MagnaChip Reports Revenue of $205.1 Million in Second Quarter 2019; OLED Display Drivers, Power Standard Products Set Revenue Records

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, (ii) Equity-based compensation expense, (iii) Foreign currency loss, net, (iv) Derivative valuation loss, net, (v) Loss on early extinguishment of long-term borrowings, net and (vi) Others. EBITDA for the periods indicated is defined as net loss before interest expense, net, income tax expense and depreciation and amortization. We prepare Adjusted Net Income (Loss) by adjusting net 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 loss, adjusted to exclude (i) Restructuring and other charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss, net, (iv) Derivative valuation loss, net, (v) Loss on early extinguishment of long-term borrowings, net and (vi) Others.

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of US dollars, except share data)

(Unaudited)



June 30,

2019


December 31,

2018

Assets




Current assets




Cash and cash equivalents

$           123,753


$           132,438

Accounts receivable, net

96,766


80,003

Unbilled accounts receivable, net

30,689


38,181

Inventories, net

67,192


71,611

Other receivables

6,606


3,702

Prepaid expenses

13,110


11,133

Hedge collateral

9,510


5,810

Other current assets

8,026


9,867





Total current assets

355,652


352,745





Property, plant and equipment, net

192,314


202,171

Operating lease right-of-use assets

12,518


Intangible assets, net

4,023


3,953

Long-term prepaid expenses

14,076


15,598

Other non-current assets 

9,233


8,729





Total assets

$           587,816


$           583,196





Liabilities and Stockholders' Equity




Current liabilities




Accounts payable

$             86,003


$             55,631

Other accounts payable

12,628


15,168

Accrued expenses

49,146


46,250

Deferred revenue

5,312


6,477

Operating lease liabilities

2,151


Other current liabilities

3,056


9,133





Total current liabilities

158,296


132,659





Long-term borrowings, net

303,577


303,577

Non-current operating lease liabilities

10,367


Accrued severance benefits, net

142,436


146,031

Other non-current liabilities

21,056


18,239





Total liabilities

635,732


600,506





Commitments and contingencies




Stockholders' equity




Common stock, $0.01 par value, 150,000,000 shares authorized, 43,247,509 shares issued and
34,240,181 outstanding at June 30, 2019 and 43,054,458 shares issued and 34,441,232 outstanding at
December 31, 2018

433


431

Additional paid-in capital

144,188


142,600

Accumulated deficit

(79,950 )


(36,305 )

Treasury stock, 9,007,328 shares at June 30, 2019 and 8,613,226 shares at December 31, 2018, respectively

(106,514 )


(103,926 )

Accumulated other comprehensive loss

(6,073 )


(20,110 )





Total stockholders' deficit

(47,916 )


(17,310 )





Total liabilities and stockholders' equity

$           587,816


$           583,196






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