Adjusted Net Income, a non-GAAP financial measure, for the first quarter of 2018 totaled $1.4 million or $0.04 per basic and diluted share, as compared with Adjusted Net Income of $0.5 million or $0.01 per basic and diluted share in the first quarter of 2017, and compared with Adjusted Net Income of $9.1 million or $0.27 per basic share and $0.23 per diluted share in the fourth quarter of 2017. 

Adjusted EBITDA, a non-GAAP financial measure, in the first quarter was $15.5 million or 9.3% of revenue, as compared with Adjusted EBITDA of $13.1 million or 8.1% of revenue in the first quarter of 2017, and compared with Adjusted EBITDA of $20.5 million or 11.8% of revenue in the fourth quarter of 2017.

Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting MagnaChip's business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

Cash and cash equivalents totaled $123.1 million at the end of the first quarter, down from $128.6 million at the end of the fourth quarter of 2017.  

Note: The following table sets forth information relating to our operating segments (in thousands).  The historical amounts below are presented both on an as reported and as adjusted basis to show the impact of the strategic realignment and transfer of a portion of the non-OLED Display business from the Standard Products Group to the Foundry Services Group beginning in the first quarter of 2018: