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 interest291  302 
Acquisition related payments in working capital35   
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 securities69,759  76,327 
Accounts receivable, net of allowance for doubtful accounts of $222 and $22290,100  97,868 
Inventories, net78,983  83,258 
Restricted cash2,107  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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