MagnaChip Reports Second Quarter 2017 Financial Results

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of US dollars)

(Unaudited)
















Three Months

Ended



Six Months

Ended




June 30,

2017



June 30,

2017



June 30,

2016


Cash flows from operating activities













Net income (loss)


$

(8,059)



$

35,679



$

(9,691)


Adjustments to reconcile net income (loss) to net cash provided by 
  (used in) operating activities













Depreciation and amortization



6,773




13,531




12,252


Provision for severance benefits



3,390




10,776




9,827


Amortization of debt issuance costs and original issue discount



504




950




347


Loss (gain) on foreign currency, net



13,246




(35,813)




(1,140)


Restructuring gain and other






(17,010)




(7,785)


Stock-based compensation



349




1,179




1,504


Other



(965)




220




164


Changes in operating assets and liabilities













Accounts receivable, net



6,004




(9,730)




8,505


Inventories, net



1,569




2,646




(11,946)


Other receivables



2,894




4,361




(3,635)


Other current assets



2,290




1,135




2,160


Accounts payable



(3,733)




(1,919)




7,779


Other accounts payable



(4,291)




(7,790)




(5,156)


Accrued expenses



(3,648)




(10,776)




1,913


Other current liabilities



(224)




(436)




(1,364)


Deferred revenue



(192)




(265)




1,477


Other non-current liabilities



(206)




(268)




(661)


Payment of severance benefits



(10,558)




(18,082)




(13,102)


Other



55




(61)




(137)


Net cash provided by (used in) operating activities



5,198




(31,673)




(8,689)


Cash flows from investing activities













Proceeds from disposal of plant, property and equipment



544




18,750





Purchase of plant, property and equipment



(5,439)




(10,807)




(5,834)


Payment for intellectual property registration



(350)




(566)




(478)


Collection of guarantee deposits



1,105




1,400




383


Proceeds from settlement of hedge collateral



4,617




6,781




5,917


Payment of hedge collateral



(5,584)




(10,036)





Payment of guarantee deposits






(41)




(11)


Other



2




22




11


Net cash provided by (used in) investing activities



(5,105)




5,503




(12)


Cash flows from financing activities













Proceeds from issuance of senior notes






86,250





Payment of debt issuance costs






(5,902)





Proceeds from exercise of stock options



836




2,525





Acquisition of treasury stock






(11,401)





Net cash provided by financing activities



836




71,472





Effect of exchange rates on cash and cash equivalents



(2,033)




2,866




1,733


Net increase (decrease) in cash and cash equivalents



(1,104)




48,168




(6,968)


Cash and cash equivalents













Beginning of the period



132,627




83,355




90,882


End of the period


$

131,523



$

131,523



$

83,914



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