MagnaChip Reports Second Quarter 2018 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,

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)
operating activities













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



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