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Investor PresentationDecember 2025
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2 This presentation contains forward-looking statements within the meaning of the U.S. Securities Exchange Act of 1934 and the Securities Act of1933. The forward-looking statements include statements concerning, among other things, our future business model and strategies, our financialmodel and structure, market and market share growth, industry trends, customer demand and growth opportunities. In some instances, you canidentify these statements by forward-looking words, such as "may," "might," "will," "could," "should," "expect," "plan," "anticipate," "believe,""estimate," "predict," "intend" and "continue," the negative or plural of these words and other comparable terminology. The target financial modeldescribed in this presentation is intended to aid in the evaluation of long-term potential, and is not guidance or a statement of forecastedperformance in a specific future period. The forward-looking statements are only predictions based on our current expectations and ourprojections about future events. All information and forward-looking statements included in this presentation and the related discussions are basedupon information available to us as of December 16, 2025. You should not place undue reliance on these forward-looking statements. Theseforward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels ofactivity, performance or achievements to differ materially from those expressed or implied by these statements, including risks related totechnology and market trends; the benefits of acquisitions and investments, including acquisition of manufacturing facility; the interpretation andimpacts of changes in export controls and other trade barriers; our success in executing our business strategies and other risks discussed in thesection titled “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the year ended December 28, 2024 and in our other filings withthe U.S. Securities and Exchange Commission copies of which may be obtained by visiting the Investor Relations section of our website athttp://investors.formfactor.com or at www.sec.gov.This presentation and related discussions contain non-GAAP measures relating to our financial performance. These measures may be differentfrom non-GAAP financial measures used by other companies. The presentation of this financial information is not intended to be considered inisolation of, or as a substitute for, financial information prepared and presented in accordance with generally accepted accounting principles. Youcan find the reconciliation of non-GAAP financial measures to the most directly comparable U.S. GAAP measures in the Supplemental Informationcontained in this presentation. Forward-Looking Statements; Non-GAAP Financial Measures
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3 FormFactor At a GlanceGlobal Manufacturing, Design and Customer Service Presence~ 2,250 PEOPLE115,000,000+ MEMS PROBES/YEARAdvanced Probe Cards for Chip Production10,000+ INSTALLED PROBERSEngineering SystemsTTM Revenue*$759MRecognized by Industry Leaders***As of 09/27/25** Customers that have accounted for >10% of revenue for one or more quarters since Q3 FY20 IntelSamsungMicronSK hynixTSMC3
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4 Compelling Investment Thesis Market leader in large and growing semiconductor test and measurement sector Benefits from powerful secular trends: •Exponential growth in semiconductor content, increased AI and data center spending•Adoption of advanced packaging to counter slowdown in Moore’s Law Technology leadership enables customers’ most critical roadmap advancements, from R&D through Production Profitable financial model with earnings growth and strong cash flow Active execution of acquisition strategy increases scale and diversification
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5 $74 $67 $11 $83 2021202220232024$1.59 $1.25 $0.73 $1.15 202120222023202444.9%42.3%40.7%41.7%2021202220232024 Proven Track Record Expanding Market Share Leadership Benefits From Scale and Operational ExecutionRevenue$ IN MILLIONSNon-GAAP EPS* Free Cash Flow$ IN MILLIONSNon-GAAP Gross Margin Significant Operating Leverage Cash Generative Business ModelSee Supplemental Information for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.*All references to EPS are on a diluted basis.Sources: Historical information, company SEC filings and press releases.$770 $748 $663 $764 2021202220232024
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6 Recognized Industry Leader Trusted by leading semiconductor designers and foundries2014.2015.20162017.2018.20192020 .2021 .20222023 .2024“Customers consistently give FormFactor high rankings for quality and technology leadership,” said G. Dan Hutcheson, Vice Chair, TechInsights. “In multiple categories, FormFactor continues to stand out as a Five Star supplier.” FormFactor Named #1 Global Supplier in Test Subsystems and Focused Chip Making EquipmentLIVERMORE, Calif., May 27, 2025 (GLOBE NEWSWIRE) – FormFactor, Inc. (NASDAQ: FORM), a leading semiconductor test and measurement supplier, has been named the #1 global supplier in both the Test Subsystems and Focused Chip Making Equipment categories in TechInsights’ 2025 global semiconductor industry customer satisfaction survey. The company earned five-star ratings in multiple categories, including:Global #1 – Test SubsystemsGlobal #1 – Focused Suppliers of Chip Making EquipmentGlobal Semiconductor Supplier Award – Top 10 Customer Service (Focused Suppliers of Chip Making Equipment)Global Semiconductor Supplier Award – Assembly Test EquipmentEach year, TechInsights surveys semiconductor manufacturers worldwide to rate suppliers based on three key criteria: supplier performance, customer service, and product performance. This marks twelve consecutive years that FormFactor has been recognized in the Test Subsystems category, which includes probe cards, test sockets, and device interface boards.
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7 FormFactor Receives SK hynix Best Partner Award FormFactor Receives SK hynix Best Partner AwardLIVERMORE, Calif., Nov. 18, 2024 (GLOBE NEWSWIRE) -- FormFactor, Inc. (NASDAQ: FORM), a leading supplier of electrical test and measurement solutions for the semiconductor industry, announced today that it has been recognized as an outstanding partner by SK hynix, a global leader in DRAM and Flash memory manufacturing. The award honors FormFactor for its significant contributions to SK hynix’s growth and competitive strength, driven by technological innovations in probe cards for advanced package test.As a trusted supplier, FormFactor provides SK hynix with advanced wafer probe cards for high-bandwidth memory (HBM) testing, high-throughput one-touchdown DRAM testing, and engineering probe systems designed for extreme environments, all of which play a key role in supporting the development of next-generation semiconductor devices.“We are honored to receive the SK hynix Best Partner Award,” said FormFactor CEO Mike Slessor. “Our longstanding partnership with SK hynix is built on a shared commitment to advancing semiconductor technology. From labs to production fabs, we’ve collaborated to deliver high-speed, high-parallelism probe technologies that meet the highest standards of quality and reliability. This recognition reflects our dedication to driving mutual growth through innovation and exceptional performance. We look forward to further strengthening our partnership and supporting SK hynix’scontinued leadership in semiconductor technology.”Furthermore, partnerships like this propel technological advancements forward. By continuously collaborating on subsequent devices, including the latest high-bandwidth memory innovations such as HBM4, FormFactor continues to push the boundaries of what is possible in semiconductor testing. These collaborative efforts ensure that cutting-edge technology remains at the forefront, driving progress and fostering a cycle of continuous improvement.The SK hynix awards are presented annually to a select group of suppliers who demonstrate exceptional performance and make meaningful contributions to SK hynix’s development and manufacturing goals. FormFactor’s recognition underscores its critical role in enhancing SK hynix’s testing capabilities and driving innovation in the semiconductor industry. FormFactor Recognized for Supplier Excellence in Advanced Semiconductor Test Solutions
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8 FormFactor Earns Intel’s 2024 EPIC Distinguished Supplier Award FormFactor is one of twenty-seven Distinguished Supplier Award recipients in all of Intel’s global supply chain FormFactor Earns Intel’s 2024 EPIC Distinguished Supplier AwardLIVERMORE, CA – (Globe Newswire – March 28, 2024) – FormFactor is proud to announce that it has earned Intel’s EPIC Distinguished Supplier Award. Through its dedication to Excellence, Partnership, Inclusion, and Continuous (EPIC) quality improvement, FormFactor has achieved a level of performance that consistently exceeds Intel’s expectations.“As one of the 27 Distinguished Supplier Award recipients in 2024, FormFactor stands out among suppliers in Intel’s trusted supply chain,” said Keyvan Esfarjani, chief global operations officer at Intel. “Through their relentless drive to improve, they have achieved a level of performance that consistently exceeds Intel’s expectations and serves as a benchmark across the ecosystem.”The Intel EPIC Distinguished Supplier Award recognizes a consistent level of strong performance across all performance criteria. Of the thousands of Intel suppliers around the world, only a few hundred qualify to participate in the EPIC Supplier Program. The EPIC Distinguished Award is the second-highest honor a supplier can achieve. In 2024, only 27 suppliers in the Intel supply chain network earned this award.To qualify for an Intel EPIC Distinguished Supplier Award, suppliers must exceed expectations, meet aggressive performance goals, and score 80 percent or higher in performance assessments throughout the year. Suppliers must also meet 80 percent or more oftheir improvement plan deliverables and demonstrate formidable quality and business systems.
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9 How FormFactor Wins Early Customer Engagement Creates Competitive Advantage and High Barriers to EntryTechnology and Applications Leadership Relied Upon by CustomersDeliver Market-Leading Products with World-Class Cycle Times and QualityLargest R&D Budget in Served Markets, Enabled by Industry-Leading Scale
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10 FormFactor Occupies a Unique Place in Semiconductor Industry Back-End:Wafer Assembly and Final TestFront-End:Wafer Fabrication EquipmentWafer Test & Measurement Industry: $95 BillionIndustry: $3.5 Billion•6% CAGR•Highly cyclical, tied to capital spending•Highly consolidated •8% CAGR for Advanced Probe Cards, device-specific consumables•3% CAGR for Engineering Systems, driven by R&D budgets•7% CAGR•Highly cyclical, tied to capital spending•Highly fragmented•Demand driven by design releases on both new and existing nodes•Moderate cyclicality•Consolidated industry Sources: 2024 Data. All market size and growth rates are TechInsights estimates, except for Engineering Systems which are company estimates. Customers’ shorter product cycles and faster times-to-market amplify secular growth in silicon devices Industry: $2.75 BillionAdvanced Probe Cards: $2.25B; Engineering Systems: $0.5B
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11 Probe Cards are the Design-Specific Interface that Connects the ATE to the Wafer A hair (!)300mm10mmF&LDRAM
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12 Customers Value, FormFactor Benefits From “Lab to Fab” Capabilities Customers benefit from accelerated path from concept to volume production•Saves time and effort, improves yields, shortens time-to-marketFormFactor Engages Customers Throughout Their Product Life CycleR&D/EngineeringHigh Volume Engineering/Niche ProductionFull ProductionFormFactor’s unique visibility to emerging trends, e.g. Silicon Photonics, Quantum Computing, Cryogenics, Micro LED, ensures focused R&D spend
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13 FormFactor Benefits from Two Industry DynamicsSlowing of Moore’s Law:Node shrinks no longer provide cost reduction Exponential Growth in Semiconductor UseSecular Growth in the Semiconductor Industry Increased Infrastructure and Enterprise Spending 5G Applications in Mobility and Automotive 45nm 7nm4XNormalized Cost / yielded mm Source: Su (AMD), IEDM 2017. Build out of artificial intelligence infrastructure
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14 Exponential Growth in Silicon Devices Will Be Accelerated by AI 1981-1995 1996-20062007-20192020-2022 Key Factors for AI Success•Test complexity•Test intensity•Dependable supplier•Customer intimacyGen AI Source: Yole Development of Technology for 5G.2023+
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15 10%Connected Devices2018-2023 CAGR30BConnected devices by 2023͌M2M50%Smartphones23%TVs11%Other(tablets, PCs, etc.)16% Mobility2 $70 $80 $90 $100 $110 $1202019 2020 2021 2022 2023 Data Center Capital Spending Forecast1IN BILLIONS 5G Will Drive Increased Content in Mobility and Automotive ApplicationsInfrastructure Spending and 5G Adoption Are Spurring Semiconductor and Probe Card Use Automotive3͌ ͌ ͌Autonomous Electrification Connectivity$50B $44B $9B2035 Market Size 2027 Market Size 2027 Market SizeTrends Driving Semiconductor Content and Sensor GrowthSource:1. Omdia2. Cisco “Annual Internet Report” 3. Lear Corporation, IHS Automotive for industry production.
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16 Node shrinks no longer provide cost reductionAdvanced Packaging Addresses Scaling Challenges As Moore’s Law SlowsAdvanced Packaging improves product-level performance, power and density45nm 7nm4XNormalized Cost / yielded mmSource: Su (AMD), IEDM 2017.Note: Cost per yielded mm2 for a 250 mm2 die.
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17 Probe Cards are Critical to Advanced PackagingCost of the Advanced Packaging SolutionHighLowLOTS!SomeLowSemiconductor Die YieldSomeLittleHigh TEST INTENSITY Test intensity, and therefore probe card demand, increases as advanced packaging becomes widespread GPU+HBM
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18 Probe is Moving Into the SpotlightInvestment in probe has been outpacing overall industry growth in recent years Data Source: “The Probe Card Report 2024”; TechInsights, December 2024Intensity = Semi Probe Card Sales normalized by total Semi Sales, 3-year Moving Average •Over the past 16 years, investment in probe cards (along with many other types of equipment & consumables) has tripled•Driven by overall semiconductor growth•Also driven by increased test intensity to avoid assembling bad chips/chiplets•Especially important with advanced packaging•Intensity up ~10% to 0.4%0.35%0.38%0.41%0.44%$0$800$1,600$2,40020082009201020112012201320142015201620172018201920202021202220232024Semiconductor Probe Card Intensity (%) Semiconductor Probe Card Sales ($M)
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19 Unique Capabilities Position FormFactor for Faster Growth in Advanced Probe Cards5%CAGR*Advanced Probe Card Market7%+ CAGR**FormFactor•Proprietary Technologies•Strong Customer Relationships•Productive R&D SpendSource: *Yole 2024 Probe Card Market Report **Company estimates. $2.6 Billion Advanced Probe Card Market In 2027 High Frequency (RF) Logic Memory
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20 Poised for Above-Market Growth in Engineering Systems3%CAGR*Engineering Systems Market5% + CAGR**FormFactor•Largest Installed Base•Autonomous Measurement Solutions Leader•Broadest Portfolio Technology Leadership and Worldwide Infrastructure Lead to Customer Intimacy and Early Involvement200 mmAutomated 300 mmAutomated Source: *2023 TechInsights estimates.**Company estimates.
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2182%18%Revenue $764M28%$2.75B Served available market Advanced Probe Cards & Engineering Systems100%Revenue $179M76%24%Revenue $850MFormFactor’s Target Model$0.9B Served available marketAdvanced Probe Cards$3B*Served available market Advanced Probe Cards & Engineering Systems 20% ~28%Target Model20122024Probe Cards Engineering SystemsSources: Historical information, company SEC filings and press releases.*Yole 2024 Probe Card Market Report and company estimates. Reflects sale of FRT in Q4’23.
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22 Growth to $850M Target Model Revenue, Delivers $2.00 Non-GAAP EPS Target Model2024 Actuals$850M$764MRevenue47.0%41.7%Non-GAAP Gross Margin22.0%11.9%Non-GAAP Operating Margin17.0%14.4%Non-GAAP Effective Tax Rate$2.00$1.15Non-GAAP Diluted Earnings Per Share$160M$83MFree Cash FlowSee Supplemental Information below for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.Sources: Historical information, company SEC filings and press releases.
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23 Drivers of Shareholder Value CreationRevenue GrowthOperating LeverageCapital Allocation •Underlying growth in semiconductor applications•Participation in Advanced Packaging and 5G mega trends•Diversification of customers •Gross Margin expansion•Disciplined operating structure•Robust Operating Cash Flow and Free Cash Flow•Profitable growth Focused reinvestment•R&D•Capacity expansion•Fund organic growth M&A •Increase SAM•Acquire attractive technologies•Patient, deliberate approach– Complementary to organic growth– Diversifies revenue stream– Accretive to earningsStock buyback to offset dilution from stock-based compensation
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2413%14%16%15%14%12%12%13%16%15%14%13%2021 2022 2023 2024 1H2025 Target ModelSG&AR&D27% 25%25%32%30%28%Non-GAAP Operating Expense as % of RevenueScale Enhances Margins, Finances Differentiating R&D Capitalize on scale to leverage our operating expense infrastructure. Continued significant R&D investment creates new organic growth opportunities.TARGET MODELSee Supplemental Information below for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.Sources: Historical information, company SEC filings and press releases.
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2520%15%9%12%22%2021 2022 2023 2024 Target Model Driving Operating Leverage Through Scale TARGET MODEL Disciplined spending and increasing scale will continue to enhance profitabilityNon-GAAP Operating Margin See Supplemental Information below for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.Sources: Historical information, company SEC filings and press releases.
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26 Target CapEx Model*20242023202220212020$30M - $35M$38M$56M$65M$67M$56MCapEx$850M$764M$663M$748M$770M$694MRevenue3.5%-4.0%5.0%8.4%8.7%8.6%8.0%CapEx as % of Revenue Capital Expenditures to Support Organic Growth New Livermore Manufacturing Center Highly Automated Manufacturing Factory Expansions – acquired Farmers Branch, Texas, manufacturing facility *Excludes Farmers Branch CapEx
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27 Acquisition Strategy Adds Scale and Diversification •Acquisition priorities– Market leader in growing market– Compelling technical capabilities– Accretive– Focus on tuck-ins as well as larger scale companies•Leveraging FormFactor’s key capabilities and infrastructure to achieve synergiesProven track record of identifying and integrating accretive acquisitionsEstablished process focused on extending long-term industry leadership Opportunistic tuck-in acquisitions aligned with our long-term strategy and M&A principles •Provide critical enabling technologies reinforcing FormFactor’s leadership•Create potential opportunity to increase served available market Year: 2012Amount: $117MYear: 2016Amount: $352M Acquisition of Advantest’s probe card assetsYear: 2020Amount: $35M Year: 2022Amount: $3.4MAcquisition of JanisULT dilution refrigerator product lineYear: 2020Amount: $15M
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28 Enabled by Flexible Cost Structure• 100% of employees with variable pay component• Flexible staffing modelStrong and Healthy Balance Sheet• Supported by strong free cash flows• Added new $150 million dollars revolving credit facility in July '25• History of successfully managing debt Highly Resilient Business Model
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29 Recent Results (non-GAAP) Revenue$195.8M$202.7M$210M +/- $5MQ2’25ACTUAL Q3’25 and Q4’25 Themes:•Q3’25 revenue, gross margin, and earnings per share exceeded the midpoint of our outlook range. •Q4’25 outlook range reflects increase in revenues with more favorable product mix, and the cost reduction initiatives impacting Gross Margins.Q3’25ACTUALQ4’25 OUTLOOK Gross Margin38.5%41.0%42.0% +/- 1.5% Diluted EPS$0.27$0.33$0.35 +/- $0.04 Free Cash Flow($47.1M)$19.7MSee Supplemental Information for reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.
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Supplemental Information
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31 Q3 2025 GAAP to Non-GAAP Reconciliation In thousands, except per share data Non-GAAPAdjustmentsGAAPThree Months Ended September 27, 2025Restructuringand OtherAmortization of Intangibles andAcquisition FairValue AdjustmentsStock-basedCompensationThree Months Ended September 27, 2025$ 202,676$ —$ —$ —$ 202,676Revenues119,503(116)(490)(1,941)122,050Cost of revenues83,1731164901,94180,626Gross profit Operating expenses:26,18928—(2,525)28,686Research and development14,813(393)(191)(1,843)17,240Sales and marketing12,61692—(3,207)15,731General and administrative964———964Factory start-up costs54,582(273)(191)(7,575)62,621Total operating expenses28,5913896819,51618,005Operating profit1,976———1,976Interest income, net444———444Other income, net31,0113896819,51620,425Income before income taxes6,58624425835,937Provision for income taxes(1,259)(91)——(1,168)Gain from equity investment$ 25,684$ 456$ 639$ 8,933$ 15,656Net incomeNet income per share:$ 0.33$ 0.01$ 0.01$ 0.12$ 0.20Basic $ 0.33$ 0.01$ 0.01$ 0.11$ 0.20DilutedWeighted-average number of shares:77,38777,38777,38777,38777,387Basic77,73477,73477,73477,73477,734Diluted
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32 Free Cash Flow ReconciliationFree Cash Flow Trend (in thousands)Q3'25Q2'25Q1'25202420232022202120202019$ 26,991$ 18,893$ 23,539$ 117,534$ 64,602$ 131,786$ 139,364$ 169,256$ 121,048Net cash provided by operating activities8995923914225356438671,405Add: Cash paid for interest831681,2213,3172,407—209509213Add: Cash paid for acquisition related expenses(7,505)(66,256)(18,584)(38,436)(56,027)(65,254)(66,496)(55,865)(20,847)Capital expenditures$ 19,658$ (47,100)$ 6,268$ 82,806$ 11,404$ 67,067$ 73,720$ 114,767$ 101,819Free cash flow
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33 About Non-GAAP Financial MeasuresWe believe that the presentation of non-GAAP earnings per fully-diluted share, free cash flow and other non-GAAP measures in this presentation providessupplemental information that is important to understanding financial and business trends and other factors relating to our financial condition and results ofoperations. These non-GAAP measures are among the primary indicators used by management as a basis for planning and forecasting future periods, and bymanagement and our board of directors to determine whether our operating performance has met certain targets and thresholds. Management uses non-GAAP operating income (loss), non-GAAP earnings per fully-diluted share and other non-GAAP measures when evaluating operating performance because itbelieves that the exclusion of the items indicated herein, for which the amounts or timing may vary significantly depending upon our activities and otherfactors, facilitates comparability of our operating performance from period to period. We use free cash flow to conduct and evaluate our business as anadditional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting ourcash flows. Many investors also prefer to track free cash flow, as opposed to only GAAP earnings. Free cash flow has limitations due to the fact that it does notrepresent the residual cash flow available for discretionary expenditures, and therefore it is important to view free cash flow as a complement to our entireconsolidated statements of cash flows. We have chosen to provide non-GAAP information to investors so they can analyze our operating results closer to theway that management does, and use this information in their assessment of our business and the valuation of our company. We compute non-GAAPoperating income (loss) and non-GAAP fully-diluted earnings per share by adjusting GAAP operating income (loss) and GAAP earnings per fully-diluted share toremove the impact of certain items and the tax effect of those adjustments. These and other non-GAAP measures are not in accordance with, or analternative to, GAAP and may be materially different from other non-GAAP measures, including similarly titled non-GAAP measures used by other companies.The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, operating income (loss) orearnings per fully-diluted share and other measures prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do notreflect certain items that may have a material impact upon our reported financial results. We may expect to continue to incur expenses of a nature similarto these non-GAAP adjustments, and exclusion of these items should not be construed as an inference that these costs are unusual, infrequent or non-recurring.For more information on non-GAAP measures and adjustments, please see the Supplemental Information in this presentation and availableathttp://investors.formfactor.comfor reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures.