MagnaChip Reports Revenue of $229.7 Million in Third Quarter 2019; OLED, Power Revenue Set Records; Foundry Revenue Hits 5-year High
SEOUL, South Korea and SAN JOSE, Calif., Oct. 23, 2019 /PRNewswire/ -- MagnaChip Semiconductor Corporation (NYSE: MX) today announced financial results for the third quarter of 2019.
Q3 2019 Summary
- Revenue of $229.7 million at high-end of guidance range of $220-230 million; Q3 revenue up 11.5% Year-over-Year (YoY); up 12% Quarter-over-Quarter (QoQ)
- Standard Products Group (SPG) revenue of $139.2 million, up 14.1% YoY; up 5.5% QoQ
- Display standard products revenue of $90.6 million, up 16.7% YoY; up 7.5% QoQ
- OLED display driver IC revenue of $78.3 million up 34.2% YoY; up 7.2% QoQ
- Power standard products revenue of $48.7 million, up 9.5% YoY; up 2.0% QoQ
- Foundry Services Group (FSG) revenue of $90.3 million, up 7.7% YoY; up 23.6% QoQ
- Total gross profit margin (GPM) of 26.5% exceeded the guidance range of 22-24%; GPM was 27.1% in Q3 2018; 21.4% in Q2 2019
Fourth Quarter 2019 Business OutlookMagnaChip anticipates:
- Normal seasonal softness in revenue but improvement from the fourth quarter of 2018. Revenue is expected to be in the range of $181 million to $191 million, down 19% at the mid-point of the projected range when compared with revenue of $229.7 million in the third quarter of 2019, and up 3.7% year-over-year when compared to revenue of $179.4 million in the fourth quarter of 2018.
- Gross profit margin to be in the range of 24% to 26%, when compared to 26.5% in the third quarter of 2019 and 24.5% in the fourth quarter of 2018. Gross margin guidance for the fourth quarter reflects the current expectation that fab utilization will show an expected sequential decline from the third quarter of 2019.
CEO YJ Kim comments on Q3Revenue of $229.7 million was the highest quarterly level achieved since we went public in 2011. Our Display and Power businesses both had record quarterly revenue, and Foundry revenue was at the highest level in five years. Demand continued to be robust for our OLED display drivers, as revenue increased over 34% year-over-year and over 7% sequentially.
We were awarded a record 11 new design wins for OLED display drivers in Asia, including three for mid-range smartphones from a major smartphone maker in Korea. Of the 11 design wins, seven were for display drivers in our 40-nanometer product family and four were for our new and lowest-power 28-nanometer display drivers. Smartphone makers in Asia launched a total of six high-end and mid-range models using our OLED display drivers. Our Power business showed sequential growth and the Foundry business showed sharp sequential growth, as customer demand was strong, particularly from the smartphone and computing segments.
Strategic Evaluation Process"I'm pleased to report that we continue to make substantial progress on our previously announced strategic evaluation process of the Foundry business and Fab 4, including discussions with multiple interested parties toward a possible sale of the business as well as consideration of accretive business conversions, joint ventures and partnerships," said YJ Kim, CEO. "As stated previously, our decisions regarding the outcome of the various options of the strategic evaluation process will be guided by what the management and Board consider to be the best available path to improve MagnaChip's profitability and to maximize shareholder value."
CFO Jonathan Kim comments on Q3Total revenue came in at the high-end of our guidance range, as Display, Power and Foundry all showed year-over-year and sequential revenue growth. Gross profit margin of 26.5% in Q3 exceeded our guidance range due primarily to higher-than-expected fab utilization, mainly as a result of a significant increase in Foundry revenue.
Cash and cash equivalents totaled $131.3 million, up sequentially from $123.8 million, and net operating cash flow was $12.9 million, marking the second consecutive quarter of net positive operating cash flow.
Third Quarter Financial ReviewTotal RevenueTotal revenue in the third quarter was $229.7 million, up 11.5% as compared to reported revenue of $206 million from the third quarter of 2018, and up 12.0% from $205.1 million in the second quarter of 2019.
Segment RevenueFoundry Services Group revenue in the third quarter was $90.3 million, up 7.7% from the third quarter of 2018, and up 23.6% sequentially. Standard Products Group revenue in the third quarter was $139.2 million, up 14.1% from the third quarter of 2018, and up 5.5% sequentially.
Total Gross Profit and Gross Profit MarginTotal gross profit in the third quarter of 2019 was $60.9 million or 26.5% as a percentage of revenue, as compared with gross profit of $55.7 million or 27.1% as a percentage of revenue in the third quarter of 2018, and $43.8 million or 21.4% as a percentage of revenue in the second quarter of 2019.
Segment Gross Profit MarginFoundry Services Group gross profit margin was 28.3% as compared with 24.4% in the third quarter of 2018 and 16.7% in the second quarter of 2019. The YoY and sequential improvement in the Foundry Services Group's gross profit margin was primarily due to an increase in Foundry revenue, an improved product mix and also higher fab utilization. The Standard Products Group gross profit margin was 25.3% as compared with 28.8% in the third quarter of 2018 and 23.9% in the second quarter of 2019. The sequential improvement in the Standard Products Group's gross profit margin was due primarily to an increase in fab utilization. The sequential improvement as well as a YoY decline in the Standard Product Group's gross profit margin was due to an increase in fab utilization that benefited Power and non-OLED products manufactured in-house, but the gain was offset by temporarily lower wafer yields from external suppliers on OLED products that recently entered production.
Operating Income, Net Income, Adjusted Net Income, Adjusted EBITDA Operating income was of $25.9 million for the third quarter of 2019, as compared to operating income of $18.3 million in the third quarter of 2018 and operating income of $6.7 million for the second quarter of 2019.
Net loss, on a GAAP basis, was $1.6 million or $0.05 cents per basic and diluted share in the third quarter of 2019 as compared with a net income of $17.2 million or $0.50 per basic share and $0.41 per diluted share in the third quarter of 2018 and net loss of $9.5 million or $0.28 per basic and diluted share in the second quarter of 2019.
Adjusted Net Income, a non-GAAP financial measure, totaled $20.9 million or $0.61 per basic share and $0.49 per diluted share in the third quarter of 2019, as compared to Adjusted Net Income of $13.3 million or $0.38 per basic share and $0.32 per diluted share in the third quarter of 2018 and Adjusted Net Income of $2.9 million or $0.08 per basic and diluted share in the second quarter of 2019.
Adjusted EBITDA, a non-GAAP financial measure, was $35.5 million or 15.4% of revenue in the third quarter of 2019 as compared to Adjusted EBITDA of $27.9 million or 13.5% of revenue in the third quarter of 2018 and Adjusted EBITDA of $17.0 million or 8.3% of revenue in the second quarter of 2019.
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 $131.3 million in the third quarter, up from $123.8 million in the second quarter of 2019.
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30,2019 | September 30,2018 | September 30,2019 | September 30,2018 | |||||||||||||
Net Sales | ||||||||||||||||
Foundry Services Group | $ | 90,340 | $ | 83,862 | $ | 220,513 | $ | 242,198 | ||||||||
Standard Products Group | ||||||||||||||||
Display Solutions | 90,550 | 77,578 | 233,041 | 205,986 | ||||||||||||
Power Solutions | 48,690 | 44,458 | 138,443 | 123,153 | ||||||||||||
Total Standard Products Group | $ | 139,240 | $ | 122,036 | $ | 371,484 | $ | 329,139 | ||||||||
All other | 97 | 102 | 205 | 167 | ||||||||||||
Total net sales | $ | 229,677 | $ | 206,000 | $ | 592,202 | $ | 571,504 | ||||||||
Three Months Ended | Three Months Ended | |||||||||||||||
September 30, 2019 | September 30, 2018 | |||||||||||||||
Amount | % ofNet Sales | Amount | % ofNet Sales | |||||||||||||
Gross Profit | ||||||||||||||||
Foundry Services Group | $ | 25,547 | 28.3 | % | $ | 20,443 | 24.4 | % | ||||||||
Standard Products Group | 35,222 | 25.3 | 35,204 | 28.8 | ||||||||||||
All other | 97 | 100.0 | 102 | 100.0 | ||||||||||||
Total gross profit | $ | 60,866 | 26.5 | % | $ | 55,749 | 27.1 | % | ||||||||
Nine Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2019 | September 30, 2018 | |||||||||||||||
Amount | % of Net Sales | Amount | % of Net Sales | |||||||||||||
Gross Profit | ||||||||||||||||
Foundry Services Group | $ | 41,361 | 18.8 | % | $ | 63,292 | 26.1 | % | ||||||||
Standard Products Group | 85,842 | 23.1 | 90,874 | 27.6 | ||||||||||||
All other | 204 | 99.5 | 18 | 10.8 | ||||||||||||
Total gross profit | $ | 127,407 | 21.5 | % | $ | 154,184 | 27.0 | % | ||||||||
Third Quarter 2019 and Recent Company HighlightsMagnaChip announced:
- Its cumulative shipments of OLED DDICs (Display Driver ICs) surpassing the 500 million milestone. OLED display drivers are low-power devices that offer excellent screen resolution with deep and bright colors for mobile screens that do not require a backlight, They also enable full-screen, rounded edges and thinner and lighter smartphones. MagnaChip first introduced the OLED DD IC in 2003 and began mass production in 2007. http://investors.magnachip.com/news-releases/news-release-details/magnachip-surpasses-500-million-milestone-cumulative-shipments
- Offering of 0.35 micron 700V Ultra-High Voltage process technologies (UHV) suitable for different system requirements for AC-DC converter ICs and LED driver ICs. Currently the market demand is increasing dramatically for AC-powered products, including LED lighting drivers, AC-DC converter ICs and AC-DC chargers commonly found in home appliances. Due to increased competition, the cost competitiveness of these products, manufactured using UHV technologies, is becoming a critical consideration for IC providers. http://investors.magnachip.com/news-releases/news-release-details/magnachip-offers-035-micron-700v-ultra-high-voltage-process-1
- The release of a 100V Mid-Voltage MOSFET (Metal Oxide Semiconductor Field-Effect Transistor) with a new thermal package ("M2PAK-7P") designed for the fast-growing e-Bike market. This MOSFET with the M2PAK-7P package is suitable to meet the particular requirements of electric bike (e-Bike) systems. E-Bikes, an emerging trend along with electric scooters, have become an integral part of new eco-friendly wave of transportation and represents a "green personal mobility" movement in large urban markets. http://investors.magnachip.com/news-releases/news-release-details/magnachip-targets-fast-growing-e-bike-market-high-performance
Third Quarter 2019 Earnings Conference CallThe earnings conference call will be webcast live today (October 23, 2019) at 5:00 p.m. ET, and also is available by dialing toll-free at 1-844-536-5472. International call-in participants can dial 1-614-999-9318. The conference ID number is 4069039. Participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. ET 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 dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The access code is 4069039.
About MagnaChip Semiconductor Corporation MagnaChip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive 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 about 40 years of operating history, owns a portfolio of approximately 3,000 registered patents and pending applications, 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 but not limited to fourth quarter 2019 revenue and gross profit margin 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, the risk that the strategic evaluation and the initiatives related thereto described above are not successful, and other risks detailed from time to time in MagnaChip's filings with the SEC, including our Form 10-K filed on February 22, 2019 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 | In Korea: Chankeun Park Director, Public Relations Tel. +82-2-6903-5223 |
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of US dollars, except share data)(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
September 30,2019 | June 30,2019 | September 30,2018 | ||||||||||
Net sales | $ | 229,677 | 205,145 | 206,000 | ||||||||
Cost of sales | 168,811 | 161,305 | 150,251 | |||||||||
Gross profit | 60,866 | 43,840 | 55,749 | |||||||||
Gross profit % | 26.5 | % | 21.4 | % | 27.1 | % | ||||||
Operating expenses | ||||||||||||
Selling, general and administrative expenses | 16,812 | 16,975 | 18,566 | |||||||||
Research and development expenses | 17,368 | 18,989 | 18,918 | |||||||||
Restructuring and other charges | 763 | 1,130 | — | |||||||||
Total operating expenses | 34,943 | 37,094 | 37,484 | |||||||||
Operating income | 25,923 | 6,746 | 18,265 | |||||||||
Interest expense | (5,656) | (5,679) | (5,587) | |||||||||
Foreign currency gain (loss), net | (21,205) | (10,431) | 6,002 | |||||||||
Other income, net | 785 | 656 | 150 | |||||||||
Income (loss) before income tax expense | (153) | (8,708) | 18,830 | |||||||||
Income tax expense | 1,454 | 812 | 1,608 | |||||||||
Net income (loss) | $ | (1,607) | $ | (9,520) | $ | 17,222 | ||||||
Earnings (loss) per common share— | ||||||||||||
Basic | $ | (0.05) | $ | (0.28) | $ | 0.50 | ||||||
Diluted | $ | (0.05) | $ | (0.28) | $ | 0.41 | ||||||
Weighted average number of shares—Basic | 34,357,745 | 34,245,127 | 34,573,377 | |||||||||
Weighted average number of shares—Diluted | 34,357,745 | 34,245,127 | 46,021,610 | |||||||||
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESRECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME(In thousands of US dollars, except share data)(Unaudited) | ||||||||||||
Three Months Ended | ||||||||||||
September 30,2019 | June 30,2019 | September 30,2018 | ||||||||||
Net income (loss) | $ | (1,607) | $ | (9,520) | $ | 17,222 | ||||||
Adjustments: | ||||||||||||
Interest expense, net | 4,982 | 5,092 | 5,055 | |||||||||
Income tax expense | 1,454 | 812 | 1,608 | |||||||||
Depreciation and amortization | 8,156 | 8,202 | 7,913 | |||||||||
EBITDA | 12,985 | 4,586 | 31,798 | |||||||||
Restructuring and other charges | 763 | 1,130 | — | |||||||||
Equity-based compensation expense | 479 | 772 | 1,083 | |||||||||
Foreign currency loss (gain), net | 21,205 | 10,431 | (6,001) | |||||||||
Derivative valuation loss, net | 33 | 80 | 518 | |||||||||
Other | — | — | 473 | |||||||||
Adjusted EBITDA | $ | 35,465 | $ | 16,999 | $ | 27,871 | ||||||
Net income (loss) | $ | (1,607) | $ | (9,520) | $ | 17,222 | ||||||
Adjustments: | ||||||||||||
Restructuring and other charges | 763 | 1,130 | — | |||||||||
Equity-based compensation expense | 479 | 772 | 1,083 | |||||||||
Foreign currency loss (gain), net | 21,205 | 10,431 | (6,001) | |||||||||
Derivative valuation loss, net | 33 | 80 | 518 | |||||||||
Other | — | — | 473 | |||||||||
Adjusted Net Income | $ | 20,873 | $ | 2,893 | $ | 13,295 | ||||||
Adjusted Net Income per common share: | ||||||||||||
- Basic | $ | 0.61 | $ | 0.08 | $ | 0.38 | ||||||
- Diluted | $ | 0.49 | $ | 0.08 | $ | 0.32 | ||||||
Weighted average number of shares – Basic | 34,357,745 | 34,245,127 | 34,573,377 | |||||||||
Weighted average number of shares – Diluted | 45,516,245 | 34,965,562 | 46,021,610 | |||||||||
We present Adjusted EBITDA and Adjusted Net Income 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 charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss (gain), net, (iv) Derivative valuation loss, net and (v) Other. EBITDA for the periods indicated is defined as net income (loss) before interest expense, net, income tax expense and depreciation and amortization. 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 for the periods as net income (loss), adjusted to exclude (i) Restructuring and other charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss (gain), net, (iv) Derivative valuation loss, net and (v) Other. Other charges within the adjustment line item of the Restructuring and other charges included in the above table are primarily related to legal and consulting service fees incurred in connection with our strategic evaluation. Other adjustment in the table above primarily represents legal expense related to the indemnification of a former employee.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands of US dollars, except share data)(Unaudited) | ||||||||
September 30,2019 | December 31,2018 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 131,341 | $ | 132,438 | ||||
Accounts receivable, net | 106,289 | 80,003 | ||||||
Unbilled accounts receivable, net | 21,356 | 38,181 | ||||||
Inventories, net | 72,703 | 71,611 | ||||||
Other receivables | 10,015 | 3,702 | ||||||
Prepaid expenses | 15,112 | 11,133 | ||||||
Hedge collateral | 9,990 | 5,810 | ||||||
Other current assets | 7,437 | 9,867 | ||||||
Total current assets | 374,243 | 352,745 | ||||||
Property, plant and equipment, net | 178,823 | 202,171 | ||||||
Operating lease right-of-use assets | 11,517 | — | ||||||
Intangible assets, net | 3,913 | 3,953 | ||||||
Long-term prepaid expenses | 10,926 | 15,598 | ||||||
Other non-current assets | 8,715 | 8,729 | ||||||
Total assets | $ | 588,137 | $ | 583,196 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 79,908 | $ | 55,631 | ||||
Other accounts payable | 10,843 | 15,168 | ||||||
Accrued expenses | 48,944 | 46,250 | ||||||
Deferred revenue | 5,822 | 6,477 | ||||||
Operating lease liabilities | 2,023 | — | ||||||
Other current liabilities | 4,563 | 9,133 | ||||||
Total current liabilities | 152,103 | 132,659 | ||||||
Long-term borrowings, net | 304,155 | 303,577 | ||||||
Non-current operating lease liabilities | 9,494 | — | ||||||
Accrued severance benefits, net | 138,794 | 146,031 | ||||||
Other non-current liabilities | 17,018 | 18,239 | ||||||
Total liabilities | 621,564 | 600,506 | ||||||
Commitments and contingencies | ||||||||
Stockholders' equity | ||||||||
Common stock, $0.01 par value, 150,000,000 shares authorized, 43,378,017 shares issued and 34,370,689 outstanding at September 30, 2019 and 43,054,458 shares issued and 34,441,232 outstanding at December 31, 2018 | 434 | 431 | ||||||
Additional paid-in capital | 145,555 | 142,600 | ||||||
Accumulated deficit | (81,557) | (36,305) | ||||||
Treasury stock, 9,007,328 shares at September 30, 2019 and 8,613,226 shares at December 31, 2018, respectively | (106,514) | (103,926) | ||||||
Accumulated other comprehensive income (loss) | 8,655 | (20,110) | ||||||
Total stockholders' deficit | (33,427) | (17,310) | ||||||
Total liabilities and stockholders' equity | $ | 588,137 | $ | 583,196 | ||||
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands of US dollars)(Unaudited) | ||||||||||||
Three month Ended | Nine month Ended | |||||||||||
September 30,2019 | September 30,2019 | September 30,2018 | ||||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (1,607) | $ | (45,252) | $ | (1,520) | ||||||
Adjustments to reconcile net loss to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 8,156 | 24,661 | 23,883 | |||||||||
Provision for severance benefits | 4,085 | 10,491 | 14,686 | |||||||||
Amortization of debt issuance costs and original issue discount | 578 | 1,712 | 1,623 | |||||||||
Loss on foreign currency, net | 25,903 | 50,512 | 26,931 | |||||||||
Restructuring and other charges | (262) | 470 | — | |||||||||
Stock-based compensation | 479 | 1,920 | 3,893 | |||||||||
Loss on early extinguishment of long-term borrowings, net | — | 42 | — | |||||||||
Other | 555 | 61 | (964) | |||||||||
Changes in operating assets and liabilities | ||||||||||||
Accounts receivable, net | (11,838) | (32,812) | (14,282) | |||||||||
Unbilled accounts receivable, net | 8,007 | 14,208 | 1,187 | |||||||||
Inventories, net | (7,910) | (6,321) | (30,296) | |||||||||
Other receivables | (1,845) | (4,814) | (2,669) | |||||||||
Other current assets | 427 | 6,356 | 2,514 | |||||||||
Accounts payable | (4,552) | 27,585 | 17,414 | |||||||||
Other accounts payable | (6,114) | (10,074) | (8,811) | |||||||||
Accrued expenses | 951 | 3,831 | (5,370) | |||||||||
Deferred revenue | 739 | (190) | 3,560 | |||||||||
Other current liabilities | 403 | (6,159) | 1,533 | |||||||||
Other non-current liabilities | (908) | 808 | 1,035 | |||||||||
Payment of severance benefits | (1,616) | (6,195) | (9,004) | |||||||||
Other | (767) | (821) | (329) | |||||||||
Net cash provided by operating activities | 12,864 | 30,019 | 25,014 | |||||||||
Cash flows from investing activities | ||||||||||||
Proceeds from settlement of hedge collateral | 7,998 | 12,625 | 11,290 | |||||||||
Payment of hedge collateral | (8,629) | (17,024) | (10,965) | |||||||||
Proceeds from disposal of plant, property and equipment | — | 202 | 1,685 | |||||||||
Purchase of plant, property and equipment | (1,693) | (16,693) | (18,875) | |||||||||
Payment for property related to water treatment facility arrangement | — | — | (4,283) | |||||||||
Payment for intellectual property registration | (265) | (907) | (776) | |||||||||
Collection of guarantee deposits | 151 | 539 | 794 | |||||||||
Payment of guarantee deposits | — | (1,330) | (89) | |||||||||
Other | 32 | 23 | (38) | |||||||||
Net cash used in investing activities | (2,406) | (22,565) | (21,257) | |||||||||
Cash flows from financing activities | ||||||||||||
Repurchase of long-term borrowings | — | (1,175) | — | |||||||||
Proceeds from exercise of stock options | 889 | 1,038 | 1,113 | |||||||||
Acquisition of treasury stock | — | (2,588) | (199) | |||||||||
Proceeds from property related to water treatment facility arrangement | — | — | 4,283 | |||||||||
Repayment of financing related to water treatment facility arrangement | (134) | (415) | (73) | |||||||||
Repayment of principal portion of lease liabilities | (56) | (174) | — | |||||||||
Net cash provided by (used in) financing activities | 699 | (3,314) | 5,124 | |||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (3,569) | (5,237) | (3,974) | |||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 7,588 | (1,097) | 4,907 | |||||||||
Cash, cash equivalents and restricted cash | ||||||||||||
Beginning of the period | 123,753 | 132,438 | 128,575 | |||||||||
End of the period | $ | 131,341 | $ | 131,341 | $ | 133,482 | ||||||
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SOURCE MagnaChip Semiconductor Corporation