FormFactor, Inc. Reports Second Quarter Results



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 debt994    2,010   
Capital expenditures(4,294) (2,522) (7,759) (3,633)
Free cash flow$21,178  $(3,080) $36,532  $(7,223)



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 securities22,156  7,497 
Accounts receivable, net of allowances for doubtful accounts of $299 and $29891,710  70,225 
Inventories, net64,951  59,806 
Restricted cash4  106 
Refundable income taxes1,092  1,391 
Prepaid expenses and other current assets13,001  14,276 
Total current assets300,731  254,709 
Restricted cash768  1,082 
Property, plant and equipment, net of accumulated depreciation and amortization of $248,390 and $241,94345,667  42,663 
Goodwill189,192  188,010 
Intangibles, net111,779  126,608 
Deferred tax assets3,302  3,310 
Other assets1,959  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  

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