Himax Technologies, Inc. Reports Fourth Quarter and Full Year

Himax Technologies, Inc. Reports Fourth Quarter and Full Year 2016 Financial Results; Provides First Quarter 2017 Guidance

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Himax Technologies, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
( Amounts in T housands of U . S . D ollars)
	Twelve Months Ended December 3 1 ,
		20 1 6			20 1 5

Cash flows from operating activities:
Net income	$	48,747		$	21,462
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		13,756			14,164
Bad debt expense		620			310
Share-based compensation expenses		1,186			1,818
Loss (gain) on disposals of property and equipment		26			(2	)
Gain on disposals of equity method investment		---			(88	)
Gain on disposals of investment securities, net		---			(1,682	)
Gain on disposals of marketable securities, net		(10	)		(223	)
Equity in losses of equity method investees		1,277			77
Deferred income tax expense (benefit)		(1,978	)		4,148
Inventories write downs		23,342			9,785
Changes in:
Accounts receivable		(14,602	)		41,656
Inventories		(1,716	)		(15,054	)
Prepaid expenses and other current assets		(647	)		2,067
Accounts payable		17,846			(54,905	)
Accounts payable from related parties		576			---
Income taxes payable		1,389			(6,475	)
Other accrued expenses and other current liabilities		(5,164	)		5,987
Other liabilities		24			(516	)
Net cash provided by operating activities		84,672			22,529

Cash flows from investing activities:
Purchases of property, plant and equipment		(7,902	)		(9,982	)
Proceeds from disposals of property and equipment		9			8
Purchases of available-for-sale marketable securities		(30,248	)		(63,051	)
Proceeds from disposals of available-for-sale marketable securities		38,532			46,720
Purchases of investment securities		(1,600	)		---
Proceeds from disposals of investment securities		---			1,682
Proceeds from capital reduction of investment		568			---
Purchase of equity method investment		(37	)		(3,708	)
Proceeds from disposals of equity method investment		---			179
Proceeds from (repayments of) refundable deposits, net		461			(304	)
Releases (pledges) of restricted cash, cash equivalents and marketable securities		240			(227	)
Other receivables from related parties		(7,150	)		---
Cash received from the acquisition of Liqxtal, net of cash paid of $1,780		---			341
Net cash used in investing activities		(7,127	)		(28,342	)

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