Magnachip Reports Results for First Quarter 2023

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS)

(In thousands of U.S. dollars)

(Unaudited)




Three Months Ended



March 31,


December 31,


March 31,



2023


2022


2022


Operating income (loss)


$

(21,818)



$

(10,117)



$

12,879


Adjustments:













Equity-based compensation expense



1,120




1,550




1,638


Early termination charges



8,449








Adjusted Operating Income (Loss)


$

(12,249)



$

(8,567)



$

14,517


We present Adjusted Operating Income (Loss) as a supplemental measure of our performance. We define Adjusted Operating Income (Loss) for the periods indicated as operating income (loss) adjusted to exclude (i) Equity-based compensation expense and (ii) Early termination charges.

For the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)

(In thousands of U.S. dollars, except share data)

(Unaudited)




Three Months Ended



March 31,


December 31,


   March 31,



2023


2022


2022


Net income (loss)


$

(21,470)



$

2,971



$

9,528


Adjustments:













Interest income



(2,842)




(2,420)




(715)


Interest expense



256




269




111


Income tax expense (benefit)



(1,227)




6,513




3,483


Depreciation and amortization



4,357




3,775




3,891


EBITDA



(20,926)




11,108




16,298


Equity-based compensation expense



1,120




1,550




1,638


Foreign currency loss (gain), net



3,430




(17,492)




690


Derivative valuation loss, net



54




66




129


Early termination charges



8,449








Adjusted EBITDA


$

(7,873)



$

(4,768)



$

18,755















Net income (loss)


$

(21,470)



$

2,971



$

9,528


Adjustments:













Equity-based compensation expense



1,120




1,550




1,638


Foreign currency loss (gain), net



3,430




(17,492)




690


Derivative valuation loss, net



54




66




129


Early termination charges



8,449








Income tax effect on non-GAAP adjustments



(1,950)




(2,943)




951


Adjusted Net Income (Loss)


$

(10,367)



$

(15,848)



$

12,936


Adjusted Net Income (Loss) per common share—













- Basic


$

(0.24)



$

(0.36)



$

0.28


- Diluted


$

(0.24)



$

(0.36)



$

0.28


Weighted average number of shares – basic



43,390,832




44,054,275




45,603,208


Weighted average number of shares – diluted



43,390,832




44,054,275




46,693,294



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