FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)
| Three Months Ended | |||||||
|
March 28,
2020 |
March 30,
2019 | ||||||
| Net cash provided by operating activities | $ | 39,339 | $ | 20,638 | |||
| Adjustments: | |||||||
| Cash paid for interest | 291 | 302 | |||||
| Acquisition related payments in working capital | 35 | — | |||||
| Capital expenditures | (12,050 | ) | (6,028 | ) | |||
| Free cash flow | $ | 27,615 | $ | 14,912 | |||
FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
|
March 28,
2020 |
December 28,
2019 | ||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 169,607 | $ | 144,545 | |||
| Marketable securities | 69,759 | 76,327 | |||||
| Accounts receivable, net of allowance for doubtful accounts of $222 and $222 | 90,100 | 97,868 | |||||
| Inventories, net | 78,983 | 83,258 | |||||
| Restricted cash | 2,107 | 1,981 | |||||
| Prepaid expenses and other current assets | 15,699 | 15,064 | |||||
| Total current assets | 426,255 | 419,043 | |||||
| Restricted cash | 1,361 | 1,411 | |||||
| Operating lease, right-of-use-assets | 36,212 | 31,420 | |||||
| Property, plant and equipment, net of accumulated depreciation of $277,017 and $273,001 | 63,745 | 58,747 | |||||
| Goodwill | 200,378 | 199,196 | |||||
| Intangibles, net | 50,139 | 57,610 | |||||
| Deferred tax assets | 70,273 | 71,252 | |||||
| Other assets | 1,016 | 1,203 | |||||
| Total assets | $ | 849,379 | $ | 839,882 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 40,139 | $ | 40,914 | |||
| Accrued liabilities | 29,175 | 36,439 | |||||
| Current portion of term loans, net of unamortized issuance costs | 31,535 | 42,846 | |||||
| Deferred revenue | 9,830 | 9,810 | |||||
| Operating lease liabilities | 6,815 | 6,551 | |||||
| Total current liabilities | 117,494 | 136,560 | |||||
| Term loan, less current portion, net of unamortized issuance costs | 13,642 | 15,639 | |||||
| Deferred tax liabilities | 6,095 | 6,986 | |||||
| Long-term operating lease liabilities | 34,028 | 29,088 | |||||
| Other liabilities | 11,703 | 10,612 | |||||
| Total liabilities | 182,962 | 198,885 | |||||
| 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; 76,158,251 and 75,764,990 shares issued and outstanding | 77 | 76 | |||||
| Additional paid-in capital | 895,600 | 885,821 | |||||
| Accumulated other comprehensive loss | (909 | ) | (659 | ) | |||
| Accumulated deficit | (228,351 | ) | (244,241 | ) | |||
| Total stockholders’ equity | 666,417 | 640,997 | |||||
| Total liabilities and stockholders’ equity | $ | 849,379 | $ | 839,882 | |||
