FormFactor(FORM) - 2024 Q3 - Quarterly Results

Revenue and Financial Performance - Record quarterly revenue of $207.9 million, a 5.3$190 million +/- $5 million, with a GAAP gross margin of 40$18.7 million, or $0.24 per fully-diluted share, compared to$19.4 million in Q2 2024 and $4.4 million in Q3 2023[3] - Non-GAAP net income for Q3 2024 was$27.2 million, or $0.35 per fully-diluted share, compared to$27.3 million in Q2 2024 and $17.3 million in Q3 2023[4] - Q4 2024 GAAP net income per diluted share is expected to be$0.16 +/- $0.04, with non-GAAP net income per diluted share of$0.29 +/- $0.04[7] - Non-GAAP Net Income for the nine months ended September 28, 2024, was$68.893 million, compared to $41.046 million for the same period in 2023[15] - Non-GAAP Diluted Earnings Per Share for the nine months ended September 28, 2024, was$0.88, up from $0.53 in the same period in 2023[15] Gross Margin - GAAP gross margin for Q3 2024 was 40.7$26.7 million, compared to $21.9 million in Q2 2024 and$20.6 million in Q3 2023[6] - Free cash flow for Q3 2024 was $20.0 million, compared to$14.2 million in Q2 2024 and $16.9 million in Q3 2023[6] - Net Cash Provided by Operating Activities for the nine months ended September 28, 2024, was$81.621 million, compared to $55.352 million for the same period in 2023[16] - Free Cash Flow for the nine months ended September 28, 2024, was$53.957 million, compared to $11.714 million for the same period in 2023[17] - Free cash flow is used as an additional liquidity measure, complementing GAAP results[19] Capital Expenditures and Assets - Capital Expenditures for the nine months ended September 28, 2024, were$30.773 million, down from $46.094 million in the same period in 2023[16] - Total assets increased to$1,153.783 billion as of September 28, 2024, compared to $1,106.794 billion as of December 30, 2023[18] - Cash and cash equivalents decreased to$184.506 billion as of September 28, 2024, from $195.914 billion as of June 29, 2024[18] - Accounts receivable increased to$116.866 billion as of September 28, 2024, from $102.957 billion as of December 30, 2023[18] - Inventories decreased to$105.374 billion as of September 28, 2024, from $114.814 billion as of June 29, 2024[18] - Cash, Cash Equivalents, and Restricted Cash at the end of September 28, 2024, were$190.489 million, up from $113.708 million at the end of September 30, 2023[16] Liabilities and Equity - Total current liabilities decreased to$129.176 billion as of September 28, 2024, from $139.041 billion as of June 29, 2024[18] - Deferred revenue increased to$20.972 billion as of September 28, 2024, from $16.704 billion as of December 30, 2023[18] - Stockholders' equity increased to$955.010 billion as of September 28, 2024, from $908.804 billion as of December 30, 2023[18] Non-GAAP Financial Measures - Non-GAAP financial measures are used by management for planning, forecasting, and evaluating operating performance[19] - Non-GAAP adjustments exclude certain items to facilitate comparability of operating performance from period to period[19] - Non-GAAP Gross Profit for the nine months ended September 28, 2024, was$242.405 million, compared to $199.384 million for the same period in 2023[14] Other Expenses and Charges - Stock-Based Compensation Expense for the nine months ended September 28, 2024, was$29.550 million, compared to $29.333 million for the same period in 2023[16] - Restructuring Charges for the nine months ended September 28, 2024, were$856,000, compared to $1.540 million for the same period in 2023[14]