(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 acquisition | 109 | — | — | 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.
