| FORMFACTOR, INC. | |||||||||||||||||||
| NON-GAAP FINANCIAL MEASURE RECONCILIATIONS | |||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
|
July 1,
2023 |
April 1,
2023 |
June 25,
2022 |
July 1,
2023 |
June 25,
2022 | |||||||||||||||
| GAAP Gross Profit | $ | 60,283 | $ | 61,078 | $ | 94,369 | $ | 121,361 | $ | 188,593 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions | 1,106 | 1,356 | 1,139 | 2,462 | 2,307 | ||||||||||||||
| Stock-based compensation | 1,515 | 1,910 | 734 | 3,425 | 1,812 | ||||||||||||||
| Restructuring charges | 332 | 25 | 454 | 357 | 593 | ||||||||||||||
| Non-GAAP Gross Profit | $ | 63,236 | $ | 64,369 | $ | 96,696 | $ | 127,605 | $ | 193,305 | |||||||||
| GAAP Gross Margin | 38.7 | % | 36.5 | % | 46.3 | % | 37.5 | % | 47.0 | % | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions | 0.7 | % | 0.8 | % | 0.5 | % | 0.8 | % | 0.6 | % | |||||||||
| Stock-based compensation | 1.0 | % | 1.1 | % | 0.4 | % | 1.1 | % | 0.5 | % | |||||||||
| Restructuring charges | 0.2 | % | — | % | 0.2 | % | 0.1 | % | 0.1 | % | |||||||||
| Non-GAAP Gross Margin | 40.6 | % | 38.4 | % | 47.4 | % | 39.5 | % | 48.2 | % | |||||||||
| GAAP operating expenses | $ | 61,595 | $ | 60,987 | $ | 61,723 | $ | 122,582 | $ | 121,763 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles | (1,550 | ) | (1,547 | ) | (1,526 | ) | (3,097 | ) | (3,087 | ) | |||||||||
| Stock-based compensation | (7,689 | ) | (7,380 | ) | (5,624 | ) | (15,069 | ) | (12,066 | ) | |||||||||
| Restructuring charges | (286 | ) | (897 | ) | (127 | ) | (1,183 | ) | (301 | ) | |||||||||
| Non-GAAP operating expenses | $ | 52,070 | $ | 51,163 | $ | 54,446 | $ | 103,233 | $ | 106,309 | |||||||||
| GAAP operating income (loss) | $ | (1,312 | ) | $ | 91 | $ | 32,646 | $ | (1,221 | ) | $ | 66,830 | |||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions | 2,656 | 2,903 | 2,665 | 5,559 | 5,394 | ||||||||||||||
| Stock-based compensation | 9,204 | 9,290 | 6,358 | 18,494 | 13,878 | ||||||||||||||
| Restructuring charges | 618 | 922 | 581 | 1,540 | 894 | ||||||||||||||
| Non-GAAP operating income | $ | 11,166 | $ | 13,206 | $ | 42,250 | $ | 24,372 | $ | 86,996 | |||||||||
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FormFactor, Inc. Reports 2023 Second Quarter Results
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