FormFactor, Inc. Reports 2020 Fourth Quarter Results

NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)

  Three Months Ended  Twelve Months Ended
  December 26,
2020
  December 28,
2019
  September 26,
2020
  December 26,
2020
  December 28,
2019
GAAP Revenue$197,043   $178,629   $177,996   $693,616   $589,464  
Adjustments:         
Amortization of deferred revenue fair value adjustments due to acquisition109         109     
Non-GAAP Revenue$197,152      $ 178,629       $ 177,996       $ 693,725       $ 589,464    
                   
GAAP Gross Profit $ 77,614       $ 74,305       $ 76,749       $ 287,920       $ 237,496    
Adjustments:                  
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisition 6,869       6,364       5,495       23,288       20,501    
Stock-based compensation 1,151       1,024       962       3,951       4,055    
Restructuring charges                         258    
Non-GAAP Gross Profit $ 85,634       $ 81,693       $ 83,206       $ 315,159       $ 262,310    
                   
GAAP Gross Margin 39.4   %   41.6   %   43.1   %   41.5   %   40.3   %
Adjustments:                  
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisition 3.4   %   3.5   %   3.1   %   3.3   %   3.5   %
Stock-based compensation 0.6   %   0.6   %   0.5   %   0.6   %   0.7   %
Non-GAAP Gross Margin 43.4   %   45.7   %   46.7   %   45.4   %   44.5   %
                   
GAAP operating expenses $ 56,786       $ 50,587       $ 54,712       $ 204,132       $ 187,834    
Adjustments:                  
Amortization of intangibles (1,794 )     (1,525 )     (1,547 )     (6,382 )     (7,636 )  
Stock-based compensation (5,905 )     (5,064 )     (4,547 )     (19,879 )     (19,121 )  
Restructuring charges       (24 )                 (223 )  
Loss (gain) on contingent consideration (892 )           71       2,879          
Acquisition related expenses (140 )     (213 )     (334 )     (509 )     (460 )  
Non-GAAP operating expenses $ 48,055       $ 43,761       $ 48,355       $ 180,241       $ 160,394    
                   
GAAP operating income $ 20,828       $ 23,718       $ 22,037       $ 83,788       $ 49,662    
Adjustments:                  
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisition 8,663       7,889       7,042       29,670       28,137    
Stock-based compensation 7,056       6,088       5,509       23,830       23,176    
Restructuring charges       24                   481    
Loss (gain) on contingent consideration 892             (71 )     (2,879 )        
Acquisition related expenses 140       213       334       509       460    
Non-GAAP operating income $ 37,579       $ 37,932       $ 34,851       $ 134,918       $ 101,916    
                                                 

FORMFACTOR, INC.  

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