FORMFACTOR, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended | |||||||||||
|
March 28,
2020 |
December 28,
2019 |
March 30,
2019 | |||||||||
| GAAP Gross Profit | $ | 67,390 | $ | 74,305 | $ | 52,521 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles | 5,750 | 6,364 | 4,719 | ||||||||
| Stock-based compensation | 937 | 1,024 | 950 | ||||||||
| Restructuring charges | — | — | 120 | ||||||||
| Non-GAAP Gross Profit | $ | 74,077 | $ | 81,693 | $ | 58,310 | |||||
| GAAP Gross Margin | 41.9 | % | 41.6 | % | 39.7 | % | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles | 3.6 | % | 3.5 | % | 3.6 | % | |||||
| Stock-based compensation | 0.6 | % | 0.6 | % | 0.7 | % | |||||
| Restructuring charges | — | % | — | % | 0.1 | % | |||||
| Non-GAAP Gross Margin | 46.1 | % | 45.7 | % | 44.1 | % | |||||
| GAAP operating expenses | $ | 48,960 | $ | 50,587 | $ | 44,907 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles | (1,513 | ) | (1,525 | ) | (2,371 | ) | |||||
| Stock-based compensation | (4,686 | ) | (5,064 | ) | (4,345 | ) | |||||
| Restructuring charges | — | (24 | ) | (89 | ) | ||||||
| Acquisition related expenses | (35 | ) | (213 | ) | — | ||||||
| Non-GAAP operating expenses | $ | 42,726 | $ | 43,761 | $ | 38,102 | |||||
| GAAP operating income | $ | 18,430 | $ | 23,718 | $ | 7,614 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles | 7,263 | 7,889 | 7,090 | ||||||||
| Stock-based compensation | 5,623 | 6,088 | 5,295 | ||||||||
| Restructuring charges | — | 24 | 209 | ||||||||
| Acquisition related expenses | 35 | 213 | — | ||||||||
| Non-GAAP operating income | $ | 31,351 | $ | 37,932 | $ | 20,208 | |||||
| GAAP net income | $ | 15,890 | $ | 18,636 | $ | 5,483 | |||||
| Adjustments: | |||||||||||
| Amortization of intangibles | 7,263 | 7,889 | 7,090 | ||||||||
| Stock-based compensation | 5,623 | 6,088 | 5,295 | ||||||||
| Restructuring charges | — | 24 | 209 | ||||||||
| Acquisition related expenses | 35 | 213 | — | ||||||||
| Income tax effect of non-GAAP adjustments | (2,759 | ) | (893 | ) | (2,882 | ) | |||||
| Non-GAAP net income | $ | 26,052 | $ | 31,957 | $ | 15,195 | |||||
| Non-GAAP net income per share: | |||||||||||
| Basic | $ | 0.34 | $ | 0.42 | $ | 0.20 | |||||
| Diluted | $ | 0.33 | $ | 0.41 | $ | 0.20 | |||||
