FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Three Months Ended | |||||||
|
March 28,
2020 |
March 30,
2019 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 15,890 | $ | 5,483 | |||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 4,561 | 3,947 | |||||
| Amortization | 7,263 | 7,090 | |||||
| Stock-based compensation expense | 5,623 | 5,295 | |||||
| Provision for excess and obsolete inventories | 3,287 | 2,725 | |||||
| Other activity impacting operating cash flows | 2,715 | (3,902 | ) | ||||
| Net cash provided by operating activities | 39,339 | 20,638 | |||||
| Cash flows from investing activities: | |||||||
| Acquisition of property, plant and equipment | (12,050 | ) | (6,028 | ) | |||
| Proceeds (purchases) of marketable securities, net | 6,568 | (3,332 | ) | ||||
| Other activity impacting investing cash flows | 40 | 28 | |||||
| Net cash used in investing activities | (5,442 | ) | (9,332 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from issuances of common stock | 4,513 | 3,870 | |||||
| Tax withholdings related to net share settlements of equity awards | (385 | ) | (302 | ) | |||
| Principal repayments on term loans | (13,199 | ) | (7,500 | ) | |||
| Net cash used in financing activities | (9,071 | ) | (3,932 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 312 | (207 | ) | ||||
| Net increase in cash, cash equivalents and restricted cash | 25,138 | 7,167 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 147,937 | 100,546 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 173,075 | $ | 107,713 | |||
