FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
| Three Months Ended | Fiscal Year Ended | ||||||||||||||
| December 30, 2017 | December 31, 2016 | December 30, 2017 | December 31, 2016 | ||||||||||||
| Net cash provided from operating activities | $ | 26,455 | $ | 15,170 | $ | 86,323 | $ | 17,423 | |||||||
| Adjustments to reconcile GAAP cash provided from operating activities to free cash flow: | |||||||||||||||
| Acquisition-related payments in working capital | — | 2,046 | — | 15446
| |||||||||||
| Debt-related interest expense | 863 | 1,415 | 3,836 | 2,109 | |||||||||||
| Capital expenditures | (3,838 | ) | (3,304 | ) | (17,756 | ) | (11,521 | ) | |||||||
| (2,975 | ) | 157 | (13,920 | ) | 6,034 | ||||||||||
| Free cash flow | $ | 23,480 | $ | 15,327 | $ | 72,403 | $ | 23,457 | |||||||
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
| December 30, 2017 | December 31, 2016 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 91,184 | $ | 101,408 | |||
| Marketable securities | 48,988 | 7,497 | |||||
| Accounts receivable, net | 81,515 | 70,225 | |||||
| Inventories, net | 67,848 | 59,806 | |||||
| Restricted cash | 372 | 106 | |||||
| Refundable income taxes | 2,242 | 1,391 | |||||
| Prepaid expenses and other current assets | 13,705 | 14,276 | |||||
| Total current assets | 305,854 | 254,709 | |||||
| Restricted cash | 1,170 | 1,082 | |||||
| Property, plant and equipment, net | 46,754 | 42,663 | |||||
| Goodwill | 189,920 | 188,010 | |||||
| Intangibles, net | 97,484 | 126,608 | |||||
| Deferred tax assets | 3,133 | 3,310 | |||||
| Other assets | 2,259 | 2,600 | |||||
| Total assets | $ | 646,574 | $ | 618,982 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 35,046 | $ | 34,075 | |||
| Accrued liabilities | 32,887 | 30,184 | |||||
| Current portion of term loan, net of unamortized issuance cost of $307 | 18,443 | 12,701 | |||||
| Income taxes payable | 807 | 442 | |||||
| Deferred revenue | 4,978 | 5,305 | |||||
| Total current liabilities | 92,161 | 82,707 | |||||
| Long-term income taxes payable | 1,028 | 1,315 | |||||
| Term loan, less current portion, net of unamortized issuance cost of $273 | 87,228 | 125,475 | |||||
| Deferred tax liabilities | 3,379 | 3,703 | |||||
| Deferred rent and other liabilities | 4,141 | 4,726 | |||||
| Total liabilities | 187,937 | 217,926 | |||||
| Stockholders' equity: | |||||||
| Preferred stock, $0.001 par value: | |||||||
| 10,000,000 shares authorized; no shares issued and outstanding | — | — | |||||
| Common stock, $0.001 par value: | |||||||
| 250,000,000 shares authorized; 72,532,176 and 70,907,847 shares issued and outstanding | 73 | 71 | |||||
| Additional paid-in capital | 843,116 | 833,341 | |||||
| Accumulated other comprehensive income (loss) | 3,021 | (3,740 | ) | ||||
| Accumulated deficit | (387,573 | ) | (428,616 | ) | |||
| Total stockholders' equity | 458,637 | 401,056 | |||||
| Total liabilities and stockholders' equity | $ | 646,574 | $ | 618,982 | |||
