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 second quarter 2024 financial results.
Second quarter 2024 highlights:
- Revenues of $203 million, near the upper end of our guidance
range communicated in May;
- Gross margin of 12.6% on a GAAP basis and 13.0% on a non‑GAAP
basis;
- Earnings per share of $(0.15) on a GAAP basis and $0.05 on a
non-GAAP basis; and
- Free cash flow of $15 million.
“We are encouraged by signs of a recovery in the customer demand
profile for wafer fab processing equipment as we progress through
2024,” commented Jeff Andreson, chief executive officer. “With Q2
revenues near the upper end of our expectations, we are also
pleased to report continued improvement in gross margin performance
over the last two quarters on similar revenue volumes. With
industry demand momentum continuing to build, we expect to continue
delivering on gross margin expansion and improvements in
profitability and cash flow in the forthcoming quarters.
Instrumental to our ability to achieve our financial performance
targets are the new proprietary product introductions and customer
qualifications now underway, which continue to yield positive
traction and momentum. Our expectations for a stronger second half
of 2024 are primarily driven by initial ramps in technology and
capacity investments for leading edge semiconductor devices.”
Q2 2024
Q1 2024
Q2 2023
(dollars in thousands, except per
share amounts)
U.S. GAAP Financial Results:
Net sales
$
203,227
$
201,383
$
185,008
Gross margin
12.6
%
11.4
%
13.9
%
Operating margin
(1.1
)%
(1.9
)%
(1.6
)%
Net loss
$
(5,112
)
$
(8,989
)
$
(20,656
)
Diluted EPS
$
(0.15
)
$
(0.30
)
$
(0.71
)
Q2 2024
Q1 2024
Q2 2023
(dollars in thousands, except per
share amounts)
Non-GAAP Financial Results:
Gross margin
13.0
%
12.2
%
14.5
%
Operating margin
2.2
%
1.2
%
2.9
%
Net income (loss)
$
1,819
$
(2,712
)
$
707
Diluted EPS
$
0.05
$
(0.09
)
$
0.02
U.S. GAAP Financial Results
Overview
For the second quarter of 2024, revenue was $203.2 million, net
loss was $5.1 million, and net loss per diluted share (“diluted
EPS”) was $(0.15). This compares to revenue of $201.4 million and
$185.0 million, net loss of $9.0 million and $(20.7) million, and
diluted EPS of $(0.30) and $(0.71), for the first quarter of 2024
and second quarter of 2023, respectively.
Non-GAAP Financial Results
Overview
For the second quarter of 2024, non-GAAP net income was $1.8
million and non-GAAP diluted EPS was $0.05. This compares to
non-GAAP net income (loss) of $(2.7) million and $0.7 million, and
non-GAAP diluted EPS of $(0.09) and $0.02, for the first quarter of
2024 and second quarter of 2023, respectively.
Third Quarter 2024 Financial
Outlook
For the third quarter of 2024, we expect revenue to be in the
range of $195 million to $210 million. We expect GAAP diluted EPS
to be in the range of $(0.17) to $(0.06) and non-GAAP diluted EPS
to be in the range of $0.05 to $0.15.
This outlook for non‑GAAP diluted EPS excludes amortization of
intangible assets of approximately $2.1 million and share-based
compensation expense of approximately $4.8 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 second quarter of 2024 with cash and cash
equivalents of $114.3 million, an increase of $12.2 million from
the prior quarter and an increase of $34.4 million from the prior
year ended December 29, 2023.
The increase of $12.2 million in the second quarter of 2024 was
primarily due to net cash provided by operating activities of $17.5
million, partially offset by capital expenditures of $2.8 million
and net payments on our credit facilities of $1.9 million. The
increase of $34.4 million during the six months ended June 28, 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 and net cash provided by
operating activities of $22.3 million, partially offset by net
payments on credit facilities of $118.8 million and capital
expenditures of $7.3 million.
Our cash provided by operating activities of $17.5 million for
the second quarter of 2024 consisted of net non-cash charges of
$12.1 million, consisting primarily of depreciation and
amortization of $8.1 million and share-based compensation expense
of $3.9 million, and a decrease in our net operating assets and
liabilities of $10.5 million, partially offset by net loss of $5.1
million. Our cash provided by operating activities of $22.3 million
for the six months ended June 28, 2024 consisted of net non-cash
charges of $22.3 million, consisting primarily of depreciation and
amortization of $15.7 million and share-based compensation expense
of $6.3 million, and a decrease in our net operating assets and
liabilities of $14.1 million, partially offset by net loss of $14.1
million.
The decrease in our net operating assets and liabilities of
$10.5 million during the second quarter of 2024 was primarily due
to a decrease in inventories of $9.2 million and a decrease in
accounts receivable of $8.2 million, partially offset by a decrease
in accounts payable of $3.5 million and a decrease in accrued and
other liabilities of $3.4 million. The decrease in our net
operating assets and liabilities of $14.1 million during the six
months ended June 28, 2024 was primarily due to a decrease in
inventories of $14.4 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 second quarter
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/ichorholdings080624/en.
To listen via telephone, please call (877) 407‑0989 (domestic)
or +1 (201) 389‑0921 (international), conference ID: 13747600.
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. 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. The three-month periods ended June 28,
2024, March 29, 2024, and June 30, 2023 were each 13 weeks.
References to the second quarter of 2024, first quarter of 2024,
and second quarter of 2023 relate to the three-month periods 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 third fiscal quarter of 2024, statements regarding the
current business environment, revenue levels in 2024,
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 2025, 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)
June 28, 2024
March 29, 2024
December 29,
2023
June 30, 2023
Assets
Current assets:
Cash and cash equivalents
$
114,349
$
102,124
$
79,955
$
84,608
Accounts receivable, net
65,216
73,371
66,721
95,760
Inventories
231,475
240,679
245,885
266,190
Prepaid expenses and other current
assets
7,596
5,047
8,804
5,507
Total current assets
418,636
421,221
401,365
452,065
Property and equipment, net
89,142
92,792
92,755
98,914
Operating lease right-of-use assets
34,623
37,202
36,611
39,184
Other noncurrent assets
13,727
12,621
11,912
12,422
Deferred tax assets, net
3,103
3,008
3,148
1,273
Intangible assets, net
53,056
55,142
57,288
64,096
Goodwill
335,402
335,402
335,402
335,402
Total assets
$
947,689
$
957,388
$
938,481
$
1,003,356
Liabilities and Shareholders’
Equity
Current liabilities:
Accounts payable
$
58,961
$
61,320
$
60,490
$
63,868
Accrued liabilities
15,122
15,452
14,871
16,753
Other current liabilities
6,812
7,051
6,638
8,783
Current portion of long-term debt
7,500
7,500
7,500
7,500
Current portion of lease liabilities
9,721
9,926
9,463
9,500
Total current liabilities
98,116
101,249
98,962
106,404
Long-term debt, less current portion,
net
122,665
124,424
241,183
284,701
Lease liabilities, less current
portion
26,025
28,339
28,187
30,570
Deferred tax liabilities, net
1,169
1,169
1,169
29
Other non-current liabilities
4,838
4,975
4,303
4,349
Total liabilities
252,813
260,156
373,804
426,053
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; 33,629,331, 33,467,846, 29,435,398,
and 29,241,561 shares outstanding, respectively; 38,066,770,
37,905,285, 33,872,837, and 33,812,827 shares issued,
respectively)
3
3
3
3
Additional paid in capital
595,881
593,125
451,581
441,883
Treasury shares at cost (4,437,439
shares)
(91,578
)
(91,578
)
(91,578
)
(91,578
)
Retained earnings
190,570
195,682
204,671
226,995
Total shareholders’ equity
694,876
697,232
564,677
577,303
Total liabilities and shareholders’
equity
$
947,689
$
957,388
$
938,481
$
1,003,356
ICHOR HOLDINGS, LTD.
Consolidated Statement of
Operations
(in thousands, except share and
per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Net sales
$
203,227
$
201,383
$
185,008
$
404,610
$
410,878
Cost of sales
177,670
178,389
159,266
356,059
351,896
Gross profit
25,557
22,994
25,742
48,551
58,982
Operating expenses:
Research and development
5,926
5,370
5,188
11,296
9,501
Selling, general, and administrative
19,807
19,219
19,500
39,026
39,667
Amortization of intangible assets
2,086
2,146
3,960
4,232
7,926
Total operating expenses
27,819
26,735
28,648
54,554
57,094
Operating income (loss)
(2,262
)
(3,741
)
(2,906
)
(6,003
)
1,888
Interest expense, net
1,858
4,096
5,030
5,954
9,580
Other expense, net
50
239
100
289
884
Loss before income taxes
(4,170
)
(8,076
)
(8,036
)
(12,246
)
(8,576
)
Income tax expense
942
913
12,620
1,855
12,085
Net loss
$
(5,112
)
$
(8,989
)
$
(20,656
)
$
(14,101
)
$
(20,661
)
Net loss per share:
Basic
$
(0.15
)
$
(0.30
)
$
(0.71
)
$
(0.44
)
$
(0.71
)
Diluted
$
(0.15
)
$
(0.30
)
$
(0.71
)
$
(0.44
)
$
(0.71
)
Shares used to compute Net loss per
share:
Basic
33,548,071
30,010,971
29,116,413
31,779,521
29,050,645
Diluted
33,548,071
30,010,971
29,116,413
31,779,521
29,050,645
ICHOR HOLDINGS, LTD.
Consolidated Statements of
Cash Flows
(in thousands)
(unaudited)
Three Months Ended
Six Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Cash flows from operating activities:
Net loss
$
(5,112
)
$
(8,989
)
$
(20,656
)
$
(14,101
)
$
(20,661
)
Adjustments to reconcile net loss to net
cash provided by operating activities:
Depreciation and amortization
8,123
7,556
8,656
15,679
17,145
Share-based compensation
3,938
2,375
4,277
6,313
7,914
Deferred income taxes
(95
)
140
11,072
45
10,049
Amortization of debt issuance costs
116
116
117
232
233
Changes in operating assets and
liabilities, net of acquisitions:
Accounts receivable, net
8,155
(6,650
)
26,933
1,505
40,561
Inventories
9,204
5,206
5,348
14,410
17,470
Prepaid expenses and other assets
143
1,735
3,281
1,878
5,986
Accounts payable
(3,549
)
3,405
(2,029
)
(144
)
(45,047
)
Accrued liabilities
(967
)
1,020
(4,164
)
53
(5,961
)
Other liabilities
(2,464
)
(1,110
)
(5,892
)
(3,574
)
(11,619
)
Net cash provided by operating
activities
17,492
4,804
26,943
22,296
16,070
Cash flows from investing activities:
Capital expenditures
(2,847
)
(4,490
)
(4,015
)
(7,337
)
(10,834
)
Net cash used in investing activities
(2,847
)
(4,490
)
(4,015
)
(7,337
)
(10,834
)
Cash flows from financing activities:
Issuance of ordinary shares, net of
fees
—
136,738
—
136,738
—
Issuance of ordinary shares under
share-based compensation plans
1,384
3,335
1,355
4,719
3,981
Employees' taxes paid upon vesting of
restricted share units
(1,929
)
(1,343
)
(1,637
)
(3,272
)
(2,329
)
Repayments on revolving credit
facility
—
(115,000
)
(5,000
)
(115,000
)
(5,000
)
Repayments on term loan
(1,875
)
(1,875
)
(1,875
)
(3,750
)
(3,750
)
Net cash provided by (used in) financing
activities
(2,420
)
21,855
(7,157
)
19,435
(7,098
)
Net increase (decrease) in cash
12,225
22,169
15,771
34,394
(1,862
)
Cash at beginning of period
102,124
79,955
68,837
79,955
86,470
Cash at end of period
$
114,349
$
102,124
$
84,608
$
114,349
$
84,608
Supplemental disclosures of cash flow
information:
Cash paid during the period for
interest
$
2,703
$
4,833
$
5,106
$
7,536
$
9,851
Cash paid during the period for taxes, net
of refunds
$
750
$
702
$
3,236
$
1,452
$
3,340
Supplemental disclosures of non-cash
activities:
Capital expenditures included in accounts
payable
$
1,458
$
267
$
293
$
1,458
$
293
Right-of-use assets obtained in exchange
for new operating lease liabilities
$
(431
)
$
2,810
$
842
$
2,379
$
3,103
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP
Gross Profit to Non-GAAP Gross Profit
(dollars in thousands)
(unaudited)
Three Months Ended
Six Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
June 28, 2024
June 30, 2023
U.S. GAAP gross profit
$
25,557
$
22,994
$
25,742
$
48,551
$
58,982
Non-GAAP adjustments:
Share-based compensation
717
776
1,091
1,493
1,512
Other (1)
160
748
—
908
1,287
Non-GAAP gross profit
$
26,434
$
24,518
$
26,833
$
50,952
$
61,781
U.S. GAAP gross margin
12.6
%
11.4
%
13.9
%
12.0
%
14.4
%
Non-GAAP gross margin
13.0
%
12.2
%
14.5
%
12.6
%
15.0
%
(1)
Represents severance costs associated with our global
reduction-in-force programs.
ICHOR HOLDINGS, LTD.
Reconciliation of U.S. GAAP
Operating Income (Loss) to Non-GAAP Operating Income
(dollars in thousands)
(unaudited)
Three Months Ended
Six Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
June 28, 2024
June 30, 2023
U.S. GAAP operating income (loss)
$
(2,262
)
$
(3,741
)
$
(2,906
)
$
(6,003
)
$
1,888
Non-GAAP adjustments:
Amortization of intangible assets
2,086
2,146
3,960
4,232
7,926
Share-based compensation
3,938
2,375
4,277
6,313
7,914
Transaction-related costs (1)
—
785
—
785
—
Other (2)
733
867
—
1,600
1,324
Non-GAAP operating income
$
4,495
$
2,432
$
5,331
$
6,927
$
19,052
U.S. GAAP operating margin
(1.1
)%
(1.9
)%
(1.6
)%
(1.5
)%
0.5
%
Non-GAAP operating margin
2.2
%
1.2
%
2.9
%
1.7
%
4.6
%
(1)
Represents transaction-related costs incurred in connection with
our acquisitions pipeline.
(2)
Represents severance costs associated with our global
reduction-in-force programs, and, for the three and six months
ended June 28, 2024, $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 (Loss)
(in thousands, except share and
per share amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
June 28, 2024
June 30, 2023
U.S. GAAP net loss
$
(5,112
)
$
(8,989
)
$
(20,656
)
$
(14,101
)
$
(20,661
)
Non-GAAP adjustments:
Amortization of intangible assets
2,086
2,146
3,960
4,232
7,926
Share-based compensation
3,938
2,375
4,277
6,313
7,914
Transaction-related costs (1)
—
785
—
785
—
Other (2)
733
867
—
1,600
1,324
Tax adjustments related to non-GAAP
adjustments (3)
174
104
2,032
278
4,238
Tax expense from valuation allowance
(4)
—
—
11,094
—
11,094
Non-GAAP net income (loss)
$
1,819
$
(2,712
)
$
707
$
(893
)
$
11,835
U.S. GAAP diluted EPS
$
(0.15
)
$
(0.30
)
$
(0.71
)
$
(0.44
)
$
(0.71
)
Non-GAAP diluted EPS
$
0.05
$
(0.09
)
$
0.02
$
(0.03
)
$
0.40
Shares used to compute non-GAAP diluted
EPS
34,043,870
30,010,971
29,492,966
31,779,521
29,454,500
(1) Represents transaction-related costs incurred in connection
with our acquisitions pipeline.
(2)
Represents severance costs associated with our global
reduction-in-force programs, and, for the three and six months
ended June 28, 2024, $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
Six Months Ended
June 28, 2024
March 29, 2024
June 30, 2023
June 28, 2024
June 30, 2023
Net cash provided by operating
activities
$
17,492
$
4,804
$
26,943
$
22,296
$
16,070
Capital expenditures
(2,847
)
(4,490
)
(4,015
)
(7,337
)
(10,834
)
Free cash flow
$
14,645
$
314
$
22,928
$
14,959
$
5,236
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240806962716/en/
Greg Swyt, CFO 510-897-5200 Claire McAdams, IR & Strategic
Initiatives 530-265-9899 ir@ichorsystems.com
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