For the nine months ended September 30, 2023, we recorded in our consolidated statement of operations $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023. During the same period, we also recorded $802 thousand of one-time employee incentives.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED NET LOSS (In thousands of U.S. dollars, except share data) (Unaudited) |
||||||||||||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||||||||||
|
September 30,
|
June 30,
|
September 30,
|
September 30,
|
September 30,
|
|||||||||||||||
Net loss |
$ |
(9,617 |
) |
$ |
(12,997 |
) |
$ |
(5,165 |
) |
$ |
(38,031 |
) |
$ |
(30,582 |
) |
|||||
Adjustments: |
|
|
|
|
|
|||||||||||||||
Interest income |
|
(2,051 |
) |
|
(2,228 |
) |
|
(2,382 |
) |
|
(6,492 |
) |
|
(7,916 |
) |
|||||
Interest expense |
|
574 |
|
|
554 |
|
|
189 |
|
|
1,366 |
|
|
645 |
|
|||||
Income tax expense (benefit) |
|
5,126 |
|
|
(1,602 |
) |
|
(4,373 |
) |
|
2,500 |
|
|
(8,577 |
) |
|||||
| Depreciation and amortization |
|
4,056 |
|
|
4,016 |
|
|
4,081 |
|
|
12,171 |
|
|
12,583 |
|
|||||
| EBITDA |
|
(1,912 |
) |
|
(12,257 |
) |
|
(7,650 |
) |
|
(28,486 |
) |
|
(33,847 |
) |
|||||
| Equity-based compensation expense |
|
1,977 |
|
|
1,216 |
|
|
2,171 |
|
|
4,093 |
|
|
5,383 |
|
|||||
| Foreign currency loss (gain), net |
|
(5,066 |
) |
|
3,557 |
|
|
2,583 |
|
|
3,492 |
|
|
4,776 |
|
|||||
| Derivative valuation loss (gain), net |
|
52 |
|
|
(85 |
) |
|
161 |
|
|
(58 |
) |
|
235 |
|
|||||
| Early termination and other charges |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,251 |
|
|||||
| Adjusted EBITDA |
$ |
(4,949 |
) |
$ |
(7,569 |
) |
$ |
(2,735 |
) |
$ |
(20,959 |
) |
$ |
(14,202 |
) |
|||||
| Net loss |
$ |
(9,617 |
) |
$ |
(12,997 |
) |
$ |
(5,165 |
) |
$ |
(38,031 |
) |
$ |
(30,582 |
) |
|||||
| Adjustments: |
|
|
|
|
|
|||||||||||||||
| Equity-based compensation expense |
|
1,977 |
|
|
1,216 |
|
|
2,171 |
|
|
4,093 |
|
|
5,383 |
|
|||||
| Foreign currency loss (gain), net |
|
(5,066 |
) |
|
3,557 |
|
|
2,583 |
|
|
3,492 |
|
|
4,776 |
|
|||||
| Derivative valuation loss (gain), net |
|
52 |
|
|
(85 |
) |
|
161 |
|
|
(58 |
) |
|
235 |
|
|||||
| Early termination and other charges |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,251 |
|
|||||
| Income tax effect on non-GAAP adjustments |
|
(143 |
) |
|
175 |
|
|
(1,341 |
) |
|
(1,311 |
) |
|
(3,493 |
) |
|||||
| Adjusted Net Loss |
$ |
(12,797 |
) |
$ |
(8,134 |
) |
$ |
(1,591 |
) |
$ |
(31,815 |
) |
$ |
(14,430 |
) |
|||||
| Adjusted Net Loss per common share— |
|
|
|
|
|
|||||||||||||||
| - Basic |
$ |
(0.34 |
) |
$ |
(0.21 |
) |
$ |
(0.04 |
) |
$ |
(0.84 |
) |
$ |
(0.35 |
) |
|||||
| - Diluted |
$ |
(0.34 |
) |
$ |
(0.21 |
) |
$ |
(0.04 |
) |
$ |
(0.84 |
) |
$ |
(0.35 |
) |
|||||
| Weighted average number of shares – basic |
|
37,468,849 |
|
|
38,174,920 |
|
|
40,145,290 |
|
|
38,060,682 |
|
|
41,747,255 |
|
|||||
| Weighted average number of shares – diluted |
|
37,468,849 |
|
|
38,174,920 |
|
|
40,145,290 |
|
|
38,060,682 |
|
|
41,747,255 |
|
|||||
