MagnaChip Reports Fourth Quarter 2016 Financial Results

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of US dollars)

(Unaudited)








Three Months
Ended



Year Ended




December 31,

2016



December 31,

2016



December 31,

2015


Cash flows from operating activities













Net loss


$

(49,790)



$

(29,615)



$

(84,867)


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













Depreciation and amortization



6,625




25,416




26,490


Provision for severance benefits



823




14,432




15,289


Amortization of debt issuance costs and original issue discount



180




707




660


Loss on foreign currency, net



57,066




18,884




46,984


Stock-based compensation



877




3,843




2,768


Restructuring gain






(7,785)





Other



(318)




103




2,434


Changes in operating assets and liabilities













Accounts receivable, net



(692)




285




3,299


Inventories, net



8,855




(557)




12,929


Other receivables



(1,089)




19,125




(21,463)


Other current assets



4,490




5,000




11,339


Deferred tax assets



34




65




372


Accounts payable



(11,251)




(4,163)




(12,605)


Other accounts payable



(1,839)




(6,603)




(10,892)


Accrued expenses



5,782




(16,305)




(1,679)


Deferred revenue



(988)




1,674




8,136


Other current liabilities



(1,462)




(5,331)




(1,210)


Other non-current liabilities



(162)




(1,574)




3,105


Payment of severance benefits



(1,174)




(15,352)




(11,394)


Other



5,595




5,382




328


Net cash provided by (used in) operating activities



21,562




7,631




(9,977)


Cash flows from investing activities













Proceeds from settlement of hedge collateral






6,317




10,841


Payment of hedge collateral



(1,058)




(3,552)




(17,182)


Proceeds from disposal of plant, property and equipment



503




688




9,886


Purchase of property, plant and equipment



(7,382)




(18,727)




(6,350)


Payment for intellectual property registration



(295)




(1,049)




(742)


Collection of guarantee deposits



143




619




636


Payment of guarantee deposits



(8)




(193)




(675)


Other



14




23




195


Net cash used in investing activities



(8,083)




(15,874)




(3,391)


Cash flows from financing activities













Proceeds from issuance of common stock



230




1,732




3,436


Net cash provided by financing activities



230




1,732




3,436


Effect of exchange rates on cash and cash equivalents



(5,782)




(1,016)




(1,620)


Net increase (decrease) in cash and cash equivalents



7,927




(7,527)




(11,552)


Cash and cash equivalents













Beginning of the period



75,428




90,882




102,434


End of the period


$

83,355



$

83,355



$

90,882















Supplemental disclosure of non-cash investing activity













Restricted cash received from sale of property, plant and equipment


$

(16,917)



$

(16,917)



$



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