SunEdison Semiconductor Reports Second Quarter 2016 Results

SUNEDISON SEMICONDUCTOR LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
    
  Three Months Ended  Six Months Ended
  June 30, 2016  March 31, 2016  June 30, 2015  June 30, 2016  June 30, 2015
Cash flows from operating activities:         
Net loss$(48.5) $(117.1) $(15.5) $(165.6) $(24.8)
Adjustments to reconcile net loss to net cash provided by operating activities:         
Depreciation and amortization28.5  26.5  27.8  55.0  57.5 
Loss on partial sale of SMP investment  6.1    6.1   
Long-lived asset impairment charges14.7    1.2  14.7  1.3 
Stock-based compensation4.1  3.9  3.4  8.0  7.0 
Provision for deferred taxes2.5  0.4  0.5  2.9  4.0 
Equity in loss of equity method investments11.0  86.2  0.7  97.2  1.0 
Other0.6  1.5    2.1  (0.5)
Changes in assets and liabilities:         
Accounts receivable(2.1) (8.1) (5.7) (10.2) (9.6)
Inventories(2.6) 0.5  9.1  (2.1) 14.8 
Accounts receivable, affiliate    (2.9)   (8.0)
Accounts payable, affiliate    (1.0)   12.4 
Prepaid and other current assets(5.0)  7.2     (1.0 )   2.2     (1.4 )
Accounts payable and accrued liabilities 9.4     (5.7 )   7.0     3.7     14.8  
Income taxes payable (5.3 )   3.6     (2.7 )   (1.7 )   0.4  
Pension and post-employment liabilities (0.3 )   (0.3 )   (0.4 )   (0.6 )   (0.5 )
Restructuring liabilities (0.2 )   0.2     (5.7 )       (6.3 )
Other 4.3     6.1     (1.3 )   10.4     (14.0 )
Net cash provided by operating activities 11.1     11.0     13.5     22.1     48.1  
Cash flows from investing activities:                  
Capital expenditures (16.9 )   (41.0 )   (24.1 )   (57.9 )   (52.9 )
Disbursements made for notes receivable                 (9.1 )
Other 3.9     2.5         6.4      
Net cash used in investing activities (13.0 )   (38.5 )   (24.1 )   (51.5 )   (62.0 )
Cash flows from financing activities:                  
Principal payments on long-term debt (0.4 )   (0.4 )   (0.5 )   (0.8 )   (1.0 )
Proceeds from long-term debt     4.2         4.2      
Change in ordinary shares (0.3 )       (0.9 )   (0.3 )   (0.9 )
Net proceeds on short-term borrowings 1.1     1.6         2.7     7.6  
Advanced payments 0.9     17.7         18.6      
Other (0.1 )       (0.1 )   (0.1 )    
Net cash provided by (used in) financing activities 1.2     23.1     (1.5 )   24.3     5.7  
Effect of exchange rate changes on cash and cash equivalents 0.2     0.6     0.1     0.8     (1.4 )
Net decrease in cash and cash equivalents (0.5 )   (3.8 )   (12.0 )   (4.3 )   (9.6 )
Cash and cash equivalents at beginning of period 79.7     83.5     90.6     83.5     88.2  
Cash and cash equivalents at end of period $ 79.2     $ 79.7     $ 78.6     $ 79.2     $ 78.6  
                                       



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