SunEdison Semiconductor Reports First Quarter 2016 Results

SUNEDISON SEMICONDUCTOR LIMITED AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
 
  Three Months Ended
  March 31, 2016  December 31, 2015  March 31, 2015
Cash flows from operating activities:     
Net loss$(117.1) $(31.1) $(9.3)
Adjustments to reconcile net loss to net cash provided by operating activities:     
Depreciation and amortization26.5  29.6  29.7 
Loss on partial sale of SMP investment6.1     
Long-lived asset impairment charges  2.7  0.1 
Stock-based compensation3.9  4.1  3.6 
Provision for deferred taxes0.4  4.7  3.5 
Equity in loss (income) of equity method investments86.2  (0.7) 0.3 
Other1.5  (2.2) (0.5)
Changes in assets and liabilities:     
Accounts receivable(8.1) 14.6  (3.9)
Inventories0.5  (6.7) 5.7 
Accounts receivable, affiliate    (11.1)
Accounts payable, affiliate    11.9 
Prepaid and other current assets7.2  (0.1) (0.4)
Accounts payable and accrued liabilities(5.7) 5.0  7.8 
Income taxes payable3.6  (3.0) 3.1 
Pension and post-employment liabilities(0.3) 1.2  (0.1)
Restructuring liabilities0.2  0.8  (0.6)
Other6.1  2.9  (5.2)
Net cash provided by operating activities11.0  21.8  34.6 
Cash flows from investing activities:     
Capital expenditures(41.0) (23.5) (28.8)
Disbursements made for notes receivable    (9.1)
Other2.5     (2.6 )    
Net cash used in investing activities (38.5 )   (26.1 )   (37.9 )
Cash flows from financing activities:          
Principal payments on long-term debt (0.4 )   (40.4 )   (0.5 )
Proceeds from long-term debt 4.2     38.5      
Change in ordinary shares     (0.1 )    
Net proceeds (payments) on short-term borrowings 1.6     (0.1 )   7.6  
Deferred financing costs and original issuance discount     (0.4 )    
Advanced payments 17.7          
Other         0.1  
Net cash provided by (used in) financing activities 23.1     (2.5 )   7.2  
Effect of exchange rate changes on cash and cash equivalents 0.6     (0.5 )   (1.5 )
Net (decrease) increase in cash and cash equivalents (3.8 )   (7.3 )   2.4  
Cash and cash equivalents at beginning of period 83.5     90.8     88.2  
Cash and cash equivalents at end of period $ 79.7     $ 83.5     $ 90.6  

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