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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark one)
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 2024
Or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 000-50307
FormFactor, Inc.
(Exact name of registrant as specified in its charter) | | | | | | | | |
Delaware | | 13-3711155 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
7005 Southfront Road, Livermore, California 94551
(Address of principal executive offices, including zip code)
(925) 290-4000
(Registrant’s telephone number, including area code)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of the Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one): | | | | | | | | | | | | | | | | | |
Large Accelerated Filer | ☒ | Accelerated Filer | ☐ | Non-accelerated Filer | ☐ |
| | | | | |
Smaller Reporting Company | ☐ | 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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of May 1, 2024, 77,170,041 shares of the registrant’s common stock, par value $0.001 per share, were outstanding.
FORMFACTOR, INC.
FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 30, 2024
INDEX
PART I - FINANCIAL INFORMATION
Item 1. Financial Statements
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
(Unaudited) | | | | | | | | | | | |
| March 30, 2024 | | December 30, 2023 |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 186,296 | | | $ | 177,812 | |
Marketable securities | 162,863 | | | 150,507 | |
Accounts receivable, net of allowance for credit losses of $501 and $501 | 96,407 | | | 102,957 | |
Inventories, net | 108,774 | | | 111,685 | |
Restricted cash | 5,865 | | | 1,152 | |
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Prepaid expenses and other current assets | 28,291 | | | 29,667 | |
Total current assets | 588,496 | | | 573,780 | |
Restricted cash | 2,220 | | | 2,309 | |
Operating lease, right-of-use-assets | 28,543 | | | 30,519 | |
Property, plant and equipment, net of accumulated depreciation | 205,772 | | | 204,399 | |
Goodwill | 199,653 | | | 201,090 | |
Intangibles, net | 12,297 | | | 12,938 | |
Deferred tax assets | 80,007 | | | 78,964 | |
Other assets | 2,810 | | | 2,795 | |
Total assets | $ | 1,119,798 | | | $ | 1,106,794 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
Current liabilities: | | | |
Accounts payable | $ | 65,995 | | | $ | 63,857 | |
Accrued liabilities | 37,716 | | | 41,037 | |
Current portion of term loan, net of unamortized issuance costs | 1,083 | | | 1,075 | |
Deferred revenue | 17,519 | | | 16,704 | |
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Operating lease liabilities | 8,245 | | | 8,422 | |
Total current liabilities | 130,558 | | | 131,095 | |
Term loan, less current portion, net of unamortized issuance costs | 13,041 | | | 13,314 | |
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Long-term operating lease liabilities | 23,432 | | | 25,334 | |
Deferred grant | 18,000 | | | 18,000 | |
Other liabilities | 11,017 | | | 10,247 | |
Total liabilities | 196,048 | | | 197,990 | |
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Stockholders’ equity: | | | |
Common stock, $0.001 par value: | | | |
250,000,000 shares authorized; 77,241,118 and 77,376,903 shares issued and outstanding | 77 | | | 77 | |
Additional paid-in capital | 857,326 | | | 861,448 | |
Accumulated other comprehensive loss | (6,765) | | | (4,052) | |
Accumulated income | 73,112 | | | 51,331 | |
Total stockholders’ equity | 923,750 | | | 908,804 | |
Total liabilities and stockholders’ equity | $ | 1,119,798 | | | $ | 1,106,794 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited) | | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Revenues | $ | 168,725 | | | $ | 167,448 | | | | | |
Cost of revenues | 105,987 | | | 106,370 | | | | | |
Gross profit | 62,738 | | | 61,078 | | | | | |
Operating expenses: | | | | | | | |
Research and development | 28,627 | | | 28,245 | | | | | |
Selling, general and administrative | 33,079 | | | 32,742 | | | | | |
Total operating expenses | 61,706 | | | 60,987 | | | | | |
Gain on sale of business | 20,271 | | | — | | | | | |
Operating income | 21,303 | | | 91 | | | | | |
Interest income, net | 3,156 | | | 1,276 | | | | | |
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Other income, net | 520 | | | 23 | | | | | |
Income before income taxes | 24,979 | | | 1,390 | | | | | |
Provision for income taxes | 3,198 | | | 48 | | | | | |
Net income | $ | 21,781 | | | $ | 1,342 | | | | | |
Net income per share: | | | | | | | |
Basic | $ | 0.28 | | | $ | 0.02 | | | | | |
Diluted | $ | 0.28 | | | $ | 0.02 | | | | | |
Weighted-average number of shares used in per share calculations: | | | | | | | |
Basic | 77,452 | | | 77,066 | | | | | |
Diluted | 78,490 | | | 77,255 | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited) | | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Net income | $ | 21,781 | | | $ | 1,342 | | | | | |
Other comprehensive income (loss), net of tax: | | | | | | | |
Foreign currency translation adjustments | (2,283) | | | 832 | | | | | |
Unrealized gains (losses) on available-for-sale marketable securities | (198) | | | 603 | | | | | |
Unrealized losses on derivative instruments | (232) | | | (43) | | | | | |
Other comprehensive income (loss) | (2,713) | | | 1,392 | | | | | |
Comprehensive income | $ | 19,068 | | | $ | 2,734 | | | | | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands, except shares)
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shares of Common Stock | | Common Stock | | Additional Paid-in Capital | | Accumulated Other Comprehensive Loss | | Accumulated Income (Deficit) | | Total |
| | | | | | | | | | | |
| Three Months Ended March 30, 2024 |
Balances, December 30, 2023 | 77,376,903 | | | $ | 77 | | | $ | 861,448 | | | $ | (4,052) | | | $ | 51,331 | | | $ | 908,804 | |
Issuance of common stock under the Employee Stock Purchase Plan | 197,014 | | | — | | | 4,948 | | | — | | | — | | | 4,948 | |
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax | 78,957 | | | — | | | (1,840) | | | — | | | — | | | (1,840) | |
Purchase and retirement of common stock through repurchase program | (411,756) | | | — | | | (17,398) | | | — | | | — | | | (17,398) | |
Stock-based compensation | — | | | — | | | 10,168 | | | — | | | — | | | 10,168 | |
Other comprehensive loss | — | | | — | | | — | | | (2,713) | | | — | | | (2,713) | |
Net income | — | | | — | | | — | | | — | | | 21,781 | | | 21,781 | |
Balances, March 30, 2024 | 77,241,118 | | | $ | 77 | | | $ | 857,326 | | | $ | (6,765) | | | $ | 73,112 | | | $ | 923,750 | |
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| Three Months Ended April 1, 2023 |
Balances, December 31, 2022 | 76,914,590 | | | $ | 77 | | | $ | 844,842 | | | $ | (5,578) | | | $ | (31,056) | | | $ | 808,285 | |
Issuance of common stock under the Employee Stock Purchase Plan | 210,055 | | | — | | | 5,024 | | | — | | | — | | | 5,024 | |
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax | 17,378 | | | — | | | (387) | | | — | | | — | | | (387) | |
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Stock-based compensation | — | | | — | | | 8,716 | | | — | | | — | | | 8,716 | |
Other comprehensive income | — | | | — | | | — | | | 1,392 | | | — | | | 1,392 | |
Net income | — | | | — | | | — | | | — | | | 1,342 | | | 1,342 | |
Balances, April 1, 2023 | 77,142,023 | | | $ | 77 | | | $ | 858,195 | | | $ | (4,186) | | | $ | (29,714) | | | $ | 824,372 | |
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The accompanying notes are an integral part of these condensed consolidated financial statements.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) | | | | | | | | | | | |
| Three Months Ended |
| March 30, 2024 | | April 1, 2023 |
Cash flows from operating activities: | | | |
Net income | $ | 21,781 | | | $ | 1,342 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation | 7,193 | | | 7,576 | |
Amortization | 640 | | | 2,378 | |
Reduction in the carrying amount of right-of-use assets | 1,415 | | | 1,690 | |
Stock-based compensation expense | 10,405 | | | 9,290 | |
Deferred income tax benefit | (1,293) | | | (145) | |
Provision for excess and obsolete inventories | 3,146 | | | 4,973 | |
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Gain on sale of business | (20,271) | | | — | |
Other adjustments to reconcile net income to net cash provided by operating activities | 176 | | | 278 | |
Changes in assets and liabilities: | | | |
Accounts receivable | 6,466 | | | (15,926) | |
Inventories | (4,926) | | | 1,375 | |
Prepaid expenses and other current assets | 1,224 | | | 1,009 | |
Other assets | 17 | | | (55) | |
Accounts payable | 4,948 | | | (1,819) | |
Accrued liabilities | (1,963) | | | (10,209) | |
Other liabilities | 1,085 | | | 319 | |
Deferred revenues | 4,499 | | | (6,046) | |
Deferred grant | — | | | 18,000 | |
Operating lease liabilities | (1,530) | | | (1,721) | |
Net cash provided by operating activities | 33,012 | | | 12,309 | |
Cash flows from investing activities: | | | |
Acquisition of property, plant and equipment | (13,436) | | | (19,701) | |
Proceeds from sale of business | 21,275 | | | — | |
Purchases of marketable securities | (37,472) | | | (27,311) | |
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Proceeds from maturities and sales of marketable securities | 25,813 | | | 33,473 | |
Net cash used in investing activities | (3,820) | | | (13,539) | |
Cash flows from financing activities: | | | |
Proceeds from issuances of common stock | 4,948 | | | 5,024 | |
Purchase of common stock through stock repurchase program | (17,334) | | | — | |
Tax withholdings related to net share settlements of equity awards | (1,840) | | | (387) | |
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Payments on term loan | (266) | | | (259) | |
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Net cash provided by (used in) financing activities | (14,492) | | | 4,378 | |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,592) | | | (276) | |
Net increase in cash, cash equivalents and restricted cash | 13,108 | | | 2,872 | |
Cash, cash equivalents and restricted cash, beginning of period | 181,273 | | | 112,982 | |
Cash, cash equivalents and restricted cash, end of period | $ | 194,381 | | | $ | 115,854 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited) | | | | | | | | | | | |
| Three Months Ended |
| March 30, 2024 | | April 1, 2023 |
Non-cash investing and financing activities: | | | |
Decrease in accounts payable and accrued liabilities related to property, plant and equipment purchases | $ | 2,567 | | | $ | 3,755 | |
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Operating lease, right-of-use assets obtained in exchange for lease obligations | — | | | 727 | |
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Supplemental disclosure of cash flow information: | | | |
Cash paid for income taxes, net | $ | 1,423 | | | $ | 7,391 | |
Cash paid for interest | 100 | | | 106 | |
Operating cash outflows from operating leases | 2,305 | | | 2,191 | |
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Reconciliation of cash, cash equivalents and restricted cash: | | | |
Cash and cash equivalents | $ | 186,296 | | | $ | 112,360 | |
Restricted cash, current | 5,865 | | | 1,207 | |
Restricted cash, non-current | 2,220 | | | 2,287 | |
Total cash, cash equivalents and restricted cash | $ | 194,381 | | | $ | 115,854 | |
The accompanying notes are an integral part of these condensed consolidated financial statements.
FORMFACTOR, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Note 1 — Basis of Presentation and Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial information of FormFactor, Inc. is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
Fiscal Year
We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2024 and 2023 each contain 52 weeks and the three months ended March 30, 2024 and April 1, 2023 each contained 13 weeks. Fiscal 2024 will end on December 28, 2024.
Significant Accounting Policies
Our significant accounting policies have not changed during the three months ended March 30, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.
Reclassifications
Certain immaterial reclassifications were made to the prior year financial statements to conform to the current year presentation.
New Accounting Pronouncements
ASU 2023-09
In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate. The standard also requires that entities disclose income before income taxes and provision for income taxes disaggregated between domestic and foreign. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We have not yet determined the impact of this standard on our financial statements.
ASU 2023-07
In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU includes requirements that an entity disclose the title of the chief operating decision maker (“CODM”) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. We have not yet determined the impact of this standard on our financial statements.
Note 2 — Concentration of Credit and Other Risks
Each of the following customers accounted for 10% or more of our revenues for the periods indicated:
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Intel Corporation | 15.7 | % | | 20.0 | % | | | | |
SK Hynix Inc. | 15.5 | | | * | | | | |
Samsung Electronics., LTD. | 12.4 | | | * | | | | |
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| 43.6 | % | | 20.0 | % | | | | |
At March 30, 2024 and December 30, 2023, two customers accounted for 19.0% and 13.5% and two customers accounted for 17.8% and 11.0% of gross accounts receivable, respectively.
Note 3 — Inventories, net
Inventories are stated at the lower of cost (principally standard cost, which approximates actual cost on a first in, first out basis) or net realizable value.
Inventories, net, consisted of the following (in thousands):
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| March 30, 2024 | | December 30, 2023 |
Raw materials | $ | 61,228 | | | $ | 50,808 | |
Work-in-progress | 28,753 | | | 39,336 | |
Finished goods | 18,793 | | | 21,541 | |
| $ | 108,774 | | | $ | 111,685 | |
Note 4 — Divestitures
China Operations Divestiture
On February 7, 2024, the Company entered into a definitive agreement to sell its China operations to Grand Junction Semiconductor Pte. Ltd. (“Grand Junction”) for $25.0 million in cash, subject to customary purchase price adjustments, and establish an exclusive distribution and partnership agreement to continue sales and support of our products in the region. The following subsidiaries were included as part of the divestiture: Microprobe Hong Kong Limited, FormFactor Technology (Suzhou) Co. Ltd., Cascade Microtech Singapore Pte, Ltd, and FormFactor International (Shanghai) Trading Co., Ltd. These entities supported the Probe Cards and Systems segments.
On February 26, 2024, we closed on the sale of the operations in China to Grand Junction and received total consideration of $21.1 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital. The disposition of the China operations did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment (in thousands):
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| | February 26, 2024 |
Gross purchase price | | $ | 25,000 | |
Estimated working capital adjustment | | (151) | |
Cash transferred to the buyer at closing | | (2,743) | |
Direct costs to sell | | (986) | |
Fair value of sale consideration, net | | $ | 21,120 | |
The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands):
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| | February 26, 2024 |
ASSETS | | |
Accounts receivable, net | | $ | 1,174 | |
Inventories, net | | 3,729 | |
Other current assets | | 391 | |
Total current assets | | 5,294 | |
Property, plant and equipment, net | | 1,283 | |
Goodwill | | 1,117 | |
Other assets | | 3,029 | |
Total assets | | $ | 10,723 | |
LIABILITIES | | |
Deferred Revenue | | $ | 3,739 | |
Other current liabilities | | 1,546 | |
Other liabilities | | 4,283 | |
Total liabilities | | $ | 9,568 | |
As a result of the divestiture, the Company recognized a pre-tax gain of $20.0 million. The Company recorded an income tax liability associated with the divestiture of approximately $3.3 million.
FRT Divestiture
On September 18, 2023, the Company announced entry into a definitive agreement to sell its FRT Metrology (“FRT”) business to Camtek Ltd. (“Camtek”) for $100 million in cash, subject to customary purchase price adjustments. The Company acquired FRT GmbH in fiscal 2019 for total consideration of $24.4 million, net of cash acquired. Headquartered in Bergisch Gladbach, Germany, the FRT business is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets, and was part of the Company's Systems segment.
On November 1, 2023, we closed on the sale of the FRT business to Camtek and received net cash proceeds of $100.1 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital. The disposition of the FRT business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands):
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| | November 1, 2023 |
Gross purchase price | | $ | 99,100 | |
Working capital adjustment | | 4,266 | |
Cash transferred to the buyer at closing | | (2,049) | |
Direct costs to sell | | (1,225) | |
Fair value of sale consideration, net | | $ | 100,092 | |
The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands):
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| | November 1, 2023 |
ASSETS | | |
Accounts receivable, net | | $ | 7,738 | |
Inventories, net | | 6,446 | |
Other current assets | | 635 | |
Total current assets | | 14,819 | |
Intangibles, net | | 6,897 | |
Goodwill | | 10,660 | |
Other assets | | 1,612 | |
Total assets | | $ | 33,988 | |
LIABILITIES | | |
Current liabilities | | $ | 4,300 | |
Other liabilities | | 2,856 | |
Total liabilities | | $ | 7,156 | |
As a result of the divestiture, the Company recognized a pre-tax gain of $73.3 million. The Company recorded an income tax liability associated with the divestiture of approximately $6.0 million.
Note 5 — Goodwill and Intangible Assets
Goodwill by reportable segment was as follows (in thousands):
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| | Probe Cards | | Systems | | Total |
Goodwill, as of December 31, 2022 | | $ | 178,424 | | | $ | 33,020 | | | $ | 211,444 | |
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Reduction - FRT divestiture | | — | | | (10,660) | | | (10,660) | |
Foreign currency translation | | — | | | 306 | | | 306 | |
Goodwill, as of December 30, 2023 | | 178,424 | | | 22,666 | | | 201,090 | |
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Reduction - China divestiture | | (1,055) | | | (62) | | | (1,117) | |
Foreign currency translation | | — | | | (320) | | | (320) | |
Goodwill, as of March 30, 2024 | | $ | 177,369 | | | $ | 22,284 | | | $ | 199,653 | |
We have not recorded goodwill impairments for the three months ended March 30, 2024.
Intangible assets were as follows (in thousands):
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| | March 30, 2024 | | December 30, 2023 |
Intangible Assets | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net |
Existing developed technologies | | $ | 159,341 | | | $ | 148,642 | | | $ | 10,699 | | | $ | 159,593 | | | $ | 148,445 | | | $ | 11,148 | |
Customer relationships | | 47,945 | | | 46,816 | | | 1,129 | | | 48,022 | | | 46,712 | | | 1,310 | |
Trade name | | 7,779 | | | 7,710 | | | 69 | | | 7,808 | | | 7,728 | | | 80 | |
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In-process research and development | | 400 | | | — | | | 400 | | | 400 | | | — | | | 400 | |
| | $ | 215,465 | | | $ | 203,168 | | | $ | 12,297 | | | $ | 215,823 | | | $ | 202,885 | | | $ | 12,938 | |
Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands):
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| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Cost of revenues | $ | 449 | | | $ | 831 | | | | | |
Selling, general and administrative | 191 | | | 1,547 | | | | | |
| $ | 640 | | | $ | 2,378 | | | | | |
The estimated future amortization of definite-lived intangible assets, excluding in-process research and development, is as follows (in thousands):
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Fiscal Year | | Amount |
Remainder of 2024 | | $ | 1,921 | |
2025 | | 2,330 | |
2026 | | 1,630 | |
2027 | | 1,630 | |
2028 | | 1,630 | |
Thereafter | | 2,756 | |
| | $ | 11,897 | |
Note 6 — Accrued Liabilities
Accrued liabilities consisted of the following (in thousands):
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| March 30, 2024 | | December 30, 2023 |
Accrued compensation and benefits | $ | 21,562 | | | $ | 20,073 | |
Accrued income and other taxes | 7,412 | | | 8,205 | |
Accrued warranty | 3,668 | | | 3,177 | |
Employee stock purchase plan contributions withheld | 1,829 | | | 4,263 | |
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Other accrued expenses | 3,245 | | | 5,319 | |
| $ | 37,716 | | | $ | 41,037 | |
Note 7 — Fair Value and Derivative Instruments
Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows:
•Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities;
•Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and
•Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.
We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the three months ended March 30, 2024 or the year ended December 30, 2023.
The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities.
No changes were made to our valuation techniques during the first three months of fiscal 2024.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | |
March 30, 2024 | | Level 1 | | Level 2 | | | | Total |
Assets: | | | | | | | | |
Cash equivalents: | | | | | | | | |
Money market funds | | $ | 116,991 | | | $ | — | | | | | $ | 116,991 | |
U.S. treasuries | | 999 | | | — | | | | | 999 | |
| | | | | | | | |
| | | | | | | | |
Commercial paper | | — | | | 2,991 | | | | | 2,991 | |
| | 117,990 | | | 2,991 | | | | | 120,981 | |
Marketable securities: | | | | | | | | |
U.S. treasuries | | 62,579 | | | — | | | | | 62,579 | |
| | | | | | | | |
U.S. agency securities | | — | | | 11,629 | | | | | 11,629 | |
Corporate bonds | | — | | | 75,880 | | | | | 75,880 | |
Commercial paper | | — | | | 12,775 | | | | | 12,775 | |
| | 62,579 | | | 100,284 | | | | | 162,863 | |
Foreign exchange derivative contracts | | — | | | 61 | | | | | 61 | |
| | | | | | | | |
Interest rate swap derivative contract | | — | | | 2,170 | | | | | 2,170 | |
Total assets | | $ | 180,569 | | | $ | 105,506 | | | | | $ | 286,075 | |
Liabilities: | | | | | | | | |
Foreign exchange derivative contracts | | $ | — | | | $ | (220) | | | | | $ | (220) | |
| | | | | | | | |
| | | | | | | | |
Total liabilities | | $ | — | | | $ | (220) | | | | | $ | (220) | |
| | | | | | | | | | | | | | | | | | | | | | |
December 30, 2023 | | Level 1 | | Level 2 | | | | Total |
Assets: | | | | | | | | |
Cash equivalents: | | | | | | | | |
Money market funds | | $ | 110,980 | | | $ | — | | | | | $ | 110,980 | |
| | | | | | | | |
U.S. treasuries | | 4,581 | | | — | | | | | 4,581 | |
| | | | | | | | |
| | 115,561 | | | — | | | | | 115,561 | |
Marketable securities: | | | | | | | | |
U.S. treasuries | | 45,837 | | | — | | | | | 45,837 | |
| | | | | | | | |
U.S. agency securities | | — | | | 10,003 | | | | | 10,003 | |
Corporate bonds | | — | | | 81,350 | | | | | 81,350 | |
Commercial paper | | — | | | 13,317 | | | | | 13,317 | |
| | 45,837 | | | 104,670 | | | | | 150,507 | |
Foreign exchange derivative contracts | | — | | | 284 | | | | | 284 | |
| | | | | | | | |
Interest rate swap derivative contract | | — | | | 1,989 | | | | | 1,989 | |
Total assets | | $ | 161,398 | | | $ | 106,943 | | | | | $ | 268,341 | |
Liabilities: | | | | | | | | |
Foreign exchange derivative contracts | | $ | — | | | $ | (30) | | | | | $ | (30) | |
| | | | | | | | |
Total liabilities | | $ | — | | | $ | (30) | | | | | $ | (30) | |
Cash Equivalents
The fair value of our cash equivalents is determined based on quoted market prices for similar or identical securities.
Marketable Securities
We classify our marketable securities as available-for-sale and value them utilizing a market approach. Our investments are priced by pricing vendors who provide observable inputs for their pricing without applying significant judgment. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors or when a broker price is more reflective of fair value. Our broker-priced investments are categorized as Level 2 investments because fair value is based on similar assets without applying significant judgments. In addition, all investments have a sufficient trading volume to demonstrate that the fair value is appropriate.
Unrealized gains and losses were immaterial and were recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets. We did not have any other-than-temporary unrealized gains or losses at either period end included in these financial statements.
Interest Rate Swap
The fair value of our interest rate swap contract is determined at the end of each reporting period based on valuation models that use interest rate yield curves as inputs. For accounting purposes, our interest rate swap contract qualifies for, and is designated as a cash flow hedge. The hedged risk is the interest rate exposure to changes in interest payments attributable to changes in our variable-rate interest over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable-rate debt. Cash settlements, in the form of cash payments or cash receipts, are recognized as a component of interest expense. The cash flows associated with the interest rate swaps are reported in Net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows and the fair value of the interest rate swap contracts are recorded within Prepaid expenses and other current assets and Other assets in our Condensed Consolidated Balance Sheets.
Foreign Exchange Derivative Contracts
We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. We utilize foreign currency forward contracts to hedge against future movements in foreign exchange rates that affect certain existing foreign currency denominated assets and liabilities and forecasted foreign currency revenue and expense transactions. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with foreign currency transaction gains or losses.
We do not use derivative financial instruments for speculative or trading purposes. For accounting purposes, certain of our foreign currency forward contracts are not designated as hedging instruments and, accordingly, we record the fair value of these contracts as of the end of our reporting period in our Condensed Consolidated Balance Sheets with changes in fair value recorded within Other income, net in our Condensed Consolidated Statement of Income for both realized and unrealized gains and losses. Certain of our foreign currency forward contracts are designated as cash flow hedges, and, accordingly, we record the fair value of these contracts as of the end of our reporting period in our Condensed Consolidated Balance Sheets with changes in fair value recorded as a component of Accumulated other comprehensive loss and reclassified into earnings in the same period in which the hedged transaction affects earnings, and in the same line item on the Condensed Consolidated Statements of Income as the impact of the hedge transaction.
The fair value of our foreign exchange derivative contracts was determined based on current foreign currency exchange rates and forward points. All of our foreign exchange derivative contracts outstanding at March 30, 2024 will mature by the first quarter of fiscal 2025.
The following table provides information about our foreign currency forward contracts outstanding as of March 30, 2024 (in thousands):
| | | | | | | | | | | | | | | | | | | | |
Currency | | Contract Position | | Contract Amount (Local Currency) | | Contract Amount (U.S. Dollars) |
Euro Dollar | | Buy | | 26,916 | | | $ | 29,357 | |
| | | | | | |
Japanese Yen | | Sell | | 2,471,086 | | | 16,388 | |
Korean Won | | Buy | | 3,168,510 | | | 2,357 | |
Taiwan Dollar | | Sell | | 93,654 | | | 2,925 | |
| | |
| | | | | | |
Our foreign currency contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that utilize observable market inputs.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis
We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition. There were no assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 30, 2024 or April 1, 2023.
Note 8 — Warranty
We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs. We regularly monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances. We provide for the estimated cost of product warranties at the time revenue is recognized as a component of Cost of revenues in our Condensed Consolidated Statement of Income.
Changes in our warranty liability were as follows (in thousands):
| | | | | | | | | | | |
| Three Months Ended |
| March 30, 2024 | | April 1, 2023 |
Balance at beginning of period | $ | 3,177 | | | $ | 4,199 | |
Accruals | 2,729 | | | 1,390 | |
Settlements | (2,238) | | | (1,717) | |
| | | |
Balance at end of period | $ | 3,668 | | | $ | 3,872 | |
Note 9 — Property, Plant and Equipment, net
Property, plant and equipment, net consisted of the following (in thousands):
| | | | | | | | | | | |
| March 30, 2024 | | December 30, 2023 |
Land | $ | 17,124 | | | $ | 17,124 | |
Building and building improvements | 46,375 | | | 46,526 | |
Machinery and equipment | 289,291 | | | 286,215 | |
Computer equipment and software | 46,701 | | | 46,866 | |
Furniture and fixtures | 7,513 | | | 7,490 | |
Leasehold improvements | 90,913 | | | 91,063 | |
Sub-total | 497,917 | | | 495,284 | |
Less: Accumulated depreciation and amortization | (361,869) | | | (358,021) | |
Net, property, plant and equipment | 136,048 | | | 137,263 | |
Construction-in-process | 69,724 | | | 67,136 | |
Total | $ | 205,772 | | | $ | 204,399 | |
Note 10 — Stockholders’ Equity and Stock-Based Compensation
Common Stock Repurchase Programs
On May 20, 2022, our Board of Directors authorized a two-year program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuance of common stock under our stock-based compensation programs. During fiscal 2022 and fiscal 2023, we repurchased and retired 1,700,893 shares of common stock for $56.4 million and 504,352 shares of common stock for $18.6 million, respectively, utilizing the remaining shares available for repurchase under the program.
On October 30, 2023, our Board of Directors authorized an additional two-year program to repurchase up to $75.0 million of outstanding common stock, with the primary purpose of offsetting potential dilution from issuance of common stock under our stock-based compensation programs. This share repurchase program will expire on October 30, 2025. During fiscal 2023 we repurchased and retired 32,020 shares of common stock for $1.2 million. During the three months ended March 30, 2024, we repurchased and retired 411,756 shares of common stock for $17.4 million (including excise tax accrued), and as of March 30, 2024, $56.4 million remained available for future repurchases.
Our policy related to repurchases of our common stock is to charge the excess of cost over par value to additional paid-in capital once the shares are retired. The net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. The excise tax incurred reduces the amount available under the repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
Restricted Stock Units
Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows:
| | | | | | | | | | | |
| Units | | Weighted Average Grant Date Fair Value |
RSUs at December 30, 2023 | 2,165,729 | | | $ | 35.85 | |
Awards granted | 16,253 | | | 42.26 | |
Awards vested | (122,498) | | | 30.65 | |
Awards forfeited | (5,431) | | | 33.90 | |
RSUs at March 30, 2024 | 2,054,053 | | | 36.16 | |
Performance Restricted Stock Units
We may grant Performance RSUs (“PRSUs”) to certain executives, which vest based upon us achieving certain market performance criteria. There were no market based PRSUs granted during the three months ended March 30, 2024. PRSUs are included as part of the RSU activity above.
Employee Stock Purchase Plan
Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows:
| | | | | | | | |
| | Three Months Ended |
| | March 30, 2024 |
Shares issued | | 197,014 | |
Weighted average per share purchase price | | $ | 25.11 | |
Weighted average per share discount from the fair value of our common stock on the date of issuance | | $ | (13.66) | |
Stock-Based Compensation
Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Cost of revenues | $ | 1,928 | | | $ | 1,910 | | | | | |
Research and development | 2,613 | | | 2,372 | | | | | |
Selling, general and administrative | 5,864 | | | 5,008 | | | | | |
Total stock-based compensation | $ | 10,405 | | | $ | 9,290 | | | | | |
Unrecognized Compensation Costs
At March 30, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands):
| | | | | | | | | | | |
| Unrecognized Expense | | Average Expected Recognition Period in Years |
Restricted stock units | $ | 40,890 | | | 1.84 |
Performance restricted stock units | 9,170 | | | 1.83 |
Employee stock purchase plan | 1,055 | | | 0.34 |
Total unrecognized stock-based compensation expense | $ | 51,115 | | | 1.80 |
Note 11 — Net Income per Share
The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
Weighted-average shares used in computing basic net income per share | 77,452 | | | 77,066 | | | | | |
Add potentially dilutive securities | 1,038 | | | 189 | | | | | |
Weighted-average shares used in computing diluted net income per share | 78,490 | | | 77,255 | | | | | |
| | | | | | | |
Securities not included as they would have been antidilutive | — | | | 1,121 | | | | | |
Note 12 — Commitments and Contingencies
Leases
See Note 13, Leases.
Contractual Obligations and Commitments
Our contractual obligations and commitments have not materially changed as of March 30, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.
Legal Matters
From time to time, we are subject to legal proceedings and claims in the ordinary course of business, the outcomes of which cannot be estimated with certainty. Our ability to estimate the outcomes may change in the near term and the effect of any such change could have a material adverse effect on our financial position, results of operations or cash flows.
Note 13 — Leases
We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for a portion of our corporate headquarters located in Livermore, California. Our leases have remaining terms of 1 to 11 years, and some leases include options to extend up to 20 years. We also have operating leases for automobiles with remaining lease terms of 1 to 3 years. We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was 4 years as of March 30, 2024 and the weighted-average discount rate was 4.64%.
The components of lease expense were as follows (in thousands): | | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Lease expense: | | | | | | | |
Operating lease expense | $ | 2,130 | | | $ | 1,952 | | | | | |
Short-term lease expense | 60 | | | 157 | | | | | |
Variable lease expense | 810 | | | 746 | | | | | |
| $ | 3,000 | | | $ | 2,855 | | | | | |
Future minimum payments under our non-cancelable operating leases were as follows as of March 30, 2024 (in thousands):
| | | | | | | | |
Fiscal Year | | Amount |
Remainder of 2024 | | $ | 9,037 | |
2025 | | 9,084 | |
2026 | | 7,651 | |
2027 | | 7,222 | |
2028 | | 3,903 | |
Thereafter | | 1,401 | |
Total minimum lease payments | | 38,298 | |
Less: interest | | (6,621) | |
Present value of net minimum lease payments | | 31,677 | |
Less: current portion | | (8,245) | |
Total long-term operating lease liabilities | | $ | 23,432 | |
Note 14 — Revenue
Transaction price allocated to the remaining performance obligations: On March 30, 2024, we had $11.3 million of remaining performance obligations, which were comprised of deferred service contracts, extended warranty contracts, and contracts with overtime revenue recognition that are not yet delivered. We expect to recognize approximately 73.3% of our remaining performance obligations as revenue in the remainder of fiscal 2024, approximately 21.9% in fiscal 2025, and approximately 4.8% in fiscal 2026 and thereafter. The foregoing excludes the value of other remaining performance obligations as they have original durations of one year or less, and also excludes information about variable consideration allocated entirely to a wholly unsatisfied performance obligation.
Contract balances: The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable is recorded at the invoiced amount, net of an allowance for credit losses. A receivable is recognized in the period we deliver goods or provide services or when our right to consideration is unconditional. A contract asset is recorded when we have performed under the contract but our right to consideration is conditional on something other than the passage of time. Contract assets as of March 30, 2024 and December 30, 2023 were $5.3 million and $3.8 million, respectively, and are reported on the Condensed Consolidated Balance Sheets as a component of Prepaid expenses and other current assets.
Contract liabilities include payments received and payments due in advance of performance under a contract and are satisfied as the associated revenue is recognized. Contract liabilities are reported on the Condensed Consolidated Balance Sheets at the end of each reporting period as a component of Deferred revenue and Other liabilities. Contract liabilities as of March 30, 2024 and December 30, 2023 were $18.7 million and $18.0 million, respectively. During the three months ended March 30, 2024, we recognized $6.5 million of revenue that was included in contract liabilities as of December 30, 2023.
Costs to obtain a contract: We generally expense sales commissions when incurred as a component of Selling, general and administrative expense, as the amortization period is typically less than one year.
Revenue by category: Refer to Note 15, Operating Segments and Enterprise-Wide Information, for further details.
Note 15 — Operating Segments and Enterprise-Wide Information
Our CODM is our Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. The following table summarizes the operating results by reportable segment (dollars in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| March 30, 2024 | | April 1, 2023 |
| Probe Cards | | Systems | | Corporate and Other | | Total | | Probe Cards | | Systems | | Corporate and Other | | Total |
Revenues | $ | 136,701 | | | $ | 32,024 | | | $ | — | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | — | | | $ | 167,448 | |
Gross profit | 50,791 | | | 14,506 | | | (2,559) | | | 62,738 | | | 43,623 | | | 20,746 | | | (3,291) | | | 61,078 | |
Gross margin | 37.2 | % | | 45.3 | % | | | | 37.2 | % | | 34.3 | % | | 51.7 | % | | | | 36.5 | % |
| | | | | | | | | | | | | | | |
| |
| | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Operating results provide useful information to our management for assessment of our performance and results of operations. Certain components of our operating results are utilized to determine compensation along with other measures.
Corporate and Other includes unallocated expenses relating to amortization of intangible assets, inventory and fixed asset fair value adjustments due to acquisitions, share-based compensation, and restructuring charges which are not used in evaluating the results of, or in allocating resources to, our reportable segments.
Certain revenue category information by reportable segment was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended |
| March 30, 2024 | | April 1, 2023 |
| Probe Cards | | Systems | | Total | | Probe Cards | | Systems | | Total |
Market: | | | | | | | | | | | |
Foundry & Logic | $ | 86,768 | | | $ | — | | | $ | 86,768 | | | $ | 101,562 | | | $ | — | | | $ | 101,562 | |
DRAM | 45,896 | | | — | | | 45,896 | | | 19,890 | | | — | | | 19,890 | |
Flash | 4,037 | | | — | | | 4,037 | | | 5,876 | | | — | | | 5,876 | |
Systems | — | | | 32,024 | | | 32,024 | | | — | | | 40,120 | | | 40,120 | |
Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | |
Timing of revenue recognition: | | | | | | | | | | | |
Products transferred at a point in time | $ | 135,641 | | | $ | 28,784 | | | $ | 164,425 | | | $ | 126,678 | | | $ | 36,710 | | | $ | 163,388 | |
Products and services transferred over time | 1,060 | | | 3,240 | | | 4,300 | | | 650 | | | 3,410 | | | 4,060 | |
Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | |
Geographical region: | | | | | | | | | | | |
South Korea | $ | 50,672 | | | $ | 45 | | | $ | 50,717 | | | $ | 19,572 | | | $ | 1,203 | | | $ | 20,775 | |
United States | 35,596 | | | 10,170 | | | 45,766 | | | 24,641 | | | 13,090 | | | 37,731 | |
Taiwan | 27,179 | | | 2,698 | | | 29,877 | | | 38,897 | | | 1,432 | | | 40,329 | |
China | 8,686 | | | 6,927 | | | 15,613 | | | 18,476 | | | 8,623 | | | 27,099 | |
Europe | 3,528 | | | 5,321 | | | 8,849 | | | 3,426 | | | 6,000 | | | 9,426 | |
Japan | 4,347 | | | 4,195 | | | 8,542 | | | 7,136 | | | 3,841 | | | 10,977 | |
Singapore | 3,516 | | | 1,242 | | | 4,758 | | | 3,200 | | | 2,140 | | | 5,340 | |
Malaysia | 1,608 | | | 255 | | | 1,863 | | | 10,324 | | | 946 | | | 11,270 | |
Rest of the world | 1,569 | | | 1,171 | | | 2,740 | | | 1,656 | | | 2,845 | | | 4,501 | |
Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Statement Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Securities Exchange Act of 1934 and the Securities Act of 1933, which are subject to risks and uncertainties. The forward-looking statements include statements concerning, among other things, our business strategy, financial and operating results, gross margins, liquidity and capital expenditure requirements and impact of accounting standards. In some cases, you can identify these statements by forward-looking words, such as “may,” “might,” “will,” “could,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend” and “continue,” the negative or plural of these words and other comparable terminology.
The forward-looking statements are only predictions based on our current expectations and our projections about future events. All forward-looking statements included in this Quarterly Report on Form 10-Q are based upon information available to us as of the filing date of this Quarterly Report on Form 10-Q. You should not place undue reliance on these forward-looking statements. We have no obligation to update any of these statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements, including risks related to general market trends, the benefits of acquisitions and investments, our supply chain, uncertainties related to global, regional or national public health-related crises and the impact of our responses to them, the interpretation and impacts of changes in export controls and other trade barriers, military conflicts, political volatility and similar factors, our ability to execute our business strategy and other risks discussed in the section titled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended
December 30, 2023 and in this Quarterly Report on Form 10-Q. You should carefully consider the numerous risks and uncertainties described under these sections.
The following discussion and analysis should be read in conjunction with our condensed consolidated financial statements and the accompanying notes contained in this Quarterly Report on Form 10-Q. Unless expressly stated or the context otherwise requires, the terms “we,” “our,” “us” and “FormFactor” refer to FormFactor, Inc. and its subsidiaries.
Overview
FormFactor, Inc., headquartered in Livermore, California, is a leading 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. We provide a broad range of high-performance probe cards, analytical probes, probe stations, thermal systems, and cryogenic systems to both semiconductor companies and scientific institutions. Our 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. Customers use our products and services to accelerate profitability by optimizing device performance and advancing yield knowledge.
We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. Sales of our probe cards and analytical probes are included in the Probe Cards segment, while sales of our probe stations, thermal systems and cryogenic systems are included in the Systems segment.
We generated net income of $21.8 million in the first three months of fiscal 2024 as compared to $1.3 million in the first three months of fiscal 2023. On February 26, 2024, we completed the sale of our China operations and established an exclusive distribution and partnership agreement to continue sales and support of our products in the region (the “China Transaction”). As a result of the China Transaction, we received estimated net consideration of $21.1 million and the China Transaction resulted in an estimated gain of $20.0 million, subject to customary adjustments for changes in net working capital and similar items.
The increase in net income in the first three months of fiscal 2024 compared to the first three months of fiscal 2023 was primarily due to the $20.0 million estimated gain recognized from the China Transaction. Apart from this gain, the semiconductor industry weakness that began in the third quarter of fiscal 2022 continued into fiscal 2024, impacting most markets within our Probe Cards segment. Furthermore, due to the sale of our FRT Metrology business in the fourth quarter of fiscal 2023, our Systems segment revenues were impacted due to the decreased metrology system sales.
Critical Accounting Estimates
Management’s Discussion and Analysis and Note 2, Summary of Significant Accounting Policies, to the Consolidated Financial Statements in our 2023 Annual Report on Form 10-K describe the significant accounting estimates and significant accounting policies used in preparation of the Consolidated Financial Statements. Actual results in these areas could differ from management’s estimates. During the three months ended March 30, 2024, there were no significant changes in our significant accounting policies or estimates from those reported in our Annual Report on Form 10-K for the year ended December 30, 2023.
Results of Operations
The following table sets forth our operating results as a percentage of revenues for the periods indicated:
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Revenues | 100.0 | % | | 100.0 | % | | | | |
Cost of revenues | 62.8 | | | 63.5 | | | | | |
Gross profit | 37.2 | | | 36.5 | | | | | |
Operating expenses: | | | | | | | |
Research and development | 17.0 | | | 16.9 | | | | | |
Selling, general and administrative | 19.6 | | | 19.5 | | | | | |
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Total operating expenses | 36.6 | | | 36.4 | | | | | |
Gain on sale of business | 12.0 | | | — | | | | | |
Operating income | 12.6 | | | 0.1 | | | | | |
Interest income, net | 1.9 | | | 0.7 | | | | | |
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Other income, net | 0.3 | | | — | | | | | |
Income before income taxes | 14.8 | | | 0.8 | | | | | |
Provision for income taxes | 1.9 | | | — | | | | | |
Net income | 12.9 | % | | 0.8 | % | | | | |
Revenues by Segment and Market | | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
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Probe Cards | $ | 136,701 | | | $ | 127,328 | | | | | |
Systems(1) | 32,024 | | | 40,120 | | | | | |
| $ | 168,725 | | | $ | 167,448 | | | | | |
(1) During the fourth quarter of fiscal 2023, we completed the sale of our FRT Metrology business. As a result, metrology systems revenue will not recur in future periods. We generated no metrology systems revenue during the three months ended March 30, 2024, compared to $4.1 million during the three months ended April 1, 2023.
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| Three Months Ended |
| March 30, 2024 | | % of Revenues | | April 1, 2023 | | % of Revenues | | $ Change | | % Change |
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Probe Cards Markets: | | | | | | | | | | | |
Foundry & Logic | $ | 86,768 | | | 51.4 | % | | $ | 101,562 | | | 60.6 | % | | $ | (14,794) | | | (14.6) | % |
DRAM | 45,896 | | | 27.2 | | | 19,890 | | | 11.9 | | | 26,006 | | | 130.7 | |
Flash | 4,037 | | | 2.4 | | | 5,876 | | | 3.5 | | | (1,839) | | | (31.3) | |
Systems Market: | | | | | | | | | | | |
Systems(1) | 32,024 | | | 19.0 | | | 40,120 | | | 24.0 | | | (8,096) | | | (20.2) | |
Total revenues | $ | 168,725 | | | 100.0 | % | | $ | 167,448 | | | 100.0 | % | | $ | 1,277 | | | 0.8 | % |
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(1) During the fourth quarter of fiscal 2023, we completed the sale of our FRT Metrology business. As a result, metrology systems revenue will not recur in future periods. We generated no metrology systems revenue during the three months ended March 30, 2024, compared to $4.1 million during the three months ended April 1, 2023.
Foundry & Logic — The decrease in Foundry & Logic product revenue for the three months ended March 30, 2024, compared to the three months ended April 1, 2023, was driven by continued weakness in demand in the semiconductor industry,
especially in the personal computer and mobile sectors, that has resulted in decreased unit sales across the majority of our major customers.
DRAM — The increase in DRAM product revenue for the three months ended March 30, 2024, compared to the three months ended April 1, 2023, was driven by increased demand for high bandwidth memory (“HBM”) chips utilized in generative artificial intelligence applications.
Flash — The decrease in Flash product revenue for the three months ended March 30, 2024, compared to the three months ended April 1, 2023, was driven by lower customer production activity and demand for our products.
Systems — The decrease in Systems market revenue for the three months ended March 30, 2024, compared to the three months ended April 1, 2023, was driven primarily by the absence of sales of our metrology systems from our FRT Metrology business, which was sold in the fourth quarter of fiscal 2023, and decreased sales of cryogenic systems. The decrease in Systems revenue from sources not associated with metrology systems was $4.0 million, or 11.0%, for the three months ended March 30, 2024, driven primarily by timing of demand for our cryogenic systems.
Revenues by Geographic Region
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| Three Months Ended | | |
| March 30, 2024 | | % of Revenues | | April 1, 2023 | | % of Revenues | | | | | | | | |
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| (Dollars in thousands) |
South Korea | $ | 50,717 | | | 30.1 | % | | $ | 20,775 | | | 12.4 | % | | | | | | | | |
United States | 45,766 | | | 27.1 | | | 37,731 | | | 22.5 | | | | | | | | | |
Taiwan | 29,877 | | | 17.7 | | | 40,329 | | | 24.1 | | | | | | | | | |
China | 15,613 | | | 9.3 | | | 27,099 | | | 16.2 | | | | | | | | | |
Europe | 8,849 | | | 5.2 | | | 9,426 | | | 5.6 | | | | | | | | | |
Japan | 8,542 | | | 5.1 | | | 10,977 | | | 6.6 | | | | | | | | | |
Singapore | 4,758 | | | 2.8 | | | 5,340 | | | 3.2 | | | | | | | | | |
Malaysia | 1,863 | | | 1.1 | | | 11,270 | | | 6.7 | | | | | | | | | |
Rest of the world | 2,740 | | | 1.6 | | | 4,501 | | | 2.7 | | | | | | | | | |
Total revenues | $ | 168,725 | | | 100.0 | % | | $ | 167,448 | | | 100.0 | % | | | | | | | | |
Geographic revenue information is based on the location to which we ship the product. For example, if a certain South Korean customer purchases through its U.S. subsidiary and requests the products to be shipped to an address in South Korea, this sale will be reflected in the revenue for South Korea rather than the U.S.
Changes in revenue by geographic region for the three months ended March 30, 2024, compared to the three months ended April 1, 2023, were primarily attributable to changes in customer demand, shifts in customer regional manufacturing strategies, particularly with our large multinational customers, and product sales mix. Specifically, the changes in revenue by geographic region was attributable to the following:
•The increase in revenue for South Korea was driven principally by increased demand for our DRAM products, including HBM.
•The decrease in revenues for Taiwan was driven principally by decreased demand for our Foundry & Logic products.
•The increase in revenues for the United States, and decreases in revenues for China and Malaysia, were driven principally by a single large U.S.-based company with operations in these regions that shifted shipments from these regions to the United States. We expect the trade restrictions to continue to drive multinational customers to concentrate operations in regions other than China, impacting our geographical mix.
•The decrease in revenues for China was also impacted by lowered demand from a large Chinese DRAM integrated device manufacturer and the impact of expanded export license requirements imposed by the U.S. government beginning the fourth quarter of fiscal 2022 for exporting advanced U.S. semiconductor technology to China.
Cost of Revenues and Gross Margins
Cost of revenues consists primarily of manufacturing materials, compensation and benefits, shipping and handling costs, manufacturing-related overhead (including equipment costs, related occupancy, and computer services), warranty costs, inventory adjustments (including write-downs for inventory obsolescence), and amortization of certain intangible assets. Our manufacturing operations rely on a limited number of suppliers to provide key components and materials for our products,
some of which are a sole source. We order materials and supplies based on backlog and forecasted customer orders. Tooling and setup costs related to changing manufacturing lots at our suppliers are also included in the cost of revenues. We expense all warranty costs, inventory provisions and amortization of certain intangible assets as cost of revenues.
Our gross profit and gross margin were as follows (dollars in thousands):
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| Three Months Ended |
| March 30, 2024 | | April 1, 2023 | | $ Change | | % Change |
Gross profit | $ | 62,738 | | | $ | 61,078 | | | $ | 1,660 | | | 2.7 | % |
Gross margin | 37.2 | % | | 36.5 | % | | | | |
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Our gross profit and gross margin by segment were as follows (dollars in thousands):
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| Three Months Ended |
| March 30, 2024 | | April 1, 2023 |
| Probe Cards | | Systems | | Corporate and Other | | Total | | Probe Cards | | Systems | | Corporate and Other | | Total |
Gross profit | $ | 50,791 | | | $ | 14,506 | | | $ | (2,559) | | | $ | 62,738 | | | $ | 43,623 | | | $ | 20,746 | | | $ | (3,291) | | | $ | 61,078 | |
Gross margin | 37.2 | % | | 45.3 | % | | | | 37.2 | % | | 34.3 | % | | 51.7 | % | | | | 36.5 | % |
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Probe Cards — For the three months ended March 30, 2024, gross profit and gross margins increased compared to the three months ended April 1, 2023, primarily due to greater revenues and a more favorable absorption of costs on higher production volumes, as well as lower inventory excess and obsolescence reserves. This was partially offset by an unfavorable product mix resulting from a higher concentration of sales of lower-margin DRAM products, up from 15.6% of Probe Card sales to 33.6% of Probe Card sales, and a lower concentration of Foundry & Logic sales, down from 79.8% of Probe Card sales to 63.5% of Probe Card sales, and higher warranty costs.
Systems — For the three months ended March 30, 2024, gross profit and gross margins decreased compared to the three months ended April 1, 2023, primarily as a result of a less favorable product mix.
Corporate and Other — Corporate and Other includes unallocated expenses relating to stock-based compensation expense, amortization of intangible assets, inventory and fixed asset fair value adjustments due to acquisitions, and restructuring charges, net, which are not used in evaluating the results of, or in allocating resources to, our reportable segments. For the three months ended March 30, 2024, Corporate and Other gross profit increased compared to the three months ended April 1, 2023, primarily from the absence of amortization expense associated with our FRT Metrology business, which was sold during the fourth quarter of fiscal 2023.
Overall — Gross profit and gross margins fluctuate with revenue levels, product mix, selling prices, factory loading, and material costs. For the three months ended March 30, 2024, compared to the three months ended April 1, 2023, gross profit and gross margins have increased primarily as a result of more favorable absorption of costs and lower inventory excess and obsolescence reserves, partially offset by an unfavorable product mix, as described above.
Cost of revenues included stock-based compensation expense as follows (in thousands):
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| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Stock-based compensation | $ | 1,928 | | | $ | 1,910 | | | | | |
Research and Development
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| Three Months Ended |
| March 30, 2024 | | April 1, 2023 | | $ Change | | % Change |
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| (Dollars in thousands) |
Research and development | $ | 28,627 | | | $ | 28,245 | | | $ | 382 | | | 1.4 | % |
% of revenues | 17.0 | % | | 16.9 | % | | | | |
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Research and development expenses in the three months ended March 30, 2024 increased compared to the corresponding period in the prior year primarily due to increased project material costs and stock-based compensation expense, partially offset by lower employee compensation costs due to decreased headcount.
A detail of the changes is as follows (in thousands):
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| Three Months Ended March 30, 2024 compared to Three Months Ended April 1, 2023 | | |
Employee compensation costs | $ | (1,242) | | | |
Project material costs | 1,151 | | | |
Other general operational costs | 341 | | | |
Stock-based compensation | 241 | | | |
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Depreciation | (109) | | | |
| $ | 382 | | | |
Research and development included stock-based compensation expense as follows (in thousands):
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| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Stock-based compensation | $ | 2,613 | | | $ | 2,372 | | | | | |
Selling, General and Administrative
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| Three Months Ended |
| March 30, 2024 | | April 1, 2023 | | $ Change | | % Change |
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Selling, general and administrative | $ | 33,079 | | | $ | 32,742 | | | $ | 337 | | | 1.0 | % |
% of revenues | 19.6 | % | | 19.5 | % | | | | |
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Selling, general and administrative expenses increased in the three months ended March 30, 2024 compared to the corresponding period in the prior year. The drivers of the increase for the three month period were increased transaction expenses related to the sale of our FRT Metrology business in the fourth quarter of fiscal 2023 and the China Transaction in the first quarter of fiscal 2024, increased stock-based compensation expense from an increase in weighted average fair value of awards outstanding, and increased recruiting costs, partially offset by lower amortization expense from significant intangible assets becoming fully amortized and lower restructuring charges.
A detail of the changes is as follows (in thousands):
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| Three Months Ended March 30, 2024 compared to Three Months Ended April 1, 2023 | | |
Amortization of intangible assets | $ | (1,355) | | | |
Consulting fees | 1,177 | | | |
Stock-based compensation | 856 | | | |
Restructuring charges | (826) | | | |
Recruiting costs | 413 | | | |
Employee compensation costs | (376) | | | |
General operating expenses | 448 | | | |
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| $ | 337 | | | |
Selling, general and administrative included stock-based compensation expense as follows (in thousands):
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| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
Stock-based compensation | $ | 5,864 | | | $ | 5,008 | | | | | |
Gain on sale of business
Gain on sale of business represents the gain recognized from the China Transaction of $20.0 million and an adjustment to the gain recognized from the sale of our FRT Metrology business of $0.3 million. See Note 4, Divestitures, for additional information.
Interest Income (Expense), Net
Interest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income for the three months ended March 30, 2024 compared with the corresponding period of the prior year, was attributable to an increase in weighted average yields due to the higher interest rate environment and on higher invested balances.
Interest expense primarily includes interest on our term loan, interest rate swap derivative contracts, and term loan issuance costs amortization charges. The interest expense for the three months ended March 30, 2024 decreased compared to the corresponding period of the prior year due to lower outstanding debt.
Other Income, Net
Other income, net, primarily includes the effects of foreign currency and various other gains and losses. We partially mitigate our risks from currency movements by hedging certain balance sheet exposures, which minimizes the impacts during periods of foreign exchange volatility.
Provision for Income Taxes
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| Three Months Ended | | |
| March 30, 2024 | | April 1, 2023 | | | | |
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Provision for income taxes | $ | 3,198 | | | $ | 48 | | | | | |
Effective tax rate | 12.8 | % | | 3.5 | % | | | | |
Provision for income taxes reflects the tax provision on our operations in foreign and U.S. jurisdictions, offset by tax benefits from tax credits and the foreign-derived intangible income deduction. Our effective tax rate may vary from period to period based on changes in estimated taxable income or loss by jurisdiction, changes to the valuation allowance, changes to U.S. federal, state or foreign tax laws, changes in stock-based compensation expense/benefit, future expansion into areas with varying country, state, and local income tax rates, and deductibility of certain costs and expenses by jurisdiction. The increase in our effective tax rate for the three months ended March 30, 2024 compared to the corresponding period in the prior year was primarily driven by higher taxable income with consistent rate impacting items.
The Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022 (“CHIPS Act”) was signed into law on August 9, 2022. The CHIPS Act provides for various incentives and tax credits, among other items, including the Advanced Manufacturing Investment Credit (“AMIC”), which equals 25% of qualified investments in an advanced manufacturing facility that is placed in service after December 31, 2022. At least a portion of our future capital expenditures and research and development costs will qualify for this credit, which benefits us by allowing us to net the credit received against our costs. The AMIC credit is accounted for outside of ASC 740 as a reduction to the depreciable basis of the assets used in operations and will not have an impact on our effective tax rate.
Beginning in 2022, the U.S. Tax Cuts and Jobs Act of 2017 eliminated the existing option to deduct research and development expenditures and requires taxpayers to amortize such expenditures attributable to domestic and foreign research over five and fifteen years, respectively, pursuant to IRC Section 174. While the capitalization requirement has a negative impact on our cash flows, there are offsetting benefits from the enactment of this provision that we have included in our estimated annual effective tax rate. While it is possible that Congress may defer, modify, or repeal this provision, potentially with retroactive effect, we have no assurance that this provision will be deferred, modified, or repealed. Changes in our tax provisions or an increase in our tax liabilities, whether due to changes in applicable laws and regulations, the interpretation or application thereof, or a final
determination of tax audits or litigation or agreements, could have a material adverse effect on our financial position, results of operations and/or cash flows.
Liquidity and Capital Resources
Capital Resources
Our working capital increased to $457.9 million at March 30, 2024, compared to $442.7 million at December 30, 2023.
Cash and cash equivalents primarily consist of deposits held at banks and money market funds. Marketable securities primarily consist of corporate bonds, U.S. treasuries, commercial paper, and U.S. agency securities. We typically invest in highly rated securities with low probabilities of default. Our investment policy requires investments to be rated single A or better, and limits the types of acceptable investments, issuer concentration and duration of the investment.
Our cash, cash equivalents and marketable securities totaled approximately $349.2 million at March 30, 2024, compared to $328.3 million at December 30, 2023. Based on our historical results of operations, we expect that our cash, cash equivalents, and marketable securities on hand, and the cash we expect to generate from operations, will be sufficient to fund our short-term and long-term liquidity requirements primarily arising from: research and development, capital expenditures, working capital, outstanding commitments, and other liquidity requirements associated with existing operations. However, we cannot be certain that our cash, cash equivalents, and marketable securities on hand, and cash generated from operations, will be available in the future to fund all of our capital and operating requirements. In addition, any future strategic investments and significant acquisitions may require additional cash and capital resources. To the extent necessary, we may consider entering into short and long-term debt obligations, raising cash through a stock issuance, or obtaining new financing facilities, which may not be available on terms favorable to us. If we are unable to obtain sufficient cash or capital to meet our needs on a timely basis and on favorable terms, our business and operations could be materially and adversely affected.
If we are unsuccessful in maintaining or growing our revenues, maintaining or reducing our cost structure, or increasing our available cash through debt or equity financings, our cash, cash equivalents and marketable securities may decline.
We utilize a variety of tax planning and financing strategies to manage our worldwide cash and deploy funds to locations where needed. As part of these strategies, we indefinitely reinvest a portion of our foreign earnings. Should we require additional capital in the United States, we may elect to repatriate indefinitely-reinvested foreign funds or raise capital in the United States.
Cash Flows
The following table sets forth our net cash flows from operating, investing and financing activities:
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| Three Months Ended |
| March 30, 2024 | | April 1, 2023 |
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| (In thousands) |
Net cash provided by operating activities | $ | 33,012 | | | $ | 12,309 | |
Net cash used in investing activities | $ | (3,820) | | | $ | (13,539) | |
Net cash provided by (used in) financing activities | $ | (14,492) | | | $ | 4,378 | |
Operating Activities
Net cash provided by operating activities consists of net income for the period adjusted for certain non-cash items and changes in certain operating assets and liabilities. Net cash provided by operating activities for the three months ended March 30, 2024 was attributable to net income of $21.8 million, an increase in net working capital of $9.8 million, and net non-cash income of $1.4 million. The cash generated from net working capital is related to decreased accounts receivable, net of $6.5 million and increased accounts payable and deferred revenue of $4.9 million and $4.5 million, respectively, partially offset by increased inventories of $4.9 million. The non-cash income consisted of the $20.3 million gain on sale of business, offset by depreciation, amortization, stock-based compensation, and the provision for excess and obsolete inventories.
Investing Activities
Net cash used in investing activities for the three months ended March 30, 2024 primarily related to $13.4 million in property, plant and equipment purchases and $11.7 million in net purchases of marketable securities, offset by $21.3 million cash provided by the sale of businesses.
Financing Activities
Net cash used in financing activities for the three months ended March 30, 2024 primarily related to $17.3 million used to purchase common stock under our stock repurchase program, $1.8 million used to pay tax withholdings for net share settlements of employee stock awards, partially offset by $4.9 million received from issuances of common stock under our employee stock purchase plan.
Debt
On June 22, 2020, we entered into an $18.0 million 15-year credit facility loan agreement (the “Building Term Loan”). The proceeds of the Building Term Loan were used to purchase a building adjacent to our leased facilities in Livermore, California. On May 19, 2023, we amended the Building Term Loan, replacing the benchmark reference rate London Interbank Offered Rate (“LIBOR“) with the term Secured Overnight Financing Rate (“SOFR”), with no change to the amount or timing of contractual cash flows.
The Building Term Loan bears interest at a rate equal to the applicable SOFR rate, plus 1.86% per annum. Interest payments are payable in monthly installments over a fifteen-year period. The interest rate at March 30, 2024, before consideration of the interest rate swap discussed in the next paragraph, was 7.19%. As of March 30, 2024, the balance outstanding pursuant to the Building Term Loan was $14.2 million.
On March 17, 2020, we entered into an interest rate swap agreement to hedge the interest payment on the Building Term Loan for the notional amount of $18.0 million, and an amortization period that matches the debt. As future levels of LIBOR over the life of the loan are uncertain, we entered into this interest-rate swap agreement to hedge the exposure in interest rate risks associated with movement in LIBOR rates. This agreement was amended on May 19, 2023 to replace the benchmark reference rate LIBOR with SOFR to match the Building Term Loan agreement (as amended). After the amendment, the interest rate swap continues to convert our floating-rate interest into a fixed-rate at 2.75%. As of March 30, 2024, the notional amount of the loan that is subject to this interest rate swap is $14.2 million.
Stock Repurchase Programs
On May 20, 2022, our Board of Directors authorized a two-year program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuance of common stock under our stock-based compensation programs. During fiscal 2022 and fiscal 2023, we repurchased and retired 1,700,893 shares of common stock for $56.4 million and 504,352 shares of common stock for $18.6 million, respectively, utilizing the remaining shares available for repurchase under the program.
On October 30, 2023, our Board of Directors authorized an additional two-year program to repurchase up to $75.0 million of outstanding common stock, also with the primary purpose of offsetting potential dilution from issuance of common stock under our stock-based compensation programs. This share repurchase program will expire on October 30, 2025. During fiscal 2023, we repurchased and retired 32,020 shares of common stock for $1.2 million. During the three months ended March 30, 2024, we repurchased and retired 411,756 shares of common stock for $17.4 million, and as of March 30, 2024, $56.4 million remained available for future repurchases.
Contractual Obligations and Commitments
The following table summarizes our significant contractual commitments to make future payments in cash under contractual obligations as of March 30, 2024:
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| Payments Due In Fiscal Year |
| Remainder 2024 | | 2025 | | 2026 | | 2027 | | 2028 | | Thereafter | | Total |
Operating leases | $ | 9,037 | | | $ | 9,084 | | | $ | 7,651 | | | $ | 7,222 | | | $ | 3,903 | | | $ | 1,401 | | | $ | 38,298 | |
Term loans - principal payments | 813 | | | 1,111 | | | 1,142 | | | 1,175 | | | 1,208 | | | 8,732 | | | 14,181 | |
Term loans - interest payments (1) | 762 | | | 935 | | | 856 | | | 771 | | | 687 | | | 2,160 | | | 6,171 | |
Total | $ | 10,612 | | | $ | 11,130 | | | $ | 9,649 | | | $ | 9,168 | | | $ | 5,798 | | | $ | 12,293 | | | $ | 58,650 | |
(1) Represents our minimum interest payment commitments at 7.19% per annum, excluding the interest rate swap described in Debt, above.
The table above excludes our gross liability for unrecognized tax benefits and our deferred grant. The gross liability for unrecognized tax benefits was $50.3 million as of March 30, 2024. The timing of any payments which could result from these unrecognized tax benefits will depend upon a number of factors and, accordingly, the timing of payment cannot be estimated. The deferred grant was $18.0 million as of March 30, 2024. The timing of any potential repayments is dependent upon a number of factors, including the number of employees and capital investments. Accordingly, the timing of any repayment cannot be estimated.
Off-Balance Sheet Arrangements
Historically, we have not participated in transactions that have generated relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. As of March 30, 2024, we were not involved in any such off-balance sheet arrangements.
Recent Accounting Standards
For a description of a recent change in accounting standards, including the expected dates of adoption and estimated effects, if any, in our condensed consolidated financial statements, see Note 1, Basis of Presentation and Significant Accounting Policies, in Part I, Item 1 of this Form 10-Q.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
For financial market risks related to changes in interest rates and foreign currency exchange rates, reference is made to Item 7A “Quantitative and Qualitative Disclosures about Market Risk” contained in Part II of our Annual Report on Form 10-K for the fiscal year ended December 30, 2023. Our exposure to market risk has not changed materially since December 30, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Based on our management’s evaluation (with the participation of our principal executive officer and principal financial officer), as of the end of the period covered by this report, our principal executive officer and principal financial officer have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”)) are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There have been no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this Quarterly Report on Form 10-Q that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on the Effectiveness of Controls
Control systems, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control systems’ objectives are being met. Further, the design of any control systems must reflect the fact that there are resource constraints, and the benefits of all controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of a simple error or mistake. Control systems can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based, in part, on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures.
CEO and CFO Certifications
We have attached as exhibits to this Quarterly Report on Form 10-Q the certifications of our Chief Executive Officer and Chief Financial Officer, which are required in accordance with the Exchange Act. We recommend that this Item 4 be read in conjunction with the certifications for a more complete understanding of the subject matter presented.
PART II - OTHER INFORMATION
Item 1A. Risk Factors
There have been no material changes during the three months ended March 30, 2024 to the risk factors discussed in our Annual Report on Form 10-K for the year ended December 30, 2023. If any of the identified risks actually occur, our business, financial condition and results of operations could suffer. The trading price of our common stock could decline and you may lose all or part of your investment in our common stock. The risks and uncertainties described in our Annual Report on Form 10-K for the year ended December 30, 2023 are not the only ones we face. Additional risks that we currently do not know about or that we currently believe to be immaterial may also impair our business operations.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Repurchase of Common Stock
The following table summarizes our repurchases of outstanding common stock for the three months ended March 30, 2024:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Period (fiscal months) | | Total Number of Shares Purchased | | Average Price Paid per Share(2) | | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | | Maximum Amount that May Yet Be Purchased Under the Plans or Programs(1)(2) |
December 31, 2023 - January 27, 2024 | | — | | | $ | — | | | — | | | $ | 73,834,628 | |
January 28, 2024 - February 24, 2024 | | 59,656 | | | 39.65 | | | 59,656 | | | 71,469,304 | |
February 25, 2024 - March 30, 2024 | | 352,100 | | | 42.70 | | | 352,100 | | | 56,436,318 | |
| | 411,756 | | | $ | 42.25 | | | 411,756 | | | |
1 In October 2023, our Board of Directors authorized a program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuances of our common stock under our employee stock purchase plan and equity incentive plan. Under the authorized stock repurchase program, we may repurchase shares from time to time on the open market. The pace of repurchase activity will depend on levels of cash generation, current stock price and other factors. The program may be modified or discontinued at any time. This share repurchase program will expire October 2025.
2 Amounts include the 1% surcharge on stock repurchases under the Inflation Reduction Act’s excise tax. This excise tax is recorded in equity and reduces the amount available under the repurchase program, as applicable.
Item 5. Other Information
Rule 10b5-1 Trading Arrangements
During the quarter ended March 30, 2024, no director or officer of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits
The following exhibits are filed herewith and this list constitutes the exhibit index.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Exhibit | | | | Incorporated by Reference | | Filed |
Number | | Exhibit Description | | Form | | Date | | Number | | Herewith |
31.01 | | | | | | | | | | X |
31.02 | | | | | | | | | | X |
32.01 | | | | | | | | | | * |
101 | | The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Stockholders’ Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags | | | | | | | | X |
101.INS | | XBRL Instance Document | | | | | | | | X |
101.SCH | | XBRL Taxonomy Extension Schema Document | | | | | | | | X |
101.CAL | | XBRL Taxonomy Extension Calculation Linkbase Document | | | | | | | | X |
101.DEF | | XBRL Taxonomy Extension Definition Linkbase Document | | | | | | | | X |
101.LAB | | XBRL Taxonomy Extension Label Linkbase Document | | | | | | | | X |
101.PRE | | XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | | | X |
104 | | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 30, 2024, formatted in Inline XBRL (included as Exhibit 101) | | | | | | | | X |
______________________________________
* This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.
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 thereunto duly authorized.
| | | | | | | | | | | |
| | FormFactor, Inc. |
| | | |
Date: | May 7, 2024 | By: | /s/ SHAI SHAHAR |
| | | |
| | | Shai Shahar |
| | | Chief Financial Officer |
| | | (Duly Authorized Officer, Principal Financial Officer, and Principal Accounting Officer) |
Exhibit 31.01
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO 15 U.S.C. SECTION 7241, AS
ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Michael D. Slessor, certify that:
1.I have reviewed the quarterly report on Form 10-Q of FormFactor, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in the quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: | May 7, 2024 | /s/ MICHAEL D. SLESSOR |
| | Michael D. Slessor Chief Executive Officer (Principal Executive Officer and Director) |
Exhibit 31.02
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO 15 U.S.C. SECTION 7241,
AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Shai Shahar, certify that:
1.I have reviewed the quarterly report on Form 10-Q of FormFactor, Inc.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in the quarterly report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
Date: | May 7, 2024 | /s/ SHAI SHAHAR |
| | Shai Shahar Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Exhibit 32.01
CERTIFICATION OF
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of FormFactor, Inc., a Delaware corporation, for the period ended March 30, 2024, as filed with the Securities and Exchange Commission, each of the undersigned officers of FormFactor, Inc. certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his respective knowledge:
1.The quarterly report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
2.The information contained in the quarterly report fairly presents, in all material respects, the financial condition and results of operations of FormFactor, Inc. for the periods presented therein.
| | | | | | | | |
Date: | May 7, 2024 | /s/ MICHAEL D. SLESSOR |
| | Michael D. Slessor Chief Executive Officer (Principal Executive Officer and Director) |
Date: | May 7, 2024 | /s/ SHAI SHAHAR |
| | Shai Shahar Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
v3.24.1.u1
Cover Page - shares
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3 Months Ended |
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Mar. 30, 2024 |
May 01, 2024 |
Cover [Abstract] |
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FormFactor, Inc.
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DE
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13-3711155
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7005 Southfront Road
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Livermore
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CA
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FORM
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 186,296
|
$ 177,812
|
Marketable securities |
162,863
|
150,507
|
Accounts receivable, net of allowance for credit losses of $501 and $501 |
96,407
|
102,957
|
Inventories, net |
108,774
|
111,685
|
Restricted cash |
5,865
|
1,152
|
Prepaid expenses and other current assets |
28,291
|
29,667
|
Total current assets |
588,496
|
573,780
|
Restricted cash |
2,220
|
2,309
|
Operating lease, right-of-use-assets |
28,543
|
30,519
|
Property, plant and equipment, net of accumulated depreciation |
205,772
|
204,399
|
Goodwill |
199,653
|
201,090
|
Intangibles, net |
12,297
|
12,938
|
Deferred tax assets |
80,007
|
78,964
|
Other assets |
2,810
|
2,795
|
Total assets |
1,119,798
|
1,106,794
|
Current liabilities: |
|
|
Accounts payable |
65,995
|
63,857
|
Accrued liabilities |
37,716
|
41,037
|
Current portion of term loan, net of unamortized issuance costs |
1,083
|
1,075
|
Deferred revenue |
17,519
|
16,704
|
Operating lease liabilities |
8,245
|
8,422
|
Total current liabilities |
130,558
|
131,095
|
Term loan, less current portion, net of unamortized issuance costs |
13,041
|
13,314
|
Long-term operating lease liabilities |
23,432
|
25,334
|
Deferred grant |
18,000
|
18,000
|
Other liabilities |
11,017
|
10,247
|
Total liabilities |
196,048
|
197,990
|
Stockholders’ equity: |
|
|
Common stock, $0.001 par value |
77
|
77
|
Additional paid-in capital |
857,326
|
861,448
|
Accumulated other comprehensive loss |
(6,765)
|
(4,052)
|
Accumulated income |
73,112
|
51,331
|
Total stockholders’ equity |
923,750
|
908,804
|
Total liabilities and stockholders’ equity |
$ 1,119,798
|
$ 1,106,794
|
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v3.24.1.u1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Statement of Financial Position [Abstract] |
|
|
Allowance for doubtful accounts |
$ 501
|
$ 501
|
Common stock, par value (in dollars per share) |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized (in shares) |
250,000,000
|
250,000,000
|
Common stock, shares issued (in shares) |
77,241,118
|
77,376,903
|
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77,241,118
|
77,376,903
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Income Statement [Abstract] |
|
|
Revenues |
$ 168,725
|
$ 167,448
|
Cost of revenues |
105,987
|
106,370
|
Gross profit |
62,738
|
61,078
|
Operating expenses: |
|
|
Research and development |
28,627
|
28,245
|
Selling, general and administrative |
33,079
|
32,742
|
Total operating expenses |
61,706
|
60,987
|
Gain (loss) on disposition of business |
20,271
|
0
|
Operating income |
21,303
|
91
|
Interest income, net |
3,156
|
1,276
|
Other income, net |
520
|
23
|
Income before income taxes |
24,979
|
1,390
|
Provision for income taxes |
3,198
|
48
|
Net income |
$ 21,781
|
$ 1,342
|
Net income per share: |
|
|
Basic (in dollars per share) |
$ 0.28
|
$ 0.02
|
Diluted (in dollars per share) |
$ 0.28
|
$ 0.02
|
Weighted-average number of shares used in per share calculations: |
|
|
Basic (in shares) |
77,452
|
77,066
|
Diluted (in shares) |
78,490
|
77,255
|
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
3 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Statement of Comprehensive Income [Abstract] |
|
|
Net income |
$ 21,781
|
$ 1,342
|
Other comprehensive income (loss), net of tax: |
|
|
Foreign currency translation adjustments |
(2,283)
|
832
|
Unrealized gains (losses) on available-for-sale marketable securities |
(198)
|
603
|
Unrealized losses on derivative instruments |
(232)
|
(43)
|
Other comprehensive income (loss) |
(2,713)
|
1,392
|
Comprehensive income |
$ 19,068
|
$ 2,734
|
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Accumulated Other Comprehensive Loss |
Accumulated Income (Deficit) |
Beginning balance (in shares) at Dec. 31, 2022 |
|
76,914,590
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 808,285
|
$ 77
|
$ 844,842
|
$ (5,578)
|
$ (31,056)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan (in shares) |
|
210,055
|
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan |
5,024
|
|
5,024
|
|
|
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares) |
|
17,378
|
|
|
|
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax |
(387)
|
$ 0
|
(387)
|
|
|
Stock-based compensation |
8,716
|
|
8,716
|
|
|
Other comprehensive income (loss) |
1,392
|
|
|
1,392
|
|
Net income |
1,342
|
|
|
|
1,342
|
Ending balance (in shares) at Apr. 01, 2023 |
|
77,142,023
|
|
|
|
Ending balance at Apr. 01, 2023 |
824,372
|
$ 77
|
858,195
|
(4,186)
|
(29,714)
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
76,914,590
|
|
|
|
Beginning balance at Dec. 31, 2022 |
$ 808,285
|
$ 77
|
844,842
|
(5,578)
|
(31,056)
|
Ending balance (in shares) at Dec. 30, 2023 |
77,376,903
|
77,376,903
|
|
|
|
Ending balance at Dec. 30, 2023 |
$ 908,804
|
$ 77
|
861,448
|
(4,052)
|
51,331
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan (in shares) |
|
197,014
|
|
|
|
Issuance of common stock under the Employee Stock Purchase Plan |
4,948
|
|
4,948
|
|
|
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax (in shares) |
|
78,957
|
|
|
|
Issuance of common stock pursuant to vesting of restricted stock units, net of stock withheld for tax |
(1,840)
|
$ 0
|
(1,840)
|
|
|
Purchase of common stock retired through repurchase program (in shares) |
|
411,756
|
|
|
|
Purchase and retirement of common stock through repurchase program |
(17,398)
|
$ 0
|
(17,398)
|
|
|
Stock-based compensation |
10,168
|
|
10,168
|
|
|
Other comprehensive income (loss) |
(2,713)
|
|
|
(2,713)
|
|
Net income |
$ 21,781
|
|
|
|
21,781
|
Ending balance (in shares) at Mar. 30, 2024 |
77,241,118
|
77,241,118
|
|
|
|
Ending balance at Mar. 30, 2024 |
$ 923,750
|
$ 77
|
$ 857,326
|
$ (6,765)
|
$ 73,112
|
X |
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v3.24.1.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Dec. 30, 2023 |
Cash flows from operating activities: |
|
|
|
Net income |
$ 21,781
|
$ 1,342
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation |
7,193
|
7,576
|
|
Amortization |
640
|
2,378
|
|
Reduction in the carrying amount of right-of-use assets |
1,415
|
1,690
|
|
Stock-based compensation expense |
10,405
|
9,290
|
|
Deferred income tax benefit |
(1,293)
|
(145)
|
|
Provision for excess and obsolete inventories |
3,146
|
4,973
|
|
Gain (Loss) on Disposition of Business |
(20,271)
|
0
|
|
Other adjustments to reconcile net income to net cash provided by operating activities |
176
|
278
|
|
Changes in assets and liabilities: |
|
|
|
Accounts receivable |
6,466
|
(15,926)
|
|
Inventories |
(4,926)
|
1,375
|
|
Prepaid expenses and other current assets |
1,224
|
1,009
|
|
Other assets |
17
|
(55)
|
|
Accounts payable |
4,948
|
(1,819)
|
|
Accrued liabilities |
(1,963)
|
(10,209)
|
|
Other liabilities |
1,085
|
319
|
|
Deferred revenues |
4,499
|
(6,046)
|
|
Deferred grant |
0
|
|
$ 18,000
|
Operating lease liabilities |
(1,530)
|
(1,721)
|
|
Net cash provided by operating activities |
33,012
|
12,309
|
|
Cash flows from investing activities: |
|
|
|
Acquisition of property, plant and equipment |
(13,436)
|
(19,701)
|
|
Proceeds from sale of business |
21,275
|
0
|
|
Purchases of marketable securities |
(37,472)
|
(27,311)
|
|
Proceeds from maturities and sales of marketable securities |
25,813
|
33,473
|
|
Net cash used in investing activities |
(3,820)
|
(13,539)
|
|
Cash flows from financing activities: |
|
|
|
Proceeds from issuances of common stock |
4,948
|
5,024
|
|
Purchase of common stock through stock repurchase program |
(17,334)
|
0
|
|
Tax withholdings related to net share settlements of equity awards |
(1,840)
|
(387)
|
|
Payments on term loan |
(266)
|
(259)
|
|
Net cash provided by (used in) financing activities |
(14,492)
|
4,378
|
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
(1,592)
|
(276)
|
|
Net increase in cash, cash equivalents and restricted cash |
13,108
|
2,872
|
|
Cash, cash equivalents and restricted cash, beginning of period |
181,273
|
112,982
|
112,982
|
Cash, cash equivalents and restricted cash, end of period |
194,381
|
115,854
|
181,273
|
Non-cash investing and financing activities: |
|
|
|
Decrease in accounts payable and accrued liabilities related to property, plant and equipment purchases |
2,567
|
3,755
|
|
Operating lease, right-of-use assets obtained in exchange for lease obligations |
0
|
727
|
|
Supplemental disclosure of cash flow information: |
|
|
|
Cash paid for income taxes, net |
1,423
|
7,391
|
|
Cash paid for interest |
100
|
106
|
|
Operating cash outflows from operating leases |
2,305
|
2,191
|
|
Reconciliation of cash, cash equivalents and restricted cash: |
|
|
|
Cash and cash equivalents |
186,296
|
112,360
|
177,812
|
Restricted cash, current |
5,865
|
1,207
|
|
Restricted cash, non-current |
2,220
|
2,287
|
|
Total cash, cash equivalents and restricted cash |
$ 194,381
|
$ 115,854
|
$ 181,273
|
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v3.24.1.u1
Basis of Presentation and Significant Accounting Policies
|
3 Months Ended |
Mar. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation and Significant Accounting Policies |
Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial information of FormFactor, Inc. is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year. Fiscal Year We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2024 and 2023 each contain 52 weeks and the three months ended March 30, 2024 and April 1, 2023 each contained 13 weeks. Fiscal 2024 will end on December 28, 2024.
Significant Accounting Policies Our significant accounting policies have not changed during the three months ended March 30, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.
Reclassifications Certain immaterial reclassifications were made to the prior year financial statements to conform to the current year presentation.
New Accounting Pronouncements ASU 2023-09 In December 2023, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The ASU includes requirements that an entity disclose specific categories in the rate reconciliation and provide additional information for reconciling items that are greater than five percent of the amount computed by multiplying pretax income by the applicable statutory income tax rate. The standard also requires that entities disclose income before income taxes and provision for income taxes disaggregated between domestic and foreign. This ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We have not yet determined the impact of this standard on our financial statements.
ASU 2023-07 In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The ASU includes requirements that an entity disclose the title of the chief operating decision maker (“CODM”) and on an interim and annual basis, significant segment expenses and the composition of other segment items for each segment's reported profit. The standard also permits disclosure of additional measures of segment profit. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis, with early adoption permitted. We have not yet determined the impact of this standard on our financial statements.
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v3.24.1.u1
Concentration of Credit and Other Risks
|
3 Months Ended |
Mar. 30, 2024 |
Risks and Uncertainties [Abstract] |
|
Concentration of Credit and Other Risks |
Concentration of Credit and Other Risks Each of the following customers accounted for 10% or more of our revenues for the periods indicated: | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Intel Corporation | 15.7 | % | | 20.0 | % | | | | | SK Hynix Inc. | 15.5 | | | * | | | | | Samsung Electronics., LTD. | 12.4 | | | * | | | | | | | | | | | | | | | | | | | | | | 43.6 | % | | 20.0 | % | | | | |
At March 30, 2024 and December 30, 2023, two customers accounted for 19.0% and 13.5% and two customers accounted for 17.8% and 11.0% of gross accounts receivable, respectively.
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v3.24.1.u1
Inventories, net
|
3 Months Ended |
Mar. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventories, net |
Inventories, net Inventories are stated at the lower of cost (principally standard cost, which approximates actual cost on a first in, first out basis) or net realizable value. Inventories, net, consisted of the following (in thousands): | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Raw materials | $ | 61,228 | | | $ | 50,808 | | Work-in-progress | 28,753 | | | 39,336 | | Finished goods | 18,793 | | | 21,541 | | | $ | 108,774 | | | $ | 111,685 | |
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v3.24.1.u1
Divestures
|
3 Months Ended |
Mar. 30, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
Divestures |
Divestitures China Operations Divestiture On February 7, 2024, the Company entered into a definitive agreement to sell its China operations to Grand Junction Semiconductor Pte. Ltd. (“Grand Junction”) for $25.0 million in cash, subject to customary purchase price adjustments, and establish an exclusive distribution and partnership agreement to continue sales and support of our products in the region. The following subsidiaries were included as part of the divestiture: Microprobe Hong Kong Limited, FormFactor Technology (Suzhou) Co. Ltd., Cascade Microtech Singapore Pte, Ltd, and FormFactor International (Shanghai) Trading Co., Ltd. These entities supported the Probe Cards and Systems segments.
On February 26, 2024, we closed on the sale of the operations in China to Grand Junction and received total consideration of $21.1 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital. The disposition of the China operations did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment (in thousands): | | | | | | | | | | | February 26, 2024 | Gross purchase price | | $ | 25,000 | | Estimated working capital adjustment | | (151) | | Cash transferred to the buyer at closing | | (2,743) | | Direct costs to sell | | (986) | | Fair value of sale consideration, net | | $ | 21,120 | |
The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands): | | | | | | | | | | | February 26, 2024 | ASSETS | | | Accounts receivable, net | | $ | 1,174 | | Inventories, net | | 3,729 | | Other current assets | | 391 | | Total current assets | | 5,294 | | Property, plant and equipment, net | | 1,283 | | Goodwill | | 1,117 | | Other assets | | 3,029 | | Total assets | | $ | 10,723 | | LIABILITIES | | | Deferred Revenue | | $ | 3,739 | | Other current liabilities | | 1,546 | | Other liabilities | | 4,283 | | Total liabilities | | $ | 9,568 | |
As a result of the divestiture, the Company recognized a pre-tax gain of $20.0 million. The Company recorded an income tax liability associated with the divestiture of approximately $3.3 million.
FRT Divestiture On September 18, 2023, the Company announced entry into a definitive agreement to sell its FRT Metrology (“FRT”) business to Camtek Ltd. (“Camtek”) for $100 million in cash, subject to customary purchase price adjustments. The Company acquired FRT GmbH in fiscal 2019 for total consideration of $24.4 million, net of cash acquired. Headquartered in Bergisch Gladbach, Germany, the FRT business is a leading supplier of high-precision metrology solutions for the Advanced Packaging and Silicon Carbide markets, and was part of the Company's Systems segment.
On November 1, 2023, we closed on the sale of the FRT business to Camtek and received net cash proceeds of $100.1 million, net of cash transferred and transaction expenses, and after customary adjustments for indebtedness and changes in net working capital. The disposition of the FRT business did not meet the criteria to be classified as a discontinued operation in the Company’s financial statements because the disposition did not represent a strategic shift that had, or will have, a major effect on the Company’s operations and financial results.
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands): | | | | | | | | | | | November 1, 2023 | Gross purchase price | | $ | 99,100 | | Working capital adjustment | | 4,266 | | Cash transferred to the buyer at closing | | (2,049) | | Direct costs to sell | | (1,225) | | Fair value of sale consideration, net | | $ | 100,092 | |
The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands): | | | | | | | | | | | November 1, 2023 | ASSETS | | | Accounts receivable, net | | $ | 7,738 | | Inventories, net | | 6,446 | | Other current assets | | 635 | | Total current assets | | 14,819 | | Intangibles, net | | 6,897 | | Goodwill | | 10,660 | | Other assets | | 1,612 | | Total assets | | $ | 33,988 | | LIABILITIES | | | Current liabilities | | $ | 4,300 | | Other liabilities | | 2,856 | | Total liabilities | | $ | 7,156 | |
As a result of the divestiture, the Company recognized a pre-tax gain of $73.3 million. The Company recorded an income tax liability associated with the divestiture of approximately $6.0 million.
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v3.24.1.u1
Goodwill and Intangible Assets
|
3 Months Ended |
Mar. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Goodwill and Intangible Assets |
Goodwill and Intangible Assets Goodwill by reportable segment was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | Probe Cards | | Systems | | Total | Goodwill, as of December 31, 2022 | | $ | 178,424 | | | $ | 33,020 | | | $ | 211,444 | | | | | | | | | | | | | | | | Reduction - FRT divestiture | | — | | | (10,660) | | | (10,660) | | Foreign currency translation | | — | | | 306 | | | 306 | | Goodwill, as of December 30, 2023 | | 178,424 | | | 22,666 | | | 201,090 | | | | | | | | | | | | | | | | Reduction - China divestiture | | (1,055) | | | (62) | | | (1,117) | | Foreign currency translation | | — | | | (320) | | | (320) | | Goodwill, as of March 30, 2024 | | $ | 177,369 | | | $ | 22,284 | | | $ | 199,653 | |
We have not recorded goodwill impairments for the three months ended March 30, 2024.
Intangible assets were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Intangible Assets | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | Existing developed technologies | | $ | 159,341 | | | $ | 148,642 | | | $ | 10,699 | | | $ | 159,593 | | | $ | 148,445 | | | $ | 11,148 | | Customer relationships | | 47,945 | | | 46,816 | | | 1,129 | | | 48,022 | | | 46,712 | | | 1,310 | | Trade name | | 7,779 | | | 7,710 | | | 69 | | | 7,808 | | | 7,728 | | | 80 | | | | | | | | | | | | | | | In-process research and development | | 400 | | | — | | | 400 | | | 400 | | | — | | | 400 | | | | $ | 215,465 | | | $ | 203,168 | | | $ | 12,297 | | | $ | 215,823 | | | $ | 202,885 | | | $ | 12,938 | |
Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Cost of revenues | $ | 449 | | | $ | 831 | | | | | | Selling, general and administrative | 191 | | | 1,547 | | | | | | | $ | 640 | | | $ | 2,378 | | | | | |
The estimated future amortization of definite-lived intangible assets, excluding in-process research and development, is as follows (in thousands): | | | | | | | | | Fiscal Year | | Amount | Remainder of 2024 | | $ | 1,921 | | 2025 | | 2,330 | | 2026 | | 1,630 | | 2027 | | 1,630 | | 2028 | | 1,630 | | Thereafter | | 2,756 | | | | $ | 11,897 | |
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v3.24.1.u1
Accrued Liabilities
|
3 Months Ended |
Mar. 30, 2024 |
Payables and Accruals [Abstract] |
|
Accrued Liabilities |
Accrued Liabilities Accrued liabilities consisted of the following (in thousands): | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Accrued compensation and benefits | $ | 21,562 | | | $ | 20,073 | | Accrued income and other taxes | 7,412 | | | 8,205 | | Accrued warranty | 3,668 | | | 3,177 | | Employee stock purchase plan contributions withheld | 1,829 | | | 4,263 | | | | | | Other accrued expenses | 3,245 | | | 5,319 | | | $ | 37,716 | | | $ | 41,037 | |
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- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.1.u1
Fair Value and Derivative Instruments
|
3 Months Ended |
Mar. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Fair Value and Derivative Instruments |
Fair Value and Derivative Instruments Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities; •Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.
We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the three months ended March 30, 2024 or the year ended December 30, 2023.
The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities.
No changes were made to our valuation techniques during the first three months of fiscal 2024. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | March 30, 2024 | | Level 1 | | Level 2 | | | | Total | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 116,991 | | | $ | — | | | | | $ | 116,991 | | U.S. treasuries | | 999 | | | — | | | | | 999 | | | | | | | | | | | | | | | | | | | | Commercial paper | | — | | | 2,991 | | | | | 2,991 | | | | 117,990 | | | 2,991 | | | | | 120,981 | | Marketable securities: | | | | | | | | | U.S. treasuries | | 62,579 | | | — | | | | | 62,579 | | | | | | | | | | | U.S. agency securities | | — | | | 11,629 | | | | | 11,629 | | Corporate bonds | | — | | | 75,880 | | | | | 75,880 | | Commercial paper | | — | | | 12,775 | | | | | 12,775 | | | | 62,579 | | | 100,284 | | | | | 162,863 | | Foreign exchange derivative contracts | | — | | | 61 | | | | | 61 | | | | | | | | | | | Interest rate swap derivative contract | | — | | | 2,170 | | | | | 2,170 | | Total assets | | $ | 180,569 | | | $ | 105,506 | | | | | $ | 286,075 | | Liabilities: | | | | | | | | | Foreign exchange derivative contracts | | $ | — | | | $ | (220) | | | | | $ | (220) | | | | | | | | | | | | | | | | | | | | Total liabilities | | $ | — | | | $ | (220) | | | | | $ | (220) | |
| | | | | | | | | | | | | | | | | | | | | | | December 30, 2023 | | Level 1 | | Level 2 | | | | Total | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 110,980 | | | $ | — | | | | | $ | 110,980 | | | | | | | | | | | U.S. treasuries | | 4,581 | | | — | | | | | 4,581 | | | | | | | | | | | | | 115,561 | | | — | | | | | 115,561 | | Marketable securities: | | | | | | | | | U.S. treasuries | | 45,837 | | | — | | | | | 45,837 | | | | | | | | | | | U.S. agency securities | | — | | | 10,003 | | | | | 10,003 | | Corporate bonds | | — | | | 81,350 | | | | | 81,350 | | Commercial paper | | — | | | 13,317 | | | | | 13,317 | | | | 45,837 | | | 104,670 | | | | | 150,507 | | Foreign exchange derivative contracts | | — | | | 284 | | | | | 284 | | | | | | | | | | | Interest rate swap derivative contract | | — | | | 1,989 | | | | | 1,989 | | Total assets | | $ | 161,398 | | | $ | 106,943 | | | | | $ | 268,341 | | Liabilities: | | | | | | | | | Foreign exchange derivative contracts | | $ | — | | | $ | (30) | | | | | $ | (30) | | | | | | | | | | | Total liabilities | | $ | — | | | $ | (30) | | | | | $ | (30) | |
Cash Equivalents The fair value of our cash equivalents is determined based on quoted market prices for similar or identical securities.
Marketable Securities We classify our marketable securities as available-for-sale and value them utilizing a market approach. Our investments are priced by pricing vendors who provide observable inputs for their pricing without applying significant judgment. Broker pricing is used mainly when a quoted price is not available, the investment is not priced by our pricing vendors or when a broker price is more reflective of fair value. Our broker-priced investments are categorized as Level 2 investments because fair value is based on similar assets without applying significant judgments. In addition, all investments have a sufficient trading volume to demonstrate that the fair value is appropriate. Unrealized gains and losses were immaterial and were recorded as a component of Accumulated other comprehensive loss in our Condensed Consolidated Balance Sheets. We did not have any other-than-temporary unrealized gains or losses at either period end included in these financial statements.
Interest Rate Swap The fair value of our interest rate swap contract is determined at the end of each reporting period based on valuation models that use interest rate yield curves as inputs. For accounting purposes, our interest rate swap contract qualifies for, and is designated as a cash flow hedge. The hedged risk is the interest rate exposure to changes in interest payments attributable to changes in our variable-rate interest over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable-rate debt. Cash settlements, in the form of cash payments or cash receipts, are recognized as a component of interest expense. The cash flows associated with the interest rate swaps are reported in Net cash provided by operating activities in our Condensed Consolidated Statements of Cash Flows and the fair value of the interest rate swap contracts are recorded within Prepaid expenses and other current assets and Other assets in our Condensed Consolidated Balance Sheets.
Foreign Exchange Derivative Contracts We operate and sell our products in various global markets. As a result, we are exposed to changes in foreign currency exchange rates. We utilize foreign currency forward contracts to hedge against future movements in foreign exchange rates that affect certain existing foreign currency denominated assets and liabilities and forecasted foreign currency revenue and expense transactions. Under this program, our strategy is to have increases or decreases in our foreign currency exposures mitigated by gains or losses on the foreign currency forward contracts in order to mitigate the risks and volatility associated with foreign currency transaction gains or losses.
We do not use derivative financial instruments for speculative or trading purposes. For accounting purposes, certain of our foreign currency forward contracts are not designated as hedging instruments and, accordingly, we record the fair value of these contracts as of the end of our reporting period in our Condensed Consolidated Balance Sheets with changes in fair value recorded within Other income, net in our Condensed Consolidated Statement of Income for both realized and unrealized gains and losses. Certain of our foreign currency forward contracts are designated as cash flow hedges, and, accordingly, we record the fair value of these contracts as of the end of our reporting period in our Condensed Consolidated Balance Sheets with changes in fair value recorded as a component of Accumulated other comprehensive loss and reclassified into earnings in the same period in which the hedged transaction affects earnings, and in the same line item on the Condensed Consolidated Statements of Income as the impact of the hedge transaction.
The fair value of our foreign exchange derivative contracts was determined based on current foreign currency exchange rates and forward points. All of our foreign exchange derivative contracts outstanding at March 30, 2024 will mature by the first quarter of fiscal 2025.
The following table provides information about our foreign currency forward contracts outstanding as of March 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | Currency | | Contract Position | | Contract Amount (Local Currency) | | Contract Amount (U.S. Dollars) | Euro Dollar | | Buy | | 26,916 | | | $ | 29,357 | | | | | | | | | Japanese Yen | | Sell | | 2,471,086 | | | 16,388 | | Korean Won | | Buy | | 3,168,510 | | | 2,357 | | Taiwan Dollar | | Sell | | 93,654 | | | 2,925 | | | | | | | | | | | |
Our foreign currency contracts are classified within Level 2 of the fair value hierarchy as they are valued using pricing models that utilize observable market inputs.
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition. There were no assets or liabilities measured at fair value on a nonrecurring basis during the three months ended March 30, 2024 or April 1, 2023.
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v3.24.1.u1
Warranty
|
3 Months Ended |
Mar. 30, 2024 |
Product Warranties Disclosures [Abstract] |
|
Warranty |
Warranty We offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs. We regularly monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances. We provide for the estimated cost of product warranties at the time revenue is recognized as a component of Cost of revenues in our Condensed Consolidated Statement of Income.
Changes in our warranty liability were as follows (in thousands): | | | | | | | | | | | | | Three Months Ended | | March 30, 2024 | | April 1, 2023 | Balance at beginning of period | $ | 3,177 | | | $ | 4,199 | | Accruals | 2,729 | | | 1,390 | | Settlements | (2,238) | | | (1,717) | | | | | | Balance at end of period | $ | 3,668 | | | $ | 3,872 | |
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v3.24.1.u1
Property, Plant, and Equipment, net
|
3 Months Ended |
Mar. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Property, Plant and Equipment, net |
Property, Plant and Equipment, net Property, plant and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Land | $ | 17,124 | | | $ | 17,124 | | Building and building improvements | 46,375 | | | 46,526 | | Machinery and equipment | 289,291 | | | 286,215 | | Computer equipment and software | 46,701 | | | 46,866 | | Furniture and fixtures | 7,513 | | | 7,490 | | Leasehold improvements | 90,913 | | | 91,063 | | Sub-total | 497,917 | | | 495,284 | | Less: Accumulated depreciation and amortization | (361,869) | | | (358,021) | | Net, property, plant and equipment | 136,048 | | | 137,263 | | Construction-in-process | 69,724 | | | 67,136 | | Total | $ | 205,772 | | | $ | 204,399 | |
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- DefinitionThe entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.
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v3.24.1.u1
Stockholders’ Equity and Stock-Based Compensation
|
3 Months Ended |
Mar. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity and Stock-Based Compensation |
Stockholders’ Equity and Stock-Based Compensation Common Stock Repurchase Programs On May 20, 2022, our Board of Directors authorized a two-year program to repurchase up to $75.0 million of outstanding common stock to offset potential dilution from issuance of common stock under our stock-based compensation programs. During fiscal 2022 and fiscal 2023, we repurchased and retired 1,700,893 shares of common stock for $56.4 million and 504,352 shares of common stock for $18.6 million, respectively, utilizing the remaining shares available for repurchase under the program.
On October 30, 2023, our Board of Directors authorized an additional two-year program to repurchase up to $75.0 million of outstanding common stock, with the primary purpose of offsetting potential dilution from issuance of common stock under our stock-based compensation programs. This share repurchase program will expire on October 30, 2025. During fiscal 2023 we repurchased and retired 32,020 shares of common stock for $1.2 million. During the three months ended March 30, 2024, we repurchased and retired 411,756 shares of common stock for $17.4 million (including excise tax accrued), and as of March 30, 2024, $56.4 million remained available for future repurchases. Our policy related to repurchases of our common stock is to charge the excess of cost over par value to additional paid-in capital once the shares are retired. The net share repurchases are subject to a 1% excise tax under the Inflation Reduction Act. The excise tax incurred reduces the amount available under the repurchase programs, as applicable, and is included in the cost of shares repurchased in the Condensed Consolidated Statement of Stockholders Equity. All repurchases were made in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
Restricted Stock Units Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows: | | | | | | | | | | | | | Units | | Weighted Average Grant Date Fair Value | RSUs at December 30, 2023 | 2,165,729 | | | $ | 35.85 | | Awards granted | 16,253 | | | 42.26 | | Awards vested | (122,498) | | | 30.65 | | Awards forfeited | (5,431) | | | 33.90 | | RSUs at March 30, 2024 | 2,054,053 | | | 36.16 | |
Performance Restricted Stock Units We may grant Performance RSUs (“PRSUs”) to certain executives, which vest based upon us achieving certain market performance criteria. There were no market based PRSUs granted during the three months ended March 30, 2024. PRSUs are included as part of the RSU activity above.
Employee Stock Purchase Plan Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows: | | | | | | | | | | | Three Months Ended | | | March 30, 2024 | Shares issued | | 197,014 | | Weighted average per share purchase price | | $ | 25.11 | | Weighted average per share discount from the fair value of our common stock on the date of issuance | | $ | (13.66) | |
Stock-Based Compensation Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Cost of revenues | $ | 1,928 | | | $ | 1,910 | | | | | | Research and development | 2,613 | | | 2,372 | | | | | | Selling, general and administrative | 5,864 | | | 5,008 | | | | | | Total stock-based compensation | $ | 10,405 | | | $ | 9,290 | | | | | |
Unrecognized Compensation Costs At March 30, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands): | | | | | | | | | | | | | Unrecognized Expense | | Average Expected Recognition Period in Years | Restricted stock units | $ | 40,890 | | | 1.84 | Performance restricted stock units | 9,170 | | | 1.83 | Employee stock purchase plan | 1,055 | | | 0.34 | Total unrecognized stock-based compensation expense | $ | 51,115 | | | 1.80 |
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v3.24.1.u1
Net Income per Share
|
3 Months Ended |
Mar. 30, 2024 |
Earnings Per Share [Abstract] |
|
Net Income per Share |
Net Income per Share The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted-average shares used in computing basic net income per share | 77,452 | | | 77,066 | | | | | | Add potentially dilutive securities | 1,038 | | | 189 | | | | | | Weighted-average shares used in computing diluted net income per share | 78,490 | | | 77,255 | | | | | | | | | | | | | | Securities not included as they would have been antidilutive | — | | | 1,121 | | | | | |
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v3.24.1.u1
Commitments and Contingencies
|
3 Months Ended |
Mar. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Leases See Note 13, Leases.
Contractual Obligations and Commitments Our contractual obligations and commitments have not materially changed as of March 30, 2024 from those disclosed in our Annual Report on Form 10-K for the year ended December 30, 2023.
Legal Matters From time to time, we are subject to legal proceedings and claims in the ordinary course of business, the outcomes of which cannot be estimated with certainty. Our ability to estimate the outcomes may change in the near term and the effect of any such change could have a material adverse effect on our financial position, results of operations or cash flows.
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Leases
|
3 Months Ended |
Mar. 30, 2024 |
Leases [Abstract] |
|
Leases |
Leases We lease real estate space under non-cancelable operating lease agreements for commercial and industrial space, as well as for a portion of our corporate headquarters located in Livermore, California. Our leases have remaining terms of 1 to 11 years, and some leases include options to extend up to 20 years. We also have operating leases for automobiles with remaining lease terms of 1 to 3 years. We did not include any of our renewal options in our lease terms for calculating our lease liability as the renewal options allow us to maintain operational flexibility and we are not reasonably certain we will exercise these options at this time. The weighted-average remaining lease term for our operating leases was 4 years as of March 30, 2024 and the weighted-average discount rate was 4.64%.
The components of lease expense were as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Lease expense: | | | | | | | | Operating lease expense | $ | 2,130 | | | $ | 1,952 | | | | | | Short-term lease expense | 60 | | | 157 | | | | | | Variable lease expense | 810 | | | 746 | | | | | | | $ | 3,000 | | | $ | 2,855 | | | | | |
Future minimum payments under our non-cancelable operating leases were as follows as of March 30, 2024 (in thousands): | | | | | | | | | Fiscal Year | | Amount | Remainder of 2024 | | $ | 9,037 | | 2025 | | 9,084 | | 2026 | | 7,651 | | 2027 | | 7,222 | | 2028 | | 3,903 | | Thereafter | | 1,401 | | Total minimum lease payments | | 38,298 | | Less: interest | | (6,621) | | Present value of net minimum lease payments | | 31,677 | | Less: current portion | | (8,245) | | Total long-term operating lease liabilities | | $ | 23,432 | |
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v3.24.1.u1
Revenue
|
3 Months Ended |
Mar. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Revenue Transaction price allocated to the remaining performance obligations: On March 30, 2024, we had $11.3 million of remaining performance obligations, which were comprised of deferred service contracts, extended warranty contracts, and contracts with overtime revenue recognition that are not yet delivered. We expect to recognize approximately 73.3% of our remaining performance obligations as revenue in the remainder of fiscal 2024, approximately 21.9% in fiscal 2025, and approximately 4.8% in fiscal 2026 and thereafter. The foregoing excludes the value of other remaining performance obligations as they have original durations of one year or less, and also excludes information about variable consideration allocated entirely to a wholly unsatisfied performance obligation.
Contract balances: The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable is recorded at the invoiced amount, net of an allowance for credit losses. A receivable is recognized in the period we deliver goods or provide services or when our right to consideration is unconditional. A contract asset is recorded when we have performed under the contract but our right to consideration is conditional on something other than the passage of time. Contract assets as of March 30, 2024 and December 30, 2023 were $5.3 million and $3.8 million, respectively, and are reported on the Condensed Consolidated Balance Sheets as a component of Prepaid expenses and other current assets.
Contract liabilities include payments received and payments due in advance of performance under a contract and are satisfied as the associated revenue is recognized. Contract liabilities are reported on the Condensed Consolidated Balance Sheets at the end of each reporting period as a component of Deferred revenue and Other liabilities. Contract liabilities as of March 30, 2024 and December 30, 2023 were $18.7 million and $18.0 million, respectively. During the three months ended March 30, 2024, we recognized $6.5 million of revenue that was included in contract liabilities as of December 30, 2023.
Costs to obtain a contract: We generally expense sales commissions when incurred as a component of Selling, general and administrative expense, as the amortization period is typically less than one year. Revenue by category: Refer to Note 15, Operating Segments and Enterprise-Wide Information, for further details.
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v3.24.1.u1
Operating Segments and Enterprise-Wide Information
|
3 Months Ended |
Mar. 30, 2024 |
Segment Reporting [Abstract] |
|
Operating Segments and Enterprise-Wide Information |
Operating Segments and Enterprise-Wide Information Our CODM is our Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. We operate in two reportable segments consisting of the Probe Cards segment and the Systems segment. The following table summarizes the operating results by reportable segment (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | March 30, 2024 | | April 1, 2023 | | Probe Cards | | Systems | | Corporate and Other | | Total | | Probe Cards | | Systems | | Corporate and Other | | Total | Revenues | $ | 136,701 | | | $ | 32,024 | | | $ | — | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | — | | | $ | 167,448 | | Gross profit | 50,791 | | | 14,506 | | | (2,559) | | | 62,738 | | | 43,623 | | | 20,746 | | | (3,291) | | | 61,078 | | Gross margin | 37.2 | % | | 45.3 | % | | | | 37.2 | % | | 34.3 | % | | 51.7 | % | | | | 36.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating results provide useful information to our management for assessment of our performance and results of operations. Certain components of our operating results are utilized to determine compensation along with other measures.
Corporate and Other includes unallocated expenses relating to amortization of intangible assets, inventory and fixed asset fair value adjustments due to acquisitions, share-based compensation, and restructuring charges which are not used in evaluating the results of, or in allocating resources to, our reportable segments.
Certain revenue category information by reportable segment was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | March 30, 2024 | | April 1, 2023 | | Probe Cards | | Systems | | Total | | Probe Cards | | Systems | | Total | Market: | | | | | | | | | | | | Foundry & Logic | $ | 86,768 | | | $ | — | | | $ | 86,768 | | | $ | 101,562 | | | $ | — | | | $ | 101,562 | | DRAM | 45,896 | | | — | | | 45,896 | | | 19,890 | | | — | | | 19,890 | | Flash | 4,037 | | | — | | | 4,037 | | | 5,876 | | | — | | | 5,876 | | Systems | — | | | 32,024 | | | 32,024 | | | — | | | 40,120 | | | 40,120 | | Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | | Timing of revenue recognition: | | | | | | | | | | | | Products transferred at a point in time | $ | 135,641 | | | $ | 28,784 | | | $ | 164,425 | | | $ | 126,678 | | | $ | 36,710 | | | $ | 163,388 | | Products and services transferred over time | 1,060 | | | 3,240 | | | 4,300 | | | 650 | | | 3,410 | | | 4,060 | | Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | | Geographical region: | | | | | | | | | | | | South Korea | $ | 50,672 | | | $ | 45 | | | $ | 50,717 | | | $ | 19,572 | | | $ | 1,203 | | | $ | 20,775 | | United States | 35,596 | | | 10,170 | | | 45,766 | | | 24,641 | | | 13,090 | | | 37,731 | | Taiwan | 27,179 | | | 2,698 | | | 29,877 | | | 38,897 | | | 1,432 | | | 40,329 | | China | 8,686 | | | 6,927 | | | 15,613 | | | 18,476 | | | 8,623 | | | 27,099 | | Europe | 3,528 | | | 5,321 | | | 8,849 | | | 3,426 | | | 6,000 | | | 9,426 | | Japan | 4,347 | | | 4,195 | | | 8,542 | | | 7,136 | | | 3,841 | | | 10,977 | | Singapore | 3,516 | | | 1,242 | | | 4,758 | | | 3,200 | | | 2,140 | | | 5,340 | | Malaysia | 1,608 | | | 255 | | | 1,863 | | | 10,324 | | | 946 | | | 11,270 | | Rest of the world | 1,569 | | | 1,171 | | | 2,740 | | | 1,656 | | | 2,845 | | | 4,501 | | Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | |
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v3.24.1.u1
Basis of Presentation and Significant Accounting Policies (Policies)
|
3 Months Ended |
Mar. 30, 2024 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Basis of Presentation |
Basis of Presentation The accompanying condensed consolidated financial information of FormFactor, Inc. is unaudited and has been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). However, such information reflects all adjustments, consisting only of normal recurring adjustments, which are, in the opinion of management, necessary for a fair presentation of the financial position, results of operations and cash flows for the interim periods. The condensed consolidated financial statements included herein should be read in conjunction with the consolidated financial statements and the notes thereto included in our 2023 Annual Report on Form 10-K filed with the SEC on February 23, 2024. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the full year.
|
Fiscal Year |
Fiscal Year We operate on a 52/53 week fiscal year, whereby the fiscal year ends on the last Saturday of December. Fiscal 2024 and 2023 each contain 52 weeks and the three months ended March 30, 2024 and April 1, 2023 each contained 13 weeks. Fiscal 2024 will end on December 28, 2024.
|
Fair Value |
Whenever possible, the fair values of our financial assets and liabilities are determined using quoted market prices of identical securities or quoted market prices of similar securities from active markets. The three levels of inputs that may be used to measure fair value are as follows: •Level 1 valuations are obtained from real-time quotes for transactions in active exchange markets involving identical securities; •Level 2 valuations utilize significant observable inputs, such as quoted prices for similar assets or liabilities, quoted prices near the reporting date in markets that are less active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and •Level 3 valuations utilize unobservable inputs to the valuation methodology and include our own data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances.
We did not have any transfers of assets or liabilities measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 during the three months ended March 30, 2024 or the year ended December 30, 2023.
The carrying values of Cash, Accounts receivable, net, Restricted cash, Prepaid expenses and other current assets, Accounts payable, and Accrued liabilities approximate fair value due to their short maturities.
No changes were made to our valuation techniques during the first three months of fiscal 2024. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We measure and report our non-financial assets such as Property, plant and equipment, Goodwill and Intangible assets at fair value on a non-recurring basis if we determine these assets to be impaired or in the period when we make a business acquisition.
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- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.1.u1
Concentration of Credit and Other Risks (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Risks and Uncertainties [Abstract] |
|
Schedule of Customer Percentage of Revenue |
Each of the following customers accounted for 10% or more of our revenues for the periods indicated: | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Intel Corporation | 15.7 | % | | 20.0 | % | | | | | SK Hynix Inc. | 15.5 | | | * | | | | | Samsung Electronics., LTD. | 12.4 | | | * | | | | | | | | | | | | | | | | | | | | | | 43.6 | % | | 20.0 | % | | | | |
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Inventories, net (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory Components |
Inventories, net, consisted of the following (in thousands): | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Raw materials | $ | 61,228 | | | $ | 50,808 | | Work-in-progress | 28,753 | | | 39,336 | | Finished goods | 18,793 | | | 21,541 | | | $ | 108,774 | | | $ | 111,685 | |
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v3.24.1.u1
Divestures (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Asset Retirement Obligation Disclosure [Abstract] |
|
Schedule of Components Held-for Sale |
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture, which are subject to further post-closing adjustment (in thousands): | | | | | | | | | | | February 26, 2024 | Gross purchase price | | $ | 25,000 | | Estimated working capital adjustment | | (151) | | Cash transferred to the buyer at closing | | (2,743) | | Direct costs to sell | | (986) | | Fair value of sale consideration, net | | $ | 21,120 | |
The carrying amount of net assets associated with the China operations was approximately $1.2 million. The major classes of assets and liabilities sold consisted of the following (in thousands): | | | | | | | | | | | February 26, 2024 | ASSETS | | | Accounts receivable, net | | $ | 1,174 | | Inventories, net | | 3,729 | | Other current assets | | 391 | | Total current assets | | 5,294 | | Property, plant and equipment, net | | 1,283 | | Goodwill | | 1,117 | | Other assets | | 3,029 | | Total assets | | $ | 10,723 | | LIABILITIES | | | Deferred Revenue | | $ | 3,739 | | Other current liabilities | | 1,546 | | Other liabilities | | 4,283 | | Total liabilities | | $ | 9,568 | |
The following table summarizes the fair value of the sale proceeds received in connection with the divestiture (in thousands): | | | | | | | | | | | November 1, 2023 | Gross purchase price | | $ | 99,100 | | Working capital adjustment | | 4,266 | | Cash transferred to the buyer at closing | | (2,049) | | Direct costs to sell | | (1,225) | | Fair value of sale consideration, net | | $ | 100,092 | |
The carrying amount of net assets associated with the FRT business was approximately $26.8 million. The major classes of assets and liabilities sold consisted of the following (in thousands): | | | | | | | | | | | November 1, 2023 | ASSETS | | | Accounts receivable, net | | $ | 7,738 | | Inventories, net | | 6,446 | | Other current assets | | 635 | | Total current assets | | 14,819 | | Intangibles, net | | 6,897 | | Goodwill | | 10,660 | | Other assets | | 1,612 | | Total assets | | $ | 33,988 | | LIABILITIES | | | Current liabilities | | $ | 4,300 | | Other liabilities | | 2,856 | | Total liabilities | | $ | 7,156 | |
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v3.24.1.u1
Goodwill and Intangible Assets (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Schedule of Goodwill by Reportable Segments |
Goodwill by reportable segment was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | Probe Cards | | Systems | | Total | Goodwill, as of December 31, 2022 | | $ | 178,424 | | | $ | 33,020 | | | $ | 211,444 | | | | | | | | | | | | | | | | Reduction - FRT divestiture | | — | | | (10,660) | | | (10,660) | | Foreign currency translation | | — | | | 306 | | | 306 | | Goodwill, as of December 30, 2023 | | 178,424 | | | 22,666 | | | 201,090 | | | | | | | | | | | | | | | | Reduction - China divestiture | | (1,055) | | | (62) | | | (1,117) | | Foreign currency translation | | — | | | (320) | | | (320) | | Goodwill, as of March 30, 2024 | | $ | 177,369 | | | $ | 22,284 | | | $ | 199,653 | |
|
Schedule of Intangible Assets |
Intangible assets were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Intangible Assets | | Gross | | Accumulated Amortization | | Net | | Gross | | Accumulated Amortization | | Net | Existing developed technologies | | $ | 159,341 | | | $ | 148,642 | | | $ | 10,699 | | | $ | 159,593 | | | $ | 148,445 | | | $ | 11,148 | | Customer relationships | | 47,945 | | | 46,816 | | | 1,129 | | | 48,022 | | | 46,712 | | | 1,310 | | Trade name | | 7,779 | | | 7,710 | | | 69 | | | 7,808 | | | 7,728 | | | 80 | | | | | | | | | | | | | | | In-process research and development | | 400 | | | — | | | 400 | | | 400 | | | — | | | 400 | | | | $ | 215,465 | | | $ | 203,168 | | | $ | 12,297 | | | $ | 215,823 | | | $ | 202,885 | | | $ | 12,938 | |
|
Schedule of Amortization Expense |
Amortization expense was included in our Condensed Consolidated Statements of Income as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Cost of revenues | $ | 449 | | | $ | 831 | | | | | | Selling, general and administrative | 191 | | | 1,547 | | | | | | | $ | 640 | | | $ | 2,378 | | | | | |
|
Schedule of Estimated Amortization of Intangible Assets |
The estimated future amortization of definite-lived intangible assets, excluding in-process research and development, is as follows (in thousands): | | | | | | | | | Fiscal Year | | Amount | Remainder of 2024 | | $ | 1,921 | | 2025 | | 2,330 | | 2026 | | 1,630 | | 2027 | | 1,630 | | 2028 | | 1,630 | | Thereafter | | 2,756 | | | | $ | 11,897 | |
|
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- DefinitionTabular disclosure of amortization expense of assets, excluding financial assets, that lack physical substance, having a limited useful life.
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v3.24.1.u1
Accrued Liabilities (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Payables and Accruals [Abstract] |
|
Schedule of Accrued Liabilities |
Accrued liabilities consisted of the following (in thousands): | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Accrued compensation and benefits | $ | 21,562 | | | $ | 20,073 | | Accrued income and other taxes | 7,412 | | | 8,205 | | Accrued warranty | 3,668 | | | 3,177 | | Employee stock purchase plan contributions withheld | 1,829 | | | 4,263 | | | | | | Other accrued expenses | 3,245 | | | 5,319 | | | $ | 37,716 | | | $ | 41,037 | |
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v3.24.1.u1
Fair Value and Derivative Instruments (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value Assets Measured on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis were as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | March 30, 2024 | | Level 1 | | Level 2 | | | | Total | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 116,991 | | | $ | — | | | | | $ | 116,991 | | U.S. treasuries | | 999 | | | — | | | | | 999 | | | | | | | | | | | | | | | | | | | | Commercial paper | | — | | | 2,991 | | | | | 2,991 | | | | 117,990 | | | 2,991 | | | | | 120,981 | | Marketable securities: | | | | | | | | | U.S. treasuries | | 62,579 | | | — | | | | | 62,579 | | | | | | | | | | | U.S. agency securities | | — | | | 11,629 | | | | | 11,629 | | Corporate bonds | | — | | | 75,880 | | | | | 75,880 | | Commercial paper | | — | | | 12,775 | | | | | 12,775 | | | | 62,579 | | | 100,284 | | | | | 162,863 | | Foreign exchange derivative contracts | | — | | | 61 | | | | | 61 | | | | | | | | | | | Interest rate swap derivative contract | | — | | | 2,170 | | | | | 2,170 | | Total assets | | $ | 180,569 | | | $ | 105,506 | | | | | $ | 286,075 | | Liabilities: | | | | | | | | | Foreign exchange derivative contracts | | $ | — | | | $ | (220) | | | | | $ | (220) | | | | | | | | | | | | | | | | | | | | Total liabilities | | $ | — | | | $ | (220) | | | | | $ | (220) | |
| | | | | | | | | | | | | | | | | | | | | | | December 30, 2023 | | Level 1 | | Level 2 | | | | Total | Assets: | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 110,980 | | | $ | — | | | | | $ | 110,980 | | | | | | | | | | | U.S. treasuries | | 4,581 | | | — | | | | | 4,581 | | | | | | | | | | | | | 115,561 | | | — | | | | | 115,561 | | Marketable securities: | | | | | | | | | U.S. treasuries | | 45,837 | | | — | | | | | 45,837 | | | | | | | | | | | U.S. agency securities | | — | | | 10,003 | | | | | 10,003 | | Corporate bonds | | — | | | 81,350 | | | | | 81,350 | | Commercial paper | | — | | | 13,317 | | | | | 13,317 | | | | 45,837 | | | 104,670 | | | | | 150,507 | | Foreign exchange derivative contracts | | — | | | 284 | | | | | 284 | | | | | | | | | | | Interest rate swap derivative contract | | — | | | 1,989 | | | | | 1,989 | | Total assets | | $ | 161,398 | | | $ | 106,943 | | | | | $ | 268,341 | | Liabilities: | | | | | | | | | Foreign exchange derivative contracts | | $ | — | | | $ | (30) | | | | | $ | (30) | | | | | | | | | | | Total liabilities | | $ | — | | | $ | (30) | | | | | $ | (30) | |
|
Schedule of Foreign Currency Forward Contracts |
The following table provides information about our foreign currency forward contracts outstanding as of March 30, 2024 (in thousands): | | | | | | | | | | | | | | | | | | | | | Currency | | Contract Position | | Contract Amount (Local Currency) | | Contract Amount (U.S. Dollars) | Euro Dollar | | Buy | | 26,916 | | | $ | 29,357 | | | | | | | | | Japanese Yen | | Sell | | 2,471,086 | | | 16,388 | | Korean Won | | Buy | | 3,168,510 | | | 2,357 | | Taiwan Dollar | | Sell | | 93,654 | | | 2,925 | | | | | | | | | | | |
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v3.24.1.u1
Warranty (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Product Warranties Disclosures [Abstract] |
|
Schedule of Reconciliation of Changes in Warranty Liability |
Changes in our warranty liability were as follows (in thousands): | | | | | | | | | | | | | Three Months Ended | | March 30, 2024 | | April 1, 2023 | Balance at beginning of period | $ | 3,177 | | | $ | 4,199 | | Accruals | 2,729 | | | 1,390 | | Settlements | (2,238) | | | (1,717) | | | | | | Balance at end of period | $ | 3,668 | | | $ | 3,872 | |
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v3.24.1.u1
Property, Plant, and Equipment, net (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Property, Plant and Equipment [Abstract] |
|
Schedule of Property, Plant and Equipment |
Property, plant and equipment, net consisted of the following (in thousands): | | | | | | | | | | | | | March 30, 2024 | | December 30, 2023 | Land | $ | 17,124 | | | $ | 17,124 | | Building and building improvements | 46,375 | | | 46,526 | | Machinery and equipment | 289,291 | | | 286,215 | | Computer equipment and software | 46,701 | | | 46,866 | | Furniture and fixtures | 7,513 | | | 7,490 | | Leasehold improvements | 90,913 | | | 91,063 | | Sub-total | 497,917 | | | 495,284 | | Less: Accumulated depreciation and amortization | (361,869) | | | (358,021) | | Net, property, plant and equipment | 136,048 | | | 137,263 | | Construction-in-process | 69,724 | | | 67,136 | | Total | $ | 205,772 | | | $ | 204,399 | |
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v3.24.1.u1
Stockholders’ Equity and Stock-Based Compensation (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Equity [Abstract] |
|
Schedule of Restricted Stock Unit Activity |
Restricted stock unit (“RSU”) activity under our equity incentive plan was as follows: | | | | | | | | | | | | | Units | | Weighted Average Grant Date Fair Value | RSUs at December 30, 2023 | 2,165,729 | | | $ | 35.85 | | Awards granted | 16,253 | | | 42.26 | | Awards vested | (122,498) | | | 30.65 | | Awards forfeited | (5,431) | | | 33.90 | | RSUs at March 30, 2024 | 2,054,053 | | | 36.16 | |
|
Schedule of ESPP Activity |
Information related to activity under our Employee Stock Purchase Plan (“ESPP”) was as follows: | | | | | | | | | | | Three Months Ended | | | March 30, 2024 | Shares issued | | 197,014 | | Weighted average per share purchase price | | $ | 25.11 | | Weighted average per share discount from the fair value of our common stock on the date of issuance | | $ | (13.66) | |
|
Schedule of Stock-based Compensation |
Stock-based compensation was included in our Condensed Consolidated Statements of Income as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Cost of revenues | $ | 1,928 | | | $ | 1,910 | | | | | | Research and development | 2,613 | | | 2,372 | | | | | | Selling, general and administrative | 5,864 | | | 5,008 | | | | | | Total stock-based compensation | $ | 10,405 | | | $ | 9,290 | | | | | |
|
Schedule of Unrecognized Stock-based Compensation |
At March 30, 2024, the unrecognized stock-based compensation was as follows (dollars in thousands): | | | | | | | | | | | | | Unrecognized Expense | | Average Expected Recognition Period in Years | Restricted stock units | $ | 40,890 | | | 1.84 | Performance restricted stock units | 9,170 | | | 1.83 | Employee stock purchase plan | 1,055 | | | 0.34 | Total unrecognized stock-based compensation expense | $ | 51,115 | | | 1.80 |
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v3.24.1.u1
Net Income per Share (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Earnings Per Share [Abstract] |
|
Schedule of Calculation of Numerator and Denominator in Earnings Per Share |
The following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted-average shares used in computing basic net income per share | 77,452 | | | 77,066 | | | | | | Add potentially dilutive securities | 1,038 | | | 189 | | | | | | Weighted-average shares used in computing diluted net income per share | 78,490 | | | 77,255 | | | | | | | | | | | | | | Securities not included as they would have been antidilutive | — | | | 1,121 | | | | | |
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v3.24.1.u1
Leases (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Leases [Abstract] |
|
Schedule of Components of Lease Expense |
The components of lease expense were as follows (in thousands): | | | | | | | | | | | | | | | | | Three Months Ended | | | | March 30, 2024 | | April 1, 2023 | | | | | Lease expense: | | | | | | | | Operating lease expense | $ | 2,130 | | | $ | 1,952 | | | | | | Short-term lease expense | 60 | | | 157 | | | | | | Variable lease expense | 810 | | | 746 | | | | | | | $ | 3,000 | | | $ | 2,855 | | | | | |
|
Schedule of Future Minimum Payments Under Leases |
Future minimum payments under our non-cancelable operating leases were as follows as of March 30, 2024 (in thousands): | | | | | | | | | Fiscal Year | | Amount | Remainder of 2024 | | $ | 9,037 | | 2025 | | 9,084 | | 2026 | | 7,651 | | 2027 | | 7,222 | | 2028 | | 3,903 | | Thereafter | | 1,401 | | Total minimum lease payments | | 38,298 | | Less: interest | | (6,621) | | Present value of net minimum lease payments | | 31,677 | | Less: current portion | | (8,245) | | Total long-term operating lease liabilities | | $ | 23,432 | |
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v3.24.1.u1
Operating Segments and Enterprise-Wide Information (Tables)
|
3 Months Ended |
Mar. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Operating Results by Segment |
The following table summarizes the operating results by reportable segment (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | March 30, 2024 | | April 1, 2023 | | Probe Cards | | Systems | | Corporate and Other | | Total | | Probe Cards | | Systems | | Corporate and Other | | Total | Revenues | $ | 136,701 | | | $ | 32,024 | | | $ | — | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | — | | | $ | 167,448 | | Gross profit | 50,791 | | | 14,506 | | | (2,559) | | | 62,738 | | | 43,623 | | | 20,746 | | | (3,291) | | | 61,078 | | Gross margin | 37.2 | % | | 45.3 | % | | | | 37.2 | % | | 34.3 | % | | 51.7 | % | | | | 36.5 | % | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Schedule of Disaggregation of Revenue by Segment |
Certain revenue category information by reportable segment was as follows (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | March 30, 2024 | | April 1, 2023 | | Probe Cards | | Systems | | Total | | Probe Cards | | Systems | | Total | Market: | | | | | | | | | | | | Foundry & Logic | $ | 86,768 | | | $ | — | | | $ | 86,768 | | | $ | 101,562 | | | $ | — | | | $ | 101,562 | | DRAM | 45,896 | | | — | | | 45,896 | | | 19,890 | | | — | | | 19,890 | | Flash | 4,037 | | | — | | | 4,037 | | | 5,876 | | | — | | | 5,876 | | Systems | — | | | 32,024 | | | 32,024 | | | — | | | 40,120 | | | 40,120 | | Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | | Timing of revenue recognition: | | | | | | | | | | | | Products transferred at a point in time | $ | 135,641 | | | $ | 28,784 | | | $ | 164,425 | | | $ | 126,678 | | | $ | 36,710 | | | $ | 163,388 | | Products and services transferred over time | 1,060 | | | 3,240 | | | 4,300 | | | 650 | | | 3,410 | | | 4,060 | | Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | | Geographical region: | | | | | | | | | | | | South Korea | $ | 50,672 | | | $ | 45 | | | $ | 50,717 | | | $ | 19,572 | | | $ | 1,203 | | | $ | 20,775 | | United States | 35,596 | | | 10,170 | | | 45,766 | | | 24,641 | | | 13,090 | | | 37,731 | | Taiwan | 27,179 | | | 2,698 | | | 29,877 | | | 38,897 | | | 1,432 | | | 40,329 | | China | 8,686 | | | 6,927 | | | 15,613 | | | 18,476 | | | 8,623 | | | 27,099 | | Europe | 3,528 | | | 5,321 | | | 8,849 | | | 3,426 | | | 6,000 | | | 9,426 | | Japan | 4,347 | | | 4,195 | | | 8,542 | | | 7,136 | | | 3,841 | | | 10,977 | | Singapore | 3,516 | | | 1,242 | | | 4,758 | | | 3,200 | | | 2,140 | | | 5,340 | | Malaysia | 1,608 | | | 255 | | | 1,863 | | | 10,324 | | | 946 | | | 11,270 | | Rest of the world | 1,569 | | | 1,171 | | | 2,740 | | | 1,656 | | | 2,845 | | | 4,501 | | Total | $ | 136,701 | | | $ | 32,024 | | | $ | 168,725 | | | $ | 127,328 | | | $ | 40,120 | | | $ | 167,448 | |
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v3.24.1.u1
Inventories, net (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Inventory Disclosure [Abstract] |
|
|
Raw materials |
$ 61,228
|
$ 50,808
|
Work-in-progress |
28,753
|
39,336
|
Finished goods |
18,793
|
21,541
|
Inventories |
$ 108,774
|
$ 111,685
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v3.24.1.u1
Divestures - Narrative (Details) - USD ($) $ in Thousands |
|
|
3 Months Ended |
|
|
|
|
Feb. 26, 2024 |
Nov. 01, 2023 |
Mar. 30, 2024 |
Apr. 01, 2023 |
Feb. 07, 2024 |
Dec. 30, 2023 |
Sep. 18, 2023 |
Oct. 09, 2019 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
Gain (loss) on disposition of business |
|
|
$ 20,271
|
$ 0
|
|
|
|
|
Accrued liabilities |
|
|
$ 37,716
|
|
|
$ 41,037
|
|
|
Disposal Group, Held-for-Sale, Not Discontinued Operations | China Operations |
|
|
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
Gross purchase price |
$ 25,000
|
|
|
|
$ 25,000
|
|
|
|
Fair value of sale consideration, net |
21,120
|
|
|
|
|
|
|
|
Net assets |
1,200
|
|
|
|
|
|
|
|
Gain (loss) on disposition of business |
20,000
|
|
|
|
|
|
|
|
Accrued liabilities |
$ 3,300
|
|
|
|
|
|
|
|
Disposal Group, Held-for-Sale, Not Discontinued Operations | FRT Metrology |
|
|
|
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
|
|
|
Gross purchase price |
|
$ 99,100
|
|
|
|
|
$ 100,000
|
$ 24,400
|
Fair value of sale consideration, net |
|
100,092
|
|
|
|
|
|
|
Net assets |
|
26,800
|
|
|
|
|
|
|
Gain (loss) on disposition of business |
|
73,300
|
|
|
|
|
|
|
Accrued liabilities |
|
$ 6,000
|
|
|
|
|
|
|
X |
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v3.24.1.u1
Divestures - Schedule of Fair Value (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Thousands |
Feb. 26, 2024 |
Feb. 07, 2024 |
Nov. 01, 2023 |
Sep. 18, 2023 |
Oct. 09, 2019 |
China Operations |
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
Gross purchase price |
$ 25,000
|
$ 25,000
|
|
|
|
Estimated working capital adjustment |
(151)
|
|
|
|
|
Cash transferred to the buyer at closing |
(2,743)
|
|
|
|
|
Direct costs to sell |
(986)
|
|
|
|
|
Fair value of sale consideration, net |
$ 21,120
|
|
|
|
|
FRT Metrology |
|
|
|
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
|
|
|
Gross purchase price |
|
|
$ 99,100
|
$ 100,000
|
$ 24,400
|
Estimated working capital adjustment |
|
|
4,266
|
|
|
Cash transferred to the buyer at closing |
|
|
(2,049)
|
|
|
Direct costs to sell |
|
|
(1,225)
|
|
|
Fair value of sale consideration, net |
|
|
$ 100,092
|
|
|
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v3.24.1.u1
Divestures - Schedule of Assets and Liabilities Held-for-Sale (Details) - Disposal Group, Held-for-Sale, Not Discontinued Operations - USD ($) $ in Thousands |
Feb. 26, 2024 |
Nov. 01, 2023 |
China Operations |
|
|
ASSETS |
|
|
Accounts receivable, net |
$ 1,174
|
|
Inventories, net |
3,729
|
|
Other current assets |
391
|
|
Total current assets |
5,294
|
|
Property, plant and equipment, net |
1,283
|
|
Goodwill |
1,117
|
|
Other assets |
3,029
|
|
Assets held-for-sale |
10,723
|
|
LIABILITIES |
|
|
Deferred Revenue |
3,739
|
|
Other current liabilities |
1,546
|
|
Other liabilities |
4,283
|
|
Total liabilities |
$ 9,568
|
|
FRT Metrology |
|
|
ASSETS |
|
|
Accounts receivable, net |
|
$ 7,738
|
Inventories, net |
|
6,446
|
Other current assets |
|
635
|
Total current assets |
|
14,819
|
Intangibles, net |
|
6,897
|
Goodwill |
|
10,660
|
Other assets |
|
1,612
|
Assets held-for-sale |
|
33,988
|
LIABILITIES |
|
|
Current liabilities |
|
4,300
|
Other liabilities |
|
2,856
|
Total liabilities |
|
$ 7,156
|
X |
- DefinitionAmount classified as assets attributable to disposal group held for sale or disposed of.
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v3.24.1.u1
Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 30, 2024 |
Dec. 30, 2023 |
Goodwill [Roll Forward] |
|
|
Goodwill, beginning balance |
$ 201,090
|
$ 211,444
|
Foreign currency translation |
(320)
|
306
|
Goodwill, ending balance |
199,653
|
201,090
|
FRT Metrology |
|
|
Goodwill [Roll Forward] |
|
|
Reduction - divesture |
|
(10,660)
|
China Operations |
|
|
Goodwill [Roll Forward] |
|
|
Reduction - divesture |
(1,117)
|
|
Probe Cards |
|
|
Goodwill [Roll Forward] |
|
|
Goodwill, beginning balance |
178,424
|
178,424
|
Foreign currency translation |
0
|
0
|
Goodwill, ending balance |
177,369
|
178,424
|
Probe Cards | FRT Metrology |
|
|
Goodwill [Roll Forward] |
|
|
Reduction - divesture |
|
0
|
Probe Cards | China Operations |
|
|
Goodwill [Roll Forward] |
|
|
Reduction - divesture |
(1,055)
|
|
Systems |
|
|
Goodwill [Roll Forward] |
|
|
Goodwill, beginning balance |
22,666
|
33,020
|
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(320)
|
306
|
Goodwill, ending balance |
22,284
|
22,666
|
Systems | FRT Metrology |
|
|
Goodwill [Roll Forward] |
|
|
Reduction - divesture |
|
$ (10,660)
|
Systems | China Operations |
|
|
Goodwill [Roll Forward] |
|
|
Reduction - divesture |
$ (62)
|
|
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v3.24.1.u1
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
$ 215,465
|
$ 215,823
|
Accumulated Amortization |
203,168
|
202,885
|
Net |
12,297
|
12,938
|
Existing developed technologies |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
159,341
|
159,593
|
Accumulated Amortization |
148,642
|
148,445
|
Net |
10,699
|
11,148
|
Customer relationships |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
47,945
|
48,022
|
Accumulated Amortization |
46,816
|
46,712
|
Net |
1,129
|
1,310
|
Trade name |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
7,779
|
7,808
|
Accumulated Amortization |
7,710
|
7,728
|
Net |
69
|
80
|
In-process research and development |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross |
400
|
400
|
Accumulated Amortization |
0
|
0
|
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$ 400
|
$ 400
|
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v3.24.1.u1
Goodwill and Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Amortization of intangible assets |
$ 640
|
$ 2,378
|
Finite-Lived Intangible Assets, Net, Amortization Expense, Rolling Maturity [Abstract] |
|
|
Remainder of 2024 |
1,921
|
|
2025 |
2,330
|
|
2026 |
1,630
|
|
2027 |
1,630
|
|
2028 |
1,630
|
|
Thereafter |
2,756
|
|
Net |
11,897
|
|
Cost of revenues |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Amortization of intangible assets |
449
|
831
|
Selling, general and administrative |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Amortization of intangible assets |
$ 191
|
$ 1,547
|
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Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Payables and Accruals [Abstract] |
|
|
Accrued compensation and benefits |
$ 21,562
|
$ 20,073
|
Accrued income and other taxes |
7,412
|
8,205
|
Accrued warranty |
3,668
|
3,177
|
Employee stock purchase plan contributions withheld |
1,829
|
4,263
|
Other accrued expenses |
3,245
|
5,319
|
Accrued liabilities |
$ 37,716
|
$ 41,037
|
X |
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Fair Value and Derivative Instruments - Fair Value Assets Measured on Recurring Basis (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
$ 120,981
|
$ 115,561
|
Marketable securities |
162,863
|
150,507
|
Total assets |
286,075
|
268,341
|
Total liabilities |
(220)
|
(30)
|
Foreign exchange derivative contracts |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative liability |
(220)
|
|
Foreign exchange derivative contracts | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative contracts |
61
|
284
|
Derivative liability |
|
(30)
|
Interest rate swap derivative contract | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative contracts |
2,170
|
1,989
|
Money market funds |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
116,991
|
110,980
|
Commercial paper |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
2,991
|
|
Marketable securities |
12,775
|
|
Commercial paper | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
|
13,317
|
Corporate bonds |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
75,880
|
81,350
|
U.S. treasuries |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
999
|
4,581
|
Marketable securities |
62,579
|
45,837
|
U.S. agency securities |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
11,629
|
10,003
|
Level 1 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
117,990
|
115,561
|
Marketable securities |
62,579
|
45,837
|
Total assets |
180,569
|
161,398
|
Total liabilities |
0
|
0
|
Level 1 | Foreign exchange derivative contracts |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative liability |
0
|
|
Level 1 | Foreign exchange derivative contracts | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative contracts |
0
|
0
|
Derivative liability |
|
0
|
Level 1 | Interest rate swap derivative contract | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative contracts |
0
|
0
|
Level 1 | Money market funds |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
116,991
|
110,980
|
Level 1 | Commercial paper |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
0
|
|
Marketable securities |
0
|
|
Level 1 | Commercial paper | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
|
0
|
Level 1 | Corporate bonds |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
0
|
0
|
Level 1 | U.S. treasuries |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
999
|
4,581
|
Marketable securities |
62,579
|
45,837
|
Level 1 | U.S. agency securities |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
0
|
0
|
Level 2 |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
2,991
|
0
|
Marketable securities |
100,284
|
104,670
|
Total assets |
105,506
|
106,943
|
Total liabilities |
(220)
|
(30)
|
Level 2 | Foreign exchange derivative contracts |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative liability |
(220)
|
|
Level 2 | Foreign exchange derivative contracts | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative contracts |
61
|
284
|
Derivative liability |
|
(30)
|
Level 2 | Interest rate swap derivative contract | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Derivative contracts |
2,170
|
1,989
|
Level 2 | Money market funds |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
0
|
0
|
Level 2 | Commercial paper |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
2,991
|
|
Marketable securities |
12,775
|
|
Level 2 | Commercial paper | Designated as hedging instrument |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
|
13,317
|
Level 2 | Corporate bonds |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
75,880
|
81,350
|
Level 2 | U.S. treasuries |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Cash equivalents |
0
|
0
|
Marketable securities |
0
|
0
|
Level 2 | U.S. agency securities |
|
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
Marketable securities |
$ 11,629
|
$ 10,003
|
X |
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Fair Value and Derivative Instruments - Foreign Currency Forward Contracts (Details) - Mar. 30, 2024 - Foreign Exchange Forward € in Thousands, ₩ in Thousands, ¥ in Thousands, $ in Thousands, $ in Thousands |
EUR (€) |
USD ($) |
JPY (¥) |
KRW (₩) |
TWD ($) |
Buy | Euro Dollar |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative, notional amount |
€ 26,916
|
$ 29,357
|
|
|
|
Buy | Korean Won |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative, notional amount |
|
2,357
|
|
₩ 3,168,510
|
|
Sell | Japanese Yen |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative, notional amount |
|
16,388
|
¥ 2,471,086
|
|
|
Sell | Taiwan Dollar |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative, notional amount |
|
$ 2,925
|
|
|
$ 93,654
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Fair Value and Derivative Instruments - Additional Information (Details) - USD ($)
|
Mar. 30, 2024 |
Dec. 30, 2023 |
Apr. 01, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Assets measured at fair value on non-recurring basis |
$ 286,075,000
|
$ 268,341,000
|
|
Liabilities measured at fair value on non-recurring basis |
220,000
|
$ 30,000
|
|
Nonrecurring |
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
Assets measured at fair value on non-recurring basis |
0
|
|
$ 0
|
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|
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$ 0
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v3.24.1.u1
Warranty (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward] |
|
|
Balance at beginning of period |
$ 3,177
|
$ 4,199
|
Accruals |
2,729
|
1,390
|
Settlements |
(2,238)
|
(1,717)
|
Balance at end of period |
$ 3,668
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$ 3,872
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v3.24.1.u1
Property, Plant, and Equipment, net (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Property, Plant and Equipment [Line Items] |
|
|
Sub-total |
$ 497,917
|
$ 495,284
|
Less: Accumulated depreciation and amortization |
(361,869)
|
(358,021)
|
Net, property, plant and equipment |
136,048
|
137,263
|
Construction-in-process |
69,724
|
67,136
|
Total |
205,772
|
204,399
|
Land |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Sub-total |
17,124
|
17,124
|
Building and building improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Sub-total |
46,375
|
46,526
|
Machinery and equipment |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Sub-total |
289,291
|
286,215
|
Computer equipment and software |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Sub-total |
46,701
|
46,866
|
Furniture and fixtures |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Sub-total |
7,513
|
7,490
|
Leasehold improvements |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Sub-total |
$ 90,913
|
$ 91,063
|
X |
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v3.24.1.u1
Stockholders’ Equity and Stock-Based Compensation - Additional Information (Details) - USD ($)
|
|
3 Months Ended |
12 Months Ended |
|
Oct. 30, 2023 |
Mar. 30, 2024 |
Dec. 30, 2023 |
Dec. 31, 2022 |
May 20, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Purchase of common stock value retired through repurchase program |
|
$ 17,398,000
|
|
|
|
PRSUs |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Vested (in shares) |
|
0
|
|
|
|
2022 Share Repurchase Program |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Stock repurchase program duration |
2 years
|
|
|
|
|
2023 Share Repurchase Program |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Stock repurchase program duration |
2 years
|
|
|
|
|
Common Stock | 2022 Share Repurchase Program |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Stock repurchase program authorized amount |
|
|
|
|
$ 75,000,000
|
Purchase of common stock retired through repurchase program (in shares) |
|
|
504,352
|
1,700,893
|
|
Purchase of common stock value retired through repurchase program |
|
|
$ 18,600,000
|
$ 56,400,000
|
|
Common Stock | 2023 Share Repurchase Program |
|
|
|
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
Stock repurchase program authorized amount |
$ 75,000,000
|
|
|
|
|
Purchase of common stock retired through repurchase program (in shares) |
|
411,756
|
32,020
|
|
|
Purchase of common stock value retired through repurchase program |
|
$ 17,400,000
|
$ 1,200,000
|
|
|
Amount remaining for future repurchases |
|
$ 56,400,000
|
|
|
|
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3 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
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Total stock-based compensation |
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|
$ 9,290
|
Cost of revenues |
|
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
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1,928
|
1,910
|
Research and development |
|
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Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] |
|
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|
2,372
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Selling, general and administrative |
|
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$ 5,008
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v3.24.1.u1
Leases - Narrative (Details)
|
Mar. 30, 2024 |
Lessee, Lease, Description [Line Items] |
|
Operating lease, renewal term |
20 years
|
Operating lease, weighted average remaining lease term |
4 years
|
Operating lease, weighted average discount rate |
4.64%
|
Minimum |
|
Lessee, Lease, Description [Line Items] |
|
Operating lease, term of contract |
1 year
|
Maximum |
|
Lessee, Lease, Description [Line Items] |
|
Operating lease, term of contract |
11 years
|
Automobiles |
|
Lessee, Lease, Description [Line Items] |
|
Operating lease, term of contract |
1 year
|
Automobiles | Maximum |
|
Lessee, Lease, Description [Line Items] |
|
Operating lease, term of contract |
3 years
|
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v3.24.1.u1
Leases - Schedule of Future Minimum Payments Under Leases (Details) - USD ($) $ in Thousands |
Mar. 30, 2024 |
Dec. 30, 2023 |
Leases [Abstract] |
|
|
Remainder of 2024 |
$ 9,037
|
|
2025 |
9,084
|
|
2026 |
7,651
|
|
2027 |
7,222
|
|
2028 |
3,903
|
|
Thereafter |
1,401
|
|
Total minimum lease payments |
38,298
|
|
Less: interest |
(6,621)
|
|
Present value of net minimum lease payments |
31,677
|
|
Less: current portion |
(8,245)
|
$ (8,422)
|
Total long-term operating lease liabilities |
$ 23,432
|
$ 25,334
|
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v3.24.1.u1
Revenue - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended |
|
Mar. 30, 2024 |
Dec. 30, 2023 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Performance obligations |
$ 11.3
|
|
Contract assets |
5.3
|
$ 3.8
|
Contract with customer, liability |
18.7
|
$ 18.0
|
Revenue recognized included in contracts |
$ 6.5
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-31 |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Revenue, remaining performance obligation, percentage |
73.30%
|
|
Revenue, remaining performance obligation, expected timing of satisfaction, period |
9 months
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-27 |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Revenue, remaining performance obligation, percentage |
21.90%
|
|
Revenue, remaining performance obligation, expected timing of satisfaction, period |
1 year
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-12-26 |
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
Revenue, remaining performance obligation, percentage |
4.80%
|
|
Revenue, remaining performance obligation, expected timing of satisfaction, period |
|
|
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v3.24.1.u1
Operating Segments and Enterprise-Wide Information - Operating Results by Segment (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Segment Reporting Information [Line Items] |
|
|
Revenues |
$ 168,725
|
$ 167,448
|
Gross profit |
$ 62,738
|
$ 61,078
|
Gross margin |
37.20%
|
36.50%
|
Probe Cards |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
$ 136,701
|
$ 127,328
|
Systems |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
32,024
|
40,120
|
Operating segments | Probe Cards |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
136,701
|
127,328
|
Gross profit |
$ 50,791
|
$ 43,623
|
Gross margin |
37.20%
|
34.30%
|
Operating segments | Systems |
|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
$ 32,024
|
$ 40,120
|
Gross profit |
$ 14,506
|
$ 20,746
|
Gross margin |
45.30%
|
51.70%
|
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|
|
Segment Reporting Information [Line Items] |
|
|
Revenues |
$ 0
|
$ 0
|
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$ (2,559)
|
$ (3,291)
|
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|
|
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v3.24.1.u1
Operating Segments and Enterprise-Wide Information - Revenue by Segment, Recognition Type, and Geographic Area (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 30, 2024 |
Apr. 01, 2023 |
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 168,725
|
$ 167,448
|
Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
136,701
|
127,328
|
Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
32,024
|
40,120
|
Taiwan |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
29,877
|
40,329
|
Taiwan | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
27,179
|
38,897
|
Taiwan | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
2,698
|
1,432
|
United States |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
45,766
|
37,731
|
United States | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
35,596
|
24,641
|
United States | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
10,170
|
13,090
|
China |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
15,613
|
27,099
|
China | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
8,686
|
18,476
|
China | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
6,927
|
8,623
|
South Korea |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
50,717
|
20,775
|
South Korea | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
50,672
|
19,572
|
South Korea | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
45
|
1,203
|
Malaysia |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
1,863
|
11,270
|
Malaysia | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
1,608
|
10,324
|
Malaysia | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
255
|
946
|
Japan |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
8,542
|
10,977
|
Japan | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
4,347
|
7,136
|
Japan | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
4,195
|
3,841
|
Europe |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
8,849
|
9,426
|
Europe | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
3,528
|
3,426
|
Europe | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
5,321
|
6,000
|
Singapore |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
4,758
|
5,340
|
Singapore | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
3,516
|
3,200
|
Singapore | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
1,242
|
2,140
|
Rest of the world |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
2,740
|
4,501
|
Rest of the world | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
1,569
|
1,656
|
Rest of the world | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
1,171
|
2,845
|
Products transferred at a point in time |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
164,425
|
163,388
|
Products transferred at a point in time | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
135,641
|
126,678
|
Products transferred at a point in time | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
28,784
|
36,710
|
Products and services transferred over time |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
4,300
|
4,060
|
Products and services transferred over time | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
1,060
|
650
|
Products and services transferred over time | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
3,240
|
3,410
|
Foundry & Logic |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
86,768
|
101,562
|
Foundry & Logic | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
86,768
|
101,562
|
Foundry & Logic | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
0
|
0
|
DRAM |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
45,896
|
19,890
|
DRAM | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
45,896
|
19,890
|
DRAM | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
0
|
0
|
Flash |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
4,037
|
5,876
|
Flash | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
4,037
|
5,876
|
Flash | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
0
|
0
|
Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
32,024
|
40,120
|
Systems | Probe Cards |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
0
|
0
|
Systems | Systems |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Revenues |
$ 32,024
|
$ 40,120
|
X |
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