FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
| Three Months Ended | |||||||||||
| March 31, 2018 | December 30, 2017 | April 1, 2017 | |||||||||
| Net cash provided by operating activities | $ | 9,322 | $ | 26,455 | $ | 17,803 | |||||
| Adjustments: | |||||||||||
| Cash paid for interest | 826 | 863 | 1,016 | ||||||||
| Capital expenditures | (3,831 | ) | (3,838 | ) | (3,465 | ) | |||||
| Free cash flow | $ | 6,317 | $ | 23,480 | $ | 15,354 | |||||
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
March 31,
2018 |
December 30,
2017 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 93,699 | $ | 91,184 | |||
| Marketable securities | 48,370 | 48,988 | |||||
| Accounts receivable, net of allowance for doubtful accounts of $200 and $200 | 78,524 | 81,515 | |||||
| Inventories, net | 73,780 | 67,848 | |||||
| Restricted cash | 663 | 372 | |||||
| Refundable income taxes | 2,307 | 2,242 | |||||
| Prepaid expenses and other current assets | 14,452 | 13,705 | |||||
| Total current assets | 311,795 | 305,854 | |||||
| Restricted cash | 1,020 | 1,170 | |||||
| Property, plant and equipment, net of accumulated depreciation and amortization of $259,608 and $255,755 | 47,851 | 46,754 | |||||
| Goodwill | 190,367 | 189,920 | |||||
| Intangibles, net | 90,649 | 97,484 | |||||
| Deferred tax assets | 3,145 | 3,133 | |||||
| Other assets | 1,361 | 2,259 | |||||
| Total assets | $ | 646,188 | $ | 646,574 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 38,889 | $ | 35,046 | |||
| Accrued liabilities | 23,496 | 33,694 | |||||
| Current portion of term loan, net of unamortized issuance cost of $270 and $307 | 29,730 | 18,443 | |||||
| Deferred revenue | 4,515 | 4,978 | |||||
| Total current liabilities | 96,630 | 92,161 | |||||
| Term loan, less current portion, net of unamortized issuance cost of $185 and $272 | 67,315 | 87,228 | |||||
| Deferred tax liabilities | 3,487 | 3,379 | |||||
| Deferred rent and other liabilities | 7,746 | 5,169 | |||||
| Total liabilities | 175,178 | 187,937 | |||||
| Stockholders’ equity: | |||||||
| Common stock and capital in excess of par value | 851,323 | 843,189 | |||||
| Accumulated other comprehensive income | 5,185 | 3,021 | |||||
| Accumulated deficit | (385,498 | ) | (387,573 | ) | |||
| Total stockholders’ equity | 471,010 | 458,637 | |||||
| Total liabilities and stockholders’ equity | $ | 646,188 | $ | 646,574 | |||
