Ichor Holdings (ICHR) FY2022 results: revenue $1.3 billion, up 16.7% on the year

Ichor Holdings, Ltd. (ICHR) reported revenue of $1.3 billion for fiscal 2022, the year ended 30 December 2022, up 16.7% on the year before. Net income was $73 million, up 2.7%, and diluted earnings per share $2.51. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$1.3 billion

+16.7% on the year

FY2015FY2022

Operating margin

6.7%

7.4% a year earlier

FY2015FY2022

Net income

$73 million

+2.7% on the year

FY2015FY2022

Diluted EPS

$2.51

+2.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,280	1,097	914	+16.7%
Cost of revenue	1,068	919	789	+16.2%
Gross profit	212	177	125	+19.4%
Gross margin	16.6%	16.2%	13.7%
Research and development	19.6	15.7	13.4	+24.7%
Selling, general and administrative	88.6	65.9	56.6	+34.5%
Operating income	85.8	81.0	41.6	+5.9%
Operating margin	6.7%	7.4%	4.5%
Interest expense	11.1	6.5	8.7	+71.4%
Pre-tax income	75.3	73.8	32.3	+2.1%
Income tax	2.5	2.9	-1.0	-11.6%
Effective tax rate	3.4%	3.9%	-3.1%
Net income	72.8	70.9	33.3	+2.7%
Net margin	5.7%	6.5%	3.6%
Diluted EPS	$2.51	$2.45	$1.42	+2.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	31.5	15.3	38.3	+106.0%
Capital expenditure	29.4	20.8	10.3	+41.2%
Free cash flow	2.0	-5.6	28.0
Free cash flow margin	0.2%	-0.5%	3.1%
Cash from investing	-28.9	-290	-14.6
Cash from financing	8.5	96.9	169	-91.3%
Depreciation and amortisation	35.1	26.0	24.2	+35.0%
Share-based compensation	13.9	11.5	9.9	+21.4%
Diluted shares, weighted	29m	29m	23m	-0.1%
Shares outstanding at period end	29m	29m	28m	+1.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	587	501	412	+17.3%
Debt	301	293	200	+2.7%
Operating lease liabilities	31.8	22.4	5.3	+42.4%
Other liabilities	164	205	157	-20.2%
Total liabilities and equity	1,084	1,021	774	+6.2%
Fixed assets	98.1	85.2	41.8	+15.1%
Goodwill	335	336	175	-0.1%
Intangible assets	72.0	89.9	39.8	-19.9%
Cash and equivalents	86.5	75.5	253	+14.5%
Receivables	136	143	101	-4.7%
Inventory	284	236	135	+20.1%
Other assets	71.8	55.2	29.0	+30.0%
Total assets	1,084	1,021	774	+6.2%

10-K for the year ended 30 December 2022, filed 24 February 2023: the filing.