MagnaChip Reports Third 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



September 30,

2018



June 30,

2018



September 30,

2017

Net income (loss)


$

17,222



$

(21,505)



$

5,604

Adjustments:












Interest expense, net



5,055




5,059




5,193

Income tax expenses



1,608




1,521




937

Depreciation and amortization



7,913




8,012




7,158

EBITDA



31,798




(6,912)




18,892

Equity-based compensation expense



1,083




1,341




435

Foreign currency loss (gain), net



(6,001)




27,449




3,662

Derivative valuation loss, net



518




1,632




370

Restatement related expenses, net









1,343

Other



473







Adjusted EBITDA


$

27,871



$

23,509



$

24,702

Net income (loss)


$

17,222



$

(21,505)



$

5,604

Adjustments:












Equity-based compensation expense



1,083




1,341




435

Foreign currency loss (gain), net



(6,001)




27,449




3,662

Derivative valuation loss, net



518




1,632




370

Restatement related expenses, net









1,343

Other



473







Adjusted Net Income


$

13,295



$

8,917



$

11,414

Adjusted Net Income per common share:












– Basic


$

0.38



$

0.26



$

0.33

– Diluted


$

0.32



$

0.23



$

0.28

Weighted average number of shares – Basic



34,573,377




34,420,654




34,103,029

Weighted average number of shares – Diluted



46,021,610




45,735,521




45,542,418



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) equity-based compensation expense, (ii) foreign currency loss (gain), net, (iii) derivative valuation loss, net, (iv) restatement related expenses (gain) and (v) other. 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, adjusted to exclude (i) equity-based compensation expense, (ii) foreign currency loss (gain), net, (iii) derivative valuation loss, net, (iv) restatement related expenses (gain) and (v) other.


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