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31.01.2018 23:00:00
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Kulicke & Soffa Reports First Quarter 2018 Results
Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) ("Kulicke & Soffa”, "K&S” or the "Company”) today announced results for its first fiscal quarter ended December 30, 2017. The Company reported first quarter net revenue of $213.7 million, a diluted EPS of $(0.98) and a non-GAAP diluted EPS was $0.54.
| Quarterly Results - U.S. GAAP | ||||||||||||
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Fiscal Q1 2018 |
Change vs.
Fiscal Q1 2017 |
Change vs.
Fiscal Q4 2017 |
||||||||||
| Net Revenue | $213.7 million | up 42.8% | down 1.0% | |||||||||
| Gross Profit | $99.0 million | up 44.9% | down 5.4% | |||||||||
| Gross Margin | 46.3% | up 60 bps | down 220 bps | |||||||||
| Income from Operations | $38.6 million | up 123.1% | up 4.6% | |||||||||
| Operating Margin | 18.1% | up 650 bps | up 100 bps | |||||||||
| Net Loss | $(69.3) million | down 544.2% | down 289.3% | |||||||||
| Net Margin | (32.4)% | down 4280 bps | down 4940 bps | |||||||||
| EPS – Diluted(a) | $(0.98) | down 545.5% | down 292.2% | |||||||||
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(a) |
GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. For the three months ended December 30, 2017, 1.2 million shares of restricted stock units and stock options were excluded due to the Company's net loss. |
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Quarterly Results - Non-GAAP |
||||||||||||
| Fiscal Q1 2018 |
Change vs.
Fiscal Q1 2017 |
Change vs.
Fiscal Q4 2017 |
||||||||||
| Income from Operations | $41.8 million | up 122.3% | up 3.5% | |||||||||
| Operating Margin | 19.6% | up 700 bps | up 90 bps | |||||||||
| Net Income | $38.8 million | up 126.9% | down 3.2% | |||||||||
| Net Margin | 18.2% | up 680 bps | down 40 bps | |||||||||
| EPS - Diluted | $0.54 | up 125.0% | down 3.6% | |||||||||
* A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also "Use of Non-GAAP Financial Results” section.
Dr. Fusen Chen, Kulicke & Soffa's President and Chief Executive Officer, stated, "Strength during the December quarter was driven by our competitive automotive, LED, memory and image sensor solutions in addition to the ongoing strong business environment."
During the December quarter the Company incurred a charge of $105 million due to the impact of the Tax Cuts and Reform Act of 2017. On a non-GAAP basis, diluted earnings per share increased by 125% over the same period in the prior year.
First Quarter Fiscal 2018 Financial Highlights
- Net revenue of $213.7 million.
- Gross margin of 46.3%.
- Non-GAAP net income of $38.8 million or $0.54 per share.
- Cash, cash equivalents, and short-term investments were $649.7 million as of December 30, 2017.
Second Quarter Fiscal 2018 Outlook
The Company currently expects net revenue in the second fiscal quarter of 2018 ending March 31, 2018 to be approximately $205 million to $215 million. For the first fiscal half of 2018, this guidance represents an increase of 21% over the same period in the prior year.
Looking forward, Dr. Fusen Chen commented, "Our competitive positions and exposure to higher-growth segments provides additional upside beyond the already favorable semiconductor unit growth rate of 8.9%, calendar 2017 through 2021. In addition, we remain focused to further enhance these long-term growth prospects through traction with our growing advanced packaging offerings and share gains within our recurring revenue business."
Use of Non-GAAP Financial Results
In addition to U.S. GAAP results, this press release also contains non-GAAP financial results. The Company's non-GAAP results exclude amortization related to intangible assets acquired through business combinations, goodwill impairment, costs associated with restructuring, income tax expense related to the Tax Cuts and Jobs Act of 2017 as well as tax benefits or expense associated with the foregoing non-GAAP items. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.
Management uses both U.S. GAAP metrics as well as non-GAAP operating income, operating margin, net income, net margin and net income per diluted share to evaluate the Company's operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors' ability to view the Company's results from management's perspective. A reconciliation of each available GAAP to non-GAAP financial measure discussed in this press release is contained in the attached exhibit.
Earnings Conference Call Details
A conference call to discuss these results will be held today, January 31, 2018, beginning at 6:00 pm (EST). To access the conference call, interested parties may call +1-877-407-8037 or internationally +1-201-689-8037. The call will also be available by live webcast at investor.kns.com.
A replay will be available from approximately one hour after the completion of the call through February 14, 2018 by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13675324. A webcast replay will also be available at investor.kns.com.
About Kulicke & Soffa
Kulicke & Soffa (NASDAQ: KLIC) is a leading provider of semiconductor packaging and electronic assembly solutions supporting the global automotive, consumer, communications, computing and industrial segments. As a pioneer in the semiconductor space, K&S has provided customers with market leading packaging solutions for decades. In recent years, K&S has expanded its product offerings through strategic acquisitions and organic development, adding advanced packaging, electronics assembly, wedge bonding and a broader range of expendable tools to its core offerings. Combined with its extensive expertise in process technology and focus on development, K&S is well positioned to help customers meet the challenges of packaging and assembling the next-generation of electronic devices (www.kns.com).
Caution Concerning Results and Forward Looking Statements
In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are "forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, and include, but are not limited to, statements that relate to our future revenue, sustained, increasing, continuing or strengthening demand for our products, replacement demand, our research and development efforts, our ability to control costs, and our ability to identify and realize new growth opportunities within segments, such as automotive and industrial as well as surrounding technology adoption such as system in package and advanced packaging techniques. While these forward-looking statements represent our judgments and future expectations concerning our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: the risk that customer orders already received may be postponed or canceled, generally without charges; the risk that anticipated customer orders may not materialize; the risk that our suppliers may not be able to meet our demands on a timely basis; the volatility in the demand for semiconductors and our products and services; the risk that identified market opportunities may not grow or developed as we anticipated; volatile global economic conditions, which could result in, among other things, sharply lower demand for products containing semiconductors and for the Company’s products, and disruption of capital and credit markets; the risk of failure to successfully manage our operations; the possibility that we may need to impair the carrying value of goodwill and/or intangibles established in connection with one or more of our prior acquisitions; acts of terrorism and violence; risks, such as changes in trade regulations, currency fluctuations, political instability and war, which may be associated with a substantial non-U.S. customer and supplier base and substantial non-U.S. manufacturing operations; the impact of changes in tax law; and the factors listed or discussed in Kulicke and Soffa Industries, Inc. 2017 Annual Report on Form 10-K and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
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KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (In thousands, except per share and employee data) (Unaudited) |
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| Three months ended | ||||||||||
| December 30, 2017 | December 31, 2016 | |||||||||
| Net revenue | $ | 213,691 | $ | 149,639 | ||||||
| Cost of sales | 114,652 | 81,321 | ||||||||
| Gross profit | 99,039 | 68,318 | ||||||||
| Operating expenses: | ||||||||||
| Selling, general and administrative | 26,961 | 28,009 | ||||||||
| Research and development | 30,250 | 21,505 | ||||||||
| Amortization of intangible assets | 1,943 | 1,523 | ||||||||
| Restructuring | 1,314 | — | ||||||||
| Total operating expenses | 60,468 | 51,037 | ||||||||
| Income from operations | 38,571 | 17,281 | ||||||||
| Other income (expense): | ||||||||||
| Interest income | 1,975 | 1,172 | ||||||||
| Interest expense | (266 | ) | (262 | ) | ||||||
| Income before income taxes | 40,280 | 18,191 | ||||||||
| Income tax expense | 109,633 | 2,608 | ||||||||
| Share of results of equity-method investee, net of tax | (16 | ) | — | |||||||
| Net (loss)/income | $ | (69,337 | ) | $ | 15,583 | |||||
| Net (loss)/income per share: | ||||||||||
| Basic | $ | (0.98 | ) | $ | 0.22 | |||||
| Diluted | $ | (0.98 | ) | $ | 0.22 | |||||
| Weighted average shares outstanding: | ||||||||||
| Basic | 70,577 | 70,854 | ||||||||
| Diluted | 70,577 | 71,763 | ||||||||
| Three months ended | ||||||||||
| Supplemental financial data: | December 30, 2017 | December 31, 2016 | ||||||||
| Depreciation and amortization | $ | 4,468 | $ | 3,944 | ||||||
| Capital expenditures | 6,257 | 2,229 | ||||||||
| Equity-based compensation expense: | ||||||||||
| Cost of sales | 132 | 141 | ||||||||
| Selling, general and administrative | 2,323 | 2,734 | ||||||||
| Research and development | 654 | 727 | ||||||||
| Total equity-based compensation expense | $ | 3,109 | $ | 3,602 | ||||||
| As of | ||||||||||
| December 30, 2017 | December 31, 2016 | |||||||||
| Backlog of orders 1 | $ | 164,968 | $ | 86,676 | ||||||
| Number of employees | 3,181 | 2,827 | ||||||||
| 1. | Represents customer purchase commitments. While the Company believes these orders are firm, they are generally cancellable by customers without penalty. | |
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KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands) (Unaudited) |
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| As of | ||||||||||
| December 30, 2017 | September 30, 2017 | |||||||||
| ASSETS | ||||||||||
| CURRENT ASSETS | ||||||||||
| Cash and cash equivalents | $ | 390,661 | $ | 392,410 | ||||||
| Restricted cash | 528 | 530 | ||||||||
| Short-term investments | 259,000 | 216,000 | ||||||||
| Accounts and other receivable, net of allowance for doubtful accounts of $354 and $79 respectively | 173,777 | 198,480 | ||||||||
| Inventories, net | 106,683 | 122,023 | ||||||||
| Prepaid expenses and other current assets | 22,686 | 23,939 | ||||||||
| TOTAL CURRENT ASSETS | 953,335 | 953,382 | ||||||||
| Property, plant and equipment, net | 71,720 | 67,762 | ||||||||
| Goodwill | 57,063 | 56,318 | ||||||||
| Intangible assets, net | 60,586 | 62,316 | ||||||||
| Deferred income taxes | 12,276 | 27,771 | ||||||||
| Equity investments | 1,518 | 1,502 | ||||||||
| Other assets | 2,088 | 2,056 | ||||||||
| TOTAL ASSETS | $ | 1,158,586 | $ | 1,171,107 | ||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
| CURRENT LIABILITIES | ||||||||||
| Accounts payable | $ | 68,370 | $ | 51,354 | ||||||
| Accrued expenses and other current liabilities | 80,147 | 132,314 | ||||||||
| Income taxes payable | 18,137 | 16,780 | ||||||||
| TOTAL CURRENT LIABILITIES | 166,654 | 200,448 | ||||||||
| Financing obligation | 16,130 | 16,074 | ||||||||
| Deferred income taxes | 26,940 | 26,779 | ||||||||
| Income taxes payable | 89,491 | 6,438 | ||||||||
| Other liabilities | 9,000 | 8,432 | ||||||||
| TOTAL LIABILITIES | 308,215 | 258,171 | ||||||||
| SHAREHOLDERS' EQUITY | ||||||||||
| Common stock, no par value | 510,736 | 506,515 | ||||||||
| Treasury stock, at cost | (160,884 | ) | (157,604 | ) | ||||||
| Retained earnings | 496,655 | 561,986 | ||||||||
| Accumulated other comprehensive income | 3,864 | 2,039 | ||||||||
| TOTAL SHAREHOLDERS' EQUITY | 850,371 | 912,936 | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,158,586 | $ | 1,171,107 | ||||||
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KULICKE & SOFFA INDUSTRIES, INC. CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) |
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| Three months ended | ||||||||||
| December 30, 2017 | December 31, 2016 | |||||||||
| Net cash provided by operating activities | $ | 50,333 | $ | 30,049 | ||||||
| Net cash used in investing activities, continuing operations | (48,183 | ) | (2,659 | ) | ||||||
| Net cash (used in) / provided by financing activities, continuing operations | (3,391 | ) | 142 | |||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (510 | ) | 1,987 | |||||||
| Changes in cash, cash equivalents and restricted cash | (1,751 | ) | 29,519 | |||||||
| Cash, cash equivalents and restricted cash, beginning of period* | 392,940 | 423,907 | ||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 391,189 | $ | 453,426 | ||||||
| Short-term investments | 259,000 | 124,000 | ||||||||
| Total cash, cash equivalents, restricted cash and short-term investments | $ | 650,189 | $ | 577,426 | ||||||
| *Certain time deposits as at October 1, 2016 were previously reclassified from cash equivalents to short-term investments for comparative purposes. | ||||||||||
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Reconciliation of U.S. GAAP Income from Operating to Non-GAAP Income from Operation and Operating Margin (in thousands, except percentages) (unaudited) |
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| Three months ended | ||||||||||||
| December 30, 2017 | December 31, 2016 | September 30, 2017 | ||||||||||
| Net revenue | 213,691 | 149,639 | 215,892 | |||||||||
| U.S. GAAP Income from operations | 38,571 | 17,281 | 36,904 | |||||||||
| U.S. GAAP operating margin | 18.0 | % | 11.5 | % | 17.1 | % | ||||||
| Pre-tax non-GAAP items: | ||||||||||||
| Amortization related to intangible assets acquired through business combination- selling, general and administrative | 1,943 | 1,523 | 1,989 | |||||||||
| Restructuring | 1,314 | — | 1,531 | |||||||||
| Non-GAAP Income from operations | 41,828 | 18,804 | 40,424 | |||||||||
| Non-GAAP operating margin | 19.6 | % | 12.6 | % | 18.7 | % | ||||||
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Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and U.S. GAAP net income per share to Non-GAAP net income per share (in thousands, except per share data) (unaudited) |
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| Three months ended | ||||||||||||
| December 30, 2017 | December 31, 2016 | September 30, 2017 | ||||||||||
| Net revenue | 213,691 | 149,639 | 215,892 | |||||||||
| U.S. GAAP net (loss)/income | (69,337 | ) | 15,583 | 36,576 | ||||||||
| U.S. GAAP net margin | (32.4 | )% | 10.4 | % | 16.9 | % | ||||||
| Pre-tax non-GAAP adjustments: | ||||||||||||
| Amortization related to intangible assets acquired through business combination- selling, general and administrative | 1,943 | 1,523 | 1,989 | |||||||||
| Restructuring | 1,314 | — | 1,531 | |||||||||
| Income tax expense- Tax Reform | 104,955 | — | — | |||||||||
| Net income tax benefit on non-GAAP items | (36 | ) | (22 | ) | (44 | ) | ||||||
| Total non-GAAP adjustments | 108,176 | 1,501 | 3,476 | |||||||||
| Non-GAAP net income | 38,839 | 17,084 | 40,052 | |||||||||
| Non-GAAP net margin | 18.2 | % | 11.4 | % | 18.6 | % | ||||||
| U.S. GAAP net (loss)/income per share: | ||||||||||||
| Basic | (0.98 | ) | 0.22 | 0.52 | ||||||||
| Diluted (a) | (0.98 | ) | 0.22 | 0.51 | ||||||||
| Non-GAAP adjustments per share: | ||||||||||||
| Basic | 1.53 | 0.02 | 0.05 | |||||||||
| Diluted | 1.51 | 0.02 | 0.05 | |||||||||
| Non-GAAP net income per share: | ||||||||||||
| Basic | 0.55 | 0.24 | 0.57 | |||||||||
| Diluted (b) | 0.54 | 0.24 | 0.56 | |||||||||
| (a) | GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options, but that effect is excluded when calculating GAAP diluted net (loss) per share because it would be anti-dilutive. For the three months ended December 30, 2017, 1.2 million shares of restricted stock units and stock options were excluded due to the Company's net loss. | ||
| (b) | Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock units and stock options. | ||
View source version on businesswire.com: http://www.businesswire.com/news/home/20180131005831/en/
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