– 公司计划利用新发布的这一款 IGBT 产品扩大在全球太阳能市场的份额

 

韩国首尔,2022 6 17 – Magnachip Semiconductor Corporation(以下简称“美格纳”)(NYSE:MX)当日宣布,公司已发布适用于太阳能逆变器的新款 650V 绝缘栅双极晶体管 (IGBT)。

 

美格纳发布适用于太阳能逆变器的新款 650V IGBT
美格纳发布适用于太阳能逆变器的新款 650V IGBT

 

随着气候变化对环境的影响越来越严重,为了减少碳排放,全球对像太阳能这样的可再生能源的使用不断扩大。根据市调机构 Omdia 的估算,可再生能源领域的全球 IGBT 市场从 2022 年到 2025 年将每年增长 15%。在 2022 年 3 月,美格纳开发出新款 650V IGBT,此款产品基于先进的“场截止沟槽技术”而打造,具备较快的转换速度和较高的击穿电压,公司将于本月开始量产这款产品。

由于采用了最新的技术,与上一代产品相比,此新款 650V IGBT 的电流密度性能提高了 30%。此外,这一款 IGBT 设计为提供最低 5 微秒的耐受短路时间,由于其正温度系数,因而进行了并联转换优化。此款 IGBT 的并联转换将提高负载电流,因而将提高最大输出功率。

此外,650V IGBT 采用二极管并联量测技术,可实现快速转换和低转换损耗,同时保证最高 175°C 的工作结温。根据电子设备工程联合委员会 (JEDEC) 发布的标准,此新款 IGBT 可以广泛用于需要严格功率水平和高效率的各种应用,例如太阳能升压逆变器和转换器、不间断电源和通用电源逆变器。

“美格纳的首款 IGBT 产品发布于 2013 年,自那之后,我们一直致力于为各种市场开发高效率的产品,同时强化我们在全球的地位,”美格纳首席执行官 YJ Kim 说。“通过此新款产品,我们将进一步加强为环保可再生能源市场提供高性能产品的目标。”

 

美格面向太能市 IGBT

VCES [V] IC [A] TC=100 封装
MBQ75T65P 650V 75A TO-247
MBQ40T120Q 1200V 40A TO-247

 

相关链接

电源解决方案 – IGBT Chip for Standard Module

 

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。

 

CONTACTS:

美国(投资者):
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:
金旼娥
公共关系高级经理
Tel. +82-2-6903-5223
pr@maganachip.com

 

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

 

  • 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

– 40V MOSFET 的低 RDS(on) 有助于高效控制 BLDC 电机

– 美格纳扩展汽车业务,旨在提高全球市场份额

 

韩国首尔,2022 年 4 月 28 日 – Magnachip Semiconductor Corporation(以下简称“美格纳”)(NYSE:MX)当日宣布,公司发布了一款新型 40V 金属氧化物半导体场效应晶体管 (MOSFET),可供在汽车应用中用于控制无刷直流 (BLDC) 电机。

 

美格纳推出在汽车应用中用于控制 BLDC 电机的新型 40V MOSFET
美格纳推出在汽车应用中用于控制 BLDC 电机的新型 40V MOSFET

 

鉴于对全球气候变化的担忧和为降低碳排放而做出的努力,电动汽车 (EV) 市场预计将会显著增长。根据市调机构 Omdia 的估算,全球电动汽车市场预计在 2022 年到 2025 年期间将每年增长 27%。因此,对用于电动汽车的高效且耐用的 BLDC 电机的需求将会提高,而中压 (MV) MOSFET 对于确保 BLDC 电机高效运行非常重要。美格纳开发了一款具备较低 RDS(on)* 的新型 40V MOSFET,可降低汽车 BLDC 电机的导通损耗,公司已于 2022 年 4 月开始量产这款新型 MOSFET。

汽车半导体的可靠性对于车辆安全至关重要,新型 40V MOSFET 已完全通过 AEC-Q101(汽车电子协会-Q101)认证。这款新产品的首次应用客户即是一家全球性汽车制造商,用于控制其新电动车型的电动水泵。此款 MOSFET 也适合各种 BLDC 应用,例如电动油泵、发动机冷却风扇、电动助力转向系统和电池冷却风扇等。

美格纳持续开发新的产品和先进的技术,以期扩大其在汽车半导体领域的市场份额。尽管由于疫情的原因,全球供应链中断,影响了汽车半导体行业,而据预测这一局面会持续到 2023 年,但作为集成设备制造商的美格纳仍成为电源半导体产品的稳定供应商。

“汽车领域中电动机和内燃机市场的竞争相比以往更为激烈,对高性能 MV MOSFET 的需要正在快速增长,”美格纳首席执行官 YJ Kim 说。“因此,我们正在开拓全球市场,相信这款新型 40V MOSFET 的发布将帮助我们取得更大的市场份额。”

* RDS(on):通态电阻,即 MOSFET 在通态运行期间漏极与源极之间的电阻值

 

相关链接

MV MOSFETs – 40V

 

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

 

SEOUL, South KoreaApril 7, 2022 – Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the first quarter ended March 31, 2022, on Tuesday, May 3, 2022, after the market closes. The Company will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET 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/cn.   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.

 

About Magnachip Semiconductor Corporation

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/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

 

CONTACTS:

So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
Investor.relations@magnachip.com

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

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SOURCE Magnachip Semiconductor Corporation

高端和低端开关的同步架构创造高效率

韩国首尔,2022 年 3 月 15 日 – Magnachip Semiconductor Corporation(以下简称“美格纳”)(NYSE:MX)当日宣布,公司发布了一款面向各种应用的同步升压转换器,适用于 SSD 的 NAND 闪存、OLED 面板、蓝牙扬声器等。

 

美格纳的高性能同步升压转换器
美格纳的高性能同步升压转换器

 

新型同步升压转换器具备快速的瞬态响应能力,可在较短的响应时间内降低输出电压波动,实现稳定的供电。因此,此款新产品非常适合电流波动较大的设备。

全新推出的转换器的重要特点是可将静态电流降低至 1.5mA,而目前市场上销售的异步升压转换器最多可将静态电流降低至 2mA。美格纳之所以达到这一性能,是因为采用了低电阻高端和低端同步开关。此外,当升压转换器关闭时,内置的隔离开关可防止输入电压通过输出引脚发生泄漏。并且可以通过控制外部电容和电阻值,对软启动时间进行编程。上述措施可降低浪涌电流,确保向外部电路稳定供电。

此款同步升压转换器采用 2.5mm x 2.5mm 的小型双平面无铅封装 (DFN),还提供强大的电路保护功能,包括过流和过压保护、过热关机、快速放电功能和欠压锁定。此款转换器工作时的开关频率为 1.2MHz,可外接小型 4.7µH 电感。这样,印刷电路板 (PCB) 的尺寸也将变小。

此外,这款产品的封装技术满足无卤素要求,并符合“电气电子设备中某些有害物质使用限制”(RoHS) – 这是美格纳对于提供环保且可持续的半导体产品的另一项承诺。

美格纳首席执行官 YJ Kim 称:“在过去的 10 年中,美格纳开发出用于电视、照明、显示面板、移动设备和 IT 设备的各种电源解决方案。” “基于我们已获得认可的技术实力,我们将继续向产品中整合各种功能,例如降压、升压、多通道、运算放大器和开关 IC 集成到产品中,并扩展我们的下一代集成电源管理 IC 产品组合。”

 

相关链接

DC-DC Conversions

 

关于美格半导体

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、计算、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。

 

CONTACTS:

美国(投资者):
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:
金旼娥
公共关系高级经理
Tel. +82-2-6903-5223
pr@maganachip.com

 

SEOUL, South Korea, March 3, 2022 – Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced that YJ Kim, Magnachip’s chief executive officer will participate at the 34th Annual Roth Conference on March 13-15, 2022, in Dana Point, California.

Magnachip Semiconductor to Participate at the 34th Annual Roth Conference

YJ Kim will participate in one-on-one and small group meetings with institutional investors on Monday, March 14 and Tuesday, March 15, 2022. There will be no formal presentation. For more information about the conference or to request a one-on-one meeting, please contact a Roth sales representative.

 

About Magnachip Semiconductor Corporation

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/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

 

CONTACTS:
In the United States:
So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
investor.relations@magnachip.com

 

In the Media

Cision PR Newswire: news distribution, targeting and monitoring home     Magnachip to Attend Upcoming Investor Conferences

    Magnachip Semiconductor to Participate at the 34th Annual Roth Conference

韩国首尔,2022 年 2 月 17 日 – Magnachip Semiconductor Corporation(以下简称“美格纳”)(NYSE:MX)当日宣布,公司已开始全面量产用于 OLED 电视的有机发光二极管显示器驱动集成电路 (OLED DDIC) 。

新型 DDIC 支持最多 960 个源极输出通道,外加薄膜覆晶 (COF) 封装和高速串行接口,成为适合 UHD OLED 电视的理想解决方案。
新型 DDIC 支持最多 960 个源极输出通道,外加薄膜覆晶 (COF) 封装和高速串行接口,成为适合 UHD OLED 电视的理想解决方案。

 

在 COVID-19 疫情期间,流式播放和主机游戏使用量显著增加,进而推动了对大尺寸高清电视的需求,全球电视制造商正在为此推出高端 OLED 电视机型。美格纳凭借增强的高压模拟工艺技术和成熟的设计,开发出用于 UHD OLED 电视的 DDIC 产品,并已从去年年底开始初步量产这款产品。

新型 DDIC 支持最多 960 个源极输出通道,外加薄膜覆晶 (COF) 封装和高速串行接口,成为适合 UHD OLED 电视的理想解决方案。 基于美格纳的先进的分辨率优化技术 ,这款新产品支持 HD (1,366 x 768) 与 UHD 4K (3,840 x 2,160) 之间的各种分辨率。此外,也适用于范围从 40 寸到 80 寸的不同规格的面板。

全球市场调研机构Omdia数据显示,全球 OLED 电视面板发货量的综合年增长率预测将达到 14%,将从 2021 年的 740 万片增长到 2025 年的 1270 万片。相应地,这种趋势预计将增加对高性能 OLED DDIC 产品的需求。

美格纳首席执行官 YJ Kim 表示:“OLED 电视在高端电视市场中的占有率正在增加,”“美格纳将通过适时发布高性能产品,加强其在 OLED DDIC 市场的技术领导地位,并将继续借助先进的 OLED DDIC 解决方案丰富其产品组合,满足更广范围的应用需求,包括各种 IT 设备和汽车。”

 

相关链接

Large DDIC

 

关于美格半导体

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、计算、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。

 

CONTACTS:

United States (Investor Relations):
So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
Investor.relations@maganachip.com
USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com
Korea / Asia media:
Min A KIM
Senior manager of Public Relations
Tel. +82-2-6903-3392
pr@maganachip.com

 

– Fourth quarter revenue of $110.3 million was down 13.1% sequentially and down 22.8% year-over-year (YoY) due mainly to severe supply shortages especially for 28nm 12″ OLED wafers; Full-year revenue of $474.2 million decreased 6.5% YoY due primarily to a revenue decrease in our OLED business due to wafer supply shortages, offset in part by strong growth in our Power business.
– GAAP gross profit margin for the fourth quarter was 35.0%, down 170 bps sequentially and up 810 bps YoY; Full-year GAAP gross profit margin of 32.4% was an increase of 710 bps YoY due mainly to improved product mix, increased average selling price, and a higher utilization rate.
– GAAP diluted earnings per share (EPS) for the fourth quarter was $1.12; Full-year GAAP diluted EPS was $1.21.
– Non-GAAP diluted EPS for the fourth quarter was $0.31; Full-year non-GAAP diluted EPS was $1.09.
 

SEOUL, South Korea, Feb. 16, 2022 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the fourth quarter and full-year 2021.

Commenting on the results for the fourth quarter of 2021, YJ Kim, Magnachip’s chief executive officer stated, “For the fourth quarter, the demand and signals from our customers remained strong across the board. However, severe supply constraints continued to significantly limit our OLED revenue potential, which was partially offset by strong Power business. We reported $110.3 million in revenue and 31 cents in non-GAAP diluted EPS for the fourth quarter.”

Commenting on the full-year, YJ stated, “While our 2021 revenue was negatively impacted by continuing supply shortages, especially for 28nm 12″ OLED wafers, we delivered higher profitability in all of our key measures in 2021 compared to 2020. In addition, our team at Magnachip achieved critical milestones to fuel future growth; we broadened our customer base, further penetrated new applications, and enhanced our supply chain for additional manufacturing capacity, which is expected to come online in the later part of 2022. While our near-term outlook is still being challenged by persisting supply constraints, these developments reinforce our confidence and optimism about our long-term growth.”

Q4 and 2021 Financial Highlights

In thousands of U.S dollars, except share data
GAAP
Q4 2021 Q3 2021 Q/Q change Q4 2020 Y/Y change
Revenues
Standard Products Business
Display Solutions 41,298 58,528 down 29.4 % 82,705 down 50.1 %
Power Solutions 58,212 58,887 down 1.1 % 46,861 up 24.2 %
Transitional Fab 3 foundry services(1) 10,825 9,585 up 12.9 % 13,379 down 19.1 %
Gross Profit Margin 35.0 % 36.7 % down 1.7 %pts 26.9 % up 8.1 %pts
Operating Income 63,870 20,001 up 219.3 % 9,206 up 593.8 %
Net Income 53,611 10,768 up 397.9 % 66,581 down 19.5 %
Basic Earnings per Common Share 1.16 0.23 up 404.3 % 1.87 down 38.0 %
Diluted Earnings per Common Share 1.12 0.23 up 387.0 % 1.45 down 22.8 %

 

In thousands of U.S dollars, except share data
Non-GAAP(4)
Q4 2021 Q3 2021 Q/Q change Q4 2020 Y/Y change
Adjusted Operating Income 14,421 22,691 down 36.4 % 15,355 down 6.1 %
Adjusted EBITDA 18,144 26,361 down 31.2 % 18,582 down 2.4 %
Adjusted Net Income 14,606 20,073 down 27.2 % 17,268 down 15.4 %
Adjusted Earnings per Common Share—Diluted 0.31 0.42 down 26.2 % 0.40 down 22.5 %

 

In thousands of U.S dollars, except share data
GAAP
2021 2020 Y/Y Change
Revenues
Standard Products Business
Display Solutions 205,322 299,057 down 31.3 %
Power Solutions 227,777 166,462 up 36.8 %
Transitional Fab 3 foundry services(1) 41,131 41,540 down 1.0 %
Gross Profit Margin 32.4 % 25.3 % up 7.1 %pts
Operating Income(2) 83,407 27,016 up 208.7 %
Net Income(3) 56,708 344,965 down 83.6 %
Basic Earnings per Common Share 1.26 9.80 down 87.1 %
Diluted Earnings per Common Share 1.21 7.54 down 84.0 %

 

In thousands of U.S dollars, except share data
Non-GAAP(4)
2021 2020 Y/Y Change
Adjusted Operating Income 56,135 41,584 up 35.0 %
Adjusted EBITDA 70,701 52,919 up 33.6 %
Adjusted Net Income 51,059 28,260 up 80.7 %
Adjusted Earnings per Common Share—Diluted 1.09 0.73 up 49.3 %

(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 year ended December 31, 2021, operating income of $83.4 million included net gain of $35.5 million that represented $70.2 million income from the recognition of a reverse termination fee, net of professional service fees and expenses of $34.7 million incurred in connection with the contemplated merger transaction.

(3)For the year ended December 31,2020, net income of $345.0 million included income from discontinued operations, net of tax, of $287.9 million, primarily attributable to the recognition of $287.1 million as gain on sale of the Foundry Services Group business and Fab 4. It also included income tax benefits of $46.2 million, mainly attributable to the recognition of differences between GAAP and cash tax expense of $43.9 million.

(4)Non-GAAP financial measures are calculated based on the results from continuing operations. 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 from continuing operations 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.

Q1 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, which typically presents seasonal softness, Magnachip anticipates Q1 2022 to be the bottom and currently expects:

  • Revenue to be in the range of $102 million to $108 million, including about $9 million of the Transitional Fab 3 Foundry Services.
  • Gross profit margin to be in the range of 34.5% to 36.5%

Q4 2021 Earnings Conference Call
Magnachip will host a conference call at 5 p.m. Eastern Time on February 16, 2022. The conference call will be webcast live and also is available by dialing toll-free at 1-844-536-5472. International call-in participants can dial 1-614-999-9318. The conference ID number is 1582546. Participants are encouraged to initiate their calls at least 10 minutes in advance of the 5 p.m. Eastern Time start time to ensure a timely connection. The webcast and earnings release will be accessible at www.magnachip.com. A replay of the conference call will be available the same day and will run for 72 hours. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The access code is 1582546.

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 first 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 first 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, other outbreaks of disease, recessions, economic instability or civil unrest; manufacturing capacity constraints or supply chain 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; 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 March 9, 2021 (amended on April 30, 2021), our Form 10-Qs filed on May 10, 2021, August 6, 2021 and November 5, 2021 (including that the impact of the COVID-19 pandemic, 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.

CONTACT:
In the United States:

So-Yeon Jeong

Jeong Consulting

Tel. +1-408-712-6151

Investor.relations@magnachip.com

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,       September 30,      December 31,      December 31,      December 31,
2021 2021 2020 2021 2020
Revenues:
Net sales – standard products business $ 99,510 $ 117,415 $ 129,566 $ 433,099 $ 465,519
Net sales – transitional Fab 3 foundry services 10,825 9,585 13,379 41,131 41,540
Total revenues 110,335 127,000 142,945 474,230 507,059
Cost of sales:
Cost of sales – standard products business 62,206 71,641 92,503 283,503 338,420
Cost of sales – transitional Fab 3 foundry services 9,525 8,772 11,981 37,184 40,322
Total cost of sales 71,731 80,413 104,484 320,687 378,742
Gross profit 38,604 46,587 38,461 153,543 128,317
Gross profit as a percentage of standard products business net sales 37.5 % 39.0 % 28.6 % 34.5 % 27.3 %
Gross profit as a percentage of total revenues 35.0 % 36.7 % 26.9 % 32.4 % 25.3 %
Operating expenses:
Selling, general and administrative expenses 13,255 12,550 12,576 52,440 49,974
Research and development expenses 12,197 12,270 11,604 51,212 45,698
Merger-related costs (income), net (49,369) 1,552 653 (35,527) 653
Early termination and other charges, net (1,349) 214 4,422 2,011 4,976
Total operating expenses (income) (25,266) 26,586 29,255 70,136 101,301
Operating income: 63,870 20,001 9,206 83,407 27,016
Interest expense (132) (113) (1,625) (1,371) (18,147)
Foreign currency gain (loss), net 147 (7,579) 13,256 (11,853) (382)
Loss on early extinguishment of borrowings, net (766) (766)
Other income, net 947 1,608 767 3,786 3,110
Income from continuing operations before income tax expense 64,832 13,917 20,838 73,969 10,831
Income tax expense (benefit) 11,221 3,149 (47,064) 17,261 (46,228)
Income from continuing operations 53,611 10,768 67,902 56,708 57,059
Income (loss) from discontinued operations, net of tax (1,321) 287,906
Net income $ 53,611 $ 10,768 $ 66,581 $ 56,708 $ 344,965
Basic earnings (loss) per common share—
Continuing operations $ 1.16 $ 0.23 $ 1.91 $ 1.26 $ 1.62
Discontinued operations (0.04) 8.18
Total $ 1.16 $ 0.23 $ 1.87 $ 1.26 $ 9.80
Diluted earnings (loss) per common share—
Continuing operations $ 1.12 $ 0.23 $ 1.47 $ 1.21 $ 1.35
Discontinued operations (0.02) 6.19
Total $ 1.12 $ 0.23 $ 1.45 $ 1.21 $ 7.54
Weighted average number of shares—
Basic 46,369,520 46,449,234 35,582,966 44,879,412 35,213,525
Diluted 47,691,816 47,808,457 47,062,903 47,709,373 46,503,586

 

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

 

December 31,
2021 2020
Assets
Current assets
Cash and cash equivalents $  279,547 $  279,940
Accounts receivable, net 50,954 64,390
Inventories, net 39,370 39,039
Other receivables 25,895 4,338
Prepaid expenses 7,675 7,332
Hedge collateral 3,060 5,250
Other current assets 2,619 9,321
Total current assets 409,120 409,610
Property, plant and equipment, net 107,882 96,383
Operating lease right-of-use assets 4,275 4,632
Intangible assets, net 2,377 2,727
Long-term prepaid expenses 8,243 4,058
Deferred income taxes 41,095 44,541
Other non-current assets 10,662 9,739
Total assets $  583,654 $  571,690
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $     37,593 $     52,164
Other accounts payable 6,289 2,531
Accrued expenses 20,071 16,241
Accrued income taxes 11,823 12,398
Operating lease liabilities 2,323 2,210
Current portion of long-term borrowings, net 83,479
Other current liabilities 7,382 4,595
Total current liabilities 85,481 173,618
Accrued severance benefits, net 33,064 40,462
Non-current operating lease liabilities 1,952 2,422
Other non-current liabilities 10,395 9,588
Total liabilities 130,892 226,090
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021 and 44,943,854 shares issued and 35,783,347 outstanding at December 31, 2020 559 450
Additional paid-in capital 241,197 163,010
Retained earnings 343,542 286,834
Treasury stock, 10,246,016 shares at December 31, 2021 and 9,160,507 shares at December 31, 2020, respectively (130,306) (108,397)
Accumulated other comprehensive income (loss) (2,230) 3,703
Total stockholders’ equity 452,762 345,600
Total liabilities and stockholders’ equity $   583,654 $   571,690

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(Unaudited)

 

 Three Months Ended Year Ended
December 31, December 31, December 31,
2021 2021 2020
Cash flows from operating activities
Net income $ 53,611 $ 56,708 $ 344,965
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 3,663 14,239 16,481
Provision for severance benefits 2,768 8,282 16,743
Amortization of debt issuance costs and original issue discount 261 2,220
Loss (gain) on foreign currency, net (175) 32,432 (23,233)
Restructuring and other charges 3,502
Merger-related costs (income), net (12,142) (12,142) 360
Provision for inventory reserves 760 2,244 3,695
Stock-based compensation 1,648 7,704 6,699
Loss on early extinguishment of borrowings, net 766
Gain on sale of discontinued operations (287,117)
Deferred income tax assets 893 918 (44,441)
Other, net (1,030) (613) 217
Changes in operating assets and liabilities
Accounts receivable, net 809 7,505 (19,268)
Unbilled accounts receivable, net 14,260
Inventories (1,378) (5,939) (816)
Other receivables 2,949 (2,338) 6,954
Other current assets 4,464 12,397 13,561
Accounts payable 4,755 (11,437) 3,960
Other accounts payable (4,084) (7,813) (12,000)
Accrued expenses (765) (2,406) (29,116)
Accrued income taxes 8,307 (1) 10,825
Deferred revenue 863 (131) 2,174
Other current liabilities (104) 1,445 279
Other non-current liabilities (732) (1,398) 3,521
Contributions to severance insurance deposit accounts (5,526) (5,688) (11,921)
Payment of severance benefits (1,907) (6,679) (12,076)
Other, net 80 193 (3,724)
Net cash provided by operating activities 57,727 87,743 7,470
Cash flows from investing activities
Proceeds from settlement of hedge collateral 1,219 5,214 13,762
Payment of hedge collateral (605) (3,349) (8,839)
Proceeds from disposal of property, plant and equipment 1,419 1,446 65
Purchase of property, plant and equipment (18,844) (32,212) (36,100)
Payment for intellectual property registration (159) (614) (741)
Collection of guarantee deposits 3,192 1,024
Payment of guarantee deposits (41) (5,001) (1,236)
Proceeds from sale of discontinued operations 350,553
Other, net 16 (114) (6)
Net cash provided by (used in) investing activities (16,995) (31,438) 318,482
Cash flows from financing activities
Repurchase of long-term borrowings (224,250)
Proceeds from exercise of stock options 359 4,279 3,918
Acquisition of treasury stock (1,653) (1,125)
Acquisition of stock under accelerated stock repurchase agreement (20,073) (20,073)
Payment under accelerated stock repurchase agreement (17,427) (17,427)
Repayment of financing related to water treatment facility arrangement (136) (563) (546)
Others (58) (107) (278)
Net cash used in financing activities (37,335) (35,544) (222,281)
Effect of exchange rates on cash and cash equivalents (151) (21,154) 24,612
Net increase (decrease) in cash and cash equivalents 3,246 (393) 128,283
Cash and cash equivalents at beginning of period 276,301 279,940 151,657
Cash and cash equivalents at end of period $ 279,547 $ 279,547 $ 279,940

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING INCOME
(In thousands of U.S. dollars)
(Unaudited)

 

Three Months Ended Year Ended
December 31, September 30, December 31, December 31, December 31,
2021 2021 2020 2021 2020
Operating income $ 63,870 $ 20,001 $ 9,206 $ 83,407 $ 27,016
Adjustments:
Equity-based compensation expense 1,648 2,005 1,945 7,704 6,311
Inventory reserve related to Huawei impact of downstream trade restrictions (379) (1,081) (871) (1,460) 1,460
Expenses related to Fab 3 power outage 1,168
Merger-related costs (income), net (49,369) 1,552 653 (35,527) 653
Early termination and other charges, net (1,349) 214 4,422 2,011 4,976
Adjusted operating income $ 14,421 $ 22,691 $ 15,355 $ 56,135 $ 41,584

We present Adjusted Operating Income as a supplemental measure of our performance. We define Adjusted Operating Income for the periods indicated as operating income adjusted to exclude (i) Equity-based compensation expense, (ii) Inventory reserve related to Huawei impact of downstream trade restrictions, (iii) Expenses related to Fab 3 power outage, (iv) Merger-related costs (income), net and (v) Early termination and other charges, net.

For the year ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $35,527 thousand that represented income of $70,200 thousand from the recognition of a reverse termination fee, net of professional service fees and expenses of $34,673 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 $3,430 thousand of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, partially offset by $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).

For the year ended December 31, 2020, we recorded in our consolidated statement of operations $4,422 thousand of early termination and other charges, net, in connection with the headcount reduction program offered and paid to the employees during the fourth quarter of 2020. During the same period, we also recorded $554 thousand of non-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND ADJUSTED NET INCOME
(In thousands of U.S. dollars, except share data)
(Unaudited)

 

Three Months Ended Year Ended
December 31, September 30, December 31, December 31, December 31,
2021 2021 2020 2021 2020
Income from continuing operations $ 53,611 $ 10,768 $ 67,902 $ 56,708 $ 57,059
Adjustments:
Interest expense, net (726) (439) 863 (1,238) 15,404
Income tax expense (benefit) 11,221 3,149 (47,064) 17,261 (46,228)
Depreciation and amortization 3,663 3,578 3,148 14,239 11,116
EBITDA 67,769 17,056 24,849 86,970 37,351
Equity-based compensation expense 1,648 2,005 1,945 7,704 6,311
Foreign currency loss (gain), net (147) 7,579 (13,256) 11,853 382
Derivative valuation loss (gain), net (29) (237) 74 (123) (148)
Loss on early extinguishment of borrowings, net 766 766
Inventory reserve related to Huawei impact of downstream trade restrictions (379) (1,081) (871) (1,460) 1,460
Expenses related to Fab 3 power outage 1,168
Merger-related costs (income), net (49,369) 1,552 653 (35,527) 653
Early termination and other charges, net (1,349) (513) 4,422 1,284 4,976
Adjusted EBITDA 18,144 26,361 18,582 70,701 52,919
Income from continuing operations $ 53,611 $ 10,768 $ 67,902 $ 56,708 $ 57,059
Adjustments:
Equity-based compensation expense 1,648 2,005 1,945 7,704 6,311
Foreign currency loss (gain), net (147) 7,579 (13,256) 11,853 382
Derivative valuation loss (gain), net (29) (237) 74 (123) (148)
Loss on early extinguishment of borrowings, net 766 766
Inventory reserve related to Huawei impact of downstream trade restrictions (379) (1,081) (871) (1,460) 1,460
Expenses related to Fab 3 power outage 1,168
Merger-related costs (income), net (49,369) 1,552 653 (35,527) 653
Early termination and other charges, net (1,349) (513) 4,422 1,284 4,976
GAAP and cash tax expense difference 907 (43,874) 907 (43,874)
Income tax effect on non-GAAP adjustments 9,713 (493) 9,713 (493)
Adjusted Net Income $ 14,606 $ 20,073 $ 17,268 $ 51,059 $ 28,260
Adjusted Net Income per common share—
– Basic $ 0.31 $ 0.43 $ 0.49 $ 1.14 $ 0.80
– Diluted $ 0.31 $ 0.42 $ 0.40 $ 1.09 $ 0.73
Weighted average number of shares – basic 46,369,520 46,449,234 35,582,966 44,879,412 35,213,525
Weighted average number of shares – diluted 47,691,816 47,808,457 47,062,903 47,709,373 46,503,586

 

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) Loss on early extinguishment of borrowings, net, (v) Inventory reserve related to Huawei impact of downstream trade restrictions, (vi) Expenses related to Fab 3 power outage, (vii) Merger-related costs (income), net and (viii) Early termination and other charges, net.

EBITDA for the periods indicated is defined as Income from continuing operations before interest expense, net, income tax expense (benefit) and depreciation and amortization. We prepare Adjusted Net Income by adjusting income from continuing operations 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 income from continuing operations, adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Loss on early extinguishment of borrowings, net, (v) Inventory reserve related to Huawei impact of downstream trade restrictions, (vi) Expenses related to Fab 3 power outage, (vii) Merger-related costs (income), net, (viii) Early termination and other charges, net, (ix) GAAP and cash tax expense difference and (x) Income tax effect on non-GAAP adjustments.

For the year ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $35,527 thousand that represented income of $70,200 thousand from the recognition of a reverse termination fee, net of professional service fees and expenses of $34,673 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 $3,430 thousand of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, partially offset by $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 and $727 thousand legal settlement gain related to certain expenses incurred in prior periods in connection with our legacy Fab 4 (which was sold during the year ended December 31, 2020) and awarded in the third quarter of 2021.

For the year ended December 31, 2020, we recorded in our consolidated statement of operations $4,422 thousand of early termination and other charges, net in connection with the headcount reduction program offered and paid to the employees during the fourth quarter of 2020. During the same period, we also recorded $554 thousand of non-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-reports-results-for-fourth-quarter-and-year-2021-301483403.html

SOURCE Magnachip Semiconductor Corporation

 

SEOUL, South Korea, Jan. 31, 2022 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today it will report its results for the fourth quarter and year ended December 31, 2021 on Wednesday, February 16, 2022 after the close of market. The Company will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET 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 1582546. 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/cn.   A replay of the conference call will be available until 8:00 p.m. ET on February 23, 2022. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056.  The conference ID number is 1582546.

 

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, 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 1,200 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com/cn. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

 

CONTACTS:
So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
Investor.relations@magnachip.com

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-announce-fourth-quarter-and-year-2021-financial-results-on-february-16-301471794.html

SOURCE Magnachip Semiconductor Corporation