Formfactor, Inc. Reports 2019 Second Quarter Results

RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)

  Three Months Ended  Six Months Ended
  June 29, 2019  June 30, 2018  June 29, 2019  June 30, 2018
Net cash provided by operating activities$34,850  $20,736  $55,488  $30,058 
Adjustments:       
Cash paid for interest476  791  778  1,617 
Capital expenditures(5,432) (4,714) (11,460) (8,545)
Free cash flow$29,894  $16,813  $44,806  $23,130 


FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands (Unaudited)
 

  June 29,
 2019
  December 29,
2018
ASSETS   
Current assets:   
Cash and cash equivalents$124,810  $98,472 
Marketable securities52,071  50,531 
Accounts receivable, net of allowance for doubtful accounts of $189 and $18571,289  95,333 
Inventories, net83,852    77,706  
Restricted cash 818     849  
Refundable income taxes 524     1,260  
Prepaid expenses and other current assets 14,282     13,669  
Total current assets 347,646     337,820  
Restricted cash 1,066     1,225  
Operating lease, right-of-use-assets 33,274      
Property, plant and equipment, net of accumulated depreciation of $270,566 and $263,102 54,436     54,054  
Goodwill 189,121     189,214  
Intangibles, net 53,404     67,640  
Deferred tax assets 77,279     77,301  
Other assets 1,343     968  
Total assets $ 757,569     $ 728,222  
       
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 26,252     $ 40,006  
Accrued liabilities 29,500     27,731  
Current portion of term loan, net of unamortized issuance cost of $93 and $160 33,657     29,840  
Deferred revenue 7,198     4,941  
Operating lease liabilities 6,203      
Total current liabilities 102,810     102,518  
Term loan, less current portion, net of unamortized issuance cost of $0 and $29 12,500     34,971  
Deferred tax liabilities 2,339     2,355  
Long-term operating lease liabilities 31,173      
Other liabilities 4,645     8,214  
Total liabilities 153,467     148,058  
       
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; 74,691,781 and 74,139,712 shares issued and outstanding 75     74  
Additional paid-in capital 875,024     862,897  
Accumulated other comprehensive income 159     780  
Accumulated deficit (271,156 )   (283,587 )
Total stockholders’ equity 604,102     580,164  
Total liabilities and stockholders’ equity $ 757,569     $ 728,222  



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