For the year ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $35,527 thousand that represented income of $70,200 thousand from the recognition of a reverse termination fee, net of professional service fees and expenses of $34,673 thousand incurred in connection with the contemplated merger transaction of the Company that was terminated in December 2021. For the same period, we also recorded $3,430 thousand of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, partially offset by $1,419 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018).
For the year ended December 31, 2020, we recorded in our consolidated statement of operations $4,422 thousand of early termination and other charges, net, in connection with the headcount reduction program offered and paid to the employees during the fourth quarter of 2020. During the same period, we also recorded $554 thousand of non-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
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|
| Three Months Ended |
|
| Year Ended |
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|
| December 31, |
| September 30, |
| December 31, |
| December 31, |
| December 31, |
| ||||||||||
|
| 2021 |
| 2021 |
| 2020 |
| 2021 |
| 2020 |
| ||||||||||
Income from continuing operations |
| $ | 53,611 |
|
| $ | 10,768 |
|
| $ | 67,902 |
|
| $ | 56,708 |
|
| $ | 57,059 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
| (726) |
|
|
| (439) |
|
|
| 863 |
|
|
| (1,238) |
|
|
| 15,404 |
|
Income tax expense (benefit) |
|
| 11,221 |
|
|
| 3,149 |
|
|
| (47,064) |
|
|
| 17,261 |
|
|
| (46,228) |
|
Depreciation and amortization |
|
| 3,663 |
|
|
| 3,578 |
|
|
| 3,148 |
|
|
| 14,239 |
|
|
| 11,116 |
|
EBITDA |
|
| 67,769 |
|
|
| 17,056 |
|
|
| 24,849 |
|
|
| 86,970 |
|
|
| 37,351 |
|
| Equity-based compensation expense |
|
| 1,648 |
|
|
| 2,005 |
|
|
| 1,945 |
|
|
| 7,704 |
|
|
| 6,311 |
|
| Foreign currency loss (gain), net |
|
| (147) |
|
|
| 7,579 |
|
|
| (13,256) |
|
|
| 11,853 |
|
|
| 382 |
|
| Derivative valuation loss (gain), net |
|
| (29) |
|
|
| (237) |
|
|
| 74 |
|
|
| (123) |
|
|
| (148) |
|
| Loss on early extinguishment of borrowings, net |
|
| — |
|
|
| — |
|
|
| 766 |
|
|
| — |
|
|
| 766 |
|
| Inventory reserve related to Huawei impact of downstream trade restrictions |
|
| (379) |
|
|
| (1,081) |
|
|
| (871) |
|
|
| (1,460) |
|
|
| 1,460 |
|
| Expenses related to Fab 3 power outage |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,168 |
|
| Merger-related costs (income), net |
|
| (49,369) |
|
|
| 1,552 |
|
|
| 653 |
|
|
| (35,527) |
|
|
| 653 |
|
| Early termination and other charges, net |
|
| (1,349) |
|
|
| (513) |
|
|
| 4,422 |
|
|
| 1,284 |
|
|
| 4,976 |
|
| Adjusted EBITDA |
|
| 18,144 |
|
|
| 26,361 |
|
|
| 18,582 |
|
|
| 70,701 |
|
|
| 52,919 |
|
| Income from continuing operations |
| $ | 53,611 |
|
| $ | 10,768 |
|
| $ | 67,902 |
|
| $ | 56,708 |
|
| $ | 57,059 |
|
| Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity-based compensation expense |
|
| 1,648 |
|
|
| 2,005 |
|
|
| 1,945 |
|
|
| 7,704 |
|
|
| 6,311 |
|
| Foreign currency loss (gain), net |
|
| (147) |
|
|
| 7,579 |
|
|
| (13,256) |
|
|
| 11,853 |
|
|
| 382 |
|
| Derivative valuation loss (gain), net |
|
| (29) |
|
|
| (237) |
|
|
| 74 |
|
|
| (123) |
|
|
| (148) |
|
| Loss on early extinguishment of borrowings, net |
|
| — |
|
|
| — |
|
|
| 766 |
|
|
| — |
|
|
| 766 |
|
| Inventory reserve related to Huawei impact of downstream trade restrictions |
|
| (379) |
|
|
| (1,081) |
|
|
| (871) |
|
|
| (1,460) |
|
|
| 1,460 |
|
| Expenses related to Fab 3 power outage |
|
| — |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
| 1,168 |
|
| Merger-related costs (income), net |
|
| (49,369) |
|
|
| 1,552 |
|
|
| 653 |
|
|
| (35,527) |
|
|
| 653 |
|
| Early termination and other charges, net |
|
| (1,349) |
|
|
| (513) |
|
|
| 4,422 |
|
|
| 1,284 |
|
|
| 4,976 |
|
| GAAP and cash tax expense difference |
|
| 907 |
|
|
| — |
|
|
| (43,874) |
|
|
| 907 |
|
|
| (43,874) |
|
| Income tax effect on non-GAAP adjustments |
|
| 9,713 |
|
|
| — |
|
|
| (493) |
|
|
| 9,713 |
|
|
| (493) |
|
| Adjusted Net Income |
| $ | 14,606 |
|
| $ | 20,073 |
|
| $ | 17,268 |
|
| $ | 51,059 |
|
| $ | 28,260 |
|
| Adjusted Net Income per common share— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| - Basic |
| $ | 0.31 |
|
| $ | 0.43 |
|
| $ | 0.49 |
|
| $ | 1.14 |
|
| $ | 0.80 |
|
| - Diluted |
| $ | 0.31 |
|
| $ | 0.42 |
|
| $ | 0.40 |
|
| $ | 1.09 |
|
| $ | 0.73 |
|
| Weighted average number of shares – basic |
|
| 46,369,520 |
|
|
| 46,449,234 |
|
|
| 35,582,966 |
|
|
| 44,879,412 |
|
|
| 35,213,525 |
|
| Weighted average number of shares – diluted |
|
| 47,691,816 |
|
|
| 47,808,457 |
|
|
| 47,062,903 |
|
|
| 47,709,373 |
|
|
| 46,503,586 |
|
