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): July 27, 2011

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., 74, rue de Merl,
B.P. 709, L-2017 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 second quarter ended June 30, 2011, as presented in a press release dated July 27, 2011.
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 exhibits are furnished as part of this report:

Exhibit
No.	  	Description	
 	 	
99.1	  	Press release for MagnaChip Semiconductor Corporation dated July 27, 2011,
announcing the results for the second quarter ended June 30, 2011.	

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: July 27, 2011	 	 	 	By:	 	      /s/ Margaret Sakai	
 	 	 	 	 	 	Margaret Sakai
Executive Vice President and Chief Financial Officer	

Exhibit Index

Exhibit
No.	  	Description	
 	 	
99.1	  	Press release for MagnaChip Semiconductor Corporation dated July 27, 2011,
announcing the results for the second quarter ended June 30, 2011.	

Exhibit 99.1

MagnaChip Reports Second Quarter 2011 Financial Results
 
 	•	 	Revenue of $204 Million up 8% Sequentially and 5% Year-over-Year	
 
 	•	 	Power Solutions Revenue Grew 16% Sequentially and 97% Year-over-Year	
 
 	•	 	Gross Profit Expands 240 Basis Points Sequentially	
 
 	•	 	GAAP Net Income $32 Million or $0.78 Per Diluted Share	
SEOUL, South Korea and CUPERTINO, Calif., July 27, 2011 — MagnaChip Semiconductor Corporation (NYSE: MX), a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products, today announced financial results for the second quarter ended June 30, 2011.
Revenue for the second quarter of 2011 was $203.7 million, an 8.4% increase compared to $187.9 million for the first quarter of 2011, and a 4.6% increase compared to $194.7 million for the second quarter of 2010.
Gross profit was $66.2 million or 32.5%, as a percent of revenue, for the second quarter of 2011. This compares to gross profit of $56.5 million or 30.1% for the first quarter of 2011 and $64.5 million or 33.1% for the second quarter of 2010.
“I am very pleased that revenue for our three business segments grew during the quarter and that gross profit expanded as a result of strong execution by our sales and manufacturing organizations,” said Sang Park, MagnaChip’s Chairman and Chief Executive Officer. “Not only did our Power Solutions segment grow 16 percent sequentially, but our Display Solutions segment posted double-digit revenue growth this quarter as well. Additionally, our Foundry business was up 5% over the March quarter despite overall market softness as reported by several foundry providers. I am very encouraged by the traction of our new products, which has increased the design-win activity for both our Power Segment and Foundry Services. This better positions us strategically for growth in the coming years.”
Net income, on a GAAP basis, for the second quarter of 2011 totaled $31.6 million or $0.78 per diluted share. This compares to net income of $22.5 million or $0.57 per diluted share for the first quarter of 2011 and a net loss of $30.7 million or $0.81 per diluted share for the second quarter of 2010.
Adjusted net income, a non-GAAP measurement, for the second quarter of 2011 totaled $22.5 million or $0.56 per diluted share compared to $15.7 million or $0.40 per diluted share for the first quarter of 2011 and $25.7 million or $0.68 per diluted share for the second quarter of 2010.
Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a more meaningful understanding of the factors and trends affecting MagnaChip Semiconductor Corporation’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.

Combined cash balances (cash and cash equivalents plus short-term investments) totaled $177.8 million at the end of the second quarter of 2011, a decrease of $16.4 million from the end of the prior quarter due to a cash payment of $38.2 million related to the $35 million repurchase of senior notes during the quarter. Cash provided from operations totaled approximately $48.3 million for the second quarter of 2011.
Revenue by Segment

In thousands of US dollars	  	Three Months Ended	 	
 	  	June 30, 2011	 	  	March 31, 2011	 	  	June 30, 2010	 	
Semiconductor Manufacturing Services	  	$	96,458	  	  	$	92,266	  	  	$	101,564	  	
Display Solutions	  	 	82,719	  	  	 	74,464	  	  	 	80,584	  	
Power Solutions	  	 	23,739	  	  	 	20,412	  	  	 	12,040	  	
Other	  	 	763	  	  	 	779	  	  	 	512	  	
Total Revenue	  	$	203,679	  	  	$	187,921	  	  	$	194,700	  	
Second Quarter and Recent Company Highlights
 
 	•	 	Reduced the Company’s Outstanding Senior Notes from $250M to $215M by Repurchasing and Retiring $35M of Principal.	
 
 	•	 	Began Wafer Production for ELMOS’ 0.35um Automotive Semiconductor Products.	
 
 	•	 	Delivered Working Samples of an LED Lighting Product targeted for the Fast Growing LED Market.	
 
 	•	 	Developed a High Voltage IGBT Power Module for Industrial and Consumer Appliance Applications.	
Non-GAAP Metrics
Adjusted EBITDA excludes charges related to depreciation and amortization, interest expense, net, income tax expense, restructuring and impairment activities, stock-based compensation expense, foreign currency loss (gain), net, derivative valuation loss (gain), net, special expense for the IPO employee incentive payment, and loss on early extinguishment of senior notes. Adjusted net income (loss) excludes charges related to restructuring and impairment, stock-based compensation expense, amortization of intangible assets associated with continuing operations, foreign currency loss (gain), net, derivative valuation loss (gain), net, special expense for the IPO employee incentive payment, and loss on early extinguishment of senior notes. A reconciliation of GAAP results to non-GAAP results is included following the financial statements below.
About MagnaChip Semiconductor Corporation
Headquartered in South Korea, MagnaChip Semiconductor Corporation is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. MagnaChip Semiconductor 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 Semiconductor’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 Semiconductor Corporation’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 ability to capitalize on improving market dynamics and future operating and financial performance including third quarter 2011 revenue. All forward-looking statements included in this release are based upon information available to MagnaChip Semiconductor 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 Semiconductor Corporation’s filings with the SEC, including our Form 10-K filed on March 18, 2011 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 Semiconductor Corporation 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. 408-625-1262
robert.pursel@magnachip.com	  	In Korea:
Chankeun Park
Senior Manager, Public Relations
Tel. +82-3-6903-3195
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	 	
 	  	June 30,
2011	 	 	March 31,
2011	 	 	June 30,
2010	 	
Net sales	  	$	203,679	  	 	$	187,921	  	 	$	194,700	  	
Cost of sales	  	 	137,497	  	 	 	131,447	  	 	 	130,166	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	66,182	  	 	 	56,474	  	 	 	64,534	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit %	  	 	32.5	% 	 	 	30.1	% 	 	 	33.1	% 	
 	 	 	 	
Selling, general and administrative expenses	  	 	17,458	  	 	 	15,401	  	 	 	15,964	  	
Research and development expenses	  	 	20,614	  	 	 	18,498	  	 	 	20,543	  	
Restructuring and impairment charges	  	 	2,475	  	 	 	—  	  	 	 	267	  	
Special expense for IPO incentive	  	 	—  	  	 	 	12,146	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	25,635	  	 	 	10,429	  	 	 	27,760	  	
 	 	 	 	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	
Interest expense, net	  	 	(6,369	) 	 	 	(7,111	) 	 	 	(6,557	) 	
Foreign currency gain (loss), net	  	 	18,234	  	 	 	21,359	  	 	 	(48,273	) 	
Loss on early extinguishment of senior notes	  	 	(4,103	) 	 	 	—  	  	 	 	—  	  	
Other	  	 	203	  	 	 	166	  	 	 	(950	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	7,965	  	 	 	14,414	  	 	 	(55,780	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	33,600	  	 	 	24,843	  	 	 	(28,020	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	  	 	1,970	  	 	 	2,375	  	 	 	2,727	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	31,630	  	 	$	22,468	  	 	$	(30,747	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings (loss) per common share :	  	 	 	 	 	 	 	 	 	 	 	 	
-Basic	  	$	0.81	  	 	$	0.59	  	 	$	(0.81	) 	
-Diluted	  	$	0.78	  	 	$	0.57	  	 	$	(0.81	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares—Basic	  	 	39,066,303	  	 	 	38,332,750	  	 	 	37,819,820	  	
Weighted average number of shares—Diluted	  	 	40,294,902	  	 	 	39,570,522	  	 	 	37,819,820	  	

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,	 	 	March 31,	 	 	June 30,	 	
 	  	2011	 	 	2011	 	 	2010	 	
Net income (loss)	  	$	31,630	  	 	$	22,468	  	 	$	(30,747	) 	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	15,412	  	 	 	13,903	  	 	 	14,508	  	
Interest expense, net	  	 	6,368	  	 	 	7,111	  	 	 	6,557	  	
Income tax expense	  	 	1,970	  	 	 	2,375	  	 	 	2,727	  	
Restructuring and impairment charges	  	 	2,475	  	 	 	—  	  	 	 	267	  	
Stock-based compensation expense	  	 	605	  	 	 	641	  	 	 	1,279	  	
Foreign currency loss (gain), net	  	 	(18,234	) 	 	 	(21,359	) 	 	 	48,273	  	
Derivative valuation loss (gain), net	  	 	(203	) 	 	 	(158	) 	 	 	950	  	
Special expense for IPO incentive	  	 	—  	  	 	 	12,146	  	 	 	—  	  	
Loss on early extinguishment of senior notes	  	 	4,103	  	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	44,126	  	 	$	37,127	  	 	$	43,814	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic	  	$	1.13	  	 	 	0.97	  	 	 	1.16	  	
- Diluted	  	$	1.10	  	 	 	0.94	  	 	 	1.16	  	
 	 	 	 	
Net income(loss)	  	$	31,630	  	 	$	22,468	  	 	$	(30,747	) 	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Restructuring and impairment charges	  	 	2,475	  	 	 	—  	  	 	 	267	  	
Stock-based compensation expense	  	 	605	  	 	 	641	  	 	 	1,279	  	
Amortization of intangibles	  	 	2,080	  	 	 	1,990	  	 	 	5,718	  	
Foreign currency loss (gain), net	  	 	(18,234	) 	 	 	(21,359	) 	 	 	48,273	  	
Derivative valuation loss (gain), net	  	 	(203	) 	 	 	(158	) 	 	 	950	  	
Special expense for IPO incentive	  	 	—  	  	 	 	12,146	  	 	 	—  	  	
Loss on early extinguishment of senior notes	  	 	4,103	  	 	 	—  	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income	  	$	22,456	  	 	$	15,728	  	 	$	25,740	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic	  	$	0.58	  	 	$	0.41	  	 	$	0.68	  	
- Diluted	  	$	0.56	  	 	$	0.40	  	 	$	0.68	  	
We define Adjusted EBITDA as net income adjusted to exclude (i) depreciation and amortization (ii) interest expense, net, (iii) income tax expense, (iv) restructuring and impairment charges (v) stock-based compensation expense, (vi) foreign currency loss (gain), net, (vii) derivative valuation loss (gain), net, (viii) special expense for IPO incentive, and (ix) loss on early extinguishment of senior notes.
We present Adjusted Net Income as a further supplemental measure of our performance. We prepare Adjusted Net Income 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 is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income as net income adjusted to exclude (i) restructuring and impairment charges, (ii) stock-based compensation expense, (iii) amortization of intangibles, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, (vi) special expense for IPO incentive, and (vii) loss on early extinguishment of senior notes.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
(Unaudited)

 	  	June 30,
2011	 	 	December 31,
2010	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	177,764	  	 	$	172,172	  	
Accounts receivable, net	  	 	123,792	  	 	 	119,054	  	
Inventories, net	  	 	86,826	  	 	 	68,435	  	
Other receivables	  	 	4,217	  	 	 	2,919	  	
Prepaid expenses	  	 	9,257	  	 	 	8,207	  	
Other current assets	  	 	10,724	  	 	 	18,920	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	412,580	  	 	 	389,707	  	
 	  	 	 	 	 	 	 	 	
Property, plant and equipment, net	  	 	191,133	  	 	 	179,012	  	
Intangible assets, net	  	 	24,177	  	 	 	27,538	  	
Long-term prepaid expenses	  	 	6,103	  	 	 	8,235	  	
Other non-current assets	  	 	21,260	  	 	 	21,252	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	655,253	  	 	$	625,744	  	

Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	73,906	  	 	$	58,264	  	
Other accounts payable	  	 	23,098	  	 	 	14,645	  	
Accrued expenses	  	 	41,780	  	 	 	32,635	  	
Current portion of capital lease obligation	  	 	6,149	  	 	 	5,557	  	
Other current liabilities	  	 	4,747	  	 	 	5,048	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	149,680	  	 	 	116,149	  	
 	 	 	
Long-term borrowings	  	 	212,441	  	 	 	246,882	  	
Obligation under capital lease	  	 	123	  	 	 	3,105	  	
Accrued severance benefits, net	  	 	97,417	  	 	 	87,778	  	
Other non-current liabilities	  	 	5,778	  	 	 	8,979	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	465,439	  	 	 	462,893	  	

Commitments and contingencies	  	 	 	 	 	 	 	 	
 	 	 	
Stockholder’ equity	  	 	 	 	 	 	 	 	
Common stock, $0.01 par value, 150,000,000 shares authorized, 39,357,471 and 38,401,985 shares issued and outstanding at June 30, 2011 and December 31, 2010, respectively	  	 	394	  	 	 	384	  	
Additional paid-in capital	  	 	97,987	  	 	 	95,585	  	
Retained earnings	  	 	126,255	  	 	 	72,157	  	
Accumulated other comprehensive loss	  	 	(34,822	) 	 	 	(5,275	) 	
 	  	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	189,814	  	 	 	162,851	  	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	655,253	  	 	$	625,744	  	

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of US dollars)
(Unaudited)

 	  	Six Months Ended	 	
 	  	June 30,
2011	 	 	June 30,
2010	 	
Cash flows from operating activities	  	 	 	 	 	 	 	 	
Net income	  	$	54,098	  	 	$	354	  	
Adjustments to reconcile net income to net cash provided by operating activities	  	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	29,315	  	 	 	29,985	  	
Provision for severance benefits	  	 	8,396	  	 	 	9,380	  	
Amortization of debt issuance costs and original issue discount	  	 	491	  	 	 	449	  	
Loss (gain) on foreign currency translation, net	  	 	(44,109	) 	 	 	29,975	  	
Gain on disposal of property, plant and equipment, net	  	 	(11	) 	 	 	(9	) 	
Loss on disposal of intangible assets, net	  	 	8	  	 	 	7	  	
Restructuring and impairment charges	  	 	2,475	  	 	 	603	  	
Stock-based compensation	  	 	1,246	  	 	 	2,752	  	
Cash used for reorganization items	  	 	—  	  	 	 	1,475	  	
Loss on early extinguishment of senior notes	  	 	4,103	  	 	 	—  	  	
Other	  	 	1,104	  	 	 	740	  	
Changes in operating assets and liabilities	  	 	 	 	 	 	 	 	
Accounts receivable	  	 	2,103	  	 	 	(45,243	) 	
Inventories	  	 	(14,300	) 	 	 	1,342	  	
Other receivables	  	 	(1,309	) 	 	 	119	  	
Other current assets	  	 	(884	) 	 	 	(92	) 	
Deferred tax assets	  	 	824	  	 	 	618	  	
Accounts payable	  	 	12,139	  	 	 	7,542	  	
Other accounts payable	  	 	13,800	  	 	 	11,330	  	
Accrued expenses	  	 	3,141	  	 	 	7,841	  	
Other current liabilities	  	 	(1,155	) 	 	 	(1,172	) 	
Payment of severance benefits	  	 	(3,745	) 	 	 	(2,760	) 	
Other non-current liabilities	  	 	(232	) 	 	 	(2,855	) 	
 	  	 	 	 	 	 	 	 	
Net cash provided by operating activities before reorganization items	  	 	67,498	  	 	 	52,381	  	
 	  	 	 	 	 	 	 	 	
Cash used for reorganization items	  	 	—  	  	 	 	(1,475	) 	
 	  	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	67,498	  	 	 	50,906	  	

Cash flows from investing activities	  	 	 	 	 	 	 	 	
Proceeds from disposal of plant, property and equipment	  	 	23	  	 	 	13	  	
Purchase of plant, property and equipment	  	 	(26,926	) 	 	 	(20,509	) 	
Payment for intellectual property registration	  	 	(324	) 	 	 	(245	) 	
Decrease in short-term financial instruments	  	 	—  	  	 	 	329	  	
Collection of guarantee deposits	  	 	979	  	 	 	999	  	
Payment of guarantee deposits	  	 	(1,483	) 	 	 	(769	) 	
Other	  	 	(402	) 	 	 	(9	) 	
 	  	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(28,133	) 	 	 	(20,191	) 	

Cash flows from financing activities	  	 	 	 	 	 	 	 	
Proceeds from issuance of common stock	  	 	8,818	  	 	 	—  	  	
Proceeds from issuance of senior notes	  	 	—  	  	 	 	246,685	  	
Debt issuance costs paid	  	 	—  	  	 	 	(8,313	) 	
Repayment of Long-term borrowings	  	 	—  	  	 	 	(61,750	) 	
Repurchase of senior notes	  	 	(38,150	) 	 	 	—  	  	
Distribution to stockholders	  	 	—  	  	 	 	(130,697	) 	
Repayment of obligation under capital lease	  	 	(3,182	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	
Net cash provided by (used in) financing activities	  	 	(32,514	) 	 	 	45,925	  	
Effect of exchange rates on cash and cash equivalents	  	 	(1,259	) 	 	 	(255	) 	
 	  	 	 	 	 	 	 	 	
Net increase in cash and cash equivalents	  	 	5,592	  	 	 	76,385	  	

Cash and cash equivalents	  	 	 	 	 	 	 	 	
Beginning of the period	  	 	172,172	  	 	 	64,925	  	
 	  	 	 	 	 	 	 	 	
End of the period	  	$	177,764	  	 	$	141,310