Maxeon Solar Technologies Announces Fourth Quarter and Fiscal Year 2024 Results
--Fiscal year 2024 revenue of
--Amid continued headwinds, committed to business transformation and fiscal discipline--
"Maxeon's fourth quarter and fiscal 2024 results reflect the continued challenge posed by
Guo continued, "However, Maxeon is making progress in transforming our business to establish alternative manufacturing and supply chains to strengthen our versatility and resilience. We are restructuring to compete more effectively by focusing exclusively on the U.S. market, and in streamlining our operations, increasing efficiency, and reducing cost. Additionally, in light of new tariffs, we are identifying additional domestic component vendors and facilitating the transition to
Hu continued, "Considering ongoing restructuring and the volatile policy environment, we are unable to provide financial guidance for the foreseeable future. We will defer holding a conference call to discuss financial results until there is better visibility of the macroeconomic landscape and its impact on our transformation initiatives. Further, the Company will no longer report its earnings on a quarterly basis. As a foreign private issuer, the Company will report its audited financial statements through the filing of the Form 20-F with the
|
Selected Q4 and Fiscal Year Unaudited Financial Summary |
|||||||||
|
(In thousands, except shipments) |
Fiscal Q4 2024 |
|
Fiscal Q3 2024 |
|
Fiscal Q4 2023 |
|
Fiscal Year 2024 |
|
Fiscal Year 2023 |
|
Shipments, in MW |
211 |
|
199 |
|
653 |
|
1,424 |
|
2,963 |
|
Revenue |
$ 48,813 |
|
$ 227,630 |
|
$ 228,775 |
|
$ 509,048 |
|
$ 1,123,110 |
|
Gross (loss) profit |
(47,656) |
|
2,728 |
|
(34,461) |
|
(249,413) |
|
78,115 |
|
GAAP Operating expenses |
63,672 |
|
153,218 |
|
141,007 |
|
327,227 |
|
297,320 |
|
GAAP Net loss attributable to the stockholders |
(105,977) |
|
(393,944) |
|
(186,334) |
|
(614,300) |
|
(275,829) |
|
Capital expenditures |
11,656 |
|
11,129 |
|
11,656 |
|
52,149 |
|
67,452 |
|
|
|
||||||||
|
|
Other Financial Data(1) |
||||||||
|
(In thousands) |
Fiscal Q4 2024 |
|
Fiscal Q3 2024 |
|
Fiscal Q4 2023 |
|
Fiscal Year 2024 |
|
Fiscal Year 2023 |
|
Non-GAAP Gross (loss) profit |
$ (48,594) |
|
$ (174,742) |
|
$ (9,675) |
|
$ (242,018) |
|
$ 103,943 |
|
Non-GAAP Operating expenses |
41,164 |
|
42,861 |
|
36,654 |
|
162,724 |
|
153,128 |
|
Adjusted EBITDA |
(74,884) |
|
(225,705) |
|
(37,631) |
|
(376,149) |
|
3,670 |
|
|
|
|
(1) |
The Company's use of Non-GAAP financial information, including a reconciliation to |
For more information
Maxeon's fiscal year 2024 financial results and management commentary can be found on Form 20-F by accessing the Financials & Filings page of the Investor Relations section of Maxeon's website at: https://corp.maxeon.com/investor-relations. The Form 20-
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements regarding: (a) our ability to (i) meet short-term and long-term material cash requirements, (ii) service our outstanding debts and make payments as they come due and (iii) continue as a going concern; (b) the success of our ongoing restructuring initiatives, including our attempts to refinance or equitize our debts, and our ability to execute on our plans and strategy; (c) our expectations regarding product pricing trends, demand and growth projections, including our efforts to enforce our intellectual property rights against our competitors; (d) disruptions to our operations and supply chain resulting from, among other things, government regulatory or enforcement actions, such as the denial of entry into the
The forward-looking statements can be also identified by terminology such as "may," "might," "could," "will," "aims," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements.
These forward-looking statements are based on our current assumptions, expectations and beliefs and involve substantial risks and uncertainties that may cause results, performance or achievement to materially differ from those expressed or implied by these forward-looking statements. These statements are not guarantees of future performance and are subject to a number of risks. The reader should not place undue reliance on these forward-looking statements, as there can be no assurances that the plans, initiatives or expectations upon which they are based will occur. Factors that could cause or contribute to such differences include, but are not limited to: (1) challenges in executing transactions key to our strategic plans, and other restructuring plans, as well as challenges in addressing regulatory and other obstacles that may arise; (2) our liquidity, substantial indebtedness, terms and conditions upon which our indebtedness is incurred, and ability to obtain additional financing for our projects, customers and operations and to refinance and/or equitize our debts; (3) an adverse final determination of the CBP investigation related to CBP's examination of Maxeon's compliance with the Uyghur Forced Labor Prevention Act; (4) our ability to manage supply chain shortages and/or excess inventory and cost increases and operating expenses; (5) potential disruptions to our operations and supply chain that may result from difficulties in hiring or retaining key personnel, epidemics, natural disasters, trade and military conflicts, including impacts of the war in
Some of these factors and other risks that affect our business are included and discussed in more detail in filings we make with the
Presentation of Non-GAAP Financial Measures
We present certain non-GAAP measures such as non-GAAP gross profit (loss), non-GAAP operating expenses and earnings before interest, taxes, depreciation and amortization ("EBITDA") adjusted for stock-based compensation, provision for expected credit losses, restructuring charges and fees, remeasurement loss on prepaid forward, physical delivery forward and warrants, gain on extinguishment of debt, and equity in losses of unconsolidated investees ("Adjusted EBITDA") to supplement our consolidated financial results presented in accordance with GAAP. Non-GAAP gross (loss) profit is defined as gross (loss) profit excluding stock-based compensation and restructuring charges and fees. Non-GAAP operating expenses is defined as operating expenses excluding stock-based compensation, provision for expected credit losses and restructuring charges and fees.
We believe that non-GAAP gross (loss) profit, non-GAAP operating expenses and Adjusted EBITDA provide greater transparency into management's view and assessment of the Company's ongoing operating performance by removing items management believes are not representative of our continuing operations and may distort our longer-term operating trends. We believe these measures are useful to help enhance the comparability of our results of operations across different reporting periods on a consistent basis and with our competitors, distinct from items that are infrequent or not associated with the Company's core operations as presented above. We also use these non-GAAP measures internally to assess our business, financial performance and current and historical results, as well as for strategic decision-making and forecasting future results. Given our use of non-GAAP measures, we believe that these measures may be important to investors in understanding our operating results as seen through the eyes of management. These non-GAAP measures are neither prepared in accordance with GAAP nor are they intended to be a replacement for GAAP financial data, should be reviewed together with GAAP measures and may be different from non-GAAP measures used by other companies.
As presented in the "Reconciliation of Non-GAAP Financial Measures" section, each of the non-GAAP financial measures excludes one or more of the following items in arriving to the non-GAAP measures:
-
Stock-based compensation expense. Stock-based compensation relates primarily to equity incentive awards. Stock-based compensation is a non-cash expense that is dependent on market forces that are difficult to predict and is excluded from non-GAAP gross profit (loss), non-GAAP operating expense and Adjusted EBITDA. Management believes that this adjustment for stock-based compensation expense provides investors with a basis to measure our core performance, including the ability to compare our performance with the performance of other companies, without the period-to-period variability created by stock-based compensation.
-
Provision for expected credit losses. This relates to the expected credit loss in relation to the financial assets under the Separation and Distribution Agreement dated
November 8, 2019 (the "SDA") entered into with SunPower Corporation ("SunPower") in connection with the Company's spin-off from SunPower. Such loss is excluded from non-GAAP operating expense and Adjusted EBITDA as this relates to SunPower's business, which Maxeon did not and will not have economic benefits to, as the Company's involvement is solely through SunPower's now-terminated indemnification obligations set forth in the SDA. We have recorded the expected credit loss as a result of SunPower's Chapter 11 bankruptcy filing due to our expectation that SunPower will not meet its prior indemnification obligations to us under the SDA. As such, management believes that this is not part of core operating activity and it is appropriate to exclude the provision for expected credit losses from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance. -
Restructuring charges and fees. We incur restructuring charges, inventory impairment and other inventory related costs associated with the re-engineering of our IBC capacity, and fees related to reorganization plans and business acquisition aimed towards realigning resources consistent with our global strategy and improving its overall operating efficiency and cost structure. Restructuring charges and fees are excluded from non-GAAP gross profit (loss), non-GAAP operating expenses and Adjusted EBITDA because they are not considered core operating activities. Although we have engaged in restructuring activities and initiatives, past activities have been discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude restructuring charges and fees from our non-GAAP financial measures as they are not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.
-
Remeasurement loss on prepaid forward and physical delivery forward. This relates to the mark-to-market fair value remeasurement of privately negotiated prepaid forward and physical delivery transactions. The transactions were entered into in connection with the issuance on
July 17, 2020 of the 6.50% Green Convertible Senior Notes due 2025 for an aggregate principal amount of$200.0 million . The prepaid forward is remeasured to fair value at the end of each reporting period, with changes in fair value booked in earnings. The fair value of the prepaid forward is primarily affected by the Company's share price. The physical delivery forward was remeasured to fair value at the end of the Note Valuation Period onSeptember 29, 2020 , and was reclassified to equity after remeasurement, and will not be subsequently remeasured. The fair value of the physical delivery forward was primarily affected by the Company's share price. The remeasurement loss (gain) on prepaid forward and physical delivery forward is excluded from Adjusted EBITDA because it is not considered core operating activities. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. -
Remeasurement loss on warrants. This relates to the mark-to-market fair value remeasurement of exchange warrants and investor warrants. The transactions were entered into in connection with the exchange of 99.25% of the 2025 Notes with aggregate notional amount of
$200 million and the 9.00% Convertible First Lien Senior Secured Notes due 2029 of$97.5 million , both entered onJune 20, 2024 . The investor warrants were remeasured to fair value prior to them being exercised and were reclassified to equity, and will not be subsequently remeasured. The exchange warrants were remeasured to fair value onSeptember 12, 2024 , and were reclassified to equity after on such date, and will not be subsequently remeasured. The fair value of the warrants was primarily affected by the Company's share price. The remeasurement loss on warrants is excluded from Adjusted EBITDA because it is not considered a core operating activity. As such, management believes that it is appropriate to exclude the mark-to-market adjustments from our Adjusted EBITDA as it is not reflective of ongoing operating results nor do the loss contribute to a meaningful evaluation of our past operating performance. -
Equity in losses of unconsolidated investees and related gain. This relates to the loss on our former unconsolidated equity investment in HSPV and gains on such investment on divestment. This is excluded from our Adjusted EBITDA financial measure as it is non-cash in nature and not reflective of our core operational performance. As such, management believes that it is appropriate to exclude such charges as they do not contribute to a meaningful evaluation of our performance.
-
Loss (gain) on extinguishment of debt. This relates to the gain that arose from the substantial modification in
June 2024 of our Green Convertible Senior Notes due 2025 (the "Green Convertible Notes") and First Lien Senior Secured Convertible Notes due 2027, offset by the loss as a result of early redemption by the noteholders of the remaining Green Convertible Notes who has not opted for the exchange. Gain on debt extinguishment is excluded from Adjusted EBITDA because it is not considered part of core operating activities. Such activities are discrete events based on unique sets of business objectives. As such, management believes that it is appropriate to exclude the gain on extinguishment of debt from our non-GAAP financial measures as it is not reflective of ongoing operating results nor do these charges contribute to a meaningful evaluation of our past operating performance.
|
Reconciliation of Non-GAAP Financial Measures |
|||||||||
|
|
Three Months Ended |
|
Fiscal Year Ended |
||||||
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
Gross (loss) profit |
$ (47,656) |
|
$ (179,101) |
|
$ (34,461) |
|
$ (249,413) |
|
$ 78,115 |
|
Stock-based compensation |
16 |
|
1,596 |
|
(53) |
|
2,474 |
|
989 |
|
Restructuring charges and fees |
(954) |
|
2,763 |
|
24,839 |
|
4,921 |
|
24,839 |
|
Non-GAAP Gross (loss) profit |
(48,594) |
|
(174,742) |
|
(9,675) |
|
(242,018) |
|
103,943 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating expenses |
63,672 |
|
153,218 |
|
141,007 |
|
327,227 |
|
297,320 |
|
Stock-based compensation |
(10,681) |
|
(4,293) |
|
(1,235) |
|
(26,226) |
|
(17,338) |
|
(Provision for) reversal of expected credit losses |
(764) |
|
165 |
|
— |
|
(12,061) |
|
— |
|
Restructuring charges and fees |
(11,063) |
|
(106,229) |
|
(103,118) |
|
(126,216) |
|
(126,854) |
|
Non-GAAP Operating expenses |
41,164 |
|
42,861 |
|
36,654 |
|
162,724 |
|
153,128 |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net loss attributable to the stockholders |
(105,977) |
|
(393,944) |
|
(186,334) |
|
(614,300) |
|
(275,829) |
|
Interest expense, net |
8,690 |
|
11,784 |
|
7,416 |
|
43,279 |
|
33,051 |
|
(Benefit from) provision for income taxes |
(5,388) |
|
18,925 |
|
(9,949) |
|
17,952 |
|
(626) |
|
Depreciation |
5,554 |
|
15,886 |
|
12,261 |
|
42,108 |
|
55,685 |
|
Amortization |
50 |
|
169 |
|
44 |
|
658 |
|
195 |
|
EBITDA |
(97,071) |
|
(347,180) |
|
(176,562) |
|
(510,303) |
|
(187,524) |
|
Stock-based compensation |
10,697 |
|
5,889 |
|
1,182 |
|
28,700 |
|
$ 18,327 |
|
Provision for (reversal of) expected credit losses |
764 |
|
(165) |
|
— |
|
12,061 |
|
— |
|
Restructuring charges and fees |
10,109 |
|
108,992 |
|
127,957 |
|
131,137 |
|
$ 151,693 |
|
Remeasurement loss on prepaid forward |
35 |
|
1,793 |
|
9,792 |
|
16,117 |
|
$ 18,363 |
|
Remeasurement loss on warrants |
— |
|
4,966 |
|
— |
|
4,966 |
|
$ — |
|
Equity in losses of unconsolidated investees and related gain |
— |
|
— |
|
— |
|
(24,083) |
|
$ 2,811 |
|
Loss (gain) on extinguishment of debt |
582 |
|
— |
|
— |
|
(34,744) |
|
$ — |
|
Adjusted EBITDA |
(74,884) |
|
(225,705) |
|
(37,631) |
|
(376,149) |
|
$ 3,670 |
©2024
|
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In thousands, except for shares data)
|
|||
|
|
As of |
||
|
|
|
|
|
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ 28,895 |
|
$ 190,169 |
|
Restricted short-term marketable securities |
— |
|
1,403 |
|
Accounts receivable, net |
4,269 |
|
62,687 |
|
Inventories |
40,220 |
|
308,948 |
|
Prepaid expenses and other current assets |
20,363 |
|
55,346 |
|
Assets held for sale |
172,269 |
|
466 |
|
Total current assets |
$ 266,016 |
|
$ 619,019 |
|
Property, plant and equipment, net |
72,858 |
|
280,025 |
|
Operating lease right of use assets |
27,951 |
|
22,824 |
|
Intangible assets, net |
523 |
|
3,352 |
|
|
— |
|
7,879 |
|
Other long-term assets |
8,924 |
|
68,910 |
|
Total assets |
$ 376,272 |
|
$ 1,002,009 |
|
Liabilities and Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ 62,544 |
|
$ 153,020 |
|
Accrued liabilities |
86,724 |
|
113,456 |
|
Contract liabilities, current portion |
74,312 |
|
134,171 |
|
Short-term debt |
462 |
|
25,432 |
|
Operating lease liabilities, current portion |
9,098 |
|
5,857 |
|
Liabilities classified as held for sale |
105,368 |
|
— |
|
Total current liabilities |
$ 338,508 |
|
$ 431,936 |
|
Long-term debt |
732 |
|
1,203 |
|
Contract liabilities, net of current portion |
3,333 |
|
113,564 |
|
Operating lease liabilities, net of current portion |
27,434 |
|
19,611 |
|
Convertible debt |
273,766 |
|
385,558 |
|
Deferred tax liabilities |
5,313 |
|
7,001 |
|
Other long-term liabilities |
15,551 |
|
38,494 |
|
Total liabilities |
$ 664,637 |
|
$ 997,367 |
|
Commitments and contingencies |
|
|
|
|
Equity: |
|
|
|
|
Ordinary shares, no par value (16,711,109 and 539,591 issued and outstanding as of |
$ — |
|
$ — |
|
Additional paid-in capital |
1,137,042 |
|
811,361 |
|
Accumulated deficit |
(1,410,392) |
|
(796,092) |
|
Accumulated other comprehensive loss |
(20,492) |
|
(16,378) |
|
Equity attributable to the Company |
(293,842) |
|
(1,109) |
|
Noncontrolling interests |
5,477 |
|
5,751 |
|
Total equity |
(288,365) |
|
4,642 |
|
Total liabilities and equity |
$ 376,272 |
|
$ 1,002,009 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In thousands, except per share data)
|
|||||||
|
|
Three Months Ended |
|
Fiscal Year Ended |
||||
|
|
|
|
|
|
|
|
|
|
Revenue |
$ 48,813 |
|
$ 228,775 |
|
$ 509,048 |
|
$ 1,123,110 |
|
Cost of revenue |
96,469 |
|
263,236 |
|
758,461 |
|
1,044,995 |
|
Gross (loss) profit |
(47,656) |
|
(34,461) |
|
(249,413) |
|
78,115 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
Research and development |
9,266 |
|
9,988 |
|
37,550 |
|
45,703 |
|
Sales, general and administrative |
47,194 |
|
28,876 |
|
173,523 |
|
126,167 |
|
Restructuring charges |
7,212 |
|
102,143 |
|
116,154 |
|
125,450 |
|
Total operating expenses |
63,672 |
|
141,007 |
|
327,227 |
|
297,320 |
|
Operating loss |
(111,328) |
|
(175,468) |
|
(576,640) |
|
(219,205) |
|
Other expense, net |
|
|
|
|
|
|
|
|
Interest expense |
(9,063) |
|
(10,101) |
|
(45,366) |
|
(42,438) |
|
Interest income |
373 |
|
2,686 |
|
2,087 |
|
9,387 |
|
(Loss) gain on extinguishment of debt |
(582) |
|
— |
|
34,744 |
|
— |
|
Other, net |
9,382 |
|
(13,359) |
|
(11,447) |
|
(21,270) |
|
Other expense, net |
110 |
|
(20,774) |
|
(19,982) |
|
(54,321) |
|
Loss before income taxes and equity in losses of unconsolidated investees |
(111,218) |
|
(196,242) |
|
(596,622) |
|
(273,526) |
|
Benefit from (provision for) income taxes |
5,388 |
|
9,949 |
|
(17,952) |
|
626 |
|
Equity in losses of unconsolidated investees |
— |
|
— |
|
— |
|
(2,811) |
|
Net loss |
(105,830) |
|
(186,293) |
|
(614,574) |
|
(275,711) |
|
Net (income) loss attributable to noncontrolling interests |
(147) |
|
(41) |
|
274 |
|
(118) |
|
Net loss attributable to the stockholders |
$ (105,977) |
|
$ (186,334) |
|
$ (614,300) |
|
$ (275,829) |
|
|
|
|
|
|
|
|
|
|
Net loss per share attributable to stockholders: |
|
|
|
|
|
|
|
|
Basic and diluted |
$ (6.60) |
|
$ (372.09) |
|
$ (96.00) |
|
$ (594.62) |
|
|
|
|
|
|
|
|
|
|
Weighted average shares used to compute net loss per share: |
|
|
|
|
|
|
|
|
Basic and diluted |
16,050 |
|
501 |
|
6,399 |
|
464 |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In thousands)
|
|||
|
|
Fiscal Year Ended |
||
|
|
|
|
|
|
Cash flows from operating activities |
|
|
|
|
Net loss |
$ (614,574) |
|
$ (275,711) |
|
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
Depreciation and amortization |
43,464 |
|
55,880 |
|
Stock-based compensation |
28,700 |
|
18,327 |
|
Non-cash interest expense |
12,821 |
|
9,063 |
|
Gain from disposal of asset held for sale |
— |
|
(2,006) |
|
Equity in losses of unconsolidated investees |
— |
|
2,811 |
|
Gain on disposal of equity in unconsolidated investees |
(24,083) |
|
— |
|
Loss on retirement of property, plant and equipment |
261 |
|
196 |
|
Loss on impairment of operating lease right of use assets |
7,433 |
|
708 |
|
Loss on impairment of property, plant and equipment |
156,598 |
|
76,332 |
|
Loss on impairment of intangible assets |
2,167 |
|
— |
|
Loss on impairment of goodwill |
7,879 |
|
— |
|
Write-off of other assets |
21,401 |
|
— |
|
Gain on debt extinguishment |
(34,744) |
|
— |
|
Deferred income taxes |
(355) |
|
2,436 |
|
Remeasurement loss on prepaid forward |
16,117 |
|
18,363 |
|
Remeasurement loss on warrants |
4,966 |
|
— |
|
Provision for expected credit losses |
12,200 |
|
— |
|
Provision for excess or obsolete inventories |
158,726 |
|
10,804 |
|
Other, net |
1,157 |
|
135 |
|
Changes in operating assets and liabilities |
|
|
|
|
Accounts receivable |
42,558 |
|
(8,331) |
|
Inventories |
50,056 |
|
(43,473) |
|
Prepaid expenses and other assets |
(919) |
|
29,741 |
|
Operating lease right-of-use assets |
5,728 |
|
5,241 |
|
Advances to suppliers |
— |
|
2,137 |
|
Accounts payable and other accrued liabilities |
7,600 |
|
(97,660) |
|
Contract liabilities |
(168,082) |
|
(55,109) |
|
Operating lease liabilities |
(7,231) |
|
(4,179) |
|
Net cash used in operating activities |
(270,156) |
|
(254,295) |
|
Cash flows from investing activities |
|
|
|
|
Purchases of property, plant and equipment |
(52,149) |
|
(67,452) |
|
Proceeds from disposal of restricted short-term marketable securities |
— |
|
971 |
|
Purchase of restricted short-term marketable securities |
— |
|
(1,408) |
|
Proceeds from maturity of short-term securities |
1,329 |
|
136,000 |
|
Purchase of short-term securities |
— |
|
(60,000) |
|
Proceeds from disposal of asset held for sale |
462 |
|
5,961 |
|
Proceeds from disposal of property, plant and equipment |
1,125 |
|
— |
|
Purchases of intangibles |
(10) |
|
(146) |
|
Proceeds from disposal of equity in unconsolidated investees |
24,000 |
|
— |
|
Net cash (used in) provided by investing activities |
(25,243) |
|
13,926 |
|
Cash flows from financing activities |
|
|
|
|
Proceeds from debt |
51,249 |
|
195,639 |
|
Repayment of debt |
(74,572) |
|
(220,598) |
|
Repayment of convertible debt |
(1,500) |
|
— |
|
Net proceeds from issuance of convertible debt |
70,125 |
|
— |
|
Net proceeds from issuance of ordinary shares |
96,446 |
|
193,491 |
|
Distribution to noncontrolling interest |
— |
|
— |
|
Repayment of finance lease obligations and other debt |
(515) |
|
(581) |
|
Net cash provided by financing activities |
141,233 |
|
167,951 |
|
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents |
(94) |
|
(32) |
|
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents |
(154,260) |
|
(72,450) |
|
Cash and restricted cash classified to asset held for sale |
(10,243) |
|
— |
|
Cash, cash equivalents, restricted cash and restricted cash equivalents, beginning of period |
195,511 |
|
267,961 |
|
Cash, cash equivalents, restricted cash and restricted cash equivalents, end of period |
$ 31,008 |
|
$ 195,511 |
|
Non-cash transactions |
|
|
|
|
Property, plant and equipment purchases funded by liabilities |
$ 4,509 |
|
$ 5,491 |
|
Interest paid in ordinary shares |
6,969 |
|
— |
|
Interest paid by issuance of convertible notes |
9,158 |
|
— |
|
Right-of-use assets obtained in exchange for lease obligations |
20,107 |
|
10,929 |
|
Cost for acquisition of assets paid in shares |
— |
|
10,989 |
The following table reconciles our cash and cash equivalents and restricted cash and restricted cash equivalents reported on our Condensed Consolidated Balance Sheets and the cash, cash equivalents, restricted cash and restricted cash equivalents reported on our Condensed Consolidated Statements of Cash Flows as of
|
(In thousands) |
|
|
|
|
Cash and cash equivalents |
$ 28,895 |
|
$ 190,169 |
|
Restricted cash and restricted cash equivalents, current portion, included in prepaid expenses and other current assets |
2,018 |
|
5,242 |
|
Restricted cash and restricted cash equivalents, net of current portion, included in other long-term assets |
95 |
|
100 |
|
Total cash, cash equivalents, restricted cash and restricted cash equivalents shown in Consolidated Statements of Cash Flows |
$ 31,008 |
|
$ 195,511 |
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