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false0001039399 0001039399 2020-02-05 2020-02-05


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): February 5, 2020
 
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 February 5, 2020, FormFactor, Inc. (“FormFactor”) issued a press release announcing its financial results for the fourth quarter of fiscal 2019 that ended on December 28, 2019. 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 February 5, 2020
 
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:
February 5, 2020
By:
/s/ SHAI SHAHAR
 
 
Name:
Shai Shahar
 
 
Title:
Chief Financial Officer
 
 
 
 
 
 
Exhibit


https://cdn.kscope.io/7f2153d0e160a3add311cc7a43effa94-ffq118logorgbinlinea06.jpg

EXHIBIT 99.01

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


FORMFACTOR, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2019 RESULTS
Reports Record Q4 Revenue and Profitability, Exceeding Increased Outlook Ranges

LIVERMORE, Calif. — February 5, 2020 —FormFactor, Inc. (Nasdaq: FORM) today announced its financial results for the fourth quarter of fiscal 2019 ended December 28, 2019. Quarterly revenues were $178.6 million, up 27.0% from $140.6 million in the third quarter of fiscal 2019 and up 26.8% from $140.9 million in the fourth quarter of fiscal 2018. For fiscal 2019, FormFactor posted revenues of $589.5 million, up 11.3% from $529.7 million in fiscal 2018.

•
Benefitted from accelerated demand for Foundry & Logic probe cards, layered upon steady demand for other products
•
Captured incremental demand by quickly and efficiently adding capacity
•
Delivered record quarterly revenue, non-GAAP EPS and Free Cash Flow

"FormFactor’s strong fourth quarter performance closed an exceptional year, again demonstrating the benefits of our broadly diversified leadership positions in semiconductor test and measurement," said Mike Slessor, CEO of FormFactor, Inc. "We delivered exceptional results by executing effectively to capitalize on strong customer demand."

Fourth Quarter Highlights

On a GAAP basis, net income for the fourth quarter of fiscal 2019 was $18.6 million, or $0.24 per fully-diluted share, compared to net income for the third quarter of fiscal 2019 of $8.3 million or $0.11 per fully-diluted share, and net income for the fourth quarter of fiscal 2018 of $85.1 million, or $1.13 per fully-diluted share. Net income for fiscal 2019 was $39.3 million, or $0.51 per fully-diluted share, compared to net income of $104.0 million, or $1.38, per fully-diluted share. GAAP net income for the fourth quarter of fiscal 2018 and fiscal 2018 included a release of $75.8 million dollars of the valuation allowance which was previously recorded against the majority of our deferred tax assets. On a GAAP basis, gross margin for the fourth quarter of fiscal 2019 was 41.6%, compared with 39.3% in the third quarter of fiscal 2019, and 39.8% in the fourth quarter of fiscal 2018. Gross margin for fiscal 2019 was 40.3%, compared to 39.7% for fiscal 2018.
 
On a non-GAAP basis, net income for the fourth quarter of fiscal 2019 was $32.0 million, or $0.41 per fully-diluted share, compared to net income for the third quarter of fiscal 2019 of $17.3 million, or $0.22 per fully-diluted share, and net income for the fourth quarter of fiscal 2018 of $23.4 million, or $0.31 per fully-diluted share. Net income for fiscal 2019 was $80.6 million, or $1.04 per fully-diluted share, compared to net income of $76.1 million, or $1.01 per fully-diluted share for fiscal 2018. On a non-GAAP basis, gross margin for the fourth quarter of fiscal 2019 was 45.7%, compared with 43.5% in the third quarter of fiscal 2019, and 44.1% in the fourth quarter of fiscal 2018. Gross margin for fiscal 2019 was 44.5%, compared to 44.3% for fiscal 2018.

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

Free cash flow for the fourth quarter of fiscal 2019 was $31.6 million, compared to free cash flow for the third quarter of fiscal 2019 of $25.6 million, and free cash flow for the fourth quarter of fiscal 2018 of $15.8 million. Free cash flow for fiscal 2019 and fiscal 2018 was $101.8 million and $51.9 million, respectively. A reconciliation of net cash provided by operating activities to free cash flow is provided in the schedules included below.






Outlook

Dr. Slessor added, “midway through the first quarter, we continue to benefit from strong demand for Foundry & Logic probe cards, which will use the capacity we added in the fourth quarter, albeit at moderately lower levels."
  
For the first quarter ending on March 28, 2020, FormFactor is providing the following outlook*:
 
GAAP
 
Reconciling Items**
 
Non-GAAP
Revenue
$160 million to $172 million
 
—
 
$160 million to $172 million
Gross Margin
39% to 42%
 
$7 million
 
43% to 46%
Net income per diluted share
$0.11 to $0.19
 
$0.16
 
$0.27 to $0.35

*This outlook assumes consistent foreign currency rates.
**Reconciling items are amortization of intangibles, stock-based compensation, restructuring charges, and acquisition related expenses.

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 1:30 p.m. PDT, or 4:30 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 telephone replay will be available through February 12, 7:30 p.m. Pacific Time, and can be accessed by dialing (855) 859-2056 (domestic) or (404) 537-3406 (international) and entering confirmation code 9678277. Additionally, 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 earnings per fully-diluted share, 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 twelve months ended December 28, 2019 and for outlook provided before, as well as for the comparable periods of fiscal 2018, 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 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, 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 hereof, 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; the speed of customer implementation of new technologies; industry seasonality; risks to the Company’s ability to realize operational efficiencies; changes macro-economic environments; events affecting global and regional economic stability such as Brexit, epidemics (such as the current 2019-nCoV), 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. No assurances can be given that any of the events anticipated by the forward-looking statements 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
 
Fiscal Year Ended
 
December 28, 2019
 
December 29, 2018
 
December 28, 2019
 
December 29, 2018
Revenues
$
178,629

 
$
140,887

 
$
589,464

 
$
529,675

Cost of revenues
104,324

 
84,865

 
351,968

 
319,336

Gross profit
74,305

 
56,022

 
237,496

 
210,339

Operating expenses:
 
 
 
 
 
 
 
Research and development
21,606

 
18,398

 
81,499

 
74,976

Selling, general and administrative
28,981

 
25,828

 
106,335

 
99,254

Total operating expenses
50,587

 
44,226

 
187,834

 
174,230

Operating income
23,718

 
11,796

 
49,662

 
36,109

Interest income
726

 
404

 
2,714

 
1,356

Interest expense
(376
)
 
(660
)
 
(1,915
)
 
(3,314
)
Other income (expense), net
379

 
117

 
602

 
(224
)
Income before income taxes
24,447

 
11,657

 
51,063

 
33,927

Provision (benefit) for income taxes
5,811

 
(73,443
)
 
11,717

 
(70,109
)
Net income
$
18,636

 
$
85,100

 
$
39,346

 
$
104,036

Net income per share:
 
 
 
 
 
 
 
Basic
$
0.25

 
$
1.15

 
$
0.52

 
$
1.42

Diluted
$
0.24

 
$
1.13

 
$
0.51

 
$
1.38

Weighted-average number of shares used in per share calculations:
 
 
 
 
 
 
 
Basic
75,731

 
74,108

 
74,994

 
73,482

Diluted
78,055

 
75,416

 
77,286

 
75,182







FORMFACTOR, INC. 
NON-GAAP FINANCIAL MEASURE RECONCILIATIONS
(In thousands, except per share amounts)
(Unaudited)
 
Three Months Ended
 
Fiscal Year Ended
 
December 28, 2019

December 29, 2018

December 28, 2019

December 29, 2018
GAAP Gross Profit
$
74,305

 
$
56,022

 
$
237,496

 
$
210,339

Adjustments:
 
 
 
 
 
 
 
Amortization of intangibles and inventory fair value adjustment due to acquisition
6,364

 
5,112

 
20,501

 
20,530

Stock-based compensation
1,024

 
960

 
4,055

 
3,525

Restructuring charges
—

 
—

 
258

 
—

Non-GAAP Gross Profit
$
81,693

 
$
62,094

 
$
262,310

 
$
234,394

 
 
 
 
 
 
 
 
GAAP Gross Margin
41.6
%
 
39.8
%
 
40.3
%
 
39.7
%
Adjustments:
 
 
 
 
 
 
 
Amortization of intangibles and inventory fair value adjustment due to acquisition
3.5
%
 
3.6
%
 
3.5
%
 
3.9
%
Stock-based compensation
0.6
%
 
0.7
%
 
0.7
%
 
0.7
%
Restructuring charges
—
%
 
—
%
 
—
%
 
—
%
Non-GAAP Gross Margin
45.7
%
 
44.1
%
 
44.5
%
 
44.3
%
 
 
 
 
 
 
 
 
GAAP operating expenses
$
50,587

 
$
44,226

 
$
187,834

 
$
174,230

Adjustments:
 
 
 
 
 
 
 
Amortization of intangibles
(1,525
)
 
(2,385
)
 
(7,636
)
 
(8,843
)
Stock-based compensation
(5,064
)
 
(4,446
)
 
(19,121
)
 
(14,302
)
Restructuring charges
(24
)
 
(160
)
 
(223
)
 
(160
)
Acquisition related expenses
(213
)
 
—

 
(460
)
 
—

Non-GAAP operating expenses
$
43,761

 
$
37,235

 
$
160,394

 
$
150,925

 
 
 
 
 
 
 
 
GAAP operating income
$
23,718

 
$
11,796

 
$
49,662

 
$
36,109

Adjustments:
 
 
 
 
 
 
 
Amortization of intangibles and inventory fair value adjustment due to acquisition
7,889

 
7,497

 
28,137

 
29,373

Stock-based compensation
6,088

 
5,406

 
23,176

 
17,827

Restructuring charges
24

 
160

 
481

 
160

Acquisition related expenses
213

 
—

 
460

 
—

Non-GAAP operating income
$
37,932

 
$
24,859

 
$
101,916

 
$
83,469

 
 
 
 
 
 
 
 
GAAP net income
$
18,636

 
$
85,100

 
$
39,346

 
$
104,036

Adjustments:
 
 
 
 
 
 
 
Amortization of intangibles and inventory fair value adjustment due to acquisition
7,889

 
7,497

 
28,137

 
29,373

Stock-based compensation
6,088

 
5,406

 
23,176

 
17,827

Restructuring charges
24

 
160

 
481

 
160

Acquisition related expenses
213

 
—

 
460

 
—

Income tax valuation allowance release
—

 
(75,803
)
 
—

 
(75,803
)
Income tax effect of non-GAAP adjustments
(893
)
 
1,088

 
(11,030
)
 
555

Non-GAAP net income
$
31,957

 
$
23,448

 
$
80,570

 
$
76,148

 
 
 
 
 
 
 
 
Non-GAAP net income per share:
 
 
 
 
 
 
 
Basic
$
0.42

 
$
0.32

 
$
1.07

 
$
1.04

Diluted
$
0.41

 
$
0.31

 
$
1.04

 
$
1.01





FORMFACTOR, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

 
Fiscal Year Ended
 
December 28, 2019
—

December 29, 2018
Cash flows from operating activities:
 
 
 
Net income
$
39,346

 
$
104,036

Selected adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation
17,185

 
14,314

Amortization
27,672

 
29,373

Stock-based compensation expense
23,176

 
17,827

Provision for excess and obsolete inventories
10,421

 
10,479

Other activity impacting operating cash flows
3,248

 
(107,329
)
Net cash provided by operating activities
121,048

 
68,700

Cash flows from investing activities:
 
 
 
Acquisition of property, plant and equipment
(20,847
)
 
(19,869
)
Purchases of marketable securities, net
(25,113
)
 
(1,543
)
Acquisition of FRT GmbH, net of cash acquired
(20,524
)
 
—

Other activity impacting investing cash flows
132

 
117

Net cash used in investing activities
(66,352
)
 
(21,295
)
Cash flows from financing activities:
 
 
 
Proceeds from issuances of common stock
8,094

 
7,712

Tax withholdings related to net share settlements of equity awards
(8,026
)
 
(5,791
)
Proceeds from term loan
23,354

 
—

Principal repayments on term loan
(30,000
)
 
(41,250
)
Net cash used in financing activities
(6,578
)
 
(39,329
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(727
)
 
(256
)
Net increase in cash, cash equivalents and restricted cash
47,391

 
7,820

Cash, cash equivalents and restricted cash, beginning of period
100,546

 
92,726

Cash, cash equivalents and restricted cash, end of period
$
147,937

 
$
100,546









FORMFACTOR, INC. 
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)

 
Three Months Ended
—

Fiscal Year Ended
 
December 28, 2019
 
December 29, 2018
 
December 28, 2019

December 29, 2018
Net cash provided by operating activities
$
37,670

 
$
22,562

 
$
121,048

 
$
68,700

Adjustments:
 
 
 
 
 
 
 
Acquisition-related payments in working capital
213

 
—

 
213

 
—

Cash paid for interest
277

 
814

 
1,405

 
3,113

Capital expenditures
(6,605
)
 
(7,543
)
 
(20,847
)
 
(19,869
)
 
(6,115
)
 
(6,729
)
 
(19,229
)
 
(16,756
)
Free cash flow
$
31,555

 
$
15,833

 
$
101,819

 
$
51,944







FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands) (Unaudited) 
 
December 28,
2019
 
December 29, 2018
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
144,545

 
$
98,472

Marketable securities
76,327

 
50,531

Accounts receivable, net
97,868

 
95,333

Inventories, net
83,258

 
77,706

Restricted cash
1,981

 
849

Prepaid expenses and other current assets
15,064

 
14,929

Total current assets
419,043

 
337,820

Restricted cash
1,411

 
1,225

Operating lease, right-of-use-assets
31,420

 
—

Property, plant and equipment, net
58,747

 
54,054

Goodwill
199,196

 
189,214

Intangibles, net
57,610

 
67,640

Deferred tax assets
71,252

 
77,301

Other assets
1,203

 
968

Total assets
$
839,882

 
$
728,222

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 

 
 

Current liabilities:
 

 
 

Accounts payable
$
40,914

 
$
40,006

Accrued liabilities
36,439

 
27,731

Current portion of term loans, net of unamortized issuance cost of $29 and $160
42,846

 
29,840

Deferred revenue
9,810

 
4,941

Operating lease liabilities
6,551

 
—

Total current liabilities
136,560

 
102,518

Term loan, less current portion, net of unamortized issuance cost of $0 and $29
15,639

 
34,971

Deferred tax liabilities
6,986

 
2,355

Long-term operating lease liabilities
29,088

 
—

Other liabilities
10,612

 
8,214

Total liabilities
198,885

 
148,058

 
 

 
 

Stockholders' equity:
 

 
 

Preferred stock, $0.001 par value:
 

 
 

10,000,000 shares authorized; no shares issued and outstanding
—

 
—

Common stock, $0.001 par value:
 

 
 

250,000,000 shares authorized; 75,764,990 and 74,139,712 shares issued and outstanding
76

 
74

Additional paid-in capital
885,821

 
862,897

Accumulated other comprehensive income (loss)
(659
)
 
780

Accumulated deficit
(244,241
)
 
(283,587
)
Total stockholders' equity
640,997

 
580,164

Total liabilities and stockholders' equity
$
839,882

 
$
728,222





About our Non-GAAP Financial Measures:
We believe that the presentation of non-GAAP net income, non-GAAP earnings per fully-diluted share, 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 earnings per fully-diluted share, 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 earnings per fully-diluted share, 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 fully-diluted earnings per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, by adjusting GAAP net income, GAAP earnings per fully-diluted share, non-GAAP gross margin, non-GAAP operating expenses, and non-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, earnings per fully-diluted share, 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 earnings per fully-diluted share, 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 Free Cash Flow” included in this press release.

Source: FormFactor, Inc.
FORM-F