Legal-related costs (5)													-0.2	%		0.0	%		-0.2	%
Non-GAAP operating margin													4.3	%		9.3	%		5.0	%

1 Amortization of intangible assets related to the Company's business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents severance, retention, operational alignments and costs related to facility closures
4 Represents acquisition activity costs
5 Related to certain legal proceedings

Ultra Clean Holdings, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS

	Three Months Ended
	June 30,			July 1,			March 31,
	2023			2022			2023
Reconciliation of GAAP Net Loss to Non-GAAP Net Income (in millions)
Reported net loss attributable to UCT on a GAAP basis	$	(9.4)		$	(25.1)		$	(3.4)
Amortization of intangible assets (1)		5.5			7.7			5.8
Stock-based compensation expense (2)		1.3			4.4			3.7
Restructuring charges (3)		2.4			1.1			0.2
Acquisition-related costs (4)		0.1			0.2			—
Fair value adjustments (5)		1.6			—			—
Legal-related costs (6)		(0.9)			—			—
Covid-19 related costs (7)		—			2.9			—
Net loss on divestitures (8)		—			56.6			—
Income tax effect of non-GAAP adjustments (9)		(1.6)			(11.1)			(1.6)
Income tax effect of valuation allowance (10)		8.1			10.7			2.9
Non-GAAP net income attributable to UCT	$	7.1		$	47.4		$	7.6

Reconciliation of GAAP Income (loss) from operations to Non-GAAP Income from operations (in millions)
Reported income (loss) from operations on a GAAP basis	$	12.6		$	(5.5)		$	12.4
Amortization of intangible assets (1)		5.5			7.7			5.8
Stock-based compensation expense (2)		1.3			4.4			3.7
Restructuring charges (3)		2.4			1.1			0.2
Acquisition-related costs (4)		0.1			0.2			—
Legal-related costs (6)		(0.9)			—			—
Covid-19 related costs (7)		—			2.9			—
Net loss on divestitures (8)		—			56.6			—
Non-GAAP income from operations	$	21.0		$	67.4		$	22.1

Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis		3.0	%		-0.9	%		2.9	%
Amortization of intangible assets (1)		1.3	%		1.3	%		1.3	%
Stock-based compensation expense (2)		0.3	%		0.7	%		0.9	%
Restructuring charges (3)		0.6	%		0.2	%		0.0	%
Acquisition-related costs (4)		0.0	%		0.0	%		—
Legal-related costs (6)		-0.2	%		—			—
Covid-19 related costs (7)		—			0.5	%		—
Net loss on divestitures (8)		—			9.3	%		—
Non-GAAP operating margin		5.0	%		11.1	%		5.1	%

Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis	$	68.1		$	118.4		$	73.0
Amortization of intangible assets (1)		1.5			1.6			1.5
Stock-based compensation expense (2)		0.5			0.4			0.3
Restructuring charges (3)		0.4			—			—
Covid-19 related costs (7)		—			2.9			—
Non-GAAP gross profit	$	70.5		$	123.3		$	74.8

Ultra Clean Holdings, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE

	Three Months Ended
	June 30,			July 1,			March 31,
	2023			2022			2023
(in millions, except percentages)
Provision for income taxes on a GAAP basis	$	8.3		$	8.7		$	3.5
Income tax effect of non-GAAP adjustments (9)		1.6			11.1			1.6
Income tax effect of valuation allowance (10)		(8.1)			(10.7)			(2.9)
Non-GAAP provision for income taxes	$	1.8		$	9.1		$	2.2

Income (loss) before income taxes on a GAAP basis	$	0.1		$	(13.0)		$	3.9
Amortization of intangible assets (1)		5.5			7.7			5.8
Stock-based compensation expense (2)		1.3			4.4			3.7
Restructuring charges (3)		2.4			1.1			0.2
Acquisition-related costs (4)		0.1			0.2			—
Fair value adjustments (5)		2.9			—			—
Legal-related costs (6)		(0.9)			—			—
Covid-19 related costs (7)		—			2.9			—
Net loss on divestitures (8)		—			56.6			—
Non-GAAP income before income taxes	$	11.4		$	59.9		$	13.6
Effective income tax rate on a GAAP basis		8300.0	%		-66.8	%		89.7	%
Non-GAAP effective income tax rate		16.0	%		15.2	%		16.0	%

1 Amortization of intangible assets related to the Company's business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents severance, retention, operational alignments and costs related to facility closures
4 Represents acquisition activity costs
5 Represents the fair value adjustment on intercompany loan related to an acquisition, net of $1.3 million loss attributable to noncontrolling interest
6 Related to certain legal proceedings
7 Covid-19 related expenses incurred during the period
8 Represents the net loss on the divestiture of certain non-core subsidiary entities
9 Tax effect of items (1) through (8) above based on the non-GAAP tax rate
10 The Company's GAAP tax expense is generally higher than the Company's non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company's non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect

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ULTRA CLEAN HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in millions)

	June 30,		December 30,
	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	320.8	$	358.8
Accounts receivable, net of allowance		178.6		253.7
Inventories		398.8		443.9
Prepaid expenses and other current assets		37.2		42.4
Total current assets		935.4		1,098.8

Property, plant and equipment, net		306.5		279.6
Goodwill		248.8		248.8
Intangible assets, net		176.5		187.9
Deferred tax assets, net		37.0		36.0
Operating lease right-of-use assets		128.3		99.0
Other non-current assets		11.2		10.8
Total assets	$	1,843.7	$	1,960.9

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank borrowings	$	17.8	$	20.8
Accounts payable		183.5		253.5
Accrued compensation and related benefits		40.0		52.5
Operating lease liabilities		17.6		17.1
Other current liabilities		35.4		45.3
Total current liabilities		294.3		389.2

Bank borrowings, net of current portion		467.1		493.0
Deferred tax liabilities		52.4		52.2
Operating lease liabilities		114.5		80.3
Other liabilities		9.2		9.2
Total liabilities		937.5		1,023.9

Equity:
UCT stockholders' equity:
Common stock		494.3		515.5
Retained earnings		365.0		377.8
Accumulated other comprehensive loss		(9.5)		(5.4)
Total UCT stockholders' equity		849.8		887.9
Non-controlling interest		56.4		49.1
Total equity		906.2		937.0
Total liabilities and equity	$	1,843.7	$	1,960.9

Ultra Clean Holdings, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in millions)

	June 30,		December 30,
	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	320.8	$	358.8
Accounts receivable, net of allowance		178.6		253.7
Inventories		398.8		443.9
Prepaid expenses and other current assets		37.2		42.4
Total current assets		935.4		1,098.8

Property, plant and equipment, net		306.5		279.6
Goodwill		248.8		248.8
Intangible assets, net		176.5		187.9
Deferred tax assets, net		37.0		36.0
Operating lease right-of-use assets		128.3		99.0
Other non-current assets		11.2		10.8
Total assets	$	1,843.7	$	1,960.9

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Bank borrowings	$	17.8	$	20.8
Accounts payable		183.5		253.5
Accrued compensation and related benefits		40.0		52.5
Operating lease liabilities		17.6		17.1
Other current liabilities		35.4		45.3
Total current liabilities		294.3		389.2

Bank borrowings, net of current portion		467.1		493.0
Deferred tax liabilities		52.4		52.2
Operating lease liabilities		114.5		80.3
Other liabilities		9.2		9.2
Total liabilities		937.5		1,023.9

Equity:
UCT stockholders' equity:
Common stock		494.3		515.5
Retained earnings		365.0		377.8
Accumulated other comprehensive loss		(9.5)		(5.4)
Total UCT stockholders' equity		849.8		887.9
Non-controlling interest		56.4		49.1
Total equity		906.2		937.0
Total liabilities and equity	$	1,843.7	$	1,960.9