|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES | |||||||||
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CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
|
(In thousands of US dollars) | |||||||||
|
(Unaudited) | |||||||||
|
|
|
|
|
|
|
|
|
| |
|
|
|
Three Months Ended |
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|
|
|
March 31, 2018 |
|
|
March 31, 2017 |
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|
Cash flows from operating activities |
| ||||||||
|
Net income |
|
$ |
2,763 |
|
|
$ |
43,738 |
| |
|
Adjustments to reconcile net income to net cash used in operating activities |
|
|
|
|
|
|
|
| |
|
Depreciation and amortization |
|
|
7,958 |
|
|
|
6,758 |
| |
|
Provision for severance benefits |
|
|
4,512 |
|
|
|
7,386 |
| |
|
Amortization of debt issuance costs and original issue discount |
|
|
532 |
|
|
|
446 |
| |
|
Gain on foreign currency, net |
|
|
(1,682) |
|
|
|
(49,059) |
| |
|
Restructuring and other gain |
|
|
— |
|
|
|
(17,010) |
| |
|
Stock-based compensation |
|
|
1,469 |
|
|
|
830 |
| |
|
Other |
|
|
(337) |
|
|
|
1,185 |
| |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
| |
|
Accounts receivable, net |
|
|
3,115 |
|
|
|
(15,734) |
| |
|
Unbilled accounts receivable |
|
|
(639) |
|
|
|
— |
| |
|
Inventories, net |
|
|
(13,150) |
|
|
|
1,077 |
| |
|
Other receivables |
|
|
(3,746) |
|
|
|
(296) |
| |
|
Other current assets |
|
|
(1,071) |
|
|
|
(1,155) |
| |
|
Accounts payable |
|
|
3,168 |
|
|
|
1,814 |
| |
|
Other accounts payable |
|
|
(2,759) |
|
|
|
(3,499) |
| |
|
Accrued expenses |
|
|
(7,129) |
|
|
|
(7,128) |
| |
|
Deferred revenue |
|
|
4,809 |
|
|
|
(73) |
| |
|
Other current liabilities |
|
|
(570) |
|
|
|
(212) |
| |
|
Other non-current liabilities |
|
|
618 |
|
|
|
(62) |
| |
|
Payment of severance benefits |
|
|
(2,247) |
|
|
|
(7,524) |
| |
|
Other |
|
|
465 |
|
|
|
(162) |
| |
|
Net cash used in operating activities |
|
|
(3,921) |
|
|
|
(38,680) |
| |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
| |
|
Proceeds from settlement of hedge collateral |
|
|
4,863 |
|
|
|
2,164 |
| |
|
Payment of hedge collateral |
|
|
— |
|
|
|
(4,452) |
| |
|
Proceeds from disposal of plant, property and equipment |
|
|
— |
|
|
|
581 |
| |
|
Purchase of plant, property and equipment |
|
|
(7,329) |
|
|
|
(5,368) |
| |
|
Payment for intellectual property registration |
|
|
(409) |
|
|
|
(216) |
| |
|
Collection of guarantee deposits |
|
|
14 |
|
|
|
295 |
| |
|
Payment of guarantee deposits |
|
|
— |
|
|
|
(41) |
| |
|
Other |
|
|
(36) |
|
|
|
20 |
| |
|
Net cash used in investing activities |
|
|
(2,897) |
|
|
|
(7,017) |
| |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
| |
|
Proceeds from issuance of senior notes |
|
|
— |
|
|
|
86,250 |
| |
|
Payment of debt issuance costs |
|
|
— |
|
|
|
(5,902) |
| |
|
Proceeds from issuance of common stock |
|
|
142 |
|
|
|
1,689 |
| |
|
Acquisition of treasury stock |
|
|
— |
|
|
|
(11,401) |
| |
|
Net cash provided by financing activities |
|
|
142 |
|
|
|
70,636 |
| |
|
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
|
1,237 |
|
|
|
6,082 |
| |
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
(5,439) |
|
|
|
31,021 |
| |
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
|
| |
|
Beginning of the period |
|
|
128,575 |
|
|
|
101,606 |
| |
|
End of the period |
|
$ |
123,136 |
|
|
$ |
132,627 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
MagnaChip Reports First Quarter 2018 Financial Results
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