FormFactor, Inc. Reports 2021 Fourth Quarter Results

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

   December 25,
2021
  September 25,
2021
  December 26,
2020
ASSETS      
Current assets:      
Cash and cash equivalents $151,010  $153,781  $187,225 
Marketable securities  125,055   110,898   67,810 
Accounts receivable, net of allowance for doubtful accounts  115,541   105,807   107,603 
Inventories, net  111,548   115,104   99,229 
Restricted cash  2,233   2,019   1,904 
Prepaid expenses and other current assets    18,652       18,892       23,303  
Total current assets     524,039       506,501       487,074  
Restricted cash     2,099       1,674       1,969  
Operating lease, right-of-use-assets     35,210       36,669       30,756  
Property, plant and equipment, net of accumulated depreciation     146,555       140,098       104,103  
Goodwill     212,299       213,293       212,761  
Intangibles, net     36,342       39,195       59,147  
Deferred tax assets     61,995       67,231       66,242  
Other assets     1,981       1,930       1,165  
Total assets   $ 1,020,520     $ 1,006,591     $ 963,217  
             
LIABILITIES AND STOCKHOLDERS’ EQUITY            
Current liabilities:            
Accounts payable   $ 57,862     $ 64,925     $ 62,045  
Accrued liabilities     50,836       54,625       55,342  
Current portion of term loans, net of unamortized issuance costs     8,931       9,213       9,516  
Deferred revenue     23,224       23,275       20,964  
Operating lease liabilities     7,901       7,962       6,704  
Total current liabilities     148,754       160,000       154,571  
Term loans, less current portion, net of unamortized issuance costs     15,434       17,742       24,978  
Deferred tax liabilities     3,623       4,264       5,346  
Long-term operating lease liabilities     31,009       32,401       27,996  
Other liabilities     5,920       5,794       6,242  
Total liabilities     204,740       220,201       219,133  
             
Stockholders' equity:            
Common stock     78       78       78  
Additional paid-in capital     898,945       892,303       903,838  
Accumulated other comprehensive income (loss)     (1,449 )     1,700       5,886  
Accumulated deficit     (81,794 )     (107,691 )     (165,718 )
Total stockholders' equity     815,780       786,390       744,084  
Total liabilities and stockholders' equity   $ 1,020,520     $ 1,006,591     $ 963,217  
                         



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