Ultra Clean (US:UCTT)2025-02-24 21:16Revenue Performance - Total revenue for Q4 2024 was $563.3 million, a 21% increase compared to the prior year[2] - Full year 2024 total revenue reached $2,097.6 million, up from $1,734.5 million in 2023, representing a growth of 20.9%[5] - The company expects Q1 2025 revenue to be in the range of $505 million to $555 million[7] - Total revenues for the three months ended December 27, 2024, were $563.3 million, with product revenues at $503.5 million and service revenues at $59.8 million[23] Net Income and Earnings - Q4 2024 GAAP net income was $16.3 million, or $0.36 per diluted share, compared to a net loss of $(2.3) million or $(0.05) per diluted share in the prior quarter[3] - Non-GAAP net income for Q4 2024 was $22.9 million, or $0.51 per diluted share, compared to $15.9 million or $0.35 per diluted share in the prior quarter[4] - Full year 2024 non-GAAP net income was $65.2 million, or $1.44 per diluted share, compared to $25.2 million or $0.56 per diluted share in the prior year[6] - Net income for the twelve months ended December 27, 2024, was $34.5 million, a significant improvement from a net loss of $22.2 million in the previous year[20] - Non-GAAP net income attributable to UCT for the twelve months ended December 27, 2024, was $65.2 million, significantly up from $25.2 million in 2023, representing a year-over-year increase of 158%[26] - Non-GAAP earnings per diluted share for the twelve months ended December 27, 2024, was $1.44, compared to $0.56 in 2023, marking a 157% increase[28] Margins - Total gross margin for Q4 2024 was 16.3%, down from 17.3% in the prior quarter[3] - Operating margin for Q4 2024 was 4.6%, compared to 4.7% in the prior quarter[3] - Non-GAAP gross margin improved to 16.8% for the three months ended December 27, 2024, compared to 16.3% on a GAAP basis[23] - Non-GAAP operating margin for the three months ended December 27, 2024, was 7.0%, compared to 5.2% for the same period in 2023, indicating a 34.6% improvement[26] - Reported gross profit on a GAAP basis for the three months ended December 27, 2024, was $91.8 million, up from $71.1 million in the same period last year, reflecting a 29% increase[27] - Non-GAAP gross margin for the three months ended December 27, 2024, was 16.8%, compared to 16.7% for the same period in 2023, showing a slight improvement[27] Cash Flow and Financial Position - Cash and cash equivalents as of December 27, 2024, were $313.9 million, an increase from $307.0 million in the prior year[18] - Operating cash flow for the twelve months was $65.0 million, down from $135.9 million year-over-year[20] - Cash used in investing activities was $63.5 million, a decrease from $119.7 million in the previous year[20] - The company raised $67.7 million from bank borrowings during the financing activities[20] Other Financial Metrics - The company has a global manufacturing capacity to support a $4 billion revenue run rate[2] - The company reported a decrease in accounts receivable by $60.3 million, while accounts payable increased by $26.4 million[20] - Stock-based compensation expense for the twelve months ended December 27, 2024, was $17.8 million, up from $12.5 million in 2023, indicating a 42.4% increase[26] - The company reported a significant increase in stock-based compensation from $12.1 million to $17.4 million year-over-year[20] - Effective income tax rate on a GAAP basis for the three months ended December 27, 2024, was 18.4%, while the non-GAAP effective income tax rate was 14.5%[30] - Reported income from operations on a GAAP basis for the twelve months ended December 27, 2024, was $91.2 million, compared to $35.2 million in 2023, representing a 158% increase[26] - The company reported a significant increase in non-GAAP income before income taxes for the twelve months ended December 27, 2024, at $96.3 million, compared to $43.8 million in 2023, reflecting a 119% growth[30]