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)
|
|
|
|
|
|
|
|
|
| ||||
Depreciation and amortization |
|
| 7,913 |
|
| 23,883 |
|
| 20,689 | ||||
Provision for severance benefits |
|
| 5,521 |
|
| 14,686 |
|
| 15,354 | ||||
Amortization of debt issuance costs
|
|
| 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)
|
|
| 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
|
|
| — |
|
| (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
|
|
| — |
|
| 4,283 |
|
| — | ||||
Repayment of financing related to water treatment
|
|
| (73) |
|
| (73) |
|
| — | ||||
Net cash provided by financing activities |
|
| 406 |
|
| 5,124 |
|
| 72,338 | ||||
Effect of exchange rates on cash, cash equivalents
|
|
| 1,107 |
|
| (3,974) |
|
| 2,787 | ||||
Net increase in cash, cash equivalents
|
|
| 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 |