FormFactor, Inc. Reports 2020 First Quarter Results



FORMFACTOR, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

  Three Months Ended
  March 28,
2020
  March 30,
2019
Cash flows from operating activities:   
Net income$15,890  $5,483 
Selected adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation4,561  3,947 
Amortization7,263  7,090 
Stock-based compensation expense5,623  5,295 
Provision for excess and obsolete inventories3,287  2,725 
Other activity impacting operating cash flows2,715  (3,902)
Net cash provided by operating activities39,339  20,638 
Cash flows from investing activities:   
Acquisition of property, plant and equipment(12,050) (6,028)
Proceeds (purchases) of marketable securities, net6,568  (3,332)
Other activity impacting investing cash flows40  28 
Net cash used in investing activities(5,442) (9,332)
Cash flows from financing activities:   
Proceeds from issuances of common stock4,513     3,870  
Tax withholdings related to net share settlements of equity awards (385 )   (302 )
Principal repayments on term loans (13,199 )   (7,500 )
Net cash used in financing activities (9,071 )   (3,932 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash 312     (207 )
Net increase in cash, cash equivalents and restricted cash 25,138     7,167  
Cash, cash equivalents and restricted cash, beginning of period 147,937     100,546  
Cash, cash equivalents and restricted cash, end of period $ 173,075     $ 107,713  



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