FormFactor, Inc. Reports Fourth Quarter and Annual Results

 
FORMFACTOR, INC.
RECONCILIATION OF CASH PROVIDED FROM OPERATING ACTIVITIES TO FREE CASH FLOW FOR THE
THREE MONTHS ENDED DECEMBER 31, 2016 
(In thousands) 
(Unaudited)
 
Net cash provided from operating activities  $15,170 
Adjustments to reconcile GAAP cash provided from operating activities to free cash flow:   
Acquisition-related payments in working capital2,046   
Debt-related interest expense1,255   
Capital expenditures(3,304)  
 (3) (3)
Free cash flow  $15,167 
      


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

(Unaudited)
 
  December 31,
2016
  December 26,
2015
ASSETS   
Current assets:   
Cash and cash equivalents$101,408  $146,264 
Marketable securities7,497  41,325 
Accounts receivable, net70,225  36,725 
Inventories, net59,806  27,223 
Restricted cash106   
Refundable income taxes1,391   
Prepaid expenses and other current assets14,270  6,481 
Total current assets254,703  258,018 
Restricted cash1,082  435 
Property, plant and equipment, net42,663  23,853 
Goodwill188,010  30,731 
Intangibles, net126,608  25,552 
Deferred tax assets3,310  3,281 
Other assets3,615  853 
Total assets$619,991  $342,723 
LIABILITIES AND STOCKHOLDERS' EQUITY   
Current liabilities:   
Accounts payable$35,084  $18,072 
Accrued liabilities30,184  21,507 
Current portion of term loan12,701   
Income taxes payable442  110 
Deferred revenue5,305  3,892 
Total current liabilities83,716  43,581 
Long-term income taxes payable1,315  1,069 
Term loan, less current portion125,475    
Deferred tax liabilities 3,703      
Deferred rent and other liabilities 4,726     3,392  
Total liabilities 218,935     48,042  
Commitments and contingencies      
Stockholders’ equity:      
Common stock and capital in excess of par value 833,412     718,962  
Accumulated other comprehensive loss (3,740 )   (2,222 )
Accumulated deficit (428,616 )   (422,059 )
Total stockholders’ equity 401,056     294,681  
Total liabilities and stockholders’ equity $ 619,991     $ 342,723  
               

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