FORMFACTOR, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
| Three Months Ended | Twelve Months Ended | ||||||||||||||||||
|
December 25,
2021 |
September 25,
2021 |
December 26,
2020 |
December 25,
2021 |
December 26,
2020 | |||||||||||||||
| GAAP Revenue | $ | 204,998 | $ | 189,964 | $ | 197,043 | $ | 769,674 | $ | 693,616 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of deferred revenue fair value adjustments due to acquisitions | — | 57 | 109 | 260 | 109 | ||||||||||||||
| Non-GAAP Revenue | $ | 204,998 | $ | 190,021 | $ | 197,152 | $ | 769,934 | $ | 693,725 | |||||||||
| GAAP Gross Profit | $ | 89,559 | $ | 80,219 | $ | 77,614 | $ | 322,767 | $ | 287,920 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions | 1,197 | 1,545 | 6,869 | 14,795 | 23,288 | ||||||||||||||
| Stock-based compensation | 1,394 | 1,392 | 1,151 | 5,200 | 3,951 | ||||||||||||||
| Restructuring charges | (1,285 | ) | 4,322 | — | 3,205 | — | |||||||||||||
| Non-GAAP Gross Profit | $ | 90,865 | $ | 87,478 | $ | 85,634 | $ | 345,967 | $ | 315,159 | |||||||||
| GAAP Gross Margin | 43.7 | % | 42.2 | % | 39.4 | % | 41.9 | % | 41.5 | % | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions | 0.5 | % | 0.8 | % | 3.4 | % | 1.9 | % | 3.3 | % | |||||||||
| Stock-based compensation | 0.7 | % | 0.7 | % | 0.6 | % | 0.7 | % | 0.6 | % | |||||||||
| Restructuring charges | (0.6 | )% | 2.3 | % | — | % | 0.4 | % | — | % | |||||||||
| Non-GAAP Gross Margin | 44.3 | % | 46.0 | % | 43.4 | % | 44.9 | % | 45.4 | % | |||||||||
| GAAP operating expenses | $ | 57,769 | $ | 56,966 | $ | 56,786 | $ | 224,729 | $ | 204,132 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles | (1,569 | ) | (1,604 | ) | (1,794 | ) | (6,478 | ) | (6,382 | ) | |||||||||
| Stock-based compensation | (6,405 | ) | (6,528 | ) | (5,905 | ) | (24,184 | ) | (19,879 | ) | |||||||||
| Restructuring charges | (142 | ) | (311 | ) | — | (919 | ) | — | |||||||||||
| Loss (gain) on contingent consideration | — | — | (892 | ) | 95 | 2,879 | |||||||||||||
| Acquisition related expenses | — | — | (140 | ) | (209 | ) | (509 | ) | |||||||||||
| Non-GAAP operating expenses | $ | 49,653 | $ | 48,523 | $ | 48,055 | $ | 193,034 | $ | 180,241 | |||||||||
| GAAP operating income | $ | 31,790 | $ | 23,253 | $ | 20,828 | $ | 98,038 | $ | 83,788 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions | 2,766 | 3,149 | 8,663 | 21,273 | 29,670 | ||||||||||||||
| Stock-based compensation | 7,799 | 7,920 | 7,056 | 29,384 | 23,830 | ||||||||||||||
| Restructuring charges | (1,143 | ) | 4,633 | — | 4,124 | — | |||||||||||||
| Loss (gain) on contingent consideration | — | — | 892 | (95 | ) | (2,879 | ) | ||||||||||||
| Acquisition related expenses | — | — | 140 | 209 | 509 | ||||||||||||||
| Non-GAAP operating income | $ | 41,212 | $ | 38,955 | $ | 37,579 | $ | 152,933 | $ | 134,918 | |||||||||
