MagnaChip Reports Fourth Quarter and Full Year 2017 Financial Results

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)
(In thousands of US dollars, except share data)
(Unaudited)
























Three Months Ended



Year Ended




December 31,

2017



September 30,

2017



December 31,

2016



December 31,

2017



December 31,

2016


Net income (loss)


$

43,653



$

5,604



$

(49,790)



$

84,936



$

(29,615)


Adjustments:





















Interest expense, net



5,149




5,193




3,987




20,505




15,983


Income tax expenses (benefits)



(1,173)




937




1,899




1,155




3,744


Depreciation and amortization



7,457




7,158




6,625




28,146




25,416


EBITDA



55,086




18,892




(37,279)




134,742




15,528


Restructuring and other charges (gain), net












(17,010)




(5,526)


Early termination charges












13,369




4,240


Equity-based compensation expense



722




435




877




2,336




3,843


Foreign currency loss (gain), net



(39,297)




3,662




49,627




(65,516)




15,360


Derivative valuation loss (gain), net



(436)




370




273




(236)




272


Restatement related expenses



4,319




828




597




10,306




6,970


Secondary offering expenses



154




515







669





Adjusted EBITDA


$

20,548



$

24,702



$

14,095



$

78,660



$

40,687























Net income (loss)


$

43,653



$

5,604



$

(49,790)



$

84,936



$

(29,615)


Adjustments:





















Restructuring and other charges (gain), net












(17,010)




(5,526)


Early termination charges












13,369




4,240


Equity-based compensation expense



722




435




877




2,336




3,843


Foreign currency loss (gain), net



(39,297)




3,662




49,627




(65,516)




15,360


Derivative valuation loss (gain), net



(436)




370




273




(236)




272


Restatement related expenses



4,319




828




597




10,306




6,970


Secondary offering expenses



154




515







669





Adjusted Net Income (Loss)


$

9,115



$

11,414



$

1,584



$

28,854



$

(4,456)


Adjusted Net Income (Loss) per common share:





















- Basic


$

0.27



$

0.33



$

0.05



$

0.85



$

(0.13)


- Diluted


$

0.23



$

0.28



$

0.04



$

0.76



$

(0.13)


Weighted average number of shares – Basic



34,176,812




34,103,029




35,068,330




33,943,264




34,833,967


Weighted average number of shares – Diluted



45,573,889




45,542,418




35,503,993




44,755,137




34,833,967























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), net, (ii) early termination charges, (iii) equity-based compensation expense, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, (vi) restatement related expenses and (vii) secondary offering expenses. EBITDA for the periods indicated is defined as net income (loss) before interest expense, net, income tax expenses (benefits) 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), net, (ii) early termination charges, (iii) equity-based compensation expense, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, (vi) restatement related expenses and (vii) secondary offering expenses.


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