FormFactor, Inc. Reports 2024 Third Quarter Results
FormFactor (NASDAQ: FORM) reported record quarterly revenue of $207.9 million for Q3 2024, up 5.3% from Q2 2024 and 21.2% from Q3 2023. GAAP net income was $18.7 million ($0.24 per share), while non-GAAP net income reached $27.2 million ($0.35 per share). The company achieved record DRAM probe-card revenue driven by strong DDR5 demand. However, FormFactor expects reduced Foundry & Logic probe-card demand in Q4 2024, partially offset by continued DRAM strength. Q4 2024 guidance projects revenue of $190 million ±$5 million with non-GAAP EPS of $0.29 ±$0.04.
FormFactor (NASDAQ: FORM) ha riportato un fatturato trimestrale record di 207,9 milioni di dollari per il terzo trimestre del 2024, in aumento del 5,3% rispetto al secondo trimestre del 2024 e del 21,2% rispetto al terzo trimestre del 2023. L'utile netto GAAP è stato di 18,7 milioni di dollari (0,24 dollari per azione), mentre l'utile netto non GAAP ha raggiunto i 27,2 milioni di dollari (0,35 dollari per azione). L'azienda ha registrato un fatturato record per le sonde DRAM, trainato da una forte domanda di DDR5. Tuttavia, FormFactor prevede una riduzione della domanda di sonde per Foundry & Logic nel quarto trimestre del 2024, parzialmente compensata da una continua robustezza nel settore DRAM. Le previsioni per il quarto trimestre del 2024 indicano un fatturato di 190 milioni di dollari ±5 milioni con un EPS non GAAP di 0,29 dollari ±0,04.
FormFactor (NASDAQ: FORM) reportó un ingreso trimestral récord de 207,9 millones de dólares para el tercer trimestre de 2024, un aumento del 5,3% con respecto al segundo trimestre de 2024 y del 21,2% con respecto al tercer trimestre de 2023. El ingreso neto GAAP fue de 18,7 millones de dólares (0,24 dólares por acción), mientras que el ingreso neto no GAAP alcanzó los 27,2 millones de dólares (0,35 dólares por acción). La compañía logró un ingreso récord en tarjetas de prueba DRAM impulsado por una fuerte demanda de DDR5. Sin embargo, FormFactor espera una reducción en la demanda de tarjetas de prueba para Foundry & Logic en el cuarto trimestre de 2024, parcialmente compensada por la sólida demanda de DRAM. La guía para el cuarto trimestre de 2024 proyecta ingresos de 190 millones de dólares ±5 millones con un EPS no GAAP de 0,29 dólares ±0,04.
FormFactor (NASDAQ: FORM)는 2024년 3분기에 2억 790만 달러의 분기 기록 수익을 보고했으며, 이는 2024년 2분기 대비 5.3% 증가하고 2023년 3분기 대비 21.2% 증가한 수치입니다. GAAP 순익은 1,870만 달러(주당 0.24 달러)였으며, 비 GAAP 순익은 2,720만 달러(주당 0.35 달러)에 달했습니다. 이 회사는 강력한 DDR5 수요에 힘입어 DRAM 프로브 카드에서 기록적인 수익을 달성했습니다. 그러나 FormFactor는 2024년 4분기에 Foundry & Logic 프로브 카드 수요가 감소할 것으로 예상하고 있으며, 이는 지속적인 DRAM 강세로 부분적으로 상쇄될 것입니다. 2024년 4분기 가이던스는 수익을 1억 9천만 달러 ±5백만 달러, 비 GAAP EPS는 0.29 달러 ±0.04로 예상하고 있습니다.
FormFactor (NASDAQ: FORM) a annoncé un chiffre d'affaires trimestriel record de 207,9 millions de dollars pour le troisième trimestre 2024, en hausse de 5,3% par rapport au deuxième trimestre 2024 et de 21,2% par rapport au troisième trimestre 2023. Le bénéfice net GAAP s'élevait à 18,7 millions de dollars (0,24 dollar par action), tandis que le bénéfice net non-GAAP a atteint 27,2 millions de dollars (0,35 dollar par action). L'entreprise a réalisé un chiffre d'affaires record avec les cartes de sonde DRAM, stimulé par une forte demande de DDR5. Toutefois, FormFactor prévoit une demande réduite pour les cartes de sonde Foundry & Logic au quatrième trimestre 2024, partiellement compensée par une continuité de la robustesse du secteur DRAM. Les prévisions pour le quatrième trimestre 2024 tablent sur un chiffre d'affaires de 190 millions de dollars ±5 millions et un BPA non-GAAP de 0,29 dollar ±0,04.
FormFactor (NASDAQ: FORM) meldete für das 3. Quartal 2024 einen rekordverdächtigen Umsatz von 207,9 Millionen US-Dollar, was einem Anstieg von 5,3% im Vergleich zum 2. Quartal 2024 und 21,2% im Vergleich zum 3. Quartal 2023 entspricht. Der GAAP-Nettoertrag betrug 18,7 Millionen US-Dollar (0,24 US-Dollar pro Aktie), während der Non-GAAP-Nettoertrag 27,2 Millionen US-Dollar (0,35 US-Dollar pro Aktie) erreichte. Das Unternehmen erzielte einen Rekordumsatz bei DRAM-Probe-Karten, der durch eine starke Nachfrage nach DDR5 angetrieben wurde. FormFactor erwartet jedoch eine verringerte Nachfrage nach Foundry- und Logic-Probe-Karten im 4. Quartal 2024, die teilweise durch die anhaltende Stärke im DRAM-Sektor ausgeglichen wird. Die Prognose für das 4. Quartal 2024 sieht einen Umsatz von 190 Millionen US-Dollar ±5 Millionen sowie ein Non-GAAP EPS von 0,29 US-Dollar ±0,04 vor.
- Record quarterly revenue of $207.9 million, up 21.2% YoY
- Strong DRAM probe-card performance with third consecutive record quarter
- Non-GAAP net income increased to $27.2 million from $17.3 million YoY
- Free cash flow improved to $20.0 million from $16.9 million YoY
- Gross margin declined to 42.2% (non-GAAP) from 45.3% in Q2 2024
- Expected reduction in Foundry & Logic probe-card demand for Q4 2024
- Q4 revenue guidance indicates sequential decline to $190 million ±$5 million
Insights
FormFactor delivered a strong Q3 2024 with
The company's non-GAAP gross margin contracted to
The record DRAM probe-card performance highlights FormFactor's strategic positioning in the memory testing market, particularly benefiting from the DDR5 transition and High Bandwidth Memory demand driven by AI applications. The company's diversification strategy is proving effective, though the forecasted weakness in Foundry & Logic probe-card demand signals potential near-term headwinds in the broader semiconductor manufacturing sector.
The contrast between memory and logic segments reflects the current semiconductor cycle, where AI-driven memory demand remains robust while traditional logic markets show signs of softening. This divergence could persist into 2025 as the industry adjusts to shifting demand patterns.
Record Quarterly Revenue, Profitability at the Top End of the Outlook Range;
Sees Reduced Demand for Foundry and Logic in Q4, Partially Offset by Continued Strength in DRAM
LIVERMORE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the third quarter of fiscal 2024 ended September 28, 2024. Quarterly revenues were
- Record revenue in the third quarter exceeded outlook range and non-GAAP EPS was at the top end of the range.
- Strong DDR5 demand produced third consecutive record-setting quarter of DRAM probe-card revenue.
- FormFactor’s diversification strategy enabled participation in expanding investments in generative AI and data center applications.
“We are proud to have posted our all-time revenue record in the third quarter,” said Mike Slessor, CEO of FormFactor, Inc. “This performance was driven by continued strength in our DRAM probe-card business, layered on top of moderate growth in our Foundry & Logic and Systems businesses.”
Third Quarter and Fiscal 2024 Highlights
On a GAAP basis, net income for the third quarter of fiscal 2024 was
On a non-GAAP basis, net income for the third quarter of fiscal 2024 was
A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.
GAAP net cash provided by operating activities for the third quarter of fiscal 2024 was
Outlook
Dr. Slessor added, “We continue to experience record levels of DRAM probe card demand, with contributions from both DDR5 and High Bandwidth Memory applications. This, combined with slightly higher Systems Segment revenue, is helping to partially offset the forecasted reduction in Foundry & Logic probe-card demand.”
For the fourth quarter ending December 28, 2024, FormFactor is providing the following outlook*:
| GAAP | Reconciling Items** | Non-GAAP | |||
| Revenue | — | ||||
| Gross Margin | |||||
| Net income per diluted share | |||||
| *This outlook assumes consistent foreign currency rates. | |||||
| **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts. | |||||
We posted our revenue breakdown by geographic region, by market segment and with customers with greater than
The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website 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, non-GAAP operating income and free cash flow, 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 nine months ended September 28, 2024, and for outlook provided before, as well as for the comparable periods of fiscal 2023, 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 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, including under the heading “Outlook” above, customer demand, conditions in the semiconductor industry, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” 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 military conflicts, political volatility, infectious diseases and pandemics, 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. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, 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 | Nine Months Ended | ||||||||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||||
| Revenues | $ | 207,917 | $ | 197,474 | $ | 171,575 | $ | 574,116 | $ | 494,939 | |||||||||
| Cost of revenues | 123,212 | 110,574 | 102,290 | 339,773 | 304,293 | ||||||||||||||
| Gross profit | 84,705 | 86,900 | 69,285 | 234,343 | 190,646 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 31,243 | 31,564 | 31,014 | 91,434 | 87,599 | ||||||||||||||
| Selling, general and administrative | 35,607 | 37,874 | 35,564 | 106,560 | 101,561 | ||||||||||||||
| Total operating expenses | 66,850 | 69,438 | 66,578 | 197,994 | 189,160 | ||||||||||||||
| Gain on sale of business | — | 310 | — | 20,581 | — | ||||||||||||||
| Operating income | 17,855 | 17,772 | 2,707 | 56,930 | 1,486 | ||||||||||||||
| Interest income, net | 3,650 | 3,415 | 1,662 | 10,221 | 4,420 | ||||||||||||||
| Other income (expense), net | (558 | ) | 360 | 788 | 322 | 1,261 | |||||||||||||
| Income before income taxes | 20,947 | 21,547 | 5,157 | 67,473 | 7,167 | ||||||||||||||
| Provision for income taxes | 2,211 | 2,155 | 786 | 7,564 | 626 | ||||||||||||||
| Net income | $ | 18,736 | $ | 19,392 | $ | 4,371 | $ | 59,909 | $ | 6,541 | |||||||||
| Net income per share: | |||||||||||||||||||
| Basic | $ | 0.24 | $ | 0.25 | $ | 0.06 | $ | 0.77 | $ | 0.08 | |||||||||
| Diluted | $ | 0.24 | $ | 0.25 | $ | 0.06 | $ | 0.76 | $ | 0.08 | |||||||||
| Weighted-average number of shares used in per share calculations: | |||||||||||||||||||
| Basic | 77,406 | 77,235 | 77,571 | 77,364 | 77,265 | ||||||||||||||
| Diluted | 78,439 | 78,717 | 78,412 | 78,495 | 77,860 | ||||||||||||||
| FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||||
| GAAP Gross Profit | $ | 84,705 | $ | 86,900 | $ | 69,285 | $ | 234,343 | $ | 190,646 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other | 530 | 584 | 1,118 | 1,661 | 3,580 | ||||||||||||||
| Stock-based compensation | 1,934 | 1,932 | 1,376 | 5,794 | 4,801 | ||||||||||||||
| Restructuring charges | 524 | — | — | 607 | 357 | ||||||||||||||
| Non-GAAP Gross Profit | $ | 87,693 | $ | 89,416 | $ | 71,779 | $ | 242,405 | $ | 199,384 | |||||||||
| GAAP Gross Margin | 40.7 | % | 44.0 | % | 40.4 | % | 40.8 | % | 38.5 | % | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other | 0.3 | % | 0.3 | % | 0.7 | % | 0.3 | % | 0.7 | % | |||||||||
| Stock-based compensation | 0.9 | % | 1.0 | % | 0.8 | % | 1.0 | % | 1.0 | % | |||||||||
| Restructuring charges | 0.3 | % | — | % | — | % | 0.1 | % | 0.1 | % | |||||||||
| Non-GAAP Gross Margin | 42.2 | % | 45.3 | % | 41.9 | % | 42.2 | % | 40.3 | % | |||||||||
| GAAP operating expenses | $ | 66,850 | $ | 69,438 | $ | 66,578 | $ | 197,994 | $ | 189,160 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles and other | (240 | ) | (240 | ) | (466 | ) | (720 | ) | (3,563 | ) | |||||||||
| Stock-based compensation | (7,002 | ) | (8,277 | ) | (9,463 | ) | (23,756 | ) | (24,532 | ) | |||||||||
| Restructuring charges | (249 | ) | — | — | (249 | ) | (1,183 | ) | |||||||||||
| Costs related to sale of business | (13 | ) | (43 | ) | (2,139 | ) | (702 | ) | (2,139 | ) | |||||||||
| Non-GAAP operating expenses | $ | 59,346 | $ | 60,878 | $ | 54,510 | $ | 172,567 | $ | 157,743 | |||||||||
| GAAP operating income | $ | 17,855 | $ | 17,772 | $ | 2,707 | $ | 56,930 | $ | 1,486 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other | 770 | 824 | 1,584 | 2,381 | 7,143 | ||||||||||||||
| Stock-based compensation | 8,936 | 10,209 | 10,839 | 29,550 | 29,333 | ||||||||||||||
| Restructuring charges | 773 | — | — | 856 | 1,540 | ||||||||||||||
| Gain on sale of business and related costs | 13 | (267 | ) | 2,139 | (19,879 | ) | 2,139 | ||||||||||||
| Non-GAAP operating income | $ | 28,347 | $ | 28,538 | $ | 17,269 | $ | 69,838 | $ | 41,641 | |||||||||
| FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||||
| GAAP net income | $ | 18,736 | $ | 19,392 | $ | 4,371 | $ | 59,909 | $ | 6,541 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other | 770 | 824 | 1,584 | 2,381 | 7,143 | ||||||||||||||
| Stock-based compensation | 8,936 | 10,209 | 10,839 | 29,550 | 29,333 | ||||||||||||||
| Restructuring charges | 773 | — | — | 856 | 1,540 | ||||||||||||||
| Gain on sale of business and related costs | 13 | (267 | ) | 2,139 | (19,879 | ) | 2,139 | ||||||||||||
| Income tax effect of non-GAAP adjustments | (2,002 | ) | (2,835 | ) | (1,617 | ) | (3,924 | ) | (5,650 | ) | |||||||||
| Non-GAAP net income | $ | 27,226 | $ | 27,323 | $ | 17,316 | $ | 68,893 | $ | 41,046 | |||||||||
| GAAP net income per share: | |||||||||||||||||||
| Basic | $ | 0.24 | $ | 0.25 | $ | 0.06 | $ | 0.77 | $ | 0.08 | |||||||||
| Diluted | $ | 0.24 | $ | 0.25 | $ | 0.06 | $ | 0.76 | $ | 0.08 | |||||||||
| Non-GAAP net income per share: | |||||||||||||||||||
| Basic | $ | 0.35 | $ | 0.35 | $ | 0.22 | $ | 0.89 | $ | 0.53 | |||||||||
| Diluted | $ | 0.35 | $ | 0.35 | $ | 0.22 | $ | 0.88 | $ | 0.53 | |||||||||
| FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
| Nine Months Ended | |||||||
| September 28, 2024 | September 30, 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 59,909 | $ | 6,541 | |||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 22,197 | 22,880 | |||||
| Amortization | 1,920 | 6,043 | |||||
| Stock-based compensation expense | 29,550 | 29,333 | |||||
| Provision for excess and obsolete inventories | 10,052 | 12,566 | |||||
| Gain on sale of business | (20,581 | ) | — | ||||
| Other activity impacting operating cash flows | (21,426 | ) | (22,011 | ) | |||
| Net cash provided by operating activities | 81,621 | 55,352 | |||||
| Cash flows from investing activities: | |||||||
| Acquisition of property, plant and equipment | (30,773 | ) | (46,094 | ) | |||
| Proceeds from sale of business | 21,585 | — | |||||
| Purchases of marketable securities, net | (15,464 | ) | (3,900 | ) | |||
| Purchase of promissory note receivable | (1,500 | ) | — | ||||
| Net cash used in investing activities | (26,152 | ) | (49,994 | ) | |||
| Cash flows from financing activities: | |||||||
| Purchase of common stock through stock repurchase program | (37,211 | ) | — | ||||
| Proceeds from issuances of common stock | 9,748 | 8,822 | |||||
| Principal repayments on term loans | (803 | ) | (781 | ) | |||
| Tax withholdings related to net share settlements of equity awards | (17,990 | ) | (9,349 | ) | |||
| Net cash used financing activities | (46,256 | ) | (1,308 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3 | (3,324 | ) | ||||
| Net increase in cash, cash equivalents and restricted cash | 9,216 | 726 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 181,273 | 112,982 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 190,489 | $ | 113,708 | |||
| FORMFACTOR, INC. RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW (In thousands) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||
| September 28, 2024 | June 29, 2024 | September 30, 2023 | September 28, 2024 | September 30, 2023 | |||||||||||||||
| Net cash provided by operating activities | $ | 26,731 | $ | 21,878 | $ | 20,571 | $ | 81,621 | $ | 55,352 | |||||||||
| Adjustments: | |||||||||||||||||||
| Sale of business related payments in working capital | 2,134 | 630 | 2,139 | 2,811 | 2,139 | ||||||||||||||
| Cash paid for interest | 97 | 101 | 105 | 298 | 317 | ||||||||||||||
| Capital expenditures | (8,939 | ) | (8,398 | ) | (5,917 | ) | (30,773 | ) | (46,094 | ) | |||||||||
| Free cash flow | $ | 20,023 | $ | 14,211 | $ | 16,898 | $ | 53,957 | $ | 11,714 | |||||||||
| FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||||||
| September 28, 2024 | June 29, 2024 | December 30, 2023 | |||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 184,506 | $ | 195,914 | $ | 177,812 | |||||
| Marketable securities | 169,961 | 161,710 | 150,507 | ||||||||
| Accounts receivable, net of allowance for credit losses | 116,866 | 113,277 | 102,957 | ||||||||
| Inventories, net | 105,374 | 114,814 | 111,685 | ||||||||
| Restricted cash | 3,773 | 5,939 | 1,152 | ||||||||
| Prepaid expenses and other current assets | 34,302 | 28,964 | 29,667 | ||||||||
| Total current assets | 614,782 | 620,618 | 573,780 | ||||||||
| Restricted cash | 2,210 | 2,098 | 2,309 | ||||||||
| Operating lease, right-of-use-assets | 25,034 | 26,650 | 30,519 | ||||||||
| Property, plant and equipment, net of accumulated depreciation | 204,108 | 204,102 | 204,399 | ||||||||
| Goodwill | 200,137 | 199,548 | 201,090 | ||||||||
| Intangibles, net | 11,017 | 11,657 | 12,938 | ||||||||
| Deferred tax assets | 92,826 | 88,841 | 78,964 | ||||||||
| Other assets | 3,669 | 2,751 | 2,795 | ||||||||
| Total assets | $ | 1,153,783 | $ | 1,156,265 | $ | 1,106,794 | |||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 52,086 | $ | 62,235 | $ | 63,857 | |||||
| Accrued liabilities | 46,508 | 49,523 | 41,037 | ||||||||
| Current portion of term loan, net of unamortized issuance costs | 1,098 | 1,090 | 1,075 | ||||||||
| Deferred revenue | 20,972 | 17,953 | 16,704 | ||||||||
| Operating lease liabilities | 8,512 | 8,240 | 8,422 | ||||||||
| Total current liabilities | 129,176 | 139,041 | 131,095 | ||||||||
| Term loan, less current portion, net of unamortized issuance costs | 12,488 | 12,765 | 13,314 | ||||||||
| Long-term operating lease liabilities | 19,731 | 21,441 | 25,334 | ||||||||
| Deferred grant | 18,000 | 18,000 | 18,000 | ||||||||
| Other liabilities | 19,378 | 17,102 | 10,247 | ||||||||
| Total liabilities | 198,773 | 208,349 | 197,990 | ||||||||
| Stockholders’ equity: | |||||||||||
| Common stock | 77 | 77 | 77 | ||||||||
| Additional paid-in capital | 845,466 | 863,283 | 861,448 | ||||||||
| Accumulated other comprehensive loss | (1,773 | ) | (7,948 | ) | (4,052 | ) | |||||
| Accumulated income | 111,240 | 92,504 | 51,331 | ||||||||
| Total stockholders’ equity | 955,010 | 947,916 | 908,804 | ||||||||
| Total liabilities and stockholders’ equity | $ | 1,153,783 | $ | 1,156,265 | $ | 1,106,794 | |||||
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 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 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 Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com
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