FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| Twelve Months Ended | |||||||
|
December 25,
2021 |
December 26,
2020 | ||||||
| Cash flows from operating activities: | |||||||
| Net income | $ | 83,924 | $ | 78,523 | |||
| Selected adjustments to reconcile net income to net cash provided by operating activities: | |||||||
| Depreciation | 25,772 | 20,694 | |||||
| Amortization | 18,747 | 27,991 | |||||
| Stock-based compensation expense | 29,384 | 23,830 | |||||
| Provision for excess and obsolete inventories | 15,544 | 13,117 | |||||
| Non-cash restructuring | 1,646 | — | |||||
| Gain on contingent consideration | (95 | ) | (2,879 | ) | |||
| Other activity impacting operating cash flows | (35,558 | ) | 7,980 | ||||
| Net cash provided by operating activities | 139,364 | 169,256 | |||||
| Cash flows from investing activities: | |||||||
| Acquisition of property, plant and equipment | (66,496 | ) | (55,865 | ) | |||
| Acquisition of businesses, net of cash acquired | — | (51,880 | ) | ||||
| Proceeds (purchases) of marketable securities, net | (58,245 | ) | 8,741 | ||||
| Other activity impacting investing cash flows | — | 82 | |||||
| Net cash used in investing activities | (124,741 | ) | (98,922 | ) | |||
| Cash flows from financing activities: | |||||||
| Purchase of common stock through stock repurchase program | (24,038 | ) | — | ||||
| Proceeds from issuances of common stock | 10,653 | 10,010 | |||||
| Payment of contingent consideration | (3,873 | ) | — | ||||
| Proceeds from term loan debt | — | 18,000 | |||||
| Payment of term loan debt issuance costs | — | (78 | ) | ||||
| Principal repayments on term loans | (9,337 | ) | (43,417 | ) | |||
| Tax withholdings related to net share settlements of equity awards | (20,604 | ) | (15,450 | ) | |||
| Net cash used in financing activities | (47,199 | ) | (30,935 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,180 | ) | 3,762 | ||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | (35,756 | ) | 43,161 | ||||
| Cash, cash equivalents and restricted cash, beginning of period | 191,098 | 147,937 | |||||
| Cash, cash equivalents and restricted cash, end of period | $ | 155,342 | $ | 191,098 | |||
