FormFactor, Inc. Reports Third Quarter Results
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FORMFACTOR, INC. | |
RECONCILIATION OF CASH PROVIDED FROM OPERATING ACTIVITIES TO FREE CASH FLOW FOR THE | |
THREE MONTHS ENDED SEPTEMBER 26, 2016 | |
(In thousands) |
(Unaudited)
| | | | | Net cash provided from operating activities | | $ | 6,370 | | | | | Adjustments to reconcile GAAP cash provided from operating activities to free cash flow: | | | | | | Acquisition-related payments in working capital | | 13,400 | | | | | | Debt-related interest expense | | 1,112 | | | | | | Capital expenditures | | | (4,876 | ) | | | | | | 9,636 | | | 9,636 | | | | | | | | | | Free cash flow | | | $ | 16,006 | | | | | | | |
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FORMFACTOR, INC. | |
CONDENSED CONSOLIDATED BALANCE SHEETS | |
(In thousands) | |
(Unaudited) | | | | |
September 24, 2016 | |
December 26, 2015 | |
ASSETS | | | | | Current assets: | | | | | Cash and cash equivalents | $ | 99,908 | | | $ | 146,264 | | | Marketable securities | 7,505 | | | 41,325 | | | Accounts receivable, net | 77,530 | | | 36,725 | | | Inventories, net | 60,677 | | | 27,223 | | | Restricted cash | 120 | | | — | | | Refundable income taxes | 1,391 | | | — | | | Prepaid expenses and other current assets | 12,946 | | | 6,481 | | | Total current assets | 260,077 | | | 258,018 | | | Restricted cash | 438 | | | 435 | | | Property, plant and equipment, net | 42,678 | | | 23,853 | | | Goodwill | 188,776 | | | 30,731 | | | Intangibles, net | 152,395 | | | 25,552 | | | Deferred tax assets | 3,966 | | | 3,281 | | | Other assets | 1,982 | | | 853 | | | Total assets | $ | 650,312 | | | $ | 342,723 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | Current liabilities: | | | | | Accounts payable | $ | 41,584 | | | $ | 18,072 | | | Accrued liabilities | 29,466 | | | 21,507 | | | Current portion of term loan | 8,960 | | | — | | | Income taxes payable | 86 | | | 110 | | | Deferred revenue | 4,934 | | | 3,892 | | | Total current liabilities | 85,030 | | | 43,581 | | | Long-term income taxes payable | 1,277 | | | 1,069 | | | Term loan, less current portion | 137,777 | | | — | | | Deferred tax liabilities | 5,779 | | | — | | | Deferred rent and other liabilities | 4,827 | | | 3,392 | | | Total liabilities | 234,690 | | | 48,042 | | | Commitments and contingencies | | | | | Stockholders’ equity: | | | | | Common stock and capital in excess of par value | 828,684 | | | 718,962 | | | Accumulated other comprehensive income (loss) | 110 | | | (2,222 | ) | | Accumulated deficit | (413,172 | ) | | (422,059 | ) | | Total stockholders’ equity | 415,622 | | | 294,681 | | | Total liabilities and stockholders’ equity | $ | 650,312 | | | $ | 342,723 | |
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