(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 interest | 476 | 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 securities | 52,071 | 50,531 | |||||
| Accounts receivable, net of allowance for doubtful accounts of $189 and $185 | 71,289 | 95,333 | |||||
| Inventories, net | 83,852 | 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 | |||
