FormFactor, Inc. Reports Fourth Quarter and Annual Results


FORMFACTOR, INC. RECONCILIATION OF CASH PROVIDED FROM OPERATING ACTIVITIES TO FREE CASH FLOW FOR THE THREE MONTHS ENDED DECEMBER 31, 2016 (In thousands) (Unaudited)

Net cash provided from operating activities			$	15,170
Adjustments to reconcile GAAP cash provided from operating activities to free cash flow:
Acquisition-related payments in working capital	2,046
Debt-related interest expense	1,255
Capital expenditures	(3,304	)
	(3	)	(3		)
Free cash flow			$	15,167


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

	December 31, 2016			December 26, 2015
ASSETS
Current assets:
Cash and cash equivalents	$	101,408		$	146,264
Marketable securities	7,497			41,325
Accounts receivable, net	70,225			36,725
Inventories, net	59,806			27,223
Restricted cash	106			—
Refundable income taxes	1,391			—
Prepaid expenses and other current assets	14,270			6,481
Total current assets	254,703			258,018
Restricted cash	1,082			435
Property, plant and equipment, net	42,663			23,853
Goodwill	188,010			30,731
Intangibles, net	126,608			25,552
Deferred tax assets	3,310			3,281
Other assets	3,615			853
Total assets	$	619,991		$	342,723
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	35,084		$	18,072
Accrued liabilities	30,184			21,507
Current portion of term loan	12,701			—
Income taxes payable	442			110
Deferred revenue	5,305			3,892
Total current liabilities	83,716			43,581
Long-term income taxes payable	1,315			1,069
Term loan, less current portion	125,475			—
Deferred tax liabilities	3,703			—
Deferred rent and other liabilities	4,726			3,392
Total liabilities	218,935			48,042
Commitments and contingencies
Stockholders’ equity:
Common stock and capital in excess of par value	833,412			718,962
Accumulated other comprehensive loss	(3,740		)	(2,222		)
Accumulated deficit	(428,616		)	(422,059		)
Total stockholders’ equity	401,056			294,681
Total liabilities and stockholders’ equity	$	619,991		$	342,723