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 charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss (gain), net, (iv) Derivative valuation loss, net and (v) Other. EBITDA for the periods indicated is defined as net income (loss) before interest expense, net, income tax expense 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 (loss), adjusted to exclude (i) Restructuring and other charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss (gain), net, (iv) Derivative valuation loss, net and (v) Other. Other charges within the adjustment line item of the Restructuring and other charges included in the above table are primarily related to legal and consulting service fees incurred in connection with our strategic evaluation. Other adjustment in the table above primarily represents legal expense related to the indemnification of a former employee.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
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|
|
| September 30,
|
|
| December 31,
|
| ||
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
| $ | 131,341 |
|
| $ | 132,438 |
|
Accounts receivable, net |
|
| 106,289 |
|
|
| 80,003 |
|
Unbilled accounts receivable, net |
|
| 21,356 |
|
|
| 38,181 |
|
Inventories, net |
|
| 72,703 |
|
|
| 71,611 |
|
Other receivables |
|
| 10,015 |
|
|
| 3,702 |
|
Prepaid expenses |
|
| 15,112 |
|
|
| 11,133 |
|
Hedge collateral |
|
| 9,990 |
|
|
| 5,810 |
|
Other current assets |
|
| 7,437 |
|
|
| 9,867 |
|
Total current assets |
|
| 374,243 |
|
|
| 352,745 |
|
Property, plant and equipment, net |
|
| 178,823 |
|
|
| 202,171 |
|
Operating lease right-of-use assets |
|
| 11,517 |
|
|
| — |
|
Intangible assets, net |
|
| 3,913 |
|
|
| 3,953 |
|
Long-term prepaid expenses |
|
| 10,926 |
|
|
| 15,598 |
|
Other non-current assets |
|
| 8,715 |
|
|
| 8,729 |
|
Total assets |
| $ | 588,137 |
|
| $ | 583,196 |
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
| Current liabilities |
|
|
|
|
|
|
|
|
| Accounts payable |
| $ | 79,908 |
|
| $ | 55,631 |
|
| Other accounts payable |
|
| 10,843 |
|
|
| 15,168 |
|
| Accrued expenses |
|
| 48,944 |
|
|
| 46,250 |
|
| Deferred revenue |
|
| 5,822 |
|
|
| 6,477 |
|
| Operating lease liabilities |
|
| 2,023 |
|
|
| — |
|
| Other current liabilities |
|
| 4,563 |
|
|
| 9,133 |
|
| Total current liabilities |
|
| 152,103 |
|
|
| 132,659 |
|
| Long-term borrowings, net |
|
| 304,155 |
|
|
| 303,577 |
|
| Non-current operating lease liabilities |
|
| 9,494 |
|
|
| — |
|
| Accrued severance benefits, net |
|
| 138,794 |
|
|
| 146,031 |
|
| Other non-current liabilities |
|
| 17,018 |
|
|
| 18,239 |
|
| Total liabilities |
|
| 621,564 |
|
|
| 600,506 |
|
|
|
|
|
|
|
|
|
|
|
| Commitments and contingencies |
|
|
|
|
|
|
|
|
| Stockholders' equity |
|
|
|
|
|
|
|
|
| Common stock, $0.01 par value, 150,000,000 shares authorized, 43,378,017 shares
|
|
| 434 |
|
|
| 431 |
|
| Additional paid-in capital |
|
| 145,555 |
|
|
| 142,600 |
|
| Accumulated deficit |
|
| (81,557) |
|
|
| (36,305) |
|
| Treasury stock, 9,007,328 shares at September 30, 2019 and 8,613,226 shares at
|
|
| (106,514) |
|
|
| (103,926) |
|
| Accumulated other comprehensive income (loss) |
|
| 8,655 |
|
|
| (20,110) |
|
| Total stockholders' deficit |
|
| (33,427) |
|
|
| (17,310) |
|
| Total liabilities and stockholders' equity |
| $ | 588,137 |
|
| $ | 583,196 |
|
|
|
|
|
|
|
|
|
|
|
