| FORMFACTOR, INC. | |||||||||||||||
| RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW | |||||||||||||||
| (In thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| Three Months Ended | Fiscal Year Ended | ||||||||||||||
| December 29, 2018 | December 30, 2017 | December 29, 2018 | December 30, 2017 | ||||||||||||
| Net cash provided from operating activities | $ | 22,562 | $ | 26,455 | $ | 68,700 | $ | 86,323 | |||||||
| Adjustments | |||||||||||||||
| Cash paid for interest | 814 | 863 | 3,113 | 3,836 | |||||||||||
| Capital expenditures | (7,543 | ) | (3,838 | ) | (19,869 | ) | (17,756 | ) | |||||||
| (6,729 | ) | (2,975 | ) | (16,756 | ) | (13,920 | ) | ||||||||
| Free cash flow | $ | 15,833 | $ | 23,480 | $ | 51,944 | $ | 72,403 | |||||||
| FORMFACTOR, INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| December 29, 2018 | December 30, 2017 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 98,472 | $ | 91,184 | |||
| Marketable securities | 50,531 | 48,988 | |||||
| Accounts receivable, net | 95,333 | 81,515 | |||||
| Inventories, net | 77,706 | 67,848 | |||||
| Restricted cash | 849 | 372 | |||||
| Refundable income taxes | 1,260 | 2,242 | |||||
| Prepaid expenses and other current assets | 13,669 | 13,705 | |||||
| Total current assets | 337,820 | 305,854 | |||||
| Restricted cash | 1,225 | 1,170 | |||||
| Property, plant and equipment, net | 54,054 | 46,754 | |||||
| Goodwill | 189,214 | 189,920 | |||||
| Intangibles, net | 67,640 | 97,484 | |||||
| Deferred tax assets | 77,301 | 3,133 | |||||
| Other assets | 968 | 2,259 | |||||
| Total assets | $ | 728,222 | $ | 646,574 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 40,006 | $ | 35,046 | |||
| Accrued liabilities | 27,731 | 33,694 | |||||
| Current portion of term loan, net of unamortized issuance cost of $160 and $307 | 29,840 | 18,443 | |||||
| Deferred revenue | 4,941 | 4,978 | |||||
| Total current liabilities | 102,518 | 92,161 | |||||
| Term loan, less current portion, net of unamortized issuance cost of $29 and $272 | 34,971 | 87,228 | |||||
| Deferred tax liabilities | 2,355 | 3,379 | |||||
| Deferred rent and other liabilities | 8,214 | 5,169 | |||||
| Total liabilities | 148,058 | 187,937 | |||||
| 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; 74,139,712 and 72,532,176 shares issued and outstanding | 75 | 73 | |||||
| Additional paid-in capital | 862,897 | 843,116 | |||||
| Accumulated other comprehensive income | 780 | 3,021 | |||||
| Accumulated deficit | (283,588 | ) | (387,573 | ) | |||
| Total stockholders' equity | 580,164 | 458,637 | |||||
| Total liabilities and stockholders' equity | $ | 728,222 | $ | 646,574 | |||
