Ichor Holdings (ICHR) FY2023 results: revenue $811 million, down 36.6% on the year

Ichor Holdings, Ltd. (ICHR) reported revenue of $811 million for fiscal 2023, the year ended 29 December 2023, down 36.6% on the year before. Net income was -$43 million, and diluted earnings per share $-1.47. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$811 million

-36.6% on the year

FY2016FY2023

Operating margin

-1.3%

6.7% a year earlier

FY2016FY2023

Net income

-$43 million

FY2016FY2023

Diluted EPS

-$1.47

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	811	1,280	1,097	-36.6%
Cost of revenue	708	1,068	919	-33.7%
Gross profit	103	212	177	-51.2%
Gross margin	12.7%	16.6%	16.2%
Research and development	20.2	19.6	15.7	+3.4%
Selling, general and administrative	79.3	88.6	65.9	-10.4%
Operating income	-10.9	85.8	81.0
Operating margin	-1.3%	6.7%	7.4%
Interest expense	19.4	11.1	6.5	+75.3%
Pre-tax income	-31.1	75.3	73.8
Income tax	11.9	2.5	2.9	+371.4%
Effective tax rate	n/a	3.4%	3.9%
Net income	-43.0	72.8	70.9
Net margin	-5.3%	5.7%	6.5%
Diluted EPS	-$1.47	$2.51	$2.45

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	57.6	31.5	15.3	+83.2%
Capital expenditure	15.5	29.4	20.8	-47.4%
Free cash flow	42.1	2.0	-5.6	+1,985.9%
Free cash flow margin	5.2%	0.2%	-0.5%
Cash from investing	-15.5	-28.9	-290
Cash from financing	-48.7	8.5	96.9
Depreciation and amortisation	34.6	35.1	26.0	-1.5%
Share-based compensation	17.3	13.9	11.5	+24.5%
Diluted shares, weighted	29m	29m	29m	+0.8%
Shares outstanding at period end	29m	29m	29m	+2.0%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	565	587	501	-3.9%
Debt	249	301	293	-17.3%
Operating lease liabilities	28.2	31.8	22.4	-11.4%
Other liabilities	96.9	164	205	-40.8%
Total liabilities and equity	938	1,084	1,021	-13.4%
Fixed assets	92.8	98.1	85.2	-5.4%
Goodwill	335	335	336	0.0%
Intangible assets	57.3	72.0	89.9	-20.5%
Cash and equivalents	80.0	86.5	75.5	-7.5%
Receivables	66.7	136	143	-51.1%
Inventory	246	284	236	-13.3%
Other assets	60.5	71.8	55.2	-15.8%
Total assets	938	1,084	1,021	-13.4%

10-K for the year ended 29 December 2023, filed 23 February 2024: the filing.