$UCTT

ULTRA CLEAN HOLDINGS INC

CIK:0001275014|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 26, 2026	Jun. 27, 2025	Jun. 26, 2026	Jun. 27, 2025
Revenues:
Total revenues	$ 644,900,000	$ 518,800,000	$ 1,178,600,000	$ 1,037,400,000
Cost of revenues:
Total cost revenues	541,200,000	439,300,000	990,500,000	873,900,000
Gross margin	103,700,000	79,500,000	188,100,000	163,500,000
Operating expenses:
Research and development	8,800,000	7,800,000	17,400,000	15,400,000
Sales and marketing	16,400,000	15,500,000	31,900,000	30,500,000
General and administrative	49,000,000.0	46,900,000	98,000,000.0	95,400,000
Impairment of goodwill	0	151,100,000	0	151,100,000
Total operating expenses	74,200,000	221,300,000	147,300,000	292,400,000
Income (loss) from operations	29,500,000	(141,800,000)	40,800,000	(128,900,000)
Interest income	1,000,000.0	800,000	2,400,000	1,900,000
Interest expense	(1,100,000)	(10,100,000)	(8,300,000)	(20,000,000.0)
Other income (expense), net	600,000	(2,200,000)	(700,000)	(1,300,000)
Income (loss) before provision for income taxes	30,000,000.0	(153,300,000)	34,200,000	(148,300,000)
Provision for income taxes	18,100,000	7,200,000	37,200,000	14,600,000
Net income (loss)	11,900,000	(160,500,000)	(3,000,000.0)	(162,900,000)
Less: Net income attributable to noncontrolling interests	3,200,000	1,500,000	6,200,000	4,100,000
Net income (loss) attributable to UCT	$ 8,700,000	$ (162,000,000.0)	$ (9,200,000)	$ (167,000,000.0)
Net income (loss) per share attributable to UCT common stockholders:
Basic (in dollars per share)	$ 0.19	$ (3.58)	$ (0.20)	$ (3.70)
Diluted (in dollars per share)	$ 0.19	$ (3.58)	$ (0.20)	$ (3.70)
Shares used in computing net income (loss) per share:
Basic (in shares)	45.1	45.2	45.2	45.2
Diluted (in shares)	46.1	45.2	45.2	45.2
Products
Revenues:
Total revenues	$ 572,700,000	$ 454,900,000	$ 1,038,400,000	$ 911,900,000
Cost of revenues:
Total cost revenues	488,800,000	393,300,000	889,500,000	783,500,000
Services
Revenues:
Total revenues	72,200,000	63,900,000	140,200,000	125,500,000
Cost of revenues:
Total cost revenues	$ 52,400,000	$ 46,000,000.0	$ 101,000,000.0	$ 90,400,000

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 26, 2026	Jun. 27, 2025
Cash flows from operating activities:
Net income (loss)	$ (3,000,000.0)	$ (162,900,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	24,800,000	23,400,000
Amortization of intangible assets	13,700,000	14,300,000
Stock-based compensation	9,600,000	10,000,000.0
Amortization of debt issuance costs	1,600,000	1,100,000
Impairment of goodwill	0	151,100,000
Loss on extinguishment of debt	3,400,000	0
Loss on disposal of property, plant and equipment	1,200,000	100,000
Change in the fair value of financial instruments	0	(100,000)
Deferred income taxes	(500,000)	600,000
Changes in assets and liabilities:
Accounts receivable	800,000	34,300,000
Inventories	(238,900,000)	5,400,000
Prepaid expenses and other current assets	(13,800,000)	(7,800,000)
Other non-current assets	900,000	(500,000)
Accounts payable	104,400,000	(11,900,000)
Accrued compensation and related benefits	11,300,000	(2,600,000)
Income taxes payable	(2,500,000)	(4,200,000)
Operating lease right-of-use assets and operating lease liabilities	(1,200,000)	11,100,000
Other liabilities	13,800,000	(4,000,000.0)
Net cash provided by (used in) operating activities	(74,400,000)	57,400,000
Cash flows from investing activities:
Purchases of property, plant and equipment	(25,800,000)	(29,200,000)
Proceeds from sale of equipment	100,000	100,000
Net cash used in investing activities	(25,700,000)	(29,100,000)
Cash flows from financing activities:
Proceeds from the issuance of convertible notes	600,000,000.0	0
Borrowings on revolving credit facility	15,000,000.0	0
Proceeds from issuance of common stock	1,100,000	1,100,000
Payment of debt issuance costs	(17,400,000)	(600,000)
Repurchase of common stock	(40,000,000.0)	(3,400,000)
Payment for capped call transactions	(25,100,000)	0
Principal payments on bank borrowings	(481,500,000)	(15,100,000)
Employees’ taxes paid upon vesting of restricted stock units	(3,500,000)	(700,000)
Payments of dividends to a joint venture shareholder	(100,000)	(100,000)
Net cash provided by (used in) financing activities	48,500,000	(18,800,000)
Effect of exchange rate changes on cash and cash equivalents	(4,300,000)	4,000,000.0
Net increase (decrease) in cash and cash equivalents	(55,900,000)	13,500,000
Cash and cash equivalents at beginning of period	311,800,000	313,900,000
Cash and cash equivalents at end of period	255,900,000	327,400,000
Supplemental cash flow information:
Income taxes paid, net of income tax refunds	30,400,000	18,400,000
Interest paid	6,700,000	18,900,000
Non-cash investing and financing activities:
Property, plant and equipment purchased included in accounts payable and other liabilities	$ 4,200,000	$ 4,500,000

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 26, 2026	Dec. 26, 2025
Current assets:
Cash and cash equivalents	$ 255.9	$ 311.8
Accounts receivable, net of allowance for credit losses of $1.0 and $0.9 at June 26, 2026 and December 26, 2025, respectively	208.0	208.8
Inventories	629.9	390.9
Prepaid expenses and other current assets	66.7	48.2
Total current assets	1,160.5	959.7
Property, plant and equipment, net	323.7	324.6
Goodwill	114.2	114.2
Intangible assets, net	143.2	156.8
Deferred tax assets, net	4.4	3.5
Operating lease right-of-use assets	158.1	157.2
Other non-current assets	14.0	13.0
Total assets	1,918.1	1,729.0
Current liabilities:
Current portion of long-term debt	0.0	9.9
Accounts payable	300.6	194.9
Accrued compensation and related benefits	62.4	51.1
Operating lease liabilities	21.5	20.2
Other current liabilities	40.2	24.6
Total current liabilities	424.7	300.7
Long-term debt	599.4	467.0
Deferred tax liabilities	14.1	13.8
Operating lease liabilities	155.0	156.6
Other liabilities	7.8	6.8
Total liabilities	1,201.0	944.9
Commitments and contingencies (See Note 8)
UCT stockholders’ equity:
Preferred stock — $0.001 par value, 10.0 shares authorized; none outstanding	0.0	0.0
Common stock — $0.001 par value, 90.0 shares authorized; 48.2 and 47.2 shares issued, and 45.3 and 45.5 shares outstanding at June 26, 2026 and December 26, 2025, respectively	0.1	0.1
Additional paid-in capital	560.8	578.7
Common shares held in treasury, at cost, 2.9 and 1.7 shares at June 26, 2026 and December 26, 2025, respectively	(88.7)	(48.4)
Retained earnings	180.0	189.2
Accumulated other comprehensive loss	(12.4)	(8.6)
Total UCT stockholders’ equity	639.8	711.0
Noncontrolling interests	77.3	73.1
Total equity	717.1	784.1
Total liabilities and equity	$ 1,918.1	$ 1,729.0