MagnaChip Reports Fourth Quarter and Full Year 2015 Financial

MagnaChip Reports Fourth Quarter and Full Year 2015 Financial Results

We define Adjusted EBITDA as net income adjusted to exclude (i) depreciation and amortization, (ii) interest expense, net, (iii) income tax expenses (benefits), (iv) restructuring and impairment charges, (v) equity-based compensation expense, (vi) foreign currency loss (gain), net, (vii) derivative valuation loss (gain), net, and (viii) restatement related expenses.

We present Adjusted Net Income (Loss) as a further supplemental measure of our performance. We prepare Adjusted Net Income (Loss) by adjusting net income 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) as net income adjusted to exclude (i) restructuring and impairment charges, (ii) equity-based compensation expense, (iii) amortization of intangibles, (iv) foreign currency loss (gain), net, (v) derivative valuation loss (gain), net, and (vi) restatement related expenses.


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

Assets		December 31, 2015			December 31, 2014
Current assets
Cash and cash equivalents	$		90,882		$			102,434
Accounts receivable, net			63,498				72,957
Inventories, net			57,619				75,334
Other receivables			31,932				10,616
Prepaid expenses			7,075				7,560
Current deferred income tax assets			34				237
Hedge collateral			6,000				—
Other current assets			3,194				6,898

Total current assets			260,234				276,036

Property, plant and equipment, net			191,985				223,766
Intangible assets, net			2,629				2,451
Long-term prepaid expenses			12,117				10,916
Deferred income tax assets			238				415
Other non-current assets			10,678				14,147

Total assets	$		477,881		$		527,731

Liabilities and Stockholders' Equity
Current liabilities
Accounts payable	$		55,476		$		70,767
Other accounts payable			10,961				10,986
Accrued expenses			76,721				81,060
Deferred revenue			10,060				1,990
Deposits received			8,165				—
Other current liabilities			5,128				4,470

Total current liabilities			166,511				169,273
Long-term borrowings, net			224,156				224,035
Accrued severance benefits, net			134,148				139,289
Other non-current liabilities			15,396				13,636

Total liabilities			540,211				546,233

Stockholders' equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 41,147,707 shares issued and 34,568,942 outstanding at December 31, 2015 and 40,635,233 shares issued and 34,056,468 outstanding at December 31, 2014				411			406
Additional paid-in capital				124,618			118,419
Accumulated deficit				(96,210)			(11,343)
Treasury stock, 6,578,765 shares at December 31, 2015 and 2014, respectively				(90,918)			(90,918)
Accumulated other comprehensive loss				(231)			(35,066)

Total stockholders' equity (deficit)				(62,330)			(18,502)

Total liabilities and stockholders' equity	$			477,881		$	527,731

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