FormFactor, Inc. Reports 2024 Third Quarter Results


FORMFACTOR, INC.
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
 
  Three Months Ended  Nine Months Ended
  September 28,
2024
  June 29,
2024
  September 30,
2023
  September 28,
2024
  September 30,
2023
GAAP Gross Profit$84,705  $86,900  $69,285  $234,343  $190,646 
Adjustments:         
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other 530   584   1,118   1,661   3,580 
Stock-based compensation 1,934   1,932   1,376   5,794   4,801 
Restructuring charges 524                   607       357  
Non-GAAP Gross Profit $ 87,693     $ 89,416     $ 71,779     $ 242,405     $ 199,384  
                   
GAAP Gross Margin   40.7 %     44.0 %     40.4 %     40.8 %     38.5 %
Adjustments:                  
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   0.3 %     0.3 %     0.7 %     0.3 %     0.7 %
Stock-based compensation   0.9 %     1.0 %     0.8 %     1.0 %     1.0 %
Restructuring charges   0.3 %     %     %     0.1 %     0.1 %
Non-GAAP Gross Margin   42.2 %     45.3 %     41.9 %     42.2 %     40.3 %
                   
GAAP operating expenses $ 66,850     $ 69,438     $ 66,578     $ 197,994     $ 189,160  
Adjustments:                  
Amortization of intangibles and other   (240 )     (240 )     (466 )     (720 )     (3,563 )
Stock-based compensation   (7,002 )     (8,277 )     (9,463 )     (23,756 )     (24,532 )
Restructuring charges   (249 )                 (249 )     (1,183 )
Costs related to sale of business   (13 )     (43 )     (2,139 )     (702 )     (2,139 )
Non-GAAP operating expenses $ 59,346     $ 60,878     $ 54,510     $ 172,567     $ 157,743  
                   
GAAP operating income $ 17,855     $ 17,772     $ 2,707     $ 56,930     $ 1,486  
Adjustments:                  
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions, and other   770       824       1,584       2,381       7,143  
Stock-based compensation   8,936       10,209       10,839       29,550       29,333  
Restructuring charges   773                   856       1,540  
Gain on sale of business and related costs   13       (267 )     2,139       (19,879 )     2,139  
Non-GAAP operating income $ 28,347     $ 28,538     $ 17,269     $ 69,838     $ 41,641  



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