FORMFACTOR, INC.
RECONCILIATIONS OF GAAP ACTUALS TO NON-GAAP ACTUALS
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 29, 2019 | June 30, 2018 | June 29, 2019 | June 30, 2018 | ||||||||||||
| GAAP Gross Profit | $ | 55,352 | $ | 56,218 | $ | 107,873 | $ | 101,347 | |||||||
| Adjustments: | |||||||||||||||
| Amortization of intangibles | 4,711 | 5,138 | 9,430 | 10,295 | |||||||||||
| Stock-based compensation | 964 | 813 | 1,914 | 1,733 | |||||||||||
| Restructuring charges | 138 | — | 258 | — | |||||||||||
| Non-GAAP Gross Profit | $ | 61,165 | $ | 62,169 | $ | 119,475 | $ | 113,375 | |||||||
| GAAP Gross Margin | 40.1 | % | 41.5 | % | 39.9 | % | 39.9 | % | |||||||
| Adjustments: | |||||||||||||||
| Amortization of intangibles | 3.4 | % | 3.8 | % | 3.5 | % | 4.1 | % | |||||||
| Stock-based compensation | 0.7 | % | 0.6 | % | 0.7 | % | 0.7 | % | |||||||
| Restructuring charges | 0.1 | % | — | % | 0.1 | % | — | % | |||||||
| Non-GAAP Gross Margin | 44.3 | % | 45.9 | % | 44.2 | % | 44.7 | % | |||||||
| GAAP operating expenses | $ | 46,357 | $ | 44,907 | $ | 91,264 | $ | 86,402 | |||||||
| Adjustments: | |||||||||||||||
| Amortization of intangibles | (2,368 | ) | (2,032 | ) | (4,739 | ) | (4,069 | ) | |||||||
| Stock-based compensation | (4,325 | ) | (3,315 | ) | (8,670 | ) | (6,151 | ) | |||||||
| Restructuring charges | (88 | ) | — | (177 | ) | — | |||||||||
| Non-GAAP operating expenses | $ | 39,576 | $ | 39,560 | $ | 77,678 | $ | 76,182 | |||||||
| GAAP operating income | $ | 8,995 | $ | 11,311 | $ | 16,609 | $ | 14,945 | |||||||
| Adjustments: | |||||||||||||||
| Amortization of intangibles | 7,079 | 7,170 | 14,169 | 14,364 | |||||||||||
| Stock-based compensation | 5,289 | 4,128 | 10,584 | 7,884 | |||||||||||
| Restructuring charges | 226 | — | 435 | — | |||||||||||
| Non-GAAP operating income | $ | 21,589 | $ | 22,609 | $ | 41,797 | $ | 37,193 | |||||||
| GAAP net income | $ | 6,948 | $ | 9,123 | $ | 12,431 | $ | 11,248 | |||||||
| Adjustments: | |||||||||||||||
| Amortization of intangibles | 7,079 | 7,170 | 14,169 | 14,364 | |||||||||||
| Stock-based compensation | 5,289 | 4,128 | 10,584 | 7,884 | |||||||||||
| Restructuring charges | 226 | — | 435 | — | |||||||||||
| Income tax effect of non-GAAP adjustments | (3,443 | ) | 3 | (6,325 | ) | (422 | ) | ||||||||
| Non-GAAP net income | $ | 16,099 | $ | 20,424 | $ | 31,294 | $ | 33,074 | |||||||
| Non-GAAP net income per share: | |||||||||||||||
| Basic | $ | 0.22 | $ | 0.28 | $ | 0.42 | $ | 0.45 | |||||||
| Diluted | $ | 0.21 | $ | 0.27 | $ | 0.41 | $ | 0.44 | |||||||
