MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands of U.S. dollars) (Unaudited) | |||||||||||||||
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| Three Months
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| Six Months
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| June 30,
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| June 30,
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| June 30,
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Cash flows from operating activities |
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Net income (loss) | $ (3,947) |
| $ (25,417) |
| $ 6,188 |
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Adjustments to reconcile net income (loss) to net cash provided by operating activities |
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Depreciation and amortization | 4,145 |
| 8,502 |
| 7,602 |
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Provision for severance benefits | 1,761 |
| 4,091 |
| 3,240 |
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Loss on foreign currency, net | 35 |
| 9,117 |
| 29,183 |
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Provision for inventory reserves | (17) |
| 1,121 |
| 5,282 |
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Stock-based compensation | 2,092 |
| 3,212 |
| 3,626 |
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Other, net | 213 |
| 450 |
| 712 |
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Changes in operating assets and liabilities |
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Accounts receivable, net | (3,315) |
| (342) |
| (12,377) |
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Inventories | 3,849 |
| 4,911 |
| (5,486) |
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Other receivables | 2,031 |
| 4,407 |
| 11,640 |
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Other current assets | (1,061) |
| 395 |
| (2,089) |
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Accounts payable | 976 |
| 2,880 |
| 2,429 |
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Other accounts payable | (5,064) |
| (6,488) |
| (5,861) |
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Accrued expenses | (6,496) |
| 1,104 |
| (2,709) |
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| Accrued income taxes | (49) |
| (2,972) |
| (11,513) |
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| Other current liabilities | 125 |
| (471) |
| (2,153) |
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| Other non-current liabilities | (45) |
| (214) |
| 570 |
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| Payment of severance benefits | (4,857) |
| (5,728) |
| (2,934) |
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| Other, net | (181) |
| (487) |
| (385) |
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| Net cash provided by (used in) operating activities | (9,805) |
| (1,929) |
| 24,965 |
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| Cash flows from investing activities |
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| Proceeds from settlement of hedge collateral | 2,180 |
| 3,335 |
| 2,805 |
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| Payment of hedge collateral | (1,493) |
| (2,586) |
| (6,844) |
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| Purchase of property, plant and equipment | (1,383) |
| (1,518) |
| (1,511) |
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| Payment for intellectual property registration | (89) |
| (163) |
| (153) |
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| Payment of guarantee deposits | (3,425) |
| (6,907) |
| (1,049) |
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| Other, net | 1,426 |
| 1,445 |
| 14 |
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| Net cash used in investing activities | (2,784) |
| (6,394 ) |
| (6,738 ) |
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| Cash flows from financing activities |
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| Proceeds from exercise of stock options | 18 |
| 27 |
| 1,786 |
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| Acquisition of treasury stock | (24,576) |
| (36,840) |
| (1,826) |
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| Repayment of financing related to water treatment facility arrangement | (122) |
| (248) |
| (261) |
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| Repayment of principal portion of finance lease liabilities | (22) |
| (46) |
| (32) |
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| Net cash used in financing activities | (24,702) |
| (37,107) |
| (333) |
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| Effect of exchange rates on cash and cash equivalents | (1,840) |
| (7,093) |
| (23,644) |
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| Net decrease in cash and cash equivalents | (39,131) |
| (52,523) |
| (5,750) |
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| Cash and cash equivalents |
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| Beginning of the period | 212,085 |
| 225,477 |
| 279,547 |
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| End of the period | $ 172,954 |
| $ 172,954 |
| $ 273,797 |
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Magnachip Reports Results for Second Quarter 2023 Announces New $50 Million Stock Buyback Program
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