Ichor Holdings, Ltd. Announces Third Quarter 2024 Financial Results
November 4, 2024
Third quarter 2024 highlights:
-
Revenues of
$211 million , above the guidance range communicated in August; - Gross margin of 13.2% on a GAAP basis and 13.6% on a non‑GAAP basis;
-
Earnings per share of
$(0.08) on a GAAP basis and$0.12 on a non-GAAP basis; and - Sixth consecutive quarter of positive free cash flow generation.
“We are pleased to report third-quarter financial results favorable to our outlook entering Q3,” commented
|
Q3 2024 |
|
Q2 2024 |
|
Q3 2023 |
|||||||
|
(dollars in thousands, except per share amounts) |
|||||||||||
|
|
|
|
|
|
|||||||
Net sales |
$ |
211,139 |
|
|
$ |
203,227 |
|
|
$ |
196,761 |
|
|
Gross margin |
|
13.2 |
% |
|
|
12.6 |
% |
|
|
12.2 |
% |
|
Operating margin |
|
(0.2 |
)% |
|
|
(1.1 |
)% |
|
|
(2.5 |
)% |
|
Net loss |
$ |
(2,776 |
) |
|
$ |
(5,112 |
) |
|
$ |
(10,425 |
) |
|
Diluted EPS |
$ |
(0.08 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
|
Q3 2024 |
|
Q2 2024 |
|
Q3 2023 |
|||||||
|
(dollars in thousands, except per share amounts) |
|||||||||||
Non-GAAP Financial Results: |
|
|
|
|
|
|||||||
Gross margin |
|
13.6 |
% |
|
|
13.0 |
% |
|
|
13.1 |
% |
|
Operating margin |
|
3.0 |
% |
|
|
2.2 |
% |
|
|
2.2 |
% |
|
Net income (loss) |
$ |
4,020 |
|
|
$ |
1,819 |
|
|
$ |
2,097 |
|
|
Diluted EPS |
$ |
0.12 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
For the third quarter of 2024, revenue was
Non-GAAP Financial Results Overview |
For the third quarter of 2024, non-GAAP net income was
Fourth Quarter 2024 Financial Outlook |
For the fourth quarter of 2024, we expect revenue to be in the range of
This outlook for non‑GAAP diluted EPS excludes amortization of intangible assets of approximately
Balance Sheet and Cash Flow Results |
We ended the third quarter of 2024 with cash and cash equivalents of
The increase of
Our cash provided by operating activities of
The increase in our net operating assets and liabilities of
Use of Non-GAAP Financial Results |
In addition to
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 third quarter 2024 results and business outlook today at
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/ichor110424/en.
To listen via telephone, please call (877) 407‑0989 (domestic) or +1 (201) 389‑0921 (international), conference ID: 13748960. 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
We use a 52- or 53-week fiscal year ending on the last Friday in December. Our fiscal years 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 fourth fiscal quarter of 2024, statements regarding the current business environment, revenue levels in 2024 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 2024 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
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.
|
|||||||||||||||
Consolidated Balance Sheets |
|||||||||||||||
(in thousands, except share and per share amounts) |
|||||||||||||||
(unaudited) |
|||||||||||||||
|
September
|
|
|
|
|
|
September
|
||||||||
Assets |
|
|
|
|
|
|
|
||||||||
Current assets: |
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents |
$ |
116,447 |
|
|
$ |
114,349 |
|
|
$ |
79,955 |
|
|
$ |
75,933 |
|
Accounts receivable, net |
|
84,150 |
|
|
|
65,216 |
|
|
|
66,721 |
|
|
|
103,350 |
|
Inventories |
|
239,359 |
|
|
|
231,475 |
|
|
|
245,885 |
|
|
|
266,900 |
|
Prepaid expenses and other current assets |
|
7,105 |
|
|
|
7,596 |
|
|
|
8,804 |
|
|
|
5,142 |
|
Total current assets |
|
447,061 |
|
|
|
418,636 |
|
|
|
401,365 |
|
|
|
451,325 |
|
Property and equipment, net |
|
89,283 |
|
|
|
89,142 |
|
|
|
92,755 |
|
|
|
96,240 |
|
Operating lease right-of-use assets |
|
35,136 |
|
|
|
34,623 |
|
|
|
36,611 |
|
|
|
36,948 |
|
Other noncurrent assets |
|
14,675 |
|
|
|
13,727 |
|
|
|
11,912 |
|
|
|
12,079 |
|
Deferred tax assets, net |
|
3,366 |
|
|
|
3,103 |
|
|
|
3,148 |
|
|
|
1,934 |
|
Intangible assets, net |
|
50,979 |
|
|
|
53,056 |
|
|
|
57,288 |
|
|
|
60,456 |
|
|
|
335,402 |
|
|
|
335,402 |
|
|
|
335,402 |
|
|
|
335,402 |
|
Total assets |
$ |
975,902 |
|
|
$ |
947,689 |
|
|
$ |
938,481 |
|
|
$ |
994,384 |
|
Liabilities and Shareholders’ Equity |
|
|
|
|
|
|
|
||||||||
Current liabilities: |
|
|
|
|
|
|
|
||||||||
Accounts payable |
$ |
80,963 |
|
|
$ |
58,961 |
|
|
$ |
60,490 |
|
|
$ |
74,011 |
|
Accrued liabilities |
|
17,338 |
|
|
|
15,122 |
|
|
|
14,871 |
|
|
|
16,176 |
|
Other current liabilities |
|
6,899 |
|
|
|
6,812 |
|
|
|
6,638 |
|
|
|
8,588 |
|
Current portion of long-term debt |
|
7,500 |
|
|
|
7,500 |
|
|
|
7,500 |
|
|
|
7,500 |
|
Current portion of lease liabilities |
|
10,239 |
|
|
|
9,721 |
|
|
|
9,463 |
|
|
|
9,393 |
|
Total current liabilities |
|
122,939 |
|
|
|
98,116 |
|
|
|
98,962 |
|
|
|
115,668 |
|
Long-term debt, less current portion, net |
|
122,782 |
|
|
|
122,665 |
|
|
|
241,183 |
|
|
|
272,942 |
|
Lease liabilities, less current portion |
|
26,090 |
|
|
|
26,025 |
|
|
|
28,187 |
|
|
|
28,556 |
|
Deferred tax liabilities, net |
|
1,169 |
|
|
|
1,169 |
|
|
|
1,169 |
|
|
|
29 |
|
Other non-current liabilities |
|
5,647 |
|
|
|
4,838 |
|
|
|
4,303 |
|
|
|
4,510 |
|
Total liabilities |
|
278,627 |
|
|
|
252,813 |
|
|
|
373,804 |
|
|
|
421,705 |
|
Shareholders’ equity: |
|
|
|
|
|
|
|
||||||||
Preferred shares ( |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Ordinary shares ( |
|
3 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
Additional paid in capital |
|
601,056 |
|
|
|
595,881 |
|
|
|
451,581 |
|
|
|
447,684 |
|
|
|
(91,578 |
) |
|
|
(91,578 |
) |
|
|
(91,578 |
) |
|
|
(91,578 |
) |
Retained earnings |
|
187,794 |
|
|
|
190,570 |
|
|
|
204,671 |
|
|
|
216,570 |
|
Total shareholders’ equity |
|
697,275 |
|
|
|
694,876 |
|
|
|
564,677 |
|
|
|
572,679 |
|
Total liabilities and shareholders’ equity |
$ |
975,902 |
|
|
$ |
947,689 |
|
|
$ |
938,481 |
|
|
$ |
994,384 |
|
|
|||||||||||||||||||
Consolidated Statement of Operations |
|||||||||||||||||||
(in thousands, except share and per share amounts) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September
|
|
|
|
September
|
|
September
|
|
September
|
||||||||||
Net sales |
$ |
211,139 |
|
|
$ |
203,227 |
|
|
$ |
196,761 |
|
|
$ |
615,749 |
|
|
$ |
607,639 |
|
Cost of sales |
|
183,348 |
|
|
|
177,670 |
|
|
|
172,692 |
|
|
|
539,407 |
|
|
|
524,588 |
|
Gross profit |
|
27,791 |
|
|
|
25,557 |
|
|
|
24,069 |
|
|
|
76,342 |
|
|
|
83,051 |
|
Operating expenses: |
|||||||||||||||||||
Research and development |
|
5,872 |
|
|
|
5,926 |
|
|
|
5,188 |
|
|
|
17,168 |
|
|
|
14,689 |
|
Selling, general, and administrative |
|
20,227 |
|
|
|
19,807 |
|
|
|
20,066 |
|
|
|
59,253 |
|
|
|
59,733 |
|
Amortization of intangible assets |
|
2,077 |
|
|
|
2,086 |
|
|
|
3,639 |
|
|
|
6,309 |
|
|
|
11,565 |
|
Total operating expenses |
|
28,176 |
|
|
|
27,819 |
|
|
|
28,893 |
|
|
|
82,730 |
|
|
|
85,987 |
|
Operating loss |
|
(385 |
) |
|
|
(2,262 |
) |
|
|
(4,824 |
) |
|
|
(6,388 |
) |
|
|
(2,936 |
) |
Interest expense, net |
|
1,638 |
|
|
|
1,858 |
|
|
|
5,136 |
|
|
|
7,592 |
|
|
|
14,716 |
|
Other expense, net |
|
587 |
|
|
|
50 |
|
|
|
29 |
|
|
|
876 |
|
|
|
913 |
|
Loss before income taxes |
|
(2,610 |
) |
|
|
(4,170 |
) |
|
|
(9,989 |
) |
|
|
(14,856 |
) |
|
|
(18,565 |
) |
Income tax expense |
|
166 |
|
|
|
942 |
|
|
|
436 |
|
|
|
2,021 |
|
|
|
12,521 |
|
Net loss |
$ |
(2,776 |
) |
|
$ |
(5,112 |
) |
|
$ |
(10,425 |
) |
|
$ |
(16,877 |
) |
|
$ |
(31,086 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
||||||||||
Basic |
$ |
(0.08 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.52 |
) |
|
$ |
(1.07 |
) |
Diluted |
$ |
(0.08 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.52 |
) |
|
$ |
(1.07 |
) |
Shares used to compute Net loss per share: |
|||||||||||||||||||
Basic |
|
33,700,246 |
|
|
|
33,548,071 |
|
|
|
29,297,347 |
|
|
|
32,419,762 |
|
|
|
29,132,879 |
|
Diluted |
|
33,700,246 |
|
|
|
33,548,071 |
|
|
|
29,297,347 |
|
|
|
32,419,762 |
|
|
|
29,132,879 |
|
|
|||||||||||||||||||
Consolidated Statements of Cash Flows |
|||||||||||||||||||
(in thousands) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September
|
|
|
|
September
|
|
September
|
|
September
|
||||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
||||||||||
Net loss |
$ |
(2,776 |
) |
|
$ |
(5,112 |
) |
|
$ |
(10,425 |
) |
|
$ |
(16,877 |
) |
|
$ |
(31,086 |
) |
Adjustments to reconcile net loss to net cash provided by operating activities: |
|||||||||||||||||||
Depreciation and amortization |
|
7,608 |
|
|
|
7,604 |
|
|
|
8,891 |
|
|
|
22,768 |
|
|
|
26,036 |
|
Share-based compensation |
|
4,672 |
|
|
|
3,938 |
|
|
|
4,752 |
|
|
|
10,985 |
|
|
|
12,666 |
|
Deferred income taxes |
|
(263 |
) |
|
|
(95 |
) |
|
|
(661 |
) |
|
|
(218 |
) |
|
|
9,388 |
|
Amortization of debt issuance costs |
|
117 |
|
|
|
116 |
|
|
|
116 |
|
|
|
349 |
|
|
|
349 |
|
Changes in operating assets and liabilities, net of acquisitions: |
|||||||||||||||||||
Accounts receivable, net |
|
(18,934 |
) |
|
|
8,155 |
|
|
|
(7,590 |
) |
|
|
(17,429 |
) |
|
|
32,971 |
|
Inventories |
|
(7,884 |
) |
|
|
9,204 |
|
|
|
(710 |
) |
|
|
6,526 |
|
|
|
16,760 |
|
Prepaid expenses and other assets |
|
1,182 |
|
|
|
143 |
|
|
|
2,624 |
|
|
|
3,060 |
|
|
|
8,610 |
|
Accounts payable |
|
22,890 |
|
|
|
(3,549 |
) |
|
|
10,291 |
|
|
|
22,746 |
|
|
|
(34,756 |
) |
Accrued liabilities |
|
2,792 |
|
|
|
(967 |
) |
|
|
(1,145 |
) |
|
|
2,845 |
|
|
|
(7,106 |
) |
Other liabilities |
|
(813 |
) |
|
|
(2,464 |
) |
|
|
(2,155 |
) |
|
|
(4,387 |
) |
|
|
(13,774 |
) |
Net cash provided by operating activities |
|
8,591 |
|
|
|
16,973 |
|
|
|
3,988 |
|
|
|
30,368 |
|
|
|
20,058 |
|
Cash flows from investing activities: |
|||||||||||||||||||
Capital expenditures |
|
(6,420 |
) |
|
|
(2,328 |
) |
|
|
(2,405 |
) |
|
|
(13,238 |
) |
|
|
(13,239 |
) |
Net cash used in investing activities |
|
(6,420 |
) |
|
|
(2,328 |
) |
|
|
(2,405 |
) |
|
|
(13,238 |
) |
|
|
(13,239 |
) |
Cash flows from financing activities: |
|||||||||||||||||||
Issuance of ordinary shares, net of fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
136,738 |
|
|
|
— |
|
Issuance of ordinary shares under share-based compensation plans |
|
880 |
|
|
|
1,384 |
|
|
|
2,170 |
|
|
|
5,599 |
|
|
|
6,151 |
|
Employees' taxes paid upon vesting of restricted share units |
|
(953 |
) |
|
|
(1,929 |
) |
|
|
(553 |
) |
|
|
(4,225 |
) |
|
|
(2,882 |
) |
Repayments on revolving credit facility |
|
— |
|
|
|
— |
|
|
|
(10,000 |
) |
|
|
(115,000 |
) |
|
|
(15,000 |
) |
Repayments on term loan |
|
— |
|
|
|
(1,875 |
) |
|
|
(1,875 |
) |
|
|
(3,750 |
) |
|
|
(5,625 |
) |
Net cash provided by (used in) financing activities |
|
(73 |
) |
|
|
(2,420 |
) |
|
|
(10,258 |
) |
|
|
19,362 |
|
|
|
(17,356 |
) |
Net increase (decrease) in cash |
|
2,098 |
|
|
|
12,225 |
|
|
|
(8,675 |
) |
|
|
36,492 |
|
|
|
(10,537 |
) |
Cash at beginning of period |
|
114,349 |
|
|
|
102,124 |
|
|
|
84,608 |
|
|
|
79,955 |
|
|
|
86,470 |
|
Cash at end of period |
$ |
116,447 |
|
|
$ |
114,349 |
|
|
$ |
75,933 |
|
|
$ |
116,447 |
|
|
$ |
75,933 |
|
Supplemental disclosures of cash flow information: |
|||||||||||||||||||
Cash paid during the period for interest |
$ |
1,665 |
|
|
$ |
2,703 |
|
|
$ |
5,281 |
|
|
$ |
9,201 |
|
|
$ |
15,132 |
|
Cash paid during the period for taxes, net of refunds |
$ |
352 |
|
|
$ |
750 |
|
|
$ |
512 |
|
|
$ |
1,804 |
|
|
$ |
3,852 |
|
Supplemental disclosures of non-cash activities: |
|||||||||||||||||||
Capital expenditures included in accounts payable |
$ |
569 |
|
|
$ |
1,458 |
|
|
$ |
145 |
|
|
$ |
569 |
|
|
$ |
145 |
|
Right-of-use assets obtained in exchange for new operating lease liabilities |
$ |
2,292 |
|
|
$ |
(431 |
) |
|
$ |
— |
|
|
$ |
4,671 |
|
|
$ |
3,103 |
|
|
|||||||||||||||||||
Reconciliation of |
|||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September
|
|
|
|
September
|
|
September
|
|
September
|
||||||||||
|
$ |
27,791 |
|
|
$ |
25,557 |
|
|
$ |
24,069 |
|
|
$ |
76,342 |
|
|
$ |
83,051 |
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Share-based compensation |
|
955 |
|
|
|
717 |
|
|
|
840 |
|
|
|
2,448 |
|
|
|
2,352 |
|
Other (1) |
|
— |
|
|
|
160 |
|
|
|
774 |
|
|
|
908 |
|
|
|
2,061 |
|
Non-GAAP gross profit |
$ |
28,746 |
|
|
$ |
26,434 |
|
|
$ |
25,683 |
|
|
$ |
79,698 |
|
|
$ |
87,464 |
|
|
|
13.2 |
% |
|
|
12.6 |
% |
|
|
12.2 |
% |
|
|
12.4 |
% |
|
|
13.7 |
% |
Non-GAAP gross margin |
|
13.6 |
% |
|
|
13.0 |
% |
|
|
13.1 |
% |
|
|
12.9 |
% |
|
|
14.4 |
% |
(1) |
|
Represents severance costs associated with our global reduction-in-force programs. |
|
|||||||||||||||||||
Reconciliation of |
|||||||||||||||||||
(dollars in thousands) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September
|
|
|
|
September
|
|
September
|
|
September
|
||||||||||
|
$ |
(385 |
) |
|
$ |
(2,262 |
) |
|
$ |
(4,824 |
) |
|
$ |
(6,388 |
) |
|
$ |
(2,936 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of intangible assets |
|
2,077 |
|
|
|
2,086 |
|
|
|
3,639 |
|
|
|
6,309 |
|
|
|
11,565 |
|
Share-based compensation |
|
4,672 |
|
|
|
3,938 |
|
|
|
4,752 |
|
|
|
10,985 |
|
|
|
12,666 |
|
Transaction-related costs (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
785 |
|
|
|
— |
|
Other (2) |
|
— |
|
|
|
733 |
|
|
|
793 |
|
|
|
1,600 |
|
|
|
2,117 |
|
Non-GAAP operating income |
$ |
6,364 |
|
|
$ |
4,495 |
|
|
$ |
4,360 |
|
|
$ |
13,291 |
|
|
$ |
23,412 |
|
|
|
(0.2 |
)% |
|
|
(1.1 |
)% |
|
|
(2.5 |
)% |
|
|
(1.0 |
)% |
|
|
(0.5 |
)% |
Non-GAAP operating margin |
|
3.0 |
% |
|
|
2.2 |
% |
|
|
2.2 |
% |
|
|
2.2 |
% |
|
|
3.9 |
% |
(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 second quarter of 2024 and the nine months ended |
Reconciliation of |
|||||||||||||||||||
(in thousands, except share and per share amounts) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September
|
|
|
|
September
|
|
September
|
|
September
|
||||||||||
|
$ |
(2,776 |
) |
|
$ |
(5,112 |
) |
|
$ |
(10,425 |
) |
|
$ |
(16,877 |
) |
|
$ |
(31,086 |
) |
Non-GAAP adjustments: |
|
|
|
|
|
|
|
|
|
||||||||||
Amortization of intangible assets |
|
2,077 |
|
|
|
2,086 |
|
|
|
3,639 |
|
|
|
6,309 |
|
|
|
11,565 |
|
Share-based compensation |
|
4,672 |
|
|
|
3,938 |
|
|
|
4,752 |
|
|
|
10,985 |
|
|
|
12,666 |
|
Transaction-related costs (1) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
785 |
|
|
|
— |
|
Other (2) |
|
— |
|
|
|
733 |
|
|
|
793 |
|
|
|
1,600 |
|
|
|
2,117 |
|
Tax adjustments related to non-GAAP adjustments (3) |
|
47 |
|
|
|
174 |
|
|
|
3,338 |
|
|
|
325 |
|
|
|
7,576 |
|
Tax expense from valuation allowance (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
11,094 |
|
Non-GAAP net income |
$ |
4,020 |
|
|
$ |
1,819 |
|
|
$ |
2,097 |
|
|
$ |
3,127 |
|
|
$ |
13,932 |
|
|
$ |
(0.08 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.36 |
) |
|
$ |
(0.52 |
) |
|
$ |
(1.07 |
) |
Non-GAAP diluted EPS |
$ |
0.12 |
|
|
$ |
0.05 |
|
|
$ |
0.07 |
|
|
$ |
0.10 |
|
|
$ |
0.47 |
|
Shares used to compute non-GAAP diluted EPS |
|
33,986,269 |
|
|
|
34,043,870 |
|
|
|
29,733,904 |
|
|
|
32,851,091 |
|
|
|
29,507,060 |
|
(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 second quarter of 2024 and the nine months ended |
(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 |
(4) |
|
During the second quarter of 2023, we recorded a valuation allowance of |
Reconciliation of |
|||||||||||||||||||
(in thousands) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||||||
|
September
|
|
|
|
September
|
|
September
|
|
September
|
||||||||||
Net cash provided by operating activities |
$ |
8,591 |
|
|
$ |
16,973 |
|
|
$ |
3,988 |
|
|
$ |
30,368 |
|
|
$ |
20,058 |
|
Capital expenditures |
|
(6,420 |
) |
|
|
(2,328 |
) |
|
|
(2,405 |
) |
|
|
(13,238 |
) |
|
|
(13,239 |
) |
Free cash flow |
$ |
2,171 |
|
|
$ |
14,645 |
|
|
$ |
1,583 |
|
|
$ |
17,130 |
|
|
$ |
6,819 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104137003/en/
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