UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 27, 2016
MagnaChip Semiconductor Corporation
(Exact name of Registrant as specified in its charter)
| Delaware | 001-34791 | 83-0406195 | ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| c/o MagnaChip Semiconductor S.A. 1, Allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg |
Not Applicable | |||
| (Address of Principal Executive Offices) | (Zip Code) | |||
Registrant’s telephone number, including area code: (352) 45-62-62
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for MagnaChip Semiconductor Corporation and its consolidated subsidiaries for the third quarter ended September 30, 2016, as presented in a press release dated October 27, 2016.
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
The following exhibit is furnished as part of this report:
| Exhibit No. |
Description | |
| 99.1 | Press release for MagnaChip Semiconductor Corporation dated October 27, 2016, announcing the results for the third quarter ended September 30, 2016. | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MAGNACHIP SEMICONDUCTOR CORPORATION | ||||||
| Dated: October 27, 2016 |
By: | /s/ Theodore Kim | ||||
| Theodore Kim | ||||||
| Chief Compliance Officer, Executive Vice President, General Counsel and Secretary | ||||||
Exhibit Index
| Exhibit No. |
Description | |
| 99.1 | Press release for MagnaChip Semiconductor Corporation dated October 27, 2016, announcing the results for the third quarter ended September 30, 2016. | |
Exhibit 99.1
Press Release
MagnaChip Reports Third Quarter 2016 Financial Results
— 15% Sequential Revenue Growth Driven by Strong Demand Across the Board —
SEOUL, South Korea and SAN JOSE, Calif., October 27, 2016 — MagnaChip Semiconductor Corporation (“MagnaChip” or the “Company”) (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced financial results for the third quarter ended September 30, 2016.
Revenue for the third quarter of 2016 was $192.3 million, an increase of 15.1% compared to $167.1 million for the second quarter of 2016, and up 24.6% as compared to $154.4 million for the third quarter of 2015. The increase in sequential revenue was 4% higher than the top end of prior guidance and reflected across-the-board strength in customer demand for the Company’s foundry services, display and power products.
Foundry Services revenue in the third quarter of 2016 was $73.9 million, a sequential increase of 18.5%, marking the third consecutive quarter of growth. Revenue in the Standard Products Group was $118.3 million, a 13.1% sequential increase and the fourth consecutive quarter of growth. Standard Product Group revenue in the third quarter was at its highest level since 2012 and Foundry Services revenue rebounded to mid-2015 levels.
Gross profit was $39.1 million, or 20.4% as a percent of revenue for the third quarter of 2016. This compared with gross profit of $36.7 million, or 22.0%, for the second quarter of 2016 and $34.7 million, or 22.5%, for the third quarter of 2015. Foundry gross profit was 23.5% and Standard Products Group gross profit was 18.3% in the third quarter of 2016.
Net income, on a GAAP basis, for the third quarter of 2016 totaled $29.9 million or $0.86 per basic share and $0.85 per diluted share, as compared to net loss of $17.8 million or $0.51 per basic share for the second quarter of 2016 and a net loss of $57.1 million or $1.65 per basic share for the third quarter of 2015. Net income in the third quarter of 2016 was attributable primarily to a non-cash foreign exchange gain on the Company’s intercompany loans.
“Demand was strong across the board in the third quarter, with our Power, Display and Foundry businesses each recording a double digit gain in revenue as compared with the prior quarter,” said YJ Kim, Chief Executive Officer of MagnaChip. “Our foundry business was especially strong, and our fab utilization climbed to the highest level in more than three years.”
In commenting on the third quarter, Chief Financial Officer Jonathan Kim said, “We continued to execute on our strategy to increase fab utilization in order to reduce unit costs and prudently manage cash flows.” Mr. Kim added, “We now are implementing a comprehensive plan to improve gross profit margin.”
Adjusted Net Loss, a non-GAAP financial measure, for the third quarter of 2016 totaled $1.3 million or $0.04 per basic share, compared to Adjusted Net Loss of $1.9 million or $0.05 per basic share in the second quarter of 2016, and compared to Adjusted Net Loss of $10.4 million or $0.30 per basic share in the third quarter of 2015.
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 $75.4 million at the end of the 2016 third quarter, down from $83.9 million at the end of our 2016 second quarter.
As previously announced, the Board of Directors has established a Strategic Review Committee (“SRC”) to assist the Board in reviewing, considering and evaluating strategic alternatives that may be available to MagnaChip, including the potential sale of all or a substantial portion of the Company. The SRC continues to evaluate strategic alternatives but is not currently engaged in an active process of considering alternatives for the sale of the entire Company. The SRC will consider any strategic opportunities that arise in the future.
The following table sets forth information relating to our operating segments:
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2016 |
September 30, 2015 |
September 30, 2016 |
September 30, 2015 |
|||||||||||||
| Net Sales |
||||||||||||||||
| Foundry Services Group |
$ | 73,863 | $ | 71,471 | $ | 196,152 | $ | 224,953 | ||||||||
| Standard Products Group |
||||||||||||||||
| Display Solutions |
84,706 | 48,314 | 217,171 | 153,585 | ||||||||||||
| Power Solutions |
33,619 | 34,406 | 93,750 | 102,238 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Standard Products Group |
118,325 | 82,720 | 310,921 | 255,823 | ||||||||||||
| All other |
108 | 191 | 434 | 506 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net sales |
$ | 192,296 | $ | 154,382 | $ | 507,507 | $ | 481,282 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Three Months Ended September 30, 2016 |
Three Months Ended September 30, 2015 |
|||||||||||||||
| Amount | % of Net Sales |
Amount | % of Net Sales |
|||||||||||||
| Gross Profit |
||||||||||||||||
| Foundry Services Group |
$ | 17,340 | 23.5 | % | $ | 18,681 | 26.1 | % | ||||||||
| Standard Products Group |
21,691 | 18.3 | 15,827 | 19.1 | ||||||||||||
| All other |
108 | 100.0 | 191 | 100.0 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total gross profit |
$ | 39,139 | 20.4 | % | $ | 34,699 | 22.5 | % | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Nine Months Ended September 30, 2016 |
Nine Months Ended September 30, 2015 |
|||||||||||||||
| Amount | % of Net Sales |
Amount | % of Net Sales |
|||||||||||||
| Gross Profit |
||||||||||||||||
| Foundry Services Group |
$ | 45,820 | 23.4 | % | $ | 51,241 | 22.8 | % | ||||||||
| Standard Products Group |
64,836 | 20.9 | 53,216 | 20.8 | ||||||||||||
| All other |
(519 | ) | (119.6 | ) | 505 | 99.8 | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total gross profit |
$ | 110,137 | 21.7 | % | $ | 104,962 | 21.8 | % | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Third Quarter and Recent Company Highlights
| • | The Foundry Services Group and the Standard Products Group both recorded double-digit increases in revenue |
| • | Hosted its annual Foundry Technology Symposium in Taiwan |
| • | Selected by a leading Taiwanese fabless company to begin volume production on jointly developed power management IC |
Business Outlook
For the fourth quarter of 2016, MagnaChip anticipates:
| • | Revenue will be in the range of $174 million to $180 million, a sequential decline of 6% to 10%, reflecting a typical seasonal decline, but representing double-digit year-over-year growth. |
| • | Gross profit to be in the range of 22% to 24% as a percent of revenue, representing a sequential and year-over-year improvement. |
Conference Call
MagnaChip will hold a conference call at 5 p.m. EDT today (October 27, 2016) to discuss the third quarter financial results. The conference call will be webcast live and is also available by dialing 1-216-562-0462. The conference ID number is 1615389 and 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 access number is 1-404-537-3406 or toll-free at 1-855-859-2056. The access code is 1615389.
About MagnaChip Semiconductor Corporation
MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer, communication, industrial and computing 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 a 30-year operating history, owns a portfolio of more than 3,500 registered and pending patents, 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 2016 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 22, 2016 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.
CONTACTS:
|
In the United States: Bruce Entin Investor Relations Tel. +1-408-625-1262 Investor.relations@magnachip.com |
In Korea: Chankeun Park Director, Public Relations Tel. +82-2-6903-3195 chankeun.park@magnachip.com |
# # #
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of US dollars, except share data)
(Unaudited)
| Three Months Ended | ||||||||||||
| September 30, 2016 |
June 30, 2016 |
September 30, 2015 |
||||||||||
| Net sales |
$ | 192,296 | $ | 167,106 | $ | 154,382 | ||||||
| Cost of sales |
153,157 | 130,357 | 119,683 | |||||||||
| Gross profit |
39,139 | 36,749 | 34,699 | |||||||||
| Gross profit % |
20.4 | % | 22.0 | % | 22.5 | % | ||||||
| Operating expenses |
||||||||||||
| Selling, general and administrative expenses |
20,082 | 25,948 | 22,107 | |||||||||
| Research and development expenses |
18,439 | 18,178 | 20,450 | |||||||||
| Total operating expenses |
38,521 | 44,126 | 42,557 | |||||||||
| Operating income (loss) |
618 | (7,377 | ) | (7,858 | ) | |||||||
| Interest expense |
(4,055 | ) | (4,073 | ) | (4,075 | ) | ||||||
| Foreign currency gain (loss), net |
33,174 | (7,101 | ) | (44,139 | ) | |||||||
| Other income, net |
887 | 1,007 | 256 | |||||||||
| Income (loss) before income tax expenses |
30,624 | (17,544 | ) | (55,816 | ) | |||||||
| Income tax expenses |
758 | 272 | 1,250 | |||||||||
| Net income (loss) |
$ | 29,866 | $ | (17,816 | ) | $ | (57,066 | ) | ||||
| Earnings (loss) per common share: |
||||||||||||
| - Basic |
$ | 0.86 | $ | (0.51 | ) | $ | (1.65 | ) | ||||
| - Diluted |
$ | 0.85 | $ | (0.51 | ) | $ | (1.65 | ) | ||||
| Weighted average number of shares - Basic |
34,849,805 | 34,716,081 | 34,664,246 | |||||||||
| Weighted average number of shares - Diluted |
35,302,706 | 34,716,081 | 34,664,246 | |||||||||
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, 2016 |
June 30, 2016 |
September 30, 2015 |
||||||||||
| Net income (loss) |
$ | 29,866 | $ | (17,816 | ) | $ | (57,066 | ) | ||||
| Adjustments: |
||||||||||||
| Interest expense, net |
3,996 | 4,001 | 4,023 | |||||||||
| Income tax expenses |
758 | 272 | 1,250 | |||||||||
| Depreciation and amortization |
6,539 | 6,228 | 6,399 | |||||||||
| EBITDA |
$ | 41,159 | $ | (7,315 | ) | $ | (45,394 | ) | ||||
| Restructuring and other |
— | 5,545 | — | |||||||||
| Equity-based compensation expense |
1,462 | 968 | 393 | |||||||||
| Foreign currency loss (gain), net |
(33,174 | ) | 7,101 | 44,139 | ||||||||
| Derivative valuation loss, net |
32 | 8 | 270 | |||||||||
| Restatement related expenses |
476 | 2,306 | 1,891 | |||||||||
| Adjusted EBITDA |
$ | 9,955 | $ | 8,613 | $ | 1,299 | ||||||
| Net income (loss) |
$ | 29,866 | $ | (17,816 | ) | $ | (57,066 | ) | ||||
| Adjustments: |
||||||||||||
| Restructuring and other |
— | 5,545 | — | |||||||||
| Equity-based compensation expense |
1,462 | 968 | 393 | |||||||||
| Foreign currency loss (gain), net |
(33,174 | ) | 7,101 | 44,139 | ||||||||
| Derivative valuation loss, net |
32 | 8 | 270 | |||||||||
| Restatement related expenses |
476 | 2,306 | 1,891 | |||||||||
| Adjusted net loss |
$ | (1,338 | ) | $ | (1,888 | ) | $ | (10,373 | ) | |||
| Adjusted net loss per common share: |
||||||||||||
| - Basic / Diluted |
$ | (0.04 | ) | $ | (0.05 | ) | $ | (0.30 | ) | |||
| Weighted average number of shares – Basic / Diluted |
34,849,805 | 34,716,081 | 34,664,246 | |||||||||
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, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss, net and (v) restatement related expenses. 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) restructuring and other, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss, net, and (v) restatement related expenses.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
(Unaudited)
| September 30, 2016 |
December 31, 2015 |
|||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ | 75,428 | $ | 90,882 | ||||
| Restricted cash |
6,118 | — | ||||||
| Accounts receivable, net |
66,013 | 63,498 | ||||||
| Inventories, net |
72,056 | 57,619 | ||||||
| Other receivables |
5,931 | 31,932 | ||||||
| Prepaid expenses |
12,860 | 7,075 | ||||||
| Hedge collateral |
2,100 | 6,000 | ||||||
| Other current assets |
4,405 | 3,228 | ||||||
| Total current assets |
244,911 | 260,234 | ||||||
| Property, plant and equipment, net |
195,553 | 191,985 | ||||||
| Intangible assets, net |
3,229 | 2,629 | ||||||
| Long-term prepaid expenses |
12,435 | 12,117 | ||||||
| Deferred income tax assets |
249 | 238 | ||||||
| Other non-current assets |
7,038 | 6,897 | ||||||
| Total assets |
$ | 463,415 | $ | 474,100 | ||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities |
||||||||
| Accounts payable |
$ | 66,514 | $ | 55,476 | ||||
| Other accounts payable |
12,332 | 10,961 | ||||||
| Accrued expenses |
58,284 | 76,721 | ||||||
| Deferred revenue |
12,780 | 10,060 | ||||||
| Deposits received |
— | 8,165 | ||||||
| Other current liabilities |
2,920 | 5,128 | ||||||
| Total current liabilities |
152,830 | 166,511 | ||||||
| Long-term borrowings, net |
220,902 | 220,375 | ||||||
| Accrued severance benefits, net |
142,846 | 134,148 | ||||||
| Other non-current liabilities |
11,758 | 15,396 | ||||||
| Total liabilities |
528,336 | 536,430 | ||||||
| Stockholders’ equity |
||||||||
| Common stock, $0.01 par value, 150,000,000 shares authorized, 41,566,019 shares issued and 34,987,254 outstanding at September 30 2016, and 41,147,707 shares issued and 34,568,942 outstanding at December 31, 2015 |
415 | 411 | ||||||
| Additional paid-in capital |
129,083 | 124,618 | ||||||
| Accumulated deficit |
(76,035 | ) | (96,210 | ) | ||||
| Treasury stock, 6,578,765 shares at September 30, 2016 and December 31, 2015 |
(90,918 | ) | (90,918 | ) | ||||
| Accumulated other comprehensive loss |
(27,466 | ) | (231 | ) | ||||
| Total stockholders’ deficit |
(64,921 | ) | (62,330 | ) | ||||
| Total liabilities and stockholders’ equity |
$ | 463,415 | $ | 474,100 | ||||
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
(Unaudited)
| Three Months Ended |
Nine Months Ended |
|||||||||||
| September 30, 2016 |
September 30, 2016 |
September 30, 2015 |
||||||||||
| Cash flows from operating activities |
||||||||||||
| Net income (loss) |
$ | 29,866 | $ | 20,175 | $ | (107,721 | ) | |||||
| Adjustments to reconcile net income (loss) to net cash used in operating activities |
||||||||||||
| Depreciation and amortization |
6,539 | 18,791 | 20,066 | |||||||||
| Provision for severance benefits |
3,782 | 13,609 | 14,173 | |||||||||
| Amortization of debt issuance costs and original issue discount |
180 | 527 | 491 | |||||||||
| Loss (gain) on foreign currency, net |
(37,042 | ) | (38,182 | ) | 65,730 | |||||||
| Restructuring gain |
— | (7,785 | ) | — | ||||||||
| Stock-based compensation |
1,462 | 2,966 | 2,370 | |||||||||
| Other |
257 | 421 | (352 | ) | ||||||||
| Changes in operating assets and liabilities |
||||||||||||
| Accounts receivable, net |
(7,528 | ) | 977 | 8,672 | ||||||||
| Inventories, net |
2,534 | (9,412 | ) | 11,302 | ||||||||
| Other receivables |
23,849 | 20,214 | 7,115 | |||||||||
| Other current assets |
(1,613 | ) | 510 | 669 | ||||||||
| Deferred tax assets |
(6 | ) | 31 | 367 | ||||||||
| Accounts payable |
(691 | ) | 7,088 | (18,894 | ) | |||||||
| Other accounts payable |
392 | (4,764 | ) | (10,199 | ) | |||||||
| Accrued expenses |
(24,000 | ) | (22,087 | ) | (32,731 | ) | ||||||
| Other current liabilities |
(2,505 | ) | (3,869 | ) | (686 | ) | ||||||
| Deferred revenue |
1,185 | 2,662 | (1,236 | ) | ||||||||
| Other non-current liabilities |
(751 | ) | (1,412 | ) | 190 | |||||||
| Payment of severance benefits |
(1,076 | ) | (14,178 | ) | (7,905 | ) | ||||||
| Other |
(76 | ) | (213 | ) | 141 | |||||||
| Net cash used in operating activities |
(5,242 | ) | (13,931 | ) | (48,438 | ) | ||||||
| Cash flows from investing activities |
||||||||||||
| Proceeds from settlement of hedge collateral |
400 | 6,317 | 10,841 | |||||||||
| Payment of hedge collateral |
(2,494 | ) | (2,494 | ) | (17,182 | ) | ||||||
| Proceeds from disposal of plant, property and equipment |
182 | 185 | 1,698 | |||||||||
| Purchase of plant, property and equipment |
(5,511 | ) | (11,345 | ) | (4,250 | ) | ||||||
| Payment for intellectual property registration |
(276 | ) | (754 | ) | (550 | ) | ||||||
| Collection of guarantee deposits |
93 | 476 | 123 | |||||||||
| Payment of guarantee deposits |
(174 | ) | (185 | ) | (670 | ) | ||||||
| Other |
1 | 9 | 179 | |||||||||
| Net cash used in investing activities |
(7,779 | ) | (7,791 | ) | (9,811 | ) | ||||||
| Cash flows from financing activities |
||||||||||||
| Proceeds from issuance of common stock |
1,502 | 1,502 | 3,434 | |||||||||
| Net cash provided by financing activities |
1,502 | 1,502 | 3,434 | |||||||||
| Effect of exchange rates on cash and cash equivalents |
3,033 | 4,766 | 20,891 | |||||||||
| Net decrease in cash and cash equivalents |
(8,486 | ) | (15,454 | ) | (33,924 | ) | ||||||
| Cash and cash equivalents |
||||||||||||
| Beginning of the period |
83,914 | 90,882 | 102,434 | |||||||||
| End of the period |
$ | 75,428 | $ | 75,428 | $ | 68,510 | ||||||