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