Company Quick10K Filing
Fabrinet
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 38 $1,891
10-Q 2020-02-04 Quarter: 2019-12-27
10-Q 2019-11-05 Quarter: 2019-09-27
10-K 2019-08-20 Annual: 2019-06-28
10-Q 2019-05-07 Quarter: 2019-03-29
10-Q 2019-02-05 Quarter: 2018-12-28
10-Q 2018-11-06 Quarter: 2018-09-28
10-K 2018-08-22 Annual: 2018-06-29
10-Q 2018-05-08 Quarter: 2018-03-30
10-Q 2018-02-07 Quarter: 2017-12-29
10-Q 2017-11-07 Quarter: 2017-09-29
10-K 2017-08-23 Annual: 2017-06-30
10-Q 2017-05-09 Quarter: 2017-03-31
10-Q 2017-02-07 Quarter: 2016-12-30
10-Q 2016-11-09 Quarter: 2016-09-30
10-K 2016-08-17 Annual: 2016-06-24
10-Q 2016-05-03 Quarter: 2016-03-25
10-Q 2016-02-02 Quarter: 2015-12-25
10-Q 2015-11-03 Quarter: 2015-09-25
10-K 2015-08-19 Annual: 2015-06-26
10-Q 2015-05-05 Quarter: 2015-03-27
10-Q 2015-02-03 Quarter: 2014-12-26
10-Q 2014-11-05 Quarter: 2014-09-26
10-K 2014-10-16 Annual: 2014-06-27
10-Q 2014-05-06 Quarter: 2014-03-28
10-Q 2014-02-04 Quarter: 2013-12-27
10-Q 2013-11-05 Quarter: 2013-09-27
10-K 2013-08-16 Annual: 2013-06-28
10-Q 2013-05-03 Quarter: 2013-03-29
10-Q 2013-02-05 Quarter: 2012-12-28
10-K 2012-08-28 Annual: 2012-06-29
10-Q 2012-05-09 Quarter: 2012-03-30
10-Q 2012-02-08 Quarter: 2011-12-30
10-Q 2011-11-09 Quarter: 2011-09-30
10-K 2011-08-31 Annual: 2011-06-24
10-Q 2011-05-04 Quarter: 2011-03-25
10-Q 2011-02-02 Quarter: 2010-12-24
10-Q 2010-11-03 Quarter: 2010-09-24
10-K 2010-09-08 Annual: 2010-06-25
8-K 2020-02-01 Earnings, Officers, Exhibits
8-K 2019-12-12 Officers, Shareholder Vote
8-K 2019-11-04 Earnings, Exhibits
8-K 2019-08-20 Enter Agreement, M&A, Off-BS Arrangement, Exhibits
8-K 2019-08-19 Earnings, Exhibits
8-K 2019-08-14 Officers, Exhibits
8-K 2019-05-01 Earnings, Officers, Exhibits
8-K 2019-02-26 Officers, Exhibits
8-K 2019-02-04 Earnings, Exhibits
8-K 2018-12-13 Shareholder Vote
8-K 2018-08-14 Earnings, Officers, Other Events, Exhibits
8-K 2018-06-15 Officers, Other Events
8-K 2018-06-04 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-03 Earnings, Officers, Exhibits
8-K 2018-02-05 Earnings, Exhibits
8-K 2018-01-09 Officers, Exhibits
FN 2019-12-27
Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 d843183dex311.htm
EX-31.2 d843183dex312.htm
EX-32.1 d843183dex321.htm

Fabrinet Earnings 2019-12-27

FN 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
CTV 2,562 3,909 2,238 1,660 501 95 219 3,236 30% 14.8 2%
BDC 2,361 3,823 2,395 2,536 986 197 401 3,524 39% 8.8 5%
AXE 2,341 4,911 3,213 8,669 1,723 192 403 3,659 20% 9.1 4%
WCC 2,213 5,068 2,933 8,190 1,579 231 428 3,526 19% 8.2 5%
ESE 2,087 1,326 514 807 301 85 151 2,266 37% 15.0 6%
SHEN 1,944 1,822 1,360 638 0 57 269 2,606 0% 9.7 3%
SKM 1,930 42,369,111 20,019,861 0 0 0 0 1,930 0%
FN 1,891 1,255 392 1,584 179 121 162 1,703 11% 10.5 10%
PLT 1,387 3,122 2,453 1,901 797 -195 171 1,196 42% 7.0 -6%
AVYA 1,380 6,991 5,521 2,899 1,573 -369 315 3,737 54% 11.9 -5%

10-Q
--06-261P1Y0M0DP3Y0M0Dfalse2020Q20001408710FabrinetE9P1Y0M2020-09-01Repayable in quarterly installmentsRepayable in quarterly installments2023-062024-06These performance share units were not included in the computation of diluted earnings per ordinary share because they are not expected to vest based on the Company’s current assessment of the related performance obligations.Foreign currency forward contracts with a notional amount of $126.0 million.Interest rate swap agreement with an aggregate notional amount of $57.9 million.Foreign currency forward contracts with notional amount of $72.0 million and Canadian dollars 0.6 million.Interest rate swap agreement with a notional amount of $64.2 million.We have entered into interest rate swaps that effectively fix a series of our future interest payments on our term loans. 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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended December 27, 2019
OR
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commission File Number: 001-34775
 
FABRINET
(Exact name of registrant as specified in its charter)
 
     
Cayman Islands
 
98-1228572
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
c/o Intertrust Corporate Services (Cayman) Limited
190 Elgin Avenue
George Town
Grand Cayman
Cayman Islands
 
KY1-9005
(Address of principal executive offices)
 
(Zip Code)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
+66 2-524-9600
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Ordinary Shares, $0.01 par value
 
FN
 
New York Stock Exchange
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days:    Yes  
 
    No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes 
 
    No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
             
Large accelerated filer
 
 
Accelerated filer
 
             
Non-accelerated
filer
 
 
Smaller reporting company
 
             
Emerging growth company
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 
Indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    
  Yes    
  No
As of January 24, 2020, the registrant had 37,052,502 ordinary shares, $0.01 par value, outstanding.
 
 
 

 
Table of Contents
FABRINET
FORM
10-Q
QUARTER ENDED DECEMBER 27, 2019
Table of Contents
         
 
Page No.
 
 
 
3
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
7
 
 
 
 
 
 
 
 
9
 
 
 
 
 
 
 
 
33
 
 
 
 
 
 
 
 
44
 
 
 
 
 
 
 
 
45
 
 
 
 
 
 
 
 
46
 
 
 
 
 
 
 
 
46
 
 
 
 
 
 
 
 
46
 
 
 
 
 
 
 
 
62
 
 
 
 
 
 
 
 
63
 
 
 
 
 
 
 
 
64
 
 
 
 
 
 
 
 
 

2
 

Table of Contents
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
FABRINET
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands of U.S. dollars, except share data and par value)
 
December 27,
2019
 
 
 
 
June 28,
2019
 
Assets
 
 
 
 
 
 
Current assets
   
     
 
Cash and cash equivalents
  $
220,031
    $
180,839
 
Short-term restricted cash
   
272
     
—  
 
Short-term investments
   
222,805
     
256,493
 
Trade accounts receivable, net
   
285,579
     
260,602
 
Contract assets
   
11,114
     
12,447
 
Inventor
ies
   
294,380
     
293,612
 
Other receivable
   
24,310
     
 
 
 
Prepaid expenses
   
4,919
     
8,827
 
Other current assets
   
7,416
     
11,015
 
                 
Total current assets
   
1,070,826
     
1,023,835
 
                 
Non-current
assets
   
     
 
Long-term restricted cash
   
7,402
     
7,402
 
Property, plant and equipment, net
   
217,038
     
210,686
 
Intangibles, net
   
4,038
     
3,887
 
Operating
right-of-use
assets
   
7,558
     
 
 
 
Goodwill
   
3,798
     
3,705
 
Deferred tax assets
   
4,115
     
5,679
 
Other
non-current
assets
   
253
     
124
 
                 
Total
non-current
assets
   
244,202
     
231,483
 
                 
Total Assets
  $
1,315,028
    $
1,255,318
 
                 
Liabilities and Shareholders’ Equity
 
 
 
 
 
 
Current liabilities
   
     
 
Long-term borrowings, current portion, net
  $
12,156
    $
3,250
 
Trade accounts payable
   
234,929
     
257,617
 
Contract liabilities
   
2,360
     
2,239
 
Capital lease liability, current portion
   
311
     
398
 
Operating lease liability, current portion
   
1,823
     
—  
 
Income tax payable
   
3,137
     
1,801
 
Accrued payroll, bonus and related expenses
   
15,942
     
16,510
 
Accrued expenses
   
11,338
     
8,997
 
Other payables
   
31,384
     
22,236
 
                 
Total current liabilities
   
313,380
     
313,048
 
                 
Non-current
liabilities
   
     
 
Long-term borrowings,
non-current
portion, net
   
45,592
     
57,688
 
Deferred tax liability
   
3,543
     
3,561
 
Capital lease liability,
non-current
portion
   
     
102
 
Operating lease liabilit
ies
,
non-current
portion
   
5,728
     
—  
 
Severance liabilities
   
16,735
     
15,209
 
Other
non-current
liabilities
   
1,723
     
2,611
 
                 
Total
non-current
liabilities
   
73,321
     
79,171
 
                 
Total Liabilities
   
386,701
     
392,219
 
                 
Commitments and contingencies (Note 1
9
)
   
   
Shareholders’ equity
   
     
 
Preferred shares (5,000,000 shares authorized, $0.01 par value; no shares issued and outstanding as of December 27, 2019 and June 28, 2019)
   
—  
     
 
 
 
Ordinary shares (500,000,000 shares authorized, $0.01 par value; 38,408,890 shares and 38,230,753 shares issued at December 27, 2019 and June 28, 2019, respectively; and 37,019,787 shares and 36,841,650 shares outstanding at December 27, 2019 and June 28, 2019, respectively)
   
384
     
382
 
Additional
paid-in
capital
   
166,103
     
158,299
 
Less: Treasury shares
, at c
ost
 (1,389,103 shares and 1,389,103 shares as of December 27, 2019 and June 28, 2019, respectively)
   
(47,779
   
(47,779
)
Accumulated other comprehensive loss
   
(2,152
   
(2,386
)
Retained earnings
   
811,771
     
754,583
 
                 
Total Shareholders’ Equity
   
928,327
     
863,099
 
                 
Total Liabilities and Shareholders’ Equity
  $
1,315,028
    $
1,255,318
 
                 
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
3
 

 
Table of Contents
 
FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited)
                                 
(in thousands of U.S. dollars, except per share data)
 
Three Months Ended
   
Six Months Ended
 
December 27,
2019
 
 
December 28,
2018
 
 
 
 
December 27,
2019
 
 
December 28,
2018
 
Revenues
  $
426,217
    $
403,080
    $
825,513
    $
780,257
 
Cost of revenues
   
(377,059
   
(357,516
)    
(730,368
   
(694,417
)
                                 
Gross profit
   
49,158
     
45,564
     
95,145
     
85,840
 
Selling, general and administrative expenses
   
(17,078
   
(12,727
)    
(33,078
   
(27,164
)
Expenses related to reduction in workforce
   
(16
   
(319
)    
(16
   
(404
)
                                 
Operating income
   
32,064
     
32,518
     
62,051
     
58,272
 
Interest income
   
1,940
     
1,182
     
4,038
     
2,626
 
Interest expense
   
(181
   
(1,616
)    
(2,574
   
(2,250
)
Foreign exchange
(
loss
) gain
, net
   
(988
   
(421
)    
(2,941
   
2,647
 
Other income, net
   
397
     
562
     
774
     
639
 
                                 
Income before income taxes
   
33,232
     
32,225
     
61,348
     
61,934
 
Income tax expense
   
(2,001
   
(712
)    
(4,160
   
(2,571
)
                                 
Net income
   
31,231
     
31,513
     
57,188
     
59,363
 
                                 
Other comprehensive income (loss), net of tax:
   
     
     
     
 
Change in net unrealized (loss) gain on available-for-sale securities
   
(82
   
598
     
(47
   
886
 
Change in net unrealized loss on derivative instruments
   
(189
   
—  
     
(150
   
(1
)
Change in net retirement benefits plan – prior service cost
   
101
     
—  
     
184
     
—  
 
Change in foreign currency translation adjustment
   
616
     
(505
)    
247
     
(705
)
                                 
Total other comprehensive income, net of tax
   
446
     
93
     
234
     
180
 
                                 
Net comprehensive income
  $
31,677
    $
31,606
    $
57,422
    $
59,543
 
                                 
Earnings per share
 
 
 
 
 
 
 
 
 
 
 
 
Basic
  $
0.84
    $
0.86
    $
1.55
    $
1.62
 
Diluted
  $
0.83
    $
0.84
    $
1.52
    $
1.59
 
Weighted-average number of ordinary shares outstanding
(thousands of shares)
   
     
     
     
 
Basic
   
37,011
     
36,841
     
36,962
     
36,733
 
Diluted
   
37,763
     
37,471
     
37,646
     
37,305
 
 
 
 
 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
4
 

 
Table of Contents
FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited)
For the Three Months Ended December 27, 2019
 
 
Ordinary Shares
   
Additional
Paid-in
   
Treasury
   
Accumulated
Other
Comprehensive
   
Retained
   
 
 
(in thousands of U.S. dollars, except share data)
 
Shares
   
Amount
   
Capital
   
Shares
   
(Loss) Income
   
Earnings
   
Total
 
Balances at September 27, 2019
   
38,389,128
     
384
     
160,148
     
(47,779
)    
(2,598
)    
780,540
     
890,695
 
Net income
   
—  
     
—  
     
—  
     
—  
     
—  
     
31,231
     
31,231
 
Other comprehensive income
   
—  
     
—  
     
—  
     
—  
     
446
     
—  
     
446
 
Share-based compensation
   
—  
     
—  
     
6,188
     
—  
     
—  
     
—  
     
6,188
 
Issuance of ordinary shares
   
19,762
     
—  
     
—  
     
—  
     
—  
     
—  
     
—  
 
Tax withholdings related to net share settlement of restricted share units
   
—  
     
—  
     
(233
)    
—  
     
—  
     
—  
     
(233
)
                                                         
Balances at December 27, 2019
   
38,408,890
     
384
     
166,103
     
(47,779
)    
(2,152
)    
811,771
     
928,327
 
                                                         
For the Six Months Ended December 27, 2019
 
 
Ordinary Shares
   
Additional
Paid-in
   
Treasury
   
Accumulated
Other
Comprehensive
   
Retained
   
 
 
(in thousands of U.S. dollars, except share data)
 
Shares
   
Amount
   
Capital
   
Shares
   
(Loss) Income
   
Earnings
   
Total
 
Balances at June 28, 2019
   
38,230,753
     
382
     
158,299
     
(47,779
)    
(2,386
)    
754,583
     
863,099
 
Net income
   
—  
     
—  
     
—  
     
—  
     
—  
     
57,188
     
57,188
 
Other comprehensive income
   
—  
     
—  
     
—  
     
—  
     
234
     
—  
     
234
 
Share-based compensation
   
—  
     
—  
     
12,183
     
—  
     
—  
     
—  
     
12,183
 
Issuance of ordinary shares
   
178,137
     
2
     
(2
   
—  
     
—  
     
—  
     
—  
 
Tax withholdings related to net share settlement of restricted share units
   
—  
     
—  
     
(4,377
)    
—  
     
—  
     
—  
     
(4,377
)
                                                         
Balances at December 27, 2019
   
38,408,890
     
384
     
166,103
     
(47,779
)    
(2,152
)    
811,771
     
928,327
 
                                                         
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
5
 

Table of Contents
FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) (Continued)
For the Three Months Ended December 28, 2018
 
 
Ordinary Shares
   
Additional
Paid-in
   
Treasury
   
Accumulated
Other
Comprehensive
   
Retained
   
 
 
(in thousands of U.S. dollars, except share data)
 
Shares
   
Amount
   
Capital
   
Shares
   
(Loss) Income
   
Earnings
   
Total
 
Balances at September 29, 2018
   
38,118,609
     
381
     
147,869
     
(42,401
)    
(1,170
)    
661,478
     
766,157
 
Net income
   
—  
     
—  
     
—  
     
—  
     
—  
     
31,513
     
31,513
 
Other comprehensive income
   
—  
     
—  
     
—  
     
—  
     
93
     
—  
     
93
 
Share-based compensation
   
—  
     
—  
     
3,969
     
—  
     
—  
     
—  
     
3,969
 
Issuance of ordinary shares
   
19,550
     
—  
     
—  
     
—  
     
—  
     
—  
     
—  
 
Tax withholdings related to net share settlement of restricted share units
   
—  
     
—  
     
(199
)    
—  
     
—  
     
—  
     
(199
)
                                                         
Balances at December 28, 2018
   
38,138,159
     
381
     
151,639
     
(42,401
)    
(1,077
)    
692,991
     
801,533
 
                                                         
For the Six Months Ended December 28, 2018
 
 
Ordinary Share
   
Additional
Paid-in
   
Treasury
   
Accumulated
Other
Comprehensive
   
Retained
   
 
 
(in thousands of U.S. dollars, except share data)
 
Shares
   
Amount
   
Capital
   
Shares
   
(Loss) Income
   
Earnings
   
Total
 
Balances at June 29, 2018
   
37,723,733
     
377
     
151,797
     
(42,401
)    
(1,257
)    
632,423
     
740,939
 
Net income
   
—  
     
—  
     
—  
     
—  
     
—  
     
59,363
     
59,363
 
Other comprehensive income
   
—  
     
—  
     
—  
     
—  
     
180
     
—  
     
180
 
Cumulative effect adjustment from adoption of ASC 606
   
—  
     
—  
     
—  
     
—  
     
—  
     
1,205
     
1,205
 
Share-based compensation
   
—  
     
—  
     
8,949
     
—  
     
—  
     
—  
     
8,949
 
Issuance of ordinary shares
   
414,426
     
4
     
(4
)    
—  
     
—  
     
—  
     
—  
 
Tax withholdings related to net share settlement of restricted share units
   
—  
     
—  
     
(9,103
)    
—  
     
—  
     
—  
     
(9,103
)
                                                         
Balances at December 28, 2018
   
38,138,159
     
381
     
151,639
     
(42,401
)    
(1,077
)    
692,991
     
801,533
 
                                                         
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
 
6
 

Table of Contents
FABRINET
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
 
Six Months Ended
 
(in thousands of U.S. dollars)
 
December 27,
2019
   
December 28,
2018
 
Cash flows from operating activities
 
 
 
 
 
 
Net income for the period
  $
57,188
    $
59,363
 
Adjustments to reconcile net income to net cash provided by operating activities
   
     
 
Depreciation and amortization
   
15,279
     
15,000
 
Loss on disposal of property, plant and equipment
   
242
     
528
 
Loss on disposal of intangibles
   
—  
     
149
 
(Gain) loss from sales and maturities of
available-for-sale
securities
   
(79
   
1,060
 
Amortization of investment discount (premium)
   
117
     
(533
)
Amortization of deferred debt issuance costs
   
10
     
—  
 
Allowance for doubtful accounts
   
6
     
—  
 
Unrealized loss (gain) on exchange rate and fair value of foreign currency forward contracts
   
1,205
     
(5,775
)
Unrealized loss (gain) on fair value of interest rate swaps
   
1,672
     
849
 
Amortization of interest rate swaps’ fair value at hedge inception
 
 
(433
)
 
 
 
—  
 
Share-based compensation
   
12,183
     
8,949
 
Deferred income tax
   
1,543
     
481
 
Severance liabilities
   
2,015
     
1,339
 
Other
non-cash
expenses
   
(851
   
(759
)
Changes in operating assets and liabilities
   
     
 
Trade accounts receivable
   
(24,970
   
(14,381
)
Contract assets
   
1,333
     
(3,459
)
Inventor
ies
   
(767
   
(28,880
)
Other current assets and
non-current
assets
   
7,471
     
2,128
 
Trade accounts payable
   
(22,816
   
29,276
 
Contract liabilities
   
121
     
—  
 
Income tax payable
   
1,336
     
1,859
 
Other current liabilities and
non-current
liabilities
   
805
     
2,104
 
                 
Net cash provided by operating activities
   
52,610
     
69,298
 
                 
Cash flows from investing activities
 
 
 
 
 
 
Purchase of short-term investments
   
(101,727
   
(82,141
)
Proceeds from sales of short-term investments
   
72,664
     
70,472
 
Proceeds from maturities of short-term investments
   
62,666
     
34,788
 
Other receivable provided to customer (Note 9)
 
 
(24,310
)
 
 
 
—  
 
Purchase of property, plant and equipment
   
(15,411
   
(9,732
)
Purchase of intangibles
   
(808
   
(251
)
Proceeds from disposal of property, plant and equipment
   
1,195
     
5
 
                 
Net cash (used in) provided by investing activities
   
(5,731
   
13,141
 
                 
Cash flows from financing activities
   
     
 
Payment of debt issuance costs
   
(153
   
—  
 
Proceeds from long-term borrowings
   
60,938
     
—  
 
Repayment of long-term borrowings
   
(63,985
   
(813
)
Repayment of capital lease liability
   
(