FormFactor, Inc. Reports 2023 Second Quarter Results
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FORMFACTOR, INC. | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(In thousands) | |
(Unaudited) | | | | |
Six Months Ended | | |
July 1,
2023 | |
June 25,
2022 | | Cash flows from operating activities: | | | | | Net income | $ | 2,170 | | | $ | 60,114 | | | Selected adjustments to reconcile net income to net cash provided by operating activities: | | | | | Depreciation | | 15,121 | | | | 14,146 | | | Amortization | | 4,766 | | | | 4,702 | | | Stock-based compensation expense | | 18,494 | | | | 13,878 | | | Provision for excess and obsolete inventories | | 8,628 | | | | 4,726 | | | Other activity impacting operating cash flows | | (14,398 | ) | | | (10,765 | ) | | Net cash provided by operating activities | | 34,781 | | | | 86,801 | | | Cash flows from investing activities: | | | | | Acquisition of property, plant and equipment | | (40,177 | ) | | | (30,116 | ) | | Acquisition of business | | — | | | | (3,121 | ) | | Purchase of promissory note receivable | | — | | | | (1,000 | ) | | Purchases of marketable securities, net | | (8,287 | ) | | | (6,874 | ) | | Net cash used in investing activities | | (48,464 | ) | | | (41,111 | ) | | Cash flows from financing activities: | | | | | Purchase of common stock through stock repurchase program | | — | | | | (54,328 | ) | | Proceeds from issuances of common stock | | 5,024 | | | | 5,687 | | | Tax withholdings related to net share settlements of equity awards | | (456 | ) | | | (4,243 | ) | | Principal repayments on term loans | | (519 | ) | | | (4,379 | ) | | Net cash provided by (used in) financing activities | | 4,049 | | | | (57,263 | ) | | Effect of exchange rate changes on cash, cash equivalents and restricted cash | | (1,958 | ) | | | (3,470 | ) | | Net decrease in cash, cash equivalents and restricted cash | | (11,592 | ) | | | (15,043 | ) | | Cash, cash equivalents and restricted cash, beginning of period | | 112,982 | | | | 155,342 | | | Cash, cash equivalents and restricted cash, end of period | $ | 101,390 | | | $ | 140,299 | | | | | | | | | | |
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