SunEdison Semiconductor Reports Third Quarter 2016 Results

SUNEDISON SEMICONDUCTOR LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
   Three Months Ended  Nine Months Ended
   September 30, 2016  June 30, 2016  September 30, 2015  September 30, 2016  September 30, 2015
Cash flows from operating activities:          
Net loss $  (25.4) $   (48.5) $  (80.8) $  (191.0) $  (105.6)
Adjustments to reconcile net loss to net cash provided by operating activities:                         
Depreciation and amortization  28.5   28.5   24.4   83.5   81.9 
Loss on partial sale of SMP investment              6.1     
Long-lived asset impairment charges  1.4   14.7   56.7   16.1   58.0 
Stock-based compensation  3.7   4.1   4.1   11.7   11.1 
(Benefit) provision for deferred taxes  (0.7)  2.5   1.1   2.2   5.1 
Equity in loss of equity method investments      11.0   0.4   97.2   1.4 
Other  0.6   0.6     (1.6 )     2.7       (2.1 )
Changes in assets and liabilities:                                                  
Accounts receivable     4.9       (2.1 )     17.9       (5.3 )     8.3  
Inventories     0.4       (2.6 )     0.3       (1.7 )     15.1  
Accounts receivable, affiliate                                     (8.0 )
Accounts payable, affiliate                                     12.4  
Prepaid and other current assets     (5.3 )     (5.0 )     (1.9 )     (3.1 )     (3.3 )
Accounts payable and accrued liabilities     2.7       9.4       (20.2 )     6.4       (5.4 )
Income taxes payable     1.4       (5.3 )     3.0       (0.3 )     3.4  
Pension and post-employment liabilities     0.3       (0.3 )     3.9       (0.3 )     3.4  
Restructuring liabilities     (0.9 )     (0.2 )     1.4       (0.9 )     (4.9 )
Other     4.0       4.3       (0.3 )     14.4       (14.3 )
Net cash provided by operating activities     15.6       11.1       8.4       37.7       56.5  
Cash flows from investing activities:                                                  
Capital expenditures     (28.0 )     (16.9 )     (29.9 )     (85.9 )     (82.8 )
Disbursements made for notes receivable                                     (9.1 )
Proceeds from deposit for investment distribution                     35.0               35.0  
Other             3.9               6.4          
Net cash (used in) provided by investing activities     (28.0 )     (13.0 )     5.1       (79.5 )     (56.9 )
Cash flows from financing activities:                                                  
Principal payments on long-term debt     (0.4 )     (0.4 )     (0.6 )     (1.2 )     (1.6 )
Proceeds from long-term debt                             4.2          
Change in ordinary shares             (0.3 )     (0.1 )     (0.3 )     (1.0 )
Net (payments) proceeds on short-term borrowings     (0.1 )     1.1       (0.6 )     2.6       7.0  
Advanced payments     11.5       0.9               30.1          
Other             (0.1 )             (0.1 )        
Net cash provided by (used in) financing activities     11.0       1.2       (1.3 )     35.3       4.4  
Effect of exchange rate changes on cash and cash equivalents     0.5       0.2               1.3       (1.4 )
Net (decrease) increase in cash and cash equivalents     (0.9 )     (0.5 )     12.2       (5.2 )     2.6  
Cash and cash equivalents at beginning of period     79.2       79.7       78.6       83.5       88.2  
Cash and cash equivalents at end of period   $ 78.3     $ 79.2     $ 90.8     $ 78.3     $ 90.8  
                                       



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