Magnachip Reports Results for Fourth Quarter and Full-Year 2024

Published: 2025-03-12 06:57:03 ET MX

- Announces Transition to Become Pure-Play Power Company; Explores All Strategic Options for Display Business - Q4 Results Summary Consolidated revenue of $63 million was above the mid-point of our guidance range of $59.0 to $64.0 million. Standard Product business revenue was down 5.1% sequentially due primarily to seasonality. Consolidated gross profit margin of 25.2% was above the high-end our guidance range of 21.5% to 23.5%. Standard Product business gross profit margin was 26.6%, up 2.2 percentage points sequentially. Repurchased approximately 0.7 million shares for aggregate purchase price of $2.9 million during the quarter and ended Q4 with cash of $138.6 million. 2024 Highlights Excluding Transitional Foundry Services, Standard Products business revenue increased 13% year-over-year, with MSS up 22.5% and PAS up 10.2%. Both of these business line growth rates were in line with original guidance for double-digit growth provided at the beginning of 2024. PAS revenue growth was strongest in Communication, Computing and Consumer in calendar 2024. Automotive and Industrial declined only slightly, relatively outperforming the broader markets. Power IC revenue increased more than 50% year-over-year.

Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the fourth quarter and full-year 2024.

YJ Kim, Magnachip’s CEO, said, “Our Q4 revenue of $63 million was up 24% year-over-year, and gross profit margin of 25.2% was up 2.5 percentage points as compared to a year ago. For the year, Standard Products business revenue increased 13% year-over-year, in line with our guidance for double-digit growth that we provided at the beginning of 2024.”

YJ Kim added, “Our revenue and gross margin results represented a step in the right direction, but our utmost short-term goal is a return to profitability. To achieve this goal, Magnachip announced today its transition to become a pure-play Power company, and we also announced that we are exploring all strategic options for the Display business, which will be classified as discontinued operations when the Company reports Q1 results in May.”

YJ Kim commented, “By focusing on the Power business, Magnachip currently expects to achieve a quarterly Adjusted EBITDA* breakeven by the end of Q4 2025 from continuing operations, followed by positive adjusted operating income* in 2026, and positive adjusted free cash flow* in 2027. Each of these targets will act as milestones towards achieving a goal in 3 years to reach a $300 million annual revenue run-rate with a 30% gross profit margin target. We call this our 3-3-3 strategy.”

*Non-GAAP measure. Please see footnote (2) under the table below, as well as the reconciliation tables of historical GAAP results to non-GAAP results included at the end of this press release.

Q4 and 2024 Financial Highlights

In thousands of U.S. dollars, except share data

GAAP

Q4 2024

Q3 2024

Q/Q change

Q4 2023

Y/Y change

Consolidated Revenues

63,039

66,460

down

5.1

50,822

24.0

Standard Products Business

60,744

64,020

down

5.1

41,182

47.5

Mixed-Signal Solutions

17,289

16,446

5.1

8,558

102.0

Power Analog Solutions

43,455

47,574

down

8.7

32,624

33.2

Transitional Fab 3 foundry services(1)

2,295

2,440

down

5.9

9,640

down

76.2

Consolidated Gross Profit Margin

25.2

23.3

1.9

%pts

22.7%

2.5

%pts

Standard Products Business

26.6

24.4

2.2

%pts

22.9%

3.7

%pts

Mixed-Signal Solutions

41.8

38.7

3.1

%pts

41.3%

0.5

%pts

Power Analog Solutions

20.5

19.4

1.1

%pts

18.1%

2.4

%pts

Operating Loss

(15,745

)

(11,003

)

down

n/a

(15,935)

n/a

Net Loss

(16,277

)

(9,617

)

down

n/a

(6,040)

down

n/a

Basic Loss per Common Share

(0.44

)

(0.26

)

down

n/a

(0.16)

down

n/a

Diluted Loss per Common Share

(0.44

)

(0.26

)

down

n/a

(0.16)

down

n/a

In thousands of U.S. dollars, except share data

Non-GAAP(2)

Q4 2024

Q3 2024

Q/Q change

Q4 2023

Y/Y change

Adjusted Operating Loss

(6,970

)

(9,026

)

n/a

(14,095)

n/a

Adjusted EBITDA

(2,635

)

(4,949

)

n/a

(9,972)

n/a

Adjusted Net Income (Loss)

2,637

(12,797

)

n/a

(8,044)

n/a

Adjusted Earnings (Loss) per Common Share—Diluted

0.07

(0.34

)

n/a

(0.21)

n/a

In thousands of U.S dollars, except share data

GAAP

2024

2023

Y/Y Change

Consolidated Revenues

231,737

230,051

0.7%

Standard Products Business

221,140

195,690

13.0%

Mixed-Signal Solutions

54,336

44,366

22.5%

Power Analog Solutions

166,804

151,324

10.2%

Transitional Fab 3 foundry services(1)

10,597

34,361

down

69.2%

Consolidated Gross Profit Margin

22.4%

down

0.0%pts

Standard Products Business

24.0%

26.5%

down

2.5%pts

Mixed-Signal Solutions

39.8%

33.7%

6.1%pts

Power Analog Solutions

18.9%

24.4%

down

5.5%pts

Operating Loss

(53,031)

(57,644)

n/a

Net Loss

(54,308)

(36,622)

down

n/a

Basic Loss per Common Share

(1.44)

(0.89)

down

n/a

Diluted Loss per Common Share

(1.44)

(0.89)

down

n/a

In thousands of U.S dollars, except share data

Non-GAAP(2)

2024

2023

Y/Y Change

Adjusted Operating Loss

(40,163)

(41,170)

n/a

Adjusted EBITDA

(23,594)

(24,174)

n/a

Adjusted Net Loss

(29,178)

(22,474)

down

n/a

Adjusted Loss per Common Share—Diluted

(0.77)

(0.55)

down

n/a

______________________

Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, we provided transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi, Korea, known as “Fab 3” (“Transitional Fab 3 Foundry Services”). The contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and we have wound down these foundry services and begun to convert portions of the idle capacity to PAS products during the second half of 2024. Because these foundry services during the wind-down period have still been provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we continued to report our revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in our consolidated statement of operations until such wind down is completed. Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products MSS and PAS businesses.

(2)

Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net loss or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of historical GAAP results to non-GAAP results is included in this press release. We define adjusted free cash flow as net cash provided by operating activities, adjusted for net foreign currency transaction gain or loss, less capital expenditures.

Q1 and Full-year 2025 Financial Guidance

Beginning Q1 2025, the Company will become a pure-play Power company, with the display business classified as discontinued operations and reported separately from continuing operations, which will include PAS and Power IC business lines. While actual results may vary, Magnachip currently expects the following:

For Q1 2025:

For the full-year 2025, which will set the stage to become a pure-play Power company, we currently expect:

Q4 2024 Earnings Conference Call

Magnachip will host a corresponding conference call at 8:30 a.m. ET on Wednesday, March 12, 2025, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com.

Online registration: https://register.vevent.com/register/BIa6cd0a845f2f49d6b9ae30f6b3ef47d2

Sell-Side Analyst Briefing and Webcast

Following the conference call, Magnachip will hold an in-person briefing for sell-side analysts in New York City at 10:15 a.m. ET on Wednesday, March 12, 2025. The session will be led by Chief Executive Officer YJ Kim, with Chief Financial Officer Shinyoung Park and other members of management also in attendance. The in person briefing is open to all sell-side analysts and will be webcast live. For further details, please contact [email protected].

To join the Analyst Briefing webcast, all participants must use the following link to complete the online registration process in advance. Upon registering, each participant will receive access details, including the dial-in numbers, a PIN number, and an email with detailed instructions to join the call.

Online registration: https://register.vevent.com/register/BIa603d2c4ff554592b500a20e6e1500d7

Safe Harbor for Forward-Looking Statements

Information in this presentation regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. All forward-looking statements included or incorporated by reference in this presentation, including expectations about estimated historical or future operating results and financial performance, outlook and business plans, including first quarter and full year 2025 revenue and gross profit margin expectations and longer term annualized revenue and gross profit margin targets, future growth and revenue opportunities from new and existing products and customers, the timing and extent of future revenue contributions by our products and businesses, and the impact of market conditions associated with inflation and higher interest rates, geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and trade tensions between the U.S. and China on Magnachip’s first quarter and full year 2025 revenue and future operating results, and the timing and extent of future revenue contributions by our products and businesses, are based upon information available to Magnachip as of the date of this presentation and the accompanying press release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; the geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and trade tensions between the U.S., China and other countries, including the impact of tariff actions; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs and impact demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely acceptance of our designs by customers; timely introduction of new products and technologies; our ability to ramp new products into volume production; industry-wide shifts in supply and demand for semiconductor products; overcapacity within the industry or at Magnachip; effective and cost-efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change to or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on March 8, 2024, and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communication, Internet of Things (“IoT”), consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with about 45 years of operating history, owns a portfolio of approximately 1,000 registered patents and pending applications, and has extensive engineering, design, and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip's website is not a part of, and is not incorporated into, this release.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands of U.S. dollars, except share data)

(Unaudited)

Three Months Ended

Year Ended

December 31, 2024

September 30, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Revenues:

Net sales – standard products business

60,744

64,020

41,182

221,140

195,690

Net sales – transitional Fab 3 foundry services

2,295

2,440

9,640

10,597

34,361

Total revenues

63,039

66,460

50,822

231,737

230,051

Cost of sales:

Cost of sales – standard products business

44,607

48,400

31,754

168,008

143,762

Cost of sales – transitional Fab 3 foundry services

2,547

2,599

7,541

11,814

34,649

Total cost of sales

47,154

50,999

39,295

179,822

178,411

Gross profit

15,885

15,461

11,527

51,915

51,640

Gross profit as a percentage of standard products business net sales

26.6

24.4

22.9

24.0

26.5

Gross profit as a percentage of total revenues

25.2

23.3

22.7

22.4

Operating expenses:

Selling, general and administrative expenses

12,009

12,091

12,079

47,098

48,470

Research and development expenses

12,967

14,373

15,383

51,194

51,563

Impairment and other charges

6,654

—

6,654

802

Early termination charges

—

8,449

Total operating expenses

31,630

26,464

27,462

104,946

109,284

Operating loss

(15,745

)

(11,003

)

(15,935

)

(53,031

)

(57,644

)

Interest income

2,279

2,051

2,519

8,771

10,435

Interest expense

(603

)

(574

)

(183

)

(1,969

)

(828

)

Foreign currency gain (loss), net

(13,407

)

5,066

5,241

(16,899

)

465

Other income (loss), net

364

(31

)

(42

)

485

Loss before income tax expense (benefit)

(27,112

)

(4,491

)

(8,400

)

(62,643

)

(47,559

)

Income tax expense (benefit), net

(10,835

)

5,126

(2,360

)

(8,335

)

(10,937

)

Net loss

(16,277

)

(9,617

)

(6,040

)

(54,308

)

(36,622

)

Basic loss per common share—

(0.44

)

(0.26

)

(0.16

)

(1.44

)

(0.89

)

Diluted loss per common share—

(0.44

)

(0.26

)

(0.16

)

(1.44

)

(0.89

)

Weighted average number of shares—

Basic

36,921,300

37,468,849

38,834,451

37,774,280

41,013,069

Diluted

36,921,300

37,468,849

38,834,451

37,774,280

41,013,069

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands of U.S. dollars, except share data)

(Unaudited)

December 31, 2024

December 31, 2023

Assets

Current assets

Cash and cash equivalents

138,610

158,092

Accounts receivable, net

28,402

32,641

Inventories, net

30,535

32,733

Other receivables

4,444

4,295

Prepaid expenses

10,379

7,390

Hedge collateral

2,080

1,000

Other current assets

4,779

9,283

Total current assets

219,229

245,434

Property, plant and equipment, net

81,463

100,122

Operating lease right-of-use assets

3,107

4,639

Intangible assets, net

507

1,537

Long-term prepaid expenses

165

5,736

Deferred income taxes

52,889

50,836

Other non-current assets

21,956

12,187

Total assets

379,316

420,491

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

21,642

24,443

Other accounts payable

10,764

5,292

Accrued expenses

8,648

10,457

Accrued income taxes

1,496

Operating lease liabilities

1,393

1,914

Other current liabilities

3,765

3,286

Total current liabilities

46,268

46,888

Long-term borrowing

27,211

—

Accrued severance benefits, net

17,094

16,020

Non-current operating lease liabilities

1,823

2,897

Other non-current liabilities

10,123

10,088

Total liabilities

102,519

75,893

Commitments and contingencies

Stockholders’ equity

Common stock, $0.01 par value, 150,000,000 shares authorized, 57,498,507 shares issued and 36,912,118 outstanding at December 31, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023

574

569

Additional paid-in capital

279,423

273,256

Retained earnings

244,576

298,884

Treasury stock, 20,586,389 shares at December 31, 2024 and 18,118,652 shares at December 31, 2023, respectively

(225,883

)

(213,454

)

Accumulated other comprehensive loss

(21,893

)

(14,657

)

Total stockholders’ equity

276,797

344,598

Total liabilities and stockholders’ equity

379,316

420,491

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Year Ended

December 31, 2024

December 31, 2023

Cash flows from operating activities

Net loss

(16,277

)

(54,308

)

(36,622

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

Depreciation and amortization

3,990

16,161

16,684

Provision for severance benefits

3,468

8,020

5,333

Loss on foreign currency, net

26,711

32,851

3,373

Provision (reversal) for inventory reserves

1,086

(529

)

3,885

Stock-based compensation

2,121

6,214

7,223

Impairment charges

4,637

—

Deferred income tax assets

(10,145

)

(7,034

)

(13,405

)

Other, net

247

799

757

Changes in operating assets and liabilities

Accounts receivable, net

(841

)

2,719

1,909

Inventories

782

(1,583

)

2,370

Other receivables

915

(115

)

3,847

Prepaid expenses

3,232

8,877

8,808

Other current assets

598

1,753

8,048

Accounts payable

(2,590

)

(1,971

)

7,152

Other accounts payable

(3,963

)

(14,160

)

(8,934

)

Accrued expenses

732

(607

)

493

Accrued income taxes

(1,432

)

(1,569

)

Other current liabilities

(921

)

(1,161

)

(24

)

Other non-current liabilities

(335

)

(238

)

Payment of severance benefits

(518

)

(2,407

)

(6,982

)

Others, net

(1,445

)

(2,522

)

(5,122

)

Net cash provided by (used in) operating activities

11,856

(6,133

)

(3,014

)

Cash flows from investing activities

Proceeds from settlement of hedge collateral

—

627

5,669

Payment of hedge collateral

(1,094

)

(1,706

)

(3,754

)

Purchase of property, plant and equipment

(7,425

)

(11,600

)

(6,955

)

Payment for intellectual property registration

(53

)

(316

)

(263

)

Collection of guarantee deposits

2,382

3,535

4,984

Payment of guarantee deposits

(85

)

(2,175

)

(7,338

)

Collection of short-term financial instruments

30,000

—

Purchase of short-term financial instruments

—

(30,000

)

—

Others, net

—

(37

)

—

Net cash provided by (used in) investing activities

23,725

(11,672

)

(7,657

)

Cash flows from financing activities

Proceeds from long-term borrowing

—

30,059

—

Proceeds from exercise of stock options

—

Acquisition of treasury stock

(3,384

)

(12,891

)

(51,782

)

Repayment of financing related to water treatment facility arrangement

(115

)

(472

)

(493

)

Repayment of principal portion of finance lease liabilities

(35

)

(139

)

(91

)

Net cash provided by (used in) financing activities

(3,534

)

16,557

(52,339

)

Effect of exchange rates on cash and cash equivalents

(14,532

)

(18,234

)

(4,375

)

Net increase (decrease) in cash and cash equivalents

17,515

(19,482

)

(67,385

)

Cash and cash equivalents

Beginning of the period

121,095

158,092

225,477

End of the period

138,610

158,092

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING LOSS

(In thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Year Ended

December 31, 2024

September 30, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Operating loss

(15,745

)

(11,003

)

(15,935

)

(53,031

)

(57,644

)

Adjustments:

Equity-based compensation expense

2,121

1,977

1,840

6,214

7,223

Impairment and other charges

6,654

—

6,654

802

Early termination charges

—

8,449

Adjusted Operating Loss

(6,970

)

(9,026

)

(14,095

)

(40,163

)

(41,170

)

We present Adjusted Operating Loss as a supplemental measure of our performance. We define Adjusted Operating Loss for the periods indicated as operating loss adjusted to exclude (i) Equity-based compensation expense, (ii) Impairment and other charges and (iii) Early termination charges.

For the year ended December 31, 2024, we recorded in our consolidated statement of operations $4,637 thousand of impairment loss primarily related to the tangible assets associated with our Display business. During the same period, we also recorded $2,017 thousand of one-time cumulative financial impact in connection with certain employee benefits.

For the year ended December 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. During the same period, we also recorded $802 thousand of one-time employee incentives.

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)

Three Months Ended

Year Ended

December 31, 2024

September 30, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Net loss

(16,277

)

(9,617

)

(6,040

)

(54,308

)

(36,622

)

Adjustments:

Interest income

(2,279

)

(2,051

)

(2,519

)

(8,771

)

(10,435

)

Interest expense

603

574

183

1,969

828

Income tax expense (benefit), net

(10,835

)

5,126

(2,360

)

(8,335

)

(10,937

)

Depreciation and amortization

3,990

4,056

4,101

16,161

16,684

EBITDA

(24,798

)

(1,912

)

(6,635

)

(53,284

)

(40,482

)

Equity-based compensation expense

2,121

1,977

1,840

6,214

7,223

Foreign currency loss (gain), net

13,407

(5,066

)

(5,241

)

16,899

(465

)

Derivative valuation loss (gain), net

(19

)

(77

)

299

Impairment and other charges

6,654

—

6,654

802

Early termination charges

—

8,449

Adjusted EBITDA

(2,635

)

(4,949

)

(9,972

)

(23,594

)

(24,174

)

Net loss

(16,277

)

(9,617

)

(6,040

)

(54,308

)

(36,622

)

Adjustments:

Equity-based compensation expense

2,121

1,977

1,840

6,214

7,223

Foreign currency loss (gain), net

13,407

(5,066

)

(5,241

)

16,899

(465

)

Derivative valuation loss (gain), net

(19

)

(77

)

299

Impairment and other charges

6,654

—

6,654

802

Early termination charges

—

8,449

Income tax effect on non-GAAP adjustments

(3,249

)

(143

)

1,333

(4,560

)

(2,160

)

Adjusted Net Income (Loss)

2,637

(12,797

)

(8,044

)

(29,178

)

(22,474

)

Adjusted Net Income (Loss) per common share—

- Basic

0.07

(0.34

)

(0.21

)

(0.77

)

(0.55

)

- Diluted

0.07

(0.34

)

(0.21

)

(0.77

)

(0.55

)

Weighted average number of shares – basic

36,921,300

37,468,849

38,834,451

37,774,280

41,013,069

Weighted average number of shares – diluted

37,738,210

37,468,849

38,834,451

37,774,280

41,013,069

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) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Impairment and other charges and (v) Early termination charges. EBITDA for the periods indicated is defined as net loss before interest income, interest expense, income tax expense (benefit), net 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) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Impairment and other charges, (v) Early termination charges and (vi) Income tax effect on non-GAAP adjustments.

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