News Archives - Page 6 of 22 - 매그나칩반도체

Revenue of $104.1 million was down 5.7% sequentially and down 15.4% year-over-year (YoY). The decrease was mainly due to a 29.3% sequential decline in Display solutions revenue as a result of continued severe supply shortage of 28nm 12″ OLED wafers, partially offset by record revenue in our Power solutions business, which was up 11.4% sequentially and 20.0% YoY on strong demand in premium products.
Gross profit margin was 37.5%, up 250 basis points from Q4 and up over 960 basis points from Q1 a year ago. The YoY increase was primarily attributable to an improved product mix, combined with an increase in average selling price under a favorable pricing environment. Sequentially, Q1 benefited by approximately 200 basis points from the timing mismatch of lower cost 12″ wafers purchased in a prior period and sold in Q1.
GAAP diluted earnings per share (EPS) was $0.20.
Non-GAAP diluted EPS was $0.28.

SEOUL, South Korea, May 3, 2022 – Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the first quarter of 2022.

Commenting on the results for the first quarter of 2022, YJ Kim, Magnachip’s chief executive officer stated, “In Q1, we reported revenue of $104.1 million and non-GAAP EPS of 28 cents, which was an increase of 27% year-over-year bolstered by a strong gross profit margin. As expected, OLED revenue remained severely impacted by the shortage of 28nm 12-inch wafer supply; however, this impact was somewhat offset by strength in our Power solutions business, which achieved yet another record quarterly revenue.”

YJ Kim continued, “Looking forward, the ongoing lockdowns in China has added new challenges to an already stressed supply chain. Despite the current macro issues, which may limit our near-term growth, our recent design tractions with an existing OLED customer, broadening customer base, and new wafer capacity later this year give us confidence and optimism about our long-term growth.”

Q1 2022 Financial Highlights


	In thousands of U.S. dollars, except share data
	GAAP
	Q1 2022		Q4 2021			Q/Q change					Q1 2021			Y/Y change
Revenues
Standard Products Business
Display Solutions	29,185			41,298			down	29.3	%			58,895			down	50.4	%
Power Solutions	64,825			58,212			up	11.4	%			54,011			up	20.0	%
Transitional Fab 3 foundry services⁽¹⁾	10,083			10,825			down	6.9	%			10,113			down	0.3	%
Gross Profit Margin	37.5	%		35.0	%		up	2.5	%	pts		27.9	%		up	9.6	%	pts
Operating Income (Loss)⁽²⁾	12,879			63,870			down	79.8	%			(2,091)			up	n/a
Net Income (Loss)	9,528			53,611			down	82.2	%			(7,473)			up	n/a
Basic Earnings (Loss) per Common Share	0.21			1.16			down	81.9	%			(0.19)			up	n/a
Diluted Earnings (Loss) per Common Share	0.20			1.12			down	82.1	%			(0.19)			up	n/a

	In thousands of U.S. dollars, except share data
	Non-GAAP⁽³⁾
	Q1 2022		Q4 2021			Q/Q change					Q1 2021			Y/Y change
Adjusted Operating Income	14,517			14,421			up	0.7	%			9,971			up	45.6	%
Adjusted EBITDA	18,755			18,144			up	3.4	%			13,504			up	38.9	%
Adjusted Net Income	12,936			14,606			down	11.4	%			9,346			up	38.4	%
Adjusted Earnings per Common Share—Diluted	0.28			0.31			down	9.7	%			0.22			up	27.3	%


(1)	Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, and for a period of up to three years, we will provide transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi (“Transitional Fab 3 Foundry Services”). Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products display solutions and power solutions businesses.
(2)	For the three months ended December 31, 2021, operating income of $63.9 million included net gain of $49.4 million that represented $70.2 million income from the recognition of a reverse termination fee, net of professional service fees and expenses of $20.8 million incurred in connection with the contemplated merger transaction.
(3)	Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income (loss) or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

Q2 2022 Financial Guidance
Our near-term outlook is still being challenged by persisting supply constraints, especially for 28nm 12″ wafers. While actual results may vary, looking into the next quarter, Magnachip currently expects:

Revenue to be in the range of $100 million to $105 million, including about $9.5 million of Transitional Fab 3 Foundry Services.
Gross profit margin to be in the range of 33% to 35%.

Q1 2022 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on May 3, 2022 to discuss its financial results. The conference call will be webcast live and also is available by dialing toll-free at 1-844-536-5472 in US/Canada. International call-in participants can dial 1-614-999-9318. The conference ID number is 2619959. Participants are encouraged to initiate their calls at least 10 minutes in advance of the start time to ensure a timely connection. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the company’s website at www.magnachip.com. A replay of the conference call will be available until 8:00 p.m. ET on May 10, 2022. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The conference ID number is 2619959.

Safe Harbor for Forward-Looking Statements
Information in this release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including second quarter 2022 revenue and gross profit margin expectations, and the impact of the COVID-19 pandemic or the emergence of various variants of the virus, escalated trade tensions and supply constraints on Magnachip’s second quarter 2022 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic and/or general economic conditions, including those caused by or related to the COVID-19 pandemic or the emergence of various variants of the virus and governmental lock-downs or other measures implemented in response thereto, other outbreaks of disease, the Russia-Ukraine crisis, recessions, economic instability or civil unrest; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs, as well as impacting demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely design acceptance by our customers; timely introduction of new products and technologies; ability to ramp new products into volume production; industry wide shifts in supply and demand for semiconductor products; industry and/or company overcapacity or supply constraints; effective and cost efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors, including those related to the Russia-Ukraine crisis; change or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the COVID-19 pandemic or the emergence of various variants of the virus; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products, including uncertainties regarding the impacts of the COVID-19 pandemic or the emergence of various variants of the virus that may result in factory closures, reduced workforces, scarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for Magnachip’s products due to government and private sector mandatory business closures, travel restrictions or the like to prevent the spread of disease; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on February 23, 2022 (including that the impact of the COVID-19 pandemic or the emergence of various variants of the virus, trade tensions and supply constraints may also exacerbate the risks discussed therein) and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor
Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,150 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

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

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


		Three Months Ended
	March 31,				December 31,				March 31,
	2022				2021				2021
Revenues:
Net sales – standard products business		$	94,010			$	99,510			$	112,906
Net sales – transitional Fab 3 foundry services			10,083				10,825				10,113
Total revenues			104,093				110,335				123,019
Cost of sales:
Cost of sales – standard products business			56,080				62,206				79,247
Cost of sales – transitional Fab 3 foundry services			9,017				9,525				9,390
Total cost of sales			65,097				71,731				88,637
Gross profit			38,996				38,604				34,382
Gross profit as a percentage of standard products business net sales			40.3	%			37.5	%			29.8	%
Gross profit as a percentage of total revenues			37.5	%			35.0	%			27.9	%
Operating expenses:
Selling, general and administrative expenses			14,163				13,255				12,634
Research and development expenses			11,954				12,197				13,423
Merger-related costs (income), net			—				(49,369)				9,831
Other charges, net			—				(1,349)				585
Total operating expenses (income)			26,117				(25,266)				36,473
Operating income (loss)			12,879				63,870				(2,091)
Interest expense			(111)				(132)				(1,041)
Foreign currency gain (loss), net			(690)				147				(4,671)
Other income, net			933				947				620
Income (loss) before income tax expense			13,011				64,832				(7,183)
Income tax expense			3,483				11,221				290
Net income (loss)		$	9,528			$	53,611			$	(7,473)
Basic earnings (loss) per common share—		$	0.21			$	1.16			$	(0.19)
Diluted earnings (loss) per common share—		$	0.20			$	1.12			$	(0.19)
Weighted average number of shares—
Basic			45,603,208				46,369,520				40,292,838
Diluted			46,693,294				47,691,816				40,292,838

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


	March 31, 2022		December 31, 2021
Assets
Current assets
Cash and cash equivalents		$ 284,921		$ 279,547
Accounts receivable, net		51,208		50,954
Inventories, net		36,947		39,370
Other receivables		26,121		25,895
Prepaid expenses		9,124		7,675
Hedge collateral		4,060		3,060
Other current assets		9,262		2,619
Total current assets		421,643		409,120
Property, plant and equipment, net		102,675		107,882
Operating lease right-of-use assets		3,719		4,275
Intangible assets, net		2,203		2,377
Long-term prepaid expenses		6,771		8,243
Deferred income taxes		40,246		41,095
Other non-current assets		10,608		10,662
Total assets		$ 587,865		$ 583,654
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$ 37,566		$ 37,593
Other accounts payable		7,707		6,289
Accrued expenses		20,573		20,071
Accrued income taxes		9,361		11,823
Operating lease liabilities		2,223		2,323
Other current liabilities		6,989		7,382
Total current liabilities		84,419		85,481
Accrued severance benefits, net		32,572		33,064
Non-current operating lease liabilities		1,496		1,952
Other non-current liabilities		8,216		10,395
Total liabilities		126,703		130,892
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,225,441 shares issued and 44,894,385 outstanding at March 31, 2022 and 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021		562		559
Additional paid-in capital		261,830		241,197
Retained earnings		353,070		343,542
Treasury stock, 11,331,056 shares at March 31, 2022 and 10,246,016 shares at December 31, 2021, respectively		(148,523 )		(130,306 )
Accumulated other comprehensive loss		(5,777 )		(2,230 )
Total stockholders’ equity		461,162		452,762
Total liabilities and stockholders’ equity		$ 587,865		$ 583,654

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


	Three Months Ended
	March 31, 2022	March 31, 2021
Cash flows from operating activities
Net income (loss)	$ 9,528	$ (7,473 )
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	3,891	3,448
Provision for severance benefits	1,670	1,771
Amortization of debt issuance costs and original issue discount	—	261
Loss on foreign currency, net	6,380	14,873
Provision for inventory reserves	145	1,504
Stock-based compensation	1,638	1,646
Other, net	161	154
Changes in operating assets and liabilities
Accounts receivable, net	(1,213 )	9,794
Inventories	1,456	6,071
Other receivables	667	(1,438 )
Other current assets	(6,829 )	5,427
Accounts payable	538	(7,701 )
Other accounts payable	(702 )	1,570
Accrued expenses	187	2,393
Accrued income taxes	(2,346 )	(10,700 )
Other current liabilities	(711 )	1,087
Other non-current liabilities	(73 )	18
Payment of severance benefits	(1,389 )	(1,493 )
Other, net	(178 )	12
Net cash provided by operating activities	12,820	21,224
Cash flows from investing activities
Proceeds from settlement of hedge collateral	1,829	—
Payment of hedge collateral	(2,891 )	—
Purchase of property, plant and equipment	(944 )	(1,082 )
Payment for intellectual property registration	(59 )	(171 )
Other, net	(77 )	(111 )
Net cash used in investing activities	(2,142 )	(1,364 )
Cash flows from financing activities
Proceeds from exercise of stock options	1,781	2,538
Acquisition of treasury stock	(830 )	(1,540 )
Repayment of financing related to water treatment facility arrangement	(134 )	(144 )
Repayment of principal portion of finance lease liabilities	(16 )	(16 )
Net cash provided by financing activities	801	838
Effect of exchange rates on cash and cash equivalents	(6,105 )	(10,444 )
Net increase in cash and cash equivalents	5,374	10,254
Cash and cash equivalents at beginning of period	279,547	279,940
Cash and cash equivalents at end of period	$ 284,921	$ 290,194

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

		Three Months Ended
	March 31,			December 31,			March 31,
	2022			2021			2021
Operating income (loss)		$	12,879		$	63,870		$	(2,091)
Adjustments:
Equity-based compensation expense			1,638			1,648			1,646
Inventory reserve related to Huawei impact of downstream trade restrictions			—			(379)			—
Merger-related costs (income), net			—			(49,369)			9,831
Other charges, net			—			(1,349)			585
Adjusted Operating Income		$	14,517		$	14,421		$	9,971

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

For the three months ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $49,369 thousand that represented income of $70,200 thousand from the recognition of a reverse termination fee, net of professional service fees and expenses of $20,831 thousand incurred in connection with the contemplated merger transaction of the Company that was terminated in December 2021. For the same period, we also recorded $1,419 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018), partially offset by $70 thousand of non-recurring expenses incurred in connection with the regulatory requests.

For the three months ended March 31, 2021, we recorded $9,831 thousand non-recurring professional service fees and expenses incurred in connection with the contemplated merger transaction. For the same period, we also recorded $585 thousand non-recurring professional service fees and expenses incurred in connection with the regulatory requests.

MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA AND ADJUSTED NET INCOME

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

(Unaudited)


	Three Months Ended
	March 31,		December 31,		March 31,
	2022		2021		2021
Net income (loss)	$	9,528	$	53,611	$	(7,473)
Adjustments:
Interest expense (income), net		(604)		(726)		420
Income tax expense		3,483		11,221		290
Depreciation and amortization		3,891		3,663		3,448
EBITDA		16,298		67,769		(3,315)
Equity-based compensation expense		1,638		1,648		1,646
Foreign currency loss (gain), net		690		(147)		4,671
Derivative valuation loss (gain), net		129		(29)		86
Inventory reserve related to Huawei impact of downstream trade restrictions		—		(379)		—
Merger-related costs (income), net		—		(49,369)		9,831
Other charges, net		—		(1,349)		585
Adjusted EBITDA	$	18,755	$	18,144	$	13,504
Net income (loss)	$	9,528	$	53,611	$	(7,473)
Adjustments:
Equity-based compensation expense		1,638		1,648		1,646
Foreign currency loss (gain), net		690		(147)		4,671
Derivative valuation loss (gain), net		129		(29)		86
Inventory reserve related to Huawei impact of downstream trade restrictions		—		(379)		—
Merger-related costs (income), net		—		(49,369)		9,831
Other charges, net		—		(1,349)		585
GAAP and cash tax expense difference		—		907		—
Income tax effect on non-GAAP adjustments		951		9,713		—
Adjusted Net Income	$	12,936	$	14,606	$	9,346
Adjusted Net Income per common share—
– Basic	$	0.28	$	0.31	$	0.23
– Diluted	$	0.28	$	0.31	$	0.22
Weighted average number of shares – basic		45,603,208		46,369,520		40,292,838
Weighted average number of shares – diluted		46,693,294		47,691,816		47,470,416

We present Adjusted EBITDA and Adjusted Net Income as supplemental measures of our performance. We define Adjusted EBITDA for the periods indicated as EBITDA (as defined below), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Inventory reserve related to Huawei impact of downstream trade restrictions, (v) Merger-related costs (income), net and (vi) Other charges, net. EBITDA for the periods indicated is defined as net income (loss) before interest expense (income), net, income tax expense and depreciation and amortization.

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

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SOURCE Magnachip Semiconductor Corporation

– 40V MOSFET의 낮은 온저항으로 효율적인 자동차 BLDC 모터 제어

– 차량용 반도체 시장 본격 진입으로 글로벌 시장 점유율 확대 예상

2022년 4월 28일, 매그나칩반도체 유한회사(“매그나칩”) (대표이사 김영준, NYSE:MX)는 자동차 BLDC (Brushless Direct Current) 모터를 제어하는 40V MOSFET (Metal-Oxide-Semiconductor Field-Effect Transistor) 신제품을 출시했다고 밝혔다.

각국에서 환경 보호를 위한 탄소 중립 정책을 추진하면서 전기차 시장이 크게 성장하고 있다. 시장조사업체 옴디아에 따르면, 2022년부터 2025년까지 전기차 시장의 연평균 성장률은 27%로 예측된다. 이에 따라, 높은 차량 연비, 내구성 등의 특징으로 전기차에 주로 사용되는 BLDC 모터와 BLDC 모터의 효율적인 구동을 지원하는 MV MOSFET에 대한 수요도 계속해서 증가할 것으로 보인다. 매그나칩은 낮은 온저항 R_DS(on)*으로 발열 손실을 낮춘 자동차 BLDC 모터 제어용 40V MOSFET를 개발했고, 지난 4월, 본격적으로 양산에 돌입했다.

차량용 반도체는 안전사고 등 사람의 생명과 직결되는 문제를 야기할 수 있기 때문에 신뢰성이 매우 중요하다. 이번에 출시된 매그나칩의 40V MOSFET은 자동차 기기 신뢰성 표준인 AEC-Q101 (Automotive Electronics Council-Q101) 인증을 획득하여 신뢰성과 품질을 인정받았다. 이 MOSFET은 글로벌 자동차 제조사가 새로 출시하는 자동차 모델의 EWP (Electric Water Pump)에 탑재될 예정이고, BLDC 모터의 삼상 제어를 안정적으로 지원하기 때문에 EOP (Electric Oil Pump), ECF (Engine Cooling Fan), EPS (Electric Power Steering), BCF (Battery Cooling Fan) 등에도 최적화되어 있다.

매그나칩은 전력 반도체 분야에서 10여 년 이상 축적해온 기술력과 우수한 제품으로 차량용 반도체 시장에서 사업 영역을 확장해가고 있다. 글로벌 반도체 공급 부족 현상이 2023년도까지 지속될 것으로 전망되면서, 매그나칩은 안정적인 제품 공급이 가능한 IDM 업체로써 주목받고 있다.

매그나칩 김영준 대표 이사는 “자동차 시장 경쟁이 치열해지면서 전기차뿐만 아니라 내연기관 차량에도 MV MOSFET에 대한 수요가 빠르게 증가하고 있다”라며, “이번 40V MOSFET 출시와 함께 글로벌 시장에서 입지를 더욱 공고히 하고 업계 점유율을 확대해 갈 것”이라고 말했다.

*온저항 R_DS(on) : MOSFET이 ON 동작할 때, 드레인과 소스 사이에 발생하는 저항

관련 링크

MV 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 1,150건의 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 Blueshirt Group
Tel. +1-860-214-0809
investor.relations@maganachip.com

미국 (투자자):
So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
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. +82-2-6903-5223
pr@maganachip.com

In the media

매그나칩, 자동차 BLDC 모터 제어용 40V MOSFET 신제품 출시

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

The conference call will be webcast live and also is available by dialing toll-free at 1-844-536-5472 in US/Canada. International call-in participants can dial 1-614-999-9318. The conference ID number is 2619959. Participants are encouraged to initiate their calls at least 10 minutes in advance of the start time to ensure a timely connection. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the company’s website at www.magnachip.com/kr. A replay of the conference call will be available until 8:00 p.m. ET on May 10, 2022. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The conference ID number is 2619959.

About Magnachip Semiconductor Corporation

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,150 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com/kr. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACTS:

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

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/magnachip-to-announce-first-quarter-2022-financial-results-on-may-3-301518222.html

SOURCE Magnachip Semiconductor Corporation

SEOUL, South Korea, Jan. 31, 2022 /PRNewswire/ — Magnachip Semiconductor Corporation (“Magnachip”) (NYSE: MX) announced today it will report its results for the fourth quarter and year ended December 31, 2021 on Wednesday, February 16, 2022 after the close of market. The Company will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET to discuss its financial results.

The conference call will be webcast live and also is available by dialing toll-free at 1-844-536-5472 in US/Canada. International call-in participants can dial 1-614-999-9318. The conference ID number is 1582546. Participants are encouraged to initiate their calls at least 10 minutes in advance of the start time to ensure a timely connection. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the company’s website at www.magnachip.com/kr. A replay of the conference call will be available until 8:00 p.m. ET on February 23, 2022. The replay dial-in numbers are 1-404-537-3406 or toll-free at 1-855-859-2056. The conference ID number is 1582546.

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,200 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com/kr. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

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

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

SOURCE Magnachip Semiconductor Corporation

하이사이드·로우사이드 스위치 동기화로 고효율 구현

2022년 3월 15일, 매그나칩반도체(대표이사 김영준, NYSE:MX)는 SSD용 낸드플래시, OLED 패널, 블루투스 스피커 등 다양한 애플리케이션에 적용되는 동기식 부스트 컨버터를 출시했다고 밝혔다.

이번에 출시된 동기식 부스트 컨버터는 빠른 과도 응답 기능을 탑재하여 전압 변동을 단시간 내에 줄이고 안정적인 전력 공급을 지원하여 전류량 변동이 큰 기기에 최적화되어 있다.

이번 제품에서 주목할만한 점은 낮은 저항의 스위치를 동기화하여 타사 비동기식 부스트 컨버터의 무부하 동작 전류 2mA와 비교해 그 수치를 최대 1.5mA까지 낮추었다는 것이다. 이 부스트 컨버터는 전원이 꺼지면, 내장된 전원 차단 스위치가 입력 전원이 출력 핀으로 방출되는 것을 막는다. 그리고, 외부 커패시터와 저항값을 조절하여 소프트 스타트 기능을 사용할 수 있다. 이 기능을 작동하면, 전류가 급격하게 돌입하는 것을 제한하여 외부 회로에 안정적으로 전원을 공급할 수 있게 된다.

이 동기식 부스트 컨버터에서는 전자회로 보호를 위한 과전류, 과전압 및 과열 보호 기능, 출력 전하 방전 기능, 저전압 차단 기능 등을 2.5mm x 2.5mm의 작은 DFN (Dual Flat No Leads package) 패키지에 구현했다. 그리고, 1.2MHz 고속 스위칭 주파수로 동작하여 외부에 작은 크기와 용량의 4.7µH 인덕터를 연결할 수 있고, 이로 인해 인쇄 회로 기판 크기가 축소된다. 또한, 할로겐 프리 규정과 RoHS (Restriction of the Use of certain Hazardous Substances in Electrical and Electronic Equipment)에 따라, 유해물질이 포함되지 않은 패키징만을 사용하여, 친환경적이고 지속 가능한 반도체 제품 생산에 노력했다.

매그나칩 김영준 대표 이사는 “매그나칩은 지난 10년 동안, TV, 조명, 디스플레이 패널, 모바일 및 IoT 기기에 탑재되는 전력 솔루션을 개발해 왔다”라며 “앞으로 검증된 기술력을 기반으로 전압 강압·승압, 다채널, 증폭기, 전원차단 스위치 IC와 같은 기능을 다양한 제품에 적용하여, 통합적인 전력관리 반도체로 구성된 차세대 제품 포트폴리오를 확장해 나갈 것”이라고 말했다.

관련 링크

DC-DC Converters

매그나칩반도체

CONTACTS:

미국 (투자자):
So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
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. +82-2-6903-5223
pr@maganachip.com

In the media

매그나칩, 고성능 동기식 부스트 컨버터 출시

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

Magnachip Semiconductor to Participate at the 34th Annual Roth Conference

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

About Magnachip Semiconductor Corporation

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip with more than 40 years of operating history, owns a portfolio of approximately 1,150 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com/kr. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

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

In the Media

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

Magnachip Semiconductor to Participate at the 34th Annual Roth Conference

매그나칩반도체(“매그나칩”) (대표이사 김영준, NYSE: MX)는 OLED TV에 탑재되는 OLED 디스플레이 드라이버 IC(DDIC)를 본격적으로 양산하기 시작했다고 밝혔다.

최근 코로나 19 장기화로 실내에서 스트리밍 서비스와 TV를 이용한 콘솔 게임을 즐기는 이용자들이 증가하면서 고화질의 대형 TV에 대한 수요가 높아졌고, 글로벌 TV 제조사들은 이러한 트렌드를 반영해 프리미엄 OLED TV 모델을 출시하고 있다. 이에 따라, 매그나칩은 차별화된 고전압 아날로그 공정과 정교한 설계 기술을 기반으로 UHD OLED TV용 DDIC 제품을 개발하여 작년 말 양산에 돌입했다.

이 제품은 최대 960개의 소스 출력 채널을 지원하며 COF 패키지와 고속 직렬 인터페이스를 사용하여 UHD OLED TV에 적합하다. 또한, 화질 최적화 IP가 내장되어 있고, HD (1,366 x 768)에서 UHD 4K (3,840 x 2,160)까지 다양한 해상도를 지원하며, 40인치에서 80인치 사이의 패널 크기를 가진 디스플레이에도 적용될 수 있다.

시장조사업체 옴디아에 따르면, 전 세계 OLED TV 패널 출하량은 2021년 740만대에서 2025년에는 1,270만대까지 늘어나고 연평균 성장률은 14% 정도가 될 것으로 예측된다. 이러한 성장 추세에 탄력을 받아 OLED DDIC 솔루션에 대한 수요도 증가할 것으로 보인다.

매그나칩 김영준 대표이사 부회장은 “프리미엄 TV 시장에서 OLED TV가 차지하는 비율이 높아지고 있고, OLED DDIC에 대한 수요도 크게 증가하고 있다.”라며 “매그나칩은 대형 OLED 디스플레이용 DDIC 시장에서도 고성능 제품을 적기에 제공하여 기술 리더십을 공고히 하고, 다양한 IT 기기 및 자동차 등 광범위한 애플리케이션을 위한 OLED DDIC 솔루션으로 제품 포트폴리오를 계속해서 다변화해갈 것”이라고 말했다.

관련 링크

Large DDIC

매그나칩반도체

CONTACTS:

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

USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com

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

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

SEOUL, South Korea, Feb. 16, 2022 /PRNewswire/ — Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the fourth quarter and full-year 2021.Commenting on the results for the fourth quarter of 2021, YJ Kim, Magnachip’s chief executive officer stated, “For the fourth quarter, the demand and signals from our customers remained strong across the board. However, severe supply constraints continued to significantly limit our OLED revenue potential, which was partially offset by strong Power business. We reported $110.3 million in revenue and 31 cents in non-GAAP diluted EPS for the fourth quarter.”

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

Q4 and 2021 Financial Highlights

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

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

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

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

(1)Following the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, and for a period of up to three years, we will provide transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi (“Transitional Fab 3 Foundry Services”). Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products display solutions and power solutions businesses.

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

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

(4)Non-GAAP financial measures are calculated based on the results from continuing operations. Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income from continuing operations or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

Q1 2022 Financial Guidance
Our near-term outlook is still being challenged by persisting supply constraints especially for 28nm 12″ wafers. While actual results may vary, looking into the next quarter, which typically presents seasonal softness, Magnachip anticipates Q1 2022 to be the bottom and currently expects:

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

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

Safe Harbor for Forward-Looking Statements
Information in this release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including first quarter 2022 revenue and gross profit margin expectations, and the impact of the COVID-19 pandemic or the emergence of various variants of the virus, escalated trade tensions and supply constraints on Magnachip’s first quarter 2022 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic and/or general economic conditions, including those caused by or related to the COVID-19 pandemic or the emergence of various variants of the virus, other outbreaks of disease, recessions, economic instability or civil unrest; manufacturing capacity constraints or supply chain disruptions; the impact of competitive products and pricing; timely design acceptance by our customers; timely introduction of new products and technologies; ability to ramp new products into volume production; industry wide shifts in supply and demand for semiconductor products; industry and/or company overcapacity or supply constraints; effective and cost efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the COVID-19 pandemic or the emergence of various variants of the virus; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products, including uncertainties regarding the impacts of the COVID-19 pandemic or the emergence of various variants of the virus that may result in factory closures, reduced workforces, scarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for Magnachip’s products due to government and private sector mandatory business closures, travel restrictions or the like to prevent the spread of disease; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on March 9, 2021 (amended on April 30, 2021), our Form 10-Qs filed on May 10, 2021, August 6, 2021 and November 5, 2021 (including that the impact of the COVID-19 pandemic, trade tensions and supply constraints may also exacerbate the risks discussed therein) and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor
Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip with more than 40 years of operating history, owns a portfolio of approximately 1,150 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

CONTACT:

In the United States:

So-Yeon Jeong

Jeong Consulting

Tel. +1-408-712-6151

Investor.relations@magnachip.com

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

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

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

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

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

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

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

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

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

For the year ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $35,527 thousand that represented income of $70,200 thousand from the recognition of a reverse termination fee, net of professional service fees and expenses of $34,673 thousand incurred in connection with the contemplated merger transaction of the Company that was terminated in December 2021. For the same period, we also recorded $3,430 thousand of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, partially offset by $1,419 thousand gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018).

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

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

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

We present Adjusted EBITDA and Adjusted Net Income as supplemental measures of our performance. We define Adjusted EBITDA for the periods indicated as EBITDA (as defined below), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Loss on early extinguishment of borrowings, net, (v) Inventory reserve related to Huawei impact of downstream trade restrictions, (vi) Expenses related to Fab 3 power outage, (vii) Merger-related costs (income), net and (viii) Early termination and other charges, net.

EBITDA for the periods indicated is defined as Income from continuing operations before interest expense, net, income tax expense (benefit) and depreciation and amortization. We prepare Adjusted Net Income by adjusting income from continuing operations to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Net Income is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Income for the periods as income from continuing operations, adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Loss on early extinguishment of borrowings, net, (v) Inventory reserve related to Huawei impact of downstream trade restrictions, (vi) Expenses related to Fab 3 power outage, (vii) Merger-related costs (income), net, (viii) Early termination and other charges, net, (ix) GAAP and cash tax expense difference and (x) Income tax effect on non-GAAP adjustments.

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

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SOURCE Magnachip Semiconductor Corporation

매그나칩반도체 유한회사(“매그나칩”) (대표이사 김영준, NYSE:MX)는 오늘 차세대 고전압 600V SJ MOSFET (Super Junction Metal Oxide Semiconductor Field Effect Transistor) 11종을 출시했다고 밝혔다. 이 제품의 샘플은 이미 출시되었고, 올해 3월부터 양산을 시작할 계획이다.

이번 2.5세대 600V SJ MOSFET 제품군은 매그나칩의 새로운 설계 방식과 최적화된 공정기술을 적용하여 개발되었다. 그래서, 이전 세대 제품보다 스위칭 성능이 10% 이상 개선되어 스위칭 손실은 절감되고 전력 효율은 높아졌다. 특히, 높은 정전 방전 (ESD: Electrostatic discharge)을 사용하는 애플리케이션에서 외부 서지나 정전 방전에 의해 MOSFET이 손상되는 것을 방지하기 위해 게이트와 소스 사이에 제너 다이오드를 내장하여 견고성과 안전성을 크게 높였다.

또한, 190~580mOhm 사이의 온저항을 지원하고 DPAK, TO-220F, TO-220SF와 같은 표준 패키지를 사용하여 TV, 조명, 급속 충전기, 어댑터, PC 전원, 산업용 전원 등과 같은 다양한 애플리케이션에 적용될 수 있다. 그리고, 하드 및 소프트 스위칭 토폴로지에도 최적화되어 있다.

매그나칩은 지난 10년 동안 고성능 MOSFET을 개발해왔고, 2013년 첫 번째 SJ MOSFET을 출시한 이래, 20억 개 이상의 SJ MOSFET을 판매해왔다. 현재, 매그나칩은 주력 상품인 2.5세대 고전압 600V SJ MOSFET 제품군을 글로벌 TV 제조사에 공급하며 SJ MOSFET 시장에서 입지를 강화하고 있다. 국내 메이저 TV 제조사들은 프리미엄 TV 모델을 출시하면서 시장을 활성화하고 있고, 이러한 프리미엄 TV 시장의 성장과 함께 MOSFET 제품에 대한 수요는 앞으로 더욱 증가할 것으로 보인다.

매그나칩 김영준 대표이사는 “매그나칩은 업계에서 인정받은 기술력과 제품으로 시장의 변화하는 기술적 요구사항을 충족시켜왔다.”라며, “우리는 앞으로 계속해서 차량용 고전압 SJ MOSFET과 같은 첨단 솔루션을 개발하여 제품 포트폴리오를 강화하고 다양한 애플리케이션에 혁신적인 기술을 지원할 것”이라고 말했다.

매그나칩반도체

매그나칩은 통신, IoT, 가전, 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 1,150건의 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.

관련 링크

HV MOSFETs_600V

CONTACTS:

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

USA media / industry analysts:
Mike Newsom
LouVan Communications, Inc.
Tel. +1-617-803-5385
mike@louvanpr.com

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

In the media

매그나칩, 차세대 고전압 600V SJ MOSFET 제품군 출시

낮은 온저항으로 안정적인 초고속 충전 구현

매그나칩반도체 유한회사(“매그나칩”) (대표이사 김영준, NYSE:MX)는 온저항(Rss(on))* 특성을 개선한 차세대 스마트폰 배터리 보호회로용 LV MOSFET (low-voltage Metal Oxide Semiconductor Field Effect Transistor) 3종을 출시했다고 밝혔다.

매그나칩의 차세대 스마트폰 배터리 보호회로용 LV MOSFET (low-voltage Metal Oxide Semiconductor Field Effect Transistor)

고사양 5G 및 LTE 스마트폰에 대한 수요가 증가하면서, 배터리 수명 연장과 보호 기능에 대한 중요성이 강조되고 있다. 특히, 5G 스마트폰에서 자주 사용되는 고속 다운로드 및 업로드 기능을 구현하기 위해서는 대량의 데이터를 처리해야 하는데, 이를 위해 높은 수명과 내구성을 가진 배터리가 필요하다. 매그나칩은 과전압과 과전류를 제어하는 기능을 향상시켜, 배터리 수명을 높이고 발열 현상은 줄여주는 LV MOSFET 3종을 개발했다. 지난달, 6.5세대 LV MOSFET 제품군의 양산이 시작되었고, 현재 이 제품은 글로벌 스마트폰 제조사의 2022년 프리미엄 모델에 탑재되고 있다.

동일한 칩 크기를 기준으로 볼 때, 이번 LV MOSFET 제품군은 이전의 제품보다 온저항 특성이 20% 줄어서 전류 손실과 발열 현상이 감소되었다. 그리고, 낮아진 온저항으로 25W 이상의 높은 전력 밀도를 컨트롤하여 고속 충전 시 발생하는 배터리의 발열을 줄이고 배터리 보호 회로를 보호한다. 주목할 만한 점은 정전 방전 (ESD: Electrostatic discharge) 방지용 다이오드가 업그레이드되어 배터리 보호 회로 기능이 최적화 되었다는 것이다. 이 다이오드는 HBM 기준으로 최대 2kV의 정전 방전으로부터 회로를 보호해서 다른 스마트폰의 부품 손상을 막아준다. 또한, 강력한 배터리 보호 기능을 제공하면서 크기는 작아져 다양한 스마트폰 모델에 적용이 가능하다.

시장조사업체 옴디아에 따르면, 올해 스마트폰 시장의 성장률은 6.3%로, 14억 개 이상의 스마트폰이 판매될 것으로 예상된다. 최근에는 무선 이어폰 시장이 급격하게 성장하면서, LV MOSFET의 수요는 더욱 증가할 것으로 예상된다. 매그나칩은 지난 10여 년간 총 13억 개 이상의 LV MOSFET을 판매해왔고, 스마트폰 배터리 보호회로용 MOSFET 영역에서는 9억 개 이상의 판매 실적을 보유하고 있다. 매그나칩은 10여 년 이상 축적해온 기술 노하우와 사업 경험을 바탕으로 고사양 5G 스마트폰 시장의 성장에 발맞추어 시장 지배력을 강화해나갈 계획이다.

매그나칩 김영준 대표 이사는 “전 세계적으로 반도체 공급이 원활하지 않은 상황에서도 매그나칩은 IDM 업체로서 6.5세대 신제품의 안정적인 공급에 대한 자신감을 가지고 있다.”라며, “우리는 앞으로도 기존 고객들과 긴밀한 관계를 유지하면서 글로벌 시장을 계속해서 확장해 나갈 것”이라고 말했다.

*온저항(Rss(on)): MOSFET이 ON 동작할 때, 소스와 소스 사이에 발생하는 저항

매그나칩반도체

CONTACTS:

미국 (투자자):
So-Yeon Jeong
Jeong Consulting
Tel. +1-408-712-6151
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. +82-2-6903-5223
pr@maganachip.com

In the Media

매그나칩, 차세대 스마트폰 배터리 보호회로용 LV MOSFET 제품군 출시

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매그나칩, 차세대 고전압 600V SJ MOSFET 제품군 출시

매그나칩, 차세대 스마트폰 배터리 보호회로용 LV MOSFET 제품군 출시

낮은 온저항으로 안정적인 초고속 충전 구현