(In thousands)
(Unaudited)
| Twelve Months Ended | |||||||||
|
December 26,
2020 |
December 28,
2019 | ||||||||
| Cash flows from operating activities: | |||||||||
| Net income | $ | 78,523 | $ | 39,346 | |||||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
| Depreciation | 20,694 | 17,185 | |||||||
| Amortization | 27,991 | 27,672 | |||||||
| Stock-based compensation expense | 23,830 | 23,176 | |||||||
| Provision for excess and obsolete inventories | 12,996 | 10,421 | |||||||
| Gain on contingent consideration | (2,879 | ) | — | ||||||
| Other activity impacting operating cash flows | 8,101 | 3,248 | |||||||
| Net cash provided by operating activities | 169,256 | 121,048 | |||||||
| Cash flows from investing activities: | |||||||||
| Acquisition of property, plant and equipment | (55,865 | ) | (20,847 | ) | |||||
| Acquisition of businesses, net of cash acquired | (51,880 | ) | (20,524 | ) | |||||
| Proceeds (purchases) of marketable securities, net | 8,741 | (25,113 | ) | ||||||
| Other activity impacting investing cash flows | 82 | 132 | |||||||
| Net cash used in investing activities | (98,922 | ) | (66,352 | ) | |||||
| Cash flows from financing activities: | |||||||||
| Proceeds from issuances of common stock | 10,010 | 8,093 | |||||||
| Proceeds from term loan debt | 18,000 | 23,354 | |||||||
| Payment of term loan debt issuance costs | (78 | ) | — | ||||||
| Principal repayments on term loans | (43,417 | ) | (30,000 | ) | |||||
| Tax withholdings related to net share settlements of equity awards | (15,450 | ) | (8,025 | ) | |||||
| Net cash used in financing activities | (30,935 | ) | (6,578 | ) | |||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 3,762 | (727 | ) | ||||||
| Net increase in cash, cash equivalents and restricted cash | 43,161 | 47,391 | |||||||
| Cash, cash equivalents and restricted cash, beginning of period | 147,937 | 100,546 | |||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 191,098 | $ | 147,937 | |||||
FORMFACTOR, INC.
