Kulicke & Soffa(KLIC) - 2021 Q4 - Annual Report

Financial Performance - Net revenue for fiscal 2021 reached $1,517,664, an increase of 143.5% compared to $623,176 in fiscal 2020[176] - Gross profit for fiscal 2021 was $696,986, reflecting a 133.9% increase from $297,975 in fiscal 2020[176] - Income from operations surged to $412,447 in fiscal 2021, a remarkable increase of 604.9% from $58,509 in fiscal 2020[176] - Net income for fiscal 2021 was $367.2 million, a substantial increase from $52.3 million in fiscal 2020, resulting in a net income per share of $5.92[243] - The company’s comprehensive income for fiscal 2021 was $366.7 million, compared to $59.7 million in fiscal 2020, reflecting overall financial health[245] Revenue and Growth - Bookings for fiscal 2021 reached $2,176,981 thousand, a significant increase of 236.5% compared to $646,389 thousand in fiscal 2020[178] - Backlog as of October 2, 2021, was $787,241 thousand, up from $127,924 thousand as of October 3, 2020, indicating strong future demand[178] - Future revenue growth is expected to be influenced by ongoing research and development efforts and the identification of new growth opportunities[155] - The company anticipates continued growth in the semiconductor industry and related markets, driven by increasing demand for advanced packaging and electronic assembly equipment[155] Expenses and Costs - Cost of sales increased by 152.4% to $820,678 in fiscal 2021 from $325,201 in fiscal 2020[176] - Selling, general and administrative expenses rose by 26.8% to $147,061 in fiscal 2021 compared to $116,007 in fiscal 2020[176] - Research and development expenses increased by 11.4% to $137,478 in fiscal 2021 from $123,459 in fiscal 2020[176] - Operating expenses totaled $284,539 in fiscal 2021, an increase of 18.8% from $239,466 in fiscal 2020[176] Assets and Liabilities - Total current assets increased to $1,351.9 million as of October 2, 2021, up from $860.2 million as of October 3, 2020[241] - The company's total assets reached $1,601.6 million, compared to $1,054.6 million in the previous year, indicating strong growth[241] - Total liabilities increased to $506.4 million from $296.6 million, reflecting a rise in accounts payable and accrued expenses[241] Cash and Investments - Cash and cash equivalents as of October 2, 2021, were $362,788 thousand, up from $188,127 thousand as of October 3, 2020, reflecting a $174,661 thousand increase[199] - As of October 2, 2021, the company held approximately $724.5 million in cash, cash equivalents, and short-term investments in foreign subsidiaries, up from $492.0 million as of October 3, 2020[209] - Cash, cash equivalents, and short-term investments totaled $739,806 as of October 2, 2021, with cash alone amounting to $269,201[325] Shareholder Returns - The company declared dividends of $0.56 per share of common stock during the fiscal year ended October 2, 2021, with a quarterly dividend of $0.14 per share declared on multiple occasions[213] - The company repurchased approximately 215.0 thousand shares of common stock at a cost of approximately $10.2 million during the fiscal year ended October 2, 2021, with a remaining share repurchase authorization of approximately $132.0 million[212] Tax and Compliance - The effective tax rate for fiscal 2021 was 11.4%, down from 18.6% in fiscal 2020, due to various tax benefits and adjustments[196] - Deferred tax liabilities amounted to $32.8 million, with an unrecognized tax benefit of $15.0 million recorded within income tax payable for uncertain tax positions[215] Acquisitions and Investments - The acquisition of Uniqarta was completed for a purchase price of $26.5 million, enhancing the company's presence in the LED market[306][307] - The company incurred $1.7 million in acquisition-related expenses during fiscal 2021, included in selling, general, and administrative expenses[312] Risk Management - A 10.0% fluctuation in foreign currency could impact the company's financial position, results of operations, or cash flows by $2.0 to $3.0 million[221] - The company has foreign exchange forward contracts with a notional amount of $57.7 million outstanding as of October 2, 2021, to hedge against foreign currency risks[222]