Magnachip Reports Results for Fourth Quarter and Year 2021

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)



 Three Months Ended



Year Ended




December 31,



December 31,



December 31,




2021



2021



2020


Cash flows from operating activities













Net income


$

53,611



$

56,708



$

344,965


Adjustments to reconcile net income to net cash provided by operating activities













Depreciation and amortization



3,663




14,239




16,481


Provision for severance benefits



2,768




8,282




16,743


Amortization of debt issuance costs and original issue discount






261




2,220


Loss (gain) on foreign currency, net



(175)




32,432




(23,233)


Restructuring and other charges









3,502


Merger-related costs (income), net



(12,142)




(12,142)




360


Provision for inventory reserves



760




2,244




3,695


Stock-based compensation



1,648




7,704




6,699


Loss on early extinguishment of borrowings, net









766


Gain on sale of discontinued operations









(287,117)


Deferred income tax assets



893




918




(44,441)


Other, net



(1,030)




(613)




217


Changes in operating assets and liabilities













Accounts receivable, net



809




7,505




(19,268)


Unbilled accounts receivable, net









14,260


Inventories



(1,378)




(5,939)




(816)


Other receivables



2,949




(2,338)




6,954


Other current assets



4,464




12,397




13,561


Accounts payable



4,755




(11,437)




3,960


Other accounts payable



(4,084)




(7,813)




(12,000)


Accrued expenses



(765)




(2,406)




(29,116)


Accrued income taxes



8,307




(1)




10,825


Deferred revenue



863




(131)




2,174


Other current liabilities



(104)




1,445




279


Other non-current liabilities



(732)




(1,398)




3,521


Contributions to severance insurance deposit accounts



(5,526)




(5,688)




(11,921)


Payment of severance benefits



(1,907)




(6,679)




(12,076)


Other, net



80




193




(3,724)


Net cash provided by operating activities



57,727




87,743




7,470


Cash flows from investing activities













Proceeds from settlement of hedge collateral



1,219




5,214




13,762


Payment of hedge collateral



(605)




(3,349)




(8,839)


Proceeds from disposal of property, plant and equipment



1,419




1,446




65


Purchase of property, plant and equipment



(18,844)




(32,212)




(36,100)


Payment for intellectual property registration



(159)




(614)




(741)


Collection of guarantee deposits






3,192




1,024


Payment of guarantee deposits



(41)




(5,001)




(1,236)


Proceeds from sale of discontinued operations









350,553


Other, net



16




(114)




(6)


Net cash provided by (used in) investing activities



(16,995)




(31,438)




318,482


Cash flows from financing activities













Repurchase of long-term borrowings









(224,250)


Proceeds from exercise of stock options



359




4,279




3,918


Acquisition of treasury stock






(1,653)




(1,125)


Acquisition of stock under accelerated stock repurchase agreement



(20,073)




(20,073)





Payment under accelerated stock repurchase agreement



(17,427)




(17,427)





Repayment of financing related to water treatment facility arrangement



(136)




(563)




(546)


Others



(58)




(107)




(278)


Net cash used in financing activities



(37,335)




(35,544)




(222,281)


Effect of exchange rates on cash and cash equivalents



(151)




(21,154)




24,612


Net increase (decrease) in cash and cash equivalents



3,246




(393)




128,283


Cash and cash equivalents at beginning of period



276,301




279,940




151,657


Cash and cash equivalents at end of period


$

279,547



$

279,547



$

279,940



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