FormFactor, Inc. Reports Fourth Quarter and Full Year 2018

FormFactor, Inc. Reports Fourth Quarter and Full Year 2018 Results

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

	Three Months Ended						Fiscal Year Ended
	December 29, 2018			December 30, 2017			December 29, 2018			December 30, 2017
Net cash provided from operating activities	$	22,562		$	26,455		$	68,700		$	86,323
Adjustments
Cash paid for interest	814			863			3,113			3,836
Capital expenditures	(7,543		)	(3,838		)	(19,869		)	(17,756		)
	(6,729		)	(2,975		)	(16,756		)	(13,920		)
Free cash flow	$	15,833		$	23,480		$	51,944		$	72,403

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

	December 29, 2018			December 30, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	98,472		$	91,184
Marketable securities	50,531			48,988
Accounts receivable, net	95,333			81,515
Inventories, net	77,706			67,848
Restricted cash	849			372
Refundable income taxes	1,260			2,242
Prepaid expenses and other current assets	13,669			13,705
Total current assets	337,820			305,854
Restricted cash	1,225			1,170
Property, plant and equipment, net	54,054			46,754
Goodwill	189,214			189,920
Intangibles, net	67,640			97,484
Deferred tax assets	77,301			3,133
Other assets	968			2,259
Total assets	$	728,222		$	646,574
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	40,006		$	35,046
Accrued liabilities	27,731			33,694
Current portion of term loan, net of unamortized issuance cost of $160 and $307	29,840			18,443
Deferred revenue	4,941			4,978
Total current liabilities	102,518			92,161
Term loan, less current portion, net of unamortized issuance cost of $29 and $272	34,971			87,228
Deferred tax liabilities	2,355			3,379
Deferred rent and other liabilities	8,214			5,169
Total liabilities	148,058			187,937

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; 74,139,712 and 72,532,176 shares issued and outstanding	75			73
Additional paid-in capital	862,897			843,116
Accumulated other comprehensive income	780			3,021
Accumulated deficit	(283,588		)	(387,573		)
Total stockholders' equity	580,164			458,637
Total liabilities and stockholders' equity	$	728,222		$	646,574

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