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): February 17, 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 fourth quarter and full year ended December 31, 2015, as presented in a press release dated February 17, 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 February 17, 2016, announcing the results for the fourth quarter and full year ended December 31, 2015. | |
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: February 17, 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 February 17, 2016, announcing the results for the fourth quarter and full year ended December 31, 2015. | |
Exhibit 99.1
|
Press Release |
MagnaChip Reports Fourth Quarter and Full Year 2015 Financial Results
SEOUL, South Korea and SAN JOSE, Calif., February, 17 2016 — MagnaChip Semiconductor Corporation (“MagnaChip”) (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced financial results for the fourth quarter and full year ended December 31, 2015.
Revenue for the fourth quarter of 2015 was $152.4 million, a 1.3% decline compared to $154.4 million for the third quarter of 2015, and down 9.1% compared to $167.7 million for the fourth quarter of 2014. Foundry Services revenue in the fourth quarter of 2015 was $65.8 million and Standard Products Group revenue was $86.5 million. For the full year 2015, revenue was $633.7 million compared to $698.2 million for 2014, a 9.2% decrease.
Gross profit was $29.9 million, or 19.6% as a percent of revenue for the fourth quarter of 2015. This compared with gross profit of $34.7 million, or 22.5%, for the third quarter of 2015 and $34.5 million, or 20.6%, for the fourth quarter of 2014. Foundry gross profit was 22.7% and Standard Products Group gross profit was 17.2% in the fourth quarter of 2015. For the full year 2015, gross profit was $134.9 million, or 21.3%, compared to $152.9 million, or 21.9%, for 2014.
Net income, on a GAAP basis, for the fourth quarter of 2015 totaled $22.9 million, or $0.66 per basic and diluted share, compared to a net loss of $57.1 million, or $1.65 per basic share, for the third quarter of 2015 and net loss of $63.8 million, or $1.87 per basic share, for the fourth quarter of 2014. Net income included a tax benefit and a foreign currency translation gain on intercompany loans payable as well as spending reductions. For the full year 2015, net loss was $84.9 million, or $2.47 per basic share, compared to $117.2 million or $3.44 per basic share, for 2014.
“Revenue in the fourth quarter was at the high end of our guidance range and gross margin was better than expected, driven primarily by an increase in demand for AMOLED display drivers consumed by smartphone makers in China,” said YJ Kim, Chief Executive Officer of MagnaChip. “Despite a weak macro environment, our foundry pipeline is filling, AMOLED demand is improving and our business is showing early signs of stabilizing.”
Chief Financial Officer Jonathan Kim commented, “During 2015, we embarked on a comprehensive plan to reduce total normalized spending by more than $40 million for the year. In fact, we far exceeded our goal and reduced total normalized spending by over $50 million, including approximately $13 million in the fourth quarter of 2015 alone. We will continue to explore opportunities to control spending in 2016.”
Adjusted Net Income, a non-GAAP measurement, for the fourth quarter of 2015 totaled $5.2 million, or $0.15 per basic and diluted share, compared to an Adjusted Net Loss, a non-GAAP measurement, of $10.4 million, or $0.30 per basic share, in the third quarter of 2015 and an Adjusted Net Loss of $10.8 million, or $0.32 per basic share, for the fourth quarter of 2014. For the full year 2015, Adjusted Net Loss was $26.7 million, or $0.78 per basic share compared to an Adjusted Net Loss of $38.1 million or $1.12 per basic share for 2014.
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. 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 following the financial statements.
Cash and cash equivalents totaled $90.9 million at the end of the fourth quarter of 2015, an increase of $22.4 million from the end of the prior quarter primarily due to one-time receipts of pre-paid deposits for the planned sale of our 6” fab equipment and prepayment received for end-of-life products produced in our 6” fab.
As disclosed in MagnaChip’s 2015 proxy statement, the Board of Directors established a Strategic Review Committee (“SRC”) to assist the Board in reviewing, considering and evaluating strategic alternatives that may be available to MagnaChip. The SRC and the Board of Directors are still actively involved in an ongoing process of reviewing various strategic alternatives and will continue to evaluate alternatives consistent with their obligation to act in the best interest of stockholders. No decision has been made to enter into a transaction at this time and MagnaChip can offer no assurance that it will enter into any transaction in the future.
The following table sets forth information relating to our operating segments:
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2015 |
December 31, 2014 |
December 31, 2015 |
December 31, 2014 |
|||||||||||||
| Net Sales |
||||||||||||||||
| Foundry Services Group |
$ | 65,822 | $ | 78,949 | $ | 290,775 | $ | 360,549 | ||||||||
| Standard Products Group |
||||||||||||||||
| Display Solutions |
53,895 | 55,455 | 207,480 | 199,861 | ||||||||||||
| Power Solutions |
32,576 | 33,108 | 134,814 | 137,246 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total Standard Products Group |
86,471 | 88,563 | 342,294 | 337,107 | ||||||||||||
| All other |
137 | 140 | 643 | 562 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total net sales |
$ | 152,430 | $ | 167,652 | $ | 633,712 | $ | 698,218 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2015 |
December 31, 2014 |
December 31, 2015 |
December 31, 2014 |
|||||||||||||
| Gross Profit |
||||||||||||||||
| Foundry Services Group |
$ | 14,935 | $ | 15,630 | $ | 66,175 | $ | 75,739 | ||||||||
| Standard Products Group |
14,878 | 18,728 | 68,094 | 76,561 | ||||||||||||
| All other |
89 | 140 | 595 | 562 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total gross profit |
$ | 29,902 | $ | 34,498 | $ | 134,864 | $ | 152,862 | ||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Fourth Quarter and Recent Company Highlights
| • | Surpassed 160 Million Mark in AMOLED Display Driver IC Units Shipped |
| • | Selected for the “2015 Excellence Supplier Award” by LG Display |
| • | Hosted a Foundry Technology Symposium in Shenzhen, China, on November 10, 2015 |
| • | Announced a 2016 Foundry Technology Symposium in Beijing, China, on March 15, 2016 |
Business Outlook
For the first quarter of 2016, MagnaChip anticipates:
| • | Revenue in the first quarter, typically our seasonally weakest period, will be in the range of $141 million to $147 million. This would represent a sequential decline of between 3-7% – despite a sequential loss of more than $10 million in revenue from our 6” fab, which will close at the end of February. |
| • | Gross profit to be 21% to 24% as a percent of revenue. |
Conference Call
MagnaChip will hold a conference call at 5 p.m. EST today (February 17, 2016) to discuss the fourth quarter and full year 2015 financial results. The conference call will be webcast live and is also available by dialing 1-866-776-2061 in the U.S. or 1-706-679-0298 for all other locations. The conference ID number is 24897567 and participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. EST 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 numbers are 1-855-859-2056 or 1-404-537-3406. The access code is 24897567.
About MagnaChip Semiconductor Corporation
Headquartered in South Korea, MagnaChip is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. MagnaChip believes it has one of the broadest and deepest ranges of analog and mixed-signal semiconductor platforms in the industry, supported by its 30-year operating history, a large portfolio of registered and pending patents, and extensive engineering 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 first quarter 2016 revenue and gross profit and expectations related to future spending and cost reduction initiatives. 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 May 28, 2015 and our Form 10-Q filed on November 6, 2015 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: Robert Pursel Director of Investor Relations Tel. +1-408-625-1262 robert.pursel@magnachip.com |
In Korea: Chankeun Park Senior Manager, 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 | Year Ended | |||||||||||||||||||
| December 31, 2015 |
September 30, 2015 |
December 31, 2014 |
December 31, 2015 |
December 31, 2014 |
||||||||||||||||
| Net sales |
$ | 152,430 | $ | 154,382 | $ | 167,652 | $ | 633,712 | $ | 698,218 | ||||||||||
| Cost of sales |
122,528 | 119,683 | 133,154 | 498,848 | 545,356 | |||||||||||||||
| Gross profit |
29,902 | 34,699 | 34,498 | 134,864 | 152,862 | |||||||||||||||
| Gross profit % |
19.6 | % | 22.5 | % | 20.6 | % | 21.3 | % | 21.9 | % | ||||||||||
| Operating expenses |
||||||||||||||||||||
| Selling, general and administrative expenses |
18,653 | 22,107 | 32,491 | 94,378 | 126,954 | |||||||||||||||
| Research and development expenses |
18,879 | 20,450 | 22,147 | 83,420 | 92,765 | |||||||||||||||
| Restructuring and impairment charges |
— | — | 10,269 | — | 10,269 | |||||||||||||||
| Total operating expenses |
37,532 | 42,557 | 64,907 | 177,798 | 229,988 | |||||||||||||||
| Operating loss |
(7,630 | ) | (7,858 | ) | (30,409 | ) | (42,934 | ) | (77,126 | ) | ||||||||||
| Interest expense |
(4,081 | ) | (4,075 | ) | (4,252 | ) | (16,268 | ) | (16,833 | ) | ||||||||||
| Foreign currency gain (loss), net |
17,080 | (44,139 | ) | (30,160 | ) | (42,531 | ) | (24,650 | ) | |||||||||||
| Other income, net |
617 | 256 | 744 | 1,779 | 2,900 | |||||||||||||||
| Income (loss) before income tax expenses |
5,986 | (55,816 | ) | (64,077 | ) | (99,954 | ) | (115,709 | ) | |||||||||||
| Income tax expenses (benefits) |
(16,868 | ) | 1,250 | (247 | ) | (15,087 | ) | 1,523 | ||||||||||||
| Net income (loss) |
$ | 22,854 | $ | (57,066 | ) | $ | (63,830 | ) | $ | (84,867 | ) | $ | (117,232 | ) | ||||||
| Earnings (loss) per common share : |
||||||||||||||||||||
| - Basic |
$ | 0.66 | $ | (1.65 | ) | $ | (1.87 | ) | $ | (2.47 | ) | $ | (3.44 | ) | ||||||
| - Diluted |
$ | 0.66 | $ | (1.65 | ) | $ | (1.87 | ) | $ | (2.47 | ) | $ | (3.44 | ) | ||||||
| Weighted average number of shares—Basic |
34,698,777 | 34,664,246 | 34,056,413 | 34,380,517 | 34,055,513 | |||||||||||||||
| Weighted average number of shares—Diluted |
34,713,034 | 34,664,246 | 34,056,413 | 34,380,517 | 34,055,513 | |||||||||||||||
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)
(In thousands of US dollars, except share data)
(Unaudited)
| Three Months Ended | Year Ended | |||||||||||||||||||
| December 31, 2015 |
September 30, 2015 |
December 31, 2014 |
December 31, 2015 |
December 31, 2014 |
||||||||||||||||
| Net income (loss) |
$ | 22,854 | $ | (57,066 | ) | $ | (63,830 | ) | $ | (84,867 | ) | $ | (117,232 | ) | ||||||
| Adjustments: |
||||||||||||||||||||
| Depreciation and amortization |
6,424 | 6,399 | 7,072 | 26,490 | 29,989 | |||||||||||||||
| Interest expense, net |
4,020 | 4,023 | 4,134 | 16,039 | 16,289 | |||||||||||||||
| Income tax expenses (benefits) |
(16,868 | ) | 1,250 | (247 | ) | (15,087 | ) | 1,523 | ||||||||||||
| Restructuring and impairment charges |
— | — | 10,269 | — | 10,269 | |||||||||||||||
| Equity-based compensation expense |
398 | 393 | 407 | 2,768 | 2,072 | |||||||||||||||
| Foreign currency loss (gain), net |
(17,080 | ) | 44,139 | 30,160 | 42,531 | 24,650 | ||||||||||||||
| Derivative valuation loss (gain), net |
(61 | ) | 270 | (49 | ) | 516 | 12 | |||||||||||||
| Restatement related expenses |
(891 | ) | 1,891 | 12,145 | 12,372 | 40,897 | ||||||||||||||
| Adjusted EBITDA |
$ | (1,204 | ) | $ | 1,299 | $ | 61 | $ | 762 | $ | 8,469 | |||||||||
| Adjusted EBITDA per common share: |
||||||||||||||||||||
| - Diluted |
$ | (0.03 | ) | $ | 0.04 | $ | 0.00 | $ | 0.02 | $ | 0.24 | |||||||||
| Weighted average number of shares—Diluted |
34,698,777 | 35,002,896 | 35,006,862 | 34,663,593 | 35,172,755 | |||||||||||||||
| Net income (loss) |
$ | 22,854 | $ | (57,066 | ) | $ | (63,830 | ) | $ | (84,867 | ) | $ | (117,232 | ) | ||||||
| Adjustments: |
||||||||||||||||||||
| Restructuring and impairment charges |
— | — | 10,269 | — | 10,269 | |||||||||||||||
| Equity-based compensation expense |
398 | 393 | 407 | 2,768 | 2,072 | |||||||||||||||
| Amortization of intangibles |
— | — | 120 | — | 1,221 | |||||||||||||||
| Foreign currency loss (gain), net |
(17,080 | ) | 44,139 | 30,160 | 42,531 | 24,650 | ||||||||||||||
| Derivative valuation loss (gain), net |
(61 | ) | 270 | (49 | ) | 516 | 12 | |||||||||||||
| Restatement related expenses |
(891 | ) | 1,891 | 12,145 | 12,372 | 40,897 | ||||||||||||||
| Adjusted net income (loss) |
$ | 5,220 | $ | (10,373 | ) | $ | (10,778 | ) | $ | (26,680 | ) | $ | (38,111 | ) | ||||||
| Adjusted net income (loss) per common share: |
||||||||||||||||||||
| - Diluted |
$ | 0.15 | $ | (0.30 | ) | $ | (0.32 | ) | $ | (0.78 | ) | $ | (1.12 | ) | ||||||
| Weighted average number of shares—Diluted |
34,713,034 | 34,664,246 | 34,056,413 | 34,380,517 | 34,055,513 | |||||||||||||||
We define Adjusted EBITDA as net income adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) restructuring and impairment charges, (v) equity-based compensation expense, (vi) foreign currency loss (gain), net, (vii) derivative valuation loss (gain), net, and (viii) restatement related expenses.
We present Adjusted Net Income (Loss) as a further supplemental measure of our performance. We prepare Adjusted Net Income (Loss) by adjusting net income 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) as net income adjusted to exclude (i) restructuring and impairment charges, (ii) equity-based compensation expense, (iii) amortization of intangibles, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, and (vi) restatement related expenses.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
(Unaudited)
| December 31, 2015 |
December 31, 2014 |
|||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash and cash equivalents |
$ | 90,882 | $ | 102,434 | ||||
| Accounts receivable, net |
63,498 | 72,957 | ||||||
| Inventories, net |
57,619 | 75,334 | ||||||
| Other receivables |
31,932 | 10,616 | ||||||
| Prepaid expenses |
7,075 | 7,560 | ||||||
| Current deferred income tax assets |
34 | 237 | ||||||
| Hedge collateral |
6,000 | — | ||||||
| Other current assets |
3,194 | 6,898 | ||||||
| Total current assets |
260,234 | 276,036 | ||||||
| Property, plant and equipment, net |
191,985 | 223,766 | ||||||
| Intangible assets, net |
2,629 | 2,451 | ||||||
| Long-term prepaid expenses |
12,117 | 10,916 | ||||||
| Deferred income tax assets |
238 | 415 | ||||||
| Other non-current assets |
10,678 | 14,147 | ||||||
| Total assets |
$ | 477,881 | $ | 527,731 | ||||
| Liabilities and Stockholders’ Equity |
||||||||
| Current liabilities |
||||||||
| Accounts payable |
$ | 55,476 | $ | 70,767 | ||||
| Other accounts payable |
10,961 | 10,986 | ||||||
| Accrued expenses |
76,721 | 81,060 | ||||||
| Deferred revenue |
10,060 | 1,990 | ||||||
| Deposits received |
8,165 | — | ||||||
| Other current liabilities |
5,128 | 4,470 | ||||||
| Total current liabilities |
166,511 | 169,273 | ||||||
| Long-term borrowings, net |
224,156 | 224,035 | ||||||
| Accrued severance benefits, net |
134,148 | 139,289 | ||||||
| Other non-current liabilities |
15,396 | 13,636 | ||||||
| Total liabilities |
540,211 | 546,233 | ||||||
| Stockholders’ equity |
||||||||
| Common stock, $0.01 par value, 150,000,000 shares authorized, 41,147,707 shares issued and 34,568,942 outstanding at December 31, 2015 and 40,635,233 shares issued and 34,056,468 outstanding at December 31, 2014 |
411 | 406 | ||||||
| Additional paid-in capital |
124,618 | 118,419 | ||||||
| Accumulated deficit |
(96,210 | ) | (11,343 | ) | ||||
| Treasury stock, 6,578,765 shares at December 31, 2015 and 2014, respectively |
(90,918 | ) | (90,918 | ) | ||||
| Accumulated other comprehensive loss |
(231 | ) | (35,066 | ) | ||||
| Total stockholders’ equity (deficit) |
(62,330 | ) | (18,502 | ) | ||||
| Total liabilities and stockholders’ equity |
$ | 477,881 | $ | 527,731 | ||||
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
(Unaudited)
| Three Months Ended |
Year Ended | |||||||||||
| December 31, 2015 |
December 31, 2015 |
December 31, 2014 |
||||||||||
| Cash flow from operating activities |
||||||||||||
| Net income (loss) |
$ | 22,854 | $ | (84,867 | ) | $ | (117,232 | ) | ||||
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities |
||||||||||||
| Depreciation and amortization |
6,424 | 26,490 | 29,989 | |||||||||
| Provision for severance benefits |
1,116 | 15,289 | 17,703 | |||||||||
| Bad debt expenses (reversal of allowance) |
18 | (3 | ) | 3,718 | ||||||||
| Amortization of debt issuance costs and original issue discount |
169 | 660 | 614 | |||||||||
| Loss (gain) on foreign currency, net |
(18,746 | ) | 46,984 | 32,760 | ||||||||
| Gain on disposal of investments |
— | — | (1,524 | ) | ||||||||
| Impairment charges |
— | — | 10,269 | |||||||||
| Stock-based compensation |
398 | 2,768 | 2,072 | |||||||||
| Other |
2,768 | 2,437 | 1,375 | |||||||||
| Changes in operating assets and liabilities |
||||||||||||
| Accounts receivable, net |
(5,373 | ) | 3,299 | (1,668 | ) | |||||||
| Inventories, net |
1,627 | 12,929 | (3,380 | ) | ||||||||
| Other receivables |
(28,578 | ) | (21,463 | ) | (5,052 | ) | ||||||
| Other current assets |
10,670 | 11,339 | 9,308 | |||||||||
| Deferred tax assets |
5 | 372 | 1,458 | |||||||||
| Accounts payable |
6,289 | (12,605 | ) | (1,526 | ) | |||||||
| Other accounts payable |
(693 | ) | (10,892 | ) | (13,046 | ) | ||||||
| Accrued expenses |
31,052 | (1,679 | ) | 208 | ||||||||
| Deferred revenue |
9,372 | 8,136 | (825 | ) | ||||||||
| Other current liabilities |
160 | (1,210 | ) | 2,004 | ||||||||
| Other non-current labilities |
2,915 | 3,105 | 1,963 | |||||||||
| Payment of severance benefits |
(3,489 | ) | (11,394 | ) | (6,650 | ) | ||||||
| Other |
187 | 328 | (7 | ) | ||||||||
| Net cash provided by (used in) operating activities |
39,145 | (9,977 | ) | (37,469 | ) | |||||||
| Cash flow from investing activities |
||||||||||||
| Proceeds from settlement of hedge collateral |
— | 10,841 | — | |||||||||
| Payment of hedge collateral |
— | (17,182 | ) | — | ||||||||
| Proceeds from disposal of plant, property and equipment |
7,504 | 9,886 | 20 | |||||||||
| Proceeds from disposal of investments |
— | — | 2,003 | |||||||||
| Purchase of plant, property and equipment |
(2,100 | ) | (6,350 | ) | (17,419 | ) | ||||||
| Payment for intellectual property registration |
(192 | ) | (742 | ) | (958 | ) | ||||||
| Collection of guarantee deposits |
513 | 636 | — | |||||||||
| Payment of guarantee deposits |
(5 | ) | (675 | ) | (323 | ) | ||||||
| Other |
16 | 195 | (21 | ) | ||||||||
| Net cash provided by (used in) investing activities |
5,736 | (3,391 | ) | (16,698 | ) | |||||||
| Cash flow from financing activities |
||||||||||||
| Proceeds from issuance of common stock |
2 | 3,436 | 68 | |||||||||
| Net cash provided by financing activities |
2 | 3,436 | 68 | |||||||||
| Effect of exchange rates on cash and cash equivalents |
(22,511 | ) | (1,620 | ) | 2,927 | |||||||
| Net increase (decrease) in cash and cash equivalents |
22,372 | (11,552 | ) | (51,172 | ) | |||||||
| Cash and cash equivalents |
||||||||||||
| Beginning of the period |
68,510 | 102,434 | 153,606 | |||||||||
| End of the period |
$ | 90,882 | $ | 90,882 | $ | 102,434 | ||||||