Technology
Ultra Clean Reports Fourth Quarter and Full Year 2023 Financial Results
Published
2 years agoon
By
HAYWARD, Calif., Feb. 21, 2024 /PRNewswire/ — Ultra Clean Holdings, Inc. (Nasdaq: UCTT), today reported its financial results for the fourth quarter and full year ended December 29, 2023.
“UCT executed well in the fourth quarter with results coming in as expected despite a dynamic business environment,” said Jim Scholhamer, CEO. “As the semiconductor equipment inventory adjustment cycle remains fluid, we will continue to implement measures to synchronize our worldwide operations with our customers’ forecasts to ensure we have the flexibility and capacity to meet future demand. These efforts are creating long-lasting value to our customers and will increase UCT’s leading position within the industry over the long-term.”
“We are pleased with the execution of our plan to optimize our capital deployment strategy throughout 2023,” said Sheri Savage, CFO. “Generating $136 million in cash from operations enabled us to invest for future growth, pay down $39 million in debt, spend $29 million re-purchasing shares, and complete the strategic acquisition of HIS Innovations Group.”
Fourth Quarter 2023 GAAP Financial Results
Total revenue was $444.8 million. Products contributed $389.7 million and Services added $55.1 million. Total gross margin was 16.0%, operating margin was 1.0%, and net loss was $(3.8) million or $(0.08) per diluted share. This compares to total revenue of $435.0 million, gross margin of 15.0%, operating margin of 1.3%, and net loss of $(14.5) million or $(0.32) per diluted share, in the prior quarter.
Fourth Quarter 2023 Non-GAAP Financial Results
On a non-GAAP basis, gross margin was 16.7%, operating margin was 5.2%, and net income was $8.5 million or $0.19 per diluted share. This compares to gross margin of 15.5%, operating margin of 4.4%, and net income of $2.0 million or $0.04 per diluted share in the prior quarter.
Full Year 2023 GAAP Financial Results
Total revenue was $1,734.5 million. Products contributed $1,501.6 million and Services added $232.9 million. Total gross margin was 16.0%, operating margin was 2.0%, and net loss was $(31.1) million or $(0.70) per diluted share. This compares to total revenue of $2,374.3 million, gross margin of 19.6%, operating margin of 5.1%, and net income of $40.4 million or $0.88 per diluted share in the prior year.
Full Year 2023 Non-GAAP Financial Results
On a non-GAAP basis, the company reported gross margin of 16.6%, operating margin of 4.9%, and net income of $25.2 million or $0.56 per diluted share. This compares to gross margin of 20.2%, operating margin of 11.0%, and net income of $181.9 million or $3.98 per diluted share in the prior year.
First Quarter 2024 Outlook
The Company expects revenue in the range of $430.0 million to $480.0 million. The Company expects GAAP diluted net loss per share to be between $(0.25) and $(0.05) and non-GAAP diluted net income per share to be between $0.03 and $0.23.
Conference Call
The conference call and webcast will take place on Wednesday, February 21, 2024 at 1:45 p.m. PT and can be accessed by dialing 1-800-836-8184 or 1-646-357-8785. No passcode is required. A replay of the call will be available by dialing 1-888-660-6345 or 1-646-517-4150 and entering the confirmation code 03090#. The Webcast will be available on the Investor Relations section of the Company’s website at http://uct.com/investors/events/.
About Ultra Clean Holdings, Inc.
Ultra Clean Holdings, Inc. is a leading developer and supplier of critical subsystems, components, parts, and ultra-high purity cleaning and analytical services, primarily for the semiconductor industry. Under its Products division, UCT offers its customers an integrated outsourced solution for major subassemblies, improved design-to-delivery cycle times, design for manufacturability, prototyping, and high-precision manufacturing. Under its Services Division, UCT offers its customers tool chamber parts cleaning and coating, as well as micro-contamination analytical services. Ultra Clean is headquartered in Hayward, California. Additional information is available at www.uct.com.
Use of Non-GAAP Measures
In addition to providing results that are determined in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), management uses non-GAAP gross margin, non-GAAP operating margin and non-GAAP net income to evaluate the Company’s operating and financial results. We believe the presentation of non-GAAP results is useful to investors for analyzing our core business and business trends and comparing performance to prior periods, along with enhancing investors’ ability to view the Company’s results from management’s perspective. The presentation of this additional information should not be considered a substitute for results prepared in accordance with GAAP. Tables presenting reconciliations from GAAP results to non-GAAP results are included at the end of this press release.
The Company defines non-GAAP net income as net income (loss) before amortization of intangible assets, stock-based compensation, restructuring charges, acquisition activity costs, fair value adjustments, legal-related costs, VAT settlement, net loss on divestitures, Covid-19 related costs and the tax effects of the foregoing adjustments.
A reconciliation of our guidance for non-GAAP net income per diluted share for the subsequent quarter is not available due to fluctuations in the geographic mix of our earnings from quarter to quarter, which impacts our tax rate and cannot be reasonably predicted or determined. As a result, such reconciliation is not available without unreasonable efforts and we are unable to determine the probable significance of the unavailable information.
Safe Harbor Statement
The foregoing information contains, or may be deemed to contain, “forward-looking statements” (as defined in the US Private Securities Litigation Reform Act of 1995) which reflect our current views with respect to future events and financial performance. We use words such as “anticipates,” “projection,” “outlook,” “forecast,” “believes,” “plan,” “expect,” “future,” “intends,” “may,” “will,” “estimates,” “see,” “predicts,” “should” and similar expressions to identify these forward-looking statements. Forward looking statements included in this press release include our expectations about the semiconductor capital equipment market and outlook. All forward-looking statements address matters that involve risks and uncertainties. Accordingly, the Company’s actual results may differ materially from the results predicted or implied by these forward-looking statements. These risks, uncertainties and other factors also include, among others, those identified in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in our annual report on Form 10-K for the year ended December 30, 2022, as filed with the Securities and Exchange Commission. Ultra Clean Holdings, Inc. undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise unless required by law.
Contact:
Rhonda Bennetto
SVP Investor Relations
rbennetto@uct.com
ULTRA CLEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; in millions, except per share data)
Three Months Ended
Twelve Months Ended
December 29,
December 30,
December 29,
December 30,
2023
2022
2023
2022
Revenues:
Product
$
389.7
$
499.5
$
1,501.6
$
2,074.7
Services
55.1
66.9
232.9
299.6
Total revenues
444.8
566.4
1,734.5
2,374.3
Cost of revenues:
Product
335.0
412.3
1,290.5
1,712.3
Services
38.7
45.6
166.7
197.0
Total cost of revenues
373.7
457.9
1,457.2
1,909.3
Gross profit
71.1
108.5
277.3
465.0
Operating expenses:
Research and development
6.6
7.1
28.3
28.5
Sales and marketing
13.2
13.2
51.8
54.4
General and administrative
46.7
44.4
162.0
184.3
Net loss on divestitures
—
—
—
77.4
Total operating expenses
66.5
64.7
242.1
344.6
Income from operations
4.6
43.8
35.2
120.4
Interest income
1.6
0.5
4.1
0.9
Interest expense
(12.8)
(10.8)
(48.8)
(33.9)
Other income (expense), net
(1.1)
3.4
(1.8)
0.9
Income (loss) before provision for income taxes
(7.7)
36.9
(11.3)
88.3
Provision for income taxes
(6.2)
8.5
10.9
37.9
Net income (loss)
(1.5)
28.4
(22.2)
50.4
Less: Net income attributable to noncontrolling interests
2.3
0.6
8.9
10.0
Net income (loss) attributable to UCT
$
(3.8)
$
27.8
$
(31.1)
$
40.4
Net income (loss) per share attributable to UCT common stockholders:
Basic
$
(0.08)
$
0.61
$
(0.70)
$
0.89
Diluted
$
(0.08)
$
0.61
$
(0.70)
$
0.88
Shares used in computing net income (loss) per share:
Basic
44.7
45.4
44.7
45.2
Diluted
44.7
45.7
44.7
45.7
ULTRA CLEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited; in millions)
December 29,
December 30,
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$
307.0
$
358.8
Accounts receivable, net of allowance for credit losses
180.8
253.7
Inventories
374.5
443.9
Prepaid expenses and other current assets
30.9
42.4
Total current assets
893.2
1,098.8
Property, plant and equipment, net
328.3
279.6
Goodwill
265.2
248.8
Intangible assets, net
215.3
187.9
Deferred tax assets, net
3.1
36.0
Operating lease right-of-use assets
151.7
99.0
Other non-current assets
10.9
10.8
Total assets
$
1,867.7
$
1,960.9
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Bank borrowings
$
17.6
$
20.8
Accounts payable
192.9
253.5
Accrued compensation and related benefits
47.7
52.5
Operating lease liabilities
18.1
17.1
Other current liabilities
33.7
45.3
Total current liabilities
310.0
389.2
Bank borrowings, net of current portion
461.2
493.0
Deferred tax liabilities
19.0
52.2
Operating lease liabilities
143.0
80.3
Other liabilities
37.3
9.2
Total liabilities
970.5
1,023.9
Equity:
UCT stockholders’ equity:
Common stock
496.6
515.5
Retained earnings
346.7
377.8
Accumulated other comprehensive loss
(4.4)
(5.4)
Total UCT stockholders’ equity
838.9
887.9
Non-controlling interest
58.3
49.1
Total equity
897.2
937.0
Total liabilities and equity
$
1,867.7
$
1,960.9
ULTRA CLEAN HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; in millions)
Twelve Months Ended
December 29,
December 30,
2023
2022
Cash flows from operating activities:
Net income (loss)
$
(22.2)
$
50.4
Adjustments to reconcile net income to net cash provided by operating activities (excluding assets
acquired, liabilities assumed at acquisition):
Depreciation and amortization
65.6
72.3
Stock-based compensation
12.1
19.1
Change in the fair value of financial instruments
1.7
1.0
Deferred income taxes
(12.4)
(0.2)
Net loss on divestitures
—
77.4
Others
(0.9)
(0.2)
Changes in assets and liabilities, net of effects of acquisitions and divestitures:
Accounts receivable
78.5
(15.7)
Inventories
80.8
(84.4)
Prepaid expenses and other current assets
12.5
(4.5)
Other non-current assets
—
(3.4)
Accounts payable
(61.5)
(68.4)
Accrued compensation and related benefits
(5.6)
7.1
Income taxes payable
(5.2)
(0.1)
Operating lease assets and liabilities
0.4
(2.2)
Other liabilities
(7.9)
(1.0)
Net cash provided by operating activities
135.9
47.2
Cash flows from investing activities:
Purchases of property, plant and equipment
(75.8)
(100.1)
Divestiture of subsidiaries
—
3.4
Proceeds from sale of property and equipment
2.2
0.5
Acquisition of business, net of cash acquired
(46.1)
—
Net cash used in investing activities
(119.7)
(96.2)
Cash flows from financing activities:
Payments on bank borrowings
(38.6)
(39.7)
Repurchase of shares
(29.4)
(12.1)
Employees’ taxes paid upon vesting of restricted stock units
(2.2)
(3.9)
Payments of debt issuance costs
(0.3)
(0.7)
Proceeds from issuance of common stock
0.8
0.7
Others
(0.2)
(0.3)
Net cash used in financing activities
(69.9)
(56.0)
Effect of exchange rate changes on cash and cash equivalents
1.9
(2.7)
Net decrease in cash and cash equivalents
(51.8)
(107.7)
Cash and cash equivalents at beginning of period
358.8
466.5
Cash and cash equivalents at end of period
$
307.0
$
358.8
ULTRA CLEAN HOLDINGS, INC.
REPORTABLE SEGMENTS
GAAP TO NON-GAAP RECONCILIATION
(Unaudited; dollars in millions)
GAAP
Non-GAAP
Three Months Ended
Three Months Ended
December 29, 2023
December 29, 2023
Products
Services
Consolidated
Products
Services
Consolidated
Revenues
$
389.7
$
55.1
$
444.8
$
389.7
$
55.1
$
444.8
Gross profit
$
54.7
$
16.4
$
71.1
$
56.9
$
17.5
$
74.4
Gross margin
14.0
%
29.8
%
16.0
%
14.6
%
31.7
%
16.7
%
Income from operations
$
2.7
$
1.9
$
4.6
$
17.8
$
5.3
$
23.1
Operating margin
0.7
%
3.4
%
1.0
%
4.6
%
9.5
%
5.2
%
Three Months Ended
December 29, 2023
Products
Services
Consolidated
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis
$
54.7
$
16.4
$
71.1
Amortization of intangible assets (1)
1.0
1.0
2.0
Stock-based compensation expense (2)
0.5
—
0.5
Restructuring charges (3)
0.3
0.1
0.4
Inventory fair value adjustment (5)
0.4
—
0.4
Non-GAAP gross profit
$
56.9
$
17.5
$
74.4
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin
Reported gross margin on a GAAP basis
14.0
%
29.8
%
16.0
%
Amortization of intangible assets (1)
0.3
%
1.8
%
0.4
%
Stock-based compensation expense (2)
0.1
%
—
0.1
%
Restructuring charges (3)
0.1
%
0.1
%
0.1
%
Inventory fair value adjustment (5)
0.1
%
—
0.1
%
Non-GAAP gross margin
14.6
%
31.7
%
16.7
%
Reconciliation of GAAP Income (loss) from operations to Non-GAAP Income from operations (in millions)
Reported income from operations on a GAAP basis
$
2.7
$
1.9
$
4.6
Amortization of intangible assets (1)
4.3
2.9
7.2
Stock-based compensation expense (2)
3.2
0.4
3.6
Restructuring charges (3)
3.3
0.1
3.4
Acquisition-related costs (4)
3.4
—
3.4
Inventory fair value adjustment (5)
0.4
—
0.4
Legal-related costs (6)
0.5
—
0.5
Non-GAAP income from operations
$
17.8
$
5.3
$
23.1
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis
0.7
%
3.4
%
1.0
%
Amortization of intangible assets (1)
1.1
%
5.3
%
1.6
%
Stock-based compensation expense (2)
0.9
%
0.7
%
0.8
%
Restructuring charges (3)
0.8
%
0.1
%
0.8
%
Acquisition-related costs (4)
0.9
%
—
0.8
%
Inventory fair value adjustment (5)
0.1
%
—
0.1
%
Legal-related costs (6)
0.1
%
—
0.1
%
Non-GAAP operating margin
4.6
%
9.5
%
5.2
%
1 Amortization of intangible assets related to the Company’s business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents severance, retention and costs related to facility closures
4 Represents acquisition activity costs
5 Fair value adjustments related HIS’ sold inventories
6 Represents estimated costs related to legal proceedings
ULTRA CLEAN HOLDINGS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP ADJUSTED RESULTS
Three Months Ended
Twelve Months Ended
December 29,
December 30,
September 29,
December 29,
December 30,
2023
2022
2023
2023
2022
Reconciliation of GAAP Net Income (loss) to Non-GAAP Net Income (in millions)
Reported net income (loss) attributable to UCT on a GAAP basis
$
(3.8)
$
27.8
$
(14.5)
$
(31.1)
$
40.4
Amortization of intangible assets (1)
7.2
7.0
5.5
24.1
30.1
Stock-based compensation expense (2)
3.6
4.6
3.9
12.5
19.3
Restructuring charges (3)
3.4
1.5
3.2
9.2
3.3
Acquisition related costs (4)
3.4
—
0.7
4.3
0.6
Fair value related adjustments (5)
2.5
—
—
4.0
—
Legal-related costs (6)
0.5
—
—
(0.4)
2.2
VAT settlement (7)
—
—
—
—
4.0
Net loss on divestitures (8)
—
—
—
—
77.4
Covid-19 related costs (9)
—
—
—
—
2.9
Income tax effect of non-GAAP adjustments (10)
(3.4)
(1.8)
(5.0)
(10.2)
(22.2)
Income tax effect of valuation allowance (11)
(4.9)
3.5
8.2
12.8
23.9
Non-GAAP net income attributable to UCT
$
8.5
$
42.6
$
2.0
$
25.2
$
181.9
Reconciliation of GAAP Income from operations to Non-GAAP Income from operations (in millions)
Reported income from operations on a GAAP basis
$
4.6
$
43.8
$
5.7
$
35.2
$
120.4
Amortization of intangible assets (1)
7.2
7.0
5.5
24.1
30.1
Stock-based compensation expense (2)
3.6
4.6
3.9
12.5
19.3
Restructuring charges (3)
3.4
1.5
3.2
9.2
3.3
Acquisition related costs (4)
3.4
—
0.7
4.3
0.6
Fair value related adjustments (5)
0.4
—
—
0.4
—
Legal-related costs (6)
0.5
—
—
(0.4)
2.2
VAT settlement (7)
—
—
—
—
4.0
Net loss on divestitures (8)
—
—
—
—
77.4
Covid-19 related costs (9)
—
—
—
—
2.9
Non-GAAP income from operations
$
23.1
$
56.9
$
19.0
$
85.3
$
260.2
Reconciliation of GAAP Operating margin to Non-GAAP Operating margin
Reported operating margin on a GAAP basis
1.0
%
7.7
%
1.3
%
2.0
%
5.1
%
Amortization of intangible assets (1)
1.6
%
1.2
%
1.3
%
1.4
%
1.3
%
Stock-based compensation expense (2)
0.8
%
0.8
%
0.9
%
0.7
%
0.8
%
Restructuring charges (3)
0.8
%
0.3
%
0.7
%
0.5
%
0.1
%
Acquisition related costs (4)
0.1
%
—
0.2
%
0.3
%
0.0
%
Fair value related adjustments (5)
0.1
%
—
—
0.0
%
—
Legal-related costs (6)
0.8
%
—
—
0.0
%
0.1
%
VAT settlement (7)
—
—
—
—
0.2
%
Net loss on divestitures (8)
—
—
—
—
3.3
%
Covid-19 related costs (9)
—
—
—
—
0.1
%
Non-GAAP operating margin
5.2
%
10.0
%
4.4
%
4.9
%
11.0
%
Reconciliation of GAAP Gross profit to Non-GAAP Gross profit (in millions)
Reported gross profit on a GAAP basis
$
71.1
$
108.5
$
65.2
$
277.3
$
465.0
Amortization of intangible assets (1)
2.0
1.5
1.5
6.5
6.3
Stock-based compensation expense (2)
0.5
0.4
0.2
1.5
1.5
Restructuring charges (3)
0.4
0.3
0.7
1.6
1.0
Fair value related adjustments (5)
0.4
—
—
0.4
—
VAT settlement (7)
—
—
—
—
4.0
Covid-19 related costs (9)
—
—
—
—
2.9
Non-GAAP gross profit
$
74.4
$
110.7
$
67.6
$
287.3
$
480.7
Reconciliation of GAAP Gross margin to Non-GAAP Gross margin
Reported gross margin on a GAAP basis
16.0
%
19.2
%
15.0
%
16.0
%
19.6
%
Amortization of intangible assets (1)
0.4
%
0.3
%
0.3
%
0.4
%
0.3
%
Stock-based compensation expense (2)
0.1
%
0.0
%
0.0
%
0.1
%
0.1
%
Restructuring charges (3)
0.1
%
0.0
%
0.2
%
0.1
%
0.0
%
Fair value related adjustments (5)
0.1
%
—
—
0.0
%
—
VAT settlement (7)
—
—
—
—
0.2
%
Covid-19 related costs (9)
—
—
—
—
0.1
%
Non-GAAP gross margin
16.7
%
19.5
%
15.5
%
16.6
%
20.2
%
Reconciliation of GAAP Interest and other income (expense) to Non-GAAP Interest and other income (expense) (in millions)
Reported interest and other income (expense) on a GAAP basis
$
(12.3)
$
(6.9)
$
(13.2)
$
(46.5)
$
(32.1)
Fair value related adjustments (5)
2.1
—
—
4.9
—
Non-GAAP interest and other income (expense)
$
(10.2)
$
(6.9)
$
(13.2)
$
(41.6)
$
(32.1)
Reconciliation of GAAP Earnings Per Diluted Share to Non-GAAP Earnings Per Diluted Share
Reported net income (loss) on a GAAP basis
$
(0.08)
$
0.61
$
(0.32)
$
(0.70)
0.88
Amortization of intangible assets (1)
0.16
0.15
0.12
0.54
0.66
Stock-based compensation expense (2)
0.08
0.10
0.09
0.28
0.42
Restructuring charges (3)
0.08
0.03
0.07
0.20
0.07
Acquisition related costs (4)
0.08
—
0.02
0.10
0.01
Fair value related adjustments (5)
0.05
—
—
0.09
—
Legal-related costs (6)
0.01
—
—
(0.01)
0.05
VAT settlement (7)
–
—
—
—
0.09
Net loss on divestitures (8)
–
—
—
—
1.69
Covid-19 related costs (9)
–
—
—
—
0.06
Income tax effect of non-GAAP adjustments (10)
(0.08)
(0.04)
(0.11)
(0.23)
(0.49)
Income tax effect of valuation allowance (11)
(0.11)
0.08
0.17
0.29
0.52
Non-GAAP net income
$
0.19
$
0.93
$
0.04
$
0.56
$
3.98
Weighted average number of diluted shares (in millions) on a non-GAAP basis
44.9
45.7
45.0
45.1
45.7
ULTRA CLEAN HOLDINGS, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP EFFECTIVE INCOME TAX RATE
Three Months Ended
Twelve Months Ended
December 29,
December 30,
September 29,
December 29,
December 30,
2023
2022
2023
2023
2022
(in millions, except percentages)
Provision for income taxes on a GAAP basis
$
(6.2)
$
8.5
$
5.3
10.9
37.9
Income tax effect of non-GAAP adjustments (10)
3.4
1.8
5.0
10.2
22.2
Income tax effect of valuation allowance (11)
4.9
(3.5)
(8.2)
(12.8)
(23.9)
Non-GAAP provision for income taxes
$
2.1
$
6.8
$
2.2
$
8.3
$
36.3
Income (loss) before income taxes on a GAAP basis
$
(7.7)
$
36.9
$
(7.5)
(11.3)
88.3
Amortization of intangible assets (1)
7.2
7.0
5.5
24.1
30.1
Stock-based compensation expense (2)
3.6
4.6
3.9
12.5
19.3
Restructuring charges (3)
3.4
1.5
3.2
9.2
3.3
Acquisition related costs (4)
3.4
—
0.7
4.3
0.6
Fair value related adjustments (5)
2.5
—
—
5.4
—
Legal-related costs (6)
0.5
—
—
(0.4)
2.2
VAT settlement (7)
—
—
—
—
4.0
Net loss on divestitures (8)
—
—
—
—
77.4
Covid-19 related costs (9)
—
—
—
—
2.9
Non-GAAP income before income taxes
$
12.9
$
50.0
$
5.8
$
43.8
$
228.1
Effective income tax rate on a GAAP basis
80.5
%
23.0
%
-70.7
%
-96.5
%
42.9
%
Non-GAAP effective income tax rate
16.4
%
13.7
%
37.3
%
18.9
%
15.9
%
1 Amortization of intangible assets related to the Company’s business acquisitions
2 Represents compensation expense for stock granted to employees and directors
3 Represents severance, retention and costs related to facility closures
4 Represents acquisition activity costs
5 Fair value adjustments related to contingent consideration, HIS’ sold inventories, intercompany loan related to an acquisition, net of $1.3 million loss attributable to noncontrolling interest
6 Represents estimated costs related to legal proceedings
7 Represents impact of value added tax ruling
8 Represents the net loss on the divestiture of certain non-core subsidiary entities
9 Covid-19 related costs incurred during the period
10 Tax effect of items (1) through (9) above based on the non-GAAP tax rate
11 The Company’s GAAP tax expense is generally higher than the Company’s non-GAAP tax expense, primarily due to losses in the U.S. with full federal and state valuation allowances. The Company’s non-GAAP tax rate and resulting non-GAAP tax expense considers the tax implications as if there was no federal or state valuation allowance position in effect
View original content to download multimedia:https://www.prnewswire.com/news-releases/ultra-clean-reports-fourth-quarter-and-full-year-2023-financial-results-302067845.html
SOURCE Ultra Clean Holdings, Inc.
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Technology
Marquis Who’s Who Honors Rupin Chothani for Engineering Leadership
Published
5 minutes agoon
July 23, 2026By
UNIONDALE, N.Y., July 23, 2026 /PRNewswire/ — Marquis Who’s Who honors Rupin Chothani for his leadership in engineering and project management. With more than two decades of professional experience to his credit, Mr. Chothani leverages a unique expertise in fire and petrochemical solutions to find success in his field. As project manager, project engineer and proposal manager at Technip Energies N.V., Mr. Chothani ensures effective results.
Drawn to Engineering
Coming from a family of engineers, Mr. Chothani was naturally drawn to the profession. This inclination was reinforced by comprehensive aptitude and attitude tests administered at the age of 14, which highlighted his strengths in engineering and architecture. Ultimately, this direction reinforced his determination to pursue a degree in mechanical engineering.
By 2003, Mr. Chothani earned a Bachelor of Science in Mechanical Engineering at the University of Mumbai. After a brief role as a junior manufacturing engineer at Artech Cooling Tower Pvt. Ltd., he completed a Master of Science in Mechanical Engineering at the University of Bridgeport in 2006. In addition to these degrees, Mr. Chothani later achieved AutoCAD certification.
Following his graduation in 2006, Mr. Chothani joined CB&I Lummus / ABB Lummus Heat Transfer (now Lummus Technology) as a thermal engineer. Though his work at Lummus Technology lasted only three years, Mr. Chothani was greatly influenced by mentor figures at the company. These mentors, including Ken Catala, Peter Harvard, Chin Dang and Miller Alanath Carter, provided essential guidance.
Building a Family
In December 2008, Mr. Chothani married his wife, Cathy. Along with his son and daughter, his family has contributed richly to his success in engineering and they continue to inspire him to excel. In addition to their support, Mr. Chothani recognizes that there is no alternative to hard work and dedicated learning.
From Lummus Technology to Technip Energies N.V.
Following his work at Lummus Technology, Mr. Chothani worked with Maco Corporation India Pvt. Ltd. By 2011, he joined Complete Heat Transfer Solutions – Environ Energy Systems as a thermal and mechanical engineer. By 2013, Mr. Chothani became a part of Technip Energies N.V. as a furnace mechanical engineer. By 2023, he added to this role and became a project manager, project engineer and proposal manager at the company.
In his current role at Technip Energies N.V., Mr. Chothani is responsible for a variety of essential duties. He manages and executes on engineering projects for ethylene cracking furnaces and heaters, and oversees proprietary technologies. Additionally, he actively coordinates with procurement, logistics, mechanical engineering and process engineering teams to ensure effective results.
Plans for the Future
Moving forward, Mr. Chothani hopes to advance his project management skills, particularly within the firejet industry. At the same time, he aims to share his knowledge of the industry with the next generation of professionals. Outside of his professional ambitions, Mr. Chothani intends to prepare his children to find success, inspiring them and their peers with hands-on experiments and full-day events.
About Marquis Who’s Who®:
Since 1899, when A. N. Marquis printed the First Edition of Who’s Who in America®, Marquis Who’s Who® has chronicled the lives of the most accomplished individuals and innovators from every significant field, including politics, business, medicine, law, education, art, religion and entertainment. Who’s Who in America® remains an essential biographical source for thousands of researchers, journalists, librarians and executive search firms worldwide. The suite of Marquis® publications can be viewed at the official Marquis Who’s Who® website, www.marquiswhoswho.com.
Marquis Who’s Who
Uniondale, NY
(844) 394 – 6946
info@marquiswhoswho.com
www.marquiswhoswho.com
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/marquis-whos-who-honors-rupin-chothani-for-engineering-leadership-302833756.html
Technology
COALITION OF INDEPENDENT INTERNET PROVIDERS ASKS CRTC TO FIX ERRORS IN WHOLESALE FIBRE RATES
Published
5 minutes agoon
July 23, 2026By
Coalition of competitive ISPs say current fibre rates make competition impossible and threatens to harm millions of Canadian consumers
CHATHAM, ON, July 23, 2026 /CNW/ — A coalition of independent internet service providers (the Coalition) led by TekSavvy Solutions Inc. (TekSavvy) today applied to the Canadian Radio-Television and Telecommunications Commission (CRTC) to review and vary Telecom Order 2026-77, which set final wholesale rates for fibre internet services. In that decision, the CRTC approved wholesale rates for fibre internet services that are higher than the retail prices charged by the large carriers. This makes competition impossible, as independent providers are forced to either sell at a loss or set prices above the large carriers, leaving millions of Canadian consumers without competitive options for essential internet services.
The application identifies key errors that led the CRTC to approve severely inflated final wholesale rates, which make it economically impossible for independent providers to compete. The Coalition argues that the CRTC’s incorrect rates negate the very purpose of Canada’s wholesale framework, which is to foster competition in retail broadband markets. Specifically, the Coalition asks the CRTC to make three key changes to Telecom Order 2026-77:
Eliminate one cost factor that is inconsistent with the CRTC’s established costing principles, which artificially increased fibre wholesale rates by an estimated 25% to 30% (the Adjustment Factor).Reduce another element of the costing that is inflated above reasonable levels: The Coalition calls on the CRTC to reduce the markup applied to wholesale fibre services from 30% to 15%, reflecting declining costs, operational efficiencies, and the need to support competition.Correct technical errors relating to certain wholesale fibre speed descriptions.
“Canadians were promised greater competition for fibre internet services, but these rates make competition impossible.” said Andy Kaplan-Myrth, TekSavvy’s Vice President of Regulatory and Carrier Affairs. “The CRTC must correct these errors to ensure its wholesale rates promote broadband competition that challenges the market power of monopoly incumbents, lowers prices, and increases consumer choice.”
About the Coalition
The Coalition consists of competitive telecommunications providers and industry associations advocating for fair wholesale access to fibre networks and a competitive broadband marketplace that delivers affordable, high-quality Internet services to Canadians, including: TekSavvy Solutions Inc., BC Broadband Association (“BCBA”), Canada-Wide Internet Service Providers Association (“CanWISP”), Fibernetics Inc., ISP Telecom Inc., National Capital FreeNet Inc., Novus Entertainment Inc. and Purple Cow Internet Inc.
About TekSavvy Solution Inc.
Based in Chatham, Ontario, TekSavvy is Canada’s largest independent telecom service company. TekSavvy has been proudly delivering award-winning services and fighting for consumers’ rights for nearly 30 years. TekSavvy is committed to providing quality competitive choice and closing Canada’s digital divide.
SOURCE TekSavvy Solutions Inc.
Technology
Monk Launches Voice Collections, Bringing AI Phone Calls and Callbacks to Accounts Receivable
Published
5 minutes agoon
July 23, 2026By
Monk’s collections agent, Julia, can now place outbound collection calls and answer inbound AR questions from a dedicated business number, so finance teams can use the channel that collects best without adding headcount.
Multimedia: Watch Voice Collections in action: https://youtu.be/w09PoN1yACE
NEW YORK, July 23, 2026 /PRNewswire/ — Monk, the AI-native accounts receivable platform, today launched Voice Collections. Its collections agent, Julia, can now place outbound collection calls and answer inbound customer questions about invoices and payments from a dedicated phone number for each organization. The feature brings the phone, long the most effective collections channel and the hardest one to scale, into Monk’s Intelligent Collections.
Roughly $10 trillion sits in unpaid invoices worldwide, and the average invoice now takes 59 days to clear (Allianz). Most accounts receivable runs on email, and most of it waits. More than half of B2B invoices in the United States are overdue at any given time, and 92% of businesses are typically paid after their due date (Chaser, 2026). Phone calls recover overdue invoices two to three times better than email (Dunwise), yet 91% of finance teams still rely on email as their main follow-up channel and only 56% use the phone, because calling every overdue account by hand does not scale and a single human dunning call can cost $12 to $18 (HighRadius).
Voice Collections gives teams that coverage. Julia can call on the accounts a playbook flags for phone follow-up, and answer when a customer calls the same number back to ask about an invoice, a payment, or a bank detail. Businesses that follow up on 100% of overdue invoices are 76% more likely to be paid within a week (Chaser), and a voice agent is what makes full coverage possible.
Monk’s collections agent is already proven on the accounts it handles by email. Across Monk’s first 100 customers, Julia reaches customers with a 24% higher response rate than standard dunning and resolves 88.2% of collections with zero human intervention. Voice extends that reach to the phone.
“For years the assumption was that customers would not talk to an AI on the phone,” said George Kurdin, Founder and CEO of Monk. “The evidence now points the other way. People engage with a good voice agent, and in AR the phone was always the channel that collected best. We built Voice Collections so finance teams can finally use it at the scale email gave them.”
That assumption is worth retiring. In a University of Chicago Booth field study of roughly 70,000 interviews, people interviewed by a voice AI agent were 12% more likely to receive an offer, 18% more likely to start, and 17% more likely to still be there after 30 days, and 80% chose the voice AI over a human when given the choice. The setting was recruiting rather than collections, but the finding travels: given a capable voice agent, people lean in rather than hang up. A call also does something email cannot, which is secure a verbal promise to pay in the moment.
Built for finance, with the phone agents kept with strict guardrails
Voice in finance has to be constrained, and Monk designed Voice Collections around that from the start. The agent is read-only on the phone. It answers questions, confirms details, and routes the next step. It will not rewrite an invoice, change a payment status, or accept a sensitive payment change by voice.
The agent is also reference-based. If a caller asks about an invoice, Julia asks for both the company name and the invoice number before looking anything up, and it will not search broadly from a single detail. Every inbound and outbound call is kept in the collection record alongside the email history, so a callback is part of the same thread the team already sees, and anything that needs judgment escalates to a person.
“Voice in finance has to be careful by design,” said Joe Zhou, Co-Founder and CTO of Monk. “Julia will not browse across accounts or move money over the phone. A caller has to bring the company name and invoice number before it confirms anything, and every call lands in the record. In finance a 1% mistake is still unacceptable, so we built for that first and added the reach second.”
Teams run autonomous collections on Monk
Monk runs collections for finance teams at companies like Unify, Pump, Siro, and Elate, and Voice Collections extends what those teams already do by email onto the phone.
“We chose Monk to help automate our collections, a process previously demanding several hours a week of manual, one-off outreach,” said Will Stewart, Head of Finance and BizOps at Unify. “Today, our Monk agent is always running in the background and I have a single dashboard to manage AR from.”
At Pump, which manages volume across more than 1,500 customers, Monk has helped collect over $10 million in recent months.
Voice AI is now infrastructure
The timing reflects how far voice AI has come. It has moved from demo to infrastructure: Vapi has processed more than 1 billion calls, Bland handles over 3.5 million calls a week, and ElevenLabs raised a $500 million round at an $11 billion valuation in early 2026. Monk builds Voice Collections on that foundation and adds the part finance actually needs, which is the AR context, the controls, and the audit trail.
Voice Collections is available now as an opt-in feature. Monk configures the dedicated number and call behavior with each organization before turning it on in Collections. See it in action: https://youtu.be/w09PoN1yACE.
About Monk
Monk is the AI-native accounts receivable platform that helps finance teams turn revenue into cash. Its agent, Julia, runs collections, cash application, and forecasting as one connected system. Monk resolves 88.2% of collections with zero human intervention, reaches customers with a 24% higher response rate than standard dunning, reduces DSO by more than 40%, automatically matches 80% of incoming payments with a full audit trail, and gives finance teams back roughly 26 hours a month. Teams onboard in under a week and see results in their first month. More than $1.5 billion in receivables is managed on the platform, including for customers like Profound and ElevenLabs. Monk has raised $25 million and is based in New York.
Media contact
Kendall Warson
kendall@monk.com
+1 415-827-6585
Sources: Chaser 2026 Accounts Receivable research; Dunwise dunning research; HighRadius collection call cost analysis; University of Chicago Booth field study on AI in recruiting; voice AI figures compiled by Enterprise DNA; Federal Reserve data; Allianz Worldwide DSO survey.
View original content to download multimedia:https://www.prnewswire.com/news-releases/monk-launches-voice-collections-bringing-ai-phone-calls-and-callbacks-to-accounts-receivable-302833768.html
SOURCE Monk
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