FormFactor, Inc. Reports 2024 Third Quarter Results


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  



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