FORM FY 2023 Earnings Report — FormFactor, Inc. Revenue & Financial Results | Market Cap Arena

FormFactor, Inc.FORM

FY 2023 Earnings

Reported February 23, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$663M	—	$748M	—	-11.3%
Op. Income	$83M	—	$55M	—	50.7%
Gross Margin	39.0%	—	39.6%	—	-0.6pp
Net Margin	12.4%	—	6.8%	—	5.6pp
EPS (Diluted)	$1.05	—	$0.65	—	61.5%
Free Cash Flow	$9M	—	$67M	—	-87.1%

Revenue Flow

Item	Amount
REVENUE	$663M
Cost of Revenue	$405M
GROSS PROFIT	$259M
R&D Expenses	$116M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$133M
Other Expenses	-$73M
Operating Expenses	$176M
Cost & Expenses	$580M
OPERATING INCOME	$83M
Interest Income	$7M
Interest Expense	$421.0K
Other Income/Expenses	$7M
INCOME BEFORE TAX	$89M
Income Tax Expense	$7M
Net Income from Continuing Ops	$82M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$82M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$82M
D&A	$37M
EBIT	$90M
EBITDA	$127M
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$663M
Cost of Revenue	$405M
GROSS PROFIT	$259M
R&D Expenses	$116M
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$133M
Other Expenses	-$73M
Operating Expenses	$176M
Cost & Expenses	$580M
OPERATING INCOME	$83M
Interest Income	$7M
Interest Expense	$421.0K
Other Income/Expenses	$7M
INCOME BEFORE TAX	$89M
Income Tax Expense	$7M
Net Income from Continuing Ops	$82M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$82M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$82M
D&A	$37M
EBIT	$90M
EBITDA	$127M
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$82M
Depreciation & Amortization	$37M
Stock-Based Compensation	$39M
Deferred Income Tax	-$12M
Other Non-Cash Items	-$50M
Change in Working Capital	-$32M
OPERATING CASH FLOW	$65M
Capital Expenditure	-$56M
Acquisitions (Net)	$102M
Purchases of Investments	-$135M
Sales/Maturities of Investments	$119M
Other Investing Activities	$0
NET CASH FROM INVESTING	$29M
Net Debt Issuance	-$1M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	-$30M
NET CASH FROM FINANCING	-$23M
FREE CASH FLOW	$9M
Net Change in Cash	$68M

Balance Sheet

Item	Amount
Cash & Equivalents	$178M
Short-Term Investments	$151M
Net Receivables	$107M
Inventory	$112M
Other Current Assets	$27M
TOTAL CURRENT ASSETS	$574M
PP&E (Net)	$235M
Goodwill	$201M
Intangible Assets	$13M
Long-Term Investments	$0
Tax Assets	$79M
Other Non-Current Assets	$5M
TOTAL NON-CURRENT ASSETS	$533M
TOTAL ASSETS	$1.1B
Account Payables	$64M
Short-Term Debt	$1M
Deferred Revenue	$17M
Other Current Liabilities	$24M
TOTAL CURRENT LIABILITIES	$131M
Long-Term Debt	$13M
Deferred Revenue NC	$18M
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$10M
TOTAL NON-CURRENT LIABILITIES	$67M
TOTAL LIABILITIES	$198M
Common Stock	$77.0K
Additional Paid-In Capital	$861M
Retained Earnings	$51M
Treasury Stock	$0
Accum. Other Comp. Income	-$4M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$909M
Minority Interest	$0
TOTAL EQUITY	$909M
TOTAL LIABILITIES & EQUITY	$1.1B
Total Debt	$48M
Net Debt	-$130M