MagnaChip Reports Second Quarter 2017 Financial Results

 

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), (ii) early termination charges, (iii) equity-based compensation expense, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net and (vi) restatement related expenses. 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 (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), (ii) early termination charges, (iii) equity-based compensation expense, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, and (vi) restatement related expenses.


 


MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share data)

(Unaudited)










June 30,

2017



December 31,

2016


Assets









Current assets









Cash and cash equivalents


$

131,523



$

83,355


Restricted cash






18,251


Accounts receivable, net



76,007




61,775


Inventories, net



58,143




57,048


Other receivables



3,821




5,864


Prepaid expenses



11,680




8,137


Hedge collateral



6,590




3,150


Other current assets



5,063




5,113











Total current assets



292,827




242,693











Property, plant and equipment, net



186,078




179,793


Intangible assets, net



3,530




3,085


Long-term prepaid expenses



14,853




9,556


Deferred income tax assets



253




193


Other non-current assets



4,486




6,632











Total assets


$

502,027



$

441,952











Liabilities and Stockholders' Equity









Current liabilities









Accounts payable


$

52,202



$

51,509


Other accounts payable



12,702




12,272


Accrued expenses



51,227




60,365


Deferred revenue



11,487




11,092


Deposits received



266




16,549


Other current liabilities



2,148




1,654











Total current liabilities



130,032




153,441











Long-term borrowings, net



302,380




221,082


Accrued severance benefits, net



130,050




129,225


Other non-current liabilities



10,055




10,318











Total liabilities



572,517




514,066











Stockholders' equity









Common stock, $0.01 par value, 150,000,000 shares authorized, 42,384,836
  shares issued and 34,010,627 outstanding at June 30, 2017 and 41,627,103
  shares issued and 35,048,338 outstanding at December 31, 2016



424




416


Additional paid-in capital



133,885




130,189


Accumulated deficit



(90,146)




(125,825)


Treasury stock, 8,374,209 shares at June 30, 2017 and 6,578,765 shares at
 
December 31, 2016



(102,319)




(90,918)


Accumulated other comprehensive income (loss)



(12,334)




14,024











Total stockholders' deficit



(70,490)




(72,114)











Total liabilities and stockholders' equity


$

502,027



$

441,952



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