Adjusted EBITDA, a non-GAAP financial measure, was $35.5 million or 15.4% of revenue in the third quarter of 2019 as compared to Adjusted EBITDA of $27.9 million or 13.5% of revenue in the third quarter of 2018 and Adjusted EBITDA of $17.0 million or 8.3% of revenue in the second quarter of 2019.
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 $131.3 million in the third quarter, up from $123.8 million in the second quarter of 2019.
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| Three Months Ended |
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| Nine Months Ended |
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| September 30,
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| September 30,
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| September 30,
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| September 30,
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Net Sales |
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Foundry Services Group |
| $ | 90,340 |
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| $ | 83,862 |
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| $ | 220,513 |
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| $ | 242,198 |
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Standard Products Group |
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Display Solutions |
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| 90,550 |
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| 77,578 |
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| 233,041 |
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| 205,986 |
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Power Solutions |
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| 48,690 |
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| 44,458 |
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| 138,443 |
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| 123,153 |
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Total Standard Products Group |
| $ | 139,240 |
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| $ | 122,036 |
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| $ | 371,484 |
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| $ | 329,139 |
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All other |
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| 97 |
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| 102 |
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| 205 |
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| 167 |
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Total net sales |
| $ | 229,677 |
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| $ | 206,000 |
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| $ | 592,202 |
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| $ | 571,504 |
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| Three Months Ended |
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| Three Months Ended |
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| September 30, 2019 |
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| September 30, 2018 |
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| Amount |
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| % of
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| Amount |
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| % of
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| Gross Profit |
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| Foundry Services Group |
| $ | 25,547 |
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| 28.3 | % |
| $ | 20,443 |
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| 24.4 | % |
| Standard Products Group |
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| 35,222 |
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| 25.3 |
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| 35,204 |
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| 28.8 |
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| All other |
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| 97 |
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| 100.0 |
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| 102 |
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| 100.0 |
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| Total gross profit |
| $ | 60,866 |
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| 26.5 | % |
| $ | 55,749 |
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| 27.1 | % |
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| Nine Months Ended |
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| Nine Months Ended |
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|
| September 30, 2019 |
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| September 30, 2018 |
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| Amount |
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| % of Net Sales |
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| Amount |
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| % of Net Sales |
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| Gross Profit |
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| Foundry Services Group |
| $ | 41,361 |
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| 18.8 | % |
| $ | 63,292 |
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| 26.1 | % |
| Standard Products Group |
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| 85,842 |
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| 23.1 |
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| 90,874 |
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| 27.6 |
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| All other |
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| 204 |
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| 99.5 |
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| 18 |
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| 10.8 |
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| Total gross profit |
| $ | 127,407 |
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| 21.5 | % |
| $ | 154,184 |
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| 27.0 | % |
