FormFactor, Inc. Reports 2019 Third Quarter Results


 
FORMFACTOR, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
  
  Nine Months Ended
  September 28,
2019
  September 29,
2018
Cash flows from operating activities:   
Net income$20,710  $18,936 
Selected adjustments to reconcile net income to net cash provided by operating activities:   
Depreciation12,644  10,494 
Amortization20,248  21,876 
Stock-based compensation expense17,088  12,421 
Provision for excess and obsolete inventories8,046  7,414 
Other activity impacting operating cash flows4,642  (25,003)
Net cash provided by operating activities83,378  46,138 
Cash flows from investing activities:   
Acquisition of property, plant and equipment(14,242) (12,326)
Purchases of marketable securities, net(25,898) (1,227)
Other activity impacting investing cash flows93  90 
Net cash used in investing activities(40,047) (13,463)
Cash flows from financing activities:   
Proceeds from issuances of common stock7,672  7,712 
Tax withholdings related to net share settlements of equity awards (7,898 )   (5,694 )
Principal repayments on term loan (18,750 )   (33,750 )
Net cash used in financing activities (18,976 )   (31,732 )
Effect of exchange rate changes on cash, cash equivalents and restricted cash (161 )   (516 )
Net increase in cash, cash equivalents and restricted cash 24,194     427  
Cash, cash equivalents and restricted cash, beginning of period 100,546     92,726  
Cash, cash equivalents and restricted cash, end of period $ 124,740     $ 93,153  
               



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