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 26, 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 third quarter ended September 30, 2011, as presented in a press release dated October 26, 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 October 26, 2011, announcing the results for the third quarter ended September 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: October 26, 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 October 26, 2011, announcing the results for the third quarter ended September 30, 2011.	

Exhibit 99.1

Press Release

MagnaChip Reports Third Quarter 2011 Financial Results
 
 	•	 	Power Solutions Revenue Grew 11% Sequentially and 48% Year-over-Year	
 
 	•	 	Display Solutions Revenue Grew 11% Sequentially and 18% Year-over -Year	
SEOUL, South Korea and CUPERTINO, Calif., October 26, 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 third quarter ended September 30, 2011.
Revenue for the third quarter of 2011 was $200.4 million, a 1.6% decrease compared to $203.7 million for the second quarter of 2011, and a 4.3% decrease compared to $209.4 million for the third quarter of 2010.
Gross profit was $60.1 million or 30.0%, as a percent of revenue, for the third quarter of 2011. This compares to gross profit of 66.2 million or 32.5 % for the second quarter of 2011 and $69.3 million or 33.1% for the third quarter of 2010.
“Despite continued weakness in the global semiconductor market, we managed to deliver results consistent with our original guidance while growing Power Solutions 11% sequentially and 48% year-over-year,” said Sang Park, MagnaChip’s Chairman and Chief Executive Officer. “While many of our peers reduced their outlook as the quarter progressed, we delivered on our initial expectations based on the strength of our blue-chip customer relationships, diverse product portfolio and growing Power and Display Solutions businesses. Having a strategy that capitalizes on the strength of our Foundry, Display and Power products better positions us for growth as the macro environment begins its recovery.”
Net loss, on a GAAP basis, for the third quarter of 2011 totaled $56.0 million or $1.43 per diluted share. This compares to net income of $31.6 million or $0.78 per diluted share for the second quarter of 2011 and a net income of $61.5 million or $1.57 per diluted share for the third quarter of 2010. Net loss was primarily impacted by a non-cash foreign currency translation loss of $68.1 million due to the appreciation of the US dollar against the Korean won associated with intercompany balances.
Adjusted net income, a non-GAAP measurement, for the third quarter of 2011 totaled $18.2 million or $0.46 per diluted share compared to $22.5 million or $0.56 per diluted share for the second quarter of 2011 and $26.2 million or $0.67 per diluted share for the third 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 restricted cash) totaled $168.7 million at the end of the third quarter of 2011, a decrease of $9.1 million from the end of the prior quarter primarily due to a cash payment of $12.1 million related to the $11.3 million repurchase of senior notes during the quarter. Cash provided from operations totaled approximately $18.7 million for the third quarter of 2011.
Revenue by Segment

In thousands of US dollars	  	Three Months Ended	 	
 	  	September 30, 2011	 	  	June 30, 2011	 	  	September 30, 2010	 	
Semiconductor Manufacturing Services	  	$	81,571	  	  	$	96,458	  	  	$	113,171	  	
Display Solutions	  	 	91,767	  	  	 	82,719	  	  	 	77,989	  	
Power Solutions	  	 	26,358	  	  	 	23,739	  	  	 	17,801	  	
Other	  	 	709	  	  	 	763	  	  	 	487	  	
Total Revenue	  	$	200,405	  	  	$	203,679	  	  	$	209,448	  	
Third Quarter and Recent Company Highlights
 
 	•	 	Reduced the Aggregate Principal Amount of the Company’s Outstanding 10.500% Senior Notes from $215.0M to $203.7M by Repurchasing and Retiring $11.3M of Principal.	
 
 	•	 	Announced $35 Million Common Stock Repurchase Program.	
 
 	•	 	Began Supplying AMOLED Display Drivers for Samsung’s Galaxy S2 LTE Smartphone.	
 
 	•	 	Shipped Pre-Production Samples of AC LED Lighting Drivers to a Leading Korean LED Manufacturer.	
 
 	•	 	Delivered IGBT Engineering Samples to Several Key Asian and Western Power Customers.	
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, 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, 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 fourth 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. +82-2-6903-3195
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,
2011	 	 	June 30,
2011	 	 	September 30,
2010	 	
Net sales	  	$	200,405	  	 	$	203,679	  	 	$	209,448	  	
Cost of sales	  	 	140,284	  	 	 	137,497	  	 	 	140,133	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit	  	 	60,121	  	 	 	66,182	  	 	 	69,315	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Gross profit %	  	 	30.0	% 	 	 	32.5	% 	 	 	33.1	% 	
Selling, general and administrative expenses	  	 	17,881	  	 	 	17,458	  	 	 	16,202	  	
Research and development expenses	  	 	19,003	  	 	 	20,614	  	 	 	23,119	  	
Restructuring and impairment charges	  	 	1,621	  	 	 	2,475	  	 	 	442	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Operating income	  	 	21,616	  	 	 	25,635	  	 	 	29,552	  	
Other income (expenses)	  	 	 	 	 	 	 	 	 	 	 	 	
Interest expense, net	  	 	(5,860	) 	 	 	(6,369	) 	 	 	(7,312	) 	
Foreign currency gain (loss), net	  	 	(68,058	) 	 	 	18,234	  	 	 	41,400	  	
Loss on early extinguishment of senior notes	  	 	(1,357	) 	 	 	(4,103	) 	 	 	—  	  	
Other	  	 	(558	) 	 	 	203	  	 	 	312	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
 	  	 	(75,833	) 	 	 	7,965	  	 	 	34,400	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income (loss) before income taxes	  	 	(54,217	) 	 	 	33,600	  	 	 	63,952	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Income tax expense	  	 	1,793	  	 	 	1,970	  	 	 	2,457	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	(56,010	) 	 	$	31,630	  	 	$	61,495	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Earnings (loss) per common share :	  	 	 	 	 	 	 	 	 	 	 	 	
- Basic	  	$	(1.43	) 	 	$	0.81	  	 	$	1.63	  	
- Diluted	  	$	(1.43	) 	 	$	0.78	  	 	$	1.57	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Weighted average number of shares—Basic	  	 	39,064,071	  	 	 	39,066,303	  	 	 	37,819,820	  	
Weighted average number of shares—Diluted	  	 	39,064,071	  	 	 	40,294,902	  	 	 	39,200,585	  	

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,
2011	 	 	June 30,
2011	 	 	September 30,
2010	 	
Net income (loss)	  	$	(56,010	) 	 	$	31,630	  	 	$	61,495	  	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	13,053	  	 	 	15,412	  	 	 	14,347	  	
Interest expense, net	  	 	5,861	  	 	 	6,368	  	 	 	7,312	  	
Income tax expenses	  	 	1,793	  	 	 	1,970	  	 	 	2,457	  	
Restructuring and impairment charges	  	 	1,621	  	 	 	2,475	  	 	 	442	  	
Stock-based compensation expense	  	 	552	  	 	 	605	  	 	 	1,320	  	
Foreign currency loss (gain), net	  	 	68,058	  	 	 	(18,234	) 	 	 	(41,400	) 	
Derivative valuation loss (gain), net	  	 	558	  	 	 	(203	) 	 	 	(312	) 	
Loss on early extinguishment of senior notes	  	 	1,357	  	 	 	4,103	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA	  	$	36,843	  	 	$	44,126	  	 	$	45,661	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Diluted	  	$	0.92	  	 	$	1.10	  	 	$	1.16	  	
Weighted average number of shares—Diluted	  	 	39,973,691	  	 	 	40,294,902	  	 	 	39,200,585	  	
Net income (loss)	  	$	(56,010	) 	 	$	31,630	  	 	$	61,495	  	
Adjustments:	  	 	 	 	 	 	 	 	 	 	 	 	
Restructuring and impairment charges	  	 	1,621	  	 	 	2,475	  	 	 	442	  	
Stock-based compensation expense	  	 	552	  	 	 	605	  	 	 	1,320	  	
Amortization of intangibles	  	 	2,092	  	 	 	2,080	  	 	 	4,681	  	
Foreign currency loss (gain), net	  	 	68,058	  	 	 	(18,234	) 	 	 	(41,400	) 	
Derivative valuation loss (gain), net	  	 	558	  	 	 	(203	) 	 	 	(312	) 	
Loss on early extinguishment of senior notes	  	 	1,357	  	 	 	4,103	  	 	 	—  	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income	  	$	18,228	  	 	$	22,456	  	 	$	26,226	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Adjusted net income per common share:	  	 	 	 	 	 	 	 	 	 	 	 	
- Diluted	  	$	0.46	  	 	$	0.56	  	 	$	0.67	  	
Weighted average number of shares—Diluted	  	 	39,973,691	  	 	 	40,294,902	  	 	 	39,200,585	  	
We define Adjusted EBITDA as net income (loss) 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, and (viii) 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(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 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 (loss) adjusted to exclude (i) restructuring and impairment charges, (ii) stock-based compensation expense, (iii) amortization of intangible assets associated with continuing operations, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, and (vi) 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,
2011	 	 	December 31,
2010	 	
Assets	  	 	 	 	 	 	 	 	
Current assets	  	 	 	 	 	 	 	 	
Cash and cash equivalents	  	$	159,468	  	 	$	172,172	  	
Restricted cash	  	 	9,210	  	 	 	—  	  	
Accounts receivable, net	  	 	124,150	  	 	 	119,054	  	
Inventories, net	  	 	69,817	  	 	 	68,435	  	
Other receivables	  	 	1,950	  	 	 	2,919	  	
Prepaid expenses	  	 	8,770	  	 	 	8,207	  	
Other current assets	  	 	8,159	  	 	 	18,920	  	
 	  	 	 	 	 	 	 	 	
Total current assets	  	 	381,524	  	 	 	389,707	  	
 	  	 	 	 	 	 	 	 	
Property, plant and equipment, net	  	 	180,032	  	 	 	179,012	  	
Intangible assets, net	  	 	18,565	  	 	 	27,538	  	
Long-term prepaid expenses	  	 	4,759	  	 	 	8,235	  	
Other non-current assets	  	 	20,986	  	 	 	21,252	  	
 	  	 	 	 	 	 	 	 	
Total assets	  	$	605,866	  	 	$	625,744	  	
 	  	 	 	 	 	 	 	 	
Liabilities and Stockholders’ Equity	  	 	 	 	 	 	 	 	
Current liabilities	  	 	 	 	 	 	 	 	
Accounts payable	  	$	75,947	  	 	$	58,264	  	
Other accounts payable	  	 	12,425	  	 	 	14,645	  	
Accrued expenses	  	 	37,012	  	 	 	32,635	  	
Current portion of capital lease obligations	  	 	4,415	  	 	 	5,557	  	
Other current liabilities	  	 	13,762	  	 	 	5,048	  	
 	  	 	 	 	 	 	 	 	
Total current liabilities	  	 	143,561	  	 	 	116,149	  	
Long-term borrowings, net	  	 	201,325	  	 	 	246,882	  	
Long-term obligations under capital lease	  	 	—  	  	 	 	3,105	  	
Accrued severance benefits, net	  	 	91,106	  	 	 	87,778	  	
Other non-current liabilities	  	 	9,927	  	 	 	8,979	  	
 	  	 	 	 	 	 	 	 	
Total liabilities	  	 	445,919	  	 	 	462,893	  	
 	  	 	 	 	 	 	 	 	
Commitments and contingencies	  	 	 	 	 	 	 	 	
Stockholders’ equity	  	 	 	 	 	 	 	 	
Common stock, $0.01 par value, 150,000,000 shares authorized, 39,354,006 and 38,401,985 shares issued and outstanding at September 30, 2011 and December 31, 2010, respectively	  	 	394	  	 	 	384	  	
Additional paid-in capital	  	 	98,310	  	 	 	95,585	  	
Retained earnings	  	 	70,245	  	 	 	72,157	  	
Accumulated other comprehensive loss	  	 	(9,002	) 	 	 	(5,275	) 	
 	  	 	 	 	 	 	 	 	
Total stockholders’ equity	  	 	159,947	  	 	 	162,851	  	
 	  	 	 	 	 	 	 	 	
Total liabilities and stockholders’ equity	  	$	605,866	  	 	$	625,744	  	

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

 	  	Three Months
Ended	 	 	Nine Months
Ended	 	
 	  	September 30,
2011	 	 	September 30,
2011	 	 	September 30,
2010	 	
Cash flows from operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Net income (loss)	  	$	(56,010	) 	 	$	(1,912	) 	 	$	61,849	  	
Adjustments to reconcile net income to net cash provided by operating activities	  	 	 	 	 	 	 	 	 	 	 	 	
Depreciation and amortization	  	 	13,053	  	 	 	42,368	  	 	 	44,332	  	
Provision for severance benefits	  	 	4,741	  	 	 	13,137	  	 	 	15,123	  	
Amortization of debt issuance costs and original issue discount	  	 	237	  	 	 	728	  	 	 	687	  	
Loss (gain) on foreign currency translation, net	  	 	77,329	  	 	 	33,220	  	 	 	(16,704	) 	
Gain on disposal of property, plant and equipment, net	  	 	(4	) 	 	 	(15	) 	 	 	(7	) 	
Loss on disposal of intangible assets, net	  	 	9	  	 	 	17	  	 	 	9	  	
Restructuring and impairment charges	  	 	1,621	  	 	 	4,096	  	 	 	1,045	  	
Stock-based compensation	  	 	552	  	 	 	1,798	  	 	 	4,072	  	
Cash used for reorganization items	  	 	—  	  	 	 	—  	  	 	 	1,573	  	
Loss on early extinguishment of senior notes	  	 	1,357	  	 	 	5,460	  	 	 	—  	  	
Other	  	 	(453	) 	 	 	651	  	 	 	951	  	
Changes in operating assets and liabilities	  	 	 	 	 	 	 	 	 	 	 	 	
Accounts receivable	  	 	(6,503	) 	 	 	(4,400	) 	 	 	(61,771	) 	
Inventories	  	 	9,900	  	 	 	(4,400	) 	 	 	193	  	
Other receivables	  	 	2,145	  	 	 	836	  	 	 	(1,229	) 	
Other current assets	  	 	(2,312	) 	 	 	(3,196	) 	 	 	(221	) 	
Deferred tax assets	  	 	659	  	 	 	1,483	  	 	 	1,133	  	
Accounts payable	  	 	2,933	  	 	 	15,072	  	 	 	10,400	  	
Other accounts payable	  	 	(6,643	) 	 	 	7,157	  	 	 	6,332	  	
Accrued expenses	  	 	(21,419	) 	 	 	(18,278	) 	 	 	22,094	  	
Other current liabilities	  	 	(54	) 	 	 	(1,209	) 	 	 	516	  	
Payment of severance benefits	  	 	(2,804	) 	 	 	(6,549	) 	 	 	(4,707	) 	
Other non-current liabilities	  	 	373	  	 	 	141	  	 	 	(2,470	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities before reorganization items	  	 	18,707	  	 	 	86,205	  	 	 	83,200	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash used for reorganization items	  	 	—  	  	 	 	—  	  	 	 	(1,573	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by operating activities	  	 	18,707	  	 	 	86,205	  	 	 	81,627	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from investing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Increase in restricted cash	  	 	(9,711	) 	 	 	(9,711	) 	 	 	—  	  	
Proceeds from disposal of plant, property and equipment	  	 	6	  	 	 	29	  	 	 	10	  	
Purchase of plant, property and equipment	  	 	(16,019	) 	 	 	(42,945	) 	 	 	(29,739	) 	
Payment for intellectual property registration	  	 	(197	) 	 	 	(521	) 	 	 	(437	) 	
Decrease in short-term financial instruments	  	 	—  	  	 	 	—  	  	 	 	329	  	
Collection of guarantee deposits	  	 	5	  	 	 	984	  	 	 	1,011	  	
Payment of guarantee deposits	  	 	(1,006	) 	 	 	(2,489	) 	 	 	(794	) 	
Other	  	 	(223	) 	 	 	(625	) 	 	 	(13	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash used in investing activities	  	 	(27,145	) 	 	 	(55,278	) 	 	 	(29,633	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash flows from financing activities	  	 	 	 	 	 	 	 	 	 	 	 	
Proceeds from issuance of common stock	  	 	17	  	 	 	8,835	  	 	 	—  	  	
Proceeds from issuance of senior notes	  	 	—  	  	 	 	—  	  	 	 	246,685	  	
Debt issuance costs paid	  	 	—  	  	 	 	—  	  	 	 	(8,313	) 	
Distribution to stockholders	  	 	—  	  	 	 	—  	  	 	 	(130,697	) 	
Repayment of long-term borrowings	  	 	—  	  	 	 	—  	  	 	 	(61,750	) 	
Repurchase of senior notes	  	 	(12,157	) 	 	 	(50,307	) 	 	 	—  	  	
Repayment of obligations under capital lease	  	 	(1,649	) 	 	 	(4,831	) 	 	 	(1,812	) 	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net cash provided by (used in) financing activities	  	 	(13,789	) 	 	 	(46,303	) 	 	 	44,113	  	
Effect of exchange rates on cash and cash equivalents	  	 	3,931	  	 	 	2,672	  	 	 	397	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Net increase (decrease) in cash and cash equivalents	  	 	(18,296	) 	 	 	(12,704	) 	 	 	96,504	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
Cash and cash equivalents	  	 	 	 	 	 	 	 	 	 	 	 	
Beginning of the period	  	 	177,764	  	 	 	172,172	  	 	 	64,925	  	
 	  	 	 	 	 	 	 	 	 	 	 	 	
End of the period	  	$	159,468	  	 	$	159,468	  	 	$	161,429