FormFactor, Inc. Reports 2020 First Quarter Results

FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
(Unaudited)

	Three Months Ended
	March 28, 2020			March 30, 2019
Net cash provided by operating activities	$	39,339		$	20,638
Adjustments:
Cash paid for interest	291			302
Acquisition related payments in working capital	35			—
Capital expenditures	(12,050		)	(6,028		)
Free cash flow	$	27,615		$	14,912

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

	March 28, 2020			December 28, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	169,607		$	144,545
Marketable securities	69,759			76,327
Accounts receivable, net of allowance for doubtful accounts of $222 and $222	90,100			97,868
Inventories, net	78,983			83,258
Restricted cash	2,107			1,981
Prepaid expenses and other current assets	15,699			15,064
Total current assets	426,255			419,043
Restricted cash	1,361			1,411
Operating lease, right-of-use-assets	36,212			31,420
Property, plant and equipment, net of accumulated depreciation of $277,017 and $273,001	63,745			58,747
Goodwill	200,378			199,196
Intangibles, net	50,139			57,610
Deferred tax assets	70,273			71,252
Other assets	1,016			1,203
Total assets	$	849,379		$	839,882

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	40,139		$	40,914
Accrued liabilities	29,175			36,439
Current portion of term loans, net of unamortized issuance costs	31,535			42,846
Deferred revenue	9,830			9,810
Operating lease liabilities	6,815			6,551
Total current liabilities	117,494			136,560
Term loan, less current portion, net of unamortized issuance costs	13,642			15,639
Deferred tax liabilities	6,095			6,986
Long-term operating lease liabilities	34,028			29,088
Other liabilities	11,703			10,612
Total liabilities	182,962			198,885

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; 76,158,251 and 75,764,990 shares issued and outstanding	77			76
Additional paid-in capital	895,600			885,821
Accumulated other comprehensive loss	(909		)	(659		)
Accumulated deficit	(228,351		)	(244,241		)
Total stockholders’ equity	666,417			640,997
Total liabilities and stockholders’ equity	$	849,379		$	839,882

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