MagnaChip Reports Third Quarter 2018 Financial Results

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of US dollars)

(Unaudited)




Three Months

Ended


Nine Months

Ended



September 30,

2018


September 30,

2018


September 30,

2017

Cash flows from operating activities










Net income (loss)


$

17,222


$

(1,520)


$

41,283

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










Depreciation and amortization



7,913



23,883



20,689

Provision for severance benefits



5,521



14,686



15,354

Amortization of debt issuance costs
 and original
 issue discount



550



1,623



1,464

Loss (gain) on foreign currency, net



(5,438)



26,931



(30,615)

Restructuring gain and other







(17,010)

Stock-based compensation



1,083



3,893



1,614

Other



(2,017)



(964)



459

Changes in operating assets and liabilities










Accounts receivable, net



(19,587)



(14,282)



(20,241)

Unbilled accounts receivable



300



1,187



Inventories, net



(13,499)



(30,296)



3,281

Other receivables



1,839



(2,669)



3,541

Other current assets



261



2,514



2,897

Accounts payable



21,887



17,414



178

Other accounts payable



(3,582)



(8,811)



(8,378)

Accrued expenses



(3,935)



(5,370)



(16,459)

Other current liabilities



773



1,533



(822)

Deferred revenue



(1,853)



3,560



(2,243)

Other non-current liabilities



(81)



1,035



283

Payment of severance benefits



(3,250)



(9,004)



(19,578)

Other



(845)



(329)



(11)

Net cash provided by (used in)
 operating activities



3,262



25,014



(24,314)

Cash flows from investing activities










Proceeds from settlement of hedge collateral



6,427



11,290



8,556

Payment of hedge collateral



(3,475)



(10,965)



(14,839)

Proceeds from disposal of plant, property and equipment



1,672



1,685



1,128

Purchase of plant, property and equipment



(7,443)



(18,875)



(19,269)

Payment for property related to water treatment
 facility arrangement





(4,283)



Payment for intellectual property registration



(202)



(776)



(977)

Collection of guarantee deposits



135



794



1,426

Payment of guarantee deposits



(89)



(89)



(41)

Other





(38)



24

Net cash used in investing activities



(2,975)



(21,257)



(23,992)

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



678



1,113



3,391

Acquisition of treasury stock



(199)



(199)



(11,401)

Proceeds from property related to water treatment
  facility arrangement





4,283



Repayment of financing related to water treatment
  facility arrangement



(73)



(73)



Net cash provided by financing activities



406



5,124



72,338

Effect of exchange rates on cash, cash equivalents
  and restricted cash



1,107



(3,974)



2,787

Net increase in cash, cash equivalents
 and restricted cash



1,800



4,907



26,819

Cash, cash equivalents and restricted cash










Beginning of the period



131,682



128,575



101,606

End of the period



133,482



133,482



128,425


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