FormFactor, Inc. Reports 2025 Second Quarter Results
FormFactor (NASDAQ: FORM) reported Q2 2025 financial results with revenue of $195.8 million, exceeding outlook expectations and showing a 14.3% increase from Q1 2025, though slightly down 0.8% year-over-year. The company achieved non-GAAP net income of $21.2 million, or $0.27 per share.
Key highlights include volume shipping to all three major HBM manufacturers and the acquisition of the Farmers Branch manufacturing facility. However, non-GAAP gross margin declined to 38.5% from 45.3% year-over-year due to unfavorable product mix and HBM DRAM customer ramp-up costs. For Q3 2025, FormFactor expects revenue of $200 million ±$5 million with slightly improved margins.
FormFactor (NASDAQ: FORM) ha riportato i risultati finanziari del secondo trimestre 2025 con ricavi di 195,8 milioni di dollari, superando le aspettative e mostrando un aumento del 14,3% rispetto al primo trimestre 2025, sebbene leggermente in calo dello 0,8% su base annua. L'azienda ha realizzato un utile netto non-GAAP di 21,2 milioni di dollari, pari a 0,27 dollari per azione.
I punti chiave includono la spedizione di volumi a tutti e tre i principali produttori di HBM e l'acquisizione dello stabilimento produttivo di Farmers Branch. Tuttavia, il margine lordo non-GAAP è sceso al 38,5% dal 45,3% anno su anno, a causa di un mix di prodotti sfavorevole e dei costi di incremento dei clienti HBM DRAM. Per il terzo trimestre 2025, FormFactor prevede ricavi di 200 milioni di dollari ±5 milioni con margini leggermente migliorati.
FormFactor (NASDAQ: FORM) reportó los resultados financieros del segundo trimestre de 2025 con ingresos de 195,8 millones de dólares, superando las expectativas y mostrando un aumento del 14,3% respecto al primer trimestre de 2025, aunque con una ligera caída del 0,8% interanual. La compañía logró un ingreso neto non-GAAP de 21,2 millones de dólares, o 0,27 dólares por acción.
Los aspectos destacados incluyen el envío de volúmenes a los tres principales fabricantes de HBM y la adquisición de la planta de fabricación de Farmers Branch. Sin embargo, el margen bruto non-GAAP disminuyó al 38,5% desde el 45,3% interanual debido a una mezcla de productos desfavorable y a los costos por el aumento de clientes HBM DRAM. Para el tercer trimestre de 2025, FormFactor espera ingresos de 200 millones de dólares ±5 millones con márgenes ligeramente mejorados.
FormFactor (NASDAQ: FORM)는 2025년 2분기 재무 실적을 발표하며 매출액 1억 9,580만 달러를 기록해 전망치를 상회하고 2025년 1분기 대비 14.3% 증가했으나 전년 동기 대비로는 0.8% 소폭 감소했습니다. 회사는 비-GAAP 순이익 2,120만 달러, 주당 0.27달러를 달성했습니다.
주요 내용으로는 세 주요 HBM 제조사 모두에 대한 출하량 증가와 Farmers Branch 제조 시설 인수가 포함됩니다. 다만, 비-GAAP 총이익률은 제품 믹스 악화와 HBM DRAM 고객 증가 비용으로 인해 전년 동기 대비 38.5%로 하락했습니다. 2025년 3분기에는 2억 달러 ± 500만 달러의 매출과 약간 개선된 마진을 예상하고 있습니다.
FormFactor (NASDAQ : FORM) a annoncé ses résultats financiers du deuxième trimestre 2025 avec un chiffre d'affaires de 195,8 millions de dollars, dépassant les prévisions et enregistrant une hausse de 14,3 % par rapport au premier trimestre 2025, bien qu'en légère baisse de 0,8 % en glissement annuel. La société a réalisé un résultat net non-GAAP de 21,2 millions de dollars, soit 0,27 dollar par action.
Les points clés incluent l'expédition de volumes à tous les trois principaux fabricants de HBM et l'acquisition de l'usine de production de Farmers Branch. Cependant, la marge brute non-GAAP a diminué à 38,5% contre 45,3% en glissement annuel en raison d'un mix produit défavorable et des coûts liés à la montée en charge des clients HBM DRAM. Pour le troisième trimestre 2025, FormFactor prévoit un chiffre d'affaires de 200 millions de dollars ±5 millions avec des marges légèrement améliorées.
FormFactor (NASDAQ: FORM) meldete die Finanzergebnisse für das zweite Quartal 2025 mit einem Umsatz von 195,8 Millionen US-Dollar, der die Prognosen übertraf und einen Anstieg von 14,3 % gegenüber dem ersten Quartal 2025 zeigte, jedoch leicht um 0,8 % im Jahresvergleich zurückging. Das Unternehmen erzielte einen Non-GAAP-Nettogewinn von 21,2 Millionen US-Dollar bzw. 0,27 US-Dollar je Aktie.
Wichtige Highlights sind die Lieferung von Volumen an alle drei großen HBM-Hersteller und der Erwerb der Produktionsstätte in Farmers Branch. Der Non-GAAP-Bruttogewinnmarge sank jedoch aufgrund ungünstiger Produktmix- und HBM-DRAM-Kundenanlaufkosten im Jahresvergleich auf 38,5% von 45,3%. Für das dritte Quartal 2025 erwartet FormFactor einen Umsatz von 200 Millionen US-Dollar ±5 Millionen bei leicht verbesserten Margen.
- Revenue increased 14.3% quarter-over-quarter to $195.8 million
- Achieved volume shipping to all three major HBM manufacturers
- Strategic acquisition of Farmers Branch facility for lower operating costs
- Q3 2025 guidance projects continued revenue strength at $200M ±$5M
- Non-GAAP gross margin declined to 38.5% from 45.3% year-over-year
- Free cash flow turned negative at -$47.1 million vs +$14.2 million year-over-year
- Net income decreased year-over-year from $19.4M to $9.1M
- Unfavorable product mix and unexpected ramp-up costs impacted profitability
Insights
FormFactor beat Q2 revenue guidance but missed on margins due to product mix shift and unplanned HBM ramp costs.
FormFactor reported $195.8 million in Q2 revenue, exceeding their guidance and growing
Despite the revenue strength, profitability metrics disappointed. Non-GAAP gross margin fell to
Free cash flow was notably negative at
Looking ahead, FormFactor expects Q3 revenue to be approximately
Q2 Revenue Exceeds Outlook Range, Sees Similar Demand Level for Q3'25
LIVERMORE, Calif., July 30, 2025 (GLOBE NEWSWIRE) -- FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2025 ended June 28, 2025. Quarterly revenues were
- Anticipated strength in HBM and Foundry & Logic probe cards drove sequentially stronger second-quarter revenue
- FormFactor is now shipping in volume to all three major HBM manufacturers
- Closed acquisition of Farmers Branch manufacturing facility, providing significant operational flexibility in lower operating cost region
“FormFactor reported sequentially stronger second-quarter revenue that exceeded the high end of our outlook range, due to higher-than-anticipated growth in our probe-card business,” said Mike Slessor, CEO of FormFactor, Inc. “Despite this revenue strength, non-GAAP gross margin and overall profitability fell short of our outlook, mainly caused by an unfavorable shift in product mix and unforecasted ramp-up costs for a second HBM DRAM customer.”
Second Quarter Highlights
On a GAAP basis, net income for the second quarter of fiscal 2025 was
On a non-GAAP basis, net income for the second quarter of fiscal 2025 was
GAAP net cash provided by operating activities for the second quarter of fiscal 2025 was
A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.
Outlook
Dr. Slessor added, “In the current third quarter, we expect to deliver revenue comparable to the second quarter, with slightly higher gross margin and operating profit.”
For the third quarter ending September 27, 2025, FormFactor is providing the following outlook*:
| GAAP | Reconciling Items** | Non-GAAP | ||||
| Revenue | — | |||||
| Gross Margin | ||||||
| Net income per diluted share | ||||||
| *This outlook assumes consistent foreign currency rates. **Reconciling items are stock-based compensation, amortization of intangible assets and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net of applicable income tax impacts. | ||||||
We posted our revenue breakdown by geographic region, by market segment and with customers with greater than
The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our website at www.formfactor.com. A telephone replay of the conference call will be available approximately two hours after the conclusion of the call. The replay will be available on the Investor Relations section of our website, www.formfactor.com.
Use of Non-GAAP Financial Information:
To supplement our condensed consolidated financial results prepared under generally accepted accounting principles, or GAAP, we disclose certain non-GAAP measures of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow, that are adjusted from the nearest GAAP financial measure to exclude certain costs, expenses, gains and losses. Reconciliations of the adjustments to GAAP results for the three and six months ended June 28, 2025, and for outlook provided before, as well as for the comparable periods of fiscal 2024, are provided below, and on the Investor Relations section of our website at www.formfactor.com. Information regarding the ways in which management uses non-GAAP financial information to evaluate its business, management's reasons for using this non-GAAP financial information, and limitations associated with the use of non-GAAP financial information, is included under “About our Non-GAAP Financial Measures” following the tables below.
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle - from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.
Forward-looking Statements:
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding future financial and operating results, including under the heading “Outlook” above, and the Company's performance, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” “continue,” and "prospect," and the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in and impacts from export control, tariffs and other trade barriers; changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as tariffs, military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.
| FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share amounts) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 28, 2025 | March 29, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||||||||||||||
| Revenues | $ | 195,798 | $ | 171,356 | $ | 197,474 | $ | 367,154 | $ | 366,199 | |||||||||
| Cost of revenues | 122,860 | 106,833 | 110,574 | 229,693 | 216,561 | ||||||||||||||
| Gross profit | 72,938 | 64,523 | 86,900 | 137,461 | 149,638 | ||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 28,793 | 27,800 | 31,564 | 56,593 | 60,191 | ||||||||||||||
| Selling, general and administrative | 31,839 | 33,454 | 37,874 | 65,293 | 70,953 | ||||||||||||||
| Total operating expenses | 60,632 | 61,254 | 69,438 | 121,886 | 131,144 | ||||||||||||||
| Gain on sale of business | — | — | 310 | — | 20,581 | ||||||||||||||
| Operating income | 12,306 | 3,269 | 17,772 | 15,575 | 39,075 | ||||||||||||||
| Interest income, net | 2,642 | 3,317 | 3,415 | 5,959 | 6,571 | ||||||||||||||
| Other income (expense), net | (6 | ) | 890 | 360 | 884 | 880 | |||||||||||||
| Income before income taxes | 14,942 | 7,476 | 21,547 | 22,418 | 46,526 | ||||||||||||||
| Provision for income taxes | 2,372 | 1,075 | 2,155 | 3,447 | 5,353 | ||||||||||||||
| Loss from equity investment | 3,484 | — | — | 3,484 | — | ||||||||||||||
| Net income | $ | 9,086 | $ | 6,401 | $ | 19,392 | $ | 15,487 | $ | 41,173 | |||||||||
| Net income per share: | |||||||||||||||||||
| Basic | $ | 0.12 | $ | 0.08 | $ | 0.25 | $ | 0.20 | $ | 0.53 | |||||||||
| Diluted | $ | 0.12 | $ | 0.08 | $ | 0.25 | $ | 0.20 | $ | 0.52 | |||||||||
| Weighted-average number of shares used in per share calculations: | |||||||||||||||||||
| Basic | 77,107 | 77,345 | 77,235 | 77,226 | 77,343 | ||||||||||||||
| Diluted | 77,527 | 77,884 | 78,717 | 77,721 | 78,746 | ||||||||||||||
| FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 28, 2025 | March 29, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||||||||||||||
| GAAP Gross Profit | $ | 72,938 | $ | 64,523 | $ | 86,900 | $ | 137,461 | $ | 149,638 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 528 | 542 | 545 | 1,070 | 1,131 | ||||||||||||||
| Stock-based compensation | 1,690 | 2,005 | 1,932 | 3,695 | 3,860 | ||||||||||||||
| Restructuring charges | 183 | 60 | 39 | 243 | 83 | ||||||||||||||
| Non-GAAP Gross Profit | $ | 75,339 | $ | 67,130 | $ | 89,416 | $ | 142,469 | $ | 154,712 | |||||||||
| GAAP Gross Margin | 37.3 | % | 37.7 | % | 44.0 | % | 37.4 | % | 40.9 | % | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | |||||||||
| Stock-based compensation | 0.8 | % | 1.2 | % | 1.0 | % | 1.0 | % | 1.1 | % | |||||||||
| Restructuring charges | 0.1 | % | — | % | — | % | 0.1 | % | — | % | |||||||||
| Non-GAAP Gross Margin | 38.5 | % | 39.2 | % | 45.3 | % | 38.8 | % | 42.3 | % | |||||||||
| GAAP operating expenses | $ | 60,632 | $ | 61,254 | $ | 69,438 | $ | 121,886 | $ | 131,144 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles | (191 | ) | (191 | ) | (191 | ) | (382 | ) | (382 | ) | |||||||||
| Stock-based compensation | (7,701 | ) | (7,791 | ) | (8,277 | ) | (15,492 | ) | (16,754 | ) | |||||||||
| Restructuring charges | (195 | ) | (2,823 | ) | (49 | ) | (3,018 | ) | (98 | ) | |||||||||
| Costs related to sale and acquisition of businesses | (55 | ) | (217 | ) | (43 | ) | (272 | ) | (689 | ) | |||||||||
| Non-GAAP operating expenses | $ | 52,490 | $ | 50,232 | $ | 60,878 | $ | 102,722 | $ | 113,221 | |||||||||
| GAAP operating income | $ | 12,306 | $ | 3,269 | $ | 17,772 | $ | 15,575 | $ | 39,075 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 719 | 733 | 736 | 1,452 | 1,513 | ||||||||||||||
| Stock-based compensation | 9,391 | 9,796 | 10,209 | 19,187 | 20,614 | ||||||||||||||
| Restructuring charges | 378 | 2,883 | 88 | 3,261 | 181 | ||||||||||||||
| Gain on sale of business, net of costs and acquisition related expenses | 55 | 217 | (267 | ) | 272 | (19,892 | ) | ||||||||||||
| Non-GAAP operating income | $ | 22,849 | $ | 16,898 | $ | 28,538 | $ | 39,747 | $ | 41,491 | |||||||||
| FORMFACTOR, INC. NON-GAAP FINANCIAL MEASURE RECONCILIATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 28, 2025 | March 29, 2025 | June 29, 2024 | June 28, 2025 | June 29, 2024 | |||||||||||||||
| GAAP net income | $ | 9,086 | $ | 6,401 | $ | 19,392 | $ | 15,487 | $ | 41,173 | |||||||||
| Adjustments: | |||||||||||||||||||
| Amortization of intangibles and fixed asset fair value adjustments due to acquisitions | 719 | 733 | 736 | 1,452 | 1,513 | ||||||||||||||
| Stock-based compensation | 9,391 | 9,796 | 10,209 | 19,187 | 20,614 | ||||||||||||||
| Restructuring charges | 378 | 2,883 | 88 | 3,261 | 181 | ||||||||||||||
| Gain on sale of business and assets, net of costs and acquisition related expenses | 3,460 | 217 | (267 | ) | 3,677 | (19,892 | ) | ||||||||||||
| Income tax effect of non-GAAP adjustments | (1,812 | ) | (2,026 | ) | (2,835 | ) | (3,838 | ) | (1,922 | ) | |||||||||
| Non-GAAP net income | $ | 21,222 | $ | 18,004 | $ | 27,323 | $ | 39,226 | $ | 41,667 | |||||||||
| GAAP net income per share: | |||||||||||||||||||
| Basic | $ | 0.12 | $ | 0.08 | $ | 0.25 | $ | 0.20 | $ | 0.53 | |||||||||
| Diluted | $ | 0.12 | $ | 0.08 | $ | 0.25 | $ | 0.20 | $ | 0.52 | |||||||||
| Non-GAAP net income per share: | |||||||||||||||||||
| Basic | $ | 0.28 | $ | 0.23 | $ | 0.35 | $ | 0.51 | $ | 0.54 | |||||||||
| Diluted | $ | 0.27 | $ | 0.23 | $ | 0.35 | $ | 0.50 | $ | 0.53 | |||||||||
| GAAP net cash provided by operating activities | $ | 18,893 | $ | 23,539 | $ | 21,878 | $ | 42,432 | $ | 54,890 | |||||||||
| Adjustments: | |||||||||||||||||||
| Sale of business and acquisition related payments in working capital | 168 | 1,221 | 630 | 1,389 | 677 | ||||||||||||||
| Cash paid for interest | 95 | 92 | 101 | 187 | 201 | ||||||||||||||
| Capital expenditures | (66,256 | ) | (18,584 | ) | (8,398 | ) | (84,840 | ) | (21,834 | ) | |||||||||
| Free cash flow | $ | (47,100 | ) | $ | 6,268 | $ | 14,211 | $ | (40,832 | ) | $ | 33,934 | |||||||
| GAAP net cash used in investing activities | $ | (78,553 | ) | $ | (84,660 | ) | $ | (6,140 | ) | $ | (163,213 | ) | $ | (9,960 | ) | ||||
| GAAP net cash used in financing activities | $ | (4,214 | ) | $ | (2,964 | ) | $ | (4,934 | ) | $ | (7,178 | ) | $ | (19,426 | ) | ||||
| FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
| Six Months Ended | |||||||
| June 28, 2025 | June 29, 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 15,487 | $ | 41,173 | |||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 17,051 | 14,563 | |||||
| Amortization | 1,339 | 1,280 | |||||
| Stock-based compensation expense | 19,187 | 20,614 | |||||
| Provision for excess and obsolete inventories | 6,695 | 6,277 | |||||
| Loss from equity investment | 3,484 | — | |||||
| Gain on sale of business and assets | (103 | ) | (20,581 | ) | |||
| Non-cash restructuring charges | 2,160 | — | |||||
| Other activity impacting operating cash flows | (22,868 | ) | (8,436 | ) | |||
| Net cash provided by operating activities | 42,432 | 54,890 | |||||
| Cash flows from investing activities: | |||||||
| Acquisition of property, plant and equipment | (84,840 | ) | (21,834 | ) | |||
| Proceeds from sale of business and assets | 103 | 21,585 | |||||
| Purchase of equity investment | (67,156 | ) | — | ||||
| Purchases of marketable securities, net | (11,320 | ) | (9,711 | ) | |||
| Net cash used in investing activities | (163,213 | ) | (9,960 | ) | |||
| Cash flows from financing activities: | |||||||
| Purchase of common stock through stock repurchase program, including excise tax paid | (24,586 | ) | (20,271 | ) | |||
| Proceeds from issuances of common stock | 21,576 | 4,948 | |||||
| Principal repayments on term loans | (549 | ) | (534 | ) | |||
| Tax withholdings related to net share settlements of equity awards | (3,619 | ) | (3,569 | ) | |||
| Net cash used in financing activities | (7,178 | ) | (19,426 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 1,658 | (2,826 | ) | ||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (126,301 | ) | 22,678 | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 197,206 | 181,273 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 70,905 | $ | 203,951 | |||
| FORMFACTOR, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||
| June 28, 2025 | December 28, 2024 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 67,380 | $ | 190,728 | |||
| Marketable securities | 181,949 | 169,295 | |||||
| Accounts receivable, net of allowance for credit losses | 115,199 | 104,294 | |||||
| Inventories, net | 110,789 | 101,676 | |||||
| Restricted cash | 1,061 | 3,746 | |||||
| Prepaid expenses and other current assets | 48,884 | 35,389 | |||||
| Total current assets | 525,262 | 605,128 | |||||
| Restricted cash | 2,464 | 2,732 | |||||
| Operating lease, right-of-use-assets | 19,475 | 22,579 | |||||
| Property, plant and equipment, net of accumulated depreciation | 259,288 | 210,230 | |||||
| Equity investment | 67,264 | — | |||||
| Goodwill | 200,858 | 199,171 | |||||
| Intangibles, net | 9,017 | 10,355 | |||||
| Deferred tax assets | 94,795 | 92,012 | |||||
| Other assets | 3,185 | 4,008 | |||||
| Total assets | $ | 1,181,608 | $ | 1,146,215 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 59,932 | $ | 62,287 | |||
| Accrued liabilities | 38,545 | 43,742 | |||||
| Current portion of term loan, net of unamortized issuance costs | 1,121 | 1,106 | |||||
| Deferred revenue | 16,450 | 15,847 | |||||
| Operating lease liabilities | 7,919 | 8,363 | |||||
| Total current liabilities | 123,967 | 131,345 | |||||
| Term loan, less current portion, net of unamortized issuance costs | 11,644 | 12,208 | |||||
| Long-term operating lease liabilities | 15,231 | 17,550 | |||||
| Deferred grant | 18,000 | 18,000 | |||||
| Other liabilities | 22,743 | 19,344 | |||||
| Total liabilities | 191,585 | 198,447 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 77 | 77 | |||||
| Additional paid-in capital | 850,064 | 837,586 | |||||
| Accumulated other comprehensive income (loss) | 3,450 | (10,840 | ) | ||||
| Accumulated income | 136,432 | 120,945 | |||||
| Total stockholders’ equity | 990,023 | 947,768 | |||||
| Total liabilities and stockholders’ equity | $ | 1,181,608 | $ | 1,146,215 | |||
About our Non-GAAP Financial Measures:
We believe that the presentation of non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and free cash flow provides supplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results of operations. Non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income are among the primary indicators used by management as a basis for planning and forecasting future periods, and by management and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income when evaluating operating performance because it believes that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and other factors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does not represent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entire consolidated statements of cash flows. We have chosen to provide this non-GAAP information to investors so they can analyze our operating results closer to the way that management does, and use this information in their assessment of our business and the valuation of our Company. We compute non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP operating expenses, and GAAP operating income to remove the impact of certain items and the tax effect, if applicable, of those adjustments. These non-GAAP measures are not in accordance with, or an alternative to, GAAP, and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income, net income per basic and diluted share, gross profit, gross margin, operating expenses, or operating income in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similar to the non-GAAP adjustments described above, and exclusion of these items from our non-GAAP net income, non-GAAP net income per basic and diluted share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP operating income should not be construed as an inference that these costs are unusual, infrequent or non-recurring. For more information on the non-GAAP adjustments, please see the table captioned “Non-GAAP Financial Measure Reconciliations” included in this press release.
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4273
ir@formfactor.com
Source: FormFactor, Inc.
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