SEOUL, South Korea and
SAN JOSE, Calif., Nov. 1, 2017 /PRNewswire/ -- MagnaChip
Semiconductor Corporation, (NYSE: MX), today announced revenue for
the third quarter of $176.7 million,
gross profit margin of 28.5%, net income of $5.6 million and Adjusted EBITDA of $24.7 million or 14.0% of revenue. Gross profit
margin and Adjusted EBITDA both were at the highest quarterly
levels in more than four years.
CEO Commentary: "Revenue in the third quarter came in at
the higher end of the previous guidance range despite a power
outage in August that temporarily halted production at our larger
fab and caused wafers-in-process to be scrapped," said YJ Kim,
Chief Executive Officer. "We recovered from that incident in a
timely manner, and our standard product business lines recorded
double digit-sequential revenue growth in the third quarter.
Foundry revenue was generally flattish quarter over quarter, but
gross profit margin for the Foundry business increased 1.6
percentage points to 30.3%. The Company continued to benefit
from an improving product mix and a strong product
pipeline."
On OLED: "We had forecasted earlier in the year that our OLED
business would likely bottom in the second quarter of 2017 and
resume revenue growth in the third quarter. I'm pleased to report
that revenue from OLED display driver ICs increased 15.6%
sequentially in the third quarter. Based on our current visibility
and insight about multiple new smartphone introductions, we
currently anticipate that we have the potential to generate OLED
revenue that will exceed 50% growth or clearly exceed $100 million in 2018."
CFO Commentary: "Our improved financial results
demonstrate the success of business strategies and initiatives
we've implemented, and reflect the decisive steps we've taken to
reduce our cost structure, streamline operations and strengthen the
balance sheet," said Jonathan Kim,
Chief Financial Officer. "We remain fully committed to focus on the
overall profitability of MagnaChip and to invest in future
initiatives to fuel profitable revenue growth."
Third Quarter Financial Highlights
Total Revenue
Total revenue for the third quarter of
2017 was $176.7 million, down 8.1%
from the third quarter a year ago, and up 6.0% as compared to
$166.7 million for the second quarter
of 2017. Total revenue in the third quarter was at the higher end
of our previous guidance range of $172-178
million.
Segment Revenue
Foundry revenue in the third quarter
was $80.4 million, up 8.9% year-over
year and down 1.4% from $81.5 million
in the prior quarter. Standard Products Group revenue in the third
quarter was $96.2 million, down 18.7%
year-over- year, and an increase of 13.1% sequentially, which
primarily reflected changes in the mobile OLED business in both
periods.
Total Gross Profit
Total gross profit in the third
quarter of 2017 was $50.3 million or
28.5% million as compared with gross profit of $39.1 million or 20.4% in the third quarter of
2016 and $46.7 million or 28.0% gross
profit margin for the second quarter of 2017. Gross profit margin
in the third quarter was at the highest level in more than four
years and primarily reflected improved product mix, reduction in
manufacturing headcount and high fab
utilization.
Segment Gross Profit Margin
Foundry Services Group
gross profit margin was 30.3% in the third quarter of 2017 as
compared with 23.5% in the third quarter of 2016 and 28.7% in the
second quarter of 2017. The Standard Products Group gross profit
margin was 26.9% in the third quarter of 2017 as compared with
18.3% in the third quarter of 2016 and 27.2% in the second quarter
of 2017.
Net Income, Adjusted Net Income, Adjusted EBITDA
Net
income, on a GAAP basis, for the third quarter was $5.6 million or $0.16 per basic share and $0.15 per diluted share, as compared with net
income of $29.9 million or
$0.86 per basic share and
$0.85 per diluted share in the third
quarter of 2016, and compared with a net loss of $8.1 million or $0.24 per basic share in the second quarter of
2017.
Adjusted Net Income, a non-GAAP financial measure, for the third
quarter of 2017, totaled $11.4
million or $0.33 per basic
share and $0.28 per diluted share, as
compared with Adjusted Net Loss of $1.3
million or $0.04 per basic
share in the third quarter of 2016, and compared with Adjusted Net
Income of $7.8 million or
$0.23 per basic share and
$0.21 per diluted share in the second
quarter of 2017.
Adjusted EBITDA, a non-GAAP financial measure, in the third
quarter was $24.7 million or 14.0% of
revenue, as compared with Adjusted EBITDA of $10.0 million or 5.2% of revenue in the third
quarter of 2016, and compared with Adjusted EBITDA of $20.3 million or 12.2% of revenue in the second
quarter of 2017.
Management believes that non-GAAP financial measures, when
viewed in conjunction with GAAP results, can provide a meaningful
understanding of the factors and trends affecting MagnaChip's
business and operations and assist in evaluating our core operating
performance. However, such non-GAAP financial measures have
limitations and should not be considered as a substitute for net
income or as a better indicator of our operating performance than
measures that are presented in accordance with GAAP. A
reconciliation of GAAP results to non-GAAP results is included in
this press release.
Cash and cash equivalents totaled $128.4
million at the end of the third quarter, a decrease of
$3.1 million from $131.5 million at the end of the second quarter
of 2017.
The following
table sets forth information relating to our operating
segments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September 30,
2017
|
|
|
September 30,
2016
|
|
|
September 30,
2017
|
|
|
September 30,
2016
|
|
Net
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry Services
Group
|
|
$
|
80,404
|
|
|
$
|
73,863
|
|
|
$
|
239,460
|
|
|
$
|
196,152
|
|
Standard Products
Group
|
|
|
|
|
|
|
|
|
|
|
|
|
Display
Solutions
|
|
|
57,236
|
|
|
|
84,706
|
|
|
|
155,868
|
|
|
|
217,171
|
|
Power
Solutions
|
|
|
39,001
|
|
|
|
33,619
|
|
|
|
109,595
|
|
|
|
93,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Standard
Products Group
|
|
|
96,237
|
|
|
|
118,325
|
|
|
|
265,463
|
|
|
|
310,921
|
|
All other
|
|
|
56
|
|
|
|
108
|
|
|
|
169
|
|
|
|
434
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
net sales
|
|
$
|
176,697
|
|
|
$
|
192,296
|
|
|
$
|
505,092
|
|
|
$
|
507,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
2017
|
|
|
Three Months Ended
September 30,
2016
|
|
|
|
Amount
|
|
|
%
of
Net Sales
|
|
|
Amount
|
|
|
%
of
Net Sales
|
|
Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry Services
Group
|
|
$
|
24,374
|
|
|
|
30.3%
|
|
|
$
|
17,340
|
|
|
|
23.5%
|
|
Standard Products
Group
|
|
|
25,880
|
|
|
|
26.9
|
|
|
|
21,691
|
|
|
|
18.3
|
|
All other
|
|
|
56
|
|
|
|
100.0
|
|
|
|
108
|
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross
profit
|
|
$
|
50,310
|
|
|
|
28.5%
|
|
|
$
|
39,139
|
|
|
|
20.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, 2017
|
|
|
Nine Months Ended
September 30, 2016
|
|
|
|
Amount
|
|
|
%
of
Net
Sales
|
|
|
Amount
|
|
|
%
of
Net
Sales
|
|
Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Foundry Services
Group
|
|
$
|
69,894
|
|
|
|
29.2%
|
|
|
$
|
45,820
|
|
|
|
23.4%
|
|
Standard Products
Group
|
|
|
68,479
|
|
|
|
25.8
|
|
|
|
64,836
|
|
|
|
20.9
|
|
All other
|
|
|
169
|
|
|
|
100.0
|
|
|
|
(519)
|
|
|
|
(119.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total gross
profit
|
|
$
|
138,542
|
|
|
|
27.4%
|
|
|
$
|
110,137
|
|
|
|
21.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter and Recent Company
Highlights
MagnaChip:
- Was selected as the foundry partner by ELAN Microelectronics to
manufacture the world's first fingerprint sensor IC-based
smartcards. The smartcard will be manufactured utilizing
MagnaChip's 0.35um mixed-signal thick IMD manufacturing
process.
- Had its 6V slim mixed signal process qualified for various
consumer-related applications such as home audio systems, cameras
and electronic chargers.
- Developed 150fs RonCoff in 0.13um RFSOI technology.
- Hosted the second Foundry Technology Symposium in Hsinchu,
Taiwan. More than 120 fabless,
IDMs and other semiconductor companies attended.
Fourth Quarter Business Outlook
For the fourth quarter
of 2017, MagnaChip anticipates:
- Revenue to be in the range of $171million to $177 million, flattish or down
sequentially 0.6% at the mid-point of the projected range, due to
typical seasonal factors. The guidance for the fourth quarter
compares with revenue of $176.7
million in the third quarter of 2017 and $180.5 million in the fourth quarter of
2016.
- Gross profit margin to be in the range of 27% to 29%, despite
an increase in silicon wafer prices, as compared to 28.5% in the
third quarter of 2017, and 25.5% in the fourth quarter of
2016.
Third Quarter Conference Call
MagnaChip will hold a
conference call on Nov. 1 at
5 p.m. EDT to discuss the third
quarter 2017 financial results. The conference call will be webcast
live and is also available by dialing toll-free at 1-844-536-5472.
International call-in participants can dial at 1-614-999-9318. The
conference ID number is 98596895. Participants are encouraged to
initiate their calls at least 10 minutes in advance of the
5 p.m. EDT start time to ensure a
timely connection. The webcast and earnings release will be
accessible at www.magnachip.com.
A replay of the conference call will be available the same day and
will run for 72 hours. The replay dial-in numbers are
1-404-537-3406 or toll-free at 1-855-859-2056. The access
code is 98596895.
About MagnaChip Semiconductor
Corporation
MagnaChip is a designer and manufacturer of
analog and mixed-signal semiconductor platform solutions for
communications, IoT, consumer, industrial and automotive
applications. The Company's Standard Products Group and Foundry
Services Group provide a broad range of standard products and
manufacturing services to customers worldwide. MagnaChip,
with over 30 years of operating history, owns a portfolio of
approximately 3,300 registered patents and pending applications,
and has extensive engineering, design and manufacturing process
expertise. For more information, please visit www.magnachip.com.
Information on or accessible through, MagnaChip's website is not a
part of, and is not incorporated into, this release.
Safe Harbor for Forward-Looking Statements
Information
in this release regarding MagnaChip's forecasts, business outlook,
expectations and beliefs are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
that involve risks and uncertainties. These statements include
statements about our future operating and financial performance,
including fourth quarter 2017 revenue and gross profit
expectations. All forward-looking statements included in this
release are based upon information available to MagnaChip as of the
date of this release, which may change, and we assume no obligation
to update any such forward-looking statements. These statements are
not guarantees of future performance and actual results could
differ materially from our current expectations. Factors that could
cause or contribute to such differences include general economic
conditions, the impact of competitive products and pricing, timely
design acceptance by our customers, timely introduction of new
products and technologies, ability to ramp new products into volume
production, industry wide shifts in supply and demand for
semiconductor products, industry and/or company overcapacity,
effective and cost efficient utilization of manufacturing capacity,
financial stability in foreign markets and the impact of foreign
exchange rates, unanticipated costs and expenses or the inability
to identify expenses which can be eliminated, compliance with U.S.
and international trade and export laws and regulations by us and
our distributors, and other risks detailed from time to time in
MagnaChip's filings with the SEC, including our Form 10-K filed on
February 21, 2017 and subsequent
registration statements, amendments or other reports that we may
file from time to time with the SEC and/or make available on our
website. MagnaChip assumes no obligation and does not intend to
update the forward-looking statements provided, whether as a result
of new information, future events or otherwise.
MAGNACHIP
SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
|
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
(In thousands of
US dollars, except share data)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September 30,
2017
|
|
|
June 30,
2017
|
|
|
September 30,
2016
|
|
Net sales
|
|
$
|
176,697
|
|
|
$
|
166,685
|
|
|
$
|
192,296
|
|
Cost of
sales
|
|
|
126,387
|
|
|
|
120,023
|
|
|
|
153,157
|
|
Gross
profit
|
|
|
50,310
|
|
|
|
46,662
|
|
|
|
39,139
|
|
Gross profit
%
|
|
|
28.5%
|
|
|
|
28.0%
|
|
|
|
20.4%
|
|
Operating
expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
|
|
17,266
|
|
|
|
17,730
|
|
|
|
20,082
|
|
Research and
development expenses
|
|
|
17,554
|
|
|
|
16,928
|
|
|
|
18,439
|
|
Early termination
charges
|
|
|
—
|
|
|
|
2,262
|
|
|
|
—
|
|
Total operating
expenses
|
|
|
34,820
|
|
|
|
36,920
|
|
|
|
38,521
|
|
Operating
income
|
|
|
15,490
|
|
|
|
9,742
|
|
|
|
618
|
|
Interest
expense
|
|
|
(5,485)
|
|
|
|
(5,441)
|
|
|
|
(4,055)
|
|
Foreign currency gain
(loss), net
|
|
|
(3,662)
|
|
|
|
(11,905)
|
|
|
|
33,174
|
|
Other income,
net
|
|
|
198
|
|
|
|
83
|
|
|
|
887
|
|
Income (loss) before
income tax expenses
|
|
|
6,541
|
|
|
|
(7,521)
|
|
|
|
30,624
|
|
Income tax
expenses
|
|
|
937
|
|
|
|
538
|
|
|
|
758
|
|
Net income
(loss)
|
|
$
|
5,604
|
|
|
$
|
(8,059)
|
|
|
$
|
29,866
|
|
Earnings (loss) per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
- Basic
|
|
$
|
0.16
|
|
|
$
|
(0.24)
|
|
|
$
|
0.86
|
|
- Diluted
|
|
$
|
0.15
|
|
|
$
|
(0.24)
|
|
|
$
|
0.85
|
|
Weighted average
number of shares - Basic
|
|
|
34,103,029
|
|
|
|
33,952,574
|
|
|
|
34,849,805
|
|
Weighted average
number of shares - Diluted
|
|
|
45,542,418
|
|
|
|
33,952,574
|
|
|
|
35,302,706
|
|
MAGNACHIP
SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
|
RECONCILIATION OF
NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET
INCOME
|
(In thousands of
US dollars, except share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
September 30,
2017
|
|
|
June 30,
2017
|
|
|
September 30,
2016
|
|
Net income
(loss)
|
|
$
|
5,604
|
|
|
$
|
(8,059)
|
|
|
$
|
29,866
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
5,193
|
|
|
|
5,187
|
|
|
|
3,996
|
|
Income tax
expenses
|
|
|
937
|
|
|
|
538
|
|
|
|
758
|
|
Depreciation and
amortization
|
|
|
7,158
|
|
|
|
6,773
|
|
|
|
6,539
|
|
EBITDA
|
|
|
18,892
|
|
|
|
4,439
|
|
|
|
41,159
|
|
Early termination
charges
|
|
|
—
|
|
|
|
2,262
|
|
|
|
—
|
|
Equity-based
compensation expense
|
|
|
435
|
|
|
|
349
|
|
|
|
1,462
|
|
Foreign currency loss
(gain), net
|
|
|
3,662
|
|
|
|
11,905
|
|
|
|
(33,174)
|
|
Derivative valuation
loss, net
|
|
|
370
|
|
|
|
467
|
|
|
|
32
|
|
Restatement related
expenses and other
|
|
|
1,343
|
|
|
|
900
|
|
|
|
476
|
|
Adjusted
EBITDA
|
|
$
|
24,702
|
|
|
$
|
20,322
|
|
|
$
|
9,955
|
|
Net income
(loss)
|
|
$
|
5,604
|
|
|
$
|
(8,059)
|
|
|
$
|
29,866
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Early termination
charges
|
|
|
—
|
|
|
|
2,262
|
|
|
|
—
|
|
Equity-based
compensation expense
|
|
|
435
|
|
|
|
349
|
|
|
|
1,462
|
|
Foreign currency loss
(gain), net
|
|
|
3,662
|
|
|
|
11,905
|
|
|
|
(33,174)
|
|
Derivative valuation
loss, net
|
|
|
370
|
|
|
|
467
|
|
|
|
32
|
|
Restatement related
expenses and other
|
|
|
1,343
|
|
|
|
900
|
|
|
|
476
|
|
Adjusted Net Income
(Loss)
|
|
$
|
11,414
|
|
|
$
|
7,824
|
|
|
$
|
(1,338)
|
|
Adjusted Net Income
(Loss) per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
– Basic
|
|
$
|
0.33
|
|
|
$
|
0.23
|
|
|
$
|
(0.04)
|
|
– Diluted
|
|
$
|
0.28
|
|
|
$
|
0.21
|
|
|
$
|
(0.04)
|
|
Weighted average
number of shares – Basic
|
|
|
34,103,029
|
|
|
|
33,952,574
|
|
|
|
34,849,805
|
|
Weighted average
number of shares – Diluted
|
|
|
45,542,418
|
|
|
|
44,974,577
|
|
|
|
34,849,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
We present Adjusted EBITDA and Adjusted Net Income (Loss) as
supplemental measures of our performance. We define Adjusted EBITDA
for the periods indicated as EBITDA (as defined below), adjusted to
exclude (i) early termination charges, (ii) equity-based
compensation expense, (iii) foreign currency loss (gain), net,
(iv) derivative valuation loss, net, (v) restatement
related expenses and other. EBITDA for the periods indicated is
defined as net income (loss) before interest expense, net, income
tax expenses and depreciation and amortization. We prepare Adjusted
Net Income (Loss) by adjusting net income (loss) to eliminate the
impact of a number of non-cash expenses and other items that may be
either one time or recurring that we do not consider to be
indicative of our core ongoing operating performance. We believe
that Adjusted Net Income (Loss) is particularly useful because it
reflects the impact of our asset base and capital structure on our
operating performance. We define Adjusted Net Income (Loss) for the
periods as net income (loss), adjusted to exclude (i) early
termination charges, (ii) equity-based compensation expense,
(iii) foreign currency loss (gain), net, (iv) derivative
valuation loss, net, (v) restatement related expenses and
other.
MAGNACHIP
SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands of
US dollars, except share data)
|
(Unaudited)
|
|
|
|
September 30,
2017
|
|
December 31,
2016
|
Assets
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
128,425
|
|
$
83,355
|
Restricted
cash
|
—
|
|
18,251
|
Accounts receivable,
net
|
86,046
|
|
61,775
|
Inventories,
net
|
57,162
|
|
57,048
|
Other
receivables
|
2,944
|
|
5,864
|
Prepaid
expenses
|
12,654
|
|
8,137
|
Hedge
collateral
|
9,520
|
|
3,150
|
Other current
assets
|
3,641
|
|
5,113
|
Total current
assets
|
300,392
|
|
242,693
|
Property, plant and
equipment, net
|
186,390
|
|
179,793
|
Intangible assets,
net
|
3,748
|
|
3,085
|
Long-term prepaid
expenses
|
13,074
|
|
9,556
|
Deferred income tax
assets
|
274
|
|
193
|
Other non-current
assets
|
4,805
|
|
6,632
|
Total
assets
|
$
508,683
|
|
$
441,952
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
54,304
|
|
$
51,509
|
Other accounts
payable
|
12,319
|
|
12,272
|
Accrued
expenses
|
45,324
|
|
60,365
|
Deferred
revenue
|
9,465
|
|
11,092
|
Deposits
received
|
264
|
|
16,549
|
Other current
liabilities
|
2,321
|
|
1,654
|
Total current
liabilities
|
123,997
|
|
153,441
|
Long-term borrowings,
net
|
302,894
|
|
221,082
|
Accrued severance
benefits, net
|
132,288
|
|
129,225
|
Other non-current
liabilities
|
10,632
|
|
10,318
|
Total
liabilities
|
569,811
|
|
514,066
|
Stockholders'
equity
|
|
|
|
Common stock, $0.01
par value, 150,000,000 shares authorized, 42,512,498 shares issued
and 34,138,289 outstanding at September 30, 2017 and
41,627,103 shares issued and 35,048,338 outstanding at
December 31, 2016
|
425
|
|
416
|
Additional paid-in
capital
|
135,185
|
|
130,189
|
Accumulated
deficit
|
(84,542 )
|
|
(125,825 )
|
Treasury stock,
8,374,209 shares at September 30, 2017 and 6,578,765 shares at
December 31, 2016
|
(102,319 )
|
|
(90,918 )
|
Accumulated other
comprehensive income (loss)
|
(9,877 )
|
|
14,024
|
Total stockholders'
deficit
|
(61,128 )
|
|
(72,114 )
|
Total liabilities and
stockholders' equity
|
$
508,683
|
|
$
441,952
|
MAGNACHIP
SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
(In thousands of
US dollars)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine
Months
Ended
|
|
|
|
September 30,
2017
|
|
|
September 30,
2017
|
|
|
September 30,
2016
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
5,604
|
|
|
$
|
41,283
|
|
|
$
|
20,175
|
|
Adjustments to
reconcile net income to net cash provided by (used in)
operating
activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
7,158
|
|
|
|
20,689
|
|
|
|
18,791
|
|
Provision for
severance benefits
|
|
|
4,578
|
|
|
|
15,354
|
|
|
|
13,609
|
|
Amortization of debt
issuance costs and original issue discount
|
|
|
514
|
|
|
|
1,464
|
|
|
|
527
|
|
Loss (gain) on foreign
currency, net
|
|
|
5,198
|
|
|
|
(30,615)
|
|
|
|
(38,182)
|
|
Restructuring gain and
other
|
|
|
—
|
|
|
|
(17,010)
|
|
|
|
(7,785)
|
|
Stock-based
compensation
|
|
|
435
|
|
|
|
1,614
|
|
|
|
2,966
|
|
Other
|
|
|
239
|
|
|
|
459
|
|
|
|
421
|
|
Changes in operating
assets and liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable,
net
|
|
|
(10,511)
|
|
|
|
(20,241)
|
|
|
|
977
|
|
Inventories,
net
|
|
|
635
|
|
|
|
3,281
|
|
|
|
(9,412)
|
|
Other
receivables
|
|
|
943
|
|
|
|
5,304
|
|
|
|
20,214
|
|
Other current
assets
|
|
|
1,748
|
|
|
|
2,897
|
|
|
|
510
|
|
Accounts
payable
|
|
|
2,097
|
|
|
|
178
|
|
|
|
7,088
|
|
Other accounts
payable
|
|
|
(588)
|
|
|
|
(8,378)
|
|
|
|
(4,764)
|
|
Accrued
expenses
|
|
|
(5,683)
|
|
|
|
(16,459)
|
|
|
|
(22,087)
|
|
Other current
liabilities
|
|
|
(386)
|
|
|
|
(822)
|
|
|
|
(3,869)
|
|
Deferred
revenue
|
|
|
(1,978)
|
|
|
|
(2,243)
|
|
|
|
2,662
|
|
Other non-current
liabilities
|
|
|
551
|
|
|
|
283
|
|
|
|
(1,412)
|
|
Payment of severance
benefits
|
|
|
(1,496)
|
|
|
|
(19,578)
|
|
|
|
(14,178)
|
|
Other
|
|
|
110
|
|
|
|
35
|
|
|
|
(182)
|
|
Net cash provided by
(used in) operating activities
|
|
|
9,168
|
|
|
|
(22,505)
|
|
|
|
(13,931)
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from disposal
of plant, property and equipment
|
|
|
3
|
|
|
|
18,753
|
|
|
|
185
|
|
Purchase of plant,
property and equipment
|
|
|
(8,462)
|
|
|
|
(19,269)
|
|
|
|
(11,345)
|
|
Payment for
intellectual property registration
|
|
|
(411)
|
|
|
|
(977)
|
|
|
|
(754)
|
|
Collection of
guarantee deposits
|
|
|
26
|
|
|
|
1,426
|
|
|
|
476
|
|
Proceeds from
settlement of hedge collateral
|
|
|
1,775
|
|
|
|
8,556
|
|
|
|
6,317
|
|
Payment of hedge
collateral
|
|
|
(4,803)
|
|
|
|
(14,839)
|
|
|
|
(2,494)
|
|
Payment of guarantee
deposits
|
|
|
—
|
|
|
|
(41)
|
|
|
|
(185)
|
|
Other
|
|
|
2
|
|
|
|
24
|
|
|
|
9
|
|
Net cash used in
investing activities
|
|
|
(11,870)
|
|
|
|
(6,367)
|
|
|
|
(7,791)
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance
of senior notes
|
|
|
—
|
|
|
|
86,250
|
|
|
|
—
|
|
Payment of debt
issuance costs
|
|
|
—
|
|
|
|
(5,902)
|
|
|
|
—
|
|
Proceeds from exercise
of stock options
|
|
|
866
|
|
|
|
3,391
|
|
|
|
1,502
|
|
Acquisition of
treasury stock
|
|
|
—
|
|
|
|
(11,401)
|
|
|
|
—
|
|
Net cash provided by
financing activities
|
|
|
866
|
|
|
|
72,338
|
|
|
|
1,502
|
|
Effect of exchange
rates on cash and cash equivalents
|
|
|
(1,262)
|
|
|
|
1,604
|
|
|
|
4,766
|
|
Net increase
(decrease) in cash and cash equivalents
|
|
|
(3,098)
|
|
|
|
45,070
|
|
|
|
(15,454)
|
|
Cash and cash
equivalents
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of the
period
|
|
|
131,523
|
|
|
|
83,355
|
|
|
|
90,882
|
|
End of the
period
|
|
$
|
128,425
|
|
|
$
|
128,425
|
|
|
$
|
75,428
|
|
CONTACTS:
|
|
|
In the United
States:
|
In
Korea:
|
|
Bruce
Entin
|
Chankeun
Park
|
|
Investor
Relations
|
Director, Public
Relations
|
|
Tel.
+1-408-625-1262
|
Tel.
+82-43-718-2100
|
|
Investor.relations@magnachip.com
|
chankeun.park@magnachip.com
|
|
View original
content:http://www.prnewswire.com/news-releases/magnachip-reports-third-quarter-2017-financial-results-300547144.html
SOURCE MagnaChip Semiconductor Corporation