MagnaChip Reports Fourth Quarter and Full Year 2018 Financial

MagnaChip Reports Fourth Quarter and Full Year 2018 Financial Results And Announces Strategic Review Process of its Foundry Operations

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We present Adjusted EBITDA and Adjusted Net Income 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 gain, (ii) Early termination charges, (iii) Equity-based compensation expense, (iv) Foreign currency loss (gain), net, (v) Derivative valuation loss (gain), net, (vi) Restatement related expenses, (vii) Secondary offering expenses, (viii) Loss on early extinguishment of long-term borrowings, net and (ix) Other indemnification costs and reimbursements. 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 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 is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income for the periods as net income, adjusted to exclude (i) Restructuring and other gain, (ii) Early termination charges, (iii) Equity-based compensation expense, (iv) Foreign currency loss (gain), net, (v) Derivative valuation loss (gain), net, (vi) Restatement related expenses, (vii) Secondary offering expenses, (viii) Loss on early extinguishment of long-term borrowings, net and (ix) Other indemnification costs and reimbursements.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of US dollars, except share data)
(Unaudited)

	December 31, 2018	December 31, 2017
Assets
Current assets
Cash and cash equivalents	$ 132,438	$ 128,575
Accounts receivable, net	80,003	92,026
Unbilled accounts receivable	38,181	—
Inventories, net	71,611	73,073
Other receivables	3,702	4,292
Prepaid expenses	11,133	9,250
Hedge collateral	5,810	7,600
Other current assets	9,867	15,444
Total current assets	352,745	330,260

Property, plant and equipment, net	202,171	205,903
Intangible assets, net	3,953	4,061
Long-term prepaid expenses	15,598	12,791
Other non-current assets	8,729	5,774
Total assets	$ 583,196	$ 558,789

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$ 55,631	$ 65,940
Other accounts payable	15,168	10,261
Accrued expenses	46,250	51,746
Deferred revenue	6,477	8,335
Other current liabilities	9,133	1,860
Total current liabilities	132,659	138,142
Long-term borrowings, net	303,577	303,416
Accrued severance benefits, net	146,031	148,905
Other non-current liabilities	18,239	7,963
Total liabilities	600,506	598,426
Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 43,054,458 shares issued and 34,441,232 outstanding at December 31, 2018 and 42,563,808 shares issued and 34,189,599 outstanding at December 31, 2017	431	426
Additional paid-in capital	142,600	136,259
Accumulated deficit	(36,305)	(40,889)
Treasury stock, 8,613,226 shares at December 31, 2018 and 8,374,209 shares at December 31, 2017, respectively	(103,926)	(102,319)
Accumulated other comprehensive loss	(20,110)	(33,114)
Total stockholders' deficit	(17,310)	(39,637)
Total liabilities and stockholders' equity	$ 583,196	$ 558,789

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