Customer represents less than 10% of revenue for respective period
CONFIDENTIAL
4
GAAP to Non-GAAP Reconciliation
(In thousands, except for per share amounts)
GAAP
Adjustments
Non-GAAP
Amortization of
Acquisition
Three Months Ended
Stock-based
Amortization of
Acquisition Fair
Three Months Ended
Value & Other
Related
Revenues
June 26, 2021
Compensation
Intangibles
Adjustments
Expenses
June 26, 2021
$
188,076
$
-
$
-
$
78
$
-
$
188,154
Cost of revenues
111,793
(1,079)
(5,505)
(640)
-
104,569
Gross profit
76,283
1,079
5,505
718
-
83,585
Operating expenses:
Research and development
25,454
(1,663)
-
-
-
23,386
Sales and marketing
18,427
(1,893)
(1,590)
-
-
14,883
General and administrative
12,052
(1,953)
-
-
(43)
10,151
Total operating expenses
55,933
(5,509)
(1,590)
(466)
(43)
48,420
Operating profit
20,350
6,588
7,095
1,184
43
35,165
Interest income
148
-
-
-
-
148
Interest expense
(116)
-
-
-
-
(116)
Other income (expense), net
(194)
-
-
-
-
(194)
Income before income taxes
20,188
6,588
7,095
1,184
43
35,003
Provision for income taxes
2,283
1,900
2,047
341
12
6,556
Net income
$
17,905
$
4,688
$
5,048
$
843
$
31
$
28,447
Net income per share:
Basic
$
0.23
$
0.06
$
0.07
$
0.01
$
-
$
0.37
Diluted
$
0.23
$
0.06
$
0.06
$
0.01
$
-
$
0.36
Weighted-average number of shares
Basic
77,463
77,463
77,463
77,463
77,463
77,463
Diluted
79,466
79,466
79,466
79,466
79,466
79,466
The presentation provides the calculations for Non-GAAP net income and Non-GAAP net income per share. FormFactor excluded the following items from one or more of the Non-GAAP measures: stock-based compensation expense, amortization of intangibles and other fair value adjustments due to acquisition, and acquisition related expenses. By publishing the Non-GAAP measures, the company's management intends to provide investors with additional information to further analyze the company's performance, core results and underlying trends. FormFactor's management evaluates results and makes operating decisions using both GAAP and Non-GAAP measures. Non-GAAP results are not prepared in accordance with GAAP, and Non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP.
CONFIDENTIAL
5
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FormFactor Inc. published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 20:13:14 UTC.
FormFactor, Inc. is a provider of essential test and measurement technologies along the full semiconductor product lifecycle from characterization, modeling, reliability, and design de-bug to qualification and production test. It provides a range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Its products provide electrical information from a variety of semiconductor and electro-optical devices and integrated circuits from early research, through development, to high-volume production. It operates in two segments: Probe Cards and the Systems. The Probe Cards segment includes sales of its probe cards and analytical probes. The Systems segment includes sales of its probe stations, thermal systems and cryogenic systems. The Company's customers include companies, universities and institutions that design or make semiconductor and semiconductor related products.
FORMFACTOR, INC. 
