$FORM
FORMFACTOR INC

2024 Q3 Form 10-Q Financial Statement

#000103939924000028 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $207.9M $197.5M
YoY Change 33.35% 17.93%
Cost Of Revenue $123.2M $110.6M
YoY Change 28.84% 3.95%
Gross Profit $84.71M $86.90M
YoY Change 40.51% 42.28%
Gross Profit Margin 40.74% 44.01%
Selling, General & Admin $35.61M $37.87M
YoY Change 7.07% 15.67%
% of Gross Profit 42.04% 43.58%
Research & Development $31.24M $31.56M
YoY Change 10.24% 11.75%
% of Gross Profit 36.88% 36.32%
Depreciation & Amortization $8.274M $8.010M
YoY Change -16.7% -19.53%
% of Gross Profit 9.77% 9.22%
Operating Expenses $66.85M $69.44M
YoY Change 8.53% 13.86%
Operating Profit $17.85M $17.77M
YoY Change -1460.9% 19429.67%
Interest Expense $3.650M $3.415M
YoY Change 146.29% 167.63%
% of Operating Profit 20.44% 19.22%
Other Income/Expense, Net -$558.0K $360.0K
YoY Change -224.0% 1465.22%
Pretax Income $20.95M $21.55M
YoY Change 3278.55% 1450.14%
Income Tax $2.211M $2.155M
% Of Pretax Income 10.56% 10.0%
Net Earnings $18.74M $19.39M
YoY Change 2162.8% 1345.01%
Net Earnings / Revenue 9.01% 9.82%
Basic Earnings Per Share $0.24 $0.25
Diluted Earnings Per Share $0.24 $0.25
COMMON SHARES
Basic Shares Outstanding 77.39M shares 77.17M shares
Diluted Shares Outstanding 78.44M shares 78.72M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $354.5M $357.6M
YoY Change 49.61% 51.37%
Cash & Equivalents $184.5M $195.9M
Short-Term Investments $170.0M $161.7M
Other Short-Term Assets $38.08M $29.80M
YoY Change 40.91% 23.42%
Inventory $105.4M $114.8M
Prepaid Expenses
Receivables $116.9M $113.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $614.8M $620.6M
YoY Change 28.55% 29.05%
LONG-TERM ASSETS
Property, Plant & Equipment $229.1M $204.1M
YoY Change -2.73% -10.74%
Goodwill $200.1M $199.5M
YoY Change -5.56% -5.77%
Intangibles $11.02M $11.66M
YoY Change -50.26% -52.39%
Long-Term Investments
YoY Change
Other Assets $98.71M $2.751M
YoY Change 27.81% -96.28%
Total Long-Term Assets $539.0M $535.6M
YoY Change -1.44% -0.59%
TOTAL ASSETS
Total Short-Term Assets $614.8M $620.6M
Total Long-Term Assets $539.0M $535.6M
Total Assets $1.154B $1.156B
YoY Change 12.55% 13.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.09M $62.24M
YoY Change -18.32% -2.39%
Accrued Expenses $55.02M $49.52M
YoY Change 40.06% 25.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.098M $1.090M
YoY Change -4.52% -4.55%
Total Short-Term Liabilities $129.2M $139.0M
YoY Change 4.09% 8.48%
LONG-TERM LIABILITIES
Long-Term Debt $12.49M $12.77M
YoY Change -9.28% -9.04%
Other Long-Term Liabilities $57.11M $56.54M
YoY Change 13.53% 12.47%
Total Long-Term Liabilities $69.60M $12.77M
YoY Change 8.63% -80.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $129.2M $139.0M
Total Long-Term Liabilities $69.60M $12.77M
Total Liabilities $198.8M $208.3M
YoY Change 4.14% 6.64%
SHAREHOLDERS EQUITY
Retained Earnings $111.2M $92.50M
YoY Change -485.1% -411.31%
Common Stock $845.5M $863.4M
YoY Change -2.54% 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $955.0M $947.9M
YoY Change
Total Liabilities & Shareholders Equity $1.154B $1.156B
YoY Change 12.55% 13.39%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $18.74M $19.39M
YoY Change 2162.8% 1345.01%
Depreciation, Depletion And Amortization $8.274M $8.010M
YoY Change -16.7% -19.53%
Cash From Operating Activities $26.73M $21.88M
YoY Change 18.95% 77.74%
INVESTING ACTIVITIES
Capital Expenditures $8.939M $8.398M
YoY Change -56.34% -57.37%
Acquisitions
YoY Change
Other Investing Activities -$7.253M $2.258M
YoY Change -49.8% -136.64%
Cash From Investing Activities -$16.19M -$6.140M
YoY Change -53.64% -76.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.83M -4.934M
YoY Change 8055.02% -212.7%
NET CHANGE
Cash From Operating Activities 26.73M 21.88M
Cash From Investing Activities -16.19M -6.140M
Cash From Financing Activities -26.83M -4.934M
Net Change In Cash -16.29M 10.80M
YoY Change 27.45% -217.74%
FREE CASH FLOW
Cash From Operating Activities $26.73M $21.88M
Capital Expenditures $8.939M $8.398M
Free Cash Flow $17.79M $13.48M
YoY Change 791.38% -282.36%

Facts In Submission

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fiscal Year</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 six months ended June 29, 2024 and July 1, 2023 each contained 26 weeks. Fiscal 2024 will end on December 28, 2024.</span></div>
dei Document Fiscal Year Focus
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dei Document Fiscal Year Focus
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CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3695000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5319000 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
49523000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
41037000 usd
CY2024Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
139490000 usd
CY2024Q2 us-gaap Marketable Securities
MarketableSecurities
161710000 usd
CY2024Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
303337000 usd
CY2024Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
195000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
115561000 usd
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
150507000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
268341000 usd
CY2023Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3177000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
4199000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
4361000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2934000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4179000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3627000 usd
CY2024Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3359000 usd
CY2023Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
3506000 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
506411000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
495284000 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
368422000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
358021000 usd
CY2024Q2 form Property Plant And Equipment Net Excludes Construction In Progress
PropertyPlantAndEquipmentNetExcludesConstructionInProgress
137989000 usd
CY2023Q4 form Property Plant And Equipment Net Excludes Construction In Progress
PropertyPlantAndEquipmentNetExcludesConstructionInProgress
137263000 usd
CY2024Q2 us-gaap Construction In Progress Gross
ConstructionInProgressGross
66113000 usd
CY2023Q4 us-gaap Construction In Progress Gross
ConstructionInProgressGross
67136000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
204102000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
204399000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10209000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9204000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20614000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18494000 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
47433000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M3D
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77235000 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77159000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77343000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77112000 shares
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1482000 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
457000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1403000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
338000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78717000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77616000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78746000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77450000 shares
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
64000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
486000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
32000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
343000 shares
CY2024Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P20Y
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0465
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
2050000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2124000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
4180000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
4076000 usd
CY2024Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
85000 usd
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
136000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
145000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
293000 usd
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1052000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
483000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
1862000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
1229000 usd
CY2024Q2 us-gaap Lease Cost
LeaseCost
3187000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
2743000 usd
us-gaap Lease Cost
LeaseCost
6187000 usd
us-gaap Lease Cost
LeaseCost
5598000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4515000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9043000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7638000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7208000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3892000 usd
CY2024Q2 form Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1391000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
33687000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4006000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
29681000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8240000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21441000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
9200000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.651
CY2024Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.277
CY2024Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.072
CY2024Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
5100000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
3800000 usd
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
19100000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18000000.0 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
10500000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197474000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155916000 usd
CY2024Q2 us-gaap Gross Profit
GrossProfit
86900000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
60283000 usd
CY2024Q2 form Gross Margin Percent
GrossMarginPercent
0.440
CY2023Q3 form Gross Margin Percent
GrossMarginPercent
0.387
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366199000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
323364000 usd
us-gaap Gross Profit
GrossProfit
149638000 usd
us-gaap Gross Profit
GrossProfit
121361000 usd
form Gross Margin Percent
GrossMarginPercent
0.409
form Gross Margin Percent
GrossMarginPercent
0.375
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197474000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155916000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197474000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155916000 usd
CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
197474000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
155916000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366199000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
323364000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366199000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
323364000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
366199000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
323364000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001039399-24-000028.txt Edgar Link pending
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