| SUNEDISON SEMICONDUCTOR LIMITED AND SUBSIDIARIES | |||||||||||||||||||
| UNAUDITED SUPPLEMENTAL INFORMATION | |||||||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURE | |||||||||||||||||||
| (In millions) | |||||||||||||||||||
| ADJUSTED EBITDA CALCULATION [*] | |||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||
| June 30, 2016 | March 31, 2016 | June 30, 2015 | June 30, 2016 | June 30, 2015 | |||||||||||||||
| Net loss | $ | (48.5 | ) | $ | (117.1 | ) | $ | (15.5 | ) | $ | (165.6 | ) | $ | (24.8 | ) | ||||
| Interest, net | 3.3 | 3.9 | 3.5 | 7.2 | 6.9 | ||||||||||||||
| Income tax expense | 5.4 | 7.4 | 5.1 | 12.8 | 8.4 | ||||||||||||||
| Depreciation and amortization | 28.0 | 25.9 | 27.2 | 53.9 | 56.2 | ||||||||||||||
| Restructuring charges (reversals) and other non-recurring items (1) (2) (3) | 2.3 | 4.2 | (1.4 | ) | 6.5 | (0.2 | ) | ||||||||||||
| Loss on partial sale of SMP investment | — | 6.1 | — | 6.1 | — | ||||||||||||||
| Long-lived asset impairment charges | 14.7 | — | 1.2 | 14.7 | 1.3 | ||||||||||||||
| Stock compensation expense | 4.1 | 3.9 | 3.4 | 8.0 | 7.0 | ||||||||||||||
| Equity in loss of equity method investments (4) | 11.0 | 86.2 | 0.7 | 97.2 | 1.0 | ||||||||||||||
| Adjusted EBITDA [*] | $ | 20.3 | $ | 20.5 | $ | 24.2 | $ | 40.8 | $ | 55.8 | |||||||||
(1) For the three months ended March 31, 2016, we recognized approximately $0.2 million of securities transaction tax related to the dispositions of approximately 30% investment interest in SMP, Ltd ("SMP") to our subsidiary. This is a non-recurring expense that is excluded from Adjusted EBITDA as we do not consider this to be useful in assessing our on-going operating performance.
(2) For the three months ended June 30, 2016 and March 31, 2016, we reserved approximately $0.3 million and $2.1 million, respectively, in net receivables from SunEdison, Inc., our former parent, due to their filing for Chapter 11 bankruptcy protection on April 21, 2016. This is excluded from Adjusted EBITDA as we do not consider this to be useful in assessing our on-going operating performance.
(3) In the current year, we changed our methodology for reporting adjusted EBITDA results to exclude expenses related to our ongoing evaluation of strategic alternatives, consisting mainly of legal and administration expenses related to these activities. For the three months ended June 30, 2016 and March 31, 2016, other non-recurring items included $0.9 million and $0.4 million, respectively, of strategic alternative related expenses. These are non-recurring expenses that are excluded from Adjusted EBITDA as we do not consider this to be useful in assessing our on-going operating performance.
