韩国首尔,2024 年 6 月 10 日 – Magnachip Mixed-Signal, Ltd.(以下简称“MMS”或“公司”)当日宣布,公司发布了一款多功能电源管理集成电路 (PMIC) 和一款多通道电平转换器,用于调节 IT 设备显示面板内的不同电压和信号。

 

 

作为 Magnachip Semiconductor Corporation(以下简称“美格纳”)的子公司,十多年来,MMS 一直致力于开发和供应各种电源 IC,包括用于电视背光单元的 LED 驱动器以及 LED 照明驱动器。通过与领先的电视制造商、OLED 面板制造商和智能手机制造商的成功合作,公司的产品质量得到了有效检验,同时助力 MMS 扩展其全球客户群。

当日发布的新产品采用了 PMIC 和电平转换器技术,这些技术源于美格纳自 2019 年以来的研发成果,具有高效率、低能耗、多功能和多通道的几大优点。

多功能 PMIC 按照单芯片解决方案进行开发,其中集成了:内置控制器、开关、逻辑电路、两个升压稳压器、两个负低压降稳压器、三个用于降压的高电流稳压器以及两个正运算放大器。利用 I²C*,此款 PMIC 可以控制动态电压管理、内置开关定时器、保护电路和开关频率转换。因此,新款 PMIC 将提高应用效率并降低能耗。这样,IT设备中高端显示面板运行所需的电能将得到稳定的转换和分配。

新款多通道电平转换器专门设计用于调节超过 24 个通道的开关电压,并高效地管理电压信号。所以,该电平转换器完全满足高分辨率显示面板甚至 UHD 面板的严苛通道需求。

“我们相信,IT 显示面板行业将从 MMS 推出的这些新的优质电源解决方案中受益匪浅”,美格纳首席执行官金荣俊说。“我们将继续发扬公司的优秀传统,积极进行产品开发和生产并及时提供技术支持。”

 


*I²C:也称为 I2C 或 IIC,是一种同步多控制器/多目标、单端串行通信总线

 

关于美格纳半导体

美格纳是一家模拟和混合信号半导体平台解决方案的设计与制造企业,其方案适用于通信、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,并拥有约1,100 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):
Steven C. Pelayo, CFA
The Bueshirt Group
Tel. +1(360) 808-5154
steven@ blueshirtgroup.co
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. +82-2-6903-3211
pr@maganachip.com

韩国首尔,2024 年 5月 15日 –(BUSINESS WIRE)–(美国商业资讯)– Magnachip Semiconductor Corporation(以下简称“美格纳”或“公司”)(NYSE:MX) 今天举行了庆祝仪式,庆祝总部位于中国合肥的美格纳智芯科技(合肥)有限公司 (“MTC”)盛大开业。MTC 是美格纳的一家子公司,为了拓展其在中国的显示驱动集成电路和电源集成电路业务,成立于 2023年 12月 20日。

 

 

当地政府官员、公司客户和业务合作伙伴出席了开业仪式。这一重大事件昭示了美格纳在中国深入扎根和推动在中国市场实现可持续增长的承诺。

合肥以蓬勃发展的集成电路产业集群而闻名,并且致力于成为“中国 IC 之都”。通过将 MTC 扎根于这个充满活力的生态系统,美格纳旨在利用合肥健全的基础设施,挖掘其丰富的人才库。此外,MTC 还计划在北京、成都和深圳成立分公司,通过简化沟通和实现无缝响应市场,及时为客户提供支持服务,进一步提升该公司在中国市场的影响力。

凭借 40 多年积累的运营专业知识,美格纳拥有大量专利,大约有 1,100 项注册专利和待审批专利,并掌握了电源集成电路、OLED 显示驱动集成电路和电源管理集成电路领域的众多工程技能,这些集成电路广泛用于通信、物联网、消费类电子产品、计算、工业和汽车应用等领域。 MTC 将专注于利用美格纳的 OLED 显示驱动集成电路和电源管理集成电路的技术优势,为中国当地客户服务,满足中国消费类电子产品市场的需求。

美格纳首席执行官金荣俊表示:“通过成立本地公司,我们可以更好地了解和满足中国消费类电子产品市场的需求,同时再次申明我们为利益相关者提供长期价值的承诺。美格纳智芯科技还将在合肥聘请合格的专业人士,我欢迎他们加入我们,共同成长,将美格纳智芯科技打造成在中国和国际上都很成功的公司。”

 

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1,100 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(投资者关系):
Steven C. Pelayo, CFA
The Bueshirt Group
Tel. +1(360) 808-5154
steven@ blueshirtgroup.co
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. +82-2-6903-3211
pr@maganachip.com

 

In the Media

Business Wire Logo - Navy - JPEG   美格纳祝 “美格纳智芯科技” 在中盛大开业

美格纳的汽车 MOSFET IGBT 产品系列赢得全球众多大型汽车制造商的设计采纳

新发布的 40V MXT MV MOSFET 非常适合车辆的电机控制系统

 

韩国首尔,2024 年 4 月 30 – Magnachip Semiconductor Corporation(以下简称“美格纳”或“公司”)(NYSE:MX)当日宣布,公司发布了新款 40V MXT MV MOSFET1。增加此最新产品后,公司现在提供 13 款 MOSFET 和 IGBT 产品,面向各种汽车应用(请参阅下表)。

随着汽车行业采用先进技术,例如自动驾驶系统和增强的信息娱乐系统,对高效电源解决方案的需求也随之增加。根据市调机构 Omdia 的数据估测,汽车电源细分市场从 2024 年到 2027 年将每年增长 14%。

美格纳于 2022 年 4 月推出进入汽车行业后的首款 40V MOSFET,此后发布了面向汽车的 30V、-40V(P 通道 MOSFET2)、60V 和 250V MOSFET,丰富了公司的产品阵容。在 2023 年 9 月,公司推出了面向汽车的正温度系数 (PTC) 加热器和空压机的 650V 和 1200V IGBT。在过去两年中,美格纳的电源产品已应用于美国、韩国、日本和中国的主要汽车制造商生产的汽车。

基于公司的技术实力,美格纳现在发布了这款采用封装 (DPAK) 的 40V MXT MV MOSFET (AMDD040N055RH)。这一新款 MOSFET 具备出色的通用性,适合各种汽车应用,例如电机控制系统或电动座椅模块和电力稳定控制系统,用于逆接电池保护。

“美格纳致力于提供高端产品,满足汽车行业不断变化的需求,”美格纳首席执行官 YJ Kim 说。“我们的技术创新,加之稳定的供应和全面的产品系列,将增强我们在汽车行业的根基,扩展我们的全球市场份额。”

 

Magnachip’s Automotive Solutions_cn

 


1 MXT MV MOSFET(美格纳极限沟槽中压 MOSFET):美格纳的 40~200V 沟槽 MOSFET 前沿产品组合。

2 P 通道 MOSFET:P 通道 MOSFET 相较于 N 通道 MOSFET,需要开启低于源极的栅极电压。因此,漏源电压通常以负值表示(例如 -40V)。

 

Magnachip’s automotive MOSFET product family_cn

 

Magnachip’s automotive IGBT product family_cn

 

相关链接

如需了解有关美格纳汽车解决方案的更多详细信息和数据表,请访问 https://www.magnachip.com/cn/automotive-solutions

 

相关文章

美格纳开始全面量产面向电动助力转向系统的新款 30V MXT LV MOSFET
美格纳面向电动汽车市场发布采用先进场截止沟槽技术的新款 1200V 和 650V IGBT 

 

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1,100 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):
Steven C. Pelayo, CFA
The Bueshirt Group
Tel. +1(360) 808-5154
steven@ blueshirtgroup.co
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. +82-2-6903-3211
pr@maganachip.com

Magnachip Reports Results for First Quarter 2024

Financial Highlights

  • Q1 consolidated revenue was $49.1 million, within our guidance range of $46-51 million.
    • Q1 standard product business revenue was up 10.6% sequentially.
  • Q1 consolidated gross profit margin was 18.3%, within our guidance range of 17-20%.
    • Q1 standard product business gross profit margin was down 170 basis points sequentially, mostly due to lower Gumi fab utilization driven by the wind-down of Transitional Foundry Services.
  • Ended Q1 with $29.7 million in long-term borrowing and $171.6 million in cash.
  • Repurchased approximately $4.1 million or 0.6 million shares during the quarter.

 

Operational Highlights

  • Secured a new high-end smartphone OLED DDIC design for a top tier China smartphone OEM.
  • Secured a new EV automotive OLED DDIC design win for a leading European automaker.
  • Began operations of our new China entity called Magnachip Technology Company (MTC). Our China headquarters is now up and running.
  • Started initial ramp in Q1 for our first-generation OLED DDIC chip for China for the after-service market.
  • Captured our first medium voltage MOSFET automotive design-win for an electric cooling fan with a China-based SUV supplier, as well as an additional automotive power steering related win in Korea.
  • Began to see initial signs of inventory reductions in the distribution channel for our Power Analog Solutions products.

 

SEOUL, South Korea–(BUSINESS WIRE)–May 2, 2024– Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the first quarter 2024.

YJ Kim, Magnachip’s Chief Executive Officer, commented, “In Q1 we started the initial revenue ramp for OLED DDICs for the after-service market, and we were awarded two new designs targeted for a leading China smartphone OEM and also for a leading European EV maker. Our Power Analog Solutions (PAS) business revenue grew 12% sequentially driven by smartphones, e-motors, consumer appliances and server power applications, and we now are launching a slate of next-gen power products to help sustain our momentum. We also are encouraged that the power channel inventory showed signs of improvement in the first quarter.”

YJ continued, “Looking forward, we expect sequential revenue growth in Mixed-Signal Solutions (MSS) and PAS to continue in Q2 and we reiterate our prior full-year guidance for double digit growth in both MSS and PAS businesses.”

 

Q1 2024 Financial Highlights

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

GAAP

Q1 2024

Q4 2023

Q/Q change

Q1 2023

Y/Y change

Consolidated Revenues

49,067

50,822

down

3.5

%

57,005

down

13.9

%

Standard Products Business

45,541

41,182

up

10.6

%

51,514

down

11.6

%

Mixed-Signal Solutions

9,006

8,558

up

5.2

%

12,807

down

29.7

%

Power Analog Solutions

36,535

32,624

up

12.0

%

38,707

down

5.6

%

Transitional Fab 3 foundry services(1)

3,526

9,640

down

63.4

%

5,491

down

35.8

%

Consolidated Gross Profit Margin

18.3

%

22.7

%

down

4.4

%pts

21.2

%

down

2.9

%pts

Standard Products Business

21.2

%

22.9

%

down

1.7

%pts

27.6

%

down

6.4

%pts

Mixed-Signal Solutions

44.6

%

41.3

%

up

3.3

%pts

30.2

%

up

14.4

%pts

Power Analog Solutions

15.4

%

18.1

%

down

2.7

%pts

26.7

%

down

11.3

%pts

Operating Loss

(13,459

)

(15,935

)

up

n/a

(21,818

)

up

n/a

Net Loss

(15,417

)

(6,040

)

down

n/a

(21,470

)

up

n/a

Basic Loss per Common Share

(0.40

)

(0.16

)

down

n/a

(0.49

)

up

n/a

Diluted Loss per Common Share

(0.40

)

(0.16

)

down

n/a

(0.49

)

up

n/a

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

Non-GAAP(2)

Q1 2024

Q4 2023

Q/Q change

Q1 2023

Y/Y change

Adjusted Operating Loss

(12,559

)

(14,095

)

up

n/a

(12,249

)

down

n/a

Adjusted EBITDA

(8,441

)

(9,972

)

up

n/a

(7,873

)

down

n/a

Adjusted Net Loss

(10,884

)

(8,044

)

down

n/a

(10,367

)

down

n/a

Adjusted Loss per Common Share—Diluted

(0.28

)

(0.21

)

down

n/a

(0.24

)

down

n/a

___________

(1)

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 are winding down these foundry services and planning to convert portions of the idle capacity to PAS products beginning around the second half of 2024. Because these foundry services during the wind-down period are still provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we will continue 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 GAAP results to non-GAAP results is included in this press release.

 

Q2 and 2024 Financial Guidance

Beginning in Q1, the Company begins reporting results under its newly organized businesses: MSS (Mixed-Signal Solutions) and PAS (Power Analog Solutions). While actual results may vary, Magnachip currently expects the following:

 

For Q2 2024:

  • Consolidated revenue to be in the range of $49 to $54 million, including approximately $1.5 million of Transitional Foundry Services.
    • MSS revenue to be in the range of $9.5 to $11.5 million. This compares with MSS equivalent revenue of $9.0 million in Q1 2024 and $12.4 million in Q2 2023
    • PAS revenue to be in the range of $38 to $41 million. This compares with PAS equivalent revenue of $36.5 million in Q1 2024 and $39 million in Q2 2023.
  • Consolidated gross profit margin to be in the range of 17% to 19%.
    • MSS gross profit margin to be in the range of 30% to 33%. This compares with MSS equivalent gross profit margin of 44.6% in Q1 2024, which included non-recurring engineering revenue, and 36.4% in Q2 2023.
    • PAS gross profit margin to be in the range of 15% to 17%, primarily as a result of the impact of idle capacity from the expected decline in Transitional Foundry Services revenue. This compares with PAS equivalent gross profit margin of 15.4% in Q1 2024 and 23.1% in Q2 2023.

 

For the full-year 2024, we reiterate our prior guidance:

  • MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023.
  • PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023.
  • Consolidated revenue flat-to-up-slightly year-over-year as recovery in MSS and PAS is offset by the phase-out of Transitional Foundry Services.
  • Consolidated gross profit margin between 17% to 20%, primarily as a result of the impact of idle capacity expected from the phase-out of Transitional Foundry Services. This compares with the consolidated gross profit margin of 22.4% in 2023.

 

Q1 2024 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, May 2, 2024, 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/cn.

 

Online registration: https://register.vevent.com/register/BIffb31aff244f4ff99dae99731c4879bf

 

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 and full year 2024 revenue and gross profit margin expectations, 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 second quarter and full year 2024 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 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. and China; 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 more than 40 years of operating history, owns a portfolio of approximately 1,100 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.

 

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,

2024

2023

2023

Revenues:

Net sales – standard products business

$

45,541

$

41,182

$

51,514

Net sales – Transitional Fab 3 foundry services

3,526

9,640

5,491

Total revenues

49,067

50,822

57,005

Cost of sales:

Cost of sales – standard products business

35,888

31,754

37,312

Cost of sales – Transitional Fab 3 foundry services

4,211

7,541

7,599

Total cost of sales

40,099

39,295

44,911

Gross profit

8,968

11,527

12,094

Gross profit as a percentage of standard products business net sales

21.2

%

22.9

%

27.6

%

Gross profit as a percentage of total revenues

18.3

%

22.7

%

21.2

%

Operating expenses:

Selling, general and administrative expenses

11,264

12,079

12,165

Research and development expenses

11,163

15,383

13,298

Early termination charges

8,449

Total operating expenses

22,427

27,462

33,912

Operating loss

(13,459

)

(15,935

)

(21,818

)

Interest income

2,213

2,519

2,842

Interest expense

(238

)

(183

)

(256

)

Foreign currency gain (loss), net

(5,001

)

5,241

(3,430

)

Other income (expense), net

44

(42

)

(35

)

Loss before income tax expense

(16,441

)

(8,400

)

(22,697

)

Income tax benefit

(1,024

)

(2,360

)

(1,227

)

Net loss

$

(15,417

)

$

(6,040

)

$

(21,470

)

Basic loss per common share—

$

(0.40

)

$

(0.16

)

$

(0.49

)

Diluted loss per common share—

$

(0.40

)

$

(0.16

)

$

(0.49

)

Weighted average number of shares—

Basic

38,544,781

38,834,451

43,390,832

Diluted

38,544,781

38,834,451

43,390,832

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

March 31,

2024

December 31,

2023

Assets

Current assets

Cash and cash equivalents

$

171,602

$

158,092

Accounts receivable, net

30,288

32,641

Inventories, net

31,479

32,733

Other receivables

5,041

4,295

Prepaid expenses

10,255

7,390

Hedge collateral

1,000

1,000

Other current assets

8,550

9,283

Total current assets

258,215

245,434

Property, plant and equipment, net

92,868

100,122

Operating lease right-of-use assets

4,538

4,639

Intangible assets, net

1,391

1,537

Long-term prepaid expenses

9,297

5,736

Deferred income taxes

47,669

50,836

Other non-current assets

12,186

12,187

Total assets

$

426,164

$

420,491

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

24,619

$

24,443

Other accounts payable

5,650

5,292

Accrued expenses

7,951

10,457

Accrued income taxes

1,622

1,496

Operating lease liabilities

1,884

1,914

Other current liabilities

3,158

3,286

Total current liabilities

44,884

46,888

Long-term borrowing

29,700

Accrued severance benefits, net

15,503

16,020

Non-current operating lease liabilities

2,808

2,897

Other non-current liabilities

11,384

10,088

Total liabilities

104,279

75,893

Commitments and contingencies

Stockholders’ equity

Common stock, $0.01 par value, 150,000,000 shares authorized, 57,008,573 shares issued and 38,263,642 outstanding at March 31, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023

569

569

Additional paid-in capital

274,156

273,256

Retained earnings

283,467

298,884

Treasury stock, 18,744,931 shares at March 31, 2024 and 18,118,652 shares at December 31, 2023, respectively

(217,607

)

(213,454

)

Accumulated other comprehensive loss

(18,700

)

(14,657

)

Total stockholders’ equity

321,885

344,598

Total liabilities and stockholders’ equity

$

426,164

$

420,491

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

Three Months Ended

March 31,

2024

March 31,

2023

Cash flows from operating activities

Net loss

$

(15,417

)

$

(21,470

)

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

Depreciation and amortization

4,099

4,357

Provision for severance benefits

1,405

2,330

Loss on foreign currency, net

10,226

9,082

Provision for inventory reserves

(947

)

1,138

Stock-based compensation

900

1,120

Deferred income tax assets

1,313

(4

)

Other, net

263

241

Changes in operating assets and liabilities

Accounts receivable, net

1,401

2,973

Inventories

801

1,062

Other receivables

(385

)

2,376

Other current assets

331

596

Prepaid expenses

905

860

Accounts payable

563

1,904

Other accounts payable

(5,256

)

(1,424

)

Accrued expenses

(2,045

)

7,600

Accrued income taxes

167

(2,923

)

Other current liabilities

(387

)

(596

)

Other non-current liabilities

(624

)

(169

)

Payment of severance benefits

(884

)

(871

)

Other, net

(401

)

(306

)

Net cash provided by (used in) operating activities

(3,972

)

7,876

Cash flows from investing activities

Proceeds from settlement of hedge collateral

1,155

Payment of hedge collateral

(1,093

)

Purchase of property, plant and equipment

(668

)

(135

)

Payment for intellectual property registration

(60

)

(74

)

Collection of guarantee deposits

1,133

19

Payment of guarantee deposits

(1,874

)

(3,482

)

Other, net

1

Net cash used in investing activities

(1,468

)

(3,610

)

Cash flows from financing activities

Proceeds from long-term borrowing

30,059

Proceeds from exercise of stock options

9

Acquisition of treasury stock

(4,659

)

(12,264

)

Repayment of financing related to water treatment facility arrangement

(121

)

(126

)

Repayment of principal portion of finance lease liabilities

(35

)

(24

)

Net cash provided by (used in) financing activities

25,244

(12,405

)

Effect of exchange rates on cash and cash equivalents

(6,294

)

(5,253

)

Net increase (decrease) in cash and cash equivalents

13,510

(13,392

)

Cash and cash equivalents

Beginning of the period

158,092

225,477

End of the period

$

171,602

$

212,085

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING LOSS

(In thousands of U.S. dollars)

(Unaudited)

Three Months Ended

 March 31,

December 31,

March 31,

2024

2023

2023

Operating loss

$

(13,459

)

$

(15,935

)

$

(21,818

)

Adjustments:

Equity-based compensation expense

900

1,840

1,120

Early termination charges

8,449

Adjusted Operating Loss

$

(12,559

)

$

(14,095

)

$

(12,249

)

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 and (ii) Early termination charges.

For the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of early termination charges in connection with the voluntary resignation program offered to the employees during the first quarter of 2023.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED NET LOSS

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

(Unaudited)

Three Months Ended

March 31,

December 31,

March 31,

2024

2023

2023

Net loss

$

(15,417

)

$

(6,040

)

$

(21,470

)

Adjustments:

Interest income

(2,213

)

(2,519

)

(2,842

)

Interest expense

238

183

256

Income tax benefit

(1,024

)

(2,360

)

(1,227

)

Depreciation and amortization

4,099

4,101

4,357

EBITDA

(14,317

)

(6,635

)

(20,926

)

Equity-based compensation expense

900

1,840

1,120

Foreign currency loss (gain), net

5,001

(5,241

)

3,430

Derivative valuation loss (gain), net

(25

)

64

54

Early termination charges

8,449

Adjusted EBITDA

$

(8,441

)

$

(9,972

)

$

(7,873

)

Net loss

$

(15,417

)

$

(6,040

)

$

(21,470

)

Adjustments:

Equity-based compensation expense

900

1,840

1,120

Foreign currency loss (gain), net

5,001

(5,241

)

3,430

Derivative valuation loss (gain), net

(25

)

64

54

Early termination charges

8,449

Income tax effect on non-GAAP adjustments

(1,343

)

1,333

(1,950

)

Adjusted Net Loss

$

(10,884

)

$

(8,044

)

$

(10,367

)

Adjusted Net Loss per common share—

– Basic

$

(0.28

)

$

(0.21

)

$

(0.24

)

– Diluted

$

(0.28

)

$

(0.21

)

$

(0.24

)

Weighted average number of shares – basic

38,544,781

38,834,451

43,390,832

Weighted average number of shares – diluted

38,544,781

38,834,451

43,390,832

We present Adjusted EBITDA and Adjusted Net 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 and (iv) Early termination charges. EBITDA for the periods indicated is defined as net loss before interest income, interest expense, income tax benefit and depreciation and amortization.

We prepare Adjusted Net 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 Loss is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net 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) Early termination charges and (v) Income tax effect on non-GAAP adjustments.

For the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of early termination charges in connection with the voluntary resignation program offered to the employees during the first quarter of 2023.

 

Steven C. Pelayo, CFA
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

 

Source: Magnachip Semiconductor Corporation

SEOUL, South Korea–(BUSINESS WIRE)–Apr. 15, 2024– Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the first quarter ended March 31, 2024, on Thursday, May 2, 2024, 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.

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.

Online registration: https://register.vevent.com/register/BIffb31aff244f4ff99dae99731c4879bf

A live and archived webcast of the conference call and a copy of the earnings release will be accessible from the ‘Investors’ section of the company’s website at www.magnachip.com/cn.

 

About Magnachip Semiconductor Corporation

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 more than 40 years of operating history, owns a portfolio of approximately 1,100 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.

Steven C. Pelayo, CFA
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

Source: Magnachip Semiconductor Corporation

SEOUL, South Korea–(BUSINESS WIRE)–Mar. 4, 2024– Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) today announced management’s participation in the 36th Annual ROTH Conference at The Ritz Carlton, Laguna Niguel in Dana Point on Monday, March 18th, and Tuesday, March 19th.

Mr. YJ Kim, Magnachip’s Chief Executive Officer, and Ms. Shinyoung Park, Magnachip’s Chief Financial Officer, will be available for one-on-one meetings with institutional investors during the conference. 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 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 more than 40 years of operating history, owns a portfolio of approximately 1,100 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.

Steven C. Pelayo, CFA
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

Source: Magnachip Semiconductor Corporation

Announces successful design-wins with Smartphone Chinese OEMs

 

Financial Highlights

  • Q4 revenue of $50.8 million was near the low-end of our guidance range.
  • Q4 gross profit margin was 22.7%, near the low-end of our guidance range.
  • Ended Q4 with no debt and cash of $158.1 million.
  • Repurchased approximately $8.2 million of stock during the quarter.
  • Full-year revenue of $230.1 million decreased 31.9% YoY.
  • Full-year gross profit margin was 22.4%, down 760 bps YoY.

 

Operational Highlights

  • Secured 1st design-win and began initial shipment in Q4 for first generation OLED DDIC for after-service market.
  • Secured 2nd design-win following quarter close with leading Chinese smartphone OEM for spring launch.
  • Entered into strategic commercial partnership with Chinese watch solution provider to collaborate on OLED smartwatch display market.
  • Display and Power business separation and entity restructuring completed effective with the start of 2024; New businesses MSS (Mixed-Signal Solutions) and PAS (Power-Analog Solutions)*

 

SEOUL, South Korea–(BUSINESS WIRE)–Feb. 28, 2024– Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the fourth quarter and full-year 2023.

YJ Kim, Magnachip’s Chief Executive Officer commented, “As we reflect on the past year and look ahead, we’re shaping our future with the transformation of our business. First, we have shifted our Display business to be laser-focused on the burgeoning OLED market in China and our efforts there are already showing promising results. We now have two design-wins and a dedicated team on the ground to help build on this momentum. Additionally, we are working to optimize our Gumi Fab to transition from lower-margin Transitional Foundry Services to higher-margin Power products. Finally, we’ve restructured our company to streamline operations, enhance shareholder value and increase transparency for our investors with the completion of our legal separation of historical Display and Power businesses into MSS and PAS.”

YJ continued, “Looking ahead, for full year 2024, we currently expect double-digit revenue growth in both the newly organized MSS and PAS businesses. We currently expect total consolidated company revenue for full year 2024 to remain relatively flat to slightly up due to the phase-out of Transitional Foundry Services. We also anticipate PAS gross margin to be challenged during the transition period while we convert the Transitional Foundry Services capacity to Power capacity, but we are committed to navigating this period with a clear focus on long-term value creation for shareholders.”
____________
*MSS consists of historical Display and Power IC business, which is operated by Magnachip Mixed-Signal, Ltd., a limited liability company incorporated in Korea. PAS business is operated by Magnachip Semiconductor, Ltd., the existing limited liability company incorporated in Korea.

 

Q4 and 2023 Financial Highlights

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

GAAP

Q4 2023

Q3 2023

Q/Q change

Q4 2022

Y/Y change

Revenues

Standard Products Business

Display Solutions

5,232

6,404

down

18.3

%

7,556

down

30.8

%

Power Solutions

35,950

45,215

down

20.5

%

46,271

down

22.3

%

Transitional Fab 3 foundry services(1)

9,640

9,626

up

0.1

%

7,163

up

34.6

%

Gross Profit Margin

22.7

%

23.6

%

down

0.9

%pts

26.4

%

down

3.7

%pts

Operating Loss

(15,935

)

(9,235

)

down

n/a

(10,117

)

down

n/a

Net Income (Loss)

(6,040

)

(5,165

)

down

n/a

2,971

down

n/a

Basic Earnings (Loss) per Common Share

(0.16

)

(0.13

)

down

n/a

0.07

down

n/a

Diluted Earnings (Loss) per Common Share

(0.16

)

(0.13

)

down

n/a

0.07

down

n/a

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

Non-GAAP(2)

Q4 2023

Q3 2023

Q/Q change

Q4 2022

Y/Y change

Adjusted Operating Loss

(14,095

)

(7,064

)

down

n/a

(8,567

)

down

n/a

Adjusted EBITDA

(9,972

)

(2,735

)

down

n/a

(4,768

)

down

n/a

Adjusted Net Loss

(8,044

)

(1,591

)

down

n/a

(15,848

)

up

n/a

Adjusted Loss per Common Share—Diluted

(0.21

)

(0.04

)

down

n/a

(0.36

)

up

n/a

In thousands of U.S dollars, except share data

GAAP

2023

2022

Y/Y Change

Revenues

Standard Products Business

Display Solutions

32,134

71,432

down

55.0

%

Power Solutions

163,556

230,464

down

29.0

%

Transitional Fab 3 foundry services(1)

34,361

35,762

down

3.9

%

Gross Profit Margin

22.4

%

30.0

%

down

7.6

pts

Operating Loss

(57,644

)

(5,244

)

down

n/a

Net Loss

(36,622

)

(8,036

)

down

n/a

Basic Loss per Common Share

(0.89

)

(0.18

)

down

n/a

Diluted Loss per Common Share

(0.89

)

(0.18

)

down

n/a

In thousands of U.S dollars, except share data

Non-GAAP(2)

2023

2022

Y/Y Change

Adjusted Operating Income (Loss)

(41,170

)

4,091

down

n/a

Adjusted EBITDA

(24,174

)

19,517

down

n/a

Adjusted Net Income (Loss)

(22,474

)

8,752

down

n/a

Adjusted Earnings (Loss) per Common Share—Diluted

(0.55

)

0.19

down

n/a

___________

 

(1) 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 are planning to wind down these foundry services and convert portions of the idle capacity to PAS products beginning around the second half of 2024. Because these foundry services during the wind-down period are still provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we will continue 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 display solutions and power solutions 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 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.

 

Q1 and 2024 Financial Guidance

Beginning in Q1, the Company will begin reporting results under its newly organized businesses: MSS (Mixed-Signal Solutions) and PAS (Power-Analog Solutions). While actual results may vary, Magnachip currently expects the following:

 

For Q1 2024:

  • Consolidated revenue to be in the range of $46 to $51 million, including approximately $3 million of Transitional Foundry Services.
    • MSS revenue to be in the range of $8 to $10 million. This compares with MSS equivalent revenue of $8.6 million in Q4 2023.
    • PAS revenue to be in the range of $35 to $38 million. This compares with PAS equivalent revenue of $32.6 million in Q4 2023.
  • Consolidated gross profit margin to be in the range of 17% to 20%.
    • MSS gross profit margin to be in the range of 40% to 43%, which includes the positive impact of expected one-time non-recurring engineering revenue. This compares with MSS equivalent gross profit margin of 41.3% in Q4 2023, which also included one-time non-recurring engineering revenue.
    • PAS gross profit margin to be in the range of 15% to 18% due primarily to the expected decline in Transitional Foundry Services revenue. This compares with PAS equivalent gross profit margin of 18.0% in Q4 2023.

 

For the full-year 2024:

  • MSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023.
  • PAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023.
  • Consolidated revenue flat-to-up-slightly year-over-year as recovery in MSS and PAS is offset by the phase-out of Transitional Foundry Services.
  • Consolidated gross profit margin between 17% to 20% due to idle capacity expected from the phase-out of Transitional Foundry Services. This compares with the consolidated gross profit margin of 22.4% in 2023.

 

Q4 2023 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Wednesday, February 28, 2024, 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/cn.

 

Online registration: https://register.vevent.com/register/BI736feb7bc081454c8d811cbbeb6b92dc

 

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 and full year 2024 revenue and gross profit margin expectations, 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, remaining effects from the COVID-19 pandemic, 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 2024 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 conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; remaining effects from the COVID-19 pandemic, 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. and China; 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, including the remaining effects of the COVID-19 pandemic; 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 February 22, 2023, 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 more than 40 years of operating history, owns a portfolio of approximately 1,100 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.

 

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,
2023

September 30,
2023

December 31,
2022

December 31,
2023

December 31,
2022

Revenues:

Net sales – standard products business

$

41,182

$

51,619

$

53,827

$

195,690

$

301,896

Net sales – transitional Fab 3 foundry services

9,640

9,626

7,163

34,361

35,762

Total revenues

50,822

61,245

60,990

230,051

337,658

Cost of sales:

Cost of sales – standard products business

31,754

36,829

37,150

143,762

202,347

Cost of sales – transitional Fab 3 foundry services

7,541

9,935

7,742

34,649

34,047

Total cost of sales

39,295

46,764

44,892

178,411

236,394

Gross profit

11,527

14,481

16,098

51,640

101,264

Gross profit as a percentage of standard products business net sales

22.9

%

28.7

%

31.0

%

26.5

%

33.0

%

Gross profit as a percentage of total revenues

22.7

%

23.6

%

26.4

%

22.4

%

30.0

%

Operating expenses:

Selling, general and administrative expenses

12,079

12,089

12,562

48,470

50,872

Research and development expenses

15,383

11,627

13,653

51,563

52,338

Early termination and other charges, net

9,251

3,298

Total operating expenses

27,462

23,716

26,215

109,284

106,508

Operating loss

(15,935

)

(9,235

)

(10,117

)

(57,644

)

(5,244

)

Interest income

2,519

2,382

2,420

10,435

5,980

Interest expense

(183

)

(189

)

(269

)

(828

)

(1,157

)

Foreign currency gain (loss), net

5,241

(2,583

)

17,492

465

(3,019

)

Other income (loss), net

(42

)

87

(42

)

13

561

Loss before income tax expense (benefit)

(8,400

)

(9,538

)

9,484

(47,559

)

(2,879

)

Income tax expense (benefit)

(2,360

)

(4,373

)

6,513

(10,937

)

5,157

Net income (loss)

$

(6,040

)

$

(5,165

)

$

2,971

$

(36,622

)

$

(8,036

)

Basic earnings (loss) per common share—

$

(0.16

)

$

(0.13

)

$

0.07

$

(0.89

)

$

(0.18

)

Diluted earnings (loss) per common share—

$

(0.16

)

$

(0.13

)

$

0.07

$

(0.89

)

$

(0.18

)

Weighted average number of shares—

Basic

38,834,451

40,145,290

44,054,275

41,013,069

44,850,791

Diluted

38,834,451

40,145,290

44,731,683

41,013,069

44,850,791

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

December 31,
2023

December 31,
2022

Assets

Current assets

Cash and cash equivalents

$

158,092

$

225,477

Accounts receivable, net

32,641

35,380

Inventories, net

32,733

39,883

Other receivables

4,295

7,847

Prepaid expenses

7,390

10,560

Hedge collateral

1,000

2,940

Other current assets

9,283

15,766

Total current assets

245,434

337,853

Property, plant and equipment, net

100,122

110,747

Operating lease right-of-use assets

4,639

5,265

Intangible assets, net

1,537

1,930

Long-term prepaid expenses

5,736

10,939

Deferred income taxes

50,836

38,324

Other non-current assets

12,187

11,587

Total assets

$

420,491

$

516,645

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$

24,443

$

17,998

Other accounts payable

5,292

9,702

Accrued expenses

10,457

9,688

Accrued income taxes

1,496

3,154

Operating lease liabilities

1,914

1,397

Other current liabilities

3,286

5,306

Total current liabilities

46,888

47,245

Accrued severance benefits, net

16,020

23,121

Non-current operating lease liabilities

2,897

4,091

Other non-current liabilities

10,088

14,035

Total liabilities

75,893

88,492

Commitments and contingencies

Stockholders’ equity

Common stock, $0.01 par value, 150,000,000 shares authorized, 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022

569

564

Additional paid-in capital

273,256

266,058

Retained earnings

298,884

335,506

Treasury stock, 18,118,652 shares at December 31, 2023 and 12,607,874 shares at December 31, 2022, respectively

(213,454

)

(161,422

)

Accumulated other comprehensive loss

(14,657

)

(12,553

)

Total stockholders’ equity

344,598

428,153

Total liabilities and stockholders’ equity

$

420,491

$

516,645

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

Three Months

Ended

Year Ended

December 31,
2023

December 31,
2023

December 31,
2022

Cash flows from operating activities

Net loss

$

(6,040

)

$

(36,622

)

$

(8,036

)

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

Depreciation and amortization

4,101

16,684

15,000

Provision for severance benefits

(25

)

5,333

6,289

Loss (gain) on foreign currency, net

(11,159

)

3,373

19,729

Provision for inventory reserves

850

3,885

9,574

Stock-based compensation

1,840

7,223

6,037

Deferred income taxes

(13,493

)

(13,405

)

278

Other, net

165

757

664

Changes in operating assets and liabilities

Accounts receivable, net

8,318

1,909

10,276

Inventories

(1,265

)

2,370

(12,626

)

Other receivables

(1,146

)

3,847

18,146

Prepaid expenses

3,155

8,808

8,923

Other current assets

15,992

8,048

(13,073

)

Accounts payable

1,086

7,152

(16,325

)

Other accounts payable

(2,196

)

(8,934

)

(9,410

)

Accrued expenses

(126

)

493

(7,228

)

Accrued income taxes

1,445

(1,569

)

(8,400

)

Deferred revenue

782

85

(1,261

)

Other current liabilities

(65

)

(109

)

(645

)

Other non-current liabilities

41

(238

)

749

Contributions to severance insurance deposit accounts

(4,278

)

(5,101

)

(7,899

)

Payment of severance benefits

(799

)

(6,982

)

(6,012

)

Other, net

(3

)

(21

)

415

Net cash provided by (used in) operating activities

(2,820

)

(3,014

)

5,165

Cash flows from investing activities

Proceeds from settlement of hedge collateral

2,334

5,669

15,232

Payment of hedge collateral

(600

)

(3,754

)

(15,282

)

Proceeds from disposal of property, plant and equipment

550

Purchase of property, plant and equipment

(4,675

)

(6,955

)

(23,394

)

Payment for intellectual property registration

(33

)

(263

)

(390

)

Collection of guarantee deposits

4,984

737

Payment of guarantee deposits

(62

)

(7,338

)

(2,381

)

Net cash used in investing activities

(3,036

)

(7,657

)

(24,928

)

Cash flows from financing activities

Proceeds from exercise of stock options

27

1,786

Acquisition of treasury stock

(8,695

)

(51,782

)

(13,960

)

Repayment of financing related to water treatment facility arrangement

(122

)

(493

)

(500

)

Others

(22

)

(91

)

(70

)

Net cash used in financing activities

(8,839

)

(52,339

)

(12,744

)

Effect of exchange rates on cash and cash equivalents

6,143

(4,375

)

(21,563

)

Net decrease in cash and cash equivalents

(8,552

)

(67,385

)

(54,070

)

Cash and cash equivalents

Beginning of the period

166,644

225,477

279,547

End of the period

$

158,092

$

158,092

$

225,477

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING INCOME (LOSS)

(In thousands of U.S. dollars)

(Unaudited)

Three Months Ended

Year Ended

December 31,
2023

September 30,
2023

December 31,
2022

December 31,
2023

December 31,
2022

Operating loss

$

(15,935

)

$

(9,235

)

$

(10,117

)

$

(57,644

)

$

(5,244

)

Adjustments:

Equity-based compensation expense

1,840

2,171

1,550

7,223

6,037

Early termination and other charges, net

9,251

3,298

Adjusted Operating Income (Loss)

$

(14,095

)

$

(7,064

)

$

(8,567

)

$

(41,170

)

$

4,091

 

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

For the year ended December 31, 2023, Early termination and other charges includes $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 and $802 thousand of one-time employee incentives.

For the year ended December 31, 2022, Early termination and other charges, net includes $2,821 thousand of one-time employee incentives and professional service fees and expenses of $1,014 thousand, incurred in connection with certain strategic evaluations, both of which were offset in part by a $537 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi.

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (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,
2023

September 30,
2023

December 31,
2022

December 31,
2023

December 31,
2022

Net Income (Loss)

$

(6,040

)

$

(5,165

)

$

2,971

$

(36,622

)

$

(8,036

)

Adjustments:

Interest income

(2,519

)

(2,382

)

(2,420

)

(10,435

)

(5,980

)

Interest expense

183

189

269

828

1,157

Income tax expense (benefit)

(2,360

)

(4,373

)

6,513

(10,937

)

5,157

Depreciation and amortization

4,101

4,081

3,775

16,684

15,000

EBITDA

(6,635

)

(7,650

)

11,108

(40,482

)

7,298

Equity-based compensation expense

1,840

2,171

1,550

7,223

6,037

Foreign currency loss (gain), net

(5,241

)

2,583

(17,492

)

(465

)

3,019

Derivative valuation loss (gain), net

64

161

66

299

(135

)

Early termination and other charges, net

9,251

3,298

Adjusted EBITDA

$

(9,972

)

$

(2,735

)

$

(4,768

)

$

(24,174

)

$

19,517

Net Income (Loss)

$

(6,040

)

$

(5,165

)

$

2,971

$

(36,622

)

$

(8,036

)

Adjustments:

Equity-based compensation expense

1,840

2,171

1,550

7,223

6,037

Foreign currency loss (gain), net

(5,241

)

2,583

(17,492

)

(465

)

3,019

Derivative valuation loss (gain), net

64

161

66

299

(135

)

Early termination and other charges, net

9,251

3,298

Income tax effect on non-GAAP adjustments

1,333

(1,341

)

(2,943

)

(2,160

)

4,569

Adjusted Net Income (Loss)

$

(8,044

)

$

(1,591

)

$

(15,848

)

$

(22,474

)

$

8,752

Adjusted Net Income (Loss) per common share—

– Basic

$

(0.21

)

$

(0.04

)

$

(0.36

)

$

(0.55

)

$

0.20

– Diluted

$

(0.21

)

$

(0.04

)

$

(0.36

)

$

(0.55

)

$

0.19

Weighted average number of shares – basic

38,834,451

40,145,290

44,054,275

41,013,069

44,850,791

Weighted average number of shares – diluted

38,834,451

40,145,290

44,054,275

41,013,069

45,795,559

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 and (iv) Early termination and other charges, net. EBITDA for the periods indicated is defined as net income (loss) before interest income, interest expense, income tax expense (benefit) and depreciation and amortization.

We prepare Adjusted Net Income (Loss) 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 (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 income (loss), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Early termination and other charges, net and (v) Income tax effect on non-GAAP adjustments.

For the year ended December 31, 2023, Early termination and other charges includes $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 and $802 thousand of one-time employee incentives.

For the year ended December 31, 2022, Early termination and other charges, net includes $2,821 thousand of one-time employee incentives and professional service fees and expenses of $1,014 thousand, incurred in connection with certain strategic evaluations, both of which were offset in part by a $537 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi.

 

Steven Pelayo
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

 

Source: Magnachip Semiconductor Corporation

SEOUL, South KoreaFeb. 7, 2024 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the fourth quarter ended December 31, 2023, on Wednesday, February 28, 2024, 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.

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.

Online registration: https://register.vevent.com/register/BI736feb7bc081454c8d811cbbeb6b92dc

A live and archived webcast of the conference call and a copy of the earnings release will be accessible from the ‘Investors’ section of the company’s website at https://www.magnachip.com/cn.

 

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 1,100 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit https://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:

Steven Pelayo
The Blueshirt Group
Tel. +1 (360) 808-5154
steven@blueshirtgroup.co

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-announce-fourth-quarter-2023-financial-results-on-february-28-2024-302045450.html

SOURCE Magnachip Semiconductor Corporation

SEOUL, South KoreaJan. 3, 2024 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) today announced management’s participation in the 26th Annual Needham Growth Conference at the Lotte New York Palace Hotel in New York City on Wednesday, January 17th, and Thursday, January 18th.

Mr. YJ Kim, Magnachip’s Chief Executive Officer, and Ms. Shinyoung Park, Magnachip’s Chief Financial Officer, will be available for one-on-one meetings with institutional investors during the conference. For more information about the conference or to request a one-on-one meeting, please contact a Needham 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 1,100 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.

 

CONTACT:

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

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-participate-in-the-26th-annual-needham-growth-conference-302024420.html

SOURCE Magnachip Semiconductor Corporatio

– 新款 30V MXT LV MOSFET 采用先进的沟槽 MOSFET 技术开发,确保为电动助力转向系统提供可靠的电源供给

 

韩国首尔,2023 年 12 月 18 – 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其新款 30V MXT LV 金属氧化物半导体场效应晶体管 (MOSFET)*,此款产品适用于电动助力转向 (EPS) 系统的电子控制单元 (ECU)。本 MOSFET 产品已用于一家全球性汽车制造商生产的汽车中。

Magnachip’s new automotive 30V MXT LV MOSFET美格纳的新款 30V MXT LV MOSFET

 

新款 30V MXT LV MOSFET 为 EPS 提供可靠的电源,帮助车辆通过电动机进行方向控制。本产品还符合严格的 AEC-Q101 标准,保证工作结温宽幅范围于 -55°C 到 175°C 内。

新产品在厚栅极氧化物中融入了先进的沟槽 MOSFET 结构,能够提供低阻抗和出色的开关特性。这些特点降低了应用中的开关噪音,提高了系统性能和电源效率。此外,通过应用 3.3 毫米 x 3.3 毫米的 PDFN 33 封装,降低了产品尺寸,使 ECU 有了灵活的设计选择。

“美格纳面向 EPS 的新款紧凑型和高度可靠的 MOSFET 展示了我们出色的技术能力,”美格纳首席执行官 YJ Kim 说。“我们将利用创新性的电源解决方案和严格的质量控制程序积极拓展汽车行业市场。”

 

 

 


*MXT MV MOSFET(美格纳极限沟槽中压 MOSFET):美格纳的 40~200V 沟槽 MOSFET 前沿产品组合

 

相关链接

电源解决方案 > MXT MOSFETs > 30V

 

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1,100 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。

 

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