FormFactor, Inc. Reports 2025 First Quarter Results
FormFactor reported Q1 2025 financial results with revenues of $171.4 million, showing a 9.6% decrease from Q4 2024 but a 1.6% increase year-over-year. The company's GAAP net income was $6.4 million ($0.08 per share), while non-GAAP net income reached $18.0 million ($0.23 per share).
Key highlights include a low single-digit increase in Foundry & Logic demand, though DRAM probe card shipments to China were limited due to export controls. The Board authorized a new $75 million stock repurchase plan extending through April 2027.
Looking ahead, FormFactor expects double-digit sequential revenue growth in Q2 2025, projecting revenue of $190 million (±$5 million) with a gross margin of 38.5% (±1.5%). The company remains confident in long-term growth prospects, driven by Advanced Packaging, High-Bandwidth-Memory, and Co-Packaged Optics trends.
FormFactor ha comunicato i risultati finanziari del primo trimestre 2025, con ricavi pari a 171,4 milioni di dollari, registrando un calo del 9,6% rispetto al quarto trimestre 2024, ma un aumento dell'1,6% su base annua. L'utile netto GAAP dell'azienda è stato di 6,4 milioni di dollari (0,08 dollari per azione), mentre l'utile netto non-GAAP ha raggiunto i 18,0 milioni di dollari (0,23 dollari per azione).
I punti salienti includono un aumento a una cifra bassa della domanda nel settore Foundry & Logic, sebbene le spedizioni di probe card DRAM verso la Cina siano state limitate a causa dei controlli sulle esportazioni. Il Consiglio di Amministrazione ha autorizzato un nuovo piano di riacquisto azionario da 75 milioni di dollari valido fino ad aprile 2027.
Guardando al futuro, FormFactor prevede una crescita sequenziale a doppia cifra dei ricavi nel secondo trimestre 2025, con un fatturato stimato di 190 milioni di dollari (±5 milioni) e un margine lordo del 38,5% (±1,5%). L'azienda rimane fiduciosa nelle prospettive di crescita a lungo termine, trainata dalle tendenze di Advanced Packaging, High-Bandwidth-Memory e Co-Packaged Optics.
FormFactor informó sus resultados financieros del primer trimestre de 2025 con ingresos de 171,4 millones de dólares, mostrando una disminución del 9,6% respecto al cuarto trimestre de 2024, pero un aumento del 1,6% interanual. La utilidad neta GAAP de la compañía fue de 6,4 millones de dólares (0,08 dólares por acción), mientras que la utilidad neta no GAAP alcanzó los 18,0 millones de dólares (0,23 dólares por acción).
Los aspectos destacados incluyen un aumento de un solo dígito bajo en la demanda de Foundry & Logic, aunque los envíos de tarjetas de prueba DRAM a China estuvieron limitados debido a controles de exportación. La Junta autorizó un nuevo plan de recompra de acciones por 75 millones de dólares que se extenderá hasta abril de 2027.
De cara al futuro, FormFactor espera un crecimiento secuencial de dos dígitos en los ingresos en el segundo trimestre de 2025, proyectando ingresos de 190 millones de dólares (±5 millones) con un margen bruto del 38,5% (±1,5%). La compañía mantiene confianza en las perspectivas de crecimiento a largo plazo, impulsadas por las tendencias de Advanced Packaging, High-Bandwidth-Memory y Co-Packaged Optics.
FormFactor는 2025년 1분기 재무 실적을 발표했으며, 매출은 1억 7,140만 달러로 2024년 4분기 대비 9.6% 감소했으나 전년 동기 대비 1.6% 증가했습니다. 회사의 GAAP 순이익은 640만 달러(주당 0.08달러)였으며, 비-GAAP 순이익은 1,800만 달러(주당 0.23달러)에 달했습니다.
주요 내용으로는 Foundry & Logic 수요가 한 자릿수 소폭 증가했으나, 수출 규제로 인해 중국으로의 DRAM 프로브 카드 출하가 제한되었습니다. 이사회는 2027년 4월까지 유효한 7,500만 달러 규모의 자사주 매입 계획을 승인했습니다.
앞으로 FormFactor는 2025년 2분기에 두 자릿수 연속 매출 성장을 기대하며, 매출은 1억 9,000만 달러(±500만 달러), 총이익률은 38.5%(±1.5%)를 전망하고 있습니다. 회사는 Advanced Packaging, High-Bandwidth-Memory, Co-Packaged Optics 트렌드에 힘입어 장기적인 성장 전망에 대해 자신감을 유지하고 있습니다.
FormFactor a publié ses résultats financiers du premier trimestre 2025 avec un chiffre d'affaires de 171,4 millions de dollars, soit une baisse de 9,6 % par rapport au quatrième trimestre 2024, mais une hausse de 1,6 % en glissement annuel. Le bénéfice net GAAP de la société s'est élevé à 6,4 millions de dollars (0,08 dollar par action), tandis que le bénéfice net non-GAAP a atteint 18,0 millions de dollars (0,23 dollar par action).
Les points clés incluent une légère augmentation à un chiffre de la demande en Foundry & Logic, bien que les expéditions de cartes de test DRAM vers la Chine aient été limitées en raison des contrôles à l'exportation. Le conseil d'administration a autorisé un nouveau plan de rachat d'actions de 75 millions de dollars valable jusqu'en avril 2027.
Pour l'avenir, FormFactor prévoit une croissance séquentielle à deux chiffres du chiffre d'affaires au deuxième trimestre 2025, avec un chiffre d'affaires projeté de 190 millions de dollars (±5 millions) et une marge brute de 38,5 % (±1,5 %). L'entreprise reste confiante dans ses perspectives de croissance à long terme, portées par les tendances Advanced Packaging, High-Bandwidth-Memory et Co-Packaged Optics.
FormFactor meldete die Finanzergebnisse für das erste Quartal 2025 mit einem Umsatz von 171,4 Millionen US-Dollar, was einen Rückgang von 9,6 % gegenüber dem vierten Quartal 2024, aber einen Anstieg von 1,6 % im Jahresvergleich bedeutet. Der GAAP-Nettogewinn des Unternehmens betrug 6,4 Millionen US-Dollar (0,08 US-Dollar pro Aktie), während der Non-GAAP-Nettogewinn 18,0 Millionen US-Dollar (0,23 US-Dollar pro Aktie) erreichte.
Wichtige Highlights umfassen einen niedrigen einstelligen Anstieg der Nachfrage im Bereich Foundry & Logic, wobei DRAM-Prüfkartenlieferungen nach China aufgrund von Exportkontrollen eingeschränkt waren. Der Vorstand genehmigte einen neuen Aktienrückkaufplan in Höhe von 75 Millionen US-Dollar, der bis April 2027 läuft.
Mit Blick auf die Zukunft erwartet FormFactor ein zweistelliges sequenzielles Umsatzwachstum im zweiten Quartal 2025 und prognostiziert einen Umsatz von 190 Millionen US-Dollar (±5 Millionen) bei einer Bruttomarge von 38,5 % (±1,5 %). Das Unternehmen bleibt zuversichtlich hinsichtlich der langfristigen Wachstumsaussichten, angetrieben von den Trends Advanced Packaging, High-Bandwidth-Memory und Co-Packaged Optics.
- Q1 revenue of $171.4M exceeded mid-point guidance
- Board authorized new $75M stock repurchase plan through 2027
- Q2'25 outlook projects double-digit sequential revenue growth across all segments
- Non-GAAP net income increased to $18M ($0.23/share) vs $14.3M ($0.18/share) YoY
- Strong operating cash flow of $23.5M in Q1
- Q1 revenue declined 9.6% QoQ from $189.5M to $171.4M
- GAAP net income dropped to $6.4M ($0.08/share) from $21.8M ($0.28/share) YoY
- Gross margin declined to 37.7% from 38.8% QoQ
- DRAM probe card demand reduced due to China export controls
- Free cash flow decreased to $6.3M from $28.8M QoQ
Insights
FormFactor delivered mixed Q1 results with year-over-year non-GAAP earnings growth and announced a $75M share repurchase program, while projecting strong Q2 sequential growth.
FormFactor's Q1 2025 results exceeded the mid-point of guidance across key metrics despite sequential declines, while the company announced a significant
Revenue of
GAAP net income dropped to
Gross margin metrics remained relatively steady, with GAAP gross margin at
A concerning data point is free cash flow, which declined sharply to
The outlook presents a significantly brighter picture, with FormFactor projecting Q2 revenue of
Q1 Revenue, Gross Margin and EPS Above Mid-Point of the Outlook Range, Sees Significant Demand Step-Up in Q2'25 Announces Additional
LIVERMORE, Calif., April 30, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the first quarter of fiscal 2025 ended March 29, 2025. Quarterly revenues were
- Foundry & Logic first-quarter demand increased low single digits sequentially
- Experienced reduction in DRAM as export controls limited FormFactor’s ability to ship probe cards for advanced node designs to China
- Closed acquisition of minority interest in FICT Limited, a key supplier of advanced probe card components
“As expected, FormFactor reported sequentially lower first-quarter revenue and profitability due to anticipated reductions in demand for both DRAM probe cards and Systems,” said Mike Slessor, CEO of FormFactor, Inc. “Longer-term, we remain confident in the growth prospects for FormFactor and the semiconductor industry overall, driven by the fundamental trends of Advanced Packaging, High-Bandwidth-Memory, and Co-Packaged Optics.”
The company also announced that its Board of Directors has authorized a
First Quarter Highlights
On a GAAP basis, net income for the first quarter of fiscal 2025 was
On a non-GAAP basis, net income for the first quarter of fiscal 2025 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 first quarter of fiscal 2025 was
Outlook
Dr. Slessor added, “Although our sequential growth outlook is tempered by the uncertainty created by the current tariff situation, we expect to deliver double-digit sequential revenue growth, with increases across all our major served markets and segments.”
For the second quarter ending June 28, 2025, 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 three months ended March 29, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, 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, market trends, conditions in and the growth of the semiconductor industry and the Company's performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and "prospect," and 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 and impacts from export control, tariffs and other trade barriers; 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; 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 tariffs, 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.
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273
ir@formfactor.com
| FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) | |||||||||
| Three Months Ended | |||||||||
| March 29, 2025 | December 28, 2024 | March 30, 2024 | |||||||
| Revenues | $ | 171,356 | $ | 189,483 | $ | 168,725 | |||
| Cost of revenues | 106,833 | 115,903 | 105,987 | ||||||
| Gross profit | 64,523 | 73,580 | 62,738 | ||||||
| Operating expenses: | |||||||||
| Research and development | 27,800 | 30,504 | 28,627 | ||||||
| Selling, general and administrative | 33,454 | 35,226 | 33,079 | ||||||
| Total operating expenses | 61,254 | 65,730 | 61,706 | ||||||
| Gain on sale of business | — | — | 20,271 | ||||||
| Operating income | 3,269 | 7,850 | 21,303 | ||||||
| Interest income, net | 3,317 | 3,472 | 3,156 | ||||||
| Other income, net | 890 | 617 | 520 | ||||||
| Income before income taxes | 7,476 | 11,939 | 24,979 | ||||||
| Provision for income taxes | 1,075 | 2,234 | 3,198 | ||||||
| Net income | $ | 6,401 | $ | 9,705 | $ | 21,781 | |||
| Net income per share: | |||||||||
| Basic | $ | 0.08 | $ | 0.13 | $ | 0.28 | |||
| Diluted | $ | 0.08 | $ | 0.12 | $ | 0.28 | |||
| Weighted-average number of shares used in per share calculations: | |||||||||
| Basic | 77,345 | 77,267 | 77,452 | ||||||
| Diluted | 77,884 | 77,982 | 78,490 | ||||||
| FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 29, 2025 | December 28, 2024 | March 30, 2024 | |||||||||
| GAAP Gross Profit | $ | 64,523 | $ | 73,580 | $ | 62,738 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 542 | 555 | 586 | ||||||||
| Stock-based compensation | 2,005 | 1,944 | 1,928 | ||||||||
| Restructuring charges | 60 | 32 | 44 | ||||||||
| Non-GAAP Gross Profit | $ | 67,130 | $ | 76,111 | $ | 65,296 | |||||
| GAAP Gross Margin | 37.7 | % | 38.8 | % | 37.2 | % | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 0.3 | % | 0.4 | % | 0.4 | % | |||||
| Stock-based compensation | 1.2 | % | 1.0 | % | 1.1 | % | |||||
| Restructuring charges | — | % | — | % | — | % | |||||
| Non-GAAP Gross Margin | 39.2 | % | 40.2 | % | 38.7 | % | |||||
| GAAP operating expenses | $ | 61,254 | $ | 65,730 | $ | 61,706 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles | (191 | ) | (191 | ) | (191 | ) | |||||
| Stock-based compensation | (7,791 | ) | (8,269 | ) | (8,477 | ) | |||||
| Restructuring charges | (2,823 | ) | (371 | ) | (49 | ) | |||||
| Costs related to sale and acquisition of businesses | (217 | ) | (1,689 | ) | (646 | ) | |||||
| Non-GAAP operating expenses | $ | 50,232 | $ | 55,210 | $ | 52,343 | |||||
| GAAP operating income | $ | 3,269 | $ | 7,850 | $ | 21,303 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 733 | 746 | 777 | ||||||||
| Stock-based compensation | 9,796 | 10,213 | 10,405 | ||||||||
| Restructuring charges | 2,883 | 403 | 93 | ||||||||
| Gain on sale of business, net of cost related to sale and acquisition of businesses | 217 | 1,689 | (19,625 | ) | |||||||
| Non-GAAP operating income | $ | 16,898 | $ | 20,901 | $ | 12,953 | |||||
| FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 29, 2025 | December 28, 2024 | March 30, 2024 | |||||||||
| GAAP net income | $ | 6,401 | $ | 9,705 | $ | 21,781 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 733 | 746 | 777 | ||||||||
| Stock-based compensation | 9,796 | 10,213 | 10,405 | ||||||||
| Restructuring charges | 2,883 | 415 | 93 | ||||||||
| Gain on sale of business, net of cost related to sale and acquisition of businesses | 217 | 1,689 | (19,625 | ) | |||||||
| Income tax effect of non-GAAP adjustments | (2,026 | ) | (1,445 | ) | 913 | ||||||
| Non-GAAP net income | $ | 18,004 | $ | 21,323 | $ | 14,344 | |||||
| GAAP net income per share: | |||||||||||
| Basic | $ | 0.08 | $ | 0.13 | $ | 0.28 | |||||
| Diluted | $ | 0.08 | $ | 0.12 | $ | 0.28 | |||||
| Non-GAAP net income per share: | |||||||||||
| Basic | $ | 0.23 | $ | 0.28 | $ | 0.19 | |||||
| Diluted | $ | 0.23 | $ | 0.27 | $ | 0.18 | |||||
| FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
| Three Months Ended | |||||||
| March 29, 2025 | March 30, 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 6,401 | $ | 21,781 | |||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 8,156 | 7,193 | |||||
| Amortization | 674 | 640 | |||||
| Stock-based compensation expense | 9,796 | 10,405 | |||||
| Provision for excess and obsolete inventories | 2,879 | 3,146 | |||||
| Gain on sale of business | — | (20,271 | ) | ||||
| Non-cash restructuring charges | 2,102 | — | |||||
| Other activity impacting operating cash flows | (6,469 | ) | 10,118 | ||||
| Net cash provided by operating activities | 23,539 | 33,012 | |||||
| Cash flows from investing activities: | |||||||
| Acquisition of property, plant and equipment | (18,584 | ) | (13,436 | ) | |||
| Proceeds from sale of business | — | 21,275 | |||||
| Purchase of equity investment | (67,156 | ) | — | ||||
| Proceeds from (purchases of) marketable securities, net | 1,080 | (11,659 | ) | ||||
| Net cash used in investing activities | (84,660 | ) | (3,820 | ) | |||
| Cash flows from financing activities: | |||||||
| Purchase of common stock through stock repurchase program | (22,135 | ) | (17,334 | ) | |||
| Proceeds from issuances of common stock | 21,576 | 4,948 | |||||
| Principal repayments on term loans | (273 | ) | (266 | ) | |||
| Tax withholdings related to net share settlements of equity awards | (2,132 | ) | (1,840 | ) | |||
| Net cash used in financing activities | (2,964 | ) | (14,492 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 180 | (1,592 | ) | ||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (63,905 | ) | 13,108 | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 197,206 | 181,273 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 133,301 | $ | 194,381 | |||
| FORMFACTOR, INC. RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW (In thousands) (Unaudited) | |||||||||||
| Three Months Ended | |||||||||||
| March 29, 2025 | December 28, 2024 | March 30, 2024 | |||||||||
| Net cash provided by operating activities | $ | 23,539 | $ | 35,913 | $ | 33,012 | |||||
| Adjustments: | |||||||||||
| Sale of business and acquisition related payments in working capital | 1,221 | 506 | 47 | ||||||||
| Cash paid for interest | 92 | 93 | 100 | ||||||||
| Capital expenditures | (18,584 | ) | (7,663 | ) | (13,436 | ) | |||||
| Free cash flow | $ | 6,268 | $ | 28,849 | $ | 19,723 | |||||
| FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||
| March 29, 2025 | December 28, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 129,889 | $ | 190,728 | |||
| Marketable securities | 169,099 | 169,295 | |||||
| Accounts receivable, net of allowance for credit losses | 98,605 | 104,294 | |||||
| Inventories, net | 109,965 | 101,676 | |||||
| Restricted cash | 967 | 3,746 | |||||
| Prepaid expenses and other current assets | 42,716 | 35,389 | |||||
| Total current assets | 551,241 | 605,128 | |||||
| Restricted cash | 2,445 | 2,732 | |||||
| Operating lease, right-of-use-assets | 20,054 | 22,579 | |||||
| Property, plant and equipment, net of accumulated depreciation | 208,317 | 210,230 | |||||
| Equity investment | 68,667 | — | |||||
| Goodwill | 199,700 | 199,171 | |||||
| Intangibles, net | 9,681 | 10,355 | |||||
| Deferred tax assets | 92,759 | 92,012 | |||||
| Other assets | 3,303 | 4,008 | |||||
| Total assets | $ | 1,156,167 | $ | 1,146,215 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 64,536 | $ | 62,287 | |||
| Accrued liabilities | 34,909 | 43,742 | |||||
| Current portion of term loan, net of unamortized issuance costs | 1,113 | 1,106 | |||||
| Deferred revenue | 14,996 | 15,847 | |||||
| Operating lease liabilities | 8,461 | 8,363 | |||||
| Total current liabilities | 124,015 | 131,345 | |||||
| Term loan, less current portion, net of unamortized issuance costs | 11,927 | 12,208 | |||||
| Long-term operating lease liabilities | 15,980 | 17,550 | |||||
| Deferred grant | 18,000 | 18,000 | |||||
| Other liabilities | 20,371 | 19,344 | |||||
| Total liabilities | 190,293 | 198,447 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 77 | 77 | |||||
| Additional paid-in capital | 844,488 | 837,586 | |||||
| Accumulated other comprehensive loss | (6,037 | ) | (10,840 | ) | |||
| Accumulated income | 127,346 | 120,945 | |||||
| Total stockholders’ equity | 965,874 | 947,768 | |||||
| Total liabilities and stockholders’ equity | $ | 1,156,167 | $ | 1,146,215 | |||
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.
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