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 29, 2015

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, 2015, as presented in a press release dated October 29, 2015.
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 29, 2015, announcing the results for the third quarter ended September 30, 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: October 29, 2015	 	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 29, 2015, announcing the results for the third quarter ended September 30, 2015.	

Exhibit 99.1

 	 	            Press Release

 

MagnaChip Reports Third Quarter 2015 Financial Results
SEOUL, South Korea and SAN JOSE, Calif., October 29, 2015 — 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, 2015.
Revenue for the third quarter of 2015 was $154.4 million, a 4.7% decline compared to $162.0 million for the second quarter of 2015, and down 20.6% compared to $194.3 million for the third quarter of 2014. Foundry Services revenue in the third quarter of 2015 was $71.5 million and Standard Products Group revenue was $82.7 million.
Gross profit was $34.7 million, or 22.5% as a percent of revenue for the third quarter of 2015. This compared with gross profit of $35.3 million, or 21.8%, for the second quarter of 2015 and $42.6 million, or 21.9%, for the third quarter of 2014. Foundry gross profit was 26.1% and Standard Products Group gross profit was 19.1% in the third quarter of 2015.
Net loss, on a GAAP basis, for the third quarter of 2015 totaled $57.1 million, or $1.65 per diluted share, compared to net loss of $30.6 million, or $0.90 per diluted share, for the second quarter of 2015 and net loss of $46.8 million, or $1.37 per diluted share, for the third quarter of 2014. Net loss stemmed primarily from lower revenue and gross profit, as well as from non-cash foreign currency translation loss.
“We continue to face many challenges but in the third quarter we executed on our product strategies, achieved our short-term financial goals and continued to streamline the organization and reduce costs,” said YJ Kim, Chief Executive Officer. “Despite a weak macro environment, revenue in the third quarter came in at the high end of our expectations, as we benefited from the adoption of our standard products by companies in China.”
Chief Financial Officer Jonathan Kim commented, “We are well on our way to achieving our previously announced target to reduce total normalized spending by over $40 million in 2015 compared to 2014. Spending in the first three quarters of 2015 declined by approximately $38 million as compared with the same period last year,” said Mr. Kim, “and our 2016 spending targets are now under review as part of a comprehensive cost reduction plan launched earlier this year.”
Adjusted Net Loss, a non-GAAP measurement, for the third quarter of 2015 totaled $10.4 million, or $0.30 per diluted share, compared to an adjusted net loss of $11.1 million, or $0.32 per diluted share, in the second quarter of 2015 and compared to an adjusted net loss of $6.8 million, or $0.20 per diluted share, for the third quarter of 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 $68.5 million at the end of the third quarter of 2015, a decrease of $4.2 million from the end of the prior quarter.
The following table sets forth information relating to our operating segments:

 	  	Three Months Ended	 	  	Nine Months Ended	 	
 	  	September 30,
2015	 	  	September 30,
2014	 	  	September 30,
2015	 	  	September 30,
2014	 	
Net Sales	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Foundry Services Group	  	$	71,471	  	  	$	99,333	  	  	$	224,953	  	  	$	281,600	  	
Standard Products Group	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Display Solutions	  	 	48,314	  	  	 	58,700	  	  	 	153,585	  	  	 	144,406	  	
Power Solutions	  	 	34,406	  	  	 	36,088	  	  	 	102,238	  	  	 	104,138	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total Standard Products Group	  	 	82,720	  	  	 	94,788	  	  	 	255,823	  	  	 	248,544	  	
All other	  	 	191	  	  	 	211	  	  	 	506	  	  	 	422	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total net sales	  	$	154,382	  	  	$	194,332	  	  	$	481,282	  	  	$	530,566	  	

 	  	Three Months Ended	 	  	Nine Months Ended	 	
 	  	September 30,
2015	 	  	September 30,
2014	 	  	September 30,
2015	 	  	September 30,
2014	 	
Gross Profit	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Foundry Services Group	  	$	18,681	  	  	$	19,386	  	  	$	51,241	  	  	$	60,109	  	
Standard Products Group	  	 	15,827	  	  	 	23,033	  	  	 	53,216	  	  	 	57,833	  	
All other	  	 	191	  	  	 	211	  	  	 	505	  	  	 	422	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Total gross profit	  	$	34,699	  	  	$	42,630	  	  	$	104,962	  	  	$	118,364	  	
 	  	 	 	 	  	 	 	 	  	 	 	 	  	 	 	 	
Third Quarter and Recent Company Events
 
 	•	 	Hosted First Foundry Technology Symposium in Shanghai, China on September 22, 2015	
 
 	•	 	Announced Second Foundry Technology Symposium in Shenzhen, China to be held on November 10, 2015	
Business Outlook
For the fourth quarter of 2015, MagnaChip anticipates:
 
 	•	 	Revenue to be in the range of $143 million to $153 million	
 
 	•	 	Gross profit to be 14% to 16% as a percent of revenue	
Conference Call
MagnaChip will hold a conference call at 5 p.m. EDT today (October 29, 2015) to discuss the third quarter 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 56598267 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 numbers are 1-855-859-2056 or 1-404-537-3406. The access code is 56598267.

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 fourth quarter 2015 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 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,
2015	 	 	June 30,
2015	 	 	September 30,
2014	 	
Net sales	  	$	154,382	  	 	$	162,015	  	 	$	194,332	  	
Cost of sales	  	 	119,683	  	 	 	126,729	  	 	 	151,702	  	
Gross profit	  	 	34,699	  	 	 	35,286	  	 	 	42,630	  	
Gross profit %	  	 	22.5	%	 	 	21.8	%	 	 	21.9	%	
Operating expenses	  	 	 	 	 	 	 	 	 	 	 	 	
Selling, general and administrative expenses	  	 	22,107	  	 	 	28,588	  	 	 	38,690	  	
Research and development expenses	  	 	20,450	  	 	 	21,931	  	 	 	23,422	  	
Total operating expenses	  	 	42,557	  	 	 	50,519	  	 	 	62,112	  	
Operating loss	  	 	(7,858	) 	 	 	(15,233	)	 	 	(19,482	) 	
Interest expense	  	 	(4,075	) 	 	 	(3,987	)	 	 	(4,197	) 	
Foreign currency loss, net	  	 	(44,139	) 	 	 	(12,296	)	 	 	(23,508	) 	
Other income, net	  	 	256	  	 	 	288	  	 	 	691	  	
Loss before income taxes	  	 	(55,816	) 	 	 	(31,228	)	 	 	(46,496	) 	
Income tax expenses (benefits)	  	 	1,250	  	 	 	(602	)	 	 	311	  	
Net loss	  	$	(57,066	) 	 	$	(30,626	)	 	$	(46,807	)	
Loss per common share :	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic	  	$	(1.65	) 	 	$	(0.90	)	 	$	(1.37	) 	
- Diluted	  	$	(1.65	) 	 	$	(0.90	)	 	$	(1.37	) 	
Weighted average number of shares—Basic	  	 	34,664,246	  	 	 	34,092,402	  	 	 	34,056,359	  	
Weighted average number of shares—Diluted	  	 	34,664,246	  	 	 	34,092,402	  	 	 	34,056,359	  	

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,
2015	 	 	June 30,
2015	 	 	September 30,
2014	 	
Net loss	  	$	(57,066	) 	 	$	(30,626	)	 	$	(46,807	) 	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	6,399	  	 	 	6,797	  	 	 	7,824	  	
Interest expense, net	  	 	4,023	  	 	 	3,933	  	 	 	4,079	  	
Income tax expenses (benefits)	  	 	1,250	  	 	 	(602	)	 	 	311	  	
Equity-based compensation expense	  	 	393	  	 	 	1,792	  	 	 	593	  	
Foreign currency loss, net	  	 	44,139	  	 	 	12,296	  	 	 	23,508	  	
Derivative valuation loss, net	  	 	270	  	 	 	306	  	 	 	9	  	
Restatement related expenses	  	 	1,891	  	 	 	5,168	 	 	 	15,478	  	
Adjusted EBITDA	  	$	1,299	  	 	$	(936	)	 	$	4,995	  	
Adjusted EBITDA per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Diluted	  	$	0.04	  	 	$	(0.03	)	 	$	0.14	  	
Weighted average number of shares — Diluted	  	 	35,002,896	  	 	 	34,092,402	  	 	 	35,144,894	  	
Net loss	  	$	(57,066	) 	 	$	(30,626	)	 	$	(46,807	) 	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Equity-based compensation expense	  	 	393	  	 	 	1,792	  	 	 	593	  	
Amortization of intangibles	  	 	—  	 	 	 	—  	 	 	 	372	  	
Foreign currency loss, net	  	 	44,139	  	 	 	12,296	  	 	 	23,508	  	
Derivative valuation loss, net	  	 	270	  	 	 	306	  	 	 	9	  	
Restatement related expenses	  	 	1,891	  	 	 	5,168	 	 	 	15,478	  	
Adjusted Net Loss	  	$	(10,373	) 	 	$	(11,064	)	 	$	(6,847	) 	
Adjusted Net Loss per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Diluted	  	$	(0.30	) 	 	$	(0.32	)	 	$	(0.20	) 	
Weighted average number of shares — Diluted	  	 	34,664,246	  	 	 	34,092,402	  	 	 	34,056,359	  	
We define Adjusted EBITDA as net loss adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) equity-based compensation expense, (v) foreign currency loss, net, (vi) derivative valuation loss, net and (vii) restatement related expenses.
We present Adjusted Net Loss as a further supplemental measure of our performance. We prepare Adjusted Net Loss by adjusting net 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 Loss is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Loss as net loss adjusted to exclude (i) equity-based compensation expense, (ii) amortization of intangibles, (iii) foreign currency loss, net, (vi) 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,
2015	 	 	December 31,
2014	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	68,510	  	 	$	102,434	  	
Accounts receivable, net	  	 	57,885	  	 	 	72,957	  	
Inventories, net	  	 	58,180	  	 	 	75,334	  	
Other receivables	  	 	3,274	  	 	 	10,616	  	
Prepaid expenses	  	 	10,957	  	 	 	7,560	  	
Current deferred income tax assets	  	 	36	  	 	 	237	  	
Hedge collateral	  	 	6,000	  	 	 	—	 	
Other current assets	  	 	8,265	  	 	 	6,898	  	
Total current assets	  	 	213,107	  	 	 	276,036	  	
Property, plant and equipment, net	  	 	189,362	  	 	 	223,766	  	
Intangible assets, net	  	 	2,516	  	 	 	2,451	  	
Long-term prepaid expenses	  	 	13,255	  	 	 	10,916	  	
Deferred income tax assets	  	 	246	  	 	 	415	  	
Other non-current assets	  	 	11,905	  	 	 	14,147	  	
Total assets	  	$	430,391	  	 	$	527,731	  	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	48,939	  	 	$	70,767	  	
Other accounts payable	  	 	8,418	  	 	 	10,986	  	
Accrued expenses	  	 	68,598	  	 	 	81,060	  	
Other current liabilities	  	 	6,843	  	 	 	6,460	  	
Total current liabilities	  	 	132,798	  	 	 	169,273	  	
Long-term borrowings, net	  	 	224,125	  	 	 	224,035	  	
Accrued severance benefits, net	  	 	133,955	  	 	 	139,289	  	
Other non-current liabilities	  	 	12,362	  	 	 	13,636	  	
Total liabilities	  	 	503,240	  	 	 	546,233	  	
Stockholders’ equity	  	 	 	 	 	 	 	 	
Common stock, $0.01 par value, 150,000,000 shares authorized, 41,147,307 shares issued and 34,568,542 outstanding at September 30, 2015 and 40,635,233 shares issued and 34,056,468 outstanding at December 31, 2014	  	 	411	  	 	 	406	  	
Additional paid-in capital	  	 	124,218	  	 	 	118,419	  	
Accumulated deficit	  	 	(119,064	) 	 	 	(11,343	)	
Treasury stock, 6,578,765 shares at September 30, 2015 and December 31, 2014	  	 	(90,918	) 	 	 	(90,918	)	
Accumulated other comprehensive income (loss)	  	 	12,504	  	 	 	(35,066	)	
Total stockholders’ equity (deficit)	  	 	(72,849	) 	 	 	(18,502	)	
Total liabilities and stockholders’ equity	  	$	430,391	  	 	$	527,731	  	

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

 	  	Three Months
Ended	 	 	Nine Months
Ended	 	
 	  	September 30,
2015	 	 	September 30,
2015	 	 	September 30,
2014	 	
Cash flows from operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Net loss	  	$	(57,066	) 	 	$	(107,721	) 	 	$	(53,402	) 	
Adjustments to reconcile net loss to net cash used in operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	6,399	  	 	 	20,066	  	 	 	22,846	  	
Provision for severance benefits	  	 	2,296	  	 	 	14,173	  	 	 	14,775	  	
Bad debt expenses (reversal of allowance)	  	 	(18	) 	 	 	(21	) 	 	 	3,755	  	
Amortization of debt issuance costs and original issue discount	  	 	167	  	 	 	491	  	 	 	457	  	
Loss (gain) on foreign currency, net	  	 	48,584	  	 	 	65,730	  	 	 	(4,077	) 	
Gain on disposal of investments	  	 	—  	 	 	 	—  	 	 	 	(1,524	) 	
Stock-based compensation	  	 	393	  	 	 	2,370	  	 	 	1,665	  	
Other	  	 	(1,878	) 	 	 	(331	) 	 	 	951	  	
Changes in operating assets and liabilities	  	 	 	 	 	 	 	 	 	 	 	 	
Accounts receivable	  	 	5,527	  	 	 	8,672	  	 	 	(206	) 	
Inventories, net	  	 	9,679	  	 	 	11,302	  	 	 	(1,199	) 	
Other receivables	  	 	1,592	  	 	 	7,115	  	 	 	353	  	
Other current assets	  	 	(1,566	) 	 	 	669	  	 	 	4,835	  	
Deferred tax assets	  	 	28	  	 	 	367	  	 	 	835	  	
Accounts payable	  	 	(6,463	) 	 	 	(18,894	) 	 	 	(964	) 	
Other accounts payable	  	 	(4,649	) 	 	 	(10,199	) 	 	 	(7,265	) 	
Accrued expenses	  	 	(22,021	) 	 	 	(32,731	) 	 	 	12,678	  	
Other current liabilities	  	 	136	  	 	 	(1,922	) 	 	 	(201	) 	
Other non-current liabilities	  	 	1,274	  	 	 	190	  	 	 	65	  	
Payment of severance benefits	  	 	(3,674	) 	 	 	(7,905	) 	 	 	(4,712	) 	
Other	  	 	288	  	 	 	141	  	 	 	19	  	
Net cash used in operating activities	  	 	(20,972	) 	 	 	(48,438	) 	 	 	(10,316	) 	
Cash flows from investing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from settlement of hedge collateral	  	 	10,841	  	 	 	10,841	  	 	 	—  	 	
Payment of hedge collateral	  	 	(10,627	) 	 	 	(17,182	) 	 	 	—  	 	
Proceeds from disposal of investments	  	 	—  	 	 	 	—  	 	 	 	2,003	  	
Proceeds from disposal of plant, property and equipment	  	 	1,685	  	 	 	1,698	  	 	 	—  	 	
Purchase of plant, property and equipment	  	 	(2,286	) 	 	 	(4,250	) 	 	 	(15,613	) 	
Payment for intellectual property registration	  	 	(287	) 	 	 	(550	) 	 	 	(778	) 	
Collection of guarantee deposits	  	 	77	  	 	 	123	  	 	 	—  	 	
Payment of guarantee deposits	  	 	(28	) 	 	 	(670	) 	 	 	(338	) 	
Other	  	 	1	  	 	 	179	  	 	 	45	  	
Net cash used in investing activities	  	 	(624	) 	 	 	(9,811	) 	 	 	(14,681	) 	
Cash flows from financing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from issuance of common stock	  	 	2,226	  	 	 	3,434	  	 	 	67	  	
Net cash provided by financing activities	  	 	2,226	  	 	 	3,434	  	 	 	67	  	
Effect of exchange rates on cash and cash equivalents	  	 	15,208	  	 	 	20,891	  	 	 	(3,466	) 	
Net decrease in cash and cash equivalents	  	 	(4,162	) 	 	 	(33,924	) 	 	 	(28,396	) 	
Cash and cash equivalents	  	 	 	 	 	 	 	 	 	 	 	 	
Beginning of the period	  	 	72,672	  	 	 	102,434	  	 	 	153,606	  	
End of the period	  	$	68,510	  	 	$	68,510	  	 	$	125,210