Ichor Holdings (ICHR) FY2021 results: revenue $1.1 billion, up 20.0% on the year

Ichor Holdings, Ltd. (ICHR) reported revenue of $1.1 billion for fiscal 2021, the year ended 31 December 2021, up 20.0% on the year before. Net income was $71 million, up 113.0%, and diluted earnings per share $2.45. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2022.

Revenue

$1.1 billion

+20.0% on the year

FY2015FY2021

Operating margin

7.4%

4.5% a year earlier

FY2015FY2021

Net income

$71 million

+113.0% on the year

FY2015FY2021

Diluted EPS

$2.45

+72.5% on the year

FY2015FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q2 FY2021 · Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,097	914	621	+20.0%
Cost of revenue	919	789	534	+16.5%
Gross profit	177	125	86.4	+42.1%
Gross margin	16.2%	13.7%	13.9%
Research and development	15.7	13.4	11.1	+17.4%
Selling, general and administrative	65.9	56.6	47.3	+16.3%
Operating income	81.0	41.6	15.0	+95.0%
Operating margin	7.4%	4.5%	2.4%
Interest expense	6.5	8.7	10.6	-26.1%
Pre-tax income	73.8	32.3	4.3	+128.4%
Income tax	2.9	-1.0	-6.5
Effective tax rate	3.9%	-3.1%	-151.0%
Net income	70.9	33.3	10.7	+113.0%
Net margin	6.5%	3.6%	1.7%
Diluted EPS	$2.45	$1.42	$0.47	+72.5%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	15.3	38.3	57.1	-60.1%
Capital expenditure	20.8	10.3	12.3	+102.3%
Free cash flow	-5.6	28.0	44.8
Free cash flow margin	-0.5%	3.1%	7.2%
Cash from investing	-290	-14.6	-20.5
Cash from financing	96.9	169	-19.9	-42.5%
Depreciation and amortisation	26.0	24.2	21.9	+7.2%
Share-based compensation	11.5	9.9	8.5	+16.2%
Buybacks	n/a	n/a	1.6
Diluted shares, weighted	29m	23m	23m	+23.5%
Shares outstanding at period end	29m	28m	23m	+2.3%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	501	412	221	+21.6%
Debt	293	200	178	+46.2%
Operating lease liabilities	22.4	5.3	9.1	+324.0%
Other liabilities	205	157	158	+30.7%
Total liabilities and equity	1,021	774	567	+31.9%
Fixed assets	85.2	41.8	44.5	+103.8%
Goodwill	336	175	173	+92.1%
Intangible assets	89.9	39.8	52.0	+125.7%
Cash and equivalents	75.5	253	60.6	-70.1%
Receivables	143	101	84.8	+41.6%
Inventory	236	135	127	+75.2%
Other assets	55.2	29.0	24.5	+90.5%
Total assets	1,021	774	567	+31.9%

10-K for the year ended 31 December 2021, filed 28 February 2022: the filing.