MagnaChip Reports Revenue of $205.1 Million in Second Quarter 2019; OLED Display Drivers, Power Standard Products Set Revenue Records
Q2 2019 Summary
- Revenue of
$205.1 million exceeded updated guidance of "at least"$194 million provided onJune 11 ; Q2 revenue up 2.7% Year-over-Year (YoY); up 30.4% Quarter-over-Quarter (QoQ) Standard Products Group (SPG) revenue of$132 million , up 11.2% YoY; up 31.6% QoQ- Display standard products revenue of
$84.3 million , up 7% YoY; up 44.7% QoQ - OLED display driver IC revenue of
$73 million up 17.4% YoY; up 50.4% QoQ - Power standard products revenue of
$47.7 million , up 19.2% YoY; up 13.5% QoQ Foundry Services Group (FSG) revenue of$73.1 million , down 9.7% YoY; up 28.1% QoQ- Total gross profit margin of 21.4% compared to updated guidance of "at least" 21%" provided on
June 11 .
Third Quarter 2019 Business Outlook
For the third quarter of 2019, MagnaChip anticipates:
- Revenue to be in the range of
$220 million to $230 million , up 9.7% at the mid-point of the projected range when compared with revenue of$205.1 million in the second quarter of 2019, and up 9.2% year-on-year when compared to$206 million revenue recorded in the third quarter of 2018. Revenue guidance for the third quarter reflects a current expectation that revenue for both theStandard Products Group andFoundry Services Group will show sequential improvement as compared to Q2 2019. - Gross profit margin to be in the range of 22% to 24%, as compared to 21.4% in the second quarter of 2019 and 27.1% in the third quarter of 2018. Gross margin guidance for the third quarter primarily reflects the current expectation that fab utilization will show sequential improvement from the second quarter of 2019.
CEO YJ Kim comments on Q2
Revenue of
At the end of April on our Q1 earnings call, we provided Q2 revenue guidance of
Gross profit margin of 21.4% in Q2 met the updated guidance and our total revenue of
Our OLED business benefited from the launch of six new OLED smartphones in
As for the strategic evaluation of the Foundry business and Fab 4, I'm encouraged by where we are in the ongoing process. Our decisions regarding the outcome of the strategic evaluation process will be guided by what the Board and management consider to be the best available path to improve MagnaChip's profitability and to maximize shareholder value.
CFO
Gross profit margin of 21.4% met our updated guidance provided in mid-June, and was significantly higher than the guidance range of 16-18% provided at the end of April. The improvement in gross profit margin was due primarily to higher fab utilization as a result of a significant increase in Foundry loading and revenue during Q2, and despite a reserve of
Second Quarter Financial Review
Total Revenue
Total revenue in the second quarter of 2019 was
Segment Revenue
Total Gross Profit and Gross Profit Margin
Total gross profit in the second quarter of 2019 was
Segment Gross Profit Margin
Operating Income, Net Income, Adjusted Net Income, Adjusted EBITDA
Operating income of
Net loss, on a GAAP basis, was
Adjusted Net Income, a non-GAAP financial measure, totaled
Adjusted EBITDA, a non-GAAP financial measure, was
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
Three Months Ended |
Six Months Ended |
|||||||||||||||||
June 30, 2019 |
June 30, 2018 |
June 30, 2019 |
June 30, 2018 |
|||||||||||||||
Net Sales |
||||||||||||||||||
Foundry Services Group |
$ |
73,098 |
$ |
80,907 |
$ |
130,173 |
$ |
158,336 |
||||||||||
Standard Products Group |
||||||||||||||||||
Display Solutions |
84,261 |
78,712 |
142,491 |
128,408 |
||||||||||||||
Power Solutions |
47,723 |
40,028 |
89,753 |
78,695 |
||||||||||||||
Total Standard Products Group |
$ |
131,984 |
$ |
118,740 |
$ |
232,244 |
$ |
207,103 |
||||||||||
All other |
63 |
38 |
108 |
65 |
||||||||||||||
Total net sales |
$ |
205,145 |
$ |
199,685 |
$ |
362,525 |
$ |
365,504 |
||||||||||
Three Months Ended |
Three Months Ended |
|||||||||||||||
June 30, 2019 |
June 30, 2018 |
|||||||||||||||
Amount |
% of Net Sales |
Amount |
% of Net Sales |
|||||||||||||
Gross Profit |
||||||||||||||||
Foundry Services Group |
$ |
12,177 |
16.7 |
% |
$ |
22,185 |
27.4 |
% |
||||||||
Standard Products Group |
31,600 |
23.9 |
31,631 |
26.6 |
||||||||||||
All other |
63 |
100.0 |
38 |
100.0 |
||||||||||||
Total gross profit |
$ |
43,840 |
21.4 |
% |
$ |
53,854 |
27.0 |
% |
Six Months Ended |
Six Months Ended |
|||||||||||||||
June 30, 2019 |
June 30, 2018 |
|||||||||||||||
Amount |
% of Net Sales |
Amount |
% of Net Sales |
|||||||||||||
Gross Profit |
||||||||||||||||
Foundry Services Group |
$ |
15,814 |
12.1 |
% |
$ |
42,849 |
27.1 |
% |
||||||||
Standard Products Group |
50,620 |
21.8 |
55,670 |
26.9 |
||||||||||||
All other |
107 |
99.1 |
(84) |
(129.2) |
||||||||||||
Total gross profit |
$ |
66,541 |
18.4 |
% |
$ |
98,435 |
26.9 |
% |
Second Quarter 2019 and Recent Company Highlights
MagnaChip announced:
- A new low-Rss (on)* LV (Low Voltage) MOSFET with reduced chip size for smartphone battery PCMs (Protection Circuit Modules). Extended life and increased protection for batteries in high-end LTE and 5G smartphones are becoming increasingly important. 5G phones, in particular, need longer-lasting batteries with higher endurance than previous smartphones to process the massive amount of data with extremely fast download and upload capabilities. Inserted in the battery PCMs in LTE or 5G phones, this newly released MOSFET prevents over-voltage and over-current of the batteries and ultimately helps extend their life and resolve the overheating issue.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-introduces-new-component-enhance-5glte-smartphone - An update to its previous guidance for the second quarter of 2019. Revenue in the second quarter of 2019, ending June 30, is now expected to be at least $194 million, and gross profit margin is expected to be at least 21%. This updated guidance for the second quarter compares to the Company's previous guidance of revenue to be in the range of $173-181 million and gross profit margin to be in the range of 16-18%. The previous revenue guidance provided on April 30 in conjunction with the public release of the financial results for the first quarter of 2019 reflected an expectation at that time that revenue from MagnaChip's OLED Display drivers would increase by approximately 30% and that revenue from the Foundry business would be flat, both as compared to the first quarter of 2019. However, revenue for both OLED Display drivers and 8" Foundry services is now expected to substantially exceed the Company's previously anticipated financial results for the second quarter. Revenue from Power standard products is also expected to be stronger than previously anticipated.
MagnaChip also stated today that the strategic evaluation of its Foundry business and Fab 4, the larger of the Company's two 8" manufacturing facilities, is ongoing. Fab 4 is an analog and mixed-signal fab that produces approximately 73% of the Company's total capacity, and is used primarily to meet wafer demand from Foundry customers that rely on outside suppliers. As previously announced, the strategic evaluation includes a range of possible options, including, but not limited to, joint ventures, strategic partnerships and M&A possibilities. MagnaChip's updated revenue and gross profit margin guidance for the second quarter of 2019 is not a comprehensive statement of financial results, and actual figures may vary.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-semiconductor-provides-updated-guidance-q2-2019 - The launch of its 28-nanometer (nm) OLED (Organic Light Emitting Diodes) DDIC (Display Driver IC) for smartphone displays.
The 28nm process is the most advanced process used for manufacturing OLED DDICs today. The new 28nm OLED DDIC achieves a form factor reduction that is 20 percent smaller than that of the previous 40nm process and is suitable for smartphones and other mobile devices, where small size and thinness are critical factors. In addition, MagnaChip reduced the logic voltage from 1.1V, which was required for the existing 40nm products, to 1.0V, which reduces the current voltage consumption by more than 20 percent and also extends battery life.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-launches-28-nanometer-oled-ddic-smartphone-displays - The offering of its second-generation 0.13 micron eFlash (Embedded Flash) technology with 20V and 30V high-voltage options. The technology is specifically designed to address the needs for multi-function hybrid mixed-signal products, including touch ICs, fingerprint readout ICs and wireless power charger ICs. With the growing complexity of analog and mixed-signal functions, IC designers are facing increasing challenges to integrate multiple functions in a single product.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-offers-second-generation-013-micron-embedded-flash-20v - The launch of a 3-channel BLU (backlight unit) LED driver for UHD TVs.
For high-resolution UHD displays, this new standard display product is designed to control the local LED dimming of up to 270 LEDs through a maximum of 90 LEDs per channel. In addition, it provides a dual dimming solution with Analog and PWM (Pulse Width Modulation) for efficient and stable LED dimming, which reduces power consumption and helps achieve a high contrast ratio in UHD TVs.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-launches-3-channel-blu-led-driver-uhd-tvs - A new initiative to partner with companies in the development of next-generation display features of smartphones and other mobile or handheld consumer electronic devices. MagnaChip intends to develop individual strategic partnerships with leading manufacturers of touch, stylus, fingerprint technologies, and associated OLED display technologies. Each company will collaborate with MagnaChip to develop and standardize innovative human-interface solutions based upon smart touch, stylus and fingerprint technologies that are suitable for MagnaChip's industry leading OLED DDICs. The goal in each instance will be to improve the functionality of OLED displays on end user devices. There also will be a specified collaboration in shared intellectual property that will extend into new applications, including the IoT and automotive sectors.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-announces-initiative-develop-next-generation-display - A partnership with
ELAN Microelectronics Corp. to expand the capabilities for OLED displays for a wide variety of next-generation consumer, communication, computing and industrial products, as well as for automotive displays. The partnership seeks to build upon the recent growth and market penetration of OLED displays in areas such as smartphones, mobile devices, tablets and automotive applications, ranging from navigation and infotainment screens to brake light and interior lighting systems.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-elan-microelectronics-announce-partnership-expand - A partnership with HiDeep to develop advanced OLED display capabilities for smartphone makers and other handheld consumer electronics devices. MagnaChip will cooperate with HiDeep to develop enhanced HMI solutions optimized for the growing OLED display market. Specifically, MagnaChip and HiDeep will collaborate and create useful and cost effective new HMI solutions for flexible OLED displays for top-tier panel makers and smartphone OEMs. This collaboration also will extend into a variety of other applications and end markets. http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-hideep-inc-announce-partnership-develop-enhanced
- A partnership with
Melfas Inc. to develop advanced OLED display capabilities for the automotive and consumer electronics sectors. Currently, OLED technology is deployed primarily in televisions and mobile products such as smartphones and smartwatches, but MagnaChip andMelfas are working towards developing automotive display-related solutions in an effort to respond to this fast-growing market. With their current solutions, the two companies will initially address opportunities in consumer electronics and, going forward, will work together to develop solutions for OLED displays in automotive applications.
http://investors.magnachip.com/news-releases/news-release-details/magnachip-and-melfas-inc-announce-partnership-collaborate-oled
Second Quarter 2019 Earnings Conference Call
The earnings conference call will be webcast live today (
About
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
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 but not limited to third quarter 2019 revenue and gross profit margin 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
CONTACTS: |
|
In the United States: Bruce Entin Investor Relations Tel. +1-408-625-1262 |
In Korea: Chankeun Park Director, Public Relations Tel. +82-2-6903-5223 |
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
|||||||||||||||
(In thousands of US dollars, except share data) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
Three Months Ended |
|||||||||||||||
June 30, 2019 |
March 31, 2019 |
June 30, 2018 |
|||||||||||||
Net sales |
$ |
205,145 |
$ |
157,380 |
$ |
199,685 |
|||||||||
Cost of sales |
161,305 |
134,679 |
145,831 |
||||||||||||
Gross profit |
43,840 |
22,701 |
53,854 |
||||||||||||
Gross profit % |
21.4 |
% |
14.4 |
% |
27.0 |
% |
|||||||||
Operating expenses |
|||||||||||||||
Selling, general and administrative expenses |
16,975 |
18,070 |
18,935 |
||||||||||||
Research and development expenses |
18,989 |
20,018 |
21,005 |
||||||||||||
Restructuring and other charges |
1,130 |
2,894 |
— |
||||||||||||
Total operating expenses |
37,094 |
40,982 |
39,940 |
||||||||||||
Operating income (loss) |
6,746 |
(18,281) |
13,914 |
||||||||||||
Interest expense |
(5,679) |
(5,637) |
(5,489) |
||||||||||||
Foreign currency loss, net |
(10,431) |
(9,997) |
(27,449) |
||||||||||||
Loss on early extinguishment of long-term borrowings, net |
— |
(42) |
— |
||||||||||||
Other income (expense), net |
656 |
673 |
(960) |
||||||||||||
Loss before income tax expense |
(8,708) |
(33,284) |
(19,984) |
||||||||||||
Income tax expense |
812 |
841 |
1,521 |
||||||||||||
Net loss |
$ |
(9,520) |
$ |
(34,125) |
$ |
(21,505) |
|||||||||
Loss per common share : |
|||||||||||||||
- Basic / Diluted |
$ |
(0.28) |
$ |
(1.00) |
$ |
(0.62) |
|||||||||
Weighted average number of shares—Basic / Diluted |
34,245,127 |
34,194,878 |
34,420,654 |
||||||||||||
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 |
||||||||||||
June 30, 2019 |
March 31, 2019 |
June 30, 2018 |
||||||||||
Net loss |
$ |
(9,520) |
$ |
(34,125) |
$ |
(21,505) |
||||||
Adjustments: |
||||||||||||
Interest expense, net |
5,092 |
5,059 |
5,059 |
|||||||||
Income tax expense |
812 |
841 |
1,521 |
|||||||||
Depreciation and amortization |
8,202 |
8,303 |
8,012 |
|||||||||
EBITDA |
4,586 |
(19,922) |
(6,913) |
|||||||||
Restructuring and other charges |
1,130 |
2,894 |
— |
|||||||||
Equity-based compensation expense |
772 |
669 |
1,341 |
|||||||||
Foreign currency loss, net |
10,431 |
9,997 |
27,449 |
|||||||||
Derivative valuation loss, net |
80 |
56 |
1,632 |
|||||||||
Loss on early extinguishment of long-term borrowings, net |
— |
42 |
— |
|||||||||
Others |
— |
585 |
— |
|||||||||
Adjusted EBITDA |
$ |
16,999 |
$ |
(5,679) |
$ |
23,509 |
||||||
Net loss |
$ |
(9,520) |
$ |
(34,125) |
$ |
(21,505) |
||||||
Adjustments: |
||||||||||||
Restructuring and other charges |
1,130 |
2,894 |
— |
|||||||||
Equity-based compensation expense |
772 |
669 |
1,341 |
|||||||||
Foreign currency loss, net |
10,431 |
9,997 |
27,449 |
|||||||||
Derivative valuation loss, net |
80 |
56 |
1,632 |
|||||||||
Loss on early extinguishment of long-term borrowings, net |
— |
42 |
— |
|||||||||
Others |
— |
585 |
— |
|||||||||
Adjusted Net Income (Loss) |
$ |
2,893 |
$ |
(19,882) |
$ |
8,917 |
||||||
Adjusted Net Income (Loss) per common share: |
||||||||||||
- Basic |
$ |
0.08 |
$ |
(0.58) |
$ |
0.26 |
||||||
- Diluted |
$ |
0.08 |
$ |
(0.58) |
$ |
0.23 |
||||||
Weighted average number of shares – Basic |
34,245,127 |
34,194,878 |
34,420,654 |
|||||||||
Weighted average number of shares – Diluted |
34,965,562 |
34,194,878 |
45,735,521 |
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) Restructuring and other charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss, net, (iv) Derivative valuation loss, net, (v) Loss on early extinguishment of long-term borrowings, net and (vi) Others. EBITDA for the periods indicated is defined as net loss before interest expense, net, income tax expense and depreciation and amortization. We prepare Adjusted Net Income (Loss) by adjusting net 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 loss, adjusted to exclude (i) Restructuring and other charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss, net, (iv) Derivative valuation loss, net, (v) Loss on early extinguishment of long-term borrowings, net and (vi) Others.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES |
|||
CONSOLIDATED BALANCE SHEETS |
|||
(In thousands of US dollars, except share data) |
|||
(Unaudited) |
|||
June 30, 2019 |
December 31, 2018 |
||
Assets |
|||
Current assets |
|||
Cash and cash equivalents |
$ 123,753 |
$ 132,438 |
|
Accounts receivable, net |
96,766 |
80,003 |
|
Unbilled accounts receivable, net |
30,689 |
38,181 |
|
Inventories, net |
67,192 |
71,611 |
|
Other receivables |
6,606 |
3,702 |
|
Prepaid expenses |
13,110 |
11,133 |
|
Hedge collateral |
9,510 |
5,810 |
|
Other current assets |
8,026 |
9,867 |
|
Total current assets |
355,652 |
352,745 |
|
Property, plant and equipment, net |
192,314 |
202,171 |
|
Operating lease right-of-use assets |
12,518 |
— |
|
Intangible assets, net |
4,023 |
3,953 |
|
Long-term prepaid expenses |
14,076 |
15,598 |
|
Other non-current assets |
9,233 |
8,729 |
|
Total assets |
$ 587,816 |
$ 583,196 |
|
Liabilities and Stockholders' Equity |
|||
Current liabilities |
|||
Accounts payable |
$ 86,003 |
$ 55,631 |
|
Other accounts payable |
12,628 |
15,168 |
|
Accrued expenses |
49,146 |
46,250 |
|
Deferred revenue |
5,312 |
6,477 |
|
Operating lease liabilities |
2,151 |
— |
|
Other current liabilities |
3,056 |
9,133 |
|
Total current liabilities |
158,296 |
132,659 |
|
Long-term borrowings, net |
303,577 |
303,577 |
|
Non-current operating lease liabilities |
10,367 |
— |
|
Accrued severance benefits, net |
142,436 |
146,031 |
|
Other non-current liabilities |
21,056 |
18,239 |
|
Total liabilities |
635,732 |
600,506 |
|
Commitments and contingencies |
|||
Stockholders' equity |
|||
Common stock, $0.01 par value, 150,000,000 shares authorized, 43,247,509 shares issued and |
433 |
431 |
|
Additional paid-in capital |
144,188 |
142,600 |
|
Accumulated deficit |
(79,950 ) |
(36,305 ) |
|
Treasury stock, 9,007,328 shares at June 30, 2019 and 8,613,226 shares at December 31, 2018, respectively |
(106,514 ) |
(103,926 ) |
|
Accumulated other comprehensive loss |
(6,073 ) |
(20,110 ) |
|
Total stockholders' deficit |
(47,916 ) |
(17,310 ) |
|
Total liabilities and stockholders' equity |
$ 587,816 |
$ 583,196 |
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES |
|||||||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||||
(In thousands of US dollars) |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
Three month Ended |
Six month Ended |
||||||||||||||||
June 30, |
June 30, |
June 30, |
|||||||||||||||
Cash flows from operating activities |
|||||||||||||||||
Net loss |
$ |
(9,520) |
$ |
(43,645) |
$ |
(18,742) |
|||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities |
|||||||||||||||||
Depreciation and amortization |
8,202 |
16,505 |
15,970 |
||||||||||||||
Provision for severance benefits |
3,289 |
6,406 |
9,165 |
||||||||||||||
Amortization of debt issuance costs and original issue discount |
563 |
1,134 |
1,073 |
||||||||||||||
Loss on foreign currency, net |
12,889 |
24,609 |
32,369 |
||||||||||||||
Restructuring and other charges |
732 |
732 |
— |
||||||||||||||
Stock-based compensation |
772 |
1,441 |
2,810 |
||||||||||||||
Loss on early extinguishment of long-term borrowings, net |
— |
42 |
— |
||||||||||||||
Other |
(590) |
(494) |
1,053 |
||||||||||||||
Changes in operating assets and liabilities |
|||||||||||||||||
Accounts receivable, net |
(8,130) |
(20,974) |
5,305 |
||||||||||||||
Unbilled accounts receivable, net |
(3,525) |
6,201 |
887 |
||||||||||||||
Inventories, net |
12,174 |
1,589 |
(16,797) |
||||||||||||||
Other receivables |
1,236 |
(2,969) |
(4,508) |
||||||||||||||
Other current assets |
4,093 |
5,929 |
2,253 |
||||||||||||||
Accounts payable |
11,263 |
32,137 |
(4,473) |
||||||||||||||
Other accounts payable |
(6,756) |
(3,960) |
(5,229) |
||||||||||||||
Accrued expenses |
5,422 |
2,880 |
(1,435) |
||||||||||||||
Deferred revenue |
(1,484) |
(929) |
5,413 |
||||||||||||||
Other current liabilities |
286 |
(6,562) |
760 |
||||||||||||||
Other non-current liabilities |
631 |
1,716 |
1,116 |
||||||||||||||
Payment of severance benefits |
(2,316) |
(4,579) |
(5,754) |
||||||||||||||
Other |
(401) |
(54) |
516 |
||||||||||||||
Net cash provided by operating activities |
28,830 |
17,155 |
21,752 |
||||||||||||||
Cash flows from investing activities |
|||||||||||||||||
Proceeds from settlement of hedge collateral |
2,385 |
4,627 |
4,863 |
||||||||||||||
Payment of hedge collateral |
(8,394) |
(8,395) |
(7,490) |
||||||||||||||
Proceeds from disposal of plant, property and equipment |
202 |
202 |
13 |
||||||||||||||
Purchase of plant, property and equipment |
(3,793) |
(15,000) |
(11,432) |
||||||||||||||
Payment for property related to water treatment facility arrangement |
— |
— |
(4,283) |
||||||||||||||
Payment for intellectual property registration |
(410) |
(642) |
(574) |
||||||||||||||
Collection of guarantee deposits |
90 |
388 |
659 |
||||||||||||||
Payment of guarantee deposits |
(438) |
(1,330) |
— |
||||||||||||||
Other |
— |
(9) |
(38) |
||||||||||||||
Net cash used in investing activities |
(10,358) |
(20,159) |
(18,282) |
||||||||||||||
Cash flows from financing activities |
|||||||||||||||||
Repurchase of long-term borrowings |
— |
(1,175) |
— |
||||||||||||||
Proceeds from exercise of stock options |
101 |
149 |
435 |
||||||||||||||
Acquisition of treasury stock |
(235) |
(2,588) |
— |
||||||||||||||
Proceeds from property related to water treatment facility arrangement |
— |
— |
4,283 |
||||||||||||||
Repayment of financing related to water treatment facility arrangement |
(138) |
(281) |
— |
||||||||||||||
Repayment of principal portion of lease liabilities |
(59) |
(118) |
— |
||||||||||||||
Net cash provided by (used in) financing activities |
(331) |
(4,013) |
4,718 |
||||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash |
(200) |
(1,668) |
(5,081) |
||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash |
17,941 |
(8,685) |
3,107 |
||||||||||||||
Cash, cash equivalents and restricted cash |
|||||||||||||||||
Beginning of the period |
105,812 |
132,438 |
128,575 |
||||||||||||||
End of the period |
$ |
123,753 |
$ |
123,753 |
$ |
131,682 |
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