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): November 1, 2012

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 third quarter ended September 30, 2012, as presented in a press release dated November 1, 2012.
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 November 1, 2012, announcing the results for the third quarter ended September 30, 2012.	

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: November 1, 2012	 	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 November 1, 2012, announcing the results for the third quarter ended September 30, 2012.	

Exhibit 99.1

 	  	 	  	Press Release	
MagnaChip Reports Third Quarter 2012 Financial Results
 
 	•	 	Revenue Increased 9.5% Sequentially and 10.7% Year-Over-Year Driven By Solid Foundry Revenue Growth	
 
 	•	 	Gross Margin of 34.5% Expanded 350 Basis Points Sequentially and 450 Basis Points Year-Over-Year	
 
 	•	 	Achieved GAAP EPS of $1.30 Per Diluted Share and Adjusted EPS of $0.81 Per Diluted Share	
SEOUL, South Korea and CUPERTINO, Calif., November 1, 2012 — 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 third quarter ended September 30, 2012.
Revenue for the third quarter of 2012 was $221.9 million, a 9.5% increase compared to $202.6 million for the second quarter of 2012, and a 10.7% increase compared to $200.4 million for the third quarter of 2011.
Gross margin was $76.4 million or 34.5%, as a percent of revenue, for the third quarter of 2012. This compares to gross margin of $62.9 million or 31.0% for the second quarter of 2012 and $60.1 million or 30.0% for the third quarter of 2011.
Net income, on a GAAP basis, for the third quarter of 2012 totaled $48.4 million or $1.30 per diluted share. This compares to net income of $4.3 million or $0.12 per diluted share for the second quarter of 2012 and net loss of $56.0 million or $1.43 per diluted share for the third quarter of 2011. Net income was impacted primarily by a foreign currency gain of $21.8 million during the quarter which was primarily related to non-cash foreign currency translation for intercompany balances that were denominated in U.S. dollars.
“Our sequential revenue growth of nearly 10% put us at the high end of the semiconductor group in terms of top line performance with smartphone and tablet PC demand remaining strong going into the fourth quarter. This smartphone and tablet PC demand is well diversified with MagnaChip supplying about 50 unique products to 26 different customers,” said Sang Park, MagnaChip Chairman and CEO. “In addition to strong revenue growth, our Q3 gross margin was up 350 basis points sequentially and up 630 basis points since Q1 due to higher fab utilization and improved product mix shift.”
Adjusted net income, a non-GAAP measurement, for the third quarter of 2012 totaled $30.4 million or $0.81 per diluted share compared to $17.9 million or $0.48 per diluted share for the second quarter of 2012 and $18.2 million or $0.46 per diluted share for the third quarter of 2011.

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’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 restricted cash) totaled $165.8 million at the end of the third quarter of 2012, an increase of $4.8 million from the end of the prior quarter. Cash provided from operations totaled approximately $23.0 million for the third quarter of 2012.
Revenue by Segment

In thousands of US dollars	  	Three Months Ended	 	
 	  	September 30, 2012	 	  	June 30, 2012	 	  	September 30, 2011	 	
Semiconductor Manufacturing Services	  	$	117,978	  	  	$	91,318	  	  	$	81,571	  	
Display Solutions	  	 	69,415	  	  	 	76,784	  	  	 	91,767	  	
Power Solutions	  	 	33,849	  	  	 	33,699	  	  	 	26,358	  	
Other	  	 	630	  	  	 	833	  	  	 	709	  	
Total Revenue	  	$	221,872	  	  	$	202,634	  	  	$	200,405	  	
Third Quarter and Recent Company Highlights
 
 	•	 	Seventh Consecutive Quarter of Achieving Financial Guidance.	
 
 	•	 	Expanded Gross Margins to $76.4 million or 34.5%.	
 
 	•	 	Achieved GAAP EPS of $1.30 Per Diluted Share and Adjusted EPS of $0.81 Per Diluted Share.	
 
 	•	 	Repurchased 444 Thousand Shares under MagnaChip’s 2011 Stock Repurchase Program.	
Business Outlook
For the fourth quarter of 2012, MagnaChip expects:
 
 	•	 	Revenue will be in the range of $213 million to $222 million.	
 
 	•	 	Gross margin will be 33.5% to 34.5%.	
Non-GAAP Metrics
Adjusted EBITDA excludes charges related to depreciation and amortization, interest expense, net, income tax expense, restructuring and impairment charges, stock-based compensation expense, foreign currency loss (gain), net, derivative valuation loss (gain), net, secondary offering and others, and loss on early extinguishment of senior notes. Adjusted net income (loss) excludes charges related to restructuring and impairment charges, stock-based compensation expense, amortization of intangible assets associated with continuing operations, foreign currency loss (gain), net, derivative valuation loss (gain), net, secondary offering and others, and loss on early extinguishment of senior notes. A reconciliation of GAAP results to non-GAAP results is included following the financial statements.

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 ability to capitalize on improving market dynamics and future operating and financial performance including fourth quarter 2012 revenue and gross margin. 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 March 8, 2012 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	 	
 	  	September 30,
2012	 	 	June 30,
2012	 	 	September 30,
2011	 	
Net sales	  	$	221,872	  	 	$	202,634	  	 	$	200,405	  	
Cost of sales	  	 	145,432	  	 	 	139,776	  	 	 	140,284	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	76,440	  	 	 	62,858	  	 	 	60,121	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit %	  	 	34.5	% 	 	 	31.0	% 	 	 	30.0	% 	
Selling, general and administrative expenses	  	 	21,388	  	 	 	20,093	  	 	 	17,881	  	
Research and development expenses	  	 	19,470	  	 	 	19,762	  	 	 	19,003	  	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	1,621	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	35,582	  	 	 	23,003	  	 	 	21,616	  	
Other income (expense)	  	 	 	 	 	 	 	 	 	 	 	 	
Interest expense, net	  	 	(5,746	) 	 	 	(5,619	) 	 	 	(5,860	) 	
Foreign currency gain (loss), net	  	 	21,782	  	 	 	(10,586	) 	 	 	(68,058	) 	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	(1,357	) 	
Other	  	 	695	  	 	 	701	  	 	 	(558	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	16,731	  	 	 	(15,504	) 	 	 	(75,833	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	52,313	  	 	 	7,499	  	 	 	(54,217	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	  	 	3,901	  	 	 	3,159	  	 	 	1,793	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	48,412	  	 	$	4,340	  	 	$	(56,010	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings (loss) per common share :	  	 	 	 	 	 	 	 	 	 	 	 	
– Basic	  	$	1.34	  	 	$	0.12	  	 	$	(1.43	) 	
– Diluted	  	$	1.30	  	 	$	0.12	  	 	$	(1.43	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares—Basic	  	 	36,199,655	  	 	 	36,713,569	  	 	 	39,064,071	  	
Weighted average number of shares—Diluted	  	 	37,324,787	  	 	 	37,566,699	  	 	 	39,064,071	  	

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,
2012	 	 	June 30,
2012	 	 	September 30,
2011	 	
Net income (loss)	  	$	48,412	  	 	$	4,340	  	 	$	(56,010	) 	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	8,443	  	 	 	7,923	  	 	 	13,053	  	
Interest expense, net	  	 	5,746	  	 	 	5,619	  	 	 	5,861	  	
Income tax expense	  	 	3,901	  	 	 	3,159	  	 	 	1,793	  	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	1,621	  	
Stock-based compensation expense	  	 	535	  	 	 	457	  	 	 	552	  	
Foreign currency loss (gain), net	  	 	(21,782	) 	 	 	10,586	  	 	 	68,058	  	
Derivative valuation loss (gain), net	  	 	(695	) 	 	 	(701	) 	 	 	558	  	
Secondary offering and others	  	 	2,119	  	 	 	1,216	  	 	 	—  	  	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	1,357	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	46,679	  	 	$	32,599	  	 	$	36,843	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
– Diluted	  	$	1.25	  	 	$	0.87	  	 	$	0.92	  	
Weighted average number of shares—Diluted	  	 	37,324,787	  	 	 	37,566,699	  	 	 	39,973,691	  	
Net income (loss)	  	$	48,412	  	 	$	4,340	  	 	$	(56,010	) 	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	1,621	  	
Stock-based compensation expense	  	 	535	  	 	 	457	  	 	 	552	  	
Amortization of intangibles	  	 	1,829	  	 	 	1,980	  	 	 	2,092	  	
Foreign currency loss (gain), net	  	 	(21,782	) 	 	 	10,586	  	 	 	68,058	  	
Derivative valuation loss (gain), net	  	 	(695	) 	 	 	(701	) 	 	 	558	  	
Secondary offering and others	  	 	2,119	  	 	 	1,216	  	 	 	—  	  	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	1,357	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income	  	$	30,418	  	 	$	17,878	  	 	$	18,228	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
– Diluted	  	$	0.81	  	 	$	0.48	  	 	$	0.46	  	
Weighted average number of shares—Diluted	  	 	37,324,787	  	 	 	37,566,699	  	 	 	39,973,691	  	
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) secondary offering and others, 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) secondary offering and others, 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)

 	  	September 30,
2012	 	 	December 31,
2011	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	165,658	  	 	$	162,111	  	
Restricted cash	  	 	136	  	 	 	6,830	  	
Accounts receivable, net	  	 	148,537	  	 	 	125,922	  	
Inventories, net	  	 	75,020	  	 	 	62,836	  	
Other receivables	  	 	2,097	  	 	 	256	  	
Prepaid expenses	  	 	9,120	  	 	 	6,032	  	
Other current assets	  	 	19,270	  	 	 	15,909	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	419,838	  	 	 	379,896	  	
 	  	 	 	 	 	 	 	 	
Property, plant and equipment, net	  	 	229,632	  	 	 	182,663	  	
Intangible assets, net	  	 	16,684	  	 	 	16,787	  	
Long-term prepaid expenses	  	 	9,575	  	 	 	4,790	  	
Other non-current assets	  	 	17,044	  	 	 	18,539	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	692,773	  	 	$	602,675	  	
 	  	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	97,386	  	 	$	77,848	  	
Other accounts payable	  	 	19,049	  	 	 	13,452	  	
Accrued expenses	  	 	40,483	  	 	 	31,723	  	
Current portion of capital lease obligations	  	 	—  	  	 	 	2,852	  	
Derivative liabilities	  	 	1,818	  	 	 	9,757	  	
Other current liabilities	  	 	8,460	  	 	 	2,007	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	167,196	  	 	 	137,639	  	
Long-term borrowings, net	  	 	201,586	  	 	 	201,389	  	
Accrued severance benefits, net	  	 	105,051	  	 	 	90,755	  	
Other non-current liabilities	  	 	11,556	  	 	 	6,222	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	485,389	  	 	 	436,005	  	
 	  	 	 	 	 	 	 	 	
Stockholders’ equity	  	 	 	 	 	 	 	 	
Common stock, $0.01 par value, 150,000,000 shares authorized, 39,513,351 shares issued and 35,954,925 outstanding at September 30, 2012 and 39,439,115 shares issued and 37,907,575 outstanding at December 31, 2011	  	 	395	  	 	 	394	  	
Additional paid-in capital	  	 	100,834	  	 	 	98,929	  	
Retained earnings	  	 	161,965	  	 	 	93,950	  	
Treasury stock, 3,558,426 shares at September 30, 2012	  	 	(34,730	) 	 	 	(11,793	)	
Accumulated other comprehensive loss	  	 	(21,080	) 	 	 	(14,810	) 	
 	  	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	207,384	  	 	 	166,670	  	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	692,773	  	 	$	602,675	  	

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

 	  	Three Months
Ended	 	 	Nine Months
Ended	 	
 	  	September 30,
2012	 	 	September 30,
2012	 	 	September 30,
2011	 	
Cash flows from operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	48,412	  	 	$	68,015	  	 	$	(1,912	) 	
Adjustments to reconcile net income (loss) to net cash provided by operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	8,443	  	 	 	23,840	  	 	 	42,368	  	
Provision for severance benefits	  	 	5,804	  	 	 	16,779	  	 	 	13,137	  	
Amortization of debt issuance costs and original issue discount	  	 	256	  	 	 	753	  	 	 	728	  	
Loss (gain) on foreign currency translation, net	  	 	(25,359	) 	 	 	(25,304	) 	 	 	33,220	  	
Loss (gain) on disposal of property, plant and equipment, net	  	 	16	  	 	 	(174	) 	 	 	(15	) 	
Loss on disposal of intangible assets, net	  	 	11	  	 	 	26	  	 	 	17	  	
Restructuring and impairment charges	  	 	—  	  	 	 	—  	  	 	 	4,096	  	
Stock-based compensation	  	 	535	  	 	 	1,450	  	 	 	1,798	  	
Loss on early extinguishment of senior notes	  	 	—  	  	 	 	—  	  	 	 	5,460	  	
Other	  	 	16	  	 	 	(332	) 	 	 	651	  	
Changes in operating assets and liabilities	  	 	 	 	 	 	 	 	 	 	 	 	
Accounts receivable	  	 	(9,872	) 	 	 	(18,168	) 	 	 	(4,400	) 	
Inventories	  	 	2,972	  	 	 	(8,526	) 	 	 	(4,400	) 	
Other receivables	  	 	793	  	 	 	(1,787	) 	 	 	836	  	
Other current assets	  	 	(9,513	) 	 	 	(662	) 	 	 	(3,196	) 	
Deferred tax assets	  	 	368	  	 	 	1,514	  	 	 	1,483	  	
Accounts payable	  	 	2,818	  	 	 	17,472	  	 	 	15,072	  	
Other accounts payable	  	 	(10,377	) 	 	 	(700	) 	 	 	7,157	  	
Accrued expenses	  	 	5,871	  	 	 	13,761	  	 	 	(18,278	) 	
Other current liabilities	  	 	2,839	  	 	 	9,450	  	 	 	(1,209	) 	
Payment of severance benefits	  	 	(753	) 	 	 	(5,569	) 	 	 	(6,549	) 	
Other	  	 	(243	) 	 	 	(2,239	) 	 	 	141	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	23,037	  	 	 	89,599	  	 	 	86,205	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from investing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Decrease (increase) in restricted cash	  	 	5,140	  	 	 	6,774	  	 	 	(9,711	) 	
Proceeds from disposal of plant, property and equipment	  	 	46	  	 	 	937	  	 	 	29	  	
Purchase of plant, property and equipment	  	 	(10,017	) 	 	 	(56,745	) 	 	 	(42,945	) 	
Payment for intellectual property registration	  	 	(187	) 	 	 	(752	) 	 	 	(521	) 	
Payment for acquisition	  	 	—  	  	 	 	(8,642	) 	 	 	—  	  	
Decrease in short-term financial instruments	  	 	—  	  	 	 	173	  	 	 	—  	  	
Collection of guarantee deposits	  	 	2	  	 	 	72	  	 	 	984	  	
Payment of guarantee deposits	  	 	(135	) 	 	 	(311	) 	 	 	(2,489	) 	
Other	  	 	3	  	 	 	(50	) 	 	 	(625	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(5,148	) 	 	 	(58,544	) 	 	 	(55,278	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from financing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from issuance of common stock	  	 	253	  	 	 	436	  	 	 	8,835	  	
Repurchase of senior notes	  	 	—  	  	 	 	—  	  	 	 	(50,307	) 	
Repayment of obligations under capital lease	  	 	—  	  	 	 	(2,968	) 	 	 	(4,831	) 	
Acquisition of treasury stock	  	 	(6,002	) 	 	 	(22,937	) 	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in financing activities	  	 	(5,749	) 	 	 	(25,469	) 	 	 	(46,303	) 	
Effect of exchange rates on cash and cash equivalents	  	 	(2,246	) 	 	 	(2,039	) 	 	 	2,672	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net increase (decrease) in cash and cash equivalents	  	 	9,894	  	 	 	3,547	  	 	 	(12,704	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	  	 	 	 	 	 	 	 	 	 	 	 	
Beginning of the period	  	 	155,764	  	 	 	162,111	  	 	 	172,172	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
End of the period	  	$	165,658	  	 	$	165,658	  	 	$	159,468