韩国首尔,2022 年 5 月 5 – Magnachip Semiconductor Corporation(以下简称“美格纳”)(NYSE:MX)当日宣布,截止 2022 年第一季度末,公司已累计出货超过 7.3 亿片有机发光二极管显示器驱动集成电路 (OLED DDIC)。

美格纳已累计出货超过 7.3 亿片 OLED DDIC
美格纳已累计出货超过 7.3 亿片 OLED DDIC

 

美格纳于 2003 年开始开发 OLED DDIC,并于 2007 年量产第一款产品。凭借 19 年的研发历史和成功的商业运营记录,美格纳最近将业务领域拓展到新兴市场,例如配备可折叠显示屏的高端智能手机、汽车显示屏和高端 OLED 电视。由于主要的智能手机、汽车和电视品牌越来越多地将 OLED 面板用作其产品的显示屏,OLED DDIC 市场有望快速增长。

根据市调机构 Omdia 的数据,用于智能手机和电视的 OLED 显示面板的全球出货量在 2021 到 2028 期间将会翻番,而同期汽车用 OLED 显示面板的全球出货量将会增长 10 倍。根据该市调机构的预测,从总量上说,OLED 显示面板的全球出货量将会从 2021 年的 8.04 亿片增加到 2028 年的 12 亿片。

“我要向整个美格纳团队取得如此出色的成绩表示祝贺,特别是在晶圆产能持续短缺的情况下。我们的成功源于我们在各种 OLED DDIC 产品组合上持续多年的技术创新,”美格纳首席执行官 YJ Kim 说。“展望未来,我们将进一步开发能适应不断变化的设计要求和推动技术转型的高性能 DDIC 产品,从而巩固我们的技术和市场领导地位。”

 

相关链接

显示解决方案 – 概述

 

关于美格纳半导体

美格纳是模拟和混合信号半导体平台解决方案的设计与制造企业,方案适用于通信、物联网、消费类电子产品、工业和汽车应用等诸多领域。公司为全球客户提供广泛的标准产品。美格纳的经营历史已超过 40 年,并拥有1,150 项已注册专利和正在申请的专利,具备丰富的工程、设计和制造工艺技术经验。欲了解更多详情,请访问 www.magnachip.com/cn。美格纳网站上的信息未包含在本新闻稿中。

 

 联系方式:

 

美国(投资者关系部):
Yujia Zhai
The Blueshirt Group
Tel. +1-860-214-0809
investor.relations@maganachip.com

 

美国(投资者关系部):
So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
investor.relations@maganachip.com

 

美国媒体/行业分析师:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com

 

韩国/亚洲媒体:
Min A KIM
Senior manager of Public Relations
Tel. +82-2-6903-5223
pr@maganachip.com

 

Magnachip Reports Results for First Quarter 2022

  • Revenue of $104.1 million was down 5.7% sequentially and down 15.4% year-over-year (YoY). The decrease was mainly due to a 29.3% sequential decline in Display solutions revenue as a result of continued severe supply shortage of 28nm 12″ OLED wafers, partially offset by record revenue in our Power solutions business, which was up 11.4% sequentially and 20.0% YoY on strong demand in premium products.
  • Gross profit margin was 37.5%, up 250 basis points from Q4 and up over 960 basis points from Q1 a year ago. The YoY increase was primarily attributable to an improved product mix, combined with an increase in average selling price under a favorable pricing environment.  Sequentially, Q1 benefited by approximately 200 basis points from the timing mismatch of lower cost 12″ wafers purchased in a prior period and sold in Q1.
  • GAAP diluted earnings per share (EPS) was $0.20.
  • Non-GAAP diluted EPS was $0.28.

 

SEOUL, South KoreaMay 3, 2022 – Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the first quarter of 2022.

(PRNewsfoto/Magnachip Semiconductor)Commenting on the results for the first quarter of 2022, YJ Kim, Magnachip’s chief executive officer stated, “In Q1, we reported revenue of $104.1 million and non-GAAP EPS of 28 cents, which was an increase of 27% year-over-year bolstered by a strong gross profit margin.  As expected, OLED revenue remained severely impacted by the shortage of 28nm 12-inch wafer supply; however, this impact was somewhat offset by strength in our Power solutions business, which achieved yet another record quarterly revenue.”

YJ Kim continued, “Looking forward, the ongoing lockdowns in China has added new challenges to an already stressed supply chain. Despite the current macro issues, which may limit our near-term growth, our recent design tractions with an existing OLED customer, broadening customer base, and new wafer capacity later this year give us confidence and optimism about our long-term growth.”

 

Q1 2022 Financial Highlights
In thousands of U.S. dollars, except share data
GAAP
Q1 2022 Q4 2021 Q/Q change Q1 2021 Y/Y change
Revenues
Standard Products Business
Display Solutions 29,185 41,298 down 29.3 % 58,895 down 50.4 %
Power Solutions 64,825 58,212 up 11.4 % 54,011 up 20.0 %
Transitional Fab 3 foundry services(1) 10,083 10,825 down 6.9 % 10,113 down 0.3 %
Gross Profit Margin 37.5 % 35.0 % up 2.5 % pts 27.9 % up 9.6 % pts
Operating Income (Loss)(2) 12,879 63,870 down 79.8 % (2,091) up n/a
Net Income (Loss) 9,528 53,611 down 82.2 % (7,473) up n/a
Basic Earnings (Loss) per Common Share 0.21 1.16 down 81.9 % (0.19) up n/a
Diluted Earnings (Loss) per Common Share 0.20 1.12 down 82.1 % (0.19) up n/a
In thousands of U.S. dollars, except share data
Non-GAAP(3)
Q1 2022 Q4 2021 Q/Q change Q1 2021 Y/Y change
Adjusted Operating Income 14,517 14,421 up 0.7 % 9,971 up 45.6 %
Adjusted EBITDA 18,755 18,144 up 3.4 % 13,504 up 38.9 %
Adjusted Net Income 12,936 14,606 down 11.4 % 9,346 up 38.4 %
Adjusted Earnings per Common Share—Diluted 0.28 0.31 down 9.7 % 0.22 up 27.3 %
(1) Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, and for a period of up to three years, we will provide transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi (“Transitional Fab 3 Foundry Services”). 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 display solutions and power solutions businesses.
(2) For the three months ended December 31, 2021, operating income of $63.9 million included net gain of $49.4 million that represented $70.2 million income from the recognition of a reverse termination fee, net of professional service fees and expenses of $20.8 million incurred in connection with the contemplated merger transaction.
(3) 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 income (loss) or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

 

Q2 2022 Financial Guidance
Our near-term outlook is still being challenged by persisting supply constraints, especially for 28nm 12″ wafers.  While actual results may vary, looking into the next quarter, Magnachip currently expects:

  • Revenue to be in the range of $100 million to $105 million, including about $9.5 million of Transitional Fab 3 Foundry Services.
  • Gross profit margin to be in the range of 33% to 35%.

Q1 2022 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on May 3, 2022 to discuss its financial results. The conference call will be webcast live and also is available by dialing toll-free at 1-844-536-5472 in US/Canada. International call-in participants can dial 1-614-999-9318. The conference ID number is 2619959. Participants are encouraged to initiate their calls at least 10 minutes in advance of the start time to ensure a timely connection. 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. A replay of the conference call will be available until 8:00 p.m. ET on May 10, 2022. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056.  The conference ID number is 2619959.

Safe Harbor for Forward-Looking Statements
Information in this release 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. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including second quarter 2022 revenue and gross profit margin expectations, and the impact of the COVID-19 pandemic or the emergence of various variants of the virus, escalated trade tensions and supply constraints on Magnachip’s second quarter 2022 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this 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 and/or general economic conditions, including those caused by or related to the COVID-19 pandemic or the emergence of various variants of the virus and governmental lock-downs or other measures implemented in response thereto, other outbreaks of disease, the Russia-Ukraine crisis, recessions, economic instability or civil unrest; 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, as well as impacting demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely design acceptance by our customers; timely introduction of new products and technologies; ability to ramp new products into volume production; industry wide shifts in supply and demand for semiconductor products; industry and/or company overcapacity or supply constraints; 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 which can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors, including those related to the Russia-Ukraine crisis; change or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the COVID-19 pandemic or the emergence of various variants of the virus; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products, including uncertainties regarding the impacts of the COVID-19 pandemic or the emergence of various variants of the virus that may result in factory closures, reduced workforces, scarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for Magnachip’s products due to government and private sector mandatory business closures, travel restrictions or the like to prevent the spread of disease; 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 February 23, 2022 (including that the impact of the COVID-19 pandemic or the emergence of various variants of the virus, trade tensions and supply constraints may also exacerbate the risks discussed therein) 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 communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,150 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.

 

CONTACTS:
Yujia Zhai
The Blueshirt Group
Tel. (860) 214-0809
Yujia@blueshirtgroup.com

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands of U.S. dollars, except share data)
(Unaudited)
Three Months Ended
March 31, December 31, March 31,
2022 2021 2021
Revenues:
          Net sales – standard products business $ 94,010 $ 99,510 $ 112,906
          Net sales – transitional Fab 3 foundry services 10,083 10,825 10,113
               Total revenues 104,093 110,335 123,019
Cost of sales:
          Cost of sales – standard products business 56,080 62,206 79,247
          Cost of sales – transitional Fab 3 foundry services 9,017 9,525 9,390
               Total cost of sales 65,097 71,731 88,637
Gross profit 38,996 38,604 34,382
Gross profit as a percentage of standard products business net sales 40.3 % 37.5 % 29.8 %
Gross profit as a percentage of total revenues 37.5 % 35.0 % 27.9 %
Operating expenses:
          Selling, general and administrative expenses 14,163 13,255 12,634
          Research and development expenses 11,954 12,197 13,423
          Merger-related costs (income), net (49,369) 9,831
          Other charges, net (1,349) 585
               Total operating expenses (income) 26,117 (25,266) 36,473
Operating income (loss) 12,879 63,870 (2,091)
          Interest expense (111) (132) (1,041)
          Foreign currency gain (loss), net (690) 147 (4,671)
          Other income, net 933 947 620
Income (loss) before income tax expense 13,011 64,832 (7,183)
Income tax expense 3,483 11,221 290
Net income (loss) $ 9,528 $ 53,611 $ (7,473)
Basic earnings (loss) per common share— $ 0.21 $ 1.16 $ (0.19)
Diluted earnings (loss) per common share— $ 0.20 $ 1.12 $ (0.19)
Weighted average number of shares—
          Basic 45,603,208 46,369,520 40,292,838
          Diluted 46,693,294 47,691,816 40,292,838

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
(Unaudited)
      March 31,

      2022

    December 31,

      2021

Assets
Current assets
          Cash and cash equivalents $  284,921 $  279,547
          Accounts receivable, net 51,208 50,954
          Inventories, net 36,947 39,370
          Other receivables 26,121 25,895
          Prepaid expenses 9,124 7,675
          Hedge collateral 4,060 3,060
          Other current assets 9,262 2,619
               Total current assets 421,643 409,120
Property, plant and equipment, net 102,675 107,882
Operating lease right-of-use assets 3,719 4,275
Intangible assets, net 2,203 2,377
Long-term prepaid expenses 6,771 8,243
Deferred income taxes 40,246 41,095
Other non-current assets 10,608 10,662
               Total assets $  587,865 $  583,654
Liabilities and Stockholders’ Equity
Current liabilities
          Accounts payable $    37,566 $    37,593
          Other accounts payable 7,707 6,289
          Accrued expenses 20,573 20,071
          Accrued income taxes 9,361 11,823
          Operating lease liabilities 2,223 2,323
          Other current liabilities 6,989 7,382
               Total current liabilities 84,419 85,481
Accrued severance benefits, net 32,572 33,064
Non-current operating lease liabilities 1,496 1,952
Other non-current liabilities 8,216 10,395
               Total liabilities 126,703 130,892
Commitments and contingencies
Stockholders’ equity
          Common stock, $0.01 par value, 150,000,000 shares authorized, 56,225,441 shares issued and
44,894,385 outstanding at March 31, 2022 and 55,905,320 shares issued and 45,659,304
outstanding at December 31, 2021
562 559
          Additional paid-in capital 261,830 241,197
          Retained earnings 353,070 343,542
          Treasury stock, 11,331,056 shares at March 31, 2022 and 10,246,016 shares at December 31, 2021, respectively (148,523 ) (130,306 )
          Accumulated other comprehensive loss (5,777 ) (2,230 )
               Total stockholders’ equity 461,162 452,762
               Total liabilities and stockholders’ equity $   587,865 $   583,654

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 31,
2022
March 31,
2021
Cash flows from operating activities
Net income (loss) $        9,528 $       (7,473 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities
          Depreciation and amortization 3,891 3,448
          Provision for severance benefits 1,670 1,771
          Amortization of debt issuance costs and original issue discount 261
          Loss on foreign currency, net 6,380 14,873
          Provision for inventory reserves 145 1,504
          Stock-based compensation 1,638 1,646
          Other, net 161 154
Changes in operating assets and liabilities
          Accounts receivable, net (1,213 ) 9,794
          Inventories 1,456 6,071
          Other receivables 667 (1,438 )
          Other current assets (6,829 ) 5,427
          Accounts payable 538 (7,701 )
          Other accounts payable (702 ) 1,570
          Accrued expenses 187 2,393
          Accrued income taxes (2,346 ) (10,700 )
          Other current liabilities (711 ) 1,087
          Other non-current liabilities (73 ) 18
          Payment of severance benefits (1,389 ) (1,493 )
          Other, net (178 ) 12
Net cash provided by operating activities 12,820 21,224
Cash flows from investing activities
          Proceeds from settlement of hedge collateral 1,829
          Payment of hedge collateral (2,891 )
          Purchase of property, plant and equipment (944 ) (1,082 )
          Payment for intellectual property registration (59 ) (171 )
          Other, net (77 ) (111 )
Net cash used in investing activities (2,142 ) (1,364 )
Cash flows from financing activities
          Proceeds from exercise of stock options 1,781 2,538
          Acquisition of treasury stock (830 ) (1,540 )
          Repayment of financing related to water treatment facility arrangement (134 ) (144 )
          Repayment of principal portion of finance lease liabilities (16 ) (16 )
Net cash provided by financing activities 801 838
Effect of exchange rates on cash and cash equivalents (6,105 ) (10,444 )
Net increase in cash and cash equivalents 5,374 10,254
Cash and cash equivalents at beginning of period 279,547 279,940
Cash and cash equivalents at end of period $    284,921 $    290,194

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME
(In thousands of U.S. dollars)
(Unaudited)
Three Months Ended
March 31, December 31, March 31,
2022 2021 2021
Operating income (loss) $ 12,879 $ 63,870 $ (2,091)
Adjustments:
          Equity-based compensation expense 1,638 1,648 1,646
          Inventory reserve related to Huawei impact of downstream trade restrictions (379)
          Merger-related costs (income), net (49,369) 9,831
          Other charges, net (1,349) 585
Adjusted Operating Income $ 14,517 $ 14,421 $ 9,971

We present Adjusted Operating Income as a supplemental measure of our performance. We define Adjusted Operating Income for the periods indicated as operating income (loss) adjusted to exclude (i) Equity-based compensation expense, (ii) Inventory reserve related to Huawei impact of downstream trade restrictions, (iii) Merger-related costs (income), net and (iv) Other charges, net.

For the three months ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $49,369 thousand that represented income of $70,200 thousand from the recognition of a reverse termination fee, net of professional service fees and expenses of $20,831 thousand incurred in connection with the contemplated merger transaction of the Company that was terminated in December 2021. For the same period, we also recorded $1,419 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018), partially offset by $70 thousand of non-recurring expenses incurred in connection with the regulatory requests.

For the three months ended March 31, 2021, we recorded $9,831 thousand non-recurring professional service fees and expenses incurred in connection with the contemplated merger transaction. For the same period, we also recorded $585 thousand non-recurring professional service fees and expenses incurred in connection with the regulatory requests.

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME
(In thousands of U.S. dollars, except share data)
(Unaudited)
Three Months Ended
March 31, December 31, March 31,
2022 2021 2021
Net income (loss) $ 9,528 $ 53,611 $ (7,473)
Adjustments:
          Interest expense (income), net (604) (726) 420
          Income tax expense 3,483 11,221 290
          Depreciation and amortization 3,891 3,663 3,448
EBITDA 16,298 67,769 (3,315)
          Equity-based compensation expense 1,638 1,648 1,646
          Foreign currency loss (gain), net 690 (147) 4,671
          Derivative valuation loss (gain), net 129 (29) 86
          Inventory reserve related to Huawei impact of downstream trade restrictions (379)
          Merger-related costs (income), net (49,369) 9,831
          Other charges, net (1,349) 585
Adjusted EBITDA $ 18,755 $ 18,144 $ 13,504
Net income (loss) $ 9,528 $ 53,611 $ (7,473)
Adjustments:
          Equity-based compensation expense 1,638 1,648 1,646
          Foreign currency loss (gain), net 690 (147) 4,671
          Derivative valuation loss (gain), net 129 (29) 86
          Inventory reserve related to Huawei impact of downstream trade restrictions (379)
          Merger-related costs (income), net (49,369) 9,831
          Other charges, net (1,349) 585
          GAAP and cash tax expense difference 907
          Income tax effect on non-GAAP adjustments 951 9,713
Adjusted Net Income $ 12,936 $ 14,606 $ 9,346
Adjusted Net Income per common share—
          – Basic $ 0.28 $ 0.31 $ 0.23
          – Diluted $ 0.28 $ 0.31 $ 0.22
Weighted average number of shares – basic 45,603,208 46,369,520 40,292,838
Weighted average number of shares – diluted 46,693,294 47,691,816 47,470,416

We present Adjusted EBITDA and Adjusted Net Income 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) Inventory reserve related to Huawei impact of downstream trade restrictions, (v) Merger-related costs (income), net and (vi) Other charges, net. EBITDA for the periods indicated is defined as net income (loss) before interest expense (income), net, income tax expense and depreciation and amortization.

We prepare Adjusted Net Income by adjusting net income (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 is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income for the periods as net income (loss), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Inventory reserve related to Huawei impact of downstream trade restrictions, (v) Merger-related costs (income), net, (vi) Other charges, net, (vii) GAAP and cash tax expense difference and (viii) Income tax effect on non-GAAP adjustments.

For the three months ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $49,369 thousand that represented income of $70,200 thousand from the recognition of a reverse termination fee, net of professional service fees and expenses of $20,831 thousand incurred in connection with the contemplated merger transaction of the Company that was terminated in December 2021. For the same period, we also recorded $1,419 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018), partially offset by $70 thousand of non-recurring expenses incurred in connection with the regulatory requests.

For the three months ended March 31, 2021, we recorded $9,831 thousand non-recurring professional service fees and expenses incurred in connection with the contemplated merger transaction. For the same period, we also recorded $585 thousand non-recurring professional service fees and expenses incurred in connection with the regulatory requests.

 

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SOURCE Magnachip Semiconductor Corporation