|
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
| Nine Months Ended | |||||||
|
September 28,
2024 |
September 30,
2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 59,909 | $ | 6,541 | |||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 22,197 | 22,880 | |||||
| Amortization | 1,920 | 6,043 | |||||
| Stock-based compensation expense | 29,550 | 29,333 | |||||
| Provision for excess and obsolete inventories | 10,052 | 12,566 | |||||
| Gain on sale of business | (20,581 | ) | — | ||||
| Other activity impacting operating cash flows | (21,426 | ) | (22,011 | ) | |||
| Net cash provided by operating activities | 81,621 | 55,352 | |||||
| Cash flows from investing activities: | |||||||
| Acquisition of property, plant and equipment | (30,773 | ) | (46,094 | ) | |||
| Proceeds from sale of business | 21,585 | — | |||||
| Purchases of marketable securities, net | (15,464 | ) | (3,900 | ) | |||
| Purchase of promissory note receivable | (1,500 | ) | — | ||||
| Net cash used in investing activities | (26,152 | ) | (49,994 | ) | |||
| Cash flows from financing activities: | |||||||
| Purchase of common stock through stock repurchase program | (37,211 | ) | — | ||||
| Proceeds from issuances of common stock | 9,748 | 8,822 | |||||
| Principal repayments on term loans | (803 | ) | (781 | ) | |||
| Tax withholdings related to net share settlements of equity awards | (17,990 | ) | (9,349 | ) | |||
| Net cash used financing activities | (46,256 | ) | (1,308 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3 | (3,324 | ) | ||||
| Net increase in cash, cash equivalents and restricted cash | 9,216 | 726 | |||||
| Cash, cash equivalents and restricted cash, beginning of period | 181,273 | 112,982 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 190,489 | $ | 113,708 | |||
