Ichor Holdings, Ltd. (NASDAQ: ICHR), a leader in the design,
engineering, and manufacturing of critical fluid delivery
subsystems and components for semiconductor capital equipment,
today announced fourth quarter and fiscal year 2024 financial
results.
Fourth quarter 2024 highlights:
- Revenues of $233 million, at the upper end of our guidance
range communicated in November;
- Gross margin of 11.6% on a GAAP basis and 12.0% on a non‑GAAP
basis; and
- Earnings (loss) per share of $(0.12) on a GAAP basis and $0.08
on a non-GAAP basis.
Fiscal year 2024 highlights:
- Revenues of $849 million, up 5% year-over-year;
- Gross margin of 12.2% on a GAAP basis and 12.7% on a non‑GAAP
basis; and
- Earnings (loss) per share of $(0.64) on a GAAP basis and $0.18
on a non-GAAP basis.
“We are pleased to report that the strengthening customer demand
environment resulted in over 10% sequential revenue growth in Q4,
and another quarter of growth expected for Q1,” commented Jeff
Andreson, Ichor’s CEO. “With our revenue run rate up significantly
from prior levels, our gross margin performance for Q4 was affected
by cost headwinds ramping our direct labor force as well as
one-time inventory charges and less favorable product and customer
mix. While we expect some of these factors will continue to some
degree into Q1, the vast majority of cost headwinds were unique to
the fourth quarter and we expect significant gross margin
improvement ahead for 2025. The customer demand profile has
continued to strengthen year-to-date, indicating expectations for a
continued robust business environment for leading edge foundry and
logic investments, and the beginning of a recovery in overall
memory investments, leading us to be confident in Ichor’s ability
to outgrow WFE in 2025 and demonstrate significant gross margin and
earnings leverage.”
Q4 2024
Q3 2024
Q4 2023
FY2024
FY2023
(dollars in thousands, except per
share amounts)
U.S. GAAP Financial Results:
Net sales
$
233,291
$
211,139
$
203,481
$
849,040
$
811,120
Gross margin
11.6
%
13.2
%
10.0
%
12.2
%
12.7
%
Operating margin
(0.5
)%
(0.2
)%
(3.9
)%
(0.9
)%
(1.3
)%
Net loss
$
(3,943
)
$
(2,776
)
$
(11,899
)
$
(20,820
)
$
(42,985
)
Diluted EPS
$
(0.12
)
$
(0.08
)
$
(0.40
)
$
(0.64
)
$
(1.47
)
Q4 2024
Q3 2024
Q4 2023
FY2024
FY2023
(dollars in thousands, except per
share amounts)
Non-GAAP Financial Results:
Gross margin
12.0
%
13.6
%
10.4
%
12.7
%
13.4
%
Operating margin
2.4
%
3.0
%
0.0
%
2.2
%
2.9
%
Net income (loss)
$
2,761
$
4,020
$
(1,675
)
$
5,888
$
12,257
Diluted EPS
$
0.08
$
0.12
$
(0.06
)
$
0.18
$
0.42
U.S. GAAP Financial Results
Overview
For the fourth quarter of 2024, revenue was $233.3 million, net
loss was $(3.9) million, and net loss per diluted share (“diluted
EPS”) was $(0.12). This compares to revenue of $211.1 million and
$203.5 million, net loss of $(2.8) million and $(11.9) million, and
diluted EPS of $(0.08) and $(0.40), for the third quarter of 2024
and fourth quarter of 2023, respectively.
For 2024, revenue was $849.0 million, net loss was $(20.8)
million, and diluted EPS was $(0.64). This compares to revenue of
$811.1 million, net loss of $(43.0) million, and diluted EPS of
$(1.47) for 2023.
Non-GAAP Financial Results
Overview
For the fourth quarter of 2024, non-GAAP net income was $2.8
million and non-GAAP diluted EPS was $0.08. This compares to
non-GAAP net income (loss) of $4.0 million and $(1.7) million, and
non-GAAP diluted EPS of $0.12 and $(0.06), for the third quarter of
2024 and fourth quarter of 2023, respectively.
For 2024, non-GAAP net income was $5.9 million and non-GAAP
diluted EPS was $0.18. This compares to non-GAAP net income of
$12.3 million, and non-GAAP diluted EPS of $0.42 for 2023.
First Quarter 2025 Financial
Outlook
For the first quarter of 2025, we expect the following:
Low-End
Mid-Point
High-End
Revenue
$235 million
$245 million
$255 million
GAAP diluted EPS
$0.04
$0.10
$0.16
Non-GAAP diluted EPS
$0.20
$0.26
$0.32
This outlook for non‑GAAP diluted EPS excludes amortization of
intangible assets of approximately $2.1 million and share-based
compensation expense of approximately $4.4 million, as well as the
related income tax effects. Non-GAAP diluted EPS should be
considered in addition to, but not as a substitute for, our
financial information presented in accordance with GAAP.
Balance Sheet and Cash Flow
Results
We ended the fourth quarter of 2024 with cash and cash
equivalents of $108.7 million, a decrease of $7.8 million from the
prior quarter and an increase of $28.7 million from the prior year
ended December 29, 2023.
The decrease of $7.8 million in the fourth quarter of 2024 was
primarily due to capital expenditures of $4.4 million, net cash
used in operating activities of $2.5 million, and net payments on
our credit facilities of $1.9 million, partially offset by net cash
received from share-based compensation of $1.0 million.
The increase of $28.7 million during the twelve months ended
December 27, 2024 was primarily due to net proceeds of $136.7
million from our issuance of 3.8 million ordinary shares in March
2024 in connection with an underwritten public offering, net cash
provided by operating activities of $27.9 million, and net cash
received from share-based compensation of $2.4 million, partially
offset by net payments on credit facilities of $120.6 million and
capital expenditures of $17.6 million.
Our cash used in operating activities of $2.5 million for the
fourth quarter of 2024 consisted of an increase in our net
operating assets and liabilities of $10.7 million and net loss of
$3.9 million, partially offset by net non-cash charges of $12.1
million, consisting primarily of depreciation and amortization of
$8.0 million and share-based compensation expense of $4.6
million.
Our cash provided by operating activities of $27.9 million for
the twelve months ended December 27, 2024 consisted of net non-cash
charges of $46.0 million, consisting primarily of depreciation and
amortization of $30.7 million and share-based compensation expense
of $15.6 million, and a decrease in our net operating assets and
liabilities of $2.7 million, partially offset by net loss of $20.8
million.
The increase in our net operating assets and liabilities of
$10.7 million during the fourth quarter of 2024 was primarily due
to an increase in inventories of $10.7 million, an increase in
accounts receivable of $2.5 million, and a decrease in accrued and
other liabilities of $3.1 million, partially offset by an increase
in accounts payable of $6.4 million.
The decrease in our net operating assets and liabilities of $2.7
million during the twelve months ended December 27, 2024 was
primarily due to an increase in accounts payable of $29.1 million
and a decrease in prepaid expenses and other assets of $2.3
million, partially offset by an increase in accounts receivable of
$19.9 million, a decrease in accrued and other liabilities of $4.6
million, and an increase in inventories of $4.2 million.
Use of Non-GAAP Financial
Results
In addition to U.S. GAAP ("GAAP") results, this press release
also contains non-GAAP financial results, including non‑GAAP gross
profit, non‑GAAP operating income, non‑GAAP net income (loss),
non‑GAAP diluted EPS, and free cash flow. Management uses non-GAAP
metrics to evaluate our operating and financial results. We believe
the presentation of non-GAAP results is useful to investors for
analyzing business trends and comparing performance to prior
periods, along with enhancing investors’ ability to view our
results from management’s perspective. Non-GAAP gross profit,
operating income, and net income are defined as: gross profit,
operating income (loss), or net income (loss), respectively,
excluding (1) amortization of intangible assets, share-based
compensation expense, and discrete or infrequent charges and gains
that are outside of normal business operations, including
transaction-related costs, contract and legal settlement gains and
losses, facility shutdown costs, and severance costs associated
with reduction-in-force programs, to the extent they are present in
gross profit, operating income (loss), and net income (loss),
respectively; and (2) the tax impacts associated with these
non-GAAP adjustments, as well as non-recurring discrete tax items,
including the impact of deferred tax asset valuation allowances.
All non-GAAP adjustments are presented on a gross basis; the
related income tax effects, including current and deferred income
tax expense, are included in the adjustment line under the heading
"Tax adjustments related to non-GAAP adjustments." Non-GAAP diluted
EPS is defined as non-GAAP net income divided by weighted average
diluted ordinary shares outstanding during the period. Non-GAAP
gross margin and non-GAAP operating margin are defined as non-GAAP
gross profit and non-GAAP operating income, respectively, divided
by net sales. Free cash flow is defined as cash provided by or used
in operating activities, less capital expenditures. Tables showing
these metrics on a GAAP and non-GAAP basis, with reconciliation
footnotes thereto, are included at the end of this press
release.
Non-GAAP results have limitations as an analytical tool, and you
should not consider them in isolation or as a substitute for our
results reported under GAAP. Other companies may calculate non-GAAP
results differently or may use other measures to evaluate their
performance, both of which could reduce the usefulness of our
non-GAAP results as a tool for comparison.
Because of these limitations, you should consider non-GAAP
results alongside other financial performance measures and results
presented in accordance with GAAP. In addition, in evaluating
non-GAAP results, you should be aware that in the future we will
incur expenses such as those that are the subject of adjustments in
deriving non-GAAP results, and you should not infer from our
presentation of non-GAAP results that our future results will not
be affected by these expenses or other discrete or infrequent
charges and gains that are outside of normal business
operations.
Conference Call
We will conduct a conference call to discuss our fourth quarter
and fiscal year 2024 results and business outlook today at 1:30
p.m. PT.
To listen to a live webcast of the call, please visit our
investor relations website at https://ir.ichorsystems.com, or go to
the live link at
https://www.webcast-eqs.com/register/ichorholdings02042025/en.
To listen via telephone, please call (877) 407‑0989 (domestic)
or +1 (201) 389‑0921 (international), conference ID: 13751019.
After the call, an on-demand replay will be available at the same
webcast link.
About Ichor
We are a leader in the design, engineering and manufacturing of
critical fluid delivery subsystems and components primarily for
semiconductor capital equipment, as well as other industries such
as defense/aerospace and medical. Our primary product offerings
include gas and chemical delivery subsystems, collectively known as
fluid delivery subsystems, which are key elements of the process
tools used in the manufacturing of semiconductor devices. Our gas
delivery subsystems deliver, monitor and control precise quantities
of the specialized gases used in semiconductor manufacturing
processes such as etch and deposition. Our chemical delivery
subsystems precisely blend and dispense the reactive liquid
chemistries used in semiconductor manufacturing processes such as
chemical-mechanical planarization, electroplating, and cleaning. We
also provide precision-machined components, weldments, e-beam and
laser welded components, precision vacuum and hydrogen brazing,
surface treatment technologies, and other proprietary products. We
are headquartered in Fremont, CA. https://ir.ichorsystems.com.
We use a 52- or 53-week fiscal year ending on the last Friday in
December. The three-month periods ended December 27, 2024,
September 27, 2024, and December 29, 2023 were each 13 weeks.
References to the fourth quarter of 2024, third quarter of 2024,
and fourth quarter of 2023 relate to the three-month periods then
ended. Our fiscal years ended December 27, 2024 and December 29,
2023 are each 52 weeks. References to 2024 and 2023 relate to the
fiscal years then ended.
Safe Harbor Statement
Certain statements in this release are "forward-looking
statements" made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The
words “anticipate,” “believe,” “contemplate,” “designed,”
“estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,”
“may,” “outlook,” “plan,” “predict,” “project,” “see,” “seek,”
“target,” “would” and similar expressions or variations or
negatives of these words are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Examples of forward-looking statements
include, but are not limited to, statements regarding our outlook
for our first fiscal quarter of 2025, statements regarding the
current business environment, revenue levels in 2025 and beyond,
manufacturers’ investment in water fabrication equipment, our
investment in research and development of new products, acquiring
new business, and company and industry growth and performance in
2025 and beyond, as well as any other statement that does not
directly relate to any historical fact. Such forward-looking
statements are based on management’s current expectations about
future events as of the date hereof and involve many risks and
uncertainties that could cause our actual results to differ
materially from those expressed or implied in our forward-looking
statements. Our actual results and outcomes could differ materially
from those included in these forward-looking statements as a result
of various factors, including, but not limited to: geopolitical,
economic and market conditions, including high inflation, changes
to fiscal and monetary policy, high interest rates, currency
fluctuations, challenges in the supply chain and any disruptions in
the global economy as a result of the conflicts in Ukraine and the
Middle East; dependence on expenditures by manufacturers and
cyclical downturns in the semiconductor capital equipment industry;
reliance on a very small number of original equipment manufacturers
("OEMs") for a significant portion of sales; negotiating leverage
held by our customers; competitiveness and rapid evolution of the
industries in which we participate; keeping pace with developments
in the industries we serve and with technological innovation
generally; designing, developing and introducing new products that
are accepted by original equipment manufacturers in order to retain
our existing customers and obtain new customers; managing our
manufacturing and procurement process effectively; defects in our
products that could damage our reputation, decrease market
acceptance and result in potentially costly litigation; and our
dependence on a limited number of suppliers. Additional information
concerning these and other factors can be found in our filings with
the Securities and Exchange Commission (the “SEC”), including other
risks, relevant factors, and uncertainties identified in the "Risk
Factors" section of our Annual Report on Form 10‑K for the year
ended December 29, 2023 and any other periodic reports that we may
file with the SEC.
All forward-looking statements in this press release are based
upon information available to us as of the date hereof, and
qualified in their entirety by this cautionary statement. We
undertake no obligation to update or revise any forward-looking
statements contained herein, whether as a result of actual results,
changes in our expectations, future events or developments, or
otherwise, except as required by law.
ICHOR HOLDINGS, LTD.
Consolidated Balance
Sheets
(in thousands, except share and
per share amounts)
(unaudited)
December 27,
2024
September 27,
2024
December 29,
2023
September 29,
2023
Assets
Current assets:
Cash and cash equivalents
$
108,669
$
116,447
$
79,955
$
75,933
Accounts receivable, net
86,619
84,150
66,721
103,350
Inventories
250,102
239,359
245,885
266,900
Prepaid expenses and other current
assets
7,230
7,105
8,804
5,142
Total current assets
452,620
447,061
401,365
451,325
Property and equipment, net
94,867
89,283
92,755
96,240
Operating lease right-of-use assets
44,461
35,136
36,611
36,948
Other noncurrent assets
15,182
14,675
11,912
12,079
Deferred tax assets, net
4,316
3,366
3,148
1,934
Intangible assets, net
48,716
50,979
57,288
60,456
Goodwill
335,402
335,402
335,402
335,402
Total assets
$
995,564
$
975,902
$
938,481
$
994,384
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
91,719
$
80,963
$
60,490
$
74,011
Accrued liabilities
15,992
17,338
14,871
16,176
Other current liabilities
8,965
6,899
6,638
8,588
Current portion of long-term debt
7,500
7,500
7,500
7,500
Current portion of lease liabilities
11,494
10,239
9,463
9,393
Total current liabilities
135,670
122,939
98,962
115,668
Long-term debt, less current portion,
net
121,023
122,782
241,183
272,942
Lease liabilities, less current
portion
34,189
26,090
28,187
28,556
Deferred tax liabilities, net
1,555
1,169
1,169
29
Other non-current liabilities
4,791
5,647
4,303
4,510
Total liabilities
297,228
278,627
373,804
421,705
Shareholders’ equity:
Preferred shares ($0.0001 par value;
20,000,000 shares authorized; zero shares issued and
outstanding)
—
—
—
—
Ordinary shares ($0.0001 par value;
200,000,000 shares authorized; 33,859,542, 33,724,917, 29,435,398,
and 29,375,388 shares outstanding, respectively; 38,296,981,
38,162,356, 33,872,837, and 33,812,827 shares issued,
respectively)
3
3
3
3
Additional paid in capital
606,060
601,056
451,581
447,684
Treasury shares at cost (4,437,439
shares)
(91,578
)
(91,578
)
(91,578
)
(91,578
)
Retained earnings
183,851
187,794
204,671
216,570
Total shareholders’ equity
698,336
697,275
564,677
572,679
Total liabilities and shareholders’
equity
$
995,564
$
975,902
$
938,481
$
994,384
ICHOR HOLDINGS, LTD.
Consolidated Statement of
Operations
(in thousands, except share and
per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 27,
2024
September 27,
2024
December 29,
2023
December 27,
2024
December 29,
2023
Net sales
$
233,291
$
211,139
$
203,481
$
849,040
$
811,120
Cost of sales
206,299
183,348
183,136
745,706
707,724
Gross profit
26,992
27,791
20,345
103,334
103,396
Operating expenses:
Research and development
5,850
5,872
5,534
23,018
20,223
Selling, general, and administrative
20,131
20,227
19,601
79,384
79,334
Amortization of intangible assets
2,263
2,077
3,169
8,572
14,734
Total operating expenses
28,244
28,176
28,304
110,974
114,291
Operating loss
(1,252
)
(385
)
(7,959
)
(7,640
)
(10,895
)
Interest expense, net
1,674
1,638
4,663
9,266
19,379
Other expense, net
272
587
(109
)
1,148
804
Loss before income taxes
(3,198
)
(2,610
)
(12,513
)
(18,054
)
(31,078
)
Income tax expense (benefit)
745
166
(614
)
2,766
11,907
Net loss
$
(3,943
)
$
(2,776
)
$
(11,899
)
$
(20,820
)
$
(42,985
)
Net loss per share:
Basic
$
(0.12
)
$
(0.08
)
$
(0.40
)
$
(0.64
)
$
(1.47
)
Diluted
$
(0.12
)
$
(0.08
)
$
(0.40
)
$
(0.64
)
$
(1.47
)
Shares used to compute Net loss per
share:
Basic
33,780,298
33,700,246
29,404,548
32,759,896
29,200,796
Diluted
33,780,298
33,700,246
29,404,548
32,759,896
29,200,796
ICHOR HOLDINGS, LTD.
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Three Months Ended
Year Ended
December 27,
2024
September 27,
2024
December 29,
2023
December 27,
2024
December 29,
2023
Cash flows from operating activities:
Net loss
$
(3,943
)
$
(2,776
)
$
(11,899
)
$
(20,820
)
$
(42,985
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization
7,976
7,608
8,541
30,744
34,577
Share-based compensation
4,591
4,672
4,672
15,576
17,338
Deferred income taxes
(564
)
(263
)
(74
)
(782
)
9,314
Amortization of debt issuance costs
116
117
116
465
465
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable, net
(2,469
)
(18,934
)
36,629
(19,898
)
69,600
Inventories
(10,743
)
(7,884
)
21,015
(4,217
)
37,775
Prepaid expenses and other assets
(717
)
1,182
1,594
2,343
10,204
Accounts payable
6,364
22,890
(16,218
)
29,110
(50,974
)
Accrued liabilities
(1,916
)
2,792
(2,660
)
929
(9,766
)
Other liabilities
(1,183
)
(813
)
(4,142
)
(5,570
)
(17,916
)
Net cash provided by (used in) operating
activities
(2,488
)
8,591
37,574
27,880
57,632
Cash flows from investing activities:
Capital expenditures
(4,398
)
(6,420
)
(2,257
)
(17,636
)
(15,496
)
Net cash used in investing activities
(4,398
)
(6,420
)
(2,257
)
(17,636
)
(15,496
)
Cash flows from financing activities:
Issuance of ordinary shares, net of
fees
—
—
—
136,738
—
Issuance of ordinary shares under
share-based compensation plans
2,201
880
1,370
7,800
7,521
Employees' taxes paid upon vesting of
restricted share units
(1,218
)
(953
)
(790
)
(5,443
)
(3,672
)
Repayments on revolving credit
facility
—
—
(30,000
)
(115,000
)
(45,000
)
Repayments on term loan
(1,875
)
—
(1,875
)
(5,625
)
(7,500
)
Net cash provided by (used in) financing
activities
(892
)
(73
)
(31,295
)
18,470
(48,651
)
Net increase (decrease) in cash
(7,778
)
2,098
4,022
28,714
(6,515
)
Cash at beginning of period
116,447
114,349
75,933
79,955
86,470
Cash at end of period
$
108,669
$
116,447
$
79,955
$
108,669
$
79,955
Supplemental disclosures of cash flow
information:
Cash paid during the period for
interest
$
2,449
$
1,665
$
5,236
$
11,650
$
20,368
Cash paid during the period for taxes, net
of refunds
$
1,529
$
352
$
25
$
3,333
$
3,877
Supplemental disclosures of non-cash
activities:
Capital expenditures included in accounts
payable
$
4,961
$
569
$
625
$
4,961
$
625
Right-of-use assets obtained in exchange
for new operating lease liabilities
$
11,747
$
2,292
$
1,686
$
16,418
$
4,789
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP
Gross Profit to Non-GAAP Gross Profit
(dollars in thousands)
(unaudited)
Three Months Ended
Year Ended
December 27,
2024
September 27,
2024
December 29,
2023
December 27,
2024
December 29,
2023
U.S. GAAP gross profit
$
26,992
$
27,791
$
20,345
$
103,334
$
103,396
Non-GAAP adjustments:
Share-based compensation
912
955
778
3,360
3,130
Other (1)
—
—
130
908
2,191
Non-GAAP gross profit
$
27,904
$
28,746
$
21,253
$
107,602
$
108,717
U.S. GAAP gross margin
11.6
%
13.2
%
10.0
%
12.2
%
12.7
%
Non-GAAP gross margin
12.0
%
13.6
%
10.4
%
12.7
%
13.4
%
(1)
Represents severance costs associated with
our global reduction-in-force programs.
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP
Operating Loss to Non-GAAP Operating Income
(dollars in thousands)
(unaudited)
Three Months Ended
Year Ended
December 27,
2024
September 27,
2024
December 29,
2023
December 27,
2024
December 29,
2023
U.S. GAAP operating income (loss)
$
(1,252
)
$
(385
)
$
(7,959
)
$
(7,640
)
$
(10,895
)
Non-GAAP adjustments:
Amortization of intangible assets
2,263
2,077
3,169
8,572
14,734
Share-based compensation
4,591
4,672
4,672
15,576
17,338
Transaction-related costs (1)
—
—
—
785
—
Other (2)
—
—
181
1,600
2,298
Non-GAAP operating income
$
5,602
$
6,364
$
63
$
18,893
$
23,475
U.S. GAAP operating margin
(0.5
)%
(0.2
)%
(3.9
)%
(0.9
)%
(1.3
)%
Non-GAAP operating margin
2.4
%
3.0
%
0.0
%
2.2
%
2.9
%
(1)
Represents transaction-related costs
incurred in connection with our acquisitions pipeline.
(2)
Represents severance costs associated with
our global reduction-in-force programs. Additionally, for the
twelve months ended December 27, 2024, the amount includes $0.5
million of costs incurred in connection with exiting and
consolidating one of our U.S.-based manufacturing facilities.
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP
Net Loss to Non-GAAP Net Income
(in thousands, except share and
per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 27,
2024
September 27,
2024
December 29,
2023
December 27,
2024
December 29,
2023
U.S. GAAP net loss
$
(3,943
)
$
(2,776
)
$
(11,899
)
$
(20,820
)
$
(42,985
)
Non-GAAP adjustments:
Amortization of intangible assets
2,263
2,077
3,169
8,572
14,734
Share-based compensation
4,591
4,672
4,672
15,576
17,338
Transaction-related costs (1)
—
—
—
785
—
Other (2)
—
—
181
1,600
2,298
Tax adjustments related to non-GAAP
adjustments (3)
(150
)
47
2,202
175
9,778
Tax expense from valuation allowance
(4)
—
—
—
—
11,094
Non-GAAP net income (loss)
$
2,761
$
4,020
$
(1,675
)
$
5,888
$
12,257
U.S. GAAP diluted EPS
$
(0.12
)
$
(0.08
)
$
(0.40
)
$
(0.64
)
$
(1.47
)
Non-GAAP diluted EPS
$
0.08
$
0.12
$
(0.06
)
$
0.18
$
0.42
Shares used to compute non-GAAP diluted
EPS
34,025,666
33,986,269
29,404,548
33,135,552
29,514,553
(1)
Represents transaction-related costs
incurred in connection with our acquisitions pipeline.
(2)
Represents severance costs associated with
our global reduction-in-force programs. Additionally, for the
twelve months ended December 27, 2024, the amount includes $0.5
million of costs incurred in connection with exiting and
consolidating one of our U.S.-based manufacturing facilities.
(3)
Adjusts GAAP income tax expense for the
impact of our non-GAAP adjustments, which are presented on a gross
basis. During the second quarter of 2023, we recorded a valuation
allowance against our U.S. federal and state deferred tax assets on
a GAAP basis. In the first quarter of 2024, we determined that the
valuation allowance should be recognized against our U.S. federal
and state deferred tax assets on a non-GAAP basis as we were not in
a three-year cumulative U.S. income position on a non-GAAP basis.
Accordingly, from the first quarter of 2024 and forward, tax
expense on a GAAP and non-GAAP basis reflects a valuation allowance
against our U.S. federal and state deferred tax assets.
(4)
During the second quarter of 2023, we
recorded a valuation allowance of $11.1 million against our U.S.
federal and state deferred tax assets. The valuation allowance was
recorded based on an assessment of available positive and negative
evidence, including an estimate of being in a three-year cumulative
loss position in the U.S. by the end of 2023, projections of future
taxable income, and other quantitative and qualitative
information.
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP
Net Cash Provided by Operating Activities to Free Cash Flow
(in thousands)
(unaudited)
Three Months Ended
Year Ended
December 27,
2024
September 27,
2024
December 29,
2023
December 27,
2024
December 29,
2023
Net cash provided by (used in) operating
activities
$
(2,488
)
$
8,591
$
37,574
$
27,880
$
57,632
Capital expenditures
(4,398
)
(6,420
)
(2,257
)
(17,636
)
(15,496
)
Free cash flow
$
(6,886
)
$
2,171
$
35,317
$
10,244
$
42,136
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250204184278/en/
Greg Swyt, CFO 510-897-5200 Claire McAdams, IR & Strategic
Initiatives 530-265-9899 ir@ichorsystems.com
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