投资者 Archives - Page 4 of 18 - Magnachip Semiconductor

– 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, 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.

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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

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SOURCE Magnachip Semiconductor Corporation

– Magnachip initiates $37.5 Million Accelerated Stock Repurchase Agreement

SEOUL, South Korea, Dec. 21, 2021 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip Corp.” or the “Company”) (NYSE: MX), announced today that the Board of Directors has authorized the Company to repurchase up to $75 million of the Company’s common stock. As an immediate step towards implementing the approved stock repurchase program, the Company has entered into an accelerated stock repurchase agreement (the “ASR Agreement”) with JPMorgan Chase Bank, National Association (“JPM”) to repurchase an aggregate of $37.5 million of Magnachip’s common stock.

Pursuant to the terms of the ASR Agreement dated December 21, 2021, the Company will pay JPM $37.5 million in cash and will receive an initial delivery of approximately 1.0 million shares of the Company’s common stock. The final number of shares of common stock to ultimately be repurchased by the Company will generally be based on the average of the daily volume-weighted average stock prices of the Company’s common stock during the valuation period of the ASR Agreement, less a discount and subject to adjustments. Upon final settlement of the ASR Agreement, the Company may be entitled to receive additional shares of common stock from JPM or, under certain circumstances specified in the ASR Agreement, the Company may be required to deliver shares of common stock or make a cash payment, at its option, to JPM. The ASR Agreement contains provisions customary for agreements of this type, including provisions for adjustments to the transaction terms, the circumstances under which the ASR Agreement may be accelerated, extended or terminated early by JPM and various acknowledgments, representations and warranties made by the parties to one another. Final settlement of the ASR Agreement is expected to occur during the fiscal quarter ending March 31, 2022.

“Today’s announcement reflects the confidence of the management team and our Board of Directors in Magnachip’s financial strength, long-term growth strategy and ability to generate sustainable cash flow,” said YJ Kim, Magnachip’s chief executive officer. “It is also consistent with our commitment to enhance and return value to our shareholders. Our business has sound long-term fundamentals and we are poised to accelerate our MX 3.0 strategy, which we look forward to articulating in more detail at our investor call on January 6, 2022.”

Investor Conference Call
Magnachip will host an investor conference call at 5:00 pm Eastern time on January 6, 2022. The investor 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 9163925. 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 call 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 pm ET on January 13, 2022. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The conference ID number is 9163925.

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

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to the safe harbor created thereby. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “will be,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe(s),” “intend,” “predict,” “potential,” “future,” “strategy,” “opportunity” and similar words or phrases or the negatives of these words or phrases. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including, but not limited to: the impact of changes in macroeconomic and/or general economic conditions, including those caused by or related to the COVID-19 outbreak, recessions, economic instability and the outbreak of disease; 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 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; 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 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 and uncertainties and the factors identified under “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and updated in subsequent reports filed by the Company with the SEC. These reports are available at www.magnachip.com or www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

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

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SOURCE Magnachip Semiconductor Corporation

– Magnachip adopts limited-duration shareholder rights plan Continue reading “Magnachip and Wise Road Capital Announce Withdrawal of CFIUS Filing and Mutual Termination of Merger Agreement”

SEOUL, South Korea, June 17, 2021 /PRNewswire/ — As previously announced, on March 25, 2021, Magnachip Semiconductor Corporation (“Magnachip” or the “Company”) (NYSE: MX), the South Korean leader in display and power solutions, entered into an Agreement and Plan of Merger (the “Merger Agreement”) with South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Parent”) formed by an affiliate of Wise Road Capital LTD (“Wise Road”), and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which, among other things, and subject to the terms and conditions thereof, Merger Sub will be merged with and into Magnachip (the “Merger”), with Magnachip continuing its corporate existence under the General Corporation Law of the State of Delaware as the surviving corporation in the Merger and becoming a wholly owned subsidiary of Parent. In connection with the Merger, the Company filed its definitive proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission (the “SEC”) on May 7, 2021 (as amended and supplemented, the “Proxy Statement”).

As announced in Magnachip’s Form 8-K filed with the SEC on June 16, 2021, the Company received an “Order Establishing Interim Mitigation Measures” (the “Interim Order”) from the U.S. Department of Treasury on behalf of the Committee on Foreign Investment in the United States (“CFIUS”) on June 15, 2021. In light of the Interim Order, Magnachip today announced the postponement of its special meeting of stockholders, which was scheduled to be held at 8:00 p.m. Eastern time on June 17, 2021, pending further developments with respect to the Interim Order.

###

About Magnachip Semiconductor Corporation

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

Additional Information and Where to Find It

This communication is being made in respect of the proposed transaction involving Magnachip and Wise Road Capital. In connection with the proposed transaction, Magnachip has filed relevant materials with the SEC, including the Proxy Statement. Promptly after filing the Proxy Statement with the SEC, Magnachip mailed the Proxy Statement and a proxy card to each shareholder of Magnachip entitled to vote at the special meeting relating to the proposed transaction. This communication is not a substitute for the Proxy Statement or any other document that Magnachip may file with the SEC or send to its shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS OF MAGNACHIP ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT MAGNACHIP WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. The Proxy Statement and other relevant materials in connection with the proposed transaction, and any other documents filed by Magnachip with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov or at Magnachip’s website at www.magnachip.com.

Participants in the Solicitation

This communication does not constitute a solicitation of proxy, an offer to purchase, or a solicitation of an offer to sell any securities. Magnachip and its directors and executive officers are, and certain employees may be, deemed to be participants in the solicitation of proxies from shareholders in connection with the proposed transaction. Information regarding the names of such persons and their respective interests in the proposed transaction, by securities holdings or otherwise, are set forth in the Proxy Statement filed with the SEC on May 7, 2021. Additional information regarding these individuals is set forth in Magnachip’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 9, 2021, and Annual Report Amendment No. 1 on Form 10-K/A for the year ended December 31, 2020, filed with the SEC on April 30, 2021. To the extent Magnachip’s directors and executive officers or their holdings of Magnachip securities have changed from the amounts disclosed in those filings, to Magnachip’s knowledge, such changes have been or will be reflected on initial statements of beneficial ownership on Form 3 or statements of change in ownership on Form 4 on file with the SEC. These documents are (or, when filed, will be) available free of charge at the SEC’s website at www.sec.gov or at Magnachip’s website at www.magnachip.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to the safe harbor created thereby. Statements that are not historical or current facts, including statements about beliefs and expectations and statements relating to the proposed transaction among the Company and Wise Road Capital and expressions of confidence, are forward-looking statements. These forward-looking statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “will be,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe(s),” “intend,” “predict,” “potential,” “future,” “strategy,” “opportunity” and similar words or phrases or the negatives of these words or phrases. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including, but not limited to: the possibility that any or all of the conditions precedent to the consummation of the proposed transaction, including, the receipt of shareholder and regulatory approvals, may not be satisfied or waived; unanticipated difficulties or expenditures relating to the proposed transaction; that the transaction may not be completed in a timely manner or at all; the occurrence of any event, change or circumstance that could give rise to the termination of the definitive agreement with respect to the proposed transaction with Wise Road Capital; the diversion of and attention of management of the Company on transaction-related issues; legal proceedings, judgments or settlements, including those that may be instituted against the Company, the Company’s board of directors and executive officers and others following the announcement of the proposed transaction; disruptions of current plans and operations caused by the announcement and pendency of the proposed transaction; potential difficulties in employee retention due to the announcement and pendency of the proposed transaction; the response of customers, suppliers, business partners and regulators to the announcement of the proposed transaction; and other risks and uncertainties and the factors identified under “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and updated in subsequent reports filed by the Company with the SEC. These reports are available at www.magnachip.com or www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

CONTACTS:

In the United States:
So-Yeon Jeong
Head of Investor Relations
Tel. +1-408-712-6151
investor.relations@magnachip.com

# # #

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SOURCE Magnachip Semiconductor Corporation

SEOUL, South Korea, June 11, 2021 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip” or the “Company”) (NYSE: MX), the South Korean leader in display and power solutions, today confirmed receipt of an unsolicited proposal from Cornucopia Investment Partners on behalf of itself and a group of investors, including financial sponsors led by Mr. Tim Crown, Yango financial holdings, Sino-Rock Investment Management Company Limited and Lombarda China Fund, to acquire all of the outstanding shares of Magnachip common stock, par value $0.01 per share (the “Common Stock”), for $35.00 per share in cash (assuming the number of shares on a fully diluted basis at closing of the transaction will be 47,470,416, as shown in the Magnachip’s Form 10-Q filed on May 10, 2021) (the “Proposal”).

As previously announced, on March 25, 2021, Magnachip entered into an Agreement and Plan of Merger (the “Merger Agreement”) with South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Parent”) formed by an affiliate of Wise Road Capital LTD (“Wise Road”), and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which Merger Sub will be merged with and into Magnachip (the “Merger”), with Magnachip continuing its corporate existence under the General Corporation Law of the State of Delaware as the surviving corporation in the Merger and becoming a wholly owned subsidiary of Parent. Under and subject to the terms of the Merger Agreement, each share of Common Stock issued and outstanding immediately before the effective time of the Merger (other than Excluded Shares and Dissenting Shares (as defined in the Merger Agreement)) will be cancelled and will cease to exist and will be automatically converted into the right to receive $29.00 in cash, without interest, subject to applicable withholding taxes. In connection with the Merger, the Company filed its definitive proxy statement on Schedule 14A with the U.S. Securities and Exchange Commission (the “SEC”) on May 7, 2021 (the “Proxy Statement”).

Magnachip’s Board of Directors, in consultation with its legal and financial advisors, will carefully review and consider the Proposal. Magnachip, Parent and Merger Sub have reached an agreement whereby, through June 16, 2021, Magnachip will have the right to participate in discussions with Cornucopia in connection with the Proposal for the sole purpose of determining whether the Proposal constitutes or could reasonably be expected to lead to a superior proposal. Magnachip’s Board of Directors has not yet made such a determination. In light of the Proposal, Magnachip expects to adjourn the special meeting of stockholders scheduled for 8:00 p.m. Eastern time on June 15, 2021 to June 17, 2021. The time of the adjourned meeting will be announced on June 15, 2021.

Magnachip remains subject to the Merger Agreement. Magnachip’s Board of Directors has not changed its recommendation that Magnachip stockholders vote “FOR” the proposal to adopt the Merger Agreement and approve the Merger.

About Magnachip Semiconductor Corporation

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

Additional Information and Where to Find It

Participants in the Solicitation

Forward-Looking Statements

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

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SOURCE Magnachip Semiconductor Corporation

– First quarter revenue of $123.0 million was down 13.9% sequentially and up 2.1% year-over-year (YoY).

– Gross profit margin for the first quarter was 27.9%, up 100 bps sequentially and up 370 bps YoY.

– GAAP diluted loss per share for the first quarter was $0.19.

– Non-GAAP diluted earnings per share was $0.22.

SEOUL, South Korea, May 10, 2021 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the first quarter 2021.

“Magnachip delivered solid quarterly results despite the industry-wide supply constraints. Our revenue came in above the midpoint of the company’s Q1 revenue guidance range, driven by strong growth in the Power solutions business. Gross profit margin exceeded the high-end of our expectations due to the improved product mix and higher utilization,” said YJ Kim, Magnachip’s chief executive officer.

Due to the pending merger with an investment vehicle formed by an affiliate of Wise Road Capital LTD pursuant to a definitive agreement executed on March 25, 2021, Magnachip will not be hosting a quarterly earnings conference call and has suspended the practice of providing forward-looking guidance. Please review the ‘Investors’ section of the Company’s website for the quarterly financial results and SEC filings for the latest updates on the pending transaction.

Q1 2021 Financial Highlights

						In thousands of US dollars, except share data
		GAAP
		Q1 2021	Q4 2020	Q/Q change			Q1 2020	Y/Y change
Revenues
	Standard Products Business
	Display Solutions	58,895	82,705		down	28.8%	77,593		down	24.1%
	Power Solutions	54,011	46,861		up	15.3%	33,143		up	63.0%
	Transitional Fab 3 Foundry Services⁽¹⁾	10,113	13,379		down	24.4%	9,737		up	3.9%
Gross Profit Margin		27.9%	26.9%		up	1.0% pts	24.2%		up	3.7% pts
Operating Income (Loss) ⁽²⁾		(2,091)	9,206		down	122.7%	5,965		down	135.1%
Net Income (Loss) ⁽³⁾		(7,473)	66,581		down	111.2%	(23,749)		up	68.5%
Basic Earnings (Loss) per Common Share		(0.19)	1.87		down	110.2%	(0.68)		up	72.1%
Diluted Earnings (Loss) per Common Share		(0.19)	1.45		down	113.1%	(0.68)		up	72.1%


						In thousands of US dollars, except share data
		Non-GAAP⁽³⁾
		Q1 2021	Q4 2020	Q/Q change			Q1 2020	Y/Y change
Adjusted Operating Income		9,971	15,355		down	35.1%	7,281		up	36.9%
Adjusted EBITDA		13,504	18,582		down	27.3%	9,895		up	36.5%
Adjusted Net Income		9,346	17,268		down	45.9%	1,092		up	755.9%
Adjusted Earnings per Common Share—Diluted		0.22	0.40		down	45.0%	0.03		up	633.3%

(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, the Company will provide transitional foundry services to the buyer for foundry products manufactured in the Company’s
          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)     In Q1 2021, operating loss of $2.1 million included non-recurring professional fees and certain transaction related expenses of $9.8
          million in connection with a definitive agreement (the “Merger Agreement”) that the Company entered into with South Dearborn
          Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Parent”), formed by an affiliate of Wise
          Road Capital LTD, and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Parent (“Merger
          Sub”). The Merger Agreement provides that, among other things, Merger Sub will be merged with and into the Company (the
          “Merger”), with the Company continuing its corporate existence as the surviving corporation in the Merger and becoming a wholly
          owned subsidiary of Parent.

(3) In Q4 2020, total net income of $66.6 million included one-time recognition of deferred tax benefits 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 Magnachip’s 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.

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. 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 the possibility that any or all of the conditions precedent to the consummation of the pending merger may not be satisfied or waived; unanticipated difficulties or expenditures relating to the proposed merger; that the merger may not be completed in a timely manner or at all; the diversion of and attention of Magnachip’s management on merger-related issues; legal proceedings, judgments or settlements following the announcement of the proposed merger; disruptions of current plans and operations caused by the announcement and pendency of the proposed merger; potential difficulties in employee retention due to the announcement and pendency of the proposed merger; the response of customers, suppliers, business partners and regulators to the announcement of the proposed merger; the impact of changes in macroeconomic and/or general economic conditions, including those caused by or related to the COVID-19 outbreak, recessions, economic instability and the outbreak of disease; 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; 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 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; 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 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 SEC, including our Form 10-K filed on March 9, 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 Securities and Exchange Commission 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, 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. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACT:
So-Yeon Jeong Head of Investor Relations Tel. +1-408-712-6151 Investor.relations@maganachip.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,
		2021			2020		2020
Revenues:
Net sales – standard products business	$	112,906		$	129,566	$	110,736
Net sales – transitional Fab 3 foundry services		10,113			13,379		9,737
Total revenues		123,019			142,945		120,473
Cost of sales:
Cost of sales – standard products business		79,247			92,503		81,606
Cost of sales – transitional Fab 3 foundry services		9,390			11,981		9,737
Total cost of sales		88,637			104,484		91,343
Gross profit		34,382			38,461		29,130
Gross profit as a percentage of standard products
business net sales		29.8%			28.6%		26.3%
Gross profit as a percentage of total revenues		27.9%			26.9%		24.2%
Operating expenses:
Selling, general and administrative expenses		12,634			12,576		12,102
Research and development expenses		13,423			11,604		10,509
Early termination and other charges		10,416			5,075		554
Total operating expenses		36,473			29,255		23,165
Operating income (loss)		(2,091)			9,206		5,965
Interest expense		(1,041)			(1,625)		(5,607)
Foreign currency gain (loss), net		(4,671)			13,256		(30,971)
Loss on early extinguishment of borrowings, net		—			(766)		—
Other income, net		620			767		838
Income (loss) from continuing operations before
income tax expense		(7,183)			20,838		(29,775)
Income tax expense (benefit)		290			(47,064)		1,303
Income (loss) from continuing operations		(7,473)			67,902		(31,078)
Income (loss) from discontinued operations, net of tax		—			(1,321)		7,329
Net income (loss)	$	(7,473)		$	66,581	$	(23,749)
Basic earnings (loss) per common share—
Continuing operations	$	(0.19)		$	1.91	$	(0.89)
Discontinued operations		—			(0.04)		0.21
Total	$	(0.19)		$	1.87	$	(0.68)
Diluted earnings (loss) per common share—
Continuing operations	$	(0.19)		$	1.47	$	(0.89)
Discontinued operations		—			(0.02)		0.21
Total	$	(0.19)		$	1.45	$	(0.68)
Weighted average number of shares—
Basic		40,292,838			35,582,966		34,893,157
Diluted		40,292,838			47,062,903		34,893,157

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

		March 31,		December 31,
			2021		2020
Assets
Current assets
Cash and cash equivalents		$	290,194	$	279,940
Accounts receivable, net			52,250		64,390
Inventories, net			29,964		39,039
Other receivables			5,649		4,338
Prepaid expenses			9,136		7,332
Hedge collateral			5,250		5,250
Other current assets			2,435		9,321
Total current assets			394,878		409,610
Property, plant and equipment, net			91,014		96,383
Operating lease right-of-use assets			4,592		4,632
Intangible assets, net			2,602		2,727
Long-term prepaid expenses			5,993		4,058
Deferred income taxes			42,906		44,541
Other non-current assets			9,422		9,739
Total assets		$	551,407	$	571,690
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$		43,357	$	52,164
Other accounts payable			8,261		2,531
Accrued expenses			17,867		16,241
Accrued income taxes			1,224		12,398
Operating lease liabilities			2,352		2,210
Current portion of long-term borrowings, net			—		83,479
Other current liabilities			6,558		4,595
Total current liabilities			79,619		173,618
Accrued severance benefits, net			39,070		40,462
Non-current operating lease liabilities			2,240		2,422
Other non-current liabilities			10,131		9,588
Total liabilities			131,060		226,090
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 55,469,375 shares issued and 46,257,413
outstanding at March 31, 2021 and 44,943,854 shares issued and 35,783,347 outstanding at December 31, 2020			555		450
Additional paid-in capital			250,829		163,010
Retained earnings			279,361		286,834
Treasury stock, 9,211,962 shares at March 31, 2021 and 9,160,507 shares at December 31, 2020, respectively			(109,407)		(108,397)
Accumulated other comprehensive income (loss)			(991)		3,703
Total stockholders’ equity			420,347		345,600
Total liabilities and stockholders’ equity		$	551,407	$	571,690

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

	Three Months Ended
	March 31, 2021	March 31, 2020
Cash flows from operating activities
Net loss	$ (7,473)	$ (23,749)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization	3,448	7,935
Provision for severance benefits	1,771	5,071
Amortization of debt issuance costs and original issue discount	261	598
Loss on foreign currency, net	14,873	38,480
Restructuring and other charges	9,504	2,138
Provision for inventory reserves	1,504	570
Stock-based compensation	1,646	885
Deferred income tax assets	30	23
Others, net	124	107
Changes in operating assets and liabilities
Accounts receivable, net	9,794	(10,430)
Unbilled accounts receivable, net	—	6,937
Inventories	6,071	(4,863)
Other receivables	(1,438)	1,982
Other current assets	5,427	909
Accounts payable	(7,701)	1,988
Other accounts payable	(2,009)	(1,817)
Accrued expenses	(3,532 )	(6,611)
Accrued income taxes	(10,700)	(274)
Other current liabilities	1,087	1,336
Other non-current liabilities	18	1,808
Payment of severance benefits	(1,493)	(2,080)
Others, net	12	125
Net cash provided by operating activities	21,224	21,068
Cash flows from investing activities
Proceeds from settlement of hedge collateral	—	4,239
Payment of hedge collateral	—	(7,841)
Purchase of property, plant and equipment	(1,082)	(3,351)
Payment for intellectual property registration	(171)	(229)
Payment of guarantee deposits	(76)	—
Others, net	(35)	55
Net cash used in investing activities	(1,364)	(7,127)
Cash flows from financing activities
Proceeds from exercise of stock options	2,538	—
Acquisition of treasury stock	(1,540)	(1,021)
Repayment of financing related to water treatment facility arrangement	(144)	(135)
Repayment of principal portion of finance lease liabilities	(16)	(60)
Net cash provided by (used in) financing activities	838	(1,216)
Effect of exchange rates on cash and cash equivalents	(10,444)	(7,089)
Net increase in cash and cash equivalents	10,254	5,636
Cash and cash equivalents
Beginning of the period	279,940	151,657
End of the period	$ 290,194	$ 157,293

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

	Three Months Ended
	March 31,		December 31,		March 31,
	2021		2020		2020
Operating income (loss)	$	(2,091)	$	9,206	$	5,965
Adjustments:
Equity-based compensation expense		1,646		1,945		762
Early termination and other charges		10,416		5,075		554
Inventory reserve related to Huawei impact of
downstream trade restrictions		—		(871)		—
Adjusted operating income	$	9,971	$	15,355	$	7,281

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) Early termination and other charges and (iii) Inventory reserve related to Huawei impact of downstream trade restrictions. For the three months ended March 31, 2021, early termination and other charges eliminate $10,416 thousand, of which $9,831 thousand related to non-recurring professional fees and certain transaction related expenses incurred in connection with the Merger. For the three months ended March 31, 2020, early termination and other charges eliminate $554 thousand of non-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives. For the three months ended December 31, 2020, early termination and other charges eliminate $5,075 thousand, of which $4,422 thousand related to the reduction of workforce under a voluntary resignation program and non-recurring professional service fees, and $653 thousand related to non-recurring professional fees and certain transaction related expenses incurred in connection with the Merger.

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
	March 31,		December 31,				March 31,
		2021			2020		2020
Income (loss) from continuing operations	$	(7,473)		$	67,902	$	(31,078)
Adjustments:
Interest expense, net		420			863		4,930
Income tax expense (benefit)		290			(47,064)		1,303
Depreciation and amortization		3,448			3,148		2,570
EBITDA		(3,315)			24,849		(22,275)
Equity-based compensation expense		1,646			1,945		762
Early termination and other charges		10,416			5,075		554
Foreign currency loss (gain), net		4,671			(13,256)		30,971
Derivative valuation loss (gain), net		86			74		(117)
Loss on early extinguishment of borrowings, net		—			766		—
Inventory reserve related to Huawei impact of
downstream trade restrictions		—			(871)		—
Adjusted EBITDA	$	13,504		$	18,582	$	9,895

Income (loss) from continuing operations	$	(7,473)		$	67,902	$	(31,078)
Adjustments:
Equity-based compensation expense		1,646			1,945		762
Early termination and other charges		10,416			5,075		554
Foreign currency loss (gain), net		4,671			(13,256)		30,971
Derivative valuation loss (gain), net		86			74		(117)
Loss on early extinguishment of borrowings, net		—			766		—
Inventory reserve related to Huawei impact of
downstream trade restrictions		—			(871)		—
GAAP and cash tax expense difference		—			(43,874)		—
Income tax effect on non-GAAP adjustments		—			(493)		—
Adjusted Net Income	$	9,346		$	17,268	$	1,092
Adjusted Net Income per common share—
– Basic	$	0.23		$	0.49	$	0.03
– Diluted	$	0.22		$	0.40	$	0.03
Weighted average number of shares – basic		40,292,838			35,582,966		34,893,157
Weighted average number of shares – diluted		47,470,416			47,062,903		35,883,200

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) Early termination and other charges, (iii) Foreign currency loss (gain), net, (iv) Derivative valuation loss (gain), net, (v) Loss on early extinguishment of borrowings, net and (vi) Inventory reserve related to Huawei impact of downstream trade restrictions. EBITDA for the periods indicated is defined as Income (loss) from continuing operations before interest expense, net, income tax expense (benefit) and depreciation and amortization. We present Adjusted Net Income by adjusting income (loss) 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 (loss) from continuing operations, adjusted to exclude (i) Equity-based compensation expense, (ii) Early termination and other charges, (iii) Foreign currency loss (gain), net, (iv) Derivative valuation loss (gain), net, (v) Loss on early extinguishment of borrowings, net, (vi) Inventory reserve related to Huawei impact of downstream trade restrictions, (vii) GAAP and cash tax expense difference and (viii) Income tax effect on non-GAAP adjustments. For the three months ended March 31, 2021, early termination and other charges eliminate $10,416 thousand, of which $9,831 thousand related to non-recurring professional fees and certain transaction related expenses incurred in connection with the Merger. For the three months ended March 31, 2020, early termination and other charges eliminate $554 thousand of non-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives. For the three months ended December 31, 2020, early termination and other charges eliminate $5,075 thousand, of which $4,422 thousand related to the reduction of workforce under a voluntary resignation program and non-recurring professional service fees, and $653 thousand related to non-recurring professional fees and certain transaction related expenses incurred in connection with the Merger.

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SOURCE Magnachip Semiconductor Corporation

SEOUL, South Korea, April 26, 2021 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip” or the “Company”) (NYSE: MX) will provide a press release with fiscal first quarter 2021 results before the market opens on Monday, May 10, 2021. This release will be accessible from the ‘Investors’ section of the company’s website at www.magnachip.com.

Magnachip will not host a conference call to discuss its results for the first quarter of 2021, as the Company entered into a definitive agreement with investment vehicles formed by an affiliate of Wise Road Capital LTD in a take private transaction on March 25, 2021.

About Magnachip Semiconductor Corporation

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

CONTACTS:
So-Yeon Jeong
Head of Investor Relations
Tel. +1-408-712-6151
investor.relations@magnachip.com

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SOURCE Magnachip Semiconductor Corporation

– Magnachip shareholders to receive $29.00 in cash per share– Represents a 54% premium to Magnachip’s unaffected closing price of $18.83 on March 2, 2021 and a 75% premium to the 3-month volume-weighted average share price

SEOUL, South Korea, March 26, 2021 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip” or the “Company”) (NYSE: MX), the South Korean leader in display and power solutions, today announced that it has entered into a definitive agreement (the “Agreement”) with South Dearborn Limited, a company incorporated in the Cayman Islands, and Michigan Merger Sub, Inc., a Delaware corporation, which are investment vehicles established by Wise Road Capital LTD and certain of its limited partners (“Wise Road”).

Under the terms of the Agreement, Magnachip shareholders will receive $29.00 in cash for each share of Magnachip’s common stock they currently hold, representing a premium of approximately 75% to Magnachip’s 3-month volume-weighted average share price and approximately a 54% premium to the unaffected closing stock price on March 2, 2021, the last trading day before media reports of third-party interest in acquiring Magnachip. The all-cash transaction has an equity value of approximately $1.4 billion. The transaction is fully backed by equity commitments and not contingent on any financing conditions.

Following the closing of the transaction, Magnachip’s management team and employees are expected to continue in their roles, and the Company will remain based in Cheongju, Seoul and Gumi, South Korea. The transaction is expected to be seamless for customers and employees across Magnachip’s businesses.

Magnachip’s Chief Executive Officer, YJ Kim, said: “This transaction is in the best interests of all of our stakeholders, including shareholders, customers and employees. It will provide an excellent opportunity to accelerate our MX 3.0 growth strategy. Given their deep industry expertise, Wise Road Capital is an ideal partner for Magnachip, and we look forward to working with them as we chart the next phase for our company. We remain grateful to our customers for their trust and to our fellow employees for their unwavering commitment to delivering industry-leading products to customers worldwide.”

Wise Road intends to work together with Magnachip’s management team to pursue the next step in the Company’s growth strategy and transform the Company into a true industry leader in the global display and power markets. Through its additional investment and global network, Wise Road will help Magnachip’s growth internationally. Wise Road remains absolutely committed to providing world-class products and services to the Company’s customers, while creating a stable environment for the company’s employees to grow and thrive.

The Board of Directors of Magnachip has unanimously approved the Agreement and recommends that Magnachip shareholders vote in favor of the transaction. Details of the transaction and the Agreement are included with the Company’s current report on Form 8-K, which will be filed with the United States Securities and Exchange Commission in due course.

The transaction is expected to close during the second half of 2021, subject to customary closing conditions, including the receipt of shareholder and regulatory approvals.

Advisors

J.P. Morgan Securities LLC served as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP, Richards, Layton & Finger, PA and Kim & Chang served as legal counsel to Magnachip. BMO Capital Markets Corp. served as exclusive financial advisor and Hogan Lovells US LLP and Lee & Ko served as legal counsel to Wise Road Capital LTD.

About Magnachip Semiconductor Corporation

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

About Wise Road Capital

Wise Road Capital is a global private equity firm that invests in leading technology companies. The firm focuses on identifying opportunities in enabling technologies for global urbanization and smart & green life through close cooperation with companies across several main themes, including smart city, intelligent manufacturing and renewable energies. Wise Road Capital strives to build a healthy international ecosystem around these key themes through its investments and its international management team that has a combination of industry and investment expertise.

Additional Information and Where to Find It

This communication is being made in respect of the proposed transaction involving Magnachip and Wise Road Capital LTD. In connection with the proposed transaction, Magnachip intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Magnachip will mail or otherwise provide the definitive proxy statement and a proxy card to each shareholder of Magnachip entitled to vote at the special meeting relating to the proposed transaction. This communication is not a substitute for the proxy statement or any other document that Magnachip may file with the SEC or send to its shareholders in connection with the proposed transaction. BEFORE MAKING ANY VOTING DECISION, SHAREHOLDERS OF MAGNACHIP ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PROPOSED TRANSACTION THAT MAGNACHIP WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. The definitive proxy statement and other relevant materials in connection with the proposed transaction (when they become available), and any other documents filed by Magnachip with the SEC, may be obtained free of charge at the SEC’s website at www.sec.gov or at Magnachip’s website at www.magnachip.com.

Participants in the Solicitation

This communication does not constitute a solicitation of proxy, an offer to purchase, or a solicitation of an offer to sell any securities. Magnachip and its directors and executive officers are, and certain employees may be, deemed to be participants in the solicitation of proxies from shareholders in connection with the proposed transaction. Information regarding the names of such persons and their respective interests in the proposed transaction, by securities holdings or otherwise, will be set forth in the definitive proxy statement when it is filed with the SEC. Additional information regarding these individuals is set forth in Magnachip’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 9, 2021 and the definitive proxy statement on Schedule 14A for Magnachip’s most recent Annual Meeting of Shareholders held in June 2020, which was filed with the SEC on April 29, 2020. To the extent Magnachip’s directors and executive officers or their holdings of Magnachip securities have changed from the amounts disclosed in those filings, to Magnachip’s knowledge, such changes have been or will be reflected on initial statements of beneficial ownership on Form 3 or statements of change in ownership on Form 4 on file with the SEC. These documents are (or, when filed, will be) available free of charge at the SEC’s website at www.sec.gov or at Magnachip’s website at www.magnachip.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to the safe harbor created thereby. Statements that are not historical or current facts, including statements about beliefs and expectations and statements relating to the proposed transaction among the Company and Wise Road Capital LTD are forward-looking statements. These forward-looking statements are often, but not always, made through the use of words or phrases such as “may,” “will,” “will be,” “anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “believe(s),” “intend,” “predict,” “potential,” “future,” “strategy,” “opportunity” and similar words or phrases or the negatives of these words or phrases. Forward-looking statements involve inherent risks and uncertainties, and important factors could cause actual results to differ materially from those anticipated, including, but not limited to: the possibility that any or all of the conditions precedent to the consummation of the proposed transaction, including, the receipt of shareholder and regulatory approvals, may not be satisfied or waived; unanticipated difficulties or expenditures relating to the proposed transaction; that the transaction may not be completed in a timely manner or at all; the occurrence of any event, change or circumstance that could give rise to the termination of the Agreement; the diversion of and attention of management of the Company on transaction-related issues; legal proceedings, judgments or settlements, including those that may be instituted against the Company, the Company’s board of directors and executive officers and others following the announcement of the proposed transaction; disruptions of current plans and operations caused by the announcement and pendency of the proposed transaction; potential difficulties in employee retention due to the announcement and pendency of the proposed transaction; the response of customers, suppliers, business partners and regulators to the announcement of the proposed transaction; and other risks and uncertainties and the factors identified under “Risk Factors” in Part I, Item 1A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and updated in subsequent reports filed by the Company with the SEC. These reports are available at www.magnachip.com or www.sec.gov. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.

CONTACTS:

In the United States:
So-Yeon Jeong
Head of Investor Relations
Tel. +1-408-712-6151
investor.relations@maganachip.com

Or
Dan Zacchei / Alex Kovtun
Sloane & Company
Tel. +1-617-803-5385
dzacchei@sloanepr.com /
akovtun@sloanepr.com

In Korea:
Mina Jeong
Managing Partner, Allison Partners
Tel. +82 10 6282 0677
mina.jeong@allisonpr.com

SEOUL, South Korea, Jan. 20, 2021 — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today it will report its results for the fourth quarter and year ended December 31, 2020 on Wednesday, February 17, 2021 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 6298187. 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 February 24, 2021. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The conference ID number is 6298187.

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. With more than 40 years of operating history, Magnachip owns a portfolio of approximately 1,200 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. Please visit www.magnachip.com for more information. Information on or accessible from Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACTS:

United States (Investor Relations):
So-Yeon Jeong
Head of Investor Relations
Tel. +1-408-712-6151
Investor.relations@maganachip.com

Korea / Asia media:
Min A KIM
Senior manager of Public Relations
Tel. +82-2-6903-3392
mina3.kim@maganachip.com

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Source: Magnachip Semiconductor Corporation

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Magnachip to Announce Fourth Quarter and Year 2020 Financial Results on February 17

分类：投资者

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