FormFactor, Inc. (Nasdaq: FORM) today announced its financial
results for the first quarter of fiscal 2024 ended March 30,
2024. Quarterly revenues were $168.7 million, an increase of 0.3%
compared to $168.2 million in the fourth quarter of fiscal 2023,
and an increase of 0.8% from $167.4 million in the first quarter of
fiscal 2023.
- Revenue near the top-end of the
outlook range; non-GAAP gross margins below the outlook range, due
to weaker product mix in both segments and higher warranty costs;
and non-GAAP EPS slightly below the midpoint of the outlook range,
due to the lower-than-expected gross margins.
- Robust DRAM demand, with strong
growth in High-Bandwidth-Memory on top of steady DDR5 new-design
activity.
- Re-aligned the Company’s
organizational structure to consolidate its global operations,
recruited two executives to lead its operations and commercial
functions, and appointed a director with significant operational
experience.
“DRAM probe card demand continues to be robust,
and as expected, first quarter DRAM revenue reached the peak levels
we last experienced in 2021,” said Mike Slessor, CEO of FormFactor,
Inc. “Our recently completed organizational and talent changes
position the Company for its next phase of growth driven by
industry adoption of advanced packaging.”
First Quarter Highlights
On a GAAP basis, net income for the first
quarter of fiscal 2024 was $21.8 million, or $0.28 per
fully-diluted share, compared to net income for the fourth quarter
of fiscal 2023 of $75.8 million, or $0.97 per fully-diluted share,
and net income for the first quarter of fiscal 2023 of $1.3
million, or $0.02 per fully-diluted share. Gross margin for the
first quarter of fiscal 2024 was 37.2%, compared with 40.4% in the
fourth quarter of fiscal 2023, and 36.5% in the first quarter of
fiscal 2023.
On a non-GAAP basis, net income for the first
quarter of fiscal 2024 was $14.3 million, or $0.18 per
fully-diluted share, compared to net income for the fourth quarter
of fiscal 2023 of $15.7 million, or $0.20 per fully-diluted share,
and net income for the first quarter of fiscal 2023 of $12.5
million, or $0.16 per fully-diluted share. On a non-GAAP basis,
gross margin for the first quarter of fiscal 2024 was 38.7%,
compared with 42.1% in the fourth quarter of fiscal 2023, and 38.4%
in the first quarter of fiscal 2023.
GAAP net cash provided by operating activities
for the first quarter of fiscal 2024 was $33.0 million, compared to
$9.3 million for the fourth quarter of fiscal 2023, and $12.3
million for the first quarter of fiscal 2023. Free cash flow, a
non-GAAP measure, for the first quarter of fiscal 2024 was $19.7
million, compared to free cash flow for the fourth quarter of
fiscal 2023 of negative $0.3 million, and free cash flow for the
first quarter of 2023 of negative $7.3 million.
A reconciliation of GAAP to non-GAAP measures is
provided in the schedules included below.
Outlook
Dr. Slessor added, “We are experiencing a
significant sequential step-up in demand, with an expected
corresponding increase in gross margin and non-GAAP EPS, which we
expect will continue through the second quarter. This is driven
primarily by strength in both DRAM and Foundry & Logic probe
cards, as industry adoption of advanced packaging accelerates.”
For the second quarter ending June 29, 2024,
FormFactor is providing the following outlook*:
|
|
GAAP |
|
Reconciling Items** |
|
Non-GAAP |
Revenue |
|
$195 million +/- $5 million |
|
— |
|
$195 million +/- $5 million |
Gross Margin |
|
44% +/- 1.5% |
|
$2 million |
|
45% +/- 1.5% |
Net income per diluted
share |
|
$0.19 +/- $0.04 |
|
$0.12 |
|
$0.31 +/- $0.04 |
*This outlook assumes
consistent foreign currency rates.**Reconciling items are
stock-based compensation, restructuring charges, divestiture
related expenses, adjustments to the gain on sale of business, and
amortization of intangible assets and fixed asset fair value
adjustments due to acquisitions, net of applicable income tax
impacts.
We posted our revenue breakdown by geographic
region, by market segment and with customers with greater than 10%
of total revenue on the Investor Relations section of our website
at www.formfactor.com. We will conduct a conference call at
1:25 p.m. PT, or 4:25 p.m. ET, today.
The public is invited to listen to a live
webcast of FormFactor’s conference call on the Investor Relations
section of our website at www.formfactor.com. A telephone replay of
the conference call will be available approximately two hours after
the conclusion of the call. The replay will be available on the
Investor Relations section of our website, www.formfactor.com.
Use of Non-GAAP Financial Information:
To supplement our condensed consolidated
financial results prepared under generally accepted accounting
principles, or GAAP, we disclose certain non-GAAP measures of
non-GAAP net income, non-GAAP net income per basic and diluted
share, non-GAAP gross profit, non-GAAP gross margin, non-GAAP
operating expenses non-GAAP operating income and free cash flow,
that are adjusted from the nearest GAAP financial measure to
exclude certain costs, expenses, gains and losses. Reconciliations
of the adjustments to GAAP results for the three months ended
March 30, 2024, and for outlook provided before, as well as
for the comparable periods of fiscal 2023, are provided below, and
on the Investor Relations section of our website at
www.formfactor.com. Information regarding the ways in which
management uses non-GAAP financial information to evaluate its
business, management's reasons for using this non-GAAP financial
information, and limitations associated with the use of non-GAAP
financial information, is included under “About our Non-GAAP
Financial Measures” following the tables below.
About FormFactor:
FormFactor, Inc. (NASDAQ: FORM), is a leading
provider of essential test and measurement technologies along the
full semiconductor product life cycle - from characterization,
modeling, reliability, and design de-bug, to qualification and
production test. Semiconductor companies rely upon FormFactor’s
products and services to accelerate profitability by optimizing
device performance and advancing yield knowledge. The Company
serves customers through its network of facilities in Asia, Europe,
and North America. For more information, visit the Company’s
website at www.formfactor.com.
Forward-looking Statements:
This press release contains forward-looking
statements within the meaning of the “safe harbor” provisions of
the federal securities laws, including with respect to the
Company’s future financial and operating results, and the Company’s
plans, strategies and objectives for future operations. These
statements are based on management’s current expectations and
beliefs as of the date of this release, and are subject to a number
of risks and uncertainties, many of which are beyond the Company’s
control, that could cause actual results to differ materially from
those described in the forward-looking statements. These
forward-looking statements include, but are not limited to,
statements regarding future financial and operating results,
including under the heading "Outlook" above, customer demand,
conditions in the semiconductor industry, and other statements
regarding the Company’s business. Forward-looking statements may
contain words such as “may,” “might,” “will,” “expect,” “plan,”
“anticipate,” and “continue,” the negative or plural of these words
and similar expressions, and include the assumptions that underlie
such statements. The following factors, among others, could cause
actual results to differ materially from those described in the
forward-looking statements: changes in demand for the Company’s
products; customer-specific demand; market opportunity; anticipated
industry trends; the availability, benefits, and speed of customer
acceptance or implementation of new products and technologies;
manufacturing, processing, and design capacity, goals, expansion,
volumes, and progress; difficulties or delays in research and
development; industry seasonality; risks to the Company’s
realization of benefits from acquisitions, investments in capacity
and investments in new electronic data systems and information
technology; reliance on customers or third parties (including
suppliers); changes in macro-economic environments; events
affecting global and regional economic and market conditions and
stability such as military conflicts, political volatility,
infectious diseases and pandemics, and similar factors, operating
separately or in combination; and other factors, including those
set forth in the Company’s most current annual report on Form 10-K,
quarterly reports on Form 10-Q and other filings by the Company
with the U.S. Securities and Exchange Commission. In addition,
there are varying barriers to international trade, including
restrictive trade and export regulations such as the US-China
restrictions, dynamic tariffs, trade disputes between the U.S. and
other countries, and national security developments or tensions,
that may substantially restrict or condition our sales to or in
certain countries, increase the cost of doing business
internationally, and disrupt our supply chain. No assurances can be
given that any of the events anticipated by the forward-looking
statements within this press release will transpire or occur, or if
any of them do so, what impact they will have on the results of
operations or financial condition of the Company. Unless required
by law, the Company is under no obligation (and expressly disclaims
any such obligation) to update or revise its forward-looking
statements whether as a result of new information, future events,
or otherwise.
|
FORMFACTOR, INC. CONDENSED
CONSOLIDATED STATEMENTS OF INCOME(In thousands,
except per share amounts)
(Unaudited) |
|
|
Three Months Ended |
|
March 30,2024 |
|
December 30,2023 |
|
April 1,2023 |
Revenues |
$ |
168,725 |
|
|
$ |
168,163 |
|
|
$ |
167,448 |
|
Cost of revenues |
|
105,987 |
|
|
|
100,229 |
|
|
|
106,370 |
|
Gross profit |
|
62,738 |
|
|
|
67,934 |
|
|
|
61,078 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
|
28,627 |
|
|
|
28,166 |
|
|
|
28,245 |
|
Selling, general and administrative |
|
33,079 |
|
|
|
31,451 |
|
|
|
32,742 |
|
Total operating expenses |
|
61,706 |
|
|
|
59,617 |
|
|
|
60,987 |
|
Gain on sale of business |
|
20,271 |
|
|
|
72,953 |
|
|
|
— |
|
Operating income |
|
21,303 |
|
|
|
81,270 |
|
|
|
91 |
|
Interest income, net |
|
3,156 |
|
|
|
2,376 |
|
|
|
1,276 |
|
Other income (expense),
net |
|
520 |
|
|
|
(1,546 |
) |
|
|
23 |
|
Income before income
taxes |
|
24,979 |
|
|
|
82,100 |
|
|
|
1,390 |
|
Provision for income
taxes |
|
3,198 |
|
|
|
6,254 |
|
|
|
48 |
|
Net income |
$ |
21,781 |
|
|
$ |
75,846 |
|
|
$ |
1,342 |
|
Net income per share: |
|
|
|
|
|
Basic |
$ |
0.28 |
|
|
$ |
0.98 |
|
|
$ |
0.02 |
|
Diluted |
$ |
0.28 |
|
|
$ |
0.97 |
|
|
$ |
0.02 |
|
Weighted-average number of
shares used in per share calculations: |
|
|
|
|
|
Basic |
|
77,452 |
|
|
|
77,684 |
|
|
|
77,066 |
|
Diluted |
|
78,490 |
|
|
|
78,410 |
|
|
|
77,255 |
|
|
FORMFACTOR, INC. NON-GAAP
FINANCIAL MEASURE RECONCILIATIONS(In thousands,
except per share amounts)(Unaudited) |
|
|
Three Months Ended |
|
March 30,2024 |
|
December 30,2023 |
|
April 1,2023 |
GAAP Gross Profit |
$ |
62,738 |
|
|
$ |
67,934 |
|
|
$ |
61,078 |
|
Adjustments: |
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions, and other |
|
630 |
|
|
|
756 |
|
|
|
1,356 |
|
Stock-based compensation |
|
1,928 |
|
|
|
2,053 |
|
|
|
1,910 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
25 |
|
Non-GAAP Gross
Profit |
$ |
65,296 |
|
|
$ |
70,743 |
|
|
$ |
64,369 |
|
|
|
|
|
|
|
GAAP Gross
Margin |
|
37.2 |
% |
|
|
40.4 |
% |
|
|
36.5 |
% |
Adjustments: |
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions and other |
|
0.4 |
% |
|
|
0.5 |
% |
|
|
0.8 |
% |
Stock-based compensation |
|
1.1 |
% |
|
|
1.2 |
% |
|
|
1.1 |
% |
Restructuring charges |
|
— |
% |
|
|
— |
% |
|
|
— |
% |
Non-GAAP Gross
Margin |
|
38.7 |
% |
|
|
42.1 |
% |
|
|
38.4 |
% |
|
|
|
|
|
|
GAAP operating
expenses |
$ |
61,706 |
|
|
$ |
59,617 |
|
|
$ |
60,987 |
|
Adjustments: |
|
|
|
|
|
Amortization of intangibles and other |
|
(240 |
) |
|
|
(518 |
) |
|
|
(1,547 |
) |
Stock-based compensation |
|
(8,477 |
) |
|
|
(7,230 |
) |
|
|
(7,380 |
) |
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
(897 |
) |
Costs related to sale of business |
|
(646 |
) |
|
|
(268 |
) |
|
|
— |
|
Non-GAAP operating
expenses |
$ |
52,343 |
|
|
$ |
51,601 |
|
|
$ |
51,163 |
|
|
|
|
|
|
|
GAAP operating
income |
$ |
21,303 |
|
|
$ |
81,270 |
|
|
$ |
91 |
|
Adjustments: |
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions and other |
|
870 |
|
|
|
1,274 |
|
|
|
2,903 |
|
Stock-based compensation |
|
10,405 |
|
|
|
9,283 |
|
|
|
9,290 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
922 |
|
Gain on sale of business and related costs |
|
(19,625 |
) |
|
|
(72,685 |
) |
|
|
— |
|
Non-GAAP operating
income |
$ |
12,953 |
|
|
$ |
19,142 |
|
|
$ |
13,206 |
|
|
FORMFACTOR, INC. NON-GAAP
FINANCIAL MEASURE RECONCILIATIONS(In thousands,
except per share amounts)(Unaudited) |
|
|
Three Months Ended |
|
March 30,2024 |
|
December 30,2023 |
|
April 1,2023 |
GAAP net income |
$ |
21,781 |
|
|
$ |
75,846 |
|
|
$ |
1,342 |
|
Adjustments: |
|
|
|
|
|
Amortization of intangibles, inventory and fixed asset fair value
adjustments due to acquisitions and other |
|
870 |
|
|
|
1,274 |
|
|
|
2,903 |
|
Stock-based compensation |
|
10,405 |
|
|
|
9,283 |
|
|
|
9,290 |
|
Restructuring charges |
|
— |
|
|
|
— |
|
|
|
922 |
|
Gain on sale of business and related costs |
|
(19,625 |
) |
|
|
(72,685 |
) |
|
|
— |
|
Income tax effect of non-GAAP adjustments |
|
913 |
|
|
|
2,026 |
|
|
|
(1,965 |
) |
Non-GAAP net
income |
$ |
14,344 |
|
|
$ |
15,744 |
|
|
$ |
12,492 |
|
|
|
|
|
|
|
GAAP net income per
share: |
|
|
|
|
|
Basic |
$ |
0.28 |
|
|
$ |
0.98 |
|
|
$ |
0.02 |
|
Diluted |
$ |
0.28 |
|
|
$ |
0.97 |
|
|
$ |
0.02 |
|
|
|
|
|
|
|
Non-GAAP net income
per share: |
|
|
|
|
|
Basic |
$ |
0.19 |
|
|
$ |
0.20 |
|
|
$ |
0.16 |
|
Diluted |
$ |
0.18 |
|
|
$ |
0.20 |
|
|
$ |
0.16 |
|
|
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 |
|
Selected adjustments to reconcile net income to net cash provided
by operating activities: |
|
|
|
Depreciation |
|
7,193 |
|
|
|
7,576 |
|
Amortization |
|
640 |
|
|
|
2,378 |
|
Stock-based compensation expense |
|
10,405 |
|
|
|
9,290 |
|
Provision for excess and obsolete inventories |
|
3,146 |
|
|
|
4,973 |
|
Gain on sale of business |
|
(20,271 |
) |
|
|
— |
|
Other activity impacting operating cash flows |
|
10,118 |
|
|
|
(13,250 |
) |
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, net |
|
(11,659 |
) |
|
|
6,162 |
|
Net cash used in investing activities |
|
(3,820 |
) |
|
|
(13,539 |
) |
Cash flows from financing
activities: |
|
|
|
Purchase of common stock through stock repurchase program |
|
(17,334 |
) |
|
|
— |
|
Proceeds from issuances of common stock |
|
4,948 |
|
|
|
5,024 |
|
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 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
194,381 |
|
|
$ |
115,854 |
|
|
FORMFACTOR, INC. RECONCILIATION
OF CASH PROVIDED BY OPERATING ACTIVITIES
TONON-GAAP FREE CASH FLOW(In
thousands)(Unaudited) |
|
|
Three Months Ended |
|
March 30,2024 |
|
December 30,2023 |
|
April 1,2023 |
Net cash provided by operating activities |
$ |
33,012 |
|
|
$ |
9,250 |
|
|
$ |
12,309 |
|
Adjustments: |
|
|
|
|
|
Cash paid for interest |
|
100 |
|
|
|
105 |
|
|
|
106 |
|
Sale of business related payments in working capital |
|
47 |
|
|
|
268 |
|
|
|
— |
|
Capital expenditures |
|
(13,436 |
) |
|
|
(9,933 |
) |
|
|
(19,701 |
) |
Free cash flow |
$ |
19,723 |
|
|
$ |
(310 |
) |
|
$ |
(7,286 |
) |
|
FORMFACTOR, INC.CONDENSED
CONSOLIDATED BALANCE SHEETS(In thousands)
(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 |
|
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 |
|
|
|
|
|
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 |
|
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 |
|
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 |
|
About our Non-GAAP Financial Measures:
We believe that the presentation of non-GAAP net
income, non-GAAP net income per basic and diluted share, non-GAAP
gross profit, non-GAAP gross margin, non-GAAP operating expenses,
non-GAAP operating income and free cash flow provides supplemental
information that is important to understanding financial and
business trends and other factors relating to our financial
condition and results of operations. Non-GAAP net income, non-GAAP
net income per basic and diluted share, non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP
operating income are among the primary indicators used by
management as a basis for planning and forecasting future periods,
and by management and our board of directors to determine whether
our operating performance has met certain targets and thresholds.
Management uses non-GAAP net income, non-GAAP net income per basic
and diluted share, non-GAAP gross profit, non-GAAP gross margin,
non-GAAP operating expenses, and non-GAAP operating income when
evaluating operating performance because it believes that the
exclusion of the items indicated herein, for which the amounts or
timing may vary significantly depending upon our activities and
other factors, facilitates comparability of our operating
performance from period to period. We use free cash flow to conduct
and evaluate our business as an additional way of viewing our
liquidity that, when viewed with our GAAP results, provides a more
complete understanding of factors and trends affecting our cash
flows. Many investors also prefer to track free cash flow, as
opposed to only GAAP earnings. Free cash flow has limitations due
to the fact that it does not represent the residual cash flow
available for discretionary expenditures, and therefore it is
important to view free cash flow as a complement to our entire
consolidated statements of cash flows. We have chosen to provide
this non-GAAP information to investors so they can analyze our
operating results closer to the way that management does, and use
this information in their assessment of our business and the
valuation of our Company. We compute non-GAAP net income, non-GAAP
net income per basic and diluted share, non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP
operating income, by adjusting GAAP net income, GAAP net income per
basic and diluted share, GAAP gross profit, GAAP gross margin, GAAP
operating expenses, and GAAP operating income (loss) to remove the
impact of certain items and the tax effect, if applicable, of those
adjustments. These non-GAAP measures are not in accordance with, or
an alternative to, GAAP, and may be materially different from other
non-GAAP measures, including similarly titled non-GAAP measures
used by other companies. The presentation of this additional
information should not be considered in isolation from, as a
substitute for, or superior to, net income, net income per basic
and diluted share, gross profit, gross margin, operating expenses,
or operating income (loss) in accordance with GAAP. Non-GAAP
financial measures have limitations in that they do not reflect
certain items that may have a material impact upon our reported
financial results. We may expect to continue to incur expenses of a
nature similar to the non-GAAP adjustments described above, and
exclusion of these items from our non-GAAP net income, non-GAAP net
income per basic and diluted share, non-GAAP gross profit, non-GAAP
gross margin, non-GAAP operating expenses, and non-GAAP operating
income should not be construed as an inference that these costs are
unusual, infrequent or non-recurring. For more information on the
non-GAAP adjustments, please see the table captioned “Non-GAAP
Financial Measure Reconciliations” and “Reconciliation of Cash
Provided by Operating Activities to non-GAAP Free Cash Flow”
included in this press release.
Source: FormFactor, Inc.FORM-F
Investor Contact:Stan FinkelsteinInvestor
Relations(925) 290-4321ir@formfactor.com
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