For the nine months ended September 30, 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 months ended June 30, 2023 and nine months ended September 30, 2023, we recorded $802 thousand of one-time employee incentives, in each period.
For the three and nine months ended September 30, 2022, Early termination and other charges, net includes $2,821 thousand of one-time employee incentives, in each period, and professional service fees and expenses of $217 thousand and $1,014 thousand, respectively, incurred in connection with certain strategic evaluations, both of which were offset in part by a $537 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi.
MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES RECONCILIATION OF NET 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 |
| Nine Months Ended | ||||||||||||||||||
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| September 30,
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| June 30,
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| September 30,
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| September 30,
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| September 30,
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Net loss | $ (5,165) |
| $ (3,947) |
| $ (17,195) |
| $ (30,582) |
| $ (11,007) |
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Adjustments: |
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Interest income | (2,382) |
| (2,692) |
| (1,784) |
| (7,916) |
| (3,560) |
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Interest expense | 189 |
| 200 |
| 278 |
| 645 |
| 888 |
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Income tax benefit | (4,373) |
| (2,977) |
| (3,942) |
| (8,577) |
| (1,356) |
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Depreciation and amortization | 4,081 |
| 4,145 |
| 3,623 |
| 12,583 |
| 11,225 |
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EBITDA | (7,650) |
| (5,271) |
| (19,020 ) |
| (33,847) |
| (3,810) |
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Equity-based compensation expense | 2,171 |
| 2,092 |
| 861 |
| 5,383 |
| 4,487 |
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| Foreign currency loss (gain), net | 2,583 |
| (1,237) |
| 12,809 |
| 4,776 |
| 20,511 |
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| Derivative valuation loss (gain), net | 161 |
| 20 |
| (146) |
| 235 |
| (201) |
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| Early termination and other charges, net | — |
| 802 |
| 2,501 |
| 9,251 |
| 3,298 |
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| Adjusted EBITDA | $ (2,735) |
| $ (3,594) |
| $ (2,995) |
| $ (14,202) |
| $ 24,285 |
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| Net loss | $ (5,165) |
| $ (3,947) |
| $ (17,195) |
| $ (30,582) |
| $ (11,007) |
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| Adjustments: |
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| Equity-based compensation expense | 2,171 |
| 2,092 |
| 861 |
| 5,383 |
| 4,487 |
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| Foreign currency loss (gain), net | 2,583 |
| (1,237) |
| 12,809 |
| 4,776 |
| 20,511 |
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| Derivative valuation loss (gain), net | 161 |
| 20 |
| (146) |
| 235 |
| (201) |
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| Early termination and other charges, net | — |
| 802 |
| 2,501 |
| 9,251 |
| 3,298 |
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| Income tax effect on non-GAAP adjustments | (1,341) |
| (202) |
| 2,267 |
| (3,493) |
| 7,512 |
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| Adjusted Net Income (Loss) | $ (1,591) |
| $ (2,472) |
| $ 1,097 |
| $ (14,430) |
| $ 24,600 |
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| Adjusted Net Income (Loss) per common share— |
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| - Basic | $ (0.04) |
| $ (0.06) |
| $ 0.02 |
| $ (0.35) |
| $ 0.55 |
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| - Diluted | $ (0.04) |
| $ (0.06) |
| $ 0.02 |
| $ (0.35) |
| $ 0.53 |
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| Weighted average number of shares – basic | 40,145,290 |
| 41,741,310 |
| 44,865,266 |
| 41,747,255 |
| 45,119,214 |
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| Weighted average number of shares – diluted | 40,145,290 |
| 41,741,310 |
| 45,747,255 |
| 41,747,255 |
| 46,134,231 |
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