| FORMFACTOR, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (In thousands) | |||||||
| (Unaudited) | |||||||
| Six Months Ended | |||||||
|
July 1,
2023 |
June 25,
2022 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 2,170 | $ | 60,114 | |||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 15,121 | 14,146 | |||||
| Amortization | 4,766 | 4,702 | |||||
| Stock-based compensation expense | 18,494 | 13,878 | |||||
| Provision for excess and obsolete inventories | 8,628 | 4,726 | |||||
| Other activity impacting operating cash flows | (14,398 | ) | (10,765 | ) | |||
| Net cash provided by operating activities | 34,781 | 86,801 | |||||
| Cash flows from investing activities: | |||||||
| Acquisition of property, plant and equipment | (40,177 | ) | (30,116 | ) | |||
| Acquisition of business | — | (3,121 | ) | ||||
| Purchase of promissory note receivable | — | (1,000 | ) | ||||
| Purchases of marketable securities, net | (8,287 | ) | (6,874 | ) | |||
| Net cash used in investing activities | (48,464 | ) | (41,111 | ) | |||
| Cash flows from financing activities: | |||||||
| Purchase of common stock through stock repurchase program | — | (54,328 | ) | ||||
| Proceeds from issuances of common stock | 5,024 | 5,687 | |||||
| Tax withholdings related to net share settlements of equity awards | (456 | ) | (4,243 | ) | |||
| Principal repayments on term loans | (519 | ) | (4,379 | ) | |||
| Net cash provided by (used in) financing activities | 4,049 | (57,263 | ) | ||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,958 | ) | (3,470 | ) | |||
| Net decrease in cash, cash equivalents and restricted cash | (11,592 | ) | (15,043 | ) | |||
| Cash, cash equivalents and restricted cash, beginning of period | 112,982 | 155,342 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 101,390 | $ | 140,299 | |||
FormFactor, Inc. Reports 2023 Second Quarter Results
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