We define Adjusted EBITDA for the periods indicated as net income (loss), adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) restructuring and impairment charges, (v) equity-based compensation expense, (vi) foreign currency loss (gain), net, (vii) derivative valuation loss (gain), net, and (viii) restatement related expenses.
We present Adjusted Net Income as a further supplemental measure of our performance. 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) restructuring and impairment charges, (ii) equity-based compensation expense, (iii) amortization of intangibles, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, and (vi) restatement related expenses.
|
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
| ||||||||||
|
| ||||||||||
|
|
|
March 31,
|
|
December 31,
| ||||||
|
Assets |
|
|
|
|
|
| ||||
|
Current assets |
|
|
|
|
|
| ||||
|
Cash and cash equivalents |
|
$ |
91,395 |
|
$ |
102,434 | ||||
|
Accounts receivable, net |
|
|
71,848 |
|
|
72,957 | ||||
|
Inventories, net |
|
|
76,422 |
|
|
75,334 | ||||
|
Other receivables |
|
|
4,535 |
|
|
10,616 | ||||
|
Prepaid expenses |
|
|
10,311 |
|
|
7,560 | ||||
|
Current deferred income tax assets |
|
|
43 |
|
|
237 | ||||
|
Other current assets |
|
|
7,224 |
|
|
6,898 | ||||
|
|
|
|
|
|
|
| ||||
|
Total current assets |
|
|
261,778 |
|
|
276,036 | ||||
|
|
|
|
|
|
|
| ||||
|
Property, plant and equipment, net |
|
|
216,486 |
|
|
223,766 | ||||
|
Intangible assets, net |
|
|
2,422 |
|
|
2,451 | ||||
|
Long-term prepaid expenses |
|
|
9,951 |
|
|
10,916 | ||||
|
Deferred income tax assets |
|
|
281 |
|
|
415 | ||||
|
Other non-current assets |
|
|
14,548 |
|
|
14,147 | ||||
|
|
|
|
|
|
|
| ||||
|
Total assets |
|
$ |
505,466 |
|
$ |
527,731 | ||||
|
|
|
|
|
|
|
| ||||
|
Liabilities and Stockholder s' Equity |
|
|
|
|
|
| ||||
|
Current liabilities |
|
|
|
|
|
| ||||
|
Accounts payable |
|
$ |
73,812 |
|
$ |
70,767 | ||||
|
Other accounts payable |
|
|
8,195 |
|
|
10,986 | ||||
|
Accrued expenses |
|
|
74,573 |
|
|
81,060 | ||||
|
Other current liabilities |
|
|
4,616 |
|
|
6,460 | ||||
|
|
|
|
|
|
|
| ||||
|
Total current liabilities |
|
|
161,196 |
|
|
169,273 | ||||
|
|
|
|
|
|
|
| ||||
|
Long-term borrowings, net |
|
|
224,065 |
|
|
224,035 | ||||
|
Accrued severance benefits, net |
|
|
144,491 |
|
|
139,289 | ||||
|
Other non-current liabilities |
|
|
11,489 |
|
|
13,636 | ||||
|
|
|
|
|
|
|
| ||||
|
Total liabilities |
|
|
541,241 |
|
|
546,233 | ||||
|
Commitments and contingencies |
|
|
|
|
|
| ||||
|
Stockholders' equity |
|
|
|
|
|
| ||||
|
Common stock, $0.01 par value, 150,000,000 shares authorized, 40,635,233 shares issued and 34,056,468 outstanding at March 31, 2015 and December 31, 2014 |
|
|
406 |
|
|
406 | ||||
|
Additional paid-in capital |
|
|
118,604 |
|
|
118,419 | ||||
|
Accumulated deficit |
|
|
(31,372) |
|
|
(11,343) | ||||
|
Treasury stock, 6,578,765 shares at March 31, 2015 and December 31, 2014 |
|
|
(90,918) |
|
|
(90,918 | ||||
|
Accumulated other comprehensive loss |
|
|
(32,495) |
|
|
(35,066 | ||||
|
|
|
|
|
|
|
| ||||
|
Total stockholders' equity (deficit) |
|
|
(35,775) |
|
|
(18,502 | ||||
|
|
|
|
|
|
|
| ||||
|
Total liabilities and stockholders' equity |
|
$ |
505,466 |
|
$ |
527,731 | ||||
