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MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
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Three Months Ended |
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Year Ended |
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December 31, 2017 |
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December 31, 2017 |
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December 31, 2016 |
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Cash flows from operating activities |
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Net income |
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$ |
43,653 |
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$ |
84,936 |
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$ |
(29,615) |
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Adjustments to reconcile net income to net cash provided by (used in) operating
|
|
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Depreciation and amortization |
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|
7,457 |
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28,146 |
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25,416 |
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Provision for severance benefits |
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|
9,019 |
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24,373 |
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14,432 |
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Amortization of debt issuance costs and original issue discount |
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|
523 |
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1,987 |
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|
707 |
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Loss (gain) on foreign currency, net |
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(46,985) |
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(77,600) |
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18,884 |
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Restructuring gain and other |
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— |
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(17,010) |
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(7,785) |
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Stock-based compensation |
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|
722 |
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2,336 |
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3,843 |
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Other |
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(410) |
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49 |
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|
103 |
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Changes in operating assets and liabilities |
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Accounts receivable, net |
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(1,969) |
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(22,210) |
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|
285 |
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Inventories, net |
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(11,358) |
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(8,077) |
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(557) |
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Other receivables |
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(1,323) |
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3,981 |
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19,125 |
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Other current assets |
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(579) |
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2,318 |
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5,000 |
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Accounts payable |
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10,142 |
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10,320 |
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(4,163) |
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Other accounts payable |
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(3,763) |
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(12,141) |
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(6,603) |
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Accrued expenses |
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4,439 |
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(12,020) |
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(16,305) |
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Deferred revenue |
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(1,706) |
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(3,949) |
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1,674 |
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Other current liabilities |
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(459) |
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(1,281) |
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(5,331) |
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Other non-current liabilities |
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(1,043) |
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(760) |
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(1,574) |
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Payment of severance benefits |
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(1,928) |
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(21,506) |
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(15,352) |
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Other |
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(371) |
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(336) |
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5,447 |
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Net cash provided by (used in) operating activities |
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4,061 |
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(18,444) |
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7,631 |
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Cash flows from investing activities |
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Proceeds from settlement of hedge collateral |
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2,059 |
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10,615 |
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6,317 |
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Payment of hedge collateral |
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— |
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(14,839) |
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(3,552) |
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Proceeds from disposal of plant, property and equipment |
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|
81 |
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18,834 |
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|
688 |
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Purchase of plant, property and equipment |
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(13,392) |
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(32,661) |
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(18,727) |
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Payment for intellectual property registration |
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(230) |
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(1,207) |
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(1,049) |
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Collection of guarantee deposits |
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36 |
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1,462 |
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|
619 |
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Payment of guarantee deposits |
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— |
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(41) |
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(193) |
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Other |
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70 |
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|
94 |
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23 |
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Net cash used in investing activities |
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(11,376) |
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(17,743) |
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(15,874) |
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Cash flows from financing activities |
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Proceeds from issuance of senior notes |
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— |
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86,250 |
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— |
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Payment of debt issuance costs |
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— |
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(5,902) |
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— |
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Proceeds from exercise of stock options |
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|
353 |
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|
3,744 |
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1,732 |
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Acquisition of treasury stock |
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— |
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(11,401) |
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— |
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Net cash provided by financing activities |
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|
353 |
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|
72,691 |
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|
1,732 |
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Effect of exchange rates on cash and cash equivalents |
|
|
7,112 |
|
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|
8,716 |
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(1,016) |
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Net increase (decrease) in cash and cash equivalents |
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|
150 |
|
|
|
45,220 |
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(7,527) |
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Cash and cash equivalents |
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Beginning of the period |
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128,425 |
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|
83,355 |
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90,882 |
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End of the period |
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$ |
128,575 |
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$ |
128,575 |
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$ |
83,355 |
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MagnaChip Reports Fourth Quarter and Full Year 2017 Financial Results
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