FormFactor, Inc. Reports 2023 Second Quarter Results


FORMFACTOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
  July 1,
2023
  April 1,
2023
  December 31,
2022
ASSETS     
Current assets:     
Cash and cash equivalents$97,981  $112,360  $109,130 
Marketable securities 138,943   123,891   129,006 
Accounts receivable, net of allowance for credit losses 94,013   103,969   88,143 
Inventories, net 120,298   116,553   123,157 
Restricted cash 1,144   1,207   1,221 
Prepaid expenses and other current assets 25,876   22,941     23,895  
Total current assets   478,255       480,921       474,552  
Restricted cash   2,265       2,287       2,631  
Operating lease, right-of-use-assets   31,001       30,420       31,362  
Property, plant and equipment, net of accumulated depreciation   204,577       198,232       189,848  
Goodwill   211,929       211,773       211,444  
Intangibles, net   22,149       24,486       26,751  
Deferred tax assets   71,172       67,951       67,646  
Other assets   3,790       3,686       3,994  
Total assets $ 1,025,138     $ 1,019,756     $ 1,008,228  
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable $ 63,770     $ 63,756     $ 69,308  
Accrued liabilities   31,413       31,981       42,115  
Current portion of term loan, net of unamortized issuance costs   1,150       1,142       1,045  
Deferred revenue   19,899       23,779       29,846  
Operating lease liabilities   7,871       7,512       7,353  
Total current liabilities   124,103       128,170       149,667  
Term loan, less current portion, net of unamortized issuance costs   13,765       14,034       14,389  
Deferred tax liabilities   2,704       2,905       2,732  
Long-term operating lease liabilities   26,458       26,407       27,587  
Deferred grant   18,000       18,000        
Other liabilities   5,845       5,868       5,568  
Total liabilities   190,875       195,384       199,943  
           
Stockholders’ equity:          
Common stock   77       77       77  
Additional paid-in capital   867,517       858,195       844,842  
Accumulated other comprehensive loss   (4,445 )     (4,186 )     (5,578 )
Accumulated deficit   (28,886 )     (29,714 )     (31,056 )
Total stockholders’ equity   834,263       824,372       808,285  
Total liabilities and stockholders’ equity $ 1,025,138     $ 1,019,756     $ 1,008,228  
                       

About our Non-GAAP Financial Measures:

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