Adjusted EBITDA, a non-GAAP financial measure, in the fourth quarter was $20.5 million or 11.8% of revenue, as compared with Adjusted EBITDA of $14.1 million or 7.8% of revenue in the fourth quarter of 2016, and compared with Adjusted EBITDA of $24.7 million or 14.0% of revenue in the third quarter of 2017.

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 $128.6 million at the end of the fourth quarter, about flat with $128.4 million at the end of the third quarter of 2017.