Technology
Ultra Clean Reports Fourth Quarter and Full Year 2023 Financial Results
Published
7 months 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
Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24
Published
4 hours agoon
September 21, 2024By
The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.
TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.
Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.
“Daanis the Judge” was inspired by Justice O’Bonsawin’s trailblazing career. It tells the story of a young student, Daanis, who dreams of becoming a judge after learning about Justice O’Bonsawin’s achievements.
The story is part of Chapter One’s growing collection of original children’s e-storybooks, co-created with Indigenous writers, illustrators and communities. The e-storybooks celebrate Indigenous experiences and perspectives, and feature audio clips of Elders pronouncing foundational words in their communities’ first languages. All e-storybooks are provided for free through the Global Free Library.
About Chapter One
Chapter One (chapterone.org/ca) is a global nonprofit and registered Canadian charity that provides one-on-one early literacy tutoring programs to 2,300 children in eight provinces and territories across Canada. Its proven “short burst” high-impact tutoring approach—five-minute sessions, three to five times a week—is ideally suited to young children’s attention spans and aligns with the Science of Reading. In one of the largest randomized control trials conducted on early literacy instruction, researchers from Stanford University found that 7 out of 10 students receiving Chapter One high impact tutoring achieved phonics benchmarks by the end of Kindergarten, compared to 32% in the control group.
Children at risk of reading failure receive 1:1 reading support from trained, paid paraprofessional tutors through Chapter One’s online reading platform and custom software. Programs are delivered in-person and virtually in classrooms through agreements with schools and school boards, and at home on families’ smartphones, connecting struggling readers with individualized reading support—regardless of location and circumstance, even in some of the most geographically remote communities in Canada.
In addition to its tutoring programs, Chapter One collaborates with Indigenous communities to co-create children’s stories that represent the communities’ priorities and experiences and advance language revitalization efforts. The e-storybooks are provided for free online, as part of the Global Free Library.
Event details
The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.
Media Contact
Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca
View original content to download multimedia:https://www.prweb.com/releases/supreme-court-justice-michelle-obonsawin-joins-elementary-students-for-live-virtual-qa-and-chapter-one-storybook-reading-on-sep-24-302254639.html
SOURCE Chapter One Canada
Technology
PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”
Published
6 hours agoon
September 21, 2024By
24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music
MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.
On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.
“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.
Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.
“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.
Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.
“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.
About PEAC Institute
PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.
Media Contact
Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org
View original content to download multimedia:https://www.prweb.com/releases/peac-institute-launches-24-hour-pause-for-peace-a-global-concert-302254527.html
SOURCE Pause for Peace
Technology
Global Times: China opens 12 nuclear research facilities to global scientists
Published
7 hours agoon
September 21, 2024By
The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.
These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.
The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.
Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.
IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.
Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.
On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.
Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.
China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.
At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.
The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.
Contact: xutianshu@globaltimes.com.cn
View original content:https://www.prnewswire.com/news-releases/global-times-china-opens-12-nuclear-research-facilities-to-global-scientists-302254830.html
SOURCE Global Times
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