Formfactor, Inc. Reports 2019 Second Quarter Results

RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)

	Three Months Ended						Six Months Ended
	June 29, 2019			June 30, 2018			June 29, 2019			June 30, 2018
Net cash provided by operating activities	$	34,850		$	20,736		$	55,488		$	30,058
Adjustments:
Cash paid for interest	476			791			778			1,617
Capital expenditures	(5,432		)	(4,714		)	(11,460		)	(8,545		)
Free cash flow	$	29,894		$	16,813		$	44,806		$	23,130

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

	June 29, 2019			December 29, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	124,810		$	98,472
Marketable securities	52,071			50,531
Accounts receivable, net of allowance for doubtful accounts of $189 and $185	71,289			95,333
Inventories, net	83,852			77,706
Restricted cash	818			849
Refundable income taxes	524			1,260
Prepaid expenses and other current assets	14,282			13,669
Total current assets	347,646			337,820
Restricted cash	1,066			1,225
Operating lease, right-of-use-assets	33,274			—
Property, plant and equipment, net of accumulated depreciation of $270,566 and $263,102	54,436			54,054
Goodwill	189,121			189,214
Intangibles, net	53,404			67,640
Deferred tax assets	77,279			77,301
Other assets	1,343			968
Total assets	$	757,569		$	728,222

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	26,252		$	40,006
Accrued liabilities	29,500			27,731
Current portion of term loan, net of unamortized issuance cost of $93 and $160	33,657			29,840
Deferred revenue	7,198			4,941
Operating lease liabilities	6,203			—
Total current liabilities	102,810			102,518
Term loan, less current portion, net of unamortized issuance cost of $0 and $29	12,500			34,971
Deferred tax liabilities	2,339			2,355
Long-term operating lease liabilities	31,173			—
Other liabilities	4,645			8,214
Total liabilities	153,467			148,058

Stockholders’ equity:
Preferred stock, $0.001 par value:
10,000,000 shares authorized; no shares issued and outstanding	—			—
Common stock, $0.001 par value:
250,000,000 shares authorized; 74,691,781 and 74,139,712 shares issued and outstanding	75			74
Additional paid-in capital	875,024			862,897
Accumulated other comprehensive income	159			780
Accumulated deficit	(271,156		)	(283,587		)
Total stockholders’ equity	604,102			580,164
Total liabilities and stockholders’ equity	$	757,569		$	728,222

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