FormFactor, Inc. Reports Second Quarter Results

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

	Three Months Ended						Six Months Ended
	July 1, 2017			June 25, 2016			July 1, 2017			June 25, 2016
Net cash provided by (used in) operating activities	$	24,478		$	(558	)	$	42,281		$	(3,590	)
Adjustments to reconcile GAAP cash provided from operating activities to free cash flow:
Cash paid for interest on debt	994			—			2,010			—
Capital expenditures	(4,294		)	(2,522		)	(7,759		)	(3,633		)
Free cash flow	$	21,178		$	(3,080	)	$	36,532		$	(7,223	)

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

	July 1, 2017			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	107,817		$	101,408
Marketable securities	22,156			7,497
Accounts receivable, net of allowances for doubtful accounts of $299 and $298	91,710			70,225
Inventories, net	64,951			59,806
Restricted cash	4			106
Refundable income taxes	1,092			1,391
Prepaid expenses and other current assets	13,001			14,276
Total current assets	300,731			254,709
Restricted cash	768			1,082
Property, plant and equipment, net of accumulated depreciation and amortization of $248,390 and $241,943	45,667			42,663
Goodwill	189,192			188,010
Intangibles, net	111,779			126,608
Deferred tax assets	3,302			3,310
Other assets	1,959			2,600
Total assets	$	653,398		$	618,982
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	43,179		$	34,075
Accrued liabilities	33,444			30,184
Current portion of term loan	18,380			12,701
Income taxes payable	167			442
Deferred revenue	9,452			5,305
Total current liabilities	104,622			82,707
Long-term income taxes payable	1,046			1,315
Term loan, less current portion	104,506			125,475
Deferred tax liabilities	4,070			3,703
Deferred rent and other liabilities	4,548			4,726
Total liabilities	218,792			217,926
Commitments and contingencies
Stockholders’ equity:
Common stock and capital in excess of par value	839,824			833,412
Accumulated other comprehensive income (loss)	507			(3,740		)
Accumulated deficit	(405,725		)	(428,616		)
Total stockholders’ equity	434,606			401,056
Total liabilities and stockholders’ equity	$	653,398		$	618,982

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