FormFactor, Inc. (Nasdaq: FORM) today announced its financial
results for the fourth quarter of fiscal 2023 ended
December 30, 2023. Quarterly revenues were $168.2 million, a
decrease of 2.0% compared to $171.6 million in the third quarter of
fiscal 2023, and an increase of 1.3% from $166.0 million in the
fourth quarter of fiscal 2022. For fiscal 2023, FormFactor recorded
revenues of $663 million, down 11.3% from $748 million in fiscal
2022.
- Experienced relatively stable demand as the result of its
differentiated product diversification strategy.
- Benefited from strong demand for DRAM probe cards driven by
growth of high-bandwidth-memory, a key enabler of generative
AI.
- Signed agreement today with Grand Junction Semiconductor Pte.
Ltd. to divest China operations and establish an exclusive
distribution and partnership agreement to continue sales and
support of FormFactor’s products in the region.
“Compared to the outlook, FormFactor delivered
moderately higher fourth quarter revenue and gross margins offset
by a higher tax rate that produce non-GAAP EPS at mid-point of the
outlook,” said Mike Slessor, CEO of FormFactor, Inc. “The strength
and stability of our balanced product portfolio enables us to make
investments in innovation, capacity and other strategic
initiatives, while maximizing quarterly profitability and
protecting our strong balance sheet during the current period of
industry softness.”
Fourth Quarter and Fiscal 2023
Highlights
On a GAAP basis, net income for the fourth
quarter of fiscal 2023 was $75.8 million, or $0.97 per
fully-diluted share, compared to net income for the third quarter
of fiscal 2023 of $4.4 million, or $0.06 per fully-diluted share,
and net loss for the fourth quarter of fiscal 2022 of $13.7
million, or negative $0.18 per fully-diluted share. Net income for
fiscal 2023 was $82.4 million, or $1.05 per fully-diluted share,
compared to net income for fiscal 2022 of $50.7 million, or $0.65,
per fully-diluted share. Gross margin for the fourth quarter of
2023 was 40.4%, compared with 40.4% in the third quarter of 2023,
and 27.2% in the fourth quarter of 2022. Gross margin for fiscal
2023 was 39.0%, compared to 39.6% for fiscal 2022. The GAAP
financial results for the fourth quarter of 2023 include a $73.0
million gain from the sale of FRT that has been excluded from
FormFactor's fourth quarter non-GAAP results.
On a non-GAAP basis, net income for the fourth
quarter of fiscal 2023 was $15.7 million, or $0.20 per
fully-diluted share, compared to net income for the third quarter
of fiscal 2023 of $17.3 million, or $0.22 per fully-diluted share,
and net income for the fourth quarter of fiscal 2022 of $4.1
million, or $0.05 per fully-diluted share. Non-GAAP net income for
fiscal 2023 was $56.8 million, or $0.73 per fully-diluted share,
compared to net income of $97.9 million, or $1.25 per fully-diluted
share for fiscal 2022. On a non-GAAP basis, gross margin for the
fourth quarter of 2023 was 42.1%, compared with 41.8% in the third
quarter of 2023, and 31.7% in the fourth quarter of 2022. Non-GAAP
gross margin for fiscal 2023 was 40.7%, compared to 42.3% for
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 fourth quarter of fiscal 2023 was $9.3 million, compared to
$20.6 million for the third quarter of fiscal 2023, and $20.7
million for the fourth quarter of fiscal 2022. Free cash flow for
the fourth quarter of fiscal 2023 was negative $0.3 million,
compared to free cash flow for the third quarter of fiscal 2023 of
$16.9 million, and free cash flow for the fourth quarter of 2022 of
negative $5.4 million. Free cash flow for fiscal 2023 and fiscal
2022 was $11.4 million and $67.1 million, respectively. 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, “We continue to operate in an overall demand
environment similar to the levels we experienced last year and
expect FormFactor’s first-quarter results to be similar to those
achieved in recent quarters.”
For the first quarter ending March 30,
2024, FormFactor is providing the following outlook*:
|
|
GAAP |
|
Reconciling Items** |
|
Non-GAAP |
Revenue |
|
$165 million +/- $5 million |
|
— |
|
$165 million +/- $5 million |
Gross Margin |
|
40% +/- 1.5% |
|
$2 million |
|
41% +/- 1.5% |
Net income per diluted
share |
|
$0.07 +/- $0.04 |
|
$0.12 |
|
$0.19 +/-$0.04 |
*This outlook assumes consistent foreign
currency rates.**Reconciling items are stock-based compensation,
restructuring charges, divestiture-related expenses, adjustments to
the gain on sale of business, and amortization of intangibles 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. PT, or 4:25 p.m. ET, today.
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 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 twelve months ended
December 30, 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 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 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. 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 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 |
|
Twelve Months Ended |
|
December 30,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 30,2023 |
|
December 31,2022 |
Revenues |
$ |
168,163 |
|
|
$ |
171,575 |
|
$ |
165,987 |
|
|
$ |
663,102 |
|
|
$ |
747,937 |
Cost of revenues |
|
100,229 |
|
|
|
102,290 |
|
|
120,784 |
|
|
|
404,522 |
|
|
|
451,928 |
Gross profit |
|
67,934 |
|
|
|
69,285 |
|
|
45,203 |
|
|
|
258,580 |
|
|
|
296,009 |
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
28,166 |
|
|
|
31,014 |
|
|
27,222 |
|
|
|
115,765 |
|
|
|
109,222 |
Selling, general and administrative |
|
31,451 |
|
|
|
35,564 |
|
|
33,926 |
|
|
|
133,012 |
|
|
|
131,875 |
Total operating expenses |
|
59,617 |
|
|
|
66,578 |
|
|
61,148 |
|
|
|
248,777 |
|
|
|
241,097 |
Gain on sale of business |
|
72,953 |
|
|
|
— |
|
|
— |
|
|
|
72,953 |
|
|
|
— |
Operating income (loss) |
|
81,270 |
|
|
|
2,707 |
|
|
(15,945 |
) |
|
|
82,756 |
|
|
|
54,912 |
Interest income, net |
|
2,376 |
|
|
|
1,662 |
|
|
957 |
|
|
|
6,796 |
|
|
|
1,641 |
Other income (expense),
net |
|
(1,546 |
) |
|
|
788 |
|
|
(467 |
) |
|
|
(285 |
) |
|
|
1,317 |
Income (loss) before income
taxes |
|
82,100 |
|
|
|
5,157 |
|
|
(15,455 |
) |
|
|
89,267 |
|
|
|
57,870 |
Provision (benefit) for income
taxes |
|
6,254 |
|
|
|
786 |
|
|
(1,728 |
) |
|
|
6,880 |
|
|
|
7,132 |
Net income (loss) |
$ |
75,846 |
|
|
$ |
4,371 |
|
$ |
(13,727 |
) |
|
$ |
82,387 |
|
|
$ |
50,738 |
Net income (loss) per
share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.98 |
|
|
$ |
0.06 |
|
$ |
(0.18 |
) |
|
$ |
1.06 |
|
|
$ |
0.65 |
Diluted |
$ |
0.97 |
|
|
$ |
0.06 |
|
$ |
(0.18 |
) |
|
$ |
1.05 |
|
|
$ |
0.65 |
Weighted-average
number of shares used in per share calculations: |
|
|
|
|
|
|
|
|
Basic |
|
77,684 |
|
|
|
77,571 |
|
|
76,972 |
|
|
|
77,370 |
|
|
|
77,578 |
Diluted |
|
78,410 |
|
|
|
78,412 |
|
|
76,972 |
|
|
|
78,159 |
|
|
|
78,201 |
FORMFACTOR, INC.NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS(In thousands, except per
share amounts)(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 30,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 30,2023 |
|
December 31,2022 |
GAAP Gross Profit |
$ |
67,934 |
|
|
$ |
69,285 |
|
|
$ |
45,203 |
|
|
$ |
258,580 |
|
|
$ |
296,009 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions, and other |
|
756 |
|
|
|
1,118 |
|
|
|
1,360 |
|
|
|
4,336 |
|
|
|
4,908 |
|
Stock-based compensation |
|
2,053 |
|
|
|
1,376 |
|
|
|
973 |
|
|
|
6,854 |
|
|
|
3,807 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
5,122 |
|
|
|
357 |
|
|
|
11,775 |
|
Non-GAAP Gross
Profit |
$ |
70,743 |
|
|
$ |
71,779 |
|
|
$ |
52,658 |
|
|
$ |
270,127 |
|
|
$ |
316,499 |
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross
Margin |
|
40.4 |
% |
|
|
40.4 |
% |
|
|
27.2 |
% |
|
|
39.0 |
% |
|
|
39.6 |
% |
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions, and other |
|
0.5 |
% |
|
|
0.6 |
% |
|
|
0.8 |
% |
|
|
0.6 |
% |
|
|
0.6 |
% |
Stock-based compensation |
|
1.2 |
% |
|
|
0.8 |
% |
|
|
0.6 |
% |
|
|
1.0 |
% |
|
|
0.5 |
% |
Restructuring charges |
|
— |
% |
|
|
— |
% |
|
|
3.1 |
% |
|
|
0.1 |
% |
|
|
1.6 |
% |
Non-GAAP Gross
Margin |
|
42.1 |
% |
|
|
41.8 |
% |
|
|
31.7 |
% |
|
|
40.7 |
% |
|
|
42.3 |
% |
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses |
$ |
59,617 |
|
|
$ |
66,578 |
|
|
$ |
61,148 |
|
|
$ |
248,777 |
|
|
$ |
241,097 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles and other |
|
(518 |
) |
|
|
(466 |
) |
|
|
(1,530 |
) |
|
|
(4,081 |
) |
|
|
(6,184 |
) |
Stock-based compensation |
|
(7,230 |
) |
|
|
(9,463 |
) |
|
|
(8,491 |
) |
|
|
(31,762 |
) |
|
|
(27,530 |
) |
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
(3,249 |
) |
|
|
(1,183 |
) |
|
|
(3,664 |
) |
Costs related to sale of business |
|
(268 |
) |
|
|
(2,139 |
) |
|
|
— |
|
|
|
(2,407 |
) |
|
|
— |
|
Non-GAAP operating
expenses |
$ |
51,601 |
|
|
$ |
54,510 |
|
|
$ |
47,878 |
|
|
$ |
209,344 |
|
|
$ |
203,719 |
|
|
|
|
|
|
|
|
|
|
|
GAAP operating income
(loss) |
$ |
81,270 |
|
|
$ |
2,707 |
|
|
$ |
(15,945 |
) |
|
$ |
82,756 |
|
|
$ |
54,912 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions, and other |
|
1,274 |
|
|
|
1,584 |
|
|
|
2,890 |
|
|
|
8,417 |
|
|
|
11,092 |
|
Stock-based compensation |
|
9,283 |
|
|
|
10,839 |
|
|
|
9,464 |
|
|
|
38,616 |
|
|
|
31,337 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
8,371 |
|
|
|
1,540 |
|
|
|
15,439 |
|
Gain on sale of business and related costs |
|
(72,685 |
) |
|
|
2,139 |
|
|
|
— |
|
|
|
(70,546 |
) |
|
|
— |
|
Non-GAAP operating
income |
$ |
19,142 |
|
|
$ |
17,269 |
|
|
$ |
4,780 |
|
|
$ |
60,783 |
|
|
$ |
112,780 |
|
FORMFACTOR, INC.NON-GAAP FINANCIAL
MEASURE RECONCILIATIONS(In thousands, except per
share amounts)(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 30,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 30,2023 |
|
December 31,2022 |
GAAP net income (loss) |
$ |
75,846 |
|
|
$ |
4,371 |
|
|
$ |
(13,727 |
) |
|
$ |
82,387 |
|
|
$ |
50,738 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions |
|
1,274 |
|
|
|
1,584 |
|
|
|
2,890 |
|
|
|
8,417 |
|
|
|
11,092 |
|
Stock-based compensation |
|
9,283 |
|
|
|
10,839 |
|
|
|
9,464 |
|
|
|
38,616 |
|
|
|
31,337 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
8,371 |
|
|
|
1,540 |
|
|
|
15,439 |
|
Gain on sale of business and related costs |
|
(72,685 |
) |
|
|
2,139 |
|
|
|
— |
|
|
|
(70,546 |
) |
|
|
— |
|
Income tax effect of non-GAAP adjustments |
|
2,026 |
|
|
|
(1,617 |
) |
|
|
(2,850 |
) |
|
|
(3,624 |
) |
|
|
(10,663 |
) |
Non-GAAP net
income |
$ |
15,744 |
|
|
$ |
17,316 |
|
|
$ |
4,148 |
|
|
$ |
56,790 |
|
|
$ |
97,943 |
|
|
|
|
|
|
|
|
|
|
|
GAAP net income (loss)
per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.98 |
|
|
$ |
0.06 |
|
|
$ |
(0.18 |
) |
|
$ |
1.06 |
|
|
$ |
0.65 |
|
Diluted |
$ |
0.97 |
|
|
$ |
0.06 |
|
|
$ |
(0.18 |
) |
|
$ |
1.05 |
|
|
$ |
0.65 |
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share: |
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.20 |
|
|
$ |
0.22 |
|
|
$ |
0.05 |
|
|
$ |
0.73 |
|
|
$ |
1.26 |
|
Diluted |
$ |
0.20 |
|
|
$ |
0.22 |
|
|
$ |
0.05 |
|
|
$ |
0.73 |
|
|
$ |
1.25 |
|
FORMFACTOR, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(In
thousands)(Unaudited) |
|
|
|
Twelve Months Ended |
|
December 30,2023 |
|
December 31,2022 |
Cash flows from operating
activities: |
|
|
|
Net income |
$ |
82,387 |
|
|
$ |
50,738 |
|
Selected adjustments to reconcile net income to net cash provided
by operating activities: |
|
|
|
Depreciation |
|
30,603 |
|
|
|
28,646 |
|
Amortization |
|
6,850 |
|
|
|
9,391 |
|
Stock-based compensation expense |
|
38,616 |
|
|
|
31,337 |
|
Provision for excess and obsolete inventories |
|
15,003 |
|
|
|
24,632 |
|
Gain on sale of business |
|
(72,953 |
) |
|
|
— |
|
Non-cash restructuring charges |
|
— |
|
|
|
200 |
|
Other activity impacting operating cash flows |
|
(35,904 |
) |
|
|
(13,158 |
) |
Net cash provided by operating activities |
|
64,602 |
|
|
|
131,786 |
|
Cash flows from investing
activities: |
|
|
|
Acquisition of property, plant and equipment |
|
(56,027 |
) |
|
|
(65,254 |
) |
Acquisition of business |
|
— |
|
|
|
(3,350 |
) |
Proceeds from sale of business |
|
101,785 |
|
|
|
— |
|
Purchases of marketable securities, net |
|
(16,709 |
) |
|
|
(6,100 |
) |
Purchase of promissory note receivable |
|
— |
|
|
|
(1,000 |
) |
Net cash proved by (used in)
investing activities |
|
29,049 |
|
|
|
(75,704 |
) |
Cash flows from financing
activities: |
|
|
|
Purchase of common stock through stock repurchase program |
|
(19,801 |
) |
|
|
(82,328 |
) |
Proceeds from issuances of common stock |
|
8,822 |
|
|
|
10,499 |
|
Principal repayments on term loans |
|
(1,045 |
) |
|
|
(8,398 |
) |
Tax withholdings related to net share settlements of equity
awards |
|
(10,687 |
) |
|
|
(15,705 |
) |
Net cash used in financing activities |
|
(22,711 |
) |
|
|
(95,932 |
) |
Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
(2,649 |
) |
|
|
(2,510 |
) |
Net increase (decrease) in
cash, cash equivalents and restricted cash |
|
68,291 |
|
|
|
(42,360 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
112,982 |
|
|
|
155,342 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
181,273 |
|
|
$ |
112,982 |
|
FORMFACTOR, INC. RECONCILIATION
OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH
FLOW(In
thousands)(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 30,2023 |
|
September 30,2023 |
|
December 31,2022 |
|
December 30,2023 |
|
December 31,2022 |
Net cash provided by operating activities |
$ |
9,250 |
|
|
$ |
20,571 |
|
|
$ |
20,738 |
|
|
$ |
64,602 |
|
|
$ |
131,786 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
Payments related to sale of business in working capital |
|
268 |
|
|
|
2,139 |
|
|
|
— |
|
|
|
2,407 |
|
|
|
— |
|
Cash paid for interest |
|
105 |
|
|
|
105 |
|
|
|
117 |
|
|
|
422 |
|
|
|
535 |
|
Capital expenditures |
|
(9,933 |
) |
|
|
(5,917 |
) |
|
|
(26,230 |
) |
|
|
(56,027 |
) |
|
|
(65,254 |
) |
Free cash flow |
$ |
(310 |
) |
|
$ |
16,898 |
|
|
$ |
(5,375 |
) |
|
$ |
11,404 |
|
|
$ |
67,067 |
|
FORMFACTOR, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(In
thousands)(Unaudited) |
|
|
|
|
|
|
|
|
|
December 30,2023 |
|
September 30,2023 |
|
December 31,2022 |
ASSETS |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
177,812 |
|
|
$ |
108,731 |
|
|
$ |
109,130 |
|
Marketable securities |
|
|
150,507 |
|
|
|
135,693 |
|
|
|
129,006 |
|
Accounts receivable, net of allowance for credit losses |
|
|
102,957 |
|
|
|
88,965 |
|
|
|
88,143 |
|
Inventories, net |
|
|
111,685 |
|
|
|
111,626 |
|
|
|
123,157 |
|
Restricted cash |
|
|
1,152 |
|
|
|
1,171 |
|
|
|
1,221 |
|
Assets held-for-sale |
|
|
— |
|
|
|
33,718 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
|
29,667 |
|
|
|
26,681 |
|
|
|
23,895 |
|
Total current assets |
|
|
573,780 |
|
|
|
506,585 |
|
|
|
474,552 |
|
Restricted cash |
|
|
2,309 |
|
|
|
2,146 |
|
|
|
2,631 |
|
Operating lease,
right-of-use-assets |
|
|
30,519 |
|
|
|
29,824 |
|
|
|
31,362 |
|
Property, plant and equipment,
net of accumulated depreciation |
|
|
204,399 |
|
|
|
203,510 |
|
|
|
189,848 |
|
Goodwill |
|
|
201,090 |
|
|
|
200,485 |
|
|
|
211,444 |
|
Intangibles, net |
|
|
12,938 |
|
|
|
13,578 |
|
|
|
26,751 |
|
Deferred tax assets |
|
|
78,964 |
|
|
|
73,572 |
|
|
|
67,646 |
|
Other assets |
|
|
2,795 |
|
|
|
3,267 |
|
|
|
3,994 |
|
Total assets |
|
$ |
1,106,794 |
|
|
$ |
1,032,967 |
|
|
$ |
1,008,228 |
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
63,857 |
|
|
$ |
61,589 |
|
|
$ |
69,308 |
|
Accrued liabilities |
|
|
41,037 |
|
|
|
36,487 |
|
|
|
42,115 |
|
Current portion of term loan, net of unamortized issuance
costs |
|
|
1,075 |
|
|
|
1,067 |
|
|
|
1,045 |
|
Deferred revenue |
|
|
16,704 |
|
|
|
13,855 |
|
|
|
29,846 |
|
Liabilities held-for-sale |
|
|
— |
|
|
|
8,521 |
|
|
|
— |
|
Operating lease liabilities |
|
|
8,422 |
|
|
|
8,007 |
|
|
|
7,353 |
|
Total current liabilities |
|
|
131,095 |
|
|
|
129,526 |
|
|
|
149,667 |
|
Term loan, less current
portion, net of unamortized issuance costs |
|
|
13,314 |
|
|
|
13,586 |
|
|
|
14,389 |
|
Deferred tax liabilities |
|
|
— |
|
|
|
317 |
|
|
|
2,732 |
|
Long-term operating lease
liabilities |
|
|
25,334 |
|
|
|
25,096 |
|
|
|
27,587 |
|
Deferred grant |
|
|
18,000 |
|
|
|
18,000 |
|
|
|
— |
|
Other liabilities |
|
|
10,247 |
|
|
|
5,754 |
|
|
|
5,568 |
|
Total liabilities |
|
|
197,990 |
|
|
|
192,279 |
|
|
|
199,943 |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Common stock |
|
|
77 |
|
|
|
78 |
|
|
|
77 |
|
Additional paid-in capital |
|
|
861,448 |
|
|
|
873,634 |
|
|
|
844,842 |
|
Accumulated other comprehensive loss |
|
|
(4,052 |
) |
|
|
(8,509 |
) |
|
|
(5,578 |
) |
Accumulated income (deficit) |
|
|
51,331 |
|
|
|
(24,515 |
) |
|
|
(31,056 |
) |
Total stockholders’ equity |
|
|
908,804 |
|
|
|
840,688 |
|
|
|
808,285 |
|
Total liabilities and stockholders’ equity |
|
$ |
1,106,794 |
|
|
$ |
1,032,967 |
|
|
$ |
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.
Investor Contact:Stan
FinkelsteinInvestor Relations(925)
290-4321ir@formfactor.com
Source: FormFactor, Inc.FORM-F
FormFactor (NASDAQ:FORM)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
FormFactor (NASDAQ:FORM)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024