MagnaChip Reports Revenue of $205.1 Million in Second Quarter

MagnaChip Reports Revenue of $205.1 Million in Second Quarter 2019; OLED Display Drivers, Power Standard Products Set Revenue Records

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We present Adjusted EBITDA and Adjusted Net Income (Loss) 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, net, (iv) Derivative valuation loss, net, (v) Loss on early extinguishment of long-term borrowings, net and (vi) Others. EBITDA for the periods indicated is defined as net loss before interest expense, net, income tax expense and depreciation and amortization. We prepare Adjusted Net Income (Loss) by adjusting net 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 (Loss) is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income (Loss) for the periods as net loss, adjusted to exclude (i) Restructuring and other charges, (ii) Equity-based compensation expense, (iii) Foreign currency loss, net, (iv) Derivative valuation loss, net, (v) Loss on early extinguishment of long-term borrowings, net and (vi) Others.

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

	June 30, 2019	December 31, 2018
Assets
Current assets
Cash and cash equivalents	$ 123,753	$ 132,438
Accounts receivable, net	96,766	80,003
Unbilled accounts receivable, net	30,689	38,181
Inventories, net	67,192	71,611
Other receivables	6,606	3,702
Prepaid expenses	13,110	11,133
Hedge collateral	9,510	5,810
Other current assets	8,026	9,867

Total current assets	355,652	352,745

Property, plant and equipment, net	192,314	202,171
Operating lease right-of-use assets	12,518	—
Intangible assets, net	4,023	3,953
Long-term prepaid expenses	14,076	15,598
Other non-current assets	9,233	8,729

Total assets	$ 587,816	$ 583,196

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$ 86,003	$ 55,631
Other accounts payable	12,628	15,168
Accrued expenses	49,146	46,250
Deferred revenue	5,312	6,477
Operating lease liabilities	2,151	—
Other current liabilities	3,056	9,133

Total current liabilities	158,296	132,659

Long-term borrowings, net	303,577	303,577
Non-current operating lease liabilities	10,367	—
Accrued severance benefits, net	142,436	146,031
Other non-current liabilities	21,056	18,239

Total liabilities	635,732	600,506

Commitments and contingencies
Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 43,247,509 shares issued and 34,240,181 outstanding at June 30, 2019 and 43,054,458 shares issued and 34,441,232 outstanding at December 31, 2018	433	431
Additional paid-in capital	144,188	142,600
Accumulated deficit	(79,950 )	(36,305 )
Treasury stock, 9,007,328 shares at June 30, 2019 and 8,613,226 shares at December 31, 2018, respectively	(106,514 )	(103,926 )
Accumulated other comprehensive loss	(6,073 )	(20,110 )

Total stockholders' deficit	(47,916 )	(17,310 )

Total liabilities and stockholders' equity	$ 587,816	$ 583,196

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