– 44mΩ의 낮은 *온저항(RDS(on)) 특성을 가진 전기차 충전기 및 서버용 600V SJ MOSFET 출시

2023년 5월 2일, 매그나칩반도체 유한회사(대표이사 김영준, 이하 ‘매그나칩’) (NYSE:MX)는 9종 신제품으로 구성된 600V SJ MOSFET (Super Junction Metal-Oxide-Semiconductor Field-Effect Transistor) 시리즈를 출시했다고 밝혔다.

매그나칩 600V SJ MOSFET 시리즈

 

매그나칩은 이번에 출시된 600V SJ MOSFET 시리즈에 독자 개발한 소자 설계 기술을 도입하여 이전 세대 제품 대비 셀 간격은 그대로 유지하면서 단위 면적당 저항값 (RSP: Specific on-resistance)을 10% 정도 낮추었다.

이번 SJ MOSFET 시리즈에서 주목할 만한 점은 전 제품에 고속 바디 다이오드(fast recovery body diode)가 내장되었다는 것이다. 이 다이오드 기술로 역방향 회복 시간 (trr: reverse recovery time)과 스위칭 손실이 감소하여 시스템 효율이 획기적으로 개선되었다. 그래서, 이전 세대 제품과 비교해 성능 지수(FOM: Figure of Merit)도 10% 이상 향상되어 태양광 인버터, 에너지 저장 시스템, 무정전 전원 설비(UPS: Uninterruptible Power Supply System) 등 산업용 애플리케이션과 다양한 전자 제품에 적용될 수 있다.

특히, 이번 신제품 중 MMQ60R044RFTH는 44mΩ의 낮은 온저항 특성을 가지고 있어 높은 에너지 효율성과 신뢰성이 요구되는 전기차 충전기와 서버에 최적화되어 있다. 시장조사업체 옴디아 데이터에 따르면, 2023~2026년 실리콘 모스펫 시장은 하이브리드 및 전기차와 서버 부문에서 매년 각각 11%, 7%가량 성장할 것으로 예측된다.

매그나칩 김영준 부회장은 “이번에 600V SJ MOSFET 시리즈를 출시한 데 이어 올해 하반기에는 고속 바디 다이오드를 탑재한 650V와 700V SJ MOSFET 신제품을 추가적으로 공개할 계획이다”라며, “고객과 시장의 요구를 만족시키는 고성능 차세대 파워 솔루션을 지속적으로 공급하여 고객 시장 확대에 기여할 것”이라고 말했다.

 

 


* 온저항(RDS(on)): MOSFET이 ON 동작할 때, 드레인과 소스 사이의 저항

 

600V SJ MOSFET 시리즈

New Family of 600V SJ MOSFET Products

 

관련 링크

파워솔루션 > 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, 고속 바디 다이오드 탑재한 600V SJ MOSFET 시리즈 출시

SEOUL, South KoreaApril 17, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that it will report its financial results for the first quarter ended March 31, 2023, on Wednesday, May 3, 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.

Magnachip logo

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/BI51f45e599c544fe9bad00a197e100fca

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.

 

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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-announce-first-quarter-2023-financial-results-on-may-3-301798633.html

SOURCE Magnachip Semiconductor Corporation

SEOUL, South KoreaApril 13, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip” or the “Company”) (NYSE: MX) announced today that shareholder Gilbert Nathan will join its Board of Directors pursuant to the terms of an agreement (the “Agreement”) entered into with Mr. Nathan and two of his affiliated entities. Under the terms of the Agreement, Mr. Nathan will immediately join the Company as an observer of the Company’s Board of Directors (the “Board”) and any ad hoc Strategic Review Committee of the Board (the “Strategic Review Committee”). In addition, reasonably promptly following the Company’s 2023 Annual Meeting of Stockholders, the Board will appoint Mr. Nathan as a director. Mr. Nathan will serve on the Strategic Review Committee upon becoming a member of the Board. After the appointment of Mr. Nathan to the Board following the 2023 Annual Meeting of Stockholders, the Board will be comprised of seven directors.Magnachip logo

“We welcome the addition of Mr. Nathan to the Magnachip board.  The board looks forward to leveraging Mr. Nathan’s financial advisory and consulting experience as we work to continue to enhance the value of Magnachip for our shareholders,” stated Camillo Martino, Chairman of the Board of Magnachip.

“I’d like to thank the board of Magnachip for welcoming me. I look forward to joining this board of highly qualified directors and bringing my perspective as an investor to the board as we work together to maximize shareholder value,” said Gilbert Nathan, Managing Member of Jackson Square Advisors LLC.

 

About Gilbert Nathan 

Mr. Nathan is the managing member of Jackson Square Advisors LLC and is the CEO of Keycon Power Holdings.  He currently serves on the board of directors of Ready Capital (RC) and Alto Ingredients (ALTO). He is the Plan Administrator for Mahwah Bergen Retail Group and Mission Coal. Prior to starting Jackson Square, Mr. Nathan spent 14+ years at hedge funds specializing in event driven and distressed debt. He received his BS degree in Management, Major in Finance from the A.B Freeman School of Business at Tulane University.

 

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.

 

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 risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission. 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.

 

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

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-appoint-shareholder-gilbert-nathan-to-the-board-of-directors-301796438.html

SOURCE Magnachip Semiconductor Corporation

–  PDFN56 듀얼 패키지로 제품 소형화 및 낮은 온저항 달성

 

2023년 3월 21일, 매그나칩반도체 유한회사(“매그나칩”) (대표이사 김영준, NYSE:MX)는 전기차 모터의 전동식 워터펌프와 오일펌프에 탑재되는 PDFN56 듀얼 패키징 40V 1)MXT MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor)를 본격적으로 양산하기 시작했다고 밝혔다.

 

매그나칩 전기차용 PDFN56 듀얼 패키징 40V MXT MOSFET
매그나칩 전기차용 PDFN56 듀얼 패키징 40V MXT MOSFET

 

현재 양산 중인 40V MXT MOSFET(제품명: AMDUA040N070RH)에는 PDFN(Power Dual Flat No-lead)56 듀얼 패키지가 적용되어 싱글 패키지 두 개를 탑재했을 때와 비교해 인쇄회로기판(PCB: Printed Circuit Board)에서 차지하는 공간이 50% 정도 줄었다. 이로 인해, 애플리케이션의 콤팩트한 설계가 가능해지고 전동식 워터펌프(EWP: Electric Water Pump)와 오일펌프(EOP: Electric Oil Pump)뿐만 아니라 파워시트모듈(PSM: Power Seat Module)과 같은 다양한 전기차 애플리케이션에 사용될 수 있다.

AMDUA040N070RH는 PDFN56 듀얼 패키지를 통해 구현되는 낮은 2)온저항(RDS(on)) 특성으로 전력 손실이 줄어들어 애플리케이션을 효율적이고 안정적으로 제어할 수 있다. 또한, 이 MOSFET 제품은 최적화된 코어 셀과 칩 종단부 설계로 AEC-Q101 차량용 반도체 신뢰성 기준을 충족하면서 그 성능과 안정성을 인정받았다.

시장조사업체 옴디아 데이터에 따르면, 하이브리드 및 전기차용 Si MOSFET 시장은 2023년에서 2026년까지 매년 11% 성장할 것으로 예측된다.

매그나칩 김영준 대표 이사는 “매그나칩은 2008년부터 파워 솔루션 영역에서 기술 역량을 강화하면서 고성능 MOSFET 제품을 시장에 공급해왔다.”라며, “앞으로도 혁신적인 전력 관리 반도체 솔루션을 지속적으로 개발하여 성장하고 있는 친환경 애플리케이션의 수요를 만족시킬 것”이라고 말했다.

 

 


1)MXT MOSFET(Magnachip eXtreme Trench MOSFET): LV MOSFET과 MV MOSFET(12V to 200V)를 포함한 매그나칩의 최첨단 Trench MOSFET 제품군

2)온저항(RDS(on)): MOSFET이 ON 동작할 때, 드레인과 소스 사이의 저항

 

관련 링크

파워솔루션 > MXT MOSFETs > 40V

 

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, 전기차용 PDFN56 듀얼 패키징 40V MXT MOSFET 본격 양산

2023년 3월 2일, 매그나칩반도체 유한회사(“매그나칩”) (대표이사 김영준, NYSE:MX)는 슈퍼 쇼트 채널 기술(Super-Short Channel) 기반의 스마트폰 배터리 보호 회로용 1)MXT MOSFET (Metal Oxide Semiconductor Field Effect Transistor) 2종을 출시했다고 밝혔다.

 

매그나칩의 슈퍼 쇼트 채널 기반 스마트폰 배터리 보호회로용 MXT MOSFET 2종
매그나칩의 슈퍼 쇼트 채널 기반 스마트폰 배터리 보호회로용 MXT MOSFET 2종

 

슈퍼 쇼트 채널은 MOSFET이 동작할 때 소스와 드레인 사이의 채널 길이를 획기적으로 줄여 2)온저항과 전력 손실을 낮추는 매그나칩의 최신 설계 기술을 말한다. 매그나칩은 이번에 공개된 MDWC12D028ERH(12V MOSFET)과 MDWC24D031ERH(24V MOSFET)에 자체 개발한 슈퍼 쇼트 채널 기술을 도입했다.

슈퍼 쇼트 채널 기술로 이번 신제품 크기가 이전 세대 제품 대비 20%가량 작아지고, 온저항은 MDWC12D028ERH의 경우 40%, MDWC24D031ERH은 24% 감소했다. 이렇게 제품 특성이 개선되면서 배터리 충·방전 시 전력 손실이 줄어들고 고속 충전 모드에서도 낮은 온도가 유지될 수 있다.

2023년 하반기, 매그나칩은 슈퍼 쇼트 채널 기술을 기반으로 하여 스마트 워치, 이어폰 등과 같은 웨어러블 기기의 소형 배터리에 적용되는 콤팩트하고 효율성 높은 MXT MOSFET 제품을 출시할 계획이다.

매그나칩 김영준 부회장은 “새롭게 개발된 슈퍼 쇼트 채널 기술로 이번에 출시된 MXT MOSFET의 제품 성능이 한 단계 진화했다”라며, “앞으로도 끊임없는 기술 혁신을 통해 모바일 기기 시장의 다양하고 변화하는 요구 사항을 충족하는 프리미엄 전력 반도체 솔루션을 제공할 것”이라고 말했다.

 

 


1)MXT MOSFET(Magnachip eXtreme Trench MOSFET): LV MOSFET과 MV MOSFET(12V to 200V)를 포함한 매그나칩의 최첨단 Trench MOSFET 제품군

2)온저항(RDS(on)): MOSFET이 ON 동작할 때, 드레인과 소스 사이의 저항

 

관련 링크

파워솔루션 > MXT MOSFETs > 12V

파워솔루션 > MXT MOSFETs > 24V

 

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, 슈퍼 쇼트 채널 기반 스마트폰 배터리 보호회로용 MXT MOSFET 2종 공개

 

  • Fourth quarter revenue of $61.0 million was near the high-end of our guidance range. YoY, our revenue decreased 44.7% primarily due to severe 28nm wafer shortages required for our Display business.
  • Full-year revenue of $337.7 million decreased 28.8% YoY due to significantly lower Display revenue as a result of severe 28nm 12-inch OLED wafer shortages that impacted 2nd half design-in projects from our large panel customers in Korea and weak demand for Android smartphones that led to an inventory correction by smartphone OEMs.
  • Gross profit margin for the fourth quarter was 26.4%, within our guidance range.
  • Full-year gross profit margin of 30.0% was down 240 bps YoY due mainly to certain inventory reserves and scrap cost related to 12-inch OLED products as a result of lower demand for China smartphones.
  • GAAP diluted earnings per share for the fourth quarter was $0.07; Full-year GAAP diluted loss per share was $0.18.
  • Non-GAAP diluted loss per share for the fourth quarter was $0.36; Full-year non-GAAP diluted earnings per share was $0.19.

 

SEOUL, South KoreaFeb. 16, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the fourth quarter and full-year 2022.

(PRNewsfoto/Magnachip Semiconductor)YJ Kim, Magnachip’s chief executive officer commented, “We closed the fourth quarter with $61.0 million revenue, near the high-end of our guidance range. Q4 results continued to reflect the impact of severe wafer shortages and inventory correction in our Display business and deteriorating consumer demand in our Power Solutions business. Despite the challenges of this past year, we stayed focused and achieved milestones that set the foundation for recovery in 2023. In Display, we expanded our OLED business into international markets by winning a new tier one panel customer outside of Korea and strengthened our global supply chain by qualifying two additional foundries. Further, in Q4, we successfully qualified two OLED projects with our two leading panel customers and expect to begin shipping at the end of this quarter. In Power Solutions, we achieved a record year with 2022 revenue up 1.2% despite the slowdown in the 2nd half due to macro weakness. Further, our Power Solutions business won a record 209 design-in/wins, more than double compared to previous years.”

YJ continued, “Looking ahead, we continue to expect the first half of 2023 to be impacted by inventory corrections and broader macro weakness, but we believe the reopening of China should eventually lead to an improvement in their economy and consumer demand, which will help both our businesses. We expect a recovery in Display revenue in the second half of 2023 as we ramp shipments of our four design-in projects with our two leading panel customers.  For Power, we anticipate on maintaining our momentum of design wins and premium tier product mix. As channel inventories are consumed and the broader economy recovers, we expect to see a rebound in Power revenue.”

 

Q4 and 2022 Financial Highlights
In thousands of U.S. dollars, except share data
GAAP
Q4 2022 Q3 2022 Q/Q change Q4 2021 Y/Y change
Revenues
Standard Products Business
Display Solutions 7,556 6,355 up 18.9 % 41,298 down 81.7 %
Power Solutions 46,271 56,416 down 18.0 % 58,212 down 20.5 %
Transitional Fab 3 foundry services(1) 7,163 8,428 down 15.0 % 10,825 down 33.8 %
Gross Profit Margin 26.4 % 24.2 up 2.2% pts 35.0 % down  8.6%pts
Operating Income (Loss) (10,117) (10,008) down      n/a 63,870 down n/a
Net Income (Loss) 2,971 (17,195) up      n/a 53,611 down 94.5 %
Basic Earnings (Loss) per Common Share 0.07 (0.38) up      n/a 1.16 down 94.0 %
Diluted Earnings (Loss) per Common Share 0.07 (0.38) up      n/a 1.12 down 93.8 %
In thousands of U.S. dollars, except share data
Non-GAAP(3)
Q4 2022 Q3 2022 Q/Q change Q4 2021 Y/Y change
Adjusted Operating Income (Loss) (8,567) (6,646) down n/a 14,421 down n/a
Adjusted EBITDA (4,768) (2,995) down n/a 18,144 down n/a
Adjusted Net Income (Loss) (15,848) 1,097 down n/a 13,699 down n/a
Adjusted Earnings (Loss) per Common Share—Diluted (0.36) 0.02 down n/a 0.29 down n/a

 

In thousands of U.S dollars, except share data
GAAP
2022 2021 Y/Y Change
Revenues
Standard Products Business
Display Solutions 71,432 205,322 down 65.2 %
Power Solutions 230,464 227,777 up 1.2 %
Transitional Fab 3 foundry services(1) 35,762 41,131 down 13.1 %
Gross Profit Margin 30.0 % 32.4 % down 2.4% pts
Operating Income (Loss)(2) (5,244) 83,407 down n/a
Net Income (Loss) (8,036) 56,708 down n/a
Basic Earnings (Loss) per Common Share (0.18) 1.26 down n/a
Diluted Earnings (Loss) per Common Share (0.18) 1.21 down n/a

 

In thousands of U.S dollars, except share data
Non-GAAP(3)
2022 2021 Y/Y Change
Adjusted Operating Income 4,091 56,135 down 92.7 %
Adjusted EBITDA 19,517 70,701 down 72.4 %
Adjusted Net Income 8,752 50,152 down 82.5 %
Adjusted Earnings per Common Share—Diluted 0.19 1.07 down 82.2 %
(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 business lines.
(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) 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

The Company’s near-term outlook is being challenged by previous OLED wafer allocation constraints that impacted 2nd half 2022 design-in projects and ongoing inventory correction in smartphones and other consumer end markets driven by weakening consumer demand. Q1 is also typically the Company’s seasonally slowest quarter following holiday shipments and is impacted by slower activity around the Chinese New Year.

In response to the industry-wide slowdown and inventory correction, the Company has reduced production at its Fab 3. As a result, the Company expects Q1’23 gross profit margin will be further impacted by lower utilization as well as higher manufacturing input costs such as electricity and wages. The Company currently expects gross profit margin to recover as volume and utilization improves in the 2nd half of 2023.

While actual results may vary, Magnachip currently expects the following for Q1’23:

  • Revenue to be in the range of $55 million to $59 million, including about $5 million of Transitional Fab 3 Foundry Services.
  • Gross profit margin to be in the range of 21% to 23%.

 

Q4 2022 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, February 16, 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 https://www.magnachip.com/kr/.

 

Online registration: https://register.vevent.com/register/BI7b1cf7d40d2f43489a0d4fc290ea1ea2

 

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 2023 revenue and gross profit margin expectations, and the impact of market conditions associated with inflation and rising interest rates, the COVID-19 pandemic or the emergence of various variants of the virus, geopolitical conflict between Russia and Ukraine, and escalated trade tensions and supply constraints on Magnachip’s first 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 and/or general economic conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; the COVID-19 pandemic or the emergence of various variants of the virus or other outbreaks of disease, and governmental lock-downs or other measures implemented in response thereto, and the Russia-Ukraine conflict; 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; effective and cost efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors, including those related to the Russia-Ukraine conflict; change or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the COVID-19 pandemic or the emergence of various variants of the virus; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products, including uncertainties regarding the impacts of the COVID-19 pandemic or the emergence of various variants of the virus that may result in factory closures, reduced workforces, scarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for Magnachip’s products due to government and private sector mandatory business closures, travel restrictions or the like to prevent the spread of disease; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on February 23, 2022 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 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

 

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,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Revenues:
Net sales – standard products business $         53,827 $         62,771 $         99,510 $       301,896 $       433,099
Net sales – transitional Fab 3 foundry services 7,163 8,428 10,825 35,762 41,131
Total revenues 60,990 71,199 110,335 337,658 474,230
Cost of sales:
Cost of sales – standard products business 37,150 45,497 62,206 202,347 283,503
Cost of sales – transitional Fab 3 foundry services 7,742 8,477 9,525 34,047 37,184
Total cost of sales 44,892 53,974 71,731 236,394 320,687
Gross profit 16,098 17,225 38,604 101,264 153,543
Gross profit as a percentage of standard products business net sales 31.0 % 27.5 % 37.5 % 33.0 % 34.5 %
Gross profit as a percentage of total revenues 26.4 % 24.2 % 35.0 % 30.0 % 32.4 %
Operating expenses:
Selling, general and administrative expenses 12,562 11,411 13,255 50,872 52,440
Research and development expenses 13,653 13,321 12,197 52,338 51,212
Merger-related income, net (49,369 ) (35,527 )
Other charges, net 2,501 (1,349 ) 3,298 2,011
Total operating expenses (income) 26,215 27,233 (25,266 ) 106,508 70,136
Operating income (loss) (10,117) (10,008) 63,870 (5,244) 83,407
Interest income 2,420 1,784 858 5,980 2,609
Interest expense (269) (278) (132 ) (1,157) (1,371 )
Foreign currency gain (loss), net 17,492 (12,809) 147 (3,019) (11,853 )
Other income, net (42) 174 89 561 1,177
Income (loss) before income tax expense (benefit) 9,484 (21,137) 64,832 (2,879) 73,969
Income tax expense (benefit) 6,513 (3,942) 11,221 5,157 17,261
Net income (loss) $           2,971 $       (17,195) $         53,611 $         (8,036) $         56,708
Basic earnings (loss) per common share— $             0.07 $           (0.38) $             1.16 $           (0.18) $             1.26
Diluted earnings (loss) per common share— $             0.07 $           (0.38) $             1.12 $           (0.18) $             1.21
Weighted average number of shares—
Basic 44,054,275 44,865,266 46,369,520 44,850,791 44,879,412
Diluted 44,731,683 44,865,266 47,691,816 44,850,791 47,709,373

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
(Unaudited)
December 31,
2022
December 31,
2021
(In thousands of U.S. dollars, except share data)
Assets
Current assets
Cash and cash equivalents $                 225,477 $                   279,547
Accounts receivable, net 35,380 50,954
Inventories, net 39,883 39,370
Other receivables 7,847 25,895
Prepaid expenses 10,560 7,675
Hedge collateral 2,940 3,060
Other current assets 15,766 2,619
Total current assets 337,853 409,120
Property, plant and equipment, net 110,747 107,882
Operating lease right-of-use assets 5,265 4,275
Intangible assets, net 1,930 2,377
Long-term prepaid expenses 10,939 8,243
Deferred income taxes 38,324 41,095
Other non-current assets 11,587 10,662
Total assets $                 516,645 $                   583,654
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $                   17,998 $                     37,593
Other accounts payable 9,702 6,289
Accrued expenses 9,688 20,071
Accrued income taxes 3,154 11,823
Operating lease liabilities 1,397 2,323
Other current liabilities 5,306 7,382
Total current liabilities 47,245 85,481
Accrued severance benefits, net 23,121 33,064
Non-current operating lease liabilities 4,091 1,952
Other non-current liabilities 14,035 10,395
Total liabilities 88,492 130,892
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022 and 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021 564 559
Additional paid-in capital 266,058 241,197
Retained earnings 335,506 343,542
Treasury stock, 12,607,874 shares at December 31, 2022 and 10,246,016 shares at December 31, 2021, respectively (161,422) (130,306 )
Accumulated other comprehensive loss (12,553) (2,230 )
Total stockholders’ equity 428,153 452,762
Total liabilities and stockholders’ equity $                 516,645 $                   583,654

 

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

Ended

Year Ended
December 31,
2022
December 31,
2022
December 31,
2021
Cash flows from operating activities
Net income (loss) $           2,971 $      (8,036) $       56,708
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Depreciation and amortization 3,775 15,000 14,239
Provision for severance benefits 1,126 6,289 8,282
Amortization of debt issuance costs and original issue discount 261
Loss (gain) on foreign currency, net (46,606) 19,729 32,432
Provision for inventory reserves 1,844 9,574 2,244
Stock-based compensation 1,550 6,037 7,704
Deferred income tax assets 56 278 918
Other, net 255 664 (613)
Changes in operating assets and liabilities
Accounts receivable, net 2,471 10,276 7,505
Inventories 582 (12,626) (5,939)
Other receivables 1,031 18,146 (21,538)
Other current assets 9,967 (4,150) 12,397
Accounts payable (1,533) (16,325) (11,437)
Other accounts payable (3,195) (9,410) (7,798 )
Accrued expenses (13,094) (7,228) 4,637
Accrued income taxes 3,083 (8,400) (1)
Deferred revenue (47) (1,261) (131)
Other current liabilities (276) (645) 1,445
Other non-current liabilities 226 749 (1,398 )
Contributions to severance insurance deposit accounts (7,662) (7,899) (5,688)
Payment of severance benefits (1,831) (6,012) (6,679)
Other, net 228 415 193
Net cash provided by (used in) operating activities (45,079) 5,165 87,743
Cash flows from investing activities
Proceeds from settlement of hedge collateral 12,427 15,232 5,214
Payment of hedge collateral (15,282) (3,349 )
Proceeds from disposal of property, plant and equipment 550 1,446
Purchase of property, plant and equipment (11,582) (23,394) (32,212 )
Payment for intellectual property registration (89) (390) (614 )
Collection of guarantee deposits 3,192
Payment of guarantee deposits (306) (2,381) (5,001 )
Other, net 495 737 (114 )
Net cash provided by (used in) investing activities 945 (24,928) (31,438 )
Cash flows from financing activities
Proceeds from exercise of stock options 1,786 4,279
Acquisition of treasury stock (8,895) (13,960) (1,653 )
Acquisition of stock under accelerated stock repurchase agreement (20,073)
Payment under accelerated stock repurchase agreement (17,427)
Repayment of financing related to water treatment facility arrangement (119) (500) (563 )
Others (20) (70) (107)
Net cash used in financing activities (9,034) (12,744) (35,544 )
Effect of exchange rates on cash and cash equivalents 27,814 (21,563) (21,154 )
Net decrease in cash and cash equivalents (25,354) (54,070) (393 )
Cash and cash equivalents
Beginning of the period 250,831 279,547 279,940
End of the period $       225,477 $    225,477 $   279,547

 

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 Year Ended
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Operating income (loss) $ (10,117) $ (10,008) $ 63,870 $ (5,244) $ 83,407
Adjustments:
Equity-based compensation expense 1,550 861 1,648 6,037 7,704
Inventory reserve related to Huawei impact of downstream trade restrictions (379) (1,460)
Merger-related income, net (49,369) (35,527)
Other charges, net 2,501 (1,349) 3,298 2,011
Adjusted Operating Income (Loss) $ (8,567) $ (6,646) $ 14,421 $ 4,091 $ 56,135

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 (ii) Inventory reserve related to Huawei impact of downstream trade restrictions (iii) Merger-related income, net and (iv) Other charges, net.

For the year ended December 31, 2022, Other charges, net includes $2.8 million of one-time employee incentives and professional service fees and expenses of $1.0 million, incurred in connection with certain strategic evaluations, both of which were offset in part by a $0.5 million gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi. For the year ended December 31, 2021, Other charges, net includes $3.4 million of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, partially offset by $1.4 million 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, 2021, we recorded in our consolidated statement of operations net gain of $35.5 million that represented income of $70.2 million 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 of the Company that was terminated in December 2021.

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME (LOSS)
(In thousands of U.S. dollars, except share data)
(Unaudited)
Three Months Ended Year Ended
December 31,
2022
September 30,
2022
December 31,
2021
December 31,
2022
December 31,
2021
Net income (loss) $           2,971 $        (17,195) $            53,611 $        (8,036) $           56,708
Adjustments:
Interest income (2,420) (1,784) (858) (5,980) (2,609)
Interest expense 269 278 132 1,157 1,371
Income tax expense (benefit) 6,513 (3,942) 11,221 5,157 17,261
Depreciation and amortization 3,775 3,623 3,663 15,000 14,239
EBITDA 11,108 (19,020) 67,769 7,298 86,970
Equity-based compensation expense 1,550 861 1,648 6,037 7,704
Foreign currency loss (gain), net (17,492) 12,809 (147) 3,019 11,853
Derivative valuation loss (gain), net 66 (146) (29) (135) (123)
Inventory reserve related to Huawei impact of downstream trade restrictions (379) (1,460)
Merger-related income, net (49,369) (35,527)
Other charges, net 2,501 (1,349) 3,298 1,284
Adjusted EBITDA $          (4,768) $          (2,995) $            18,144 $        19,517 $           70,701
Net income (loss) $            2,971 $        (17,195 ) $            53,611 $        (8,036) $           56,708
Adjustments:
Equity-based compensation expense 1,550 861 1,648 6,037 7,704
Foreign currency loss (gain), net (17,492) 12,809 (147) 3,019 11,853
Derivative valuation loss (gain), net 66 (146 ) (29) (135) (123)
Inventory reserve related to Huawei impact of downstream trade restrictions (379) (1,460)
Merger-related income, net (49,369) (35,527)
Other charges, net 2,501 (1,349) 3,298 1,284
Income tax effect on non-GAAP adjustments (2,943) 2,267 9,713 4,569 9,713
Adjusted Net Income (Loss) $         (15,848) $            1,097 $            13,699 $          8,752 $           50,152
Adjusted Net Income (Loss) per common share—
– Basic $             (0.36) $              0.02 $               0.30 $            0.20 $               1.12
– Diluted $             (0.36) $              0.02 $               0.29 $            0.19 $               1.07
Weighted average number of shares – basic 44,054,275 44,865,266 46,369,520 44,850,791 44,879,412
Weighted average number of shares – diluted 44,054,275 45,747,255 47,691,816 45,795,559 47,709,373

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 loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Inventory reserve related to Huawei impact of downstream trade restrictions, (v) Merger-related income, net and (vi) Other charges, net. EBITDA for the periods indicated is defined as net income (loss) before interest income, interest expense, income tax expense (benefit) and depreciation and amortization.

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

For the year ended December 31, 2022, Other charges, net includes $2.8 million of one-time employee incentives and professional service fees and expenses of $1.0 million, incurred in connection with certain strategic evaluations, both of which were offset in part by a $0.5 million gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi. For the year ended December 31, 2021, Other charges, net includes $3.4 million of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, partially offset by $1.4 million gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018) and $0.7 million legal settlement gain related to certain expenses incurred in prior periods in connection with our legacy Fab 4 (which was sold during the year ended December 31, 2020) and awarded in the third quarter of 2021.

For the year ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $35.5 million that represented income of $70.2 million 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 of the Company that was terminated in December 2021.

For the quarter and year ended December 31, 2021, the adjustment for GAAP and cash tax expense difference in connection with the release of valuation allowances will no longer be an adjustment included in the Company’s non-GAAP financial measure. As such, Adjusted Net Income and Adjusted Net Income per Common Share for Q4 2021 and for the full year 2021 presented here have been recast to reflect the removal of this adjustment in accordance with Securities and Exchange Commission guidance.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-reports-results-for-fourth-quarter-and-full-year-2022-301748807.html

SOURCE Magnachip Semiconductor Corporation

SEOUL, South KoreaJan. 3, 2023 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today that its management will participate virtually in the 25th Annual Needham Growth Conference on January 12, 2023.

(PRNewsfoto/Magnachip Semiconductor)Mr. YJ Kim, Magnachip’s chief executive officer, and Ms. Shinyoung Park, Magnachip’s chief financial officer, will be available for one-on-one meetings with institutional investors during the conference. For more information about the conference or to request a one-on-one meeting, please contact a Needham sales representative. 

 

About Magnachip Semiconductor Corporation

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com/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-participate-in-25th-annual-needham-growth-conference-301712139.html

SOURCE Magnachip Semiconductor Corporation

– 매그나칩의 8세대 150V MXT MOSFET은 개선된 온저항 특성과 TOLL 패키지로 모터 컨트롤러와 배터리 관리 시스템을 효율적으로 제어

 

2022년 12월 29일, 매그나칩반도체 유한회사(“매그나칩”) (대표이사 김영준, NYSE:MX)는 경전기차(LEV) 모터 컨트롤러와 배터리 관리 시스템(BMS)에 특화된 8세대 150V 1)MXT MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor)를 출시했다고 밝혔다.

전력 기기에서 전력 소모량 절감과 제품 안정성 개선을 위해 에너지 효율을 높이는 것은 매우 중요하다. 이번에 출시된 MDT15N054PTRH는 매그나칩의 8세대 Trench MOSFET 기술을 적용하여 이전 세대 제품과 비교해 2)온저항을 28% 낮추었다. 그리고, 코어 셀과 칩 종단부 설계를 개선하여 3)게이트 총 전하량 증가 없이 우수한 성능 지수(Figure of Merit)를 달성할 수 있게 되었다.

또한, Surface Mount Device 타입의 TOLL (TO-Leadless) 패키지를 적용하여 제품 크기를 줄이고 열 방출 기능을 개선했다. 그리고, 빠른 스위칭으로 에너지 효율을 크게 향상시켜 높은 파워 밀도를 구현했으며, 최대 -55~175℃ 접합 온도와 우수한 애벌런치 내구성을 갖추어 경전기차 모터 컨트롤러와 배터리 관리 시스템에 최적화되어 있다.

매그나칩 김영준 부회장은 “매그나칩은 2008년을 시작으로 모터 컨트롤러와 배터리 관리 시스템에 탑재되는 40여 종의 MOSFET을 출시했고, 2007년부터는 LEV 애플리케이션 시장을 주요 타깃으로 하여 제품을 개발해오고 있다.”라며, “앞으로도 시장의 다양한 기술적 요구 사항에 부합되는 혁신적인 고성능 MOSFET 제품을 계속해서 공급해 나갈 것”이라고 말했다.

 

MDT15N054PTRH 제품 특징

  • 낮은 온저항 및 스위칭 손실
  • 우수한 열 방출 능력
  • -55℃~최대 175℃의 접합 온도 보장
  • 경전기차 모터 컨트롤러 및 배터리 관리 시스템, 스위치 모드 전원 장치(SMPS)등 광범위한 애플리케이션에 적용 가능

 

매그나칩, 경전기차용 8세대 150V MXT MOSFET 공개
매그나칩, 경전기차용 8세대 150V MXT MOSFET 공개

 

 


1)MXT MOSFET(Magnachip eXtreme Trench MOSFET): LV MOSFET과 MV MOSFET을 포함한 매그나칩의 최첨단 Trench MOSFET 제품군

2)온저항(RDS(on)): MOSFET이 ON 동작할 때, 드레인과 소스 사이의 저항

3)게이트 총 전하량(Qg): MOSFET을 ON 동작시키기 위해 게이트 전극에 필요한 전하량

 

관련 링크

파워솔루션 > 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, 경전기차용 8세대 150V MXT MOSFET 공개

2022년 11월 15일, 매그나칩반도체 유한회사(“매그나칩”) (대표이사 김영준, NYSE:MX)는 OLED 디스플레이를 탑재한 IT 기기용 전력 관리 IC(Power Management Integrated Circuit, PMIC)를 첫 출시 했다고 밝혔다.

 

매그나칩, 첫 번째 OLED IT 기기용 전력 관리 IC 출시
매그나칩, 첫 번째 OLED IT 기기용 전력 관리 IC 출시

 

전력 관리 IC는 시스템에 필요한 전원을 안정적으로 공급하는 역할을 하는 핵심 부품으로 노트북과 태블릿 같은 모바일 IT 기기에서는 전력 관리의 효율성에 따라 배터리 수명이 결정되기 때문에 전력 관리 IC의 역할이 매우 중요하다.

이번에 출시된 전력 관리 IC에는 매그나칩의 고도로 통합된 파워 IC 기술이 적용되었다. I2C(Inter-Integrated Circuit)를 통한 전력 관리 IC와 시스템 간 통신으로 출력 전압 조정(Output Voltage Control), 블록별 On/Off, 전압 출력 시간 및 순서 조절, 보호회로 동작 표시, 출력 주파수 등을 제어하여 전체적인 연결성을 높이고 효과적인 전력 관리가 가능해졌다.

이번 제품에서 가장 주목할 점은 빠른 과도 응답 특성(Fast Transient Response)이다. 이 특성은 화면 전환이 빠른 영상에는 높은 주사율을 적용하고 화면 전환이 느리거나 변화가 적은 영상에는 낮은 주사율을 적용하는 디스플레이의 가변 주사율 기능을 지원한다. 이 기능으로 전력 소모는 줄어들면서 60Hz~240Hz의 주사율로 높은 품질의 게임 및 특수 영상이 자연스럽게 재생될 수 있다.

또한, 디스플레이 전원 회로 시스템의 구성이 간단해지고 콤팩트해졌다. 소스 드라이버와 게이트 드라이버에 전력을 공급하는 부스트 레귤레이터 1개, LDO(Low-dropout) 레귤레이터 1개, 기준 전압 연산 증폭기(Op-Amp) 2개 및 마이너스 전압 LDO 레귤레이터 3개, 그리고 타이밍 컨트롤러에 전원을 공급하는 전압 강하용 고전류 벅 레귤레이터 3개와 감마 버퍼용 연산 증폭기 2개가 이번 제품에 내장되었다. 그리고, 과전압 보호(Over Voltage Protection), 단락 회로 보호(Short Circuit Protection) 및 과열 보호 기능(thermal shutdown), 저전압 차단 기능(Under Voltage Lockout), 과전류 감지(Over Current Detection) 및 차단 기능(Over Current Shutdown) 그리고 클램프 회로 내장 등 다양한 보호 기능으로 제품의 안정성도 높였다.

시장조사업체 옴디아 데이터에 따르면, 노트북용 OLED 패널 출하량은 2022년 약 630만 대에서 2027년에는 약 3,920만 대로 매년 44.3% 성장할 것으로 보인다. 또한, 태블릿 PC용 OLED 패널 출하량은 2022년 390만 대에서 2027년 2,420만 대로 증가할 것으로 예측된다.

매그나칩 김영준 부회장은 “IT 기기의 OLED 적용 영역이 계속해서 늘어날 것으로 전망된다”라며, “매그나칩은 변화하는 시장 수요와 기술적 요구사항에 대응하여 IT 애플리케이션에 적용되는 프리미엄 전력 관리 IC 제품군을 확장해 나갈 것”이라고 말했다.

 

관련 링크

파워솔루션 > 개요

 

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, 첫 번째 OLED IT 기기용 전력 관리 IC 출시

Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today is correcting an error to its press release issued on November 2, 2022 announcing the Company’s financial results for the third quarter of 2022. Subsequent to the furnishing of the press release, the Company identified a scrivener’s error in the Non-GAAP reconciliation table attached to the press release for Adjusted Net Income per common share (basic and diluted) for the nine month period ended September 30, 2021, which should have been $0.82 and $0.78 per share, respectively, consistent with the Company’s prior reports for that historical period. No other amounts or information reported in the press release were changed. The complete, corrected release follows:

 

Magnachip Reports Results for Third Quarter 2022

  • Revenue of $71.2 million was within our guidance range. The year-over-year and sequential decline were primarily driven by the supply shortages of OLED wafers in the 2nd half of this year that impacted design-in projects from our large panel customer in Korea.
  • Gross profit margin was 24.2%, below the low end of our guidance range as we recorded a $3.3 million charge to scrap 12-inch wafers as a result of slowing demand caused by elevated smartphone inventories in China.
  • GAAP diluted loss per share was $0.38.
  • Non-GAAP diluted earnings per share was $0.02.

 

SEOUL, South KoreaNov. 4, 2022 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the third quarter of 2022.

(PRNewsfoto/Magnachip Semiconductor)Commenting on the results for the third quarter of 2022, YJ Kim, Magnachip’s chief executive officer stated, “Our Q3 revenue of $71.2 million was within our guidance range. As we mentioned last quarter, our Display business in the 2nd half is impacted by supply shortages of 28nm 12-inch OLED wafers that impacted design-in projects from our large panel customer in Korea, which are typically given in advance based on future wafer supply allocation. In addition, China covid lockdowns and the dramatic slowdown in consumer spending due to inflationary pressures reduced demand for smartphones and TVs and resulted in an oversupply of channel inventories, particularly in China. Our Power business also slowed due to lower consumer spending.”

YJ Kim continued, “While the global economic situation remains challenging, our balance sheet is strong, and we are focused on executing a recovery of our Display business. During the quarter, we successfully released our new OLED DDIC sample to our new panel customer and we expect to begin mass production in 2023. In addition, due to the global economic slowdown, we are seeing more wafer capacity availability and we are in discussion with multiple foundries to secure capacity and believe that our 2023 wafer supply will be more than two times higher than 2022. As such, we expect to see a significant recovery of Display business in 2023.”

 

Q3 2022 Financial Highlights

In thousands of U.S. dollars, except share data
GAAP
Q3 2022 Q2 2022 Q/Q change Q3 2021 Y/Y change
Revenues
Standard Products Business
Display Solutions 6,355 28,336 down 77.6 % 58,528 down 89.1 %
Power Solutions 56,416 62,952 down 10.4 % 58,887 down 4.2 %
Transitional Fab 3 foundry services(1) 8,428 10,088 down 16.5 % 9,585 down 12.1 %
Gross Profit Margin 24.2 % 28.6 % down 4.4 %pts 36.7 % down 12.5 %pts
Operating Income (Loss) (10,008) 2,002 down n/a 20,001 down n/a
Net Income (Loss) (17,195) (3,340) down n/a 10,768 down n/a
Basic Earnings (Loss) per Common Share (0.38) (0.07) down n/a 0.23 down n/a
Diluted Earnings (Loss) per Common Share (0.38) (0.07) down n/a 0.23 down n/a
In thousands of U.S. dollars, except share data
Non-GAAP(2)
Q3 2022 Q2 2022 Q/Q change Q3 2021 Y/Y change
Adjusted Operating Income (Loss) (6,646) 4,787 down n/a 22,691 down n/a
Adjusted EBITDA (2,995) 8,525 down n/a 26,361 down n/a
Adjusted Net Income 1,097 10,567 down 89.6 % 20,073 down 94.5 %
Adjusted Earnings per Common Share—Diluted 0.02 0.23 down 91.3 % 0.42 down 95.2 %

 

___________
(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 business lines.
(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 2022 Financial Guidance
The Company’s near-term outlook is being challenged by previous OLED wafer allocation constraints that impacted 2nd half design-in projects, elevated smartphone channel inventories, a pushout of the initial mass production ramp of our new OLED customer and weakening demand in consumer end markets on growing recession fears and cost increases, including labor, due to inflationary pressures. In addition, we estimate our Q4 revenue will be further negatively impacted by approximately $5 million of foreign exchange hedging instruments. While actual results may vary, looking into the next quarter, Magnachip currently expects:

  • Revenue to be in the range of $57 million to $62 million, including about $7 million of Transitional Fab 3 Foundry Services.
  • Gross profit margin to be in the range of 26 % to 28%.

 

Q3 2022 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Wednesday, November 2, 2022, 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/BIccd8bcc64c4a4092bc5e11273a22e8f2

 

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 2022 revenue and gross profit margin expectations, and the impact of market conditions associated with inflation and rising interest rates, the COVID-19 pandemic or the emergence of various variants of the virus, geopolitical conflict between Russia and Ukraine, and escalated trade tensions and supply constraints on Magnachip’s fourth 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 inflation, potential recessions or other deteriorations, economic instability or civil unrest; the COVID-19 pandemic or the emergence of various variants of the virus or other outbreaks of disease, and governmental lock-downs or other measures implemented in response thereto, and the Russia-Ukraine conflict; 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; effective and cost efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors, including those related to the Russia-Ukraine conflict; change or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the COVID-19 pandemic or the emergence of various variants of the virus; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products, including uncertainties regarding the impacts of the COVID-19 pandemic or the emergence of various variants of the virus that may result in factory closures, reduced workforces, scarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for Magnachip’s products due to government and private sector mandatory business closures, travel restrictions or the like to prevent the spread of disease; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on February 23, 2022 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,
2022
June 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Revenues:
Net sales – standard products business $         62,771 $         91,288 $         117,415 $       248,069 $       333,589
Net sales – transitional Fab 3 foundry services 8,428 10,088 9,585 28,599 30,306
Total revenues 71,199 101,376 127,000 276,668 363,895
Cost of sales:
Cost of sales – standard products business 45,497 63,620 71,641 165,197 221,297
Cost of sales – transitional Fab 3 foundry services 8,477 8,811 8,772 26,305 27,659
Total cost of sales 53,974 72,431 80,413 191,502 248,956
Gross profit 17,225 28,945 46,587 85,166 114,939
Gross profit as a percentage of standard products business net sales 27.5 % 30.3 % 39.0 % 33.4 % 33.7 %
Gross profit as a percentage of total revenues 24.2 % 28.6 % 36.7 % 30.8 % 31.6 %
Operating expenses:
Selling, general and administrative expenses 11,411 12,736 12,550 38,310 39,185
Research and development expenses 13,321 13,410 12,270 38,685 39,015
Merger-related costs 1,552 13,842
Other charges, net 2,501 797 214 3,298 3,360
Total operating expenses 27,233 26,943 26,586 80,293 95,402
Operating income (loss) (10,008) 2,002 20,001 4,873 19,537
Interest expense (278) (499 ) (113) (888) (1,239)
Foreign currency loss, net (12,809) (7,012 ) (7,579) (20,511) (12,000 )
Other income, net 1,958 1,272 1,608 4,163 2,839
Income (loss) before income tax expense (21,137) (4,237 ) 13,917 (12,363) 9,137
Income tax expense (benefit) (3,942) (897 ) 3,149 (1,356) 6,040
Net income (loss) $         (17,195) $          (3,340 ) $         10,768 $         (11,007) $           3,097
 

Basic earnings (loss) per common share—

$             (0.38) $            (0.07 ) $             0.23 $             (0.24) $             0.07
Diluted earnings (loss) per common share— $             (0.38) $            (0.07 ) $             0.23 $             (0.24) $             0.07
Weighted average number of shares—
Basic 44,865,266 44,897,278 46,449,234 45,119,214 44,377,250
Diluted 44,865,266 44,897,278 47,808,457 45,119,214 45,811,792

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars, except share data)
(Unaudited)
September 30,
2022
December 31,
2021
(In thousands of U.S. dollars, except share data)
Assets
Current assets
Cash and cash equivalents $                 250,831 $                   279,547
Accounts receivable, net 36,759 50,954
Inventories, net 37,298 39,370
Other receivables 8,248 25,895
Prepaid expenses 10,322 7,675
Hedge collateral 15,370 3,060
Other current assets 20,208 2,619
Total current assets 379,036 409,120
Property, plant and equipment, net 94,411 107,882
Operating lease right-of-use assets 4,928 4,275
Intangible assets, net 1,770 2,377
Long-term prepaid expenses 11,382 8,243
Deferred income taxes 34,299 41,095
Other non-current assets 10,382 10,662
Total assets $                 536,208 $                   583,654
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable $                   26,545 $                     37,593
Other accounts payable 14,809 6,289
Accrued expenses 15,800 20,071
Accrued income taxes 11,823
Operating lease liabilities 1,324 2,323
Other current liabilities 15,881 7,382
Total current liabilities 74,359 85,481
Accrued severance benefits, net 28,036 33,064
Non-current operating lease liabilities 3,811 1,952
Other non-current liabilities 16,787 10,395
Total liabilities 122,993 130,892
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,234,774 shares issued and 44,579,075 outstanding at September 30, 2022 and 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021 562 559
Additional paid-in capital 264,510 241,197
Retained earnings 332,535 343,542
Treasury stock, 11,655,699 shares at September 30, 2022 and 10,246,016 shares at December 31, 2021, respectively (152,161) (130,306 )
Accumulated other comprehensive loss (32,231) (2,230 )
Total stockholders’ equity 413,215 452,762
Total liabilities and stockholders’ equity $                 536,208 $                   583,654

 

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,
2022
September 30,
2022
September 30,
2021
Cash flows from operating activities
Net income (loss) $    (17,195) $     (11,007) $       3,097
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization 3,623 11,225 10,576
Provision for severance benefits 1,923 5,163 5,514
Amortization of debt issuance costs and original issue discount 261
Loss on foreign currency, net 37,152 66,335 32,607
Provision for inventory reserves 2,448 7,730 1,484
Stock-based compensation 861 4,487 6,056
Other, net (81) 631 442
Changes in operating assets and liabilities
Accounts receivable, net 20,182 7,805 6,696
Inventories (7,722) (13,208) (4,561)
Other receivables 5,475 17,115 (5,287)
Other current assets (12,028) (14,117) 7,933
Accounts payable (17,221) (14,792) (16,192)
Other accounts payable (354) (6,215) (3,729)
Accrued expenses 8,575 5,866 (1,641 )
Accrued income taxes 30 (11,483) (8,308)
Other current liabilities 570 (1,583) 555
Other non-current liabilities (47) 523 (666 )
Payment of severance benefits (1,247) (4,181) (4,772)
Other, net 335 (50) (49 )
Net cash provided by operating activities 25,279 50,244 30,016
Cash flows from investing activities
Proceeds from settlement of hedge collateral 2,805 3,995
Payment of hedge collateral (8,438) (15,282) (2,744 )
Purchase of property, plant and equipment (10,301) (11,812) (13,368)
Payment for intellectual property registration (148) (301) (455)
Collection of guarantee deposits 3,192
Payment of guarantee deposits (1,026) (2,075) (4,960 )
Other, net 778 792 (103)
Net cash used in investing activities (19,135) (25,873) (14,443 )
Cash flows from financing activities
Proceeds from exercise of stock options 1,786 3,920
Acquisition of treasury stock (3,239) (5,065) (1,653 )
Repayment of financing related to water treatment facility arrangement (120) (381) (427 )
Repayment of principal portion of finance lease liabilities (18) (50) (49)
Net cash provided by (used in) financing activities (3,377) (3,710) 1,791
Effect of exchange rates on cash and cash equivalents (25,733) (49,377) (21,003)
Net decrease in cash and cash equivalents (22,966) (28,716) (3,639 )
Cash and cash equivalents
Beginning of the period 273,797 279,547 279,940
End of the period $   250,831 $     250,831 $   276,301

 

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,
2022
June 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Operating income (loss) $ (10,008) $ 2,002 $ 20,001 $ 4,873 $ 19,537
Adjustments:
Equity-based compensation expense 861 1,988 2,005 4,487 6,056
Inventory reserve related to Huawei (1,081) (1,081)
Merger-related costs 1,552 13,842
Other charges, net 2,501 797 214 3,298 3,360
Adjusted Operating Income (Loss) $ (6,646) $ 4,787 $ 22,691 $ 12,658 $ 41,714

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 (ii) Inventory reserve related to Huawei (iii) Merger-related costs and (iv) Other charges, net. For the three and nine months ended September 30, 2022, Other charges, net includes $2.8 million of one-time employee incentives, in each period, and professional service fees and expenses of $0.2 million and $1.0 million, respectively, incurred in connection with certain strategic evaluations, both of which were offset in part by a $0.5 million gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi. For the three and nine months ended September 30, 2021, Other charges, net includes professional service fees and expenses of $0.2 million and $3.4 million, respectively, incurred in connection with the regulatory requests.

 

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME
(In thousands of U.S. dollars, except share data)
(Unaudited)
Three Months Ended Nine Months Ended
September 30,
2022
June 30,
2022
September 30,
2021
September 30,
2022
September30,
2021
Net income (loss) $        (17,195 ) $         (3,340 ) $            10,768 $     (11,007) $         3,097
Adjustments:
Interest income, net (1,506 ) (562 ) (439) (2,672 ) (512)
Income tax expense (benefit) (3,942) (897 ) 3,149 (1,356) 6,040
Depreciation and amortization 3,623 3,711 3,578 11,225 10,576
EBITDA (19,020 ) (1,088 ) 17,056 (3,810) 19,201
Equity-based compensation expense 861 1,988 2,005 4,487 6,056
Foreign currency loss, net 12,809 7,012 7,579 20,511 12,000
Derivative valuation gain, net (146) (184 ) (237) (201) (94)
Inventory reserve related to Huawei (1,081) (1,081)
Merger-related costs 1,552 13,842
Other charges, net 2,501 797 (513) 3,298 2,633
Adjusted EBITDA $           (2,995) $          8,525 $           26,361 $       24,285 $          52,557
Net income (loss) $         (17,195) $         (3,340 ) $           10,768 $       (11,007) $            3,097
Adjustments:
Equity-based compensation expense 861 1,988 2,005 4,487 6,056
Foreign currency loss, net 12,809 7,012 7,579 20,511 12,000
Derivative valuation gain, net (146 ) (184 ) (237) (201 ) (94)
Inventory reserve related to Huawei (1,081) (1,081)
Merger-related costs 1,552 13,842
Other charges, net 2,501 797 (513) 3,298 2,633
Income tax effect on non-GAAP adjustments 2,267 4,294 7,512
Adjusted Net Income $             1,097 $         10,567 $         20,073 $       24,600 $        36,453
Adjusted Net Income per common share—
– Basic $              0.02 $             0.24 $             0.43 $           0.55 $              0.82
– Diluted $             0.02 $             0.23 $             0.42 $           0.53 $              0.78
Weighted average number of shares – basic 44,865,266 44,897,278 46,449,234 45,119,214 44,377,250
Weighted average number of shares – diluted 45,747,255 45,937,515 47,808,457 46,134,231 47,718,578

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, net, (iii) Derivative valuation gain, net, (iv) Inventory reserve related to Huawei, (v) Merger-related costs and (vi) Other charges, net. EBITDA for the periods indicated is defined as net income (loss) before interest income, net, income tax expense (benefit) and depreciation and amortization.

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

For the three and nine months ended September 30, 2022, Other charges, net includes $2.8 million of one-time employee incentives, in each period, and professional service fees and expenses of $0.2 million and $1.0 million, respectively, incurred in connection with certain strategic evaluations, both of which were offset in part by a $0.5 million gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi. For the three and nine months ended September 30, 2021, Other charges, net includes professional service fees and expenses of $0.2 million and $3.4 million, respectively, incurred in connection with the regulatory requests, both of which were offset in part by a $0.7 million legal settlement gain related to certain expenses incurred in prior periods in connection with our legacy Fab 4 (which was sold during the year ended December 31, 2020) and awarded in the third quarter of 2021.

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-reports-results-for-third-quarter-2022-301665747.html

SOURCE Magnachip Semiconductor Corporation