- Record quarterly revenue of
$1.09 billion , up 42% year-over-year, exceeding the high-end of guidance - Quarterly GAAP net income per diluted share of
$0.81 and quarterly Non-GAAP net earnings per diluted share of$2.00 , exceeding the high-end of guidance - Quarterly GAAP net income of
$54 million and quarterly Adjusted EBITDA of$282 million , exceeding the high-end of guidance - Quarterly operating cash flow of
$184 million and free cash flow of$130 million - Record annual revenue of
$3.55 billion , up 20% year-over-year
“Fourth quarter revenue and Non-GAAP EPS exceeded the high-end of our guidance range, capping an important year for MKS in which we firmly established the company as a foundational technology solutions provider focused on the core building blocks of advanced electronic devices,” said
“We delivered strong revenue and profitability in the fourth quarter as a result of solid operational execution,” said
First Quarter 2023 Outlook
The Company anticipates the previously announced ransomware incident identified on
Prior to the ransomware event, the Company expected revenue in the first quarter of approximately
The Company expects to resume its normal guidance practice for the second quarter.
Conference Call Details
A conference call with management will be held on
About MKS Instruments
MKS Instruments enables technologies that transform our world. We deliver foundational technology solutions to leading edge semiconductor manufacturing, electronics and packaging, and specialty industrial applications. We apply our broad science and engineering capabilities to create instruments, subsystems, systems, process control solutions and specialty chemicals technology that improve process performance, optimize productivity and enable unique innovations for many of the world's leading technology and industrial companies. Our solutions are critical to addressing the challenges of miniaturization and complexity in advanced device manufacturing by enabling increased power, speed, feature enhancement, and optimized connectivity. Our solutions are also critical to addressing ever-increasing performance requirements across a wide array of specialty industrial applications. Additional information can be found at www.mks.com.
Use of Non-GAAP Financial Results
This press release includes financial measures that are not in accordance with
For further information regarding these Non-GAAP financial measures, please refer to the tables presenting reconciliations of our Non-GAAP results to our GAAP results and the “Notes on Our Non-GAAP Financial Information” at the end of this press release.
Selected GAAP and Non-GAAP Financial Measures
(In millions, except per share data)
Quarter | Full Year | ||||||||||||||||||
Q4 2022 | Q3 2022 | Q4 2021 | 2022 | 2021 | |||||||||||||||
Net Revenues | |||||||||||||||||||
Semiconductor | $ | 503 | $ | 536 | $ | 495 | $ | 2,041 | $ | 1,825 | |||||||||
266 | 166 | 73 | 541 | 344 | |||||||||||||||
316 | 253 | 196 | 964 | 780 | |||||||||||||||
Total net revenues | $ | 1,085 | $ | 954 | $ | 764 | $ | 3,547 | $ | 2,950 | |||||||||
GAAP Financial Measures | |||||||||||||||||||
Gross margin | 44.7 | % | 40.8 | % | 46.4 | % | 43.6 | % | 46.8 | % | |||||||||
Operating margin | 15.0 | % | 12.4 | % | 23.8 | % | 17.4 | % | 23.7 | % | |||||||||
Net income | $ | 54 | $ | 6 | $ | 150 | $ | 333 | $ | 551 | |||||||||
Diluted EPS | $ | 0.81 | $ | 0.09 | $ | 2.69 | $ | 5.56 | $ | 9.90 | |||||||||
Non-GAAP Financial Measures | |||||||||||||||||||
Gross margin | 45.9 | % | 44.9 | % | 46.4 | % | 45.1 | % | 46.8 | % | |||||||||
Operating margin | 23.6 | % | 25.1 | % | 27.1 | % | 24.5 | % | 27.0 | % | |||||||||
Net earnings | $ | 133 | $ | 167 | $ | 168 | $ | 597 | $ | 634 | |||||||||
Diluted EPS | $ | 2.00 | $ | 2.74 | $ | 3.02 | $ | 9.97 | $ | 11.38 | |||||||||
Additional Financial Information
At
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 regarding the future financial performance, business prospects and growth of
Company Contact:
Vice President, Investor Relations
Telephone: (978) 557-5180
Email: david.ryzhik@mksinst.com
Unaudited Consolidated Statements of Operations | |||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Net revenues: | |||||||||||||||||||
Products | $ | 965 | $ | 841 | $ | 668 | $ | 3,119 | $ | 2,579 | |||||||||
Services | 120 | 113 | 96 | 428 | 371 | ||||||||||||||
Total net revenues | 1,085 | 954 | 764 | 3,547 | 2,950 | ||||||||||||||
Cost of revenues: | |||||||||||||||||||
Products | 531 | 506 | 359 | 1,774 | 1,371 | ||||||||||||||
Services | 69 | 58 | 50 | 226 | 199 | ||||||||||||||
Total cost of revenues | 600 | 564 | 409 | 2,000 | 1,570 | ||||||||||||||
Gross profit | 485 | 390 | 355 | 1,547 | 1,380 | ||||||||||||||
Research and development | 73 | 63 | 51 | 241 | 200 | ||||||||||||||
Selling, general and administrative | 168 | 126 | 97 | 488 | 385 | ||||||||||||||
Acquisition and integration costs | 11 | 31 | 9 | 52 | 30 | ||||||||||||||
Restructuring and other | 1 | 5 | 1 | 10 | 11 | ||||||||||||||
Amortization of intangible assets | 69 | 47 | 15 | 146 | 55 | ||||||||||||||
Gain on sale of long-lived assets | — | — | — | (7 | ) | — | |||||||||||||
Income from operations | 163 | 118 | 182 | 617 | 699 | ||||||||||||||
Interest income | (2 | ) | (1 | ) | — | (4 | ) | — | |||||||||||
Interest expense | 85 | 80 | 6 | 177 | 25 | ||||||||||||||
Other expense (income), net | 15 | (1 | ) | (2 | ) | 11 | 9 | ||||||||||||
Income before income taxes | 65 | 40 | 178 | 433 | 665 | ||||||||||||||
Provision for income taxes | 11 | 34 | 28 | 100 | 114 | ||||||||||||||
Net income | $ | 54 | $ | 6 | $ | 150 | $ | 333 | $ | 551 | |||||||||
Net income per share: | |||||||||||||||||||
Basic | $ | 0.81 | $ | 0.09 | $ | 2.71 | $ | 5.57 | $ | 9.95 | |||||||||
Diluted | $ | 0.81 | $ | 0.09 | $ | 2.69 | $ | 5.56 | $ | 9.90 | |||||||||
Cash dividend per common share | $ | 0.22 | $ | 0.22 | $ | 0.22 | $ | 0.88 | $ | 0.86 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||||
Basic | 66.6 | 61.0 | 55.5 | 59.7 | 55.4 | ||||||||||||||
Diluted | 66.7 | 61.1 | 55.7 | 59.9 | 55.7 | ||||||||||||||
Unaudited Consolidated Balance Sheet | |||||||
(In millions) | |||||||
2022 | 2021 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 909 | $ | 966 | |||
Short-term investments | 1 | 76 | |||||
Trade accounts receivable, net | 720 | 443 | |||||
Inventories | 977 | 577 | |||||
Other current assets | 187 | 85 | |||||
Total current assets | 2,794 | 2,147 | |||||
Property, plant and equipment, net | 800 | 326 | |||||
Right-of-use assets | 234 | 184 | |||||
4,308 | 1,228 | ||||||
Intangible assets, net | 3,173 | 576 | |||||
Other assets | 186 | 79 | |||||
Total assets | $ | 11,495 | $ | 4,540 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Short-term debt | $ | 93 | $ | 9 | |||
Accounts payable | 426 | 168 | |||||
Accrued compensation | 101 | 132 | |||||
Income taxes payable | 51 | 25 | |||||
Lease liabilities | 26 | 18 | |||||
Deferred revenue and customer advances | 94 | 37 | |||||
Other current liabilities | 161 | 71 | |||||
Total current liabilities | 952 | 460 | |||||
Long-term debt, net | 4,834 | 808 | |||||
Non-current deferred taxes | 783 | 99 | |||||
Non-current accrued compensation | 138 | 49 | |||||
Non-current lease liability | 215 | 193 | |||||
Other non-current liabilities | 90 | 44 | |||||
Total liabilities | 7,012 | 1,653 | |||||
Stockholders' equity: | |||||||
Common stock | — | — | |||||
Additional paid-in capital | 2,142 | 907 | |||||
Retained earnings | 2,272 | 1,991 | |||||
Accumulated other comprehensive income (loss) | 69 | (11 | ) | ||||
Total stockholders' equity | 4,483 | 2,887 | |||||
Total liabilities and stockholders' equity | $ | 11,495 | $ | 4,540 | |||
Unaudited Consolidated Statements of Cash Flows | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net income | $ | 54 | $ | 6 | $ | 150 | $ | 333 | $ | 551 | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||
Depreciation and amortization | 96 | 64 | 28 | 216 | 104 | ||||||||||||||
Amortization of inventory step-up adjustment to fair value | 13 | 39 | — | 52 | — | ||||||||||||||
Unrealized loss (gain) on derivatives not designated as hedging instruments | 7 | (1 | ) | (3 | ) | 13 | (4 | ) | |||||||||||
Amortization of debt issuance costs and original issue discounts | 10 | 46 | — | 56 | 2 | ||||||||||||||
Gain on sale of long-lived assets | — | — | — | (7 | ) | — | |||||||||||||
Stock-based compensation | 13 | 10 | 9 | 45 | 37 | ||||||||||||||
Provision for excess and obsolete inventory | 11 | 3 | 3 | 21 | 16 | ||||||||||||||
Deferred income taxes | (50 | ) | 6 | (6 | ) | (46 | ) | 2 | |||||||||||
Other | — | 1 | 2 | 3 | 4 | ||||||||||||||
Changes in operating assets and liabilities, net of acquired assets and liabilities | 30 | 25 | 11 | (157 | ) | (72 | ) | ||||||||||||
Net cash provided by operating activities | 184 | 199 | 194 | 529 | 640 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Acquisition of business, net of cash acquired | — | (4,473 | ) | — | (4,473 | ) | (268 | ) | |||||||||||
Purchases of investments | — | — | — | (1 | ) | (497 | ) | ||||||||||||
Maturities of investments | — | — | 135 | 77 | 478 | ||||||||||||||
Sales of investments | — | — | 35 | — | 169 | ||||||||||||||
Proceeds from sale of long-lived assets | 1 | — | — | 9 | — | ||||||||||||||
Purchases of property, plant and equipment | (54 | ) | (26 | ) | (23 | ) | (164 | ) | (87 | ) | |||||||||
Net cash (used in) provided by investing activities | (53 | ) | (4,499 | ) | 147 | (4,552 | ) | (205 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Proceeds from borrowings, net of deferred financing fees paid | 3 | 4,979 | — | 4,988 | 1 | ||||||||||||||
Payments of borrowings | (127 | ) | (826 | ) | (2 | ) | (962 | ) | (15 | ) | |||||||||
Payments on finance leases | (2 | ) | — | — | (2 | ) | — | ||||||||||||
Dividend payments | (15 | ) | (13 | ) | (12 | ) | (52 | ) | (47 | ) | |||||||||
Net proceeds (payments) related to employee stock awards | 4 | — | 11 | (1 | ) | (4 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (137 | ) | 4,140 | (3 | ) | 3,971 | (65 | ) | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | 31 | (21 | ) | (5 | ) | (5 | ) | (12 | ) | ||||||||||
Increase (decrease) in cash and cash equivalents | 25 | (181 | ) | 333 | (57 | ) | 358 | ||||||||||||
Cash and cash equivalents at beginning of period | 884 | 1,065 | 633 | 966 | 608 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 909 | $ | 884 | $ | 966 | $ | 909 | $ | 966 | |||||||||
The following supplemental Non-GAAP earnings information is presented to aid in understanding MKS' operating results: | |||||||||||||||||||
Schedule Reconciling Selected Non-GAAP Financial Measures | |||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Net income | $ | 54 | $ | 6 | $ | 150 | $ | 333 | $ | 551 | |||||||||
Acquisition and integration costs (Note 1) | 11 | 31 | 9 | 52 | 30 | ||||||||||||||
Acquisition inventory step-up (Note 2) | 13 | 39 | — | 52 | — | ||||||||||||||
Amortization of debt issuance costs (Note 3) | 7 | 43 | — | 51 | 1 | ||||||||||||||
Restructuring and other (Note 4) | 1 | 5 | 1 | 10 | 11 | ||||||||||||||
Amortization of intangible assets | 69 | 47 | 15 | 146 | 55 | ||||||||||||||
Gain on sale of long-lived assets (Note 5) | — | — | — | (7 | ) | — | |||||||||||||
Currency hedge (gain) loss (Note 6) | — | — | (3 | ) | (5 | ) | 7 | ||||||||||||
Reversal of indefinite reinvestment assertion (Note 7) | — | 30 | — | 30 | — | ||||||||||||||
Windfall tax benefit on stock-based compensation (Note 8) | — | — | — | (1 | ) | (4 | ) | ||||||||||||
Withholding tax related to Brexit (Note 9) | — | — | — | — | 3 | ||||||||||||||
Tax effect of Non-GAAP adjustments (Note 10) | (22 | ) | (34 | ) | (4 | ) | (64 | ) | (20 | ) | |||||||||
Non-GAAP net earnings | $ | 133 | $ | 167 | $ | 168 | $ | 597 | $ | 634 | |||||||||
Non-GAAP net earnings per diluted share | $ | 2.00 | $ | 2.74 | $ | 3.02 | $ | 9.97 | $ | 11.38 | |||||||||
Weighted average diluted shares outstanding | 66.7 | 61.1 | 55.7 | 59.9 | 55.7 | ||||||||||||||
Net cash provided by operating activities | $ | 184 | $ | 199 | $ | 194 | $ | 529 | $ | 640 | |||||||||
Purchases of property, plant and equipment | (54 | ) | (26 | ) | (23 | ) | (164 | ) | (87 | ) | |||||||||
Free cash flow | $ | 130 | $ | 173 | $ | 171 | $ | 365 | $ | 553 | |||||||||
Schedule Reconciling Selected Non-GAAP Financial Measures | |||||||||||||||||||
(In millions) | |||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||
2022 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||
Gross profit | $ | 485 | $ | 390 | $ | 355 | $ | 1,547 | $ | 1,380 | |||||||||
Gross margin | 44.7 | % | 40.8 | % | 46.4 | % | 43.6 | % | 46.8 | % | |||||||||
Acquisition inventory step-up (Note 2) | 13 | 39 | — | 52 | — | ||||||||||||||
Non-GAAP gross profit | $ | 498 | $ | 429 | $ | 355 | $ | 1,599 | $ | 1,380 | |||||||||
Non-GAAP gross margin | 45.9 | % | 44.9 | % | 46.4 | % | 45.1 | % | 46.8 | % | |||||||||
Operating expenses | $ | 322 | $ | 272 | $ | 173 | $ | 930 | $ | 681 | |||||||||
Acquisition and integration costs (Note 1) | 11 | 31 | 9 | 52 | 30 | ||||||||||||||
Restructuring and other (Note 4) | 1 | 5 | 1 | 10 | 11 | ||||||||||||||
Gain on sale of long-lived assets (Note 5) | — | — | — | (7 | ) | — | |||||||||||||
Amortization of intangible assets | 69 | 47 | 15 | 146 | 55 | ||||||||||||||
Non-GAAP operating expenses | $ | 242 | $ | 189 | $ | 148 | $ | 729 | $ | 585 | |||||||||
Income from operations | $ | 163 | $ | 118 | $ | 182 | $ | 617 | $ | 699 | |||||||||
Acquisition and integration costs (Note 1) | 11 | 31 | 9 | 52 | 30 | ||||||||||||||
Acquisition inventory step-up (Note 2) | 13 | 39 | — | 52 | — | ||||||||||||||
Restructuring and other (Note 4) | 1 | 5 | 1 | 10 | 11 | ||||||||||||||
Gain on sale of long-lived assets (Note 5) | — | — | — | (7 | ) | — | |||||||||||||
Amortization of intangible assets | 69 | 47 | 15 | 146 | 55 | ||||||||||||||
Non-GAAP income from operations | $ | 257 | $ | 240 | $ | 207 | $ | 870 | $ | 795 | |||||||||
Non-GAAP operating margin | 23.6 | % | 25.1 | % | 27.1 | % | 24.5 | % | 27.0 | % | |||||||||
Interest expense, net | 83 | 79 | 6 | 173 | 25 | ||||||||||||||
Amortization of debt issuance costs (Note 3) | 7 | 43 | — | 51 | 1 | ||||||||||||||
Non-GAAP interest expense, net | 75 | 36 | 6 | 122 | 24 | ||||||||||||||
Net income | $ | 54 | $ | 6 | $ | 150 | $ | 333 | $ | 551 | |||||||||
Interest expense, net | 83 | 79 | 6 | 173 | 25 | ||||||||||||||
Provision for income taxes | 11 | 34 | 28 | 100 | 114 | ||||||||||||||
Depreciation | 27 | 17 | 13 | 70 | 49 | ||||||||||||||
Amortization of intangible assets | 69 | 47 | 15 | 146 | 55 | ||||||||||||||
EBITDA | $ | 244 | $ | 183 | $ | 212 | $ | 822 | $ | 794 | |||||||||
Stock-based compensation | 13 | 10 | 9 | 45 | 37 | ||||||||||||||
Acquisition and integration costs (Note 1) | 11 | 31 | 9 | 52 | 30 | ||||||||||||||
Acquisition inventory step-up (Note 2) | 13 | 39 | — | 52 | — | ||||||||||||||
Restructuring and other (Note 4) | 1 | 5 | 1 | 10 | 11 | ||||||||||||||
Gain on sale of long-lived assets (Note 5) | — | — | — | (7 | ) | — | |||||||||||||
Currency hedge (gain) loss (Note 6) | — | — | (3 | ) | (5 | ) | 7 | ||||||||||||
Adjusted EBITDA | $ | 282 | $ | 268 | $ | 228 | $ | 969 | $ | 879 | |||||||||
Adjusted EBITDA margin | 26.0 | % | 28.0 | % | 29.9 | % | 27.3 | % | 29.8 | % | |||||||||
Reconciliation of GAAP Income Tax Rate to Non-GAAP Income Tax Rate | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||
Three Months Ended | Three Months Ended | |||||||||||||||||||||
Income Before Income Taxes | Provision for Income Taxes | Effective Tax Rate | Income Before Income Taxes | Provision for Income Taxes | Effective Tax Rate | |||||||||||||||||
GAAP | $ | 65 | $ | 11 | 17.1 | % | $ | 178 | $ | 28 | 15.9 | % | ||||||||||
Acquisition and integration costs (Note 1) | 11 | — | 9 | — | ||||||||||||||||||
Acquisition inventory step-up (Note 2) | 13 | — | — | — | ||||||||||||||||||
Amortization of debt issuance costs (Note 3) | 7 | — | — | — | ||||||||||||||||||
Restructuring and other (Note 4) | 1 | — | 1 | — | ||||||||||||||||||
Amortization of intangible assets | 69 | — | 15 | — | ||||||||||||||||||
Currency hedge (gain) loss (Note 6) | — | — | (3 | ) | ||||||||||||||||||
Tax effect of Non-GAAP adjustments (Note 10) | — | 22 | — | 4 | ||||||||||||||||||
Non-GAAP | $ | 166 | $ | 33 | 19.9 | % | $ | 200 | $ | 32 | 16.3 | % | ||||||||||
Three Months Ended | ||||||||||||||||||||||
Income Before Income Taxes | Provision (benefit) for Income Taxes | Effective Tax Rate | ||||||||||||||||||||
GAAP | $ | 40 | $ | 34 | 85.5 | % | ||||||||||||||||
Acquisition and integration costs (Note 1) | 31 | — | ||||||||||||||||||||
Acquisition inventory step-up (Note 2) | 39 | — | ||||||||||||||||||||
Amortization of debt issuance costs (Note 3) | 43 | — | ||||||||||||||||||||
Restructuring and other (Note 4) | 5 | — | ||||||||||||||||||||
Amortization of intangible assets | 47 | — | ||||||||||||||||||||
Reversal of indefinite reinvestment assertion (Note 7) | — | (30 | ) | |||||||||||||||||||
Tax effect of Non-GAAP adjustments (Note 10) | — | 34 | ||||||||||||||||||||
Non-GAAP | $ | 204 | $ | 37 | 18.0 | % | ||||||||||||||||
Twelve Months Ended | Twelve Months Ended | |||||||||||||||||||||
Income Before Income Taxes | Provision (benefit) for Income Taxes | Effective Tax Rate | Income Before Income Taxes | Provision (benefit) for Income Taxes | Effective Tax Rate | |||||||||||||||||
GAAP | $ | 433 | $ | 100 | 23.1 | % | $ | 665 | $ | 114 | 17.1 | % | ||||||||||
Acquisition and integration costs (Note 1) | 52 | — | 30 | — | ||||||||||||||||||
Acquisition inventory step-up (Note 2) | 52 | — | — | — | ||||||||||||||||||
Amortization of debt issuance costs (Note 3) | 51 | — | 1 | — | ||||||||||||||||||
Restructuring and other (Note 4) | 10 | — | 11 | — | ||||||||||||||||||
Amortization of intangible assets | 146 | — | 55 | — | ||||||||||||||||||
Gain on sale of long-lived assets (Note 5) | (7 | ) | — | — | — | |||||||||||||||||
Currency hedge (gain) loss (Note 6) | (5 | ) | — | 7 | — | |||||||||||||||||
Reversal of indefinite reinvestment assertion (Note 7) | — | (30 | ) | — | — | |||||||||||||||||
Windfall tax benefit on stock-based compensation (Note 8) | — | 1 | — | 4 | ||||||||||||||||||
Withholding tax related to Brexit (Note 9) | — | — | — | (3 | ) | |||||||||||||||||
Tax effect of Non-GAAP adjustments (Note 10) | — | (64 | ) | — | 20 | |||||||||||||||||
Non-GAAP | $ | 731 | $ | 134 | 18.4 | % | $ | 769 | $ | 136 | 17.7 | % | ||||||||||
Notes on Our Non-GAAP Financial Information
Non-GAAP financial measures adjust GAAP financial measures for the items listed below. These Non-GAAP financial measures should be viewed in addition to, and not as a substitute for, MKS' reported GAAP results, and may be different from Non-GAAP financial measures used by other companies. In addition, these Non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles. MKS management believes the presentation of these Non-GAAP financial measures is useful to investors for comparing prior periods and analyzing ongoing business trends and operating results. Totals presented may not sum and percentages may not recalculate using figures presented due to rounding.
Note 1: Acquisition and integration costs during the three and twelve months ended
Note 2: Costs of revenues during the three and twelve months ended
Note 3: We recorded additional interest expense related to the amortization of debt issuance costs associated with our new and prior term loan facilities.
Note 4: Restructuring and other costs during the three months ended
Note 5: We recorded a gain on the sale of a minority interest investment in a private company.
Note 6: We realized a gain in the twelve months ended
Note 7: We no longer intend to indefinitely reinvest earnings of our foreign subsidiaries after the Atotech Acquisition. Additional income tax expense was recorded to reflect an estimate of withholding taxes that would be due on repatriation of prior period earnings.
Note 8: We recorded windfall tax benefits on the vesting of stock-based compensation.
Note 9: We recorded additional withholding taxes on intercompany undistributed earnings following the United Kingdom’s withdrawal from the
Note 10: Non-GAAP adjustments are tax effected at applicable statutory rates resulting in a difference between the GAAP and Non-GAAP tax rates.
Source:
2023 GlobeNewswire, Inc., source