MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES | ||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||
(In thousands of US dollars) | ||||||||||||
(Unaudited) | ||||||||||||
|
| ||||||||||||
|
|
| Three Months Ended |
|
|
Year Ended |
| ||||||
|
|
| December 31, 2018 |
|
| December 31, 2018 |
|
| December 31, 2017 |
| |||
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
| $ | (2,380) |
|
| $ | (3,900) |
|
| $ | 84,936 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
| 8,165 |
|
|
| 32,048 |
|
|
| 28,146 |
|
Provision for severance benefits |
|
| 2,958 |
|
|
| 17,644 |
|
|
| 24,373 |
|
Amortization of debt issuance costs and original issue discount |
|
| 560 |
|
|
| 2,183 |
|
|
| 1,987 |
|
Loss (gain) on foreign currency, net |
|
| 3,284 |
|
|
| 30,215 |
|
|
| (77,600) |
|
Restructuring gain and other |
|
| — |
|
|
| — |
|
|
| (17,010) |
|
Stock-based compensation |
|
| 1,320 |
|
|
| 5,213 |
|
|
| 2,336 |
|
Loss on early extinguishment of long-term borrowings, net |
|
| 206 |
|
|
| 206 |
|
|
| — |
|
Other |
|
| (271) |
|
|
| (1,235) |
|
|
| 49 |
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable, net |
|
| 22,576 |
|
|
| 8,294 |
|
|
| (22,210) |
|
Unbilled accounts receivable |
|
| (2,471) |
|
|
| (1,284) |
|
|
| — |
|
| Inventories, net |
|
| (379) |
|
|
| (30,675) |
|
|
| (8,077) |
|
| Other receivables |
|
| 3,929 |
|
|
| 1,260 |
|
|
| 2,218 |
|
| Other current assets |
|
| 7,428 |
|
|
| 9,942 |
|
|
| 2,318 |
|
| Accounts payable |
|
| (25,803) |
|
|
| (8,389) |
|
|
| 10,320 |
|
| Other accounts payable |
|
| (2,372) |
|
|
| (11,183) |
|
|
| (12,141) |
|
| Accrued expenses |
|
| 640 |
|
|
| (4,730) |
|
|
| (12,020) |
|
| Deferred revenue |
|
| (669) |
|
|
| 2,891 |
|
|
| (3,949) |
|
| Other current liabilities |
|
| 590 |
|
|
| 2,123 |
|
|
| (1,281) |
|
| Other non-current liabilities |
|
| 1,311 |
|
|
| 2,346 |
|
|
| (760) |
|
| Payment of severance benefits |
|
| (2,684) |
|
|
| (11,688) |
|
|
| (21,506) |
|
| Other |
|
| (1,716) |
|
|
| (2,045) |
|
|
| (382) |
|
| Net cash provided by (used in) operating activities |
|
| 14,222 |
|
|
| 39,236 |
|
|
| (20,253) |
|
| Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from settlement of hedge collateral |
|
| 3,052 |
|
|
| 14,342 |
|
|
| 10,615 |
|
| Payment of hedge collateral |
|
| (1,942) |
|
|
| (12,907) |
|
|
| (14,839) |
|
| Proceeds from disposal of plant, property and equipment |
|
| — |
|
|
| 1,685 |
|
|
| 1,209 |
|
| Purchase of plant, property and equipment |
|
| (10,073) |
|
|
| (28,948) |
|
|
| (32,661) |
|
| Payment for property related to water treatment facility arrangement |
|
| — |
|
|
| (4,283) |
|
|
| — |
|
| Payment for intellectual property registration |
|
| (185) |
|
|
| (961) |
|
|
| (1,207) |
|
| Collection of guarantee deposits |
|
| 7 |
|
|
| 801 |
|
|
| 1,462 |
|
| Payment of guarantee deposits |
|
| (2,927 |
|
|
| (3,016) |
|
|
| (41) |
|
| Other |
|
| 19 |
|
|
| (19) |
|
|
| 94 |
|
| Net cash used in investing activities |
|
| (12,049 |
|
|
| (33,306) |
|
|
| (35,368) |
|
| Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of senior notes |
|
| — |
|
|
| — |
|
|
| 86,250 |
|
| Payment of debt issuance costs |
|
| — |
|
|
| — |
|
|
| (5,902) |
|
| Repurchase of long-term borrowings |
|
| (2,228) |
|
|
| (2,228) |
|
|
| — |
|
| Proceeds from exercise of stock options |
|
| 19 |
|
|
| 1,132 |
|
|
| 3,744 |
|
| Acquisition of treasury stock |
|
| (1,408) |
|
|
| (1,607) |
|
|
| (11,401) |
|
| Proceeds from property related to water treatment facility arrangement |
|
| — |
|
|
| 4,283 |
|
|
| — |
|
| Repayment of financing related to water treatment facility arrangement |
|
| (213) |
|
|
| (286) |
|
|
| — |
|
| Net cash provided by (used in) financing activities |
|
| (3,830) |
|
|
| 1,294 |
|
|
| 72,691 |
|
| Effect of exchange rates on cash, cash equivalents and restricted cash |
|
| 613 |
|
|
| (3,361) |
|
|
| 9,899 |
|
| Net increase (decrease) in cash, cash equivalents and restricted cash |
|
| (1,044) |
|
|
| 3,863 |
|
|
| 26,969 |
|
| Cash , cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning of the period |
|
| 133,482 |
|
|
| 128,575 |
|
|
| 101,606 |
|
| End of the period |
| $ | 132,438 |
|
| $ | 132,438 |
|
| $ | 128,575 |
|
