|
We present Adjusted EBITDA and Adjusted Net Income (Loss) as supplemental measures of our performance. We define Adjusted EBITDA for the periods indicated as EBITDA (as defined below), adjusted to exclude (i) restructuring and other charges (gain), (ii) early termination charges, (iii) equity-based compensation expense, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net and (vi) restatement related expenses. EBITDA for the periods indicated is defined as net income (loss) before interest expense, net, income tax expenses and depreciation and amortization. We prepare Adjusted Net Income (Loss) by adjusting net income (loss) to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Net Income (Loss) is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income (Loss) for the periods as net income (loss), adjusted to exclude (i) restructuring and other charges (gain), (ii) early termination charges, (iii) equity-based compensation expense, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, and (vi) restatement related expenses. |
|
| ||||||||
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands of US dollars, except share data) (Unaudited) | ||||||||
|
|
|
|
|
|
|
| ||
|
|
|
June 30, 2017 |
|
|
December 31, 2016 |
| ||
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
131,523 |
|
|
$ |
83,355 |
|
|
Restricted cash |
|
|
— |
|
|
|
18,251 |
|
|
Accounts receivable, net |
|
|
76,007 |
|
|
|
61,775 |
|
|
Inventories, net |
|
|
58,143 |
|
|
|
57,048 |
|
|
Other receivables |
|
|
3,821 |
|
|
|
5,864 |
|
|
Prepaid expenses |
|
|
11,680 |
|
|
|
8,137 |
|
|
Hedge collateral |
|
|
6,590 |
|
|
|
3,150 |
|
|
Other current assets |
|
|
5,063 |
|
|
|
5,113 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets |
|
|
292,827 |
|
|
|
242,693 |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
|
186,078 |
|
|
|
179,793 |
|
|
Intangible assets, net |
|
|
3,530 |
|
|
|
3,085 |
|
|
Long-term prepaid expenses |
|
|
14,853 |
|
|
|
9,556 |
|
|
Deferred income tax assets |
|
|
253 |
|
|
|
193 |
|
|
Other non-current assets |
|
|
4,486 |
|
|
|
6,632 |
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
502,027 |
|
|
$ |
441,952 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
52,202 |
|
|
$ |
51,509 |
|
|
Other accounts payable |
|
|
12,702 |
|
|
|
12,272 |
|
|
Accrued expenses |
|
|
51,227 |
|
|
|
60,365 |
|
|
Deferred revenue |
|
|
11,487 |
|
|
|
11,092 |
|
|
Deposits received |
|
|
266 |
|
|
|
16,549 |
|
|
Other current liabilities |
|
|
2,148 |
|
|
|
1,654 |
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
130,032 |
|
|
|
153,441 |
|
|
|
|
|
|
|
|
|
|
|
|
Long-term borrowings, net |
|
|
302,380 |
|
|
|
221,082 |
|
|
Accrued severance benefits, net |
|
|
130,050 |
|
|
|
129,225 |
|
|
Other non-current liabilities |
|
|
10,055 |
|
|
|
10,318 |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
572,517 |
|
|
|
514,066 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value, 150,000,000 shares authorized, 42,384,836
|
|
|
424 |
|
|
|
416 |
|
|
Additional paid-in capital |
|
|
133,885 |
|
|
|
130,189 |
|
|
Accumulated deficit |
|
|
(90,146) |
|
|
|
(125,825) |
|
|
Treasury stock, 8,374,209 shares at June 30, 2017 and 6,578,765 shares at
|
|
|
(102,319) |
|
|
|
(90,918) |
|
|
Accumulated other comprehensive income (loss) |
|
|
(12,334) |
|
|
|
14,024 |
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' deficit |
|
|
(70,490) |
|
|
|
(72,114) |
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
502,027 |
|
|
$ |
441,952 |
|
