Formfactor, inc. (FORM)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11
Cash flows from operating activities:
Net income

15,890

18,636

8,279

6,948

5,483

85,100

7,688

9,123

2,125

5,588

12,563

17,577

5,185

-15,444

-14,197

36,884

-13,800

-619

-2,525

838

783

-1,871

-277

-4,326

-12,711

-18,789

-10,714

-8,407

-19,773

603

-14,478

-4,217

-17,454

-26,975

-9,904

-7,678

-21,424

Adjustments to reconcile net income to net cash provided by operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation

4,561

4,541

4,355

4,342

3,947

3,820

3,601

3,368

3,525

3,580

3,497

3,387

3,162

3,152

3,268

2,483

2,468

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization

7,263

-

-

-

7,090

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Amortization

-

-

-

-

-

7,497

7,512

7,170

7,194

7,431

7,515

7,645

8,349

10,072

19,896

2,688

2,771

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Impairment of long-lived assets

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

390

86

0

743

567

15

121

58

49

143

61

168

98

100

0

351

Depreciation and amortization

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,967

6,024

5,884

6,336

7,970

8,054

8,131

7,055

7,282

7,165

7,407

8,905

2,577

2,576

2,843

2,245

2,775

2,883

2,935

Accretion of discount on investments

28

74

111

109

71

31

15

-13

-23

-16

-13

-9

0

0

3

12

16

9

1

-1

1

-9

-31

-51

-117

-156

-162

-131

-14

-14

-10

-16

-51

-84

-142

-144

-99

Reduction in the carrying amount of right-of-use assets

1,511

-

1,301

1,343

1,277

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Stock-based compensation expense

5,623

6,088

6,504

5,289

5,295

5,406

4,537

4,128

3,756

5,060

4,587

3,390

3,302

4,209

3,202

1,541

2,734

3,560

3,100

2,506

2,909

3,256

3,934

3,519

2,570

2,999

2,958

3,132

3,035

3,560

2,968

3,478

3,043

4,188

3,340

2,352

3,969

Amortization of debt issuance costs

19

28

36

45

51

57

98

112

123

137

148

163

171

191

116

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Deferred income tax benefit

-198

4,916

0

38

0

-74,978

0

11

59

-712

18

23

81

-1,271

112

-43,863

0

-21

0

1

6

274

2

-46

0

299

0

17

129

-24,532

17

55

0

525

114

-2,582

-45

Benefit for doubtful accounts receivable

-

-

-

-

-

-

-

-

-

-

-

-

-

-8

57

0

-34

29

0

2

-13

0

0

-4

5

0

0

-16

-3

22

0

0

30

-10

0

28

-294

Provision for excess and obsolete inventories

3,287

2,354

2,742

2,579

2,725

3,086

2,821

2,548

2,045

2,401

2,302

1,800

2,797

2,194

1,637

811

1,989

1,607

1,922

1,501

1,463

1,597

1,700

1,224

2,606

2,671

2,950

2,178

2,701

2,883

1,847

1,086

1,416

3,030

1,343

1,257

2,267

Acquired inventory step-up amortization

-

-

-

-

-

-

-

-

-

85

5

289

190

2,986

7,036

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of long-lived assets

-204

-159

-65

-144

-118

-61

-216

-33

-15

-409

-48

-31

-22

-244

-149

32

0

-

-

-

-

-

-

-

-

-11

-36

-170

-148

-6

-3

0

-32

-36

-1

18

14

Loss on derivative instruments

-676

22

-98

25

-59

0

0

0

0

-8

-6

-41

65

51

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Non-cash restructuring

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

500

0

0

0

600

0

0

0

2,743

0

462

0

0

-

-

-

-

Foreign currency transaction (losses) gains

266

-594

-237

544

-121

284

-518

-452

561

-240

516

712

729

-1,741

65

360

1,393

84

872

-873

192

-1,609

-1,058

4

174

-396

-53

-40

-131

-126

0

-609

-532

-870

138

162

242

Changes in assets and liabilities:
Accounts receivable

-7,803

10,099

13,597

-10,372

-13,805

6,261

4,239

6,684

-3,354

-6,446

-3,902

12,111

8,888

-6,116

-8,694

22,917

-1,260

66

-7,250

3,095

-4,172

-1,969

6,285

4,852

6,781

-15,892

7,327

5,861

4,806

-9,373

-10,922

6,394

8,743

-16,350

612

4,273

-5,338

Inventories

-928

-2,951

5,672

2,916

8,658

-508

8,119

6,279

7,408

1,365

5,423

5,502

3,345

3,000

755

2,228

5,750

1,830

4,674

1,178

485

1,250

5,555

1,954

3,216

1,233

-811

3,777

3,781

-5,279

1,390

1,441

3,374

571

151

265

165

Prepaid expenses and other current assets

240

-4,739

3,637

3,039

-2,167

-3,078

-2,886

4,513

247

683

314

1,614

-3,068

1,982

2,536

882

-2,108

-30

-960

1,565

-748

-265

651

108

328

-1,700

1,637

-3,202

-292

-43

-894

196

-80

-3,097

2,144

-2,089

-2,579

Refundable income taxes

-

-

-

-

-

-

-8

-977

52

-

743

-17

-286

0

-126

0

0

0

0

0

-782

0

0

0

0

-10

-776

-3,846

-511

879

0

-897

45

850

0

-245

257

Other assets

-194

-154

23

8

564

-10

-34

-1

-662

762

-97

-111

-615

-8

-30

0

286

0

9

54

-313

-9

-16

0

0

299

16

9

-462

-101

-325

0

0

-11

-841

-522

-533

Accounts payable

763

-10,101

21,189

-3,967

-7,148

-7,375

4,186

3,251

2,988

-2,299

-4,282

102

7,220

-7,448

-10,296

12,353

8,824

-3,278

191

5,998

-4,947

-1,843

3,598

1,782

618

-13,064

5,616

1,526

3,598

-7,354

-6,329

2,448

5,332

-8,327

1,806

-298

1,754

Accrued liabilities

-6,970

8,373

-547

5,966

-6,275

2,663

-5,341

5,980

-9,521

1,920

-3,346

7,078

-4,780

1,278

-9,085

12,190

-3,597

2,573

-1,266

2,646

-4,286

2,281

1,984

3,288

212

-1,352

1,440

415

-2,977

-4,703

1,275

1,951

354

-253

-923

87

-8,554

Income taxes payable

-

-

-

-

-

-

-

548

-829

-

455

-133

-419

426

-1,552

1

-2

-17

117

-102

21

-1,671

20

-195

335

-352

-209

154

61

-766

158

-1,615

78

-10

-429

333

-1,157

Other liabilities

33

-2,208

2,333

9

32

912

-343

25

2,515

10

4

26

71

-167

178

-63

178

-27

-69

74

74

-877

39

78

34

961

22

24

7

940

39

39

46

171

54

38

-103

Deferred revenues

-123

-495

1,409

285

1,931

247

-249

472

-444

-1,547

-2,854

2,861

1,510

253

66

-116

-486

-323

-1,551

-197

-342

1,812

-1,773

-154

363

-837

823

-279

376

-1,128

-139

783

651

-1,279

1,551

-365

136

Operating lease liabilities

1,591

1,340

1,244

726

1,690

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by operating activities

39,339

37,670

28,002

34,738

20,638

22,562

16,080

20,736

9,322

26,457

17,585

24,478

17,803

14,935

6,078

-558

-3,032

6,921

7,531

14,281

7,389

12,244

5,936

6,355

-6,876

-3,248

3,041

4,072

-9,667

-10,708

-696

136

-14,960

-7,570

-2,234

-7,245

-12,294

Net cash provided by operating activities
Acquisition of property, plant and equipment

12,050

6,605

2,782

5,432

6,028

7,543

3,781

4,714

3,831

3,838

6,159

4,294

3,465

3,304

4,584

2,522

1,111

1,996

2,399

2,802

1,443

1,131

1,545

1,356

1,638

1,167

2,292

2,346

2,725

1,830

2,194

2,124

1,804

2,826

2,141

1,196

1,537

Proceeds from sale of a subsidiary

40

-

37

28

28

-

26

21

20

-

19

15

14

-

14

10

9

-

9

5

30

-

31

27

27

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from sale of property and property, plant and equipment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

61

266

-266

0

-

-

-

-

0

0

18

15

Purchases of marketable securities

16,441

16,725

38,826

8,394

12,382

11,582

8,269

7,128

3,587

23,360

12,683

14,690

0

0

0

3,996

6,591

24,981

17,492

9,509

14,252

0

0

0

31,693

22,127

18,158

33,883

17,170

0

12,506

22,118

47,813

64,452

70,031

60,329

51,853

Purchases of marketable securities

23,009

17,510

13,994

10,660

9,050

11,266

5,500

8,250

4,007

5,996

3,000

0

0

0

10,600

21,200

12,700

25,250

17,500

13,500

18,500

15,150

14,048

15,600

28,675

26,915

18,500

10,500

34,470

20,500

20,340

34,000

60,500

75,701

88,815

83,500

60,665

Change in restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

-

-

109

3

0

-

-

-

-

-

-

-

-

0

15

0

103

0

0

0

0

-

-

-

-

Net cash used in investing activities

-5,442

-26,305

-27,577

-3,138

-9,332

-7,832

-6,501

-3,571

-3,391

-21,182

-15,823

-18,969

-3,451

-3,178

-6,894

-200,474

5,007

-1,718

-1,182

1,194

2,835

14,343

13,354

14,271

-4,629

3,710

-1,937

-23,995

14,472

-77,982

16,640

9,758

10,883

14,403

17,026

21,993

7,290

Net cash used in investing activities
Cash flows from financing activities:

4,513

421

3,802

0

3,870

0

2,958

0

4,754

402

4,623

7,048

7,437

1,740

2,044

0

1,961

0

1,615

109

1,694

0

1,387

1

1,425

-5

1,281

106

1,220

-2

1,074

-3

1,182

-3

1,936

42

1,534

Purchase and retirement of common stock

-

-

-

-

-

-

-

-

-

8,037

831

7,399

2,733

0

0

0

0

-

-

-

-

-

-

-

-

-5

0

2

3

-

0

0

0

7,875

5,529

1,039

1,968

Purchase and retirement of common stock

385

127

5,741

1,855

302

97

3,241

2,096

357

268

2,156

3,981

480

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from term loan debt

13,199

11,250

0

11,250

7,500

7,500

12,500

12,500

8,750

8,750

8,750

8,750

6,875

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on term loan debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of term loan debt issuance costs

-9,071

12,398

-1,939

-13,105

-3,932

-7,597

-12,783

-14,596

-4,353

-16,623

-7,114

-13,082

-2,651

-7,010

169

148,494

1,961

-1,214

-1,873

-3,399

1,694

0

1,387

-139

1,294

-130

1,139

-10

1,000

-114

1,074

-3

1,182

-7,878

-3,593

-997

-434

Payments made on capital leases

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

140

131

-

142

114

217

-

0

0

0

-

-

-

-

Net cash used in financing activities

312

-566

-440

486

-207

260

-458

-1,136

1,078

221

616

605

1,260

-2,494

330

850

1,713

90

621

-981

135

-1,911

-1,272

173

214

-606

67

-288

-667

-1,015

221

-604

-618

-839

-351

192

373

Effect of exchange rate changes on cash, cash equivalents and restricted cash

25,138

23,197

-1,954

18,981

7,167

7,393

-3,662

1,433

2,656

-11,127

-4,736

-6,968

12,961

2,253

-317

-51,688

5,649

4,079

5,097

11,095

12,053

24,676

19,405

20,660

-9,997

-274

2,310

-20,221

5,138

-89,819

17,239

9,287

-3,513

-1,884

10,848

13,943

-5,065

Fair value of stock options and restricted stock-based awards assumed in connection with acquisition of Cascade Microtech
Change in accounts payable and accrued liabilities related to property, plant and equipment purchases

2,116

-196

3,559

-1,244

-1,253

-2,434

3,742

381

601

250

-1,822

-496

2,035

255

-2,279

126

1,166

623

-304

-736

778

983

-711

687

-1,081

-765

3,404

-1,144

33

1,502

496

273

-56

126

214

247

-653

Operating lease, right-of-use assets obtained in exchange for lease obligations

6,307

-

415

172

35,713

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Supplemental disclosure of cash flow information:
Cash paid for income taxes, net

2,419

1,449

1,175

618

1,082

2,063

1,331

411

771

325

1,324

1,185

338

1,075

1,275

195

22

121

725

126

-945

161

666

161

-38

86

-1,841

-5,309

912

801

2

-942

99

152

-5

-424

1,687

Cash paid for interest

291

277

350

476

302

814

682

791

826

862

964

994

1,016

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-