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Magnachip Reports Results for Third Quarter 2023

  • Revenue of $61.2 million was in-line with guidance.
  • Gross profit margin of 23.6% increased 140 basis points from Q2, mainly driven by higher fab utilization.
  • GAAP diluted loss per share was $0.13.
  • Non-GAAP diluted loss per share was $0.04.
  • Completed $5.4 million of stock buybacks during Q3.
  • Ended Q3 with a solid balance sheet with $166.6 million cash and no debt.
  • The internal separation of our Display and Power businesses is expected to be completed and be effective on January 1st, 2024.

 

SEOUL, South Korea, Nov. 2, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the third quarter 2023.YJ Kim, Magnachip’s Chief Executive Officer commented, “Our Q3 results were in-line with our guidance. In our Display business, we have completed the qualification of two DDI chips at our new tier 1 panel maker and are going through the qualification process with two smartphone makers. We are now working on additional Driver ICs that cover broader segments of the smartphone market to include mass market smartphones in addition to the premium models. Despite near-term market challenges, our outlook for long-term growth remains positive. Our confidence is driven by our strong belief that our display products offer distinct competitive advantages that position us well for success in the rapidly growing OLED market in Asia.”

YJ continued, “In our Power business, our product portfolio is getting stronger as we continue to focus on rolling out next-generation power products to maintain our momentum of design-in/wins. Looking ahead, amid heightened global geopolitical and macroeconomic uncertainty, we expect demand to remain soft, driven by normal Q4 seasonality and inventory correction in industrial end markets.”

 

Q3 2023 Financial Highlights
In thousands of U.S. dollars, except share data
GAAP
Q3 2023 Q2 2023 Q/Q change Q3 2022 Y/Y change
Revenues
Standard Products Business
   Display Solutions 6,404 9,657 down 33.7 % 6,355 up 0.8 %
   Power Solutions 45,215 41,718 up 8.4 % 56,416 down 19.9 %
Transitional Fab 3 foundry services(1) 9,626 9,604 up 0.2 % 8,428 up 14.2 %
Gross Profit Margin 23.6 % 22.2 % up 1.4 %pts 24.2 % down 0.6 %pts
Operating Loss (9,235) (10,656) up n/a (10,008) up n/a
Net Loss (5,165) (3,947) down n/a (17,195) up n/a
Basic Loss per Common Share (0.13) (0.09) down n/a (0.38) up n/a
Diluted Loss per Common Share (0.13) (0.09) down n/a (0.38) up n/a
In thousands of U.S. dollars, except share data
Non-GAAP(2)
Q3 2023 Q2 2023 Q/Q change Q3 2022 Y/Y change
Adjusted Operating Loss (7,064) (7,762) up n/a (6,646) down n/a
Adjusted EBITDA (2,735) (3,594) up n/a (2,995) up n/a
Adjusted Net Income (Loss) (1,591) (2,472) up n/a 1,097 down n/a
Adjusted Earnings (Loss) per Common Share—Diluted (0.04) (0.06) up n/a 0.02 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 Power Solutions standard 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.

 

Q4 2023 Financial Guidance
Amid heightened global geopolitical and macroeconomic uncertainty, we expect Power demand to soften driven by normal Q4 seasonality and inventory correction in industrial end markets.

While actual results may vary, Magnachip currently expects the following for Q4 2023:

  • Revenue to be in the range of $50 million to $55 million, including approximately $8 million of Transitional Fab 3 Foundry Services.
  • Gross profit margin to be in the range of 22.5% to 24.5%.

 

Q3 2023 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, November 2, 2023, 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/kr.

 

Online registration: https://register.vevent.com/register/BI9578e24ef24a498a8d8ee6536b08edc6

 

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 fourth quarter 2023 revenue and gross profit margin expectations, 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, escalated trade tensions between the U.S. and China and continuing supply constraints on Magnachip’s fourth quarter 2023 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, and escalated 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 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/kr. 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

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)
Three Months Ended Nine Months Ended
September 30,
2023		 June 30,
2023		 September 30,
2022		 September 30,
2023		 September 30,
2022
Revenues:
Net sales – standard products business $         51,619 $         51,375 $         62,771 $       154,508 $       248,069
Net sales – transitional Fab 3 foundry services 9,626 9,604 8,428 24,721 28,599
Total revenues 61,245 60,979 71,199 179,229 276,668
Cost of sales:
Cost of sales – standard products business 36,829 37,867 45,497 112,008 165,197
Cost of sales – transitional Fab 3 foundry services 9,935 9,574 8,477 27,108 26,305
Total cost of sales 46,764 47,441 53,974 139,116 191,502
Gross profit 14,481 13,538 17,225 40,113 85,166
Gross profit as a percentage of standard products business net sales 28.7 % 26.3 % 27.5 % 27.5 % 33.4 %
Gross profit as a percentage of total revenues 23.6 % 22.2 % 24.2 % 22.4 % 30.8 %
Operating expenses:
Selling, general and administrative expenses 12,089 12,137 11,411 36,391 38,310
Research and development expenses 11,627 11,255 13,321 36,180 38,685
Early termination and other charges, net — 802 2,501 9,251 3,298
Total operating expenses 23,716 24,194 27,233 81,822 80,293
Operating income (loss) (9,235) (10,656) (10,008) (41,709) 4,873
           Interest income 2,382 2,692 1,784 7,916 3,560
Interest expense (189) (200) (278) (645) (888)
Foreign currency gain (loss), net (2,583) 1,237 (12,809) (4,776) (20,511)
Other income, net 87 3 174 55 603
Loss before income tax expense (9,538) (6,924) (21,137) (39,159) (12,363)
Income tax benefit (4,373) (2,977) (3,942) (8,577) (1,356)
Net loss $           (5,165) $           (3,947) $         (17,195) $       (30,582) $         (11,007)
Basic loss per common share— $            (0.13) $            (0.09) $             (0.38) $           (0.73) $             (0.24)
Diluted loss per common share— $            (0.13) $            (0.09) $             (0.38) $           (0.73) $             (0.24)
Weighted average number of shares—
Basic 40,145,290 41,741,310 44,865,266 41,747,255 45,119,214
Diluted 40,145,290 41,741,310 44,865,266 41,747,255 45,119,214

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

(Unaudited)
 September 30,

      2023

     December 31,

      2022
Assets
Current assets
Cash and cash equivalents $     166,644 $     225,477
Accounts receivable, net 41,119 35,380
Inventories, net 30,836 39,883
Other receivables 2,799 7,847
Prepaid expenses 9,095 10,560
Hedge collateral 2,680 2,940
Other current assets 24,572 15,766
Total current assets 277,745 337,853
Property, plant and equipment, net 96,141 110,747
Operating lease right-of-use assets 4,725 5,265
Intangible assets, net 1,583 1,930
Long-term prepaid expenses 6,124 10,939
Deferred income taxes 36,358 38,324
Other non-current assets 11,622 11,587
Total assets $     434,298 $      516,645
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $       23,446 $       17,998
Other accounts payable 8,025 9,702
Accrued expenses 9,668 9,688
Accrued income taxes 48 3,154
Operating lease liabilities 1,735 1,397
Other current liabilities 4,495 5,306
Total current liabilities 47,417 47,245
Accrued severance benefits, net 20,160 23,121
Non-current operating lease liabilities 3,167 4,091
Other non-current liabilities 9,862 14,035
Total liabilities 80,606 88,492
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,655,377 shares issued and 39,667,995
outstanding at September 30, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at
December 31, 2022		 566 564
Additional paid-in capital 271,419 266,058
Retained earnings 304,924 335,506
Treasury stock, 16,987,382 shares at September 30, 2023 and 12,607,874 shares at December 31, 2022,
respectively		 (204,645) (161,422)
Accumulated other comprehensive loss (18,572) (12,553)
Total stockholders’ equity 353,692 428,153
Total liabilities and stockholders’ equity $     434,298 $     516,645

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)
Three Months

Ended

 Nine Months
Ended
September 30,
2023		 September 30,
2023		 September 30,
2022
Cash flows from operating activities
Net loss $      (5,165) $   (30,582) $     (11,007)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization 4,081 12,583 11,225
Provision for severance benefits 1,267 5,358 5,163
Loss on foreign currency, net 5,415 14,532 66,335
Provision for inventory reserves 1,914 3,035 7,730
Stock-based compensation 2,171 5,383 4,487
Other, net 230 680 631
Changes in operating assets and liabilities
Accounts receivable, net (6,067) (6,409) 7,805
Inventories (1,276) 3,635 (13,208)
Other receivables 586 4,993 17,115
Other current assets (2,686) (2,291) (14,117)
Accounts payable 3,186 6,066 (14,792)
Other accounts payable (250) (6,738) (6,215)
Accrued expenses (485) 619 5,866
Accrued income taxes (42) (3,014) (11,483)
Other current liabilities (270) (741) (1,583)
Other non-current liabilities (65) (279) 523
Payment of severance benefits (455) (6,183) (4,181)
Other, net (354) (841) (50)
Net cash provided by (used in) operating activities 1,735 (194) 50,244
Cash flows from investing activities
Proceeds from settlement of hedge collateral — 3,335 2,805
Payment of hedge collateral (568) (3,154) (15,282)
Purchase of property, plant and equipment (762) (2,280) (11,812)
Payment for intellectual property registration (67) (230) (301)
Collection of guarantee deposits 3,539 4,984 242
Payment of guarantee deposits (369) (7,276) (2,075)
Other — — 550
Net cash provided by (used in) investing activities 1,773 (4,621) (25,873)
Cash flows from financing activities
Proceeds from exercise of stock options — 27 1,786
Acquisition of treasury stock (6,247) (43,087) (5,065)
Repayment of financing related to water treatment facility arrangement (123) (371) (381)
Repayment of principal portion of finance lease liabilities (23) (69) (50)
Net cash used in financing activities (6,393) (43,500) (3,710)
Effect of exchange rates on cash and cash equivalents (3,425) (10,518) (49,377)
Net decrease in cash and cash equivalents (6,310 ) (58,833) (28,716)
Cash and cash equivalents
Beginning of the period 172,954 225,477 279,547
End of the period $   166,644 $   166,644 $     250,831

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS)

(In thousands of U.S. dollars)

(Unaudited)
Three Months Ended Nine Months Ended
September 30,
2023		 June 30,
2023		 September 30,
2022		 September 30,
2023		 September 30,
2022
Operating income (loss) $ (9,235) $ (10,656) $ (10,008) $ (41,709) $ 4,873
Adjustments:
Equity-based compensation expense 2,171 2,092 861 5,383 4,487
Early termination and other charges, net — 802 2,501 9,251 3,298
Adjusted Operating Income (Loss) $ (7,064) $ (7,762) $ (6,646) $ (27,075) $ 12,658

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 income (loss) adjusted to exclude (i) Equity-based compensation expense and (ii) Early termination and other charges, net.

For the nine months ended September 30, 2023, we recorded in our consolidated statement of operations $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023. For the three months ended June 30, 2023 and nine months ended September 30, 2023, we recorded $802 thousand of one-time employee incentives, in each period.

For the three and nine months ended September 30, 2022, Early termination and other charges, net includes $2,821 thousand of one-time employee incentives, in each period, and professional service fees and expenses of $217 thousand and $1,014 thousand, respectively, 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 LOSS TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)

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

(Unaudited)
Three Months Ended Nine Months Ended
September 30,
2023		 June 30,
2023		 September 30,
2022		 September 30,
2023		 September 30,
2022
Net loss $           (5,165) $         (3,947) $        (17,195) $       (30,582) $       (11,007)
Adjustments:
Interest income (2,382) (2,692) (1,784) (7,916) (3,560)
Interest expense 189 200 278 645 888
Income tax benefit (4,373) (2,977) (3,942) (8,577) (1,356)
Depreciation and amortization 4,081 4,145 3,623 12,583 11,225
EBITDA (7,650) (5,271) (19,020 ) (33,847) (3,810)
Equity-based compensation expense 2,171 2,092 861 5,383 4,487
Foreign currency loss (gain), net 2,583 (1,237) 12,809 4,776 20,511
Derivative valuation loss (gain), net 161 20 (146) 235 (201)
Early termination and other charges, net — 802 2,501 9,251 3,298
Adjusted EBITDA $           (2,735) $         (3,594) $         (2,995) $      (14,202) $       24,285
Net loss $           (5,165) $        (3,947) $        (17,195) $      (30,582) $     (11,007)
Adjustments:
Equity-based compensation expense 2,171 2,092 861 5,383 4,487
Foreign currency loss (gain), net 2,583 (1,237) 12,809 4,776 20,511
Derivative valuation loss (gain), net 161 20 (146) 235 (201)
Early termination and other charges, net — 802 2,501 9,251 3,298
Income tax effect on non-GAAP adjustments (1,341) (202) 2,267 (3,493) 7,512
Adjusted Net Income (Loss) $           (1,591) $         (2,472) $           1,097 $      (14,430) $     24,600
Adjusted Net Income (Loss) per common share—
– Basic $             (0.04) $           (0.06) $             0.02 $         (0.35) $           0.55
– Diluted $             (0.04) $           (0.06) $             0.02 $         (0.35) $           0.53
Weighted average number of shares – basic 40,145,290 41,741,310 44,865,266 41,747,255 45,119,214
Weighted average number of shares – diluted 40,145,290 41,741,310 45,747,255 41,747,255 46,134,231

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 loss before interest income, interest expense, income tax benefit and depreciation and amortization.

We prepare Adjusted Net Income (Loss) by adjusting net loss to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Net Income (Loss) is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income (Loss) for the periods as net loss, adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Early termination and other charges, net and (v) Income tax effect on non-GAAP adjustments.

For the nine months ended September 30, 2023, we recorded in our consolidated statement of operations $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023. For the three months ended June 30, 2023 and nine months ended September 30, 2023, we recorded $802 thousand of one-time employee incentives, in each period.

For the three and nine months ended September 30, 2022, Early termination and other charges, net includes $2,821 thousand of one-time employee incentives, in each period, and professional service fees and expenses of $217 thousand and $1,014 thousand, respectively, 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.

 

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SOURCE Magnachip Semiconductor Corporation

파워 솔루션

매그나칩, 슬림 폼 팩터 650V SJ MOSFET 신제품 2종 양산

– PDFN88 패키지를 적용한 SJ MOSFET 추가로 슬림 폼팩터 제품 포트폴리오 확대

 

2023년 10월 31일, 매그나칩반도체 유한회사(대표이사 김영준, 이하 ‘매그나칩’) (NYSE:MX)가 650V SJ MOSFET(Super Junction Metal-Oxide-Semiconductor Field-Effect Transistor) 신제품 2종 양산에 돌입했다고 밝혔다.

Magnachip introduces two 650V SJ MOSFETs packaged in a PDFN88 + logo매그나칩 650V SJ MOSFET 신제품 2종

 

이번 650V SJ MOSFET 신제품 2종(MMUB65R090RURH, MMUB65R115RURH)에는 PDFN88 패키지를 적용하여 두께와 크기를 크게 줄였다. 두께는 D2PAK 제품 대비 81%, DPAK 제품 대비 63% 정도 얇아졌으며, 실장 면적은 D2PAK SJ MOSFET의 41% 수준으로 작아졌다.

PDFN88 패키지로 새롭게 업그레이드된 이번 신제품 2종은 뛰어난 설계 유연성, 높은 효율의 열 방출 성능 및 낮은 온저항(RDS(on): MOSFET이 ON 동작할 때, 드레인과 소스 사이의 저항) 특성으로 OLED TV, 서버, 조명, 노트북 충전기, 어댑터 등 콤팩트한 사이즈와 높은 효율성이 필수적인 애플리케이션에 광범위하게 적용 가능하다.

 

PDFN88 패키지 650V SJ MOSFET 신제품 2종

 

매그나칩 김영준 대표 이사는 “매그나칩은 PDFN88 패키지 650V SJ MOSFET 2종의 성공적인 양산을 기점으로 앞으로도 새로운 패키지 기술로 성능을 획기적으로 개선한 파워솔루션을 지속적으로 개발할 계획이다”라며, “확장된 제품 포트폴리오와 엄격한 품질 관리로 전자 제품 시장을 확장해 갈 것”이라고 말했다.

 

 

관련 링크

Power Solutions > SJ MOSFETs > 650V

 

매그나칩반도체

매그나칩은 통신, IoT, 가전, 컴퓨팅, 산업, 자동차 등의 애플리케이션에 탑재되는 아날로그 및 혼성신호 반도체를 설계·생산하고, 전 세계 고객들에게 표준 규격에 맞는 다양한 솔루션을 제공합니다. 40여 년 동안, 매그나칩은 엔지니어링, 설계 및 제조 공정 영역에서 광범위한 전문 지식을 축적해 왔고, 약 1,100건의 특허를 보유하거나 출원 중입니다. 더 자세한 정보는 www.magnachip.com/kr 에서 확인할 수 있습니다. 매그나칩 웹사이트에 기재된 정보나 매그나칩 웹사이트를 통해서 획득한 정보는 이 보도 자료에 포함되지 않습니다.

 

CONTACTS:

미국 (투자자):
Yujia Zhai
The Bueshirt Group
Tel. +1-860-214-0809
Investor.relations@maganachip.com		 미국 미디어 / 업계 분석가:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com		 한국 / 아시아 미디어:
김민아
Senior manager of Public Relations
Tel. +82-2-6903-3211
pr@maganachip.com

 

In the Media

    매그나칩, 슬림 폼 팩터 650V SJ MOSFET 신제품 2종 양산

파워 솔루션

매그나칩, 미세 공정 기술로 업그레이드된 6세대 600V SJ MOSFET 공개

– 175mΩ의 낮은 온저항으로 서버 및 OLED TV의 기술적 요구 사항을 효율적으로 충족

 

2023년 10월 30일, 매그나칩반도체 유한회사(대표이사 김영준, 이하 ‘매그나칩’) (NYSE:MX)는 미세 공정 기술 기반으로 온저항을 획기적으로 낮춘 6세대 600V SJ MOSFET(Super Junction Metal-Oxide-Semiconductor Field-Effect Transistor)을 출시했다고 밝혔다.

Magnachip Introduces 6th-Generation 600V SJ MOSFET

매그나칩의 6세대 600V SJ MOSFET

 

이번 6세대 600V SJ MOSFET(MMD60R175S6ZRH)에는 180nm의 미세 공정 기술과 매그나칩의 최신 소자 설계 기술이 도입되었다. 이 기술을 통해 기존 세대 대비 SJ MOSFET 셀 간격을 50% 축소하고 온저항(RDS(on): MOSFET이 ON 동작할 때, 드레인과 소스 사이의 저항)은 42% 낮추었다. 그래서, 동일한 DPAK(Decawatt Package)에 175mΩ의 낮은 온저항과 높은 전력 밀도를 구현했다.

또한, 기존 세대 제품에 비해 게이트 총 전하량(Total Gate Charge)이 29%가량 감소하여 스위칭 손실이 줄고 전력 효율은 개선되었다. 효율적인 에너지 사용으로 애플리케이션이 유연하게 설계될 수 있다는 점도 이번 제품 특징 중 하나이다.

그리고, 이번 신제품에는 애플리케이션에서 MOSFET이 높은 외부 서지나 정전기 방전(ESD: Electrostatic discharge)에 의해 손상되는 것을 방지하기 위해 게이트와 소스 사이에 제너 다이오드를 내장하여 견고성과 신뢰성을 크게 높였다.

이번 제품은 고효율, 설계 용이성, 안정성 등 뛰어난 제품 특성으로 서버, OLED TV, 노트북 충전기 등 다양한 애플리케이션에 적용 가능하다. 시장조사업체 옴디아 데이터에 따르면, 서버 출하량은 2023년에서 2027년까지 매년 8% 성장하고, 동기간 OLED TV 출하량은 매년 11% 증가하여 2027년에는 930만 대에 달할 것으로 예측된다.

매그나칩 김영준 부회장은 “이번 제품 출시에 이어 2024년에는 고속 바디 다이오드를 탑재한 제품 등 6세대 SJ MOSFET 신제품을 추가로 발표할 계획이다”라며, “매그나칩은 고객 요구에 기반한 끊임없는 기술 혁신으로 업계 경쟁력을 확고히 하면서 글로벌 시장에서 입지를 강화해 나갈 것”이라고 말했다.

 

 

관련 링크

Power Solutions > SJ MOSFETs > 600V

 

매그나칩반도체

매그나칩은 통신, IoT, 가전, 컴퓨팅, 산업, 자동차 등의 애플리케이션에 탑재되는 아날로그 및 혼성신호 반도체를 설계·생산하고, 전 세계 고객들에게 표준 규격에 맞는 다양한 솔루션을 제공합니다. 40여 년 동안, 매그나칩은 엔지니어링, 설계 및 제조 공정 영역에서 광범위한 전문 지식을 축적해 왔고, 약 1,100건의 특허를 보유하거나 출원 중입니다. 더 자세한 정보는 www.magnachip.com/kr 에서 확인할 수 있습니다. 매그나칩 웹사이트에 기재된 정보나 매그나칩 웹사이트를 통해서 획득한 정보는 이 보도 자료에 포함되지 않습니다.

 

CONTACTS:

미국 (투자자):
Yujia Zhai
The Bueshirt Group
Tel. +1-860-214-0809
Investor.relations@maganachip.com		 미국 미디어 / 업계 분석가:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com		 한국 / 아시아 미디어:
김민아
Senior manager of Public Relations
Tel. +82-2-6903-3211
pr@maganachip.com

 

In the Media

    매그나칩, 미세 공정 기술로 업그레이드된 6세대 600V SJ MOSFET 공개

 

투자자

Magnachip to Announce Third Quarter 2023 Financial Results on November 2

SEOUL, South Korea, Oct. 20, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the third quarter ended September 30, 2023, on Thursday, November 2, 2023, 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.

Magnachip Semiconductor

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/BI9578e24ef24a498a8d8ee6536b08edc6

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.

 

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

 

CONTACTS:

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

 

View original content to download multimedia: https://www.prnewswire.com/news-releases/magnachip-to-announce-third-quarter-2023-financial-results-on-november-2-301963386.html

SOURCE Magnachip Semiconductor Corporation

파워 솔루션

매그나칩, 8세대 150V MXT MV MOSFET 2종 공개

– D2PAK-7L 및 PDFN56 패키지 제품 추가로 8세대 MXT MV MOSFET 제품 포트폴리오 확장

 

2023년 10월 10일, 매그나칩반도체 유한회사(대표이사 김영준, 이하 ‘매그나칩’)(NYSE:MX) 는 8세대 트렌치 MOSFET 기술 기반의 150V *MXT MV MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) 2종을 출시했다고 밝혔다.

매그나칩 8세대 150V MXT MV MOSFET 2종 공개
매그나칩 8세대 150V MXT MV MOSFET 2종 공개

 

소비 전력이 높은 기기에서 전력 소모 절감과 제품 안정성 개선을 위해 에너지 효율은 매우 중요하다. 이번에 출시된 8세대 150V MXT MV MOSFET 2종(MDES15N056PTRH, MDU150N113PTVRH)는 매그나칩의 첨단 트렌치 MOSFET 기술을 적용했다. 특히, MDES15N056PTRH는 이전 세대 제품과 비교해 온저항(RDS(on): MOSFET이 ON 동작할 때, 드레인과 소스 사이의 저항)을 22% 줄여서 애플리케이션의 에너지 효율을 크게 높였다.

그리고, 코어 셀과 칩 종단부 설계를 개선하여 기존 세대 제품과 비교해 성능 지수 (Figure of Merit: 온저항 x Qg)가 MDES15N056PTRH는 23%, MDU150N113PTVRH은 39% 개선되었다.

또한, 표면 실장형(Surface-Mount Device) 타입의 D2PAK-7L(TO-263-7L) 및 PDFN56 패키지를 적용하여 제품 크기까지 줄였다. 그래서, 모터 제어기, 배터리 관리 시스템(BMS: Battery Management System), 가정용 태양광 인버터, 산업용 전원 장치 등 다양한 애플리케이션의 설계 요구 사항에 유연하게 대응할 수 있다.

매그나칩 김영준 대표 이사는 “매그나칩은 작년에 8세대 200V 및 150V MOSFET 5종 출시에 이어 이번에 새로운 패키지를 적용한 150V MXT MOSFET 제품 2종을 출시했다.”라며, “향후 180nm 공정 기술 기반의 신제품을 추가적으로 발표하고 고효율 MXT MOSFET 제품 포트폴리오를 지속적으로 확대해 나갈 계획”이라고 말했다.

 

8세대 MXT MV MOSFET시리즈

—————————————————————————————————————————————————————————————

*MXT MV MOSFET(Magnachip eXtreme Trench Medium Voltage MOSFET): 매그나칩의 최첨단 Trench MOSFET 제품군 중 40V~200V MOSFET

 

관련 링크

Power Solutions > MXT MOSFETs > 150V

 

매그나칩반도체

매그나칩은 통신, IoT, 가전, 컴퓨팅, 산업, 자동차 등의 애플리케이션에 탑재되는 아날로그 및 혼성신호 반도체를 설계·생산하고, 전 세계 고객들에게 표준 규격에 맞는 다양한 솔루션을 제공합니다. 40여 년 동안, 매그나칩은 엔지니어링, 설계 및 제조 공정 영역에서 광범위한 전문 지식을 축적해 왔고, 약 1,100건의 특허를 보유하거나 출원 중입니다. 더 자세한 정보는 www.magnachip.com/kr 에서 확인할 수 있습니다. 매그나칩 웹사이트에 기재된 정보나 매그나칩 웹사이트를 통해서 획득한 정보는 이 보도 자료에 포함되지 않습니다.

 

CONTACTS:

미국 (투자자):
Yujia Zhai
The Bueshirt Group
Tel. +1-860-214-0809
Investor.relations@maganachip.com		 미국 미디어 / 업계 분석가:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com		 한국 / 아시아 미디어:
김민아
Senior manager of Public Relations
Tel. +82-2-6903-3211
pr@maganachip.com

 

In the Media

     매그나칩, 8세대 150V MXT MV MOSFET 2종 공개

파워 솔루션

매그나칩, 필드 스톱 트렌치 기술로 업그레이드된 1200V 및 650V IGBT 신제품으로 전기차 시장 공략

– 전기차 PTC 히터용 1200V, 650V IGBT 본격 양산

 

2023년 9월 11일, 매그나칩반도체 유한회사(대표이사 김영준, 이하 ‘매그나칩’) (NYSE:MX)는 전기차 PTC(Positive Temperature Coefficient) 히터용 1200V와 650V IGBT(Insulated Gate Bipolar Transistor)를 출시했다고 밝혔다.매그나칩 전기차 PTC 히터용 IGBT 신제품

이번에 출시된 AMBQ40T120RFRTH(1200V)와 AMBQ40T65PHRTH(650V)에는 매그나칩이 독자 개발한 첨단 필드 스탑 트랜치 기술을 도입하여 최소 10µs 동안의 단락으로부터 회로를 보호한다. 이러한 높은 강건성은 PTC 히터가 과부하 상태에서 영구적으로 손상되는 것을 방지한다.

또한, 이번 신제품은 TO-247 패키지를 적용하여 두껍고 넓은 히트싱크(방열판)으로 뛰어난 열 분산 능력을 보여준다. 그래서, 전기차 PTC 히터와 같이 높은 전력과 효율성이 필수적인 애플리케이션에 최적화되어 있다.

매그나칩 김영준 대표 이사는 “매그나칩은 작년 초부터 엄격한 AEC-Q101 차량용 반도체 신뢰성 기준에 부합하는 고성능 파워솔루션을 출시해 왔다”라며, “이번에 처음으로 전기차용 IGBT를 출시한 데 이어 앞으로도 지속적인 제품 라인업 확장으로 전장 시장의 다양한 수요에 적극 대응할 계획”이라고 말했다.

매그나칩 전기차 PTC용 IGBT 신제품

관련 링크

Power Solutions > IGBT Chip for Standard Module > 1200V

 

매그나칩반도체

매그나칩은 통신, IoT, 가전, 컴퓨팅, 산업, 자동차 등의 애플리케이션에 탑재되는 아날로그 및 혼성신호 반도체를 설계·생산하고, 전 세계 고객들에게 표준 규격에 맞는 다양한 솔루션을 제공합니다. 40여 년 동안, 매그나칩은 엔지니어링, 설계 및 제조 공정 영역에서 광범위한 전문 지식을 축적해 왔고, 약 1,100건의 특허를 보유하거나 출원 중입니다. 더 자세한 정보는 www.magnachip.com/kr 에서 확인할 수 있습니다. 매그나칩 웹사이트에 기재된 정보나 매그나칩 웹사이트를 통해서 획득한 정보는 이 보도 자료에 포함되지 않습니다.

 

CONTACTS:

미국 (투자자):
Yujia Zhai
The Bueshirt Group
Tel. +1-860-214-0809
Investor.relations@maganachip.com		 미국 미디어 / 업계 분석가:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com		 한국 / 아시아 미디어:
김민아
Senior manager of Public Relations
Tel. +82-2-6903-3211
pr@maganachip.com

 

In the Media

    매그나칩, 필드 스톱 트렌치 기술로 업그레이드된 1200V 및 650V IGBT 신제품으로 전기차 시장 공략

투자자

MAGNACHIP SEMICONDUCTOR CORPORATION ANNOUNCES RESIGNATION OF MEL KEATING AS A MEMBER OF THE BOARD OF DIRECTORS

SEOUL, South Korea, Sept. 6, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) received a letter of resignation, dated September 5, 2023, from Mr. Mel Keating, a member of the board of directors of the Company (the “Board”), whose resignation was accepted by the Board and effective as of September 5, 2023.

Magnachip SemiconductorNow that the Company has announced its plan to separate its Display and Power operations into two distinct legal entities, Mr. Keating has decided that, after over 7 years of service as a member of the Board, during which time he led the Audit Committee and the Strategic Review Committee, and given other important and time consuming business obligations, it was the right time to conclude his service to the company.

Mr. Keating’s resignation is not due to any disagreement with the company over any of its financial reporting, operations, policies or practices.

 

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 1,100 registered patents and pending applications, and has extensive engineering, design, and manufacturing process expertise. For more information, please visit www.magnachip.com/kr. 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-semiconductor-corporation-announces-resignation-of-mel-keating-as-a-member-of-the-board-of-directors-301918535.html

SOURCE Magnachip Semiconductor Corporation

투자자

Magnachip Reports Results for Second Quarter 2023

Announces New $50 Million Stock Buyback Program

 

  • Revenue of $61.0 million was in-line with guidance (vs $60.5M mid-point) and was down 39.8% YoY and up 7% sequentially.
  • Gross profit margin was 22.2%, up 100 basis points from Q1. The sequential improvement was primarily driven by higher utilization at our Gumi Fab.
  • GAAP diluted loss per share was $0.09; Non-GAAP diluted loss per share was $0.06.
  • Completed $25.5 million of stock buyback during the quarter.
  • Ended the quarter with a strong balance sheet with $173 million cash and no debt.
  • Board of Directors authorized a new $50 million stock buyback program.

 

SEOUL, South Korea, Aug. 7, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the second quarter 2023.

 

YJ Kim, Magnachip’s chief executive officer commented, “Our year-over-year results continued to be impacted by macro challenges but I am pleased to see sequential improvement in our Power business driven by Industrial and Automotive applications. We also continued our strong pace of design-in and design win activities during the quarter. Looking forward, we expect to see further sequential growth in our Power business in Q3.”

YJ Kim continued, “In our Display business, we continue to collaborate closely with our new global panel customer. We are very optimistic about our long-term growth prospects, as our products offer compelling competitive advantages that will enable us to penetrate the rapidly expanding OLED market in Asia. Additionally, we are pleased to announce our Board of Directors’ authorization of a new $50 million stock buyback program as part of our commitment to enhance shareholder value.”

 

Q2 2023 Financial Highlights
In thousands of U.S. dollars, except share data
GAAP
Q2 2023 Q1 2023 Q/Q change Q2 2022 Y/Y change
Revenues
Standard Products Business
Display Solutions 9,657 10,841 down 10.9 % 28,336 down 65.9 %
Power Solutions 41,718 40,673 up 2.6 % 62,952 down 33.7 %
Transitional Fab 3 foundry services(1) 9,604 5,491 up 74.9 % 10,088 down 4.8 %
Gross Profit Margin 22.2 % 21.2 % up 1.0 %pts 28.6 % down 6.4 %pts
Operating Income (Loss) (10,656) (21,818) up n/a 2,002 down n/a
Net Income (Loss) (3,947) (21,470) up n/a (3,340) down n/a
Basic Loss per Common Share (0.09) (0.49) up n/a (0.07) down n/a
Diluted Loss per Common Share (0.09) (0.49) up n/a (0.07) down n/a
In thousands of U.S. dollars, except share data
Non-GAAP(2)
Q2 2023 Q1 2023 Q/Q change Q2 2022 Y/Y change
Adjusted Operating Income (Loss) (7,762) (12,249) up n/a 4,787 down n/a
Adjusted EBITDA (3,594) (7,873) up n/a 8,525 down n/a
Adjusted Net Income (Loss) (2,472) (10,367) up n/a 10,567 down n/a
Adjusted Earnings (Loss) per Common Share—Diluted (0.06) (0.24) up n/a 0.23 down n/a
___________
(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) 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.

 

Financial Guidance
While actual results may vary, Magnachip currently expects the following for Q3 2023:

  • Revenue to be in the range of $59 million to $65 million, including about $8 million of Transitional Fab 3 Foundry Services.
  • Gross profit margin to be in the range of 22.5% to 24.5%.

 

Q2 2023 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Monday, August 7, 2023, 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/kr.

 

Online registration: https://register.vevent.com/register/BI115ecf6f0d5b4f12ae6130b5b7b40ff1

 

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 third quarter 2023 revenue and gross profit margin expectations, and the impact of market conditions associated with inflation and higher interest rates, remaining effects from the COVID-19 pandemic, geopolitical conflict between Russia and Ukraine, escalated trade tensions between the U.S. and China and continuing supply constraints on Magnachip’s third quarter 2023 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 conflict between Russia and Ukraine, and escalated 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 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/kr. 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

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)
Three Months Ended Six Months Ended
June 30,
2023		 March 31,
2023		 June 30,
2022		 June 30,
2023		 June 30,
2022
Revenues:
Net sales – standard products business $         51,375 $         51,514 $         91,288 $       102,889 $       185,298
Net sales – transitional Fab 3 foundry services 9,604 5,491 10,088 15,095 20,171
Total revenues 60,979 57,005 101,376 117,984 205,469
Cost of sales:
Cost of sales – standard products business 37,867 37,312 63,620 75,179 119,700
Cost of sales – transitional Fab 3 foundry services 9,574 7,599 8,811 17,173 17,828
Total cost of sales 47,441 44,911 72,431 92,352 137,528
Gross profit 13,538 12,094 28,945 25,632 67,941
Gross profit as a percentage of standard products business net sales 26.3 % 27.6 % 30.3 % 26.9 % 35.4 %
Gross profit as a percentage of total revenues 22.2 % 21.2 % 28.6 % 21.7 % 33.1 %
Operating expenses:
Selling, general and administrative expenses 12,137 12,165 12,736 24,302 26,899
Research and development expenses 11,255 13,298 13,410 24,553 25,364
Early termination and other charges 802 8,449 797 9,251 797
Total operating expenses 24,194 33,912 26,943 58,106 53,060
Operating income (loss) (10,656) (21,818) 2,002 (32,474) 14,881
           Interest income 2,692 2,842 1,061 5,534 1,776
Interest expense (200) (256) (499) (456) (610)
Foreign currency gain (loss), net 1,237 (3,430) (7,012) (2,193) (7,702)
Other income (loss), net 3 (35) 211 (32) 429
Income (loss) before income tax expense (6,924) (22,697) (4,237) (29,621) 8,774
Income tax expense (benefit) (2,977) (1,227) (897) (4,204) 2,586
Net income (loss) $           (3,947) $        (21,470) $          (3,340) $       (25,417) $           6,188
Basic earnings (loss) per common share— $            (0.09) (0.49) $            (0.07) $           (0.60) $             0.14
Diluted earnings (loss) per common share— $            (0.09) (0.49) $            (0.07) $           (0.60) $             0.13
Weighted average number of shares—
Basic 41,741,310 43,390,832 44,897,278 42,561,514 45,248,293
Diluted 41,741,310 43,390,832 44,897,278 42,561,514 46,329,559

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

(Unaudited)
      June 30,

      2023

     December 31,

      2022
Assets
Current assets
Cash and cash equivalents $     172,954 $     225,477
Accounts receivable, net 35,009 35,380
Inventories, net 32,337 39,883
Other receivables 3,498 7,847
Prepaid expenses 9,553 10,560
Hedge collateral 2,120 2,940
Other current assets 19,070 15,766
Total current assets 274,541 337,853
Property, plant and equipment, net 101,067 110,747
Operating lease right-of-use assets 5,224 5,265
Intangible assets, net 1,706 1,930
Long-term prepaid expenses 7,430 10,939
Deferred income taxes 37,141 38,324
Other non-current assets 16,626 11,587
Total assets $     443,735 $      516,645
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $       20,367 $       17,998
Other accounts payable 8,473 9,702
Accrued expenses 10,456 9,688
Accrued income taxes 91 3,154
Operating lease liabilities 1,745 1,397
Other current liabilities 4,506 5,306
Total current liabilities 45,638 47,245
Accrued severance benefits, net 20,123 23,121
Non-current operating lease liabilities 3,671 4,091
Other non-current liabilities 10,011 14,035
Total liabilities 79,443 88,492
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,449,782 shares issued and 40,133,898
outstanding at June 30, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at December 31,
2022		 564 564
Additional paid-in capital 269,297 266,058
Retained earnings 310,089 335,506
Treasury stock, 16,315,884 shares at June 30, 2023 and 12,607,874 shares at December 31, 2022,
respectively		 (199,248) (161,422)
Accumulated other comprehensive loss (16,410) (12,553)
Total stockholders’ equity 364,292 428,153
Total liabilities and stockholders’ equity $   443,735 $     516,645

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)
Three Months
Ended		 Six Months
Ended
June 30,
2023		 June 30,
2023		 June 30,
2022
Cash flows from operating activities
Net income (loss) $      (3,947) $   (25,417) $       6,188
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization 4,145 8,502 7,602
Provision for severance benefits 1,761 4,091 3,240
Loss on foreign currency, net 35 9,117 29,183
Provision for inventory reserves (17) 1,121 5,282
Stock-based compensation 2,092 3,212 3,626
Other, net 213 450 712
Changes in operating assets and liabilities
Accounts receivable, net (3,315) (342) (12,377)
Inventories 3,849 4,911 (5,486)
Other receivables 2,031 4,407 11,640
Other current assets (1,061) 395 (2,089)
Accounts payable 976 2,880 2,429
Other accounts payable (5,064) (6,488) (5,861)
Accrued expenses (6,496) 1,104 (2,709)
Accrued income taxes (49) (2,972) (11,513)
Other current liabilities 125 (471) (2,153)
Other non-current liabilities (45) (214) 570
Payment of severance benefits (4,857) (5,728) (2,934)
Other, net (181) (487) (385)
Net cash provided by (used in) operating activities (9,805) (1,929) 24,965
Cash flows from investing activities
Proceeds from settlement of hedge collateral 2,180 3,335 2,805
Payment of hedge collateral (1,493) (2,586) (6,844)
Purchase of property, plant and equipment (1,383) (1,518) (1,511)
Payment for intellectual property registration (89) (163) (153)
Payment of guarantee deposits (3,425) (6,907) (1,049)
Other, net 1,426 1,445 14
Net cash used in investing activities (2,784) (6,394 ) (6,738 )
Cash flows from financing activities
Proceeds from exercise of stock options 18 27 1,786
Acquisition of treasury stock (24,576) (36,840) (1,826)
Repayment of financing related to water treatment facility arrangement (122) (248) (261)
Repayment of principal portion of finance lease liabilities (22) (46) (32)
Net cash used in financing activities (24,702) (37,107) (333)
Effect of exchange rates on cash and cash equivalents (1,840) (7,093) (23,644)
Net decrease in cash and cash equivalents (39,131) (52,523) (5,750)
Cash and cash equivalents
Beginning of the period 212,085 225,477 279,547
End of the period $   172,954 $   172,954 $   273,797

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS)

(In thousands of U.S. dollars)

(Unaudited)
Three Months Ended Six Months Ended
June 30,
2023		 March 31,
2023		 June 30,
2022		 June 30,
2023		 June 30,
2022
Operating income (loss) $ (10,656) $ (21,818) $ 2,002 $ (32,474) $ 14,881
Adjustments:
Equity-based compensation expense 2,092 1,120 1,988 3,212 3,626
Early termination and other charges 802 8,449 797 9,251 797
Adjusted Operating Income (Loss) $ (7,762) $ (12,249) $ 4,787 $ (20,011) $ 19,304

 

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 income (loss) adjusted to exclude (i) Equity-based compensation expense and (ii) Early termination and other charges.

For the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023. For the three and six months ended June 30, 2023, we recorded $802 thousand of one-time employee incentives.

For the three and six months ended June 30, 2022, we recorded $797 thousand of professional service fees and expenses incurred in connection with certain strategic evaluations.

 

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 Six Months Ended
June 30,
2023		 March 31,
2023		 June 30,
2022		 June 30,
2023		 June 30,
2022
Net income (loss) $           (3,947) $        (21,470) $         (3,340) $       (25,417) $        6,188
Adjustments:
Interest income (2,692) (2,842) (1,061) (5,534) (1,776 )
Interest expense 200 256 499 456 610
Income tax expense (benefit) (2,977) (1,227) (897) (4,204) 2,586
Depreciation and amortization 4,145 4,357 3,711 8,502 7,602
EBITDA (5,271) (20,926) (1,088) (26,197) 15,210
Equity-based compensation expense 2,092 1,120 1,988 3,212 3,626
Foreign currency loss (gain), net (1,237) 3,430 7,012 2,193 7,702
Derivative valuation loss (gain), net 20 54 (184) 74 (55 )
Early termination and other charges 802 8,449 797 9,251 797
Adjusted EBITDA $           (3,594) $        (7,873) $          8,525 $      (11,467) $       27,280
Net income (loss) $           (3,947) $       (21,470) $         (3,340) $      (25,417) $        6,188
Adjustments:
Equity-based compensation expense 2,092 1,120 1,988 3,212 3,626
Foreign currency loss (gain), net (1,237) 3,430 7,012 2,193 7,702
Derivative valuation loss (gain), net 20 54 (184) 74 (55 )
Early termination and other charges 802 8,449 797 9,251 797
Income tax effect on non-GAAP adjustments (202) (1,950) 4,294 (2,152) 5,245
Adjusted Net Income (Loss) $           (2,472) $      (10,367) $        10,567 $      (12,839) $     23,503
Adjusted Net Income (Loss) per common share—
– Basic $             (0.06) $          (0.24) $            0.24 $        (0.30) $          0.52
– Diluted $             (0.06) $          (0.24) $            0.23 $        (0.30) $          0.51
Weighted average number of shares – basic 41,741,310 43,390,832 44,897,278 42,561,514 45,248,293
Weighted average number of shares – diluted 41,741,310 43,390,832 45,937,515 42,561,514 46,329,559

 

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. 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 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 termination related charges in connection with the voluntary resignation program that we offered to certain employees during the first quarter of 2023. For the three and six months ended June 30, 2023, we recorded $802 thousand of one-time employee incentives.

For the three and six months ended June 30, 2022, we recorded $797 thousand of professional service fees and expenses incurred in connection with certain strategic evaluations.

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SOURCE Magnachip Semiconductor Corporation

투자자

Magnachip to Announce Second Quarter 2023 Financial Results on August 7

SEOUL, South Korea, July 19, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the second quarter ended June 30, 2023, on Monday, August 7, 2023, after the market close. 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/BI115ecf6f0d5b4f12ae6130b5b7b40ff1

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 https://www.magnachip.com/kr.

 

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

 

CONTACTS:

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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-announce-second-quarter-2023-financial-results-on-august-7-301880239.html

SOURCE Magnachip Semiconductor Corporation

투자자

MAGNACHIP ANNOUNCES DIRECTOR RESIGNATION

SEOUL, South Korea, July 17, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced that Gary Tanner has notified the Company of his intention to resign from the Company’s Board of Directors. The Board has accepted his resignation, which was effective as of July 14, 2023.

Mr. Tanner joined Magnachip’s Board in August 2015 and has served in multiple capacities, such as Non-Executive Chairman of the Board, Chair of the Risk Committee, and a member of the Audit, Compensation and Strategic Review Committees. During his tenure, Mr. Tanner has been instrumental to the Company’s trajectory, contributing to the Company’s strategic vision, operational details and corporate governance. Most recently, Mr. Tanner led the establishment of the Risk Committee’s oversight of the Company’s corporate objectives, goals, strategies and initiatives relating to, and attending risks associated with, environmental, social and governance (“ESG”) matters, including corporate social responsibility, sustainability, public policy and other related matters such as the formation of a management-level ESG Steering Committee.

“Gary’s operational expertise and industry experience have been instrumental to our success and he will be greatly missed,” said Camillo Martino, Magnachip’s Chairman of the Board. “He has consistently brought a valuable perspective to our board deliberations. On behalf of the entire board, I thank him for his service to Magnachip and wish him well in his future endeavors.”

“The Company and the management team would like to express their gratitude to Gary for his dedicated service over the past eight years. He leaves a legacy of excellence that has positioned us well for the future,” said YJ Kim, Chief Executive Officer of Magnachip. “His strategic vision and his commitment to our stakeholders have been a source of inspiration to all of us. We are thankful for his years of service and his commitment to our success.”

Mr. Tanner’s departure is due to personal reasons. The Company will immediately begin a search for a new independent director to replace Mr. Tanner.

 

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 1,100 registered patents and pending applications, and has extensive engineering, design, and manufacturing process expertise. For more information, please visit https://www.magnachip.com/kr. 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-announces-director-resignation-301878134.html

SOURCE Magnachip Semiconductor Corporation