FormFactor, Inc. Reports First Quarter Results

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

Net cash provided from operating activities			$	17,803
Adjustments to reconcile GAAP cash provided from operating activities to free cash flow:
Debt-related interest expense	1,172
Capital expenditures	(3,465	)
	(2,293	)	(2,293		)
Free cash flow			$	15,510

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

	April 1, 2017			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	114,437		$	101,408
Marketable securities	7,497			7,497
Accounts receivable, net	79,439			70,225
Inventories, net	60,371			59,806
Restricted cash	4			106
Refundable income taxes	1,105			1,391
Prepaid expenses and other current assets	11,348			14,276
Total current assets	274,201			254,709
Restricted cash	1,116			1,082
Property, plant and equipment, net	45,153			42,663
Goodwill	188,185			188,010
Intangibles, net	118,444			126,608
Deferred tax assets	3,322			3,310
Other assets	2,246			2,600
Total assets	$	632,667		$	618,982
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	43,316		$	34,075
Accrued liabilities	26,292			30,184
Current portion of term loan	14,601			12,701
Income taxes payable	50			442
Deferred revenue	6,590			5,305
Total current liabilities	90,849			82,707
Long-term income taxes payable	1,290			1,315
Term loan, less current portion	116,872			125,475
Deferred tax liabilities	3,770			3,703
Deferred rent and other liabilities	4,536			4,726
Total liabilities	217,317			217,926
Commitments and contingencies
Stockholders’ equity:
Common stock and capital in excess of par value	840,786			833,412
Accumulated other comprehensive loss	(2,135		)	(3,740		)
Accumulated deficit	(423,301		)	(428,616		)
Total stockholders’ equity	415,350			401,056
Total liabilities and stockholders’ equity	$	632,667		$	618,982