[ad_1]
Business Adoption of Complex Answers Expands
SINGAPORE, Aug. 7, 2024 /PRNewswire/ — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa,” “K&S,” “our,” or the “Company”), nowadays introduced monetary result of its 3rd fiscal quarter ended June 29, 2024. The Corporate reported 3rd quarter web income of $181.7 million, web source of revenue of $12.3 million, representing EPS of $0.22 consistent with absolutely diluted percentage, and non-GAAP web source of revenue of $19.3 million, representing non-GAAP EPS of $0.35 consistent with absolutely diluted percentage.
|
Quarterly Effects – U.S. GAAP |
|||
|
Fiscal Q3 2024
|
Trade vs. Fiscal Q3 2023 |
Trade vs. Fiscal Q2 2024 |
|
|
Web Income |
$181.7 million |
indisposed 4.9% |
up 5.6% |
|
Improper Margin |
46.6 % |
indisposed 60 bps |
up 3700 bps |
|
Source of revenue from Operations |
$8.3 million |
up 284.4% |
up 107.9% |
|
Working Margin |
4.6 % |
up 700 bps |
up 6570 bps |
|
Web Source of revenue |
$12.3 million |
up 194.7% |
up 111.9% |
|
Web Margin |
6.8 % |
up 460 bps |
up 6650 bps |
|
EPS – Diluted |
$0.22 |
up 214.3% |
up 112% |
|
Quarterly Effects – Non-GAAP |
|||
|
Fiscal Q3 2024
|
Trade vs. Fiscal Q3 2023 |
Trade vs. Fiscal Q2 2024 |
|
|
Source of revenue from Operations |
$15.9 million |
indisposed 34.6% |
up 131.7% |
|
Working Margin |
8.7 % |
indisposed 400 bps |
up 3790 bps |
|
Web Source of revenue |
$19.3 million |
indisposed 39.4% |
indisposed 136.3% |
|
Web Margin |
10.6 % |
indisposed 610 bps |
up 4150 bps |
|
EPS – Diluted |
$0.35 |
indisposed 36.4% |
indisposed 136.8% |
|
A reconciliation between the GAAP and non-GAAP adjusted effects is equipped within the monetary tables incorporated on the finish of this press reduce. See additionally the “Use of non-GAAP Financial Results” category of this press reduce. |
Fusen Chen, Kulicke & Soffa’s President and Govt Officer, mentioned, “While the recovery remains gradual, improving utilization rates combined with continued near-term industry growth provide optimism for coordinated capacity and technology expansion across multiple end-markets. Additionally, we continue to drive industry adoption of our leading Fluxless Thermo-Compression (FTC), Vertical-Fan-Out (VFO), and High-Power-Interconnect (HPI) solutions through industry collaborations, customer development programs and recent market wins.”
Okay&S just lately introduced a number of milestones, which highlighted increasing business momentum for its Thermo-Compression (TCB) program, together with more than one brandnew industrial industry wins, a trail to TCB-enabled hybrid-bonding in addition to club in a US-based semiconductor consortium which incorporates get admission to to the consortium’s Union Town, CA founded R&D heart.
3rd Quarter Fiscal 2024 Monetary Highlights
- Web income of $181.7 million.
- Improper margin of 46.6%.
- Web source of revenue of $12.3 million or $0.22 consistent with percentage; non-GAAP web source of revenue of $19.3 million or $0.35 consistent with absolutely diluted percentage.
- GAAP money tide from operations of $26.9 million; Adjusted distant money tide of $24.2 million.
- Money, money equivalents, and momentary investments have been $601.9 million as of June 29, 2024.
- The Corporate repurchased a complete of 0.9 million stocks of regular store at a value of $44.0 million.
Fourth Quarter Fiscal 2024 Outlook
Okay&S recently expects web income within the fourth quarter of fiscal 2024 finishing September 28, 2024 to be roughly $180 million +/- $10 million, GAAP diluted EPS to be roughly $0.22 +/- 10%, and non-GAAP diluted EPS to be roughly $0.35 +/- 10%.
A reconciliation between the GAAP and non-GAAP monetary outlook is equipped within the monetary tables incorporated on the finish of this press reduce.
Profits Convention Webcast
A webcast to speak about those effects can be hung on August 7, 2024, starting at 4:30 pm EDT. The are living webcast hyperlink, supplemental income presentation, and archived webcast can be to be had at investor.kns.com. To get admission to the audio-only portion of the are living webcast, events would possibly name +1-877-407-8037, or across the world, +1-201-689-8037.
An audio-only replay of the webcast may also be to be had roughly one future next the final touch of the are living name through calling +1-877-660-6853, or across the world, +1-201-612-7415 and referencing get admission to code 13743543.
Virtue of Non-GAAP Monetary Effects
Along with U.S. GAAP (“GAAP”) effects, this press reduce additionally comprises refer to non-GAAP monetary effects: source of revenue from operations, running margin, web source of revenue, web margin, web source of revenue consistent with absolutely diluted percentage and changed distant money tide. The Corporate’s non-GAAP effects exclude amortization connected to intangible belongings obtained thru industry combos, prices related to restructuring and severance, equity-based repayment, acquisition and integration prices, impairment in terms of belongings obtained thru industry combos, long-lived asset impairment in terms of industry cessation or disposal, impairment in terms of fairness investments, source of revenue tax expense/receive advantages coming up from discrete tax pieces prompted through acquisition, disposal of commercial (each by way of a sale or an abandonment), restructuring and substantial alterations in tax rules, achieve/loss on disposal of commercial, in addition to tax advantages or bills related to the foregoing non-GAAP pieces. The non-GAAP changes would possibly or will not be rare or nonrecurring in nature, however are a results of periodic or non-core running actions. Those non-GAAP measures are in line with the best way control analyzes and assesses the Corporate’s running effects. The Corporate believes those non-GAAP measures improve traders’ figuring out of the Corporate’s underlying operational efficiency, in addition to their skill to match the Corporate’s period-to-period monetary effects and the Corporate’s general efficiency to that of its competition.
Control makes use of each GAAP metrics in addition to those non-GAAP metrics to guage the Corporate’s running and fiscal effects. Non-GAAP monetary measures won’t serve knowledge this is at once related to that equipped through alternative firms within the Corporate’s business, as alternative firms within the business would possibly calculate non-GAAP monetary effects otherwise. As well as, there are boundaries in the use of non-GAAP monetary measures since the non-GAAP monetary measures don’t seem to be ready in keeping with GAAP, could also be other from non-GAAP monetary measures old through alternative firms and exclude bills that can have a subject material have an effect on at the Corporate’s reported monetary effects. The presentation of non-GAAP pieces is supposed to complement, however no longer change for, GAAP monetary measures or knowledge. The Corporate believes the presentation of non-GAAP ends up in aggregate with GAAP effects supplies higher transparency to the funding people when examining industry tendencies, offering significant comparisons with prior era efficiency and adorning traders’ skill to view the Corporate’s effects from control’s standpoint. A reconciliation of every non-GAAP monetary measure to probably the most at once related GAAP measure mentioned on this press reduce is contained within the monetary tables on the finish of this press reduce.
About Kulicke & Soffa
Based in 1951, Kulicke & Soffa makes a speciality of creating state of the art semiconductor and electronics meeting answers enabling a mischievous and extra sustainable life. Our ever-growing space of services and products helps expansion and facilitates era transitions throughout large-scale markets, comparable to complex show, automobile, communications, compute, shopper, information bank, power bank and business.
Warning Relating to Effects, Ahead-Having a look Statements and Positive Dangers Matching to our Trade
Along with historic statements, this press reduce comprises statements in terms of life occasions and our life effects. Those statements are “forward-looking” statements inside the that means of the Personal Securities Litigation Reform Office of 1995. Presen those forward-looking statements constitute our judgments and life expectancies relating to our industry, together with the utility and competitiveness of our complex show merchandise and alternative rising era transitions, numerous dangers, uncertainties and alternative notable components may motive original trends and effects to fluctuate materially from our expectancies. Those components come with, however don’t seem to be restricted to, the ongoing evaluation of the have an effect on of the cancellation of Venture W (the “Project”) on our industry, our skill to repurpose belongings deployed or evolved for the Venture to alternative portions of our industry, our skill to hunt attainable recourse, claims and treatments coming up from the cancellation of the Venture, disruptions, breaches or disasters in our knowledge era programs and community infrastructures, the continual macroeconomic headwinds on our industry, original or attainable inflationary pressures, rate of interest and possibility top rate changes, falling buyer sentiment, or financial recession led to at once or not directly through geopolitical tensions, our skill to create, assemble and achieve marketplace acceptance of brandnew merchandise, our skill to function our industry in keeping with our marketing strategy and the alternative components indexed or mentioned in our Annual Document on Mode 10-Okay for the fiscal generation ended September 30, 2023, filed on November 16, 2023, and our alternative filings with the Securities and Change Fee. Kulicke and Soffa Industries, Inc. is underneath refuse legal responsibility to (and expressly disclaims any legal responsibility to) replace or regulate its forward-looking statements whether or not because of brandnew knowledge, life occasions or another way.
Touch:
Kulicke and Soffa Industries, Inc.
Joseph Elgindy
Finance
P: +1-215-784-7518
|
KULICKE AND SOFFA INDUSTRIES, INC. |
|||||||
|
3 months ended |
9 months ended |
||||||
|
June 29, 2024 |
July 1, 2023 |
June 29, 2024 |
July 1, 2023 |
||||
|
Web income |
$ 181,650 |
$ 190,917 |
$ 524,913 |
$ 540,171 |
|||
|
Value of gross sales |
96,920 |
100,899 |
343,816 |
277,355 |
|||
|
Improper benefit |
84,730 |
90,018 |
181,097 |
262,816 |
|||
|
Working bills: |
|||||||
|
Promoting, basic and administrative |
37,266 |
34,550 |
112,497 |
108,113 |
|||
|
Analysis and construction |
37,937 |
36,578 |
112,451 |
107,085 |
|||
|
Impairment fees |
— |
21,535 |
44,472 |
21,535 |
|||
|
Amortization of intangible belongings |
1,250 |
1,786 |
3,922 |
4,743 |
|||
|
Acquisition-related prices |
— |
57 |
— |
498 |
|||
|
Restructuring |
— |
— |
2,940 |
879 |
|||
|
Overall running bills |
76,453 |
94,506 |
276,282 |
242,853 |
|||
|
Source of revenue / (loss) from operations |
8,277 |
(4,488) |
(95,185) |
19,963 |
|||
|
Alternative source of revenue (expense): |
|||||||
|
Passion source of revenue |
8,060 |
8,847 |
26,807 |
23,406 |
|||
|
Passion expense |
(20) |
(50) |
(60) |
(116) |
|||
|
Source of revenue / (loss) ahead of source of revenue taxes |
16,317 |
4,309 |
(68,438) |
43,253 |
|||
|
Source of revenue tax expense |
4,053 |
148 |
12,685 |
9,462 |
|||
|
Web source of revenue / (loss) |
$ 12,264 |
$ 4,161 |
$ (81,123) |
$ 33,791 |
|||
|
Web source of revenue / (loss) consistent with percentage: |
|||||||
|
Modest |
$ 0.22 |
$ 0.07 |
$ (1.45) |
$ 0.60 |
|||
|
Diluted |
$ 0.22 |
$ 0.07 |
$ (1.45) |
$ 0.59 |
|||
|
Money dividends declared consistent with percentage |
$ 0.20 |
$ 0.19 |
$ 0.60 |
$ 0.57 |
|||
|
Weighted reasonable stocks exceptional: |
|||||||
|
Modest |
55,280 |
56,553 |
56,028 |
56,763 |
|||
|
Diluted |
55,724 |
57,519 |
56,028 |
57,684 |
|||
|
3 months ended |
9 months ended |
||||||
|
Supplemental monetary information: |
June 29, 2024 |
July 1, 2023 |
June 29, 2024 |
July 1, 2023 |
|||
|
Depreciation and amortization |
$ 4,944 |
$ 8,591 |
$ 19,896 |
$ 20,746 |
|||
|
Capital expenditures |
3,266 |
10,451 |
10,645 |
43,485 |
|||
|
Fairness-based repayment expense: |
|||||||
|
Value of gross sales |
315 |
272 |
1,037 |
903 |
|||
|
Promoting, basic and administrative |
4,300 |
3,800 |
14,083 |
12,398 |
|||
|
Analysis and construction |
1,748 |
1,331 |
5,332 |
4,002 |
|||
|
Overall equity-based repayment expense |
$ 6,363 |
$ 5,403 |
$ 20,452 |
$ 17,303 |
|||
|
As of |
|||
|
June 29, 2024 |
July 1, 2023 |
||
|
Choice of workers |
2,790 |
3,045 |
|
|
KULICKE AND SOFFA INDUSTRIES, INC. |
|||
|
As of |
|||
|
June 29, 2024 |
September 30, 2023 |
||
|
ASSETS |
|||
|
CURRENT ASSETS |
|||
|
Money and money equivalents |
$ 366,917 |
$ 529,402 |
|
|
Snip-term investments |
235,000 |
230,000 |
|
|
Accounts and alternative receivable, web of allowance for in doubt accounts of $49 and $49, respectively |
200,320 |
158,601 |
|
|
Inventories, web |
175,551 |
217,304 |
|
|
Pay as you go bills and alternative flow belongings |
35,300 |
53,751 |
|
|
TOTAL CURRENT ASSETS |
1,013,088 |
1,189,058 |
|
|
Feature, plant and gear, web |
64,536 |
110,051 |
|
|
Working right-of-use belongings |
35,875 |
47,148 |
|
|
Favor |
88,933 |
88,673 |
|
|
Intangible belongings, web |
25,744 |
29,357 |
|
|
Deferred tax belongings |
16,983 |
31,551 |
|
|
Fairness investments |
2,900 |
716 |
|
|
Alternative belongings |
9,156 |
3,223 |
|
|
TOTAL ASSETS |
$ 1,257,215 |
$ 1,499,777 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||
|
CURRENT LIABILITIES |
|||
|
Accounts payable |
52,145 |
49,302 |
|
|
Working hire liabilities |
7,128 |
6,574 |
|
|
Accumulated bills and alternative flow liabilities |
89,979 |
103,005 |
|
|
Source of revenue taxes payable |
16,725 |
22,670 |
|
|
TOTAL CURRENT LIABILITIES |
165,977 |
181,551 |
|
|
Deferred tax liabilities |
35,705 |
37,264 |
|
|
Source of revenue taxes payable |
35,639 |
52,793 |
|
|
Working hire liabilities |
32,524 |
41,839 |
|
|
Alternative liabilities |
13,832 |
11,769 |
|
|
TOTAL LIABILITIES |
283,677 |
325,216 |
|
|
SHAREHOLDERS’ EQUITY |
|||
|
Familiar store, refuse par worth |
590,915 |
577,727 |
|
|
Treasury store, at value |
(838,803) |
(737,214) |
|
|
Retained income |
1,241,235 |
1,355,810 |
|
|
Gathered alternative complete loss |
(19,809) |
(21,762) |
|
|
TOTAL SHAREHOLDERS’ EQUITY |
$ 973,538 |
$ 1,174,561 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 1,257,215 |
$ 1,499,777 |
|
|
KULICKE AND SOFFA INDUSTRIES, INC. |
|||||||
|
3 months ended |
9 months ended |
||||||
|
June 29, 2024 |
July 1, 2023 |
June 29, 2024 |
July 1, 2023 |
||||
|
Web money equipped through / (old in) running actions |
$ 26,897 |
$ 8,976 |
$ (582) |
$ 95,912 |
|||
|
Web money equipped through / (old in) making an investment actions |
36,594 |
24,473 |
(20,518) |
(161,724) |
|||
|
Web money old in financing actions |
(55,933) |
(19,447) |
(141,729) |
(92,358) |
|||
|
Impact of alternate price adjustments on money and money equivalents |
(389) |
(1,298) |
344 |
4,439 |
|||
|
Adjustments in money and money equivalents |
7,169 |
12,704 |
(162,485) |
(153,731) |
|||
|
Money and money equivalents, starting of era |
359,748 |
389,102 |
529,402 |
555,537 |
|||
|
Money and money equivalents, finish of era |
$ 366,917 |
$ 401,806 |
$ 366,917 |
$ 401,806 |
|||
|
Snip-term investments |
235,000 |
310,000 |
235,000 |
310,000 |
|||
|
Overall money, money equivalents and momentary investments |
$ 601,917 |
$ 711,806 |
$ 601,917 |
$ 711,806 |
|||
|
Reconciliation of U.S. GAAP |
||||||
|
3 months ended |
||||||
|
June 29, 2024 |
July 1, 2023 |
March 30, 2024 |
||||
|
Web income |
$ 181,650 |
$ 190,917 |
$ 172,074 |
|||
|
U.S. GAAP source of revenue from operations |
8,277 |
(4,488) |
(105,155) |
|||
|
U.S. GAAP running margin |
4.6 % |
(2.4) % |
(61.1) % |
|||
|
Pre-tax non-GAAP pieces: |
||||||
|
Amortization connected to intangible belongings |
1,250 |
1,786 |
1,325 |
|||
|
Restructuring and severance |
— |
— |
2,940 |
|||
|
Fairness-based repayment |
6,363 |
5,403 |
6,232 |
|||
|
Impairment fees |
— |
21,535 |
44,472 |
|||
|
Acquisition-related prices |
— |
57 |
— |
|||
|
Non-GAAP source of revenue from operations |
$ 15,890 |
$ 24,293 |
$ (50,186) |
|||
|
Non-GAAP running margin |
8.7 % |
12.7 % |
(29.2) % |
|||
|
Reconciliation of U.S. GAAP Web Source of revenue to Non-GAAP Web Source of revenue and Non-GAAP Web Margin and |
||||||
|
3 months ended |
||||||
|
June 29, 2024 |
July 1, 2023 |
March 30, 2024 |
||||
|
Web income |
$ 181,650 |
$ 190,917 |
$ 172,074 |
|||
|
U.S. GAAP web source of revenue / (loss) |
12,264 |
4,161 |
(102,680) |
|||
|
U.S. GAAP web margin |
6.8 % |
2.2 % |
(59.7) % |
|||
|
Non-GAAP changes: |
||||||
|
Amortization connected to intangible belongings |
1,250 |
1,786 |
1,325 |
|||
|
Restructuring and severance |
— |
— |
2,940 |
|||
|
Fairness-based repayment |
6,363 |
5,403 |
6,232 |
|||
|
Impairment fees |
— |
21,535 |
44,472 |
|||
|
Acquisition-related prices |
— |
57 |
— |
|||
|
Web source of revenue tax receive advantages on non-GAAP pieces |
(568) |
(1,060) |
(5,534) |
|||
|
Overall non-GAAP changes |
$ 7,045 |
$ 27,721 |
$ 49,435 |
|||
|
Non-GAAP web source of revenue / (loss) |
$ 19,309 |
$ 31,882 |
$ (53,245) |
|||
|
Non-GAAP web margin |
10.6 % |
16.7 % |
(30.9) % |
|||
|
U.S. GAAP web source of revenue / (loss) consistent with percentage: |
||||||
|
Modest |
0.22 |
0.07 |
(1.83) |
|||
|
Diluted(a) |
0.22 |
0.07 |
(1.83) |
|||
|
Non-GAAP changes consistent with percentage:(b) |
||||||
|
Modest |
0.13 |
0.49 |
0.88 |
|||
|
Diluted |
0.13 |
0.48 |
0.88 |
|||
|
Non-GAAP web source of revenue / (loss) consistent with percentage: |
||||||
|
Modest |
$ 0.35 |
$ 0.56 |
$ (0.95) |
|||
|
Diluted(c) |
$ 0.35 |
$ 0.55 |
$ (0.95) |
|||
|
Weighted reasonable stocks exceptional: |
||||||
|
Modest |
55,280 |
56,553 |
56,154 |
|||
|
Diluted |
55,724 |
57,519 |
56,154 |
|||
|
(a) |
GAAP diluted web income consistent with percentage displays any dilutive impact of exceptional limited store, however that impact is excluded when calculating GAAP diluted web loss consistent with percentage as a result of it will be anti-dilutive. |
|
(b) |
Non-GAAP changes consistent with percentage come with amortization connected to intangible belongings obtained thru industry combos, prices related to restructuring and severance, acquisition and integration prices, equity-based repayment bills, long-lived asset impairment in terms of industry cessation or disposal, and source of revenue tax results related to the foregoing non-GAAP pieces. |
|
(c) |
Non-GAAP diluted web income consistent with percentage displays any dilutive impact of exceptional limited store. |
|
Reconciliation of U.S. GAAP Money equipped through Working Actions
|
||||||
|
3 months ended |
||||||
|
June 29, 2024 |
July 1, 2023 |
March 30, 2024 |
||||
|
U.S. GAAP web money equipped through / (old in) through running actions |
$ 26,897 |
$ 8,976 |
$ (20,148) |
|||
|
Expenditures for attribute, plant and gear |
(2,683) |
(10,610) |
(6,571) |
|||
|
Proceeds from gross sales of attribute, plant and gear |
— |
83 |
— |
|||
|
Non-GAAP adjusted distant money tide |
24,214 |
(1,551) |
(26,719) |
|||
|
Reconciliation of U.S. GAAP to Non-GAAP Outlook |
||||||
|
Fourth quarter of fiscal 2024 finishing September 28, 2024 |
||||||
|
GAAP Outlook |
Changes |
Non-GAAP Outlook |
||||
|
Web income |
$180 million +/- $10 million |
— |
$180 million +/- $10 million |
|||
|
Working bills |
$76.5 million +/- 2% |
$7.5 million B,C |
$69.0 million +/- 2% |
|||
|
Diluted EPS(1) |
$0.22 +/- 10% |
$0.13 A, B, C,D |
$0.35 +/- 10% |
|||
|
Non-GAAP Changes |
||||||
|
A. Fairness-based repayment – Value of gross sales |
0.3 |
|||||
|
B. Fairness-based repayment – Promoting, basic and administrative and Analysis and construction |
6.3 |
|||||
|
C. Amortization connected to intangible belongings |
1.2 |
|||||
|
D. Web source of revenue tax impact of the above pieces |
(0.6) |
|||||
|
(1) |
GAAP and non-GAAP diluted EPS in line with roughly 54.9 million diluted weighted reasonable stocks exceptional. |
|
The tables above reconcile our GAAP to non-GAAP steerage in line with the flow outlook. The steerage does no longer incorporate the have an effect on of any attainable industry combos, divestitures, restructuring actions, strategic investments and alternative important transactions. The timing and have an effect on of such pieces are depending on life occasions that can be unsure or out of doors of our keep watch over. |
SOURCE Kulicke & Soffa Industries, Inc.
[ad_2]
Source link
