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MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of US dollars) (Unaudited) | ||||||||||||
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Three Months Ended |
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Six Months Ended |
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June 30, 2017 |
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June 30, 2017 |
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June 30, 2016 |
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Cash flows from operating activities |
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Net income (loss) |
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$ |
(8,059) |
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$ |
35,679 |
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$ |
(9,691) |
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Adjustments to reconcile net income (loss) to net cash provided by
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Depreciation and amortization |
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6,773 |
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13,531 |
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12,252 |
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Provision for severance benefits |
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3,390 |
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10,776 |
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9,827 |
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Amortization of debt issuance costs and original issue discount |
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504 |
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950 |
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347 |
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Loss (gain) on foreign currency, net |
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13,246 |
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(35,813) |
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(1,140) |
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Restructuring gain and other |
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— |
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(17,010) |
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(7,785) |
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Stock-based compensation |
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349 |
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1,179 |
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1,504 |
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Other |
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(965) |
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220 |
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164 |
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Changes in operating assets and liabilities |
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Accounts receivable, net |
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6,004 |
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(9,730) |
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8,505 |
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Inventories, net |
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1,569 |
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2,646 |
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(11,946) |
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Other receivables |
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2,894 |
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4,361 |
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(3,635) |
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Other current assets |
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2,290 |
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1,135 |
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2,160 |
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Accounts payable |
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(3,733) |
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(1,919) |
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7,779 |
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Other accounts payable |
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(4,291) |
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(7,790) |
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(5,156) |
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Accrued expenses |
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(3,648) |
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(10,776) |
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1,913 |
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Other current liabilities |
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(224) |
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(436) |
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(1,364) |
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Deferred revenue |
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(192) |
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(265) |
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1,477 |
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Other non-current liabilities |
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(206) |
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(268) |
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(661) |
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Payment of severance benefits |
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(10,558) |
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(18,082) |
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(13,102) |
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Other |
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55 |
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(61) |
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(137) |
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Net cash provided by (used in) operating activities |
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5,198 |
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(31,673) |
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(8,689) |
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Cash flows from investing activities |
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Proceeds from disposal of plant, property and equipment |
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544 |
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18,750 |
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— |
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Purchase of plant, property and equipment |
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(5,439) |
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(10,807) |
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(5,834) |
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Payment for intellectual property registration |
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(350) |
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(566) |
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(478) |
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Collection of guarantee deposits |
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1,105 |
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1,400 |
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383 |
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Proceeds from settlement of hedge collateral |
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4,617 |
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6,781 |
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5,917 |
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Payment of hedge collateral |
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(5,584) |
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(10,036) |
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— |
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Payment of guarantee deposits |
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— |
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(41) |
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(11) |
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Other |
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2 |
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22 |
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11 |
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Net cash provided by (used in) investing activities |
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(5,105) |
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5,503 |
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(12) |
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Cash flows from financing activities |
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Proceeds from issuance of senior notes |
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— |
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86,250 |
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— |
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Payment of debt issuance costs |
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— |
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(5,902) |
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— |
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Proceeds from exercise of stock options |
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|
836 |
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2,525 |
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— |
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Acquisition of treasury stock |
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— |
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(11,401) |
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— |
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Net cash provided by financing activities |
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|
836 |
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71,472 |
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— |
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Effect of exchange rates on cash and cash equivalents |
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(2,033) |
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2,866 |
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1,733 |
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Net increase (decrease) in cash and cash equivalents |
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(1,104) |
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48,168 |
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(6,968) |
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Cash and cash equivalents |
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Beginning of the period |
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132,627 |
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83,355 |
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90,882 |
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End of the period |
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$ |
131,523 |
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$ |
131,523 |
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$ |
83,914 |
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