FormFactor, Inc. (NASDAQ:FORM) Q2 2023 Results Conference Call August 2, 2023 4:25 PM ET

Company Participants

Stan Finkelstein - VP of Investor Relations

Michael Slessor - Chief Executive Officer

Shai Shahar - Chief Financial Officer

Conference Call Participants

Krish Sankar - Cowen

Charles Shi - Needham & Company

Craig Ellis - B. Riley

David Duley - Steelhead Securities

Christian Schwab - Craig-Hallum

Tom Diffely - DA Davidson

Gus Richard - Northland Capital Markets

Brian Chin - Stifel

Operator

Thank you and welcome everyone to FormFactor’s Second Quarter 2023 Earnings Conference Call. On today’s call are Chief Executive Officer, Mike Slessor; and Chief Financial Officer, Shai Shahar.

Before we begin Stan Finkelstein, the company’s VP of Investor Relations will remind you of some important information.

Stan Finkelstein

Thank you. Today the company will be discussing GAAP P&L results and some important non-GAAP results intended to supplement your understanding of the company’s financials. Reconciliations of GAAP to non-GAAP measures and other financial information are available in the press release issued today by the company and on the Investor Relations section of our website.

Today’s discussion contains forward-looking statements within the meaning of the Federal Securities laws. Examples of such forward-looking statements include those with respect to projections of financial and business performance, future macroeconomic and geopolitical conditions; the benefits of acquisitions and investments in capacity and in new technologies; the impact of global, regional, and national health crisis including the COVID-19 pandemic; anticipated industry trends; potential disruptions to our supply chain; the impact of regulatory changes including the recent U.S.-China trade restrictions; the anticipated demand for products; our ability to develop, produce, and sell products and the assumptions upon which such statements are based.

These statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed during this call. Information on risk factors and uncertainties is contained in our most recent filing on Form 10-K with the SEC for the fiscal year ended December 31, 2022 and in our other SEC filings, which are available on the SEC’s website at www.sec.gov and in our press release issued today. Forward-looking statements are made as of today August2, 2023 and we assume no obligations to update them.

With that, we will now turn the call over to FormFactor’s CEO, Mike Slessor.

Michael Slessor

Thanks everyone for joining us today. FormFactor’s second quarter revenue was below our outlook range due to shipment push outs. However, higher than expected gross margin and good operating expense control produced non-GAAP earnings per share at the top end of our outlook range. We continue to operate in an overall demand environment that remains relatively stable. This is evident from our third quarter outlook.