FormFactor, Inc. Reports 2021 Fourth Quarter Results

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  
                                       



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