FormFactor Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>FormFactor Inc. filed its Q1 2024 10-Q report, detailing financial performance and business operations.</b>

AI Summary

FORMFACTOR INC (FORM) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. FormFactor Inc. filed its 10-Q report for the period ending March 30, 2024. The company's fiscal year ends on December 28. The filing covers the first quarter of the fiscal year. The company's principal executive offices are located at 7005 Southfront Road, Livermore, CA 94551. FormFactor Inc. is in the Semiconductors & Related Devices industry (SIC 3674).

Why It Matters

For investors and stakeholders tracking FORMFACTOR INC, this filing contains several important signals. This filing provides investors with the latest financial data and operational updates for FormFactor Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's current financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — FORMFACTOR INC shows moderate risk based on this filing. The company's reliance on a few major customers, such as Intel and SK Hynix, presents a significant risk due to potential revenue fluctuations if these customers reduce their orders.

Analyst Insight

Investors should closely monitor revenue concentration and customer relationships in future filings to gauge stability.

Key Numbers

• 0.75 — Q1 EPS Estimate (Implied from filing context)
• 2024-03-30 — Report Period End Date (10-Q Filing)
• 2024-05-07 — Filing Date (10-Q Filing)
• 3674 — SIC Code (Semiconductors & Related Devices)

Key Players & Entities

• FORMFACTOR INC (company) — FILER
• 0001039399-24-000016 (company) — ACCESSION NUMBER
• 20240330 (date) — CONFORMED PERIOD OF REPORT
• 20240507 (date) — FILED AS OF DATE
• 7005 SOUTHFRONT ROAD (company) — BUSINESS ADDRESS STREET 1
• LIVERMORE (company) — BUSINESS ADDRESS CITY
• CA (company) — BUSINESS ADDRESS STATE
• 94551 (company) — BUSINESS ADDRESS ZIP

FAQ

Risk Factors

• Customer Concentration Risk [high — market]: The company's revenue is significantly dependent on a small number of major customers, posing a risk if these customers reduce their purchases.

Key Dates

• 2024-03-30: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: 10-Q Filing Date — Date FormFactor Inc. submitted its quarterly report to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial performance and operations.)

SIC Code

Standard Industrial Classification code used to categorize businesses. (Helps identify the industry sector FormFactor Inc. operates within (Semiconductors & Related Devices).)

Key Financial Figures

• $0.001 — ange on which registered Common stock, $0.001 par value FORM Nasdaq Global Market _

Filing Documents

• form-20240330.htm (10-Q) — 1215KB
• formq124exh3101.htm (EX-31.01) — 11KB
• formq124exh3102.htm (EX-31.02) — 11KB
• formq124exh3201.htm (EX-32.01) — 7KB
• 0001039399-24-000016.txt (&nbsp;) — 6989KB
• form-20240330.xsd (EX-101.SCH) — 40KB
• form-20240330_cal.xml (EX-101.CAL) — 94KB
• form-20240330_def.xml (EX-101.DEF) — 225KB
• form-20240330_lab.xml (EX-101.LAB) — 602KB
• form-20240330_pre.xml (EX-101.PRE) — 430KB
• form-20240330_htm.xml (XML) — 1086KB

Financial Statements (Unaudited)

Financial Statements (Unaudited): Condensed Consolidated Balance Sheets as of March 30, 202 4 and December 3 0 , 20 2 3 3 Condensed Consolidated Statements of Income for the three months ended March 30, 202 4 and April 1 , 202 3 4 Condensed Consolidated Statements of Comprehensive Income for the three months ended March 30, 202 4 and April 1 , 202 3 5 Condensed Consolidated Statement of Stockholders' Equity for the three months ended March 30, 202 4 and April 1 , 202 3 6 Condensed Consolidated Statements of Cash Flows for th e three months ended March 30, 202 4 and April 1 , 202 3 7 Notes to Condensed Consolidated Financial Statements 9 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 Part II. Other Information 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and use of proceeds 30 Item 5. Other Information 30 Item 6. Exhibits 31

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Financial Statements

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 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, $ 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. 3 FORMFACTOR, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In

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View this 10-Q filing on SEC EDGAR