UCT End Market Update
Reconciliation:
GAAP Net Income (loss) to Non-GAAP Net Income
$ in Thousands
FY'17
FY'18
FY'19
FY'20
Q1'21
Q2'21
Q3'21
1. Amortization of intangible assets related to
the Company's acquisitions of AIT, Thermal,
FDS, QGT and DMS
Net income (loss) per GAAP basis
75,085
36,596
Amortization of intangible assets (1)
5,438
9,580
Restructuring charges (2)
4,821
16,667
20,090 19,799
4,573
(9,351) 77,605 24,997
4,889
17,098
9,511
31,880
9,512
2. Represents severance, retention and costs
related to facility closures
3. Represents compensation expense for stock
granted to employees and directors
140
(28)
896
4. Represents costs related to acquisitions
Stock based compensation expense
(3)
13,062
12,899 4,043
3,724
4,324
5. Represents inventory adjustments related to
end-of-life products
Acquisition related costs* (4)
6. One-time product transition payment
10,102
3,861
1,024
1,337
8,093
105
Inventory adjustments (5)
684
7. Represents the loss on disposal of the
Company's 3D printing operations in
Singapore
8. Fair value adjustments related to contingent
consideration, purchase obligation, DMS'
sold inventories, forward hedge contracts
9. Depreciation adjustments related to QGT's
fixed assets
10. Represents gain realized on the sale of land
in South Korea
11. Insurance proceeds pertaining to the Cinos
fire in 2018
12. Tax effect of items (1) through (11) above
based on the non-GAAP tax rate
13. 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
Product transition fees (6)
Disposal of business unit (7)
Fair value adjustments (8)
Depreciation adjustments (9)
657
1,082
7,457
(360)
7,624
11,582
8,583
2,288
Gain on the sale of property (10)
(1,352)
Insurance proceeds (11)
(7,332)
Income tax effect of non-GAAP adjustments (12)
Income tax effect of valuation allowance (13)
Non-GAAP net income
(714) (4,501) (14,343)
469 6,355 9,461
80,278 64,692 46,544
(8,200)
994
(2,639)
1,140
114,966 38,157
(5,259) (2,760)
1,956 1,828
43,678 48,757
UCT
* Refer to 10k
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