FormFactor, Inc. Reports Third Quarter Results


FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED FROM OPERATING ACTIVITIES TO FREE CASH FLOW FOR THE
THREE MONTHS ENDED SEPTEMBER 26, 2016
(In thousands)
(Unaudited)

	Net cash provided from operating activities			$	6,370
	Adjustments to reconcile GAAP cash provided from operating activities to free cash flow:
	Acquisition-related payments in working capital	13,400
	Debt-related interest expense	1,112
	Capital expenditures	(4,876	)
		9,636			9,636

	Free cash flow			$	16,006

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

	September 24, 2016			December 26, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	99,908		$	146,264
Marketable securities	7,505			41,325
Accounts receivable, net	77,530			36,725
Inventories, net	60,677			27,223
Restricted cash	120			—
Refundable income taxes	1,391			—
Prepaid expenses and other current assets	12,946			6,481
Total current assets	260,077			258,018
Restricted cash	438			435
Property, plant and equipment, net	42,678			23,853
Goodwill	188,776			30,731
Intangibles, net	152,395			25,552
Deferred tax assets	3,966			3,281
Other assets	1,982			853
Total assets	$	650,312		$	342,723
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	41,584		$	18,072
Accrued liabilities	29,466			21,507
Current portion of term loan	8,960			—
Income taxes payable	86			110
Deferred revenue	4,934			3,892
Total current liabilities	85,030			43,581
Long-term income taxes payable	1,277			1,069
Term loan, less current portion	137,777			—
Deferred tax liabilities	5,779			—
Deferred rent and other liabilities	4,827			3,392
Total liabilities	234,690			48,042
Commitments and contingencies
Stockholders’ equity:
Common stock and capital in excess of par value	828,684			718,962
Accumulated other comprehensive income (loss)	110			(2,222		)
Accumulated deficit	(413,172		)	(422,059		)
Total stockholders’ equity	415,622			294,681
Total liabilities and stockholders’ equity	$	650,312		$	342,723