MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) (In thousands of U.S. dollars) (Unaudited) | ||||||||||||
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| Three Months Ended |
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| March 31, |
| December 31, |
| March 31, |
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| 2023 |
| 2022 |
| 2022 |
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Operating income (loss) |
| $ | (21,818) |
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| $ | (10,117) |
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| $ | 12,879 |
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Adjustments: |
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Equity-based compensation expense |
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| 1,120 |
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| 1,550 |
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| 1,638 |
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Early termination charges |
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| 8,449 |
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|
| — |
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|
| — |
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Adjusted Operating Income (Loss) |
| $ | (12,249) |
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| $ | (8,567) |
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| $ | 14,517 |
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We present Adjusted Operating Income (Loss) as a supplemental measure of our performance. We define Adjusted Operating Income (Loss) for the periods indicated as operating income (loss) adjusted to exclude (i) Equity-based compensation expense and (ii) Early termination charges.
For the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS) (In thousands of U.S. dollars, except share data) (Unaudited) | ||||||||||||
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| Three Months Ended |
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| March 31, |
| December 31, |
| March 31, |
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| 2023 |
| 2022 |
| 2022 |
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Net income (loss) |
| $ | (21,470) |
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| $ | 2,971 |
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| $ | 9,528 |
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Adjustments: |
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| Interest income |
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| (2,842) |
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|
| (2,420) |
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|
| (715) |
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| Interest expense |
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| 256 |
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| 269 |
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| 111 |
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| Income tax expense (benefit) |
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| (1,227) |
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|
| 6,513 |
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| 3,483 |
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| Depreciation and amortization |
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| 4,357 |
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| 3,775 |
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| 3,891 |
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| EBITDA |
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| (20,926) |
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|
| 11,108 |
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| 16,298 |
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| Equity-based compensation expense |
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| 1,120 |
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| 1,550 |
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| 1,638 |
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| Foreign currency loss (gain), net |
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| 3,430 |
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|
| (17,492) |
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|
| 690 |
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| Derivative valuation loss, net |
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| 54 |
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|
| 66 |
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|
| 129 |
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| Early termination charges |
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| 8,449 |
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|
| — |
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| — |
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| Adjusted EBITDA |
| $ | (7,873) |
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| $ | (4,768) |
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| $ | 18,755 |
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| Net income (loss) |
| $ | (21,470) |
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| $ | 2,971 |
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| $ | 9,528 |
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| Adjustments: |
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| Equity-based compensation expense |
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| 1,120 |
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| 1,550 |
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| 1,638 |
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| Foreign currency loss (gain), net |
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| 3,430 |
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|
| (17,492) |
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|
| 690 |
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| Derivative valuation loss, net |
|
| 54 |
|
|
| 66 |
|
|
| 129 |
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| Early termination charges |
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| 8,449 |
|
|
| — |
|
|
| — |
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| Income tax effect on non-GAAP adjustments |
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| (1,950) |
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|
| (2,943) |
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|
| 951 |
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| Adjusted Net Income (Loss) |
| $ | (10,367) |
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| $ | (15,848) |
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| $ | 12,936 |
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| Adjusted Net Income (Loss) per common share— |
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| - Basic |
| $ | (0.24) |
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| $ | (0.36) |
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| $ | 0.28 |
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| - Diluted |
| $ | (0.24) |
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| $ | (0.36) |
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| $ | 0.28 |
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| Weighted average number of shares – basic |
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| 43,390,832 |
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|
| 44,054,275 |
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| 45,603,208 |
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| Weighted average number of shares – diluted |
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| 43,390,832 |
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| 44,054,275 |
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| 46,693,294 |
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