FormFactor, Inc. (Nasdaq: FORM) today announced its financial
results for the second quarter of fiscal 2023 ended July 1,
2023. Quarterly revenues were $155.9 million, a decrease of 6.9%
compared to $167.4 million in the first quarter of fiscal 2023, and
a decrease of 23.5% from $203.9 million in the second quarter of
fiscal 2022.
- Higher than expected gross margin
and good operating expense control produced non-GAAP EPS at the top
end of the range despite revenue below the outlook range due to
shipment pushouts.
- Continued strong Systems segment
results, with revenue at near-record levels.
- Adoption of generative Artificial
Intelligence technologies driving strong demand for DDR5 and High
Bandwidth Memory probe cards.
“As we navigate the current cyclical downturn,
we continue to benefit from FormFactor’s diversification strategy
and broad Lab-to-Fab product portfolio, which differentiate us from
our direct competitors,” said Mike Slessor, CEO of FormFactor, Inc.
“We are carefully balancing short-term results and long-term
investments, with disciplined cost control that maximizes quarterly
profitability and protects our strong balance sheet. These
investments are designed to produce market-share gains and
above-industry revenue and profit growth when we emerge from the
current cyclical trough.”
Second Quarter Highlights
On a GAAP basis, net income for the second
quarter of fiscal 2023 was $0.8 million, or $0.01 per fully-diluted
share, compared to net income for the first quarter of fiscal 2023
of $1.3 million, or $0.02 per fully-diluted share, and net income
for the second quarter of fiscal 2022 of $30.2 million, or $0.38
per fully-diluted share. Gross margin for the second quarter of
fiscal 2023 was 38.7%, compared with 36.5% in the first quarter of
fiscal 2023, and 46.3% in the second quarter of fiscal 2022.
On a non-GAAP basis, net income for the second
quarter of fiscal 2023 was $11.2 million, or $0.14 per
fully-diluted share, compared to net income for the first quarter
of fiscal 2023 of $12.5 million, or $0.16 per fully-diluted share,
and net income for the second quarter of fiscal 2022 of $36.8
million, or $0.46 per fully-diluted share. On a non-GAAP basis,
gross margin for the second quarter of fiscal 2023 was 40.6%,
compared with 38.4% in the first quarter of fiscal 2023, and 47.4%
in the second quarter of fiscal 2022.
A reconciliation of GAAP to non-GAAP measures is
provided in the schedules included below.
GAAP net cash provided by operating activities
for the second quarter of fiscal 2023 was $22.5 million, compared
to $12.3 million for the first quarter of fiscal 2023, and $42.6
million for the second quarter of fiscal 2022. Free cash flow for
the second quarter of fiscal 2023 was $2.1 million, compared to
free cash flow for the first quarter of fiscal 2023 of negative
$7.3 million, and free cash flow for the second quarter of 2022 of
$28.3 million. A reconciliation of net cash provided by operating
activities to non-GAAP free cash flow is provided in the schedules
included below.
Outlook
Dr. Slessor added, “In the short-term, we continue
to operate in an overall demand environment that remains relatively
steady, as is evident from our third-quarter outlook, and are
encouraged by the stabilization of demand across our diversified
product and technology portfolio.”
For the third quarter ending September 30, 2023,
FormFactor is providing the following outlook*:
|
GAAP |
|
Reconciling Items** |
|
Non-GAAP |
Revenue |
$167 million +/- $5 million |
|
— |
|
$167 million +/- $5 million |
Gross Margin |
38% +/- 1.5% |
|
$3 million |
|
40% +/- 1.5% |
Net income (loss) per diluted share |
$0.05 +/- $0.04 |
|
$0.12 |
|
$0.17 +/- $0.04 |
*This outlook assumes consistent foreign
currency rates.**Reconciling items are stock-based compensation,
restructuring charges, and amortization of intangibles, inventory,
and fixed asset fair value adjustments due to acquisitions, net of
applicable income tax impacts.
We posted our revenue breakdown by geographic
region, by market segment and with customers with greater than 10%
of total revenue on the Investor Relations section of our website
at www.formfactor.com. We will conduct a conference call at
1:25 p.m. PDT, or 4:25 p.m. EDT, today.
The public is invited to listen to a live
webcast of FormFactor’s conference call on the Investor Relations
section of our web site at www.formfactor.com. A telephone replay
of the conference call will be available approximately two hours
after the conclusion of the call. The replay will be available on
the Investor Relations section of our website,
www.formfactor.com.
Use of Non-GAAP Financial Information:
To supplement our condensed consolidated
financial results prepared under generally accepted accounting
principles, or GAAP, we disclose certain non-GAAP measures of
non-GAAP net income, non-GAAP net income per basic and diluted
share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating expenses and non-GAAP operating income, that are adjusted
from the nearest GAAP financial measure to exclude certain costs,
expenses, gains and losses. Reconciliations of the adjustments to
GAAP results for the three and six months ended July 1, 2023,
and for outlook provided before, as well as for the comparable
periods of fiscal 2022, are provided below, and on the Investor
Relations section of our website at www.formfactor.com. Information
regarding the ways in which management uses non-GAAP financial
information to evaluate its business, management's reasons for
using this non-GAAP financial information, and limitations
associated with the use of non-GAAP financial information, is
included under “About our Non-GAAP Financial Measures” following
the tables below.
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM), is a leading
provider of essential test and measurement technologies along the
full semiconductor product life cycle - from metrology and
inspection, characterization, modeling, reliability, and design
de-bug, to qualification and production test. Semiconductor
companies rely upon FormFactor’s products and services to
accelerate profitability by optimizing device performance and
advancing yield knowledge. The Company serves customers through its
network of facilities in Asia, Europe, and North America. For more
information, visit the Company’s website at www.formfactor.com.
Forward-looking Statements:
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the federal securities laws, including with respect to the
Company’s future financial and operating results, and the Company’s
plans, strategies and objectives for future operations. These
statements are based on management’s current expectations and
beliefs as of the date of this release, and are subject to a number
of risks and uncertainties, many of which are beyond the Company’s
control, that could cause actual results to differ materially from
those described in the forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding future financial and operating results,
customer demand, conditions in the semiconductor industry, and
growth opportunities, and other statements regarding the Company’s
business. Forward-looking statements may contain words such as
“may,” “might,” “will,” “expect,” “plan,” “anticipate,” and
“continue,” the negative or plural of these words and similar
expressions, and include the assumptions that underlie such
statements. The following factors, among others, could cause actual
results to differ materially from those described in the
forward-looking statements: changes in demand for the Company’s
products; customer-specific demand; market opportunity; anticipated
industry trends; the availability, benefits, and speed of customer
acceptance or implementation of new products and technologies;
manufacturing, processing, and design capacity, goals, expansion,
volumes, and progress; difficulties or delays in research and
development; industry seasonality; risks to the Company’s
realization of benefits from acquisitions, investments in capacity
and investments in new electronic data systems and information
technology; reliance on customers or third parties (including
suppliers); changes in macro-economic environments; events
affecting global and regional economic and market conditions and
stability such as infectious diseases and pandemics, military
conflicts, political volatility and similar factors, operating
separately or in combination; and other factors, including those
set forth in the Company’s most current annual report on Form 10-K,
quarterly reports on Form 10-Q and other filings by the Company
with the U.S. Securities and Exchange Commission. We continue to
operate in an environment with substantial uncertainties arising
from global, regional and national health crises such as the
COVID-19 pandemic, including with respect to their impact on our
operations, capacity, customer demand, and supply chain, as well as
the macroeconomic environment. In addition, there are varying
barriers to international trade, including restrictive trade and
export regulations, dynamic tariffs, trade disputes between the
U.S. and other countries, such as the recent US-China restrictions,
and national security developments or tensions, that may
substantially restrict or condition our sales to or in certain
countries, increase the cost of doing business internationally, and
disrupt our supply chain. No assurances can be given that any of
the events anticipated by the forward-looking statements within
this press release will transpire or occur, or if any of them do
so, what impact they will have on the results of operations or
financial condition of the Company. Unless required by law, the
Company is under no obligation (and expressly disclaims any such
obligation) to update or revise its forward-looking statements
whether as a result of new information, future events, or
otherwise.
|
FORMFACTOR, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
July 1,2023 |
|
April 1,2023 |
|
June 25,2022 |
|
July 1,2023 |
|
June 25,2022 |
Revenues |
$ |
155,916 |
|
|
$ |
167,448 |
|
$ |
203,907 |
|
$ |
323,364 |
|
|
$ |
401,081 |
Cost of revenues |
|
95,633 |
|
|
|
106,370 |
|
|
109,538 |
|
|
202,003 |
|
|
|
212,488 |
Gross profit |
|
60,283 |
|
|
|
61,078 |
|
|
94,369 |
|
|
121,361 |
|
|
|
188,593 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
28,340 |
|
|
|
28,245 |
|
|
28,317 |
|
|
56,585 |
|
|
|
55,451 |
Selling, general and administrative |
|
33,255 |
|
|
|
32,742 |
|
|
33,406 |
|
|
65,997 |
|
|
|
66,312 |
Total operating expenses |
|
61,595 |
|
|
|
60,987 |
|
|
61,723 |
|
|
122,582 |
|
|
|
121,763 |
Operating income (loss) |
|
(1,312 |
) |
|
|
91 |
|
|
32,646 |
|
|
(1,221 |
) |
|
|
66,830 |
Interest income, net |
|
1,482 |
|
|
|
1,276 |
|
|
181 |
|
|
2,758 |
|
|
|
127 |
Other income, net |
|
450 |
|
|
|
23 |
|
|
551 |
|
|
473 |
|
|
|
743 |
Income before income taxes |
|
620 |
|
|
|
1,390 |
|
|
33,378 |
|
|
2,010 |
|
|
|
67,700 |
Provision (benefit) for income taxes |
|
(208 |
) |
|
|
48 |
|
|
3,136 |
|
|
(160 |
) |
|
|
7,586 |
Net income |
$ |
828 |
|
|
$ |
1,342 |
|
$ |
30,242 |
|
$ |
2,170 |
|
|
$ |
60,114 |
Net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.01 |
|
|
$ |
0.02 |
|
$ |
0.39 |
|
$ |
0.03 |
|
|
$ |
0.77 |
Diluted |
$ |
0.01 |
|
|
$ |
0.02 |
|
$ |
0.38 |
|
$ |
0.03 |
|
|
$ |
0.76 |
Weighted-average number of shares used in per share
calculations: |
|
|
|
|
|
|
|
|
|
Basic |
|
77,159 |
|
|
|
77,066 |
|
|
77,897 |
|
|
77,112 |
|
|
|
78,071 |
Diluted |
|
77,616 |
|
|
|
77,255 |
|
|
79,210 |
|
|
77,450 |
|
|
|
79,423 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORMFACTOR, INC. |
NON-GAAP
FINANCIAL MEASURE RECONCILIATIONS |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
July 1,2023 |
|
April 1,2023 |
|
June 25,2022 |
|
July 1,2023 |
|
June 25,2022 |
GAAP Gross Profit |
$ |
60,283 |
|
|
$ |
61,078 |
|
|
$ |
94,369 |
|
|
$ |
121,361 |
|
|
$ |
188,593 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions |
|
1,106 |
|
|
|
1,356 |
|
|
|
1,139 |
|
|
|
2,462 |
|
|
|
2,307 |
|
Stock-based compensation |
|
1,515 |
|
|
|
1,910 |
|
|
|
734 |
|
|
|
3,425 |
|
|
|
1,812 |
|
Restructuring charges |
|
332 |
|
|
|
25 |
|
|
|
454 |
|
|
|
357 |
|
|
|
593 |
|
Non-GAAP Gross Profit |
$ |
63,236 |
|
|
$ |
64,369 |
|
|
$ |
96,696 |
|
|
$ |
127,605 |
|
|
$ |
193,305 |
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross Margin |
|
38.7 |
% |
|
|
36.5 |
% |
|
|
46.3 |
% |
|
|
37.5 |
% |
|
|
47.0 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions |
|
0.7 |
% |
|
|
0.8 |
% |
|
|
0.5 |
% |
|
|
0.8 |
% |
|
|
0.6 |
% |
Stock-based compensation |
|
1.0 |
% |
|
|
1.1 |
% |
|
|
0.4 |
% |
|
|
1.1 |
% |
|
|
0.5 |
% |
Restructuring charges |
|
0.2 |
% |
|
|
— |
% |
|
|
0.2 |
% |
|
|
0.1 |
% |
|
|
0.1 |
% |
Non-GAAP Gross Margin |
|
40.6 |
% |
|
|
38.4 |
% |
|
|
47.4 |
% |
|
|
39.5 |
% |
|
|
48.2 |
% |
|
|
|
|
|
|
|
|
|
|
GAAP operating expenses |
$ |
61,595 |
|
|
$ |
60,987 |
|
|
$ |
61,723 |
|
|
$ |
122,582 |
|
|
$ |
121,763 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles |
|
(1,550 |
) |
|
|
(1,547 |
) |
|
|
(1,526 |
) |
|
|
(3,097 |
) |
|
|
(3,087 |
) |
Stock-based compensation |
|
(7,689 |
) |
|
|
(7,380 |
) |
|
|
(5,624 |
) |
|
|
(15,069 |
) |
|
|
(12,066 |
) |
Restructuring charges |
|
(286 |
) |
|
|
(897 |
) |
|
|
(127 |
) |
|
|
(1,183 |
) |
|
|
(301 |
) |
Non-GAAP operating expenses |
$ |
52,070 |
|
|
$ |
51,163 |
|
|
$ |
54,446 |
|
|
$ |
103,233 |
|
|
$ |
106,309 |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income (loss) |
$ |
(1,312 |
) |
|
$ |
91 |
|
|
$ |
32,646 |
|
|
$ |
(1,221 |
) |
|
$ |
66,830 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions |
|
2,656 |
|
|
|
2,903 |
|
|
|
2,665 |
|
|
|
5,559 |
|
|
|
5,394 |
|
Stock-based compensation |
|
9,204 |
|
|
|
9,290 |
|
|
|
6,358 |
|
|
|
18,494 |
|
|
|
13,878 |
|
Restructuring charges |
|
618 |
|
|
|
922 |
|
|
|
581 |
|
|
|
1,540 |
|
|
|
894 |
|
Non-GAAP operating income |
$ |
11,166 |
|
|
$ |
13,206 |
|
|
$ |
42,250 |
|
|
$ |
24,372 |
|
|
$ |
86,996 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORMFACTOR, INC. |
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
July 1,2023 |
|
April 1,2023 |
|
June 25,2022 |
|
July 1,2023 |
|
June 25,2022 |
GAAP net income |
$ |
828 |
|
|
$ |
1,342 |
|
|
$ |
30,242 |
|
|
$ |
2,170 |
|
|
$ |
60,114 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions |
|
2,656 |
|
|
|
2,903 |
|
|
|
2,665 |
|
|
|
5,559 |
|
|
|
5,394 |
|
Stock-based compensation |
|
9,204 |
|
|
|
9,290 |
|
|
|
6,358 |
|
|
|
18,494 |
|
|
|
13,878 |
|
Restructuring charges |
|
618 |
|
|
|
922 |
|
|
|
581 |
|
|
|
1,540 |
|
|
|
894 |
|
Income tax effect of non-GAAP adjustments |
|
(2,068 |
) |
|
|
(1,965 |
) |
|
|
(3,071 |
) |
|
|
(4,033 |
) |
|
|
(4,796 |
) |
Non-GAAP net income |
$ |
11,238 |
|
|
$ |
12,492 |
|
|
$ |
36,775 |
|
|
$ |
23,730 |
|
|
$ |
75,484 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.39 |
|
|
$ |
0.03 |
|
|
$ |
0.77 |
|
Diluted |
$ |
0.01 |
|
|
$ |
0.02 |
|
|
$ |
0.38 |
|
|
$ |
0.03 |
|
|
$ |
0.76 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.15 |
|
|
$ |
0.16 |
|
|
$ |
0.47 |
|
|
$ |
0.31 |
|
|
$ |
0.97 |
|
Diluted |
$ |
0.14 |
|
|
$ |
0.16 |
|
|
$ |
0.46 |
|
|
$ |
0.31 |
|
|
$ |
0.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORMFACTOR, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
Six Months Ended |
|
July 1,2023 |
|
June 25,2022 |
Cash flows from operating activities: |
|
|
|
Net income |
$ |
2,170 |
|
|
$ |
60,114 |
|
Selected adjustments to reconcile net income to net cash provided
by operating activities: |
|
|
|
Depreciation |
|
15,121 |
|
|
|
14,146 |
|
Amortization |
|
4,766 |
|
|
|
4,702 |
|
Stock-based compensation expense |
|
18,494 |
|
|
|
13,878 |
|
Provision for excess and obsolete inventories |
|
8,628 |
|
|
|
4,726 |
|
Other activity impacting operating cash flows |
|
(14,398 |
) |
|
|
(10,765 |
) |
Net cash provided by operating activities |
|
34,781 |
|
|
|
86,801 |
|
Cash flows from investing activities: |
|
|
|
Acquisition of property, plant and equipment |
|
(40,177 |
) |
|
|
(30,116 |
) |
Acquisition of business |
|
— |
|
|
|
(3,121 |
) |
Purchase of promissory note receivable |
|
— |
|
|
|
(1,000 |
) |
Purchases of marketable securities, net |
|
(8,287 |
) |
|
|
(6,874 |
) |
Net cash used in investing activities |
|
(48,464 |
) |
|
|
(41,111 |
) |
Cash flows from financing activities: |
|
|
|
Purchase of common stock through stock repurchase program |
|
— |
|
|
|
(54,328 |
) |
Proceeds from issuances of common stock |
|
5,024 |
|
|
|
5,687 |
|
Tax withholdings related to net share settlements of equity
awards |
|
(456 |
) |
|
|
(4,243 |
) |
Principal repayments on term loans |
|
(519 |
) |
|
|
(4,379 |
) |
Net cash provided by (used in) financing activities |
|
4,049 |
|
|
|
(57,263 |
) |
Effect of exchange rate changes on cash, cash equivalents and
restricted cash |
|
(1,958 |
) |
|
|
(3,470 |
) |
Net decrease in cash, cash equivalents and restricted cash |
|
(11,592 |
) |
|
|
(15,043 |
) |
Cash, cash equivalents and restricted cash, beginning of
period |
|
112,982 |
|
|
|
155,342 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
101,390 |
|
|
$ |
140,299 |
|
|
|
|
|
|
|
|
|
FORMFACTOR, INC. |
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES
TO |
NON-GAAP FREE CASH FLOW |
(In thousands) |
(Unaudited) |
|
|
Three Months Ended |
|
Six Months Ended |
|
July 1,2023 |
|
April 1,2023 |
|
June 25,2022 |
|
July 1,2023 |
|
June 25,2022 |
Net cash provided by operating activities |
$ |
22,472 |
|
|
$ |
12,309 |
|
|
$ |
42,646 |
|
|
$ |
34,781 |
|
|
$ |
86,801 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
106 |
|
|
|
106 |
|
|
|
131 |
|
|
|
212 |
|
|
|
294 |
|
Capital expenditures |
|
(20,476 |
) |
|
|
(19,701 |
) |
|
|
(14,510 |
) |
|
|
(40,177 |
) |
|
|
(30,116 |
) |
Free cash flow |
$ |
2,102 |
|
|
$ |
(7,286 |
) |
|
$ |
28,267 |
|
|
$ |
(5,184 |
) |
|
$ |
56,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORMFACTOR, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
July 1,2023 |
|
April 1,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
97,981 |
|
|
$ |
112,360 |
|
|
$ |
109,130 |
|
Marketable securities |
|
138,943 |
|
|
|
123,891 |
|
|
|
129,006 |
|
Accounts receivable, net of allowance for credit losses |
|
94,013 |
|
|
|
103,969 |
|
|
|
88,143 |
|
Inventories, net |
|
120,298 |
|
|
|
116,553 |
|
|
|
123,157 |
|
Restricted cash |
|
1,144 |
|
|
|
1,207 |
|
|
|
1,221 |
|
Prepaid expenses and other current assets |
|
25,876 |
|
|
|
22,941 |
|
|
|
23,895 |
|
Total current assets |
|
478,255 |
|
|
|
480,921 |
|
|
|
474,552 |
|
Restricted cash |
|
2,265 |
|
|
|
2,287 |
|
|
|
2,631 |
|
Operating lease, right-of-use-assets |
|
31,001 |
|
|
|
30,420 |
|
|
|
31,362 |
|
Property, plant and equipment, net of accumulated depreciation |
|
204,577 |
|
|
|
198,232 |
|
|
|
189,848 |
|
Goodwill |
|
211,929 |
|
|
|
211,773 |
|
|
|
211,444 |
|
Intangibles, net |
|
22,149 |
|
|
|
24,486 |
|
|
|
26,751 |
|
Deferred tax assets |
|
71,172 |
|
|
|
67,951 |
|
|
|
67,646 |
|
Other assets |
|
3,790 |
|
|
|
3,686 |
|
|
|
3,994 |
|
Total assets |
$ |
1,025,138 |
|
|
$ |
1,019,756 |
|
|
$ |
1,008,228 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
63,770 |
|
|
$ |
63,756 |
|
|
$ |
69,308 |
|
Accrued liabilities |
|
31,413 |
|
|
|
31,981 |
|
|
|
42,115 |
|
Current portion of term loan, net of unamortized issuance
costs |
|
1,150 |
|
|
|
1,142 |
|
|
|
1,045 |
|
Deferred revenue |
|
19,899 |
|
|
|
23,779 |
|
|
|
29,846 |
|
Operating lease liabilities |
|
7,871 |
|
|
|
7,512 |
|
|
|
7,353 |
|
Total current liabilities |
|
124,103 |
|
|
|
128,170 |
|
|
|
149,667 |
|
Term loan, less current portion, net of unamortized issuance
costs |
|
13,765 |
|
|
|
14,034 |
|
|
|
14,389 |
|
Deferred tax liabilities |
|
2,704 |
|
|
|
2,905 |
|
|
|
2,732 |
|
Long-term operating lease liabilities |
|
26,458 |
|
|
|
26,407 |
|
|
|
27,587 |
|
Deferred grant |
|
18,000 |
|
|
|
18,000 |
|
|
|
— |
|
Other liabilities |
|
5,845 |
|
|
|
5,868 |
|
|
|
5,568 |
|
Total liabilities |
|
190,875 |
|
|
|
195,384 |
|
|
|
199,943 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Common stock |
|
77 |
|
|
|
77 |
|
|
|
77 |
|
Additional paid-in capital |
|
867,517 |
|
|
|
858,195 |
|
|
|
844,842 |
|
Accumulated other comprehensive loss |
|
(4,445 |
) |
|
|
(4,186 |
) |
|
|
(5,578 |
) |
Accumulated deficit |
|
(28,886 |
) |
|
|
(29,714 |
) |
|
|
(31,056 |
) |
Total stockholders’ equity |
|
834,263 |
|
|
|
824,372 |
|
|
|
808,285 |
|
Total liabilities and stockholders’ equity |
$ |
1,025,138 |
|
|
$ |
1,019,756 |
|
|
$ |
1,008,228 |
|
|
|
|
|
|
|
|
|
|
|
|
|
About our Non-GAAP Financial Measures:
We believe that the presentation of non-GAAP net
income, non-GAAP net income per basic and diluted share, non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP operating income and free cash flow provides supplemental
information that is important to understanding financial and
business trends and other factors relating to our financial
condition and results of operations. Non-GAAP net income, non-GAAP
net income per basic and diluted share, non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP
operating income are among the primary indicators used by
management as a basis for planning and forecasting future periods,
and by management and our board of directors to determine whether
our operating performance has met certain targets and thresholds.
Management uses non-GAAP net income, non-GAAP net income per basic
and diluted share, non-GAAP gross profit, non-GAAP gross margin,
non-GAAP operating expenses, and non-GAAP operating income when
evaluating operating performance because it believes that the
exclusion of the items indicated herein, for which the amounts or
timing may vary significantly depending upon our activities and
other factors, facilitates comparability of our operating
performance from period to period. We use free cash flow to conduct
and evaluate our business as an additional way of viewing our
liquidity that, when viewed with our GAAP results, provides a more
complete understanding of factors and trends affecting our cash
flows. Many investors also prefer to track free cash flow, as
opposed to only GAAP earnings. Free cash flow has limitations due
to the fact that it does not represent the residual cash flow
available for discretionary expenditures, and therefore it is
important to view free cash flow as a complement to our entire
consolidated statements of cash flows. We have chosen to provide
this non-GAAP information to investors so they can analyze our
operating results closer to the way that management does, and use
this information in their assessment of our business and the
valuation of our Company. We compute non-GAAP net income, non-GAAP
net income per basic and diluted share, non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP
operating income, by adjusting GAAP net income, GAAP net income per
basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP
operating expenses, and GAAP operating income (loss) to remove the
impact of certain items and the tax effect, if applicable, of those
adjustments. These non-GAAP measures are not in accordance with, or
an alternative to, GAAP, and may be materially different from other
non-GAAP measures, including similarly titled non-GAAP measures
used by other companies. The presentation of this additional
information should not be considered in isolation from, as a
substitute for, or superior to, net income, net income per basic
and diluted share, gross profit, gross margin, operating expenses,
or operating income (loss) in accordance with GAAP. Non-GAAP
financial measures have limitations in that they do not reflect
certain items that may have a material impact upon our reported
financial results. We may expect to continue to incur expenses of a
nature similar to the non-GAAP adjustments described above, and
exclusion of these items from our non-GAAP net income, non-GAAP net
income per basic and diluted share, non-GAAP gross profit, non-GAAP
gross margin, non-GAAP operating expenses, and non-GAAP operating
income should not be construed as an inference that these costs are
unusual, infrequent or non-recurring. For more information on the
non-GAAP adjustments, please see the table captioned “Non-GAAP
Financial Measure Reconciliations” and “Reconciliation of Cash
Provided by Operating Activities to non-GAAP Free Cash Flow”
included in this press release.
Source: FormFactor, Inc.FORM-F
Investor Contact:Stan
FinkelsteinInvestor Relations(925) 290-4321ir@formfactor.com
FormFactor (NASDAQ:FORM)
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