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 and other 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. For the three and six months ended June 30, 2023, we recorded $802 thousand of one-time employee incentives.
For the three and six months ended June 30, 2022, we recorded $797 thousand of professional service fees and expenses incurred in connection with certain strategic evaluations.
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) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
| Three Months Ended |
| Six Months Ended | ||||||||||||||||||
|
| June 30,
|
| March 31,
|
| June 30,
|
| June 30,
|
| June 30,
|
| |||||||||||
Net income (loss) | $ (3,947) |
| $ (21,470) |
| $ (3,340) |
| $ (25,417) |
| $ 6,188 |
| |||||||||||
Adjustments: |
|
|
|
|
|
|
|
|
|
| |||||||||||
Interest income | (2,692) |
| (2,842) |
| (1,061) |
| (5,534) |
| (1,776 ) |
| |||||||||||
Interest expense | 200 |
| 256 |
| 499 |
| 456 |
| 610 |
| |||||||||||
Income tax expense (benefit) | (2,977) |
| (1,227) |
| (897) |
| (4,204) |
| 2,586 |
| |||||||||||
Depreciation and amortization | 4,145 |
| 4,357 |
| 3,711 |
| 8,502 |
| 7,602 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
EBITDA | (5,271) |
| (20,926) |
| (1,088) |
| (26,197) |
| 15,210 |
| |||||||||||
| Equity-based compensation expense | 2,092 |
| 1,120 |
| 1,988 |
| 3,212 |
| 3,626 |
| |||||||||||
| Foreign currency loss (gain), net | (1,237) |
| 3,430 |
| 7,012 |
| 2,193 |
| 7,702 |
| |||||||||||
| Derivative valuation loss (gain), net | 20 |
| 54 |
| (184) |
| 74 |
| (55 ) |
| |||||||||||
| Early termination and other charges | 802 |
| 8,449 |
| 797 |
| 9,251 |
| 797 |
| |||||||||||
| Adjusted EBITDA | $ (3,594) |
| $ (7,873) |
| $ 8,525 |
| $ (11,467) |
| $ 27,280 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| Net income (loss) | $ (3,947) |
| $ (21,470) |
| $ (3,340) |
| $ (25,417) |
| $ 6,188 |
| |||||||||||
| Adjustments: |
|
|
|
|
|
|
|
|
|
| |||||||||||
| Equity-based compensation expense | 2,092 |
| 1,120 |
| 1,988 |
| 3,212 |
| 3,626 |
| |||||||||||
| Foreign currency loss (gain), net | (1,237) |
| 3,430 |
| 7,012 |
| 2,193 |
| 7,702 |
| |||||||||||
| Derivative valuation loss (gain), net | 20 |
| 54 |
| (184) |
| 74 |
| (55 ) |
| |||||||||||
| Early termination and other charges | 802 |
| 8,449 |
| 797 |
| 9,251 |
| 797 |
| |||||||||||
| Income tax effect on non-GAAP adjustments | (202) |
| (1,950) |
| 4,294 |
| (2,152) |
| 5,245 |
| |||||||||||
| Adjusted Net Income (Loss) | $ (2,472) |
| $ (10,367) |
| $ 10,567 |
| $ (12,839) |
| $ 23,503 |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| Adjusted Net Income (Loss) per common share— |
|
|
|
|
|
|
|
|
|
| |||||||||||
| - Basic | $ (0.06) |
| $ (0.24) |
| $ 0.24 |
| $ (0.30) |
| $ 0.52 |
| |||||||||||
| - Diluted | $ (0.06) |
| $ (0.24) |
| $ 0.23 |
| $ (0.30) |
| $ 0.51 |
| |||||||||||
| Weighted average number of shares – basic | 41,741,310 |
| 43,390,832 |
| 44,897,278 |
| 42,561,514 |
| 45,248,293 |
| |||||||||||
| Weighted average number of shares – diluted | 41,741,310 |
| 43,390,832 |
| 45,937,515 |
| 42,561,514 |
| 46,329,559 |
| |||||||||||
