MagnaChip Reports Second Quarter 2018 Financial Results

 

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME

(In thousands of US dollars, except share data)

(Unaudited)




Three Months Ended




June 30,

2018



March 31,

2018



June 30,

2017


Net income (loss)


$

(21,505)



$

2,763



$

(8,059)


Adjustments:













Interest expense, net



5,059




5,123




5,187


Income tax expenses



1,521




990




538


Depreciation and amortization



8,012




7,958




6,773


EBITDA



(6,913)




16,834




4,439


Early termination charges









2,262


Equity-based compensation expense



1,341




665




349


Foreign currency loss (gain), net



27,449




(1,318)




11,905


Derivative valuation loss, net



1,632




76




467


Restatement related expenses (gain), net






(765)




900


Adjusted EBITDA


$

23,509



$

15,492



$

20,322


Net income (loss)


$

(21,505)



$

2,763



$

(8,059)


Adjustments:













Early termination charges









2,262


Equity-based compensation expense



1,341




665




349


Foreign currency loss (gain), net



27,449




(1,318)




11,905


Derivative valuation loss, net



1,632




76




467


Restatement related expenses (gain), net






(765)




900


Adjusted Net Income


$

8,917



$

1,421



$

7,824


Adjusted Net Income per common share:













– Basic


$

0.26



$

0.04



$

0.23


– Diluted


$

0.23



$

0.04



$

0.21


Weighted average number of shares – Basic



34,420,654




34,253,111




33,952,574


Weighted average number of shares – Diluted



45,735,521




35,154,693




44,974,577















We present Adjusted EBITDA and Adjusted Net Income as supplemental measures of our performance. We define Adjusted EBITDA for the periods indicated as EBITDA (as defined below), adjusted to exclude (i) early termination charges, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss, net and (v) restatement related expenses (gain), net. 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 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 is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income for the periods as net income (loss), adjusted to exclude (i) early termination charges, (ii) equity-based compensation expense, (iii) foreign currency loss (gain), net, (iv) derivative valuation loss, net and (v) restatement related expenses (gain), net.


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