Ultra Clean (US:UCTT)2024-05-06 21:27Financial Performance - Non-GAAP net income for Q1'24 was $12.1 million[92], compared to $186.1 million in FY'21[92], $181.9 million in FY'22[92], and $25.2 million in FY'23[92] - Net income (Loss) per GAAP basis was $(0.21) million in Q1'24[15], compared to $2.69 million in FY'21[15], $0.88 million in FY'22[15], and $(0.70) million in FY'23[15] - Q1'24 gross margin was 17.9%[81] and the company had an operating cash flow of $9.8 million[81] with a cash balance of $293.0 million[82] - Q2'24 revenue is guided between $465 million and $515 million[84], with EPS between $0.16 and $0.36[93] Revenue Segmentation - In Q1'24, Memory WFE accounted for 32% of revenue, while Foundry & Logic WFE accounted for 51%[50] - Other OEMs accounted for 29% of revenue, with Applied contributing 23%[50] - Products revenue was $418.5 million with a gross margin of 15.8% and operating margin of 6.0%[83] - Services revenue was $59.2 million with a gross margin of 32.3% and operating margin of 10.1%[83] Strategic Initiatives - The company aims to expand its presence at other major OEMs and further diversify revenue by leveraging new high-growth device markets such as AI, 5G, IoT, and automotive, while also supporting the domestic China market[42] - The company intends to increase its share in manufactured components and further penetrate current >10% customers, with a goal to add additional >10% customers over the next several years[56] - The company is focused on opportunistic consolidation within the fragmented supply chain[56]