FormFactor, Inc. Reports Strong Fourth Quarter and Full Year

FormFactor, Inc. Reports Strong Fourth Quarter and Full Year 2017 Results

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

	Three Months Ended						Fiscal Year Ended
	December 30, 2017			December 31, 2016			December 30, 2017			December 31, 2016
Net cash provided from operating activities	$	26,455		$	15,170		$	86,323		$	17,423
Adjustments to reconcile GAAP cash provided from operating activities to free cash flow:
Acquisition-related payments in working capital	—			2,046			—			15446
Debt-related interest expense	863			1,415			3,836			2,109
Capital expenditures	(3,838		)	(3,304		)	(17,756		)	(11,521		)
	(2,975		)	157			(13,920		)	6,034
Free cash flow	$	23,480		$	15,327		$	72,403		$	23,457

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

	December 30, 2017			December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	91,184		$	101,408
Marketable securities	48,988			7,497
Accounts receivable, net	81,515			70,225
Inventories, net	67,848			59,806
Restricted cash	372			106
Refundable income taxes	2,242			1,391
Prepaid expenses and other current assets	13,705			14,276
Total current assets	305,854			254,709
Restricted cash	1,170			1,082
Property, plant and equipment, net	46,754			42,663
Goodwill	189,920			188,010
Intangibles, net	97,484			126,608
Deferred tax assets	3,133			3,310
Other assets	2,259			2,600
Total assets	$	646,574		$	618,982
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	35,046		$	34,075
Accrued liabilities	32,887			30,184
Current portion of term loan, net of unamortized issuance cost of $307	18,443			12,701
Income taxes payable	807			442
Deferred revenue	4,978			5,305
Total current liabilities	92,161			82,707
Long-term income taxes payable	1,028			1,315
Term loan, less current portion, net of unamortized issuance cost of $273	87,228			125,475
Deferred tax liabilities	3,379			3,703
Deferred rent and other liabilities	4,141			4,726
Total liabilities	187,937			217,926

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; 72,532,176 and 70,907,847 shares issued and outstanding	73			71
Additional paid-in capital	843,116			833,341
Accumulated other comprehensive income (loss)	3,021			(3,740		)
Accumulated deficit	(387,573		)	(428,616		)
Total stockholders' equity	458,637			401,056
Total liabilities and stockholders' equity	$	646,574		$	618,982

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