MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(In thousands of US dollars) | ||||||||||||
(Unaudited) | ||||||||||||
| ||||||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
| ||||||
|
|
June 30, 2018 |
|
|
June 30, 2018 |
|
|
June 30, 2017 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(21,505) |
|
|
$ |
(18,742) |
|
|
$ |
35,679 |
|
Adjustments to reconcile net income (loss) to net cash provided by (used in)
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
8,012 |
|
|
|
15,970 |
|
|
|
13,531 |
|
Provision for severance benefits |
|
|
4,653 |
|
|
|
9,165 |
|
|
|
10,776 |
|
Amortization of debt issuance costs and original issue discount |
|
|
541 |
|
|
|
1,073 |
|
|
|
950 |
|
Loss (gain) on foreign currency, net |
|
|
34,051 |
|
|
|
32,369 |
|
|
|
(35,813) |
|
Restructuring gain and other |
|
|
— |
|
|
|
— |
|
|
|
(17,010) |
|
Stock-based compensation |
|
|
1,341 |
|
|
|
2,810 |
|
|
|
1,179 |
|
Other |
|
|
1,390 |
|
|
|
1,053 |
|
|
|
220 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
|
2,190 |
|
|
|
5,305 |
|
|
|
(9,730) |
|
Unbilled accounts receivable |
|
|
1,526 |
|
|
|
887 |
|
|
|
— |
|
Inventories, net |
|
|
(3,647) |
|
|
|
(16,797) |
|
|
|
2,646 |
|
Other receivables |
|
|
(762) |
|
|
|
(4,508) |
|
|
|
2,598 |
|
Other current assets |
|
|
3,288 |
|
|
|
2,253 |
|
|
|
1,135 |
|
Accounts payable |
|
|
(7,641) |
|
|
|
(4,473) |
|
|
|
(1,919) |
|
Other accounts payable |
|
|
(2,470) |
|
|
|
(5,229) |
|
|
|
(7,790) |
|
Accrued expenses |
|
|
5,694 |
|
|
|
(1,435) |
|
|
|
(10,776) |
|
Other current liabilities |
|
|
1,330 |
|
|
|
760 |
|
|
|
(436) |
|
Deferred revenue |
|
|
604 |
|
|
|
5,413 |
|
|
|
(265) |
|
Other non-current liabilities |
|
|
498 |
|
|
|
1,116 |
|
|
|
(268) |
|
Payment of severance benefits |
|
|
(3,507) |
|
|
|
(5,754) |
|
|
|
(18,082) |
|
Other |
|
|
87 |
|
|
|
516 |
|
|
|
(107) |
|
Net cash provided by (used in) operating activities |
|
|
25,673 |
|
|
|
21,752 |
|
|
|
(33,482) |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from disposal of plant, property and equipment |
|
|
13 |
|
|
|
13 |
|
|
|
1,125 |
|
Purchase of plant, property and equipment |
|
|
(4,103) |
|
|
|
(11,432) |
|
|
|
(10,807) |
|
Payment for property related to water treatment facility arrangement |
|
|
(4,283) |
|
|
|
(4,283) |
|
|
|
— |
|
Payment for intellectual property registration |
|
|
(165) |
|
|
|
(574) |
|
|
|
(566) |
|
Proceeds from settlement of hedge collateral |
|
|
— |
|
|
|
4,863 |
|
|
|
6,781 |
|
Payment of hedge collateral |
|
|
(7,490) |
|
|
|
(7,490) |
|
|
|
(10,036) |
|
Collection of guarantee deposits |
|
|
645 |
|
|
|
659 |
|
|
|
1,400 |
|
Payment of guarantee deposits |
|
|
— |
|
|
|
— |
|
|
|
(41) |
|
Other |
|
|
(2) |
|
|
|
(38) |
|
|
|
22 |
|
Net cash used in investing activities |
|
|
(15,385) |
|
|
|
(18,282) |
|
|
|
(12,122) |
|
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 |
|
|
293 |
|
|
|
435 |
|
|
|
2,525 |
|
Acquisition of treasury stock |
|
|
— |
|
|
|
— |
|
|
|
(11,401) |
|
Proceeds from property related to water treatment facility arrangement |
|
|
4,283 |
|
|
|
4,283 |
|
|
|
— |
|
Net cash provided by financing activities |
|
|
4,576 |
|
|
|
4,718 |
|
|
|
71,472 |
|
Effect of exchange rates on cash, cash equivalents and restricted cash |
|
|
(6,318) |
|
|
|
(5,081) |
|
|
|
4,049 |
|
Net increase in cash, cash equivalents and restricted cash |
|
|
8,546 |
|
|
|
3,107 |
|
|
|
29,917 |
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of the period |
|
|
123,136 |
|
|
|
128,575 |
|
|
|
101,606 |
|
End of the period |
|
$ |
131,682 |
|
|
$ |
131,682 |
|
|
$ |
131,523 |
|