FormFactor, Inc. Reports Third Quarter Results
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FORMFACTOR, INC. |
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RECONCILIATION OF CASH PROVIDED FROM OPERATING ACTIVITIES TO FREE CASH FLOW FOR THE |
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THREE MONTHS ENDED SEPTEMBER 26, 2016 |
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(In thousands) |
(Unaudited)
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| | Net cash provided from operating activities | | $ | 6,370 | | |
| | Adjustments to reconcile GAAP cash provided from operating activities to free cash flow: | | | |
| | Acquisition-related payments in working capital | | 13,400 | | | |
| | Debt-related interest expense | | 1,112 | | | |
| | Capital expenditures | | | (4,876 | ) | | |
| | | 9,636 | | | 9,636 | | |
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| | Free cash flow | | | $ | 16,006 | | |
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FORMFACTOR, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands) |
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(Unaudited) |
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September 24, 2016 | |
December 26, 2015 |
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ASSETS | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 99,908 | | | $ | 146,264 | |
| Marketable securities | 7,505 | | | 41,325 | |
| Accounts receivable, net | 77,530 | | | 36,725 | |
| Inventories, net | 60,677 | | | 27,223 | |
| Restricted cash | 120 | | | — | |
| Refundable income taxes | 1,391 | | | — | |
| Prepaid expenses and other current assets | 12,946 | | | 6,481 | |
| Total current assets | 260,077 | | | 258,018 | |
| Restricted cash | 438 | | | 435 | |
| Property, plant and equipment, net | 42,678 | | | 23,853 | |
| Goodwill | 188,776 | | | 30,731 | |
| Intangibles, net | 152,395 | | | 25,552 | |
| Deferred tax assets | 3,966 | | | 3,281 | |
| Other assets | 1,982 | | | 853 | |
| Total assets | $ | 650,312 | | | $ | 342,723 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 41,584 | | | $ | 18,072 | |
| Accrued liabilities | 29,466 | | | 21,507 | |
| Current portion of term loan | 8,960 | | | — | |
| Income taxes payable | 86 | | | 110 | |
| Deferred revenue | 4,934 | | | 3,892 | |
| Total current liabilities | 85,030 | | | 43,581 | |
| Long-term income taxes payable | 1,277 | | | 1,069 | |
| Term loan, less current portion | 137,777 | | | — | |
| Deferred tax liabilities | 5,779 | | | — | |
| Deferred rent and other liabilities | 4,827 | | | 3,392 | |
| Total liabilities | 234,690 | | | 48,042 | |
| Commitments and contingencies | | | |
| Stockholders’ equity: | | | |
| Common stock and capital in excess of par value | 828,684 | | | 718,962 | |
| Accumulated other comprehensive income (loss) | 110 | | | (2,222 | ) |
| Accumulated deficit | (413,172 | ) | | (422,059 | ) |
| Total stockholders’ equity | 415,622 | | | 294,681 | |
| Total liabilities and stockholders’ equity | $ | 650,312 | | | $ | 342,723 | |
