|
FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW (In thousands) (Unaudited) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| July 1, 2017 | June 25, 2016 | July 1, 2017 | June 25, 2016 | ||||||||||||
| Net cash provided by (used in) operating activities | $ | 24,478 | $ | (558 | ) | $ | 42,281 | $ | (3,590 | ) | |||||
| Adjustments to reconcile GAAP cash provided from operating activities to free cash flow: | |||||||||||||||
| Cash paid for interest on debt | 994 | — | 2,010 | — | |||||||||||
| Capital expenditures | (4,294 | ) | (2,522 | ) | (7,759 | ) | (3,633 | ) | |||||||
| Free cash flow | $ | 21,178 | $ | (3,080 | ) | $ | 36,532 | $ | (7,223 | ) | |||||
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FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||
|
July 1,
2017 | December 31, 2016 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 107,817 | $ | 101,408 | |||
| Marketable securities | 22,156 | 7,497 | |||||
| Accounts receivable, net of allowances for doubtful accounts of $299 and $298 | 91,710 | 70,225 | |||||
| Inventories, net | 64,951 | 59,806 | |||||
| Restricted cash | 4 | 106 | |||||
| Refundable income taxes | 1,092 | 1,391 | |||||
| Prepaid expenses and other current assets | 13,001 | 14,276 | |||||
| Total current assets | 300,731 | 254,709 | |||||
| Restricted cash | 768 | 1,082 | |||||
| Property, plant and equipment, net of accumulated depreciation and amortization of $248,390 and $241,943 | 45,667 | 42,663 | |||||
| Goodwill | 189,192 | 188,010 | |||||
| Intangibles, net | 111,779 | 126,608 | |||||
| Deferred tax assets | 3,302 | 3,310 | |||||
| Other assets | 1,959 | 2,600 | |||||
| Total assets | $ | 653,398 | $ | 618,982 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 43,179 | $ | 34,075 | |||
| Accrued liabilities | 33,444 | 30,184 | |||||
| Current portion of term loan | 18,380 | 12,701 | |||||
| Income taxes payable | 167 | 442 | |||||
| Deferred revenue | 9,452 | 5,305 | |||||
| Total current liabilities | 104,622 | 82,707 | |||||
| Long-term income taxes payable | 1,046 | 1,315 | |||||
| Term loan, less current portion | 104,506 | 125,475 | |||||
| Deferred tax liabilities | 4,070 | 3,703 | |||||
| Deferred rent and other liabilities | 4,548 | 4,726 | |||||
| Total liabilities | 218,792 | 217,926 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock and capital in excess of par value | 839,824 | 833,412 | |||||
| Accumulated other comprehensive income (loss) | 507 | (3,740 | ) | ||||
| Accumulated deficit | (405,725 | ) | (428,616 | ) | |||
| Total stockholders’ equity | 434,606 | 401,056 | |||||
| Total liabilities and stockholders’ equity | $ | 653,398 | $ | 618,982 | |||
