FormFactor, Inc. Reports 2020 Fourth Quarter Results

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

  Twelve Months Ended
  December 26,
2020
  December 28,
2019
Cash flows from operating activities:   
Net income$78,523   $39,346  
Selected adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation20,694   17,185  
Amortization27,991   27,672  
Stock-based compensation expense23,830   23,176  
Provision for excess and obsolete inventories12,996   10,421  
Gain on contingent consideration(2,879)    
Other activity impacting operating cash flows8,101   3,248  
Net cash provided by operating activities169,256   121,048  
Cash flows from investing activities:   
Acquisition of property, plant and equipment (55,865 )     (20,847 )  
Acquisition of businesses, net of cash acquired (51,880 )     (20,524 )  
Proceeds (purchases) of marketable securities, net 8,741       (25,113 )  
Other activity impacting investing cash flows 82       132    
Net cash used in investing activities (98,922 )     (66,352 )  
Cash flows from financing activities:      
Proceeds from issuances of common stock 10,010       8,093    
Proceeds from term loan debt 18,000       23,354    
Payment of term loan debt issuance costs (78 )        
Principal repayments on term loans (43,417 )     (30,000 )  
Tax withholdings related to net share settlements of equity awards (15,450 )     (8,025 )  
Net cash used in financing activities (30,935 )     (6,578 )  
Effect of exchange rate changes on cash, cash equivalents and restricted cash 3,762       (727 )  
Net increase in cash, cash equivalents and restricted cash 43,161       47,391    
Cash, cash equivalents and restricted cash, beginning of period 147,937       100,546    
Cash, cash equivalents and restricted cash, end of period $ 191,098       $ 147,937    
                   

FORMFACTOR, INC.  

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