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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
 ____________________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported):  July 27, 2022
 
FORMFACTOR, INC.
(Exact Name of Registrant as Specified in Charter)
 
Delaware 000-50307 13-3711155
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)
7005 Southfront Road
Livermore,
CA
94551
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code:  (925) 290-4000
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
_____________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
☐     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section12(b) of the Act:
Title of each class Trading Symbol(s)   Name of each exchange on which registered
Common stock, $0.001 par value FORM   Nasdaq Global Market
 
 Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐     Emerging growth company

☐    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Item 2.02.  Results of Operations and Financial Condition.
 
On July 27, 2022, FormFactor, Inc. (“FormFactor”) issued a press release announcing its financial results for the second quarter of fiscal 2022 that ended on June 25, 2022. A copy of the press release is furnished as Exhibit 99.01 to this report and is incorporated herein by reference.

Item 9.01.  Financial Statements and Exhibits.
 
(d) Exhibits.

The following exhibit is filed herewith and this list is intended to constitute the exhibit index.
Exhibit Number Description
Press release dated July 27, 2022
 
The information in this report and the accompanying exhibit shall not be incorporated by reference into any filing of FormFactor with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing. The information in this report, including the accompanying exhibit, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.





 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
FORMFACTOR, INC.
Date:
July 27, 2022
By: /s/ SHAI SHAHAR
Name: Shai Shahar
Title: Chief Financial Officer
 



EX-99.01 2 q222exhibit9901.htm EX-99.01 Document

EXHIBIT 99.01
ffq118logorgbinlinea06.jpg                            
News Release
 
Investor Contact:
Stan Finkelstein
Investor Relations
(925) 290-4321
ir@formfactor.com
 


FORMFACTOR, INC. REPORTS 2022 SECOND QUARTER RESULTS
Company Delivers Strong Q2 Results,
Expects Lower Q3 Revenue and Gross Margin, as Customers Respond to Changing Conditions in Their End Markets

LIVERMORE, Calif. — July 27, 2022 —FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the second quarter of fiscal 2022 ended June 25, 2022. Quarterly revenues were $203.9 million, an increase of 3.4% compared to $197.2 million in the first quarter of fiscal 2022, and an increase of 8.4% from $188.1 million in the second quarter of fiscal 2021.

•Delivered the second highest quarterly revenue in company’s history, and Earnings Per Share at the high end of outlook ranges
•Acquired dilution refrigerator product line of JanisULT, making FormFactor the largest supplier in the United States and strengthening the Company’s capabilities as a key supplier to the emerging quantum computing market
•Continued to execute previously announced capacity expansions to support long-term growth strategy

“FormFactor again posted strong results in the second quarter, delivering the second highest quarterly revenue in company history and exceeding our target financial model’s non-GAAP gross margin for the second consecutive quarter,” said Mike Slessor, CEO of FormFactor, Inc. “Together with good operating expense control in the current inflationary environment, this produced earnings-per-share at the high end of our outlook range.”

Second Quarter Highlights

On a GAAP basis, net income for the second quarter of fiscal 2022 was $30.2 million, or $0.38 per fully-diluted share, compared to net income for the first quarter of fiscal 2022 of $29.9 million, or $0.38 per fully-diluted share, and net income for the second quarter of fiscal 2021 of $17.9 million, or $0.23 per fully-diluted share. Gross margin for the second quarter of fiscal 2022 was 46.3%, compared with 47.8% in the first quarter of fiscal 2022, and 40.6% in the second quarter of fiscal 2021.
 
On a non-GAAP basis, net income for the second quarter of fiscal 2022 was $36.8 million, or $0.46 per fully-diluted share, compared to net income for the first quarter of fiscal 2022 of $38.7 million, or $0.49 per fully-diluted share, and net income for the second quarter of fiscal 2021 of $28.4 million, or $0.36 per fully-diluted share. On a non-GAAP basis, gross margin for the second quarter of fiscal 2022 was 47.4%, compared with 49.0% in the first quarter of fiscal 2022, and 44.4% in the second quarter of fiscal 2021.

A reconciliation of GAAP to non-GAAP measures is provided in the schedules included below.

GAAP net cash provided by operating activities for the second quarter of fiscal 2022 was $42.6 million, compared to $44.2 million for the first quarter of fiscal 2022, and $33.8 million for the second quarter of fiscal 2021. Free cash flow for the second quarter of fiscal 2022 was $28.3 million, compared to free cash flow for the first quarter of fiscal 2022 of $28.7 million, and free cash flow for the second quarter of 2021 of $16.2 million. A reconciliation of net cash provided by operating activities to non-GAAP free cash flow is provided in the schedules included below.





Outlook

Dr. Slessor added, “Our sequentially weaker outlook is due primarily to reduced demand for Foundry & Logic probe cards from several major customers in both mobile and compute applications. We view this reduction in demand as a short-term response by our customers to changing conditions in their end markets, and not a structural change in our business.”

For the third quarter ending September 24, 2022, FormFactor is providing the following outlook*:

GAAP Reconciling Items** Non-GAAP
Revenue $183 million +/- $6 million $183 million +/- $6 million
Gross Margin 37.5% +/- 1.5% $3 million 39.0% +/- 1.5%
Net income per diluted share $0.08 +/- $0.04 $0.13 $0.21 +/- $0.04
*This outlook assumes consistent foreign currency rates.
**Reconciling items are stock-based compensation, restructuring charges, and amortization of intangibles and fixed asset fair value adjustments due to acquisitions.

We posted our revenue breakdown by geographic region, by market segment and with customers with greater than 10% of total revenue on the Investor Relations section of our website at www.formfactor.com. We will conduct a conference call at 1:25 p.m. PDT, or 4:25 p.m. EDT, today.

The public is invited to listen to a live webcast of FormFactor’s conference call on the Investor Relations section of our web site 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 revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses and non-GAAP operating income, 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 25, 2022, and for outlook provided before, as well as for the comparable periods of fiscal 2021, 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 IC life cycle - from metrology and inspection, 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, customer demand, conditions in the semiconductor industry, and growth opportunities, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” and “continue,” 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 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, investments in capacity and investments in new electronic data systems and information technology; 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 infectious diseases and pandemics (including the current COVID-19 pandemic), military conflicts, political volatility 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. We are operating in an environment with especially substantial uncertainties arising from the COVID-19 pandemic, including with respect to its current and future impact on our operations, workforce, manufacturing capacity, customer demand, supply chain, macroeconomic environment and other important aspects of our business. In addition, there are varying barriers to international trade, including restrictive trade and export regulations, dynamic tariffs, trade disputes between the U.S. and other countries, including China, and national security developments or tensions, that may substantially restrict or condition our sales 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 25,
2022
March 26,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Revenues $ 203,907  $ 197,174  $ 188,076  $ 401,081  $ 374,712 
Cost of revenues 109,538  102,950  111,793  212,488  221,723 
Gross profit 94,369  94,224  76,283  188,593  152,989 
Operating expenses:        
Research and development 28,317  27,134  25,454  55,451  49,500 
Selling, general and administrative 33,406  32,906  30,479  66,312  60,494 
Total operating expenses 61,723  60,040  55,933  121,763  109,994 
Operating income 32,646  34,184  20,350  66,830  42,995 
Interest income 300  138  148  438  342 
Interest expense (119) (192) (116) (311) (296)
Other income (expense), net 551  192  (194) 743  (22)
Income before income taxes 33,378  34,322  20,188  67,700  43,019 
Provision for income taxes 3,136  4,450  2,283  7,586  5,489 
Net income $ 30,242  $ 29,872  $ 17,905  $ 60,114  $ 37,530 
Net income per share:    
Basic $ 0.39  $ 0.38  $ 0.23  $ 0.77  $ 0.48 
Diluted $ 0.38  $ 0.38  $ 0.23  $ 0.76  $ 0.47 
Weighted-average number of shares used in per share calculations:  
Basic 77,897  78,246  77,463  78,071  77,530 
Diluted 79,210  79,468  79,466  79,423  79,621 




FORMFACTOR, INC. 
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 25,
2022
March 26,
2022
June 26,
2021
June 25,
2022
June 26,
2021
GAAP Revenue $ 203,907  $ 197,174  $ 188,076  $ 401,081  $ 374,712 
Adjustments:
Amortization of deferred revenue fair value adjustments due to acquisitions —  —  78  —  203 
Non-GAAP Revenue $ 203,907  $ 197,174  $ 188,154  $ 401,081  $ 374,915 
GAAP Gross Profit $ 94,369  $ 94,224  $ 76,283  $ 188,593  $ 152,989 
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions 1,139  1,168  6,055  2,307  12,053 
Stock-based compensation 734  1,078  1,079  1,812  2,414 
Restructuring charges 454  139  168  593  168 
Non-GAAP Gross Profit $ 96,696  $ 96,609  $ 83,585  $ 193,305  $ 167,624 
GAAP Gross Margin 46.3  % 47.8  % 40.6  % 47.0  % 40.8  %
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions 0.5  % 0.6  % 3.1  % 0.6  % 3.3  %
Stock-based compensation 0.4  % 0.5  % 0.6  % 0.5  % 0.6  %
Restructuring charges 0.2  % 0.1  % 0.1  % 0.1  % —  %
Non-GAAP Gross Margin 47.4  % 49.0  % 44.4  % 48.2  % 44.7  %
GAAP operating expenses $ 61,723  $ 60,040  $ 55,933  $ 121,763  $ 109,994 
Adjustments:
Amortization of intangibles (1,526) (1,561) (1,590) (3,087) (3,305)
Stock-based compensation (5,624) (6,442) (5,509) (12,066) (11,251)
Restructuring charges (127) (174) (466) (301) (466)
Gain on contingent consideration —  —  95  —  95 
Acquisition related expenses —  —  (43) —  (209)
Non-GAAP operating expenses $ 54,446  $ 51,863  $ 48,420  $ 106,309  $ 94,858 
GAAP operating income $ 32,646  $ 34,184  $ 20,350  $ 66,830  $ 42,995 
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions 2,665  2,729  7,645  5,394  15,358 
Stock-based compensation 6,358  7,520  6,588  13,878  13,665 
Restructuring charges 581  313  634  894  634 
Gain on contingent consideration —  —  (95) —  (95)
Acquisition related expenses —  —  43  —  209 
Non-GAAP operating income $ 42,250  $ 44,746  $ 35,165  $ 86,996  $ 72,766 





FORMFACTOR, INC. 
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended Six Months Ended
June 25,
2022
March 26,
2022
June 26,
2021
June 25,
2022
June 26,
2021
GAAP net income $ 30,242  $ 29,872  $ 17,905  $ 60,114  $ 37,530 
Adjustments:
Amortization of intangibles, inventory and fixed asset fair value adjustments due to acquisitions 2,665  2,729  7,645  5,394  15,358 
Stock-based compensation 6,358  7,520  6,588  13,878  13,665 
Restructuring charges 581  313  634  894  634 
Gain on contingent consideration —  —  (95) —  (95)
Acquisition related expenses —  —  43  —  209 
Income tax effect of non-GAAP adjustments (3,071) (1,725) (4,273) (4,796) (8,079)
Non-GAAP net income $ 36,775  $ 38,709  $ 28,447  $ 75,484  $ 59,222 
GAAP net income per share:
Basic $ 0.39  $ 0.38  $ 0.23  $ 0.77  $ 0.48 
Diluted $ 0.38  $ 0.38  $ 0.23  $ 0.76  $ 0.47 
Non-GAAP net income per share:
Basic $ 0.47  $ 0.49  $ 0.37  $ 0.97  $ 0.76 
Diluted $ 0.46  $ 0.49  $ 0.36  $ 0.95  $ 0.74 








FORMFACTOR, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended
June 25,
2022
June 26,
2021
Cash flows from operating activities:
Net income $ 60,114  $ 37,530 
Selected adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 14,146  12,678 
Amortization 4,702  13,900 
Stock-based compensation expense 13,878  13,665 
Provision for excess and obsolete inventories 4,726  6,898 
Non-cash restructuring charges 710  — 
Gain on contingent consideration —  (95)
Other activity impacting operating cash flows (11,475) (18,421)
Net cash provided by operating activities 86,801  66,155 
Cash flows from investing activities:
Acquisition of property, plant and equipment (30,116) (31,322)
Acquisition of business (3,121) — 
Purchase of promissory note receivable (1,000) — 
Purchases of marketable securities, net (6,874) (28,491)
Net cash used in investing activities (41,111) (59,813)
Cash flows from financing activities:
Purchase of common stock through stock repurchase program (54,328) (23,951)
Proceeds from issuances of common stock 5,687  5,909 
Tax withholdings related to net share settlements of equity awards (4,243) (5,261)
Payment of contingent consideration —  (3,873)
Principal repayments on term loans (4,379) (4,740)
Net cash used in financing activities (57,263) (31,916)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3,470) (1,558)
Net decrease in cash, cash equivalents and restricted cash (15,043) (27,132)
Cash, cash equivalents and restricted cash, beginning of period 155,342  191,098 
Cash, cash equivalents and restricted cash, end of period $ 140,299  $ 163,966 








FORMFACTOR, INC. 
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW
(In thousands)
(Unaudited)
Three Months Ended Six Months Ended
June 25,
2022
March 26,
2022
June 26,
2021
June 25,
2022
June 26,
2021
Net cash provided by operating activities $ 42,646  $ 44,155  $ 33,799  $ 86,801  $ 66,155 
Adjustments:
Cash paid for interest 131  163  166  294  339 
Acquisition related payments in working capital —  —  43  —  209 
Capital expenditures (14,510) (15,606) (17,852) (30,116) (31,322)
Free cash flow $ 28,267  $ 28,712  $ 16,156  $ 56,979  $ 35,381 





FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited) 
  June 25,
2022
March 26,
2022
December 25,
2021
ASSETS
Current assets:
Cash and cash equivalents $ 136,395  $ 167,182  $ 151,010 
Marketable securities 129,919  129,174  125,055 
Accounts receivable, net of allowance for credit losses 107,726  113,505  115,541 
Inventories, net 143,475  125,590  111,548 
Restricted cash 2,102  2,026  2,233 
Prepaid expenses and other current assets 17,447  18,671  18,652 
Total current assets 537,064  556,148  524,039 
Restricted cash 1,802  2,053  2,099 
Operating lease, right-of-use-assets 33,499  35,764  35,210 
Property, plant and equipment, net of accumulated depreciation 157,814  152,179  146,555 
Goodwill 212,357  211,553  212,299 
Intangibles, net 30,872  33,638  36,342 
Deferred tax assets 65,059  62,746  61,995 
Other assets 3,980  2,799  1,981 
Total assets $ 1,042,447  $ 1,056,880  $ 1,020,520 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Current liabilities:  
Accounts payable $ 60,927  $ 65,378  $ 57,862 
Accrued liabilities 54,835  47,438  50,836 
Current portion of term loans, net of unamortized issuance costs 4,725  6,790  8,931 
Deferred revenue 31,255  27,002  23,224 
Operating lease liabilities 7,843  8,049  7,901 
Total current liabilities 159,585  154,657  148,754 
Term loans, less current portion, net of unamortized issuance costs 14,915  15,175  15,434 
Deferred tax liabilities 2,909  3,131  3,623 
Long-term operating lease liabilities 29,511  31,366  31,009 
Other liabilities 5,542  5,878  5,920 
Total liabilities 212,462  210,207  204,740 
Stockholders’ equity:  
Common stock 77  78  78 
Additional paid-in capital 860,584  902,994  898,945 
Accumulated other comprehensive loss (8,996) (4,477) (1,449)
Accumulated deficit (21,680) (51,922) (81,794)
Total stockholders’ equity 829,985  846,673  815,780 
Total liabilities and stockholders’ equity $ 1,042,447  $ 1,056,880  $ 1,020,520 




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 revenue, 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 revenue, 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 revenue, 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 revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, by adjusting GAAP net income, GAAP net income per basic and diluted share, GAAP revenue, 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, revenue, 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 revenue, 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" and “Reconciliation of Cash Provided by Operating Activities to non-GAAP Free Cash Flow” included in this press release.

Source: FormFactor, Inc.
FORM-F