0001140361-23-022718.txt : 20230503 0001140361-23-022718.hdr.sgml : 20230503 20230503162046 ACCESSION NUMBER: 0001140361-23-022718 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230503 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230503 DATE AS OF CHANGE: 20230503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAGNACHIP SEMICONDUCTOR Corp CENTRAL INDEX KEY: 0001325702 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 830406195 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34791 FILM NUMBER: 23884324 BUSINESS ADDRESS: STREET 1: C/O MAGNACHIP SEMICONDUCTOR S.A. STREET 2: 74, RUE DE MERL CITY: LUXEMBOURG STATE: N4 ZIP: L-2146 BUSINESS PHONE: (352) 45-62-62 MAIL ADDRESS: STREET 1: C/O MAGNACHIP SEMICONDUCTOR S.A. STREET 2: 74, RUE DE MERL CITY: LUXEMBOURG STATE: N4 ZIP: L-2146 FORMER COMPANY: FORMER CONFORMED NAME: MAGNACHIP SEMICONDUCTOR LLC DATE OF NAME CHANGE: 20110304 FORMER COMPANY: FORMER CONFORMED NAME: MAGNACHIP SEMICONDUCTOR Corp DATE OF NAME CHANGE: 20110303 FORMER COMPANY: FORMER CONFORMED NAME: MAGNACHIP SEMICONDUCTOR LLC DATE OF NAME CHANGE: 20100701 8-K 1 brhc20052425_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 

FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): May 3, 2023
 

Magnachip Semiconductor Corporation
(Exact name of Registrant as specified in its charter)


Delaware
001-34791
83-0406195
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer  Identification No.)

c/o Magnachip Semiconductor, Ltd.
15F, 76 Jikji-daero 436beon-gil, Heungdeok-gu
Cheongju-si, Chungcheongbuk-do, 28581, Republic of Korea
  
 
 
Not Applicable
(Address of Principal Executive Offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: +82 (2) 6903-3000
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol 
Name of each exchange on which registered 
Common Stock, par value $0.01 per share
 MX
New York Stock Exchange
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
 
Emerging growth company    ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐
 
Item 2.02.
Results of Operations and Financial Condition.
 
Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for Magnachip Semiconductor Corporation and its consolidated subsidiaries for the first quarter ended March 31, 2023, as presented in a press release dated May 3, 2023.
 
The information disclosed under this Item 2.02, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed incorporated by reference into any filing made under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
 
Item  9.01.
Financial Statements and Exhibits.
 

 (d)
Exhibits.
 
The following exhibit is furnished as part of this report:

Exhibit
No.
  
Description
     
 
Press release for Magnachip Semiconductor Corporation dated May 3, 2023, announcing the results for the first quarter ended March 31, 2023.
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
MAGNACHIP SEMICONDUCTOR CORPORATION
     
Dated: May 3, 2023
By:
/s/ Theodore Kim
   
Theodore Kim
   
Chief Compliance Officer, General Counsel and Secretary
 

 EX-99.1 2 brhc20052425_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


Magnachip Reports Results for First Quarter 2023


 •
Revenue of $57.0 million was within our guidance range. YoY, our revenue decreased 45.2% primarily due to continued effects of last year’s 28nm wafer supply shortage that impacted second half 2022 design-wins and the ongoing inventory correction driven by weak consumer demand.

•
Gross profit margin was 21.2%, at the low end of our guidance range. The sequential decrease was primarily due to lower utilization rate of our internal fabrication facility in response to the industry-wide slowdown and higher fab costs.

•
GAAP diluted loss per share was $0.49.

•
Non-GAAP diluted loss per share was $0.24.

SEOUL, South Korea, May 3, 2023 -- Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or the “Company”) today announced financial results for the first quarter 2023.

YJ Kim, Magnachip’s chief executive officer commented, “Our Q1 results continued to be affected by last year’s OLED wafer shortages that impacted second half design-wins and the ongoing smartphone inventory correction in our Display business and weak consumer demand in our Power business. Despite the challenging environment, we remained focused on execution during the quarter. In our Display business, we successfully delivered our second OLED DDIC project sample ahead of schedule to a large non-Korean panel customer and remain on track for second half smartphone launches. We also completed the tape-out for a high-end smartphone project with a large Korean panel customer, with mass production on schedule near the end of this year. In our Power business, we continued our record pace of design-in and -win activities, driven by momentum in industrial, automotive and computing applications. Looking ahead, the macro environment remains uncertain. However, we believe we are bumping along the bottom for the Display business and we have hit the bottom in Q1 for our Power business.”

YJ Kim continued, “Overall, we expect our financial results to remain soft in the near term, but we believe both Display and Power are poised for a recovery in the second half of this year based on our current customer feedback.”

Q1 2023 Financial Highlights

   
In thousands of U.S. dollars, except share data
    
   
GAAP
    
 
    
Q1 2023
      
Q4 2022
  
Q/Q change
        
Q1 2022
  
Y/Y change
    
Revenues
                                          
Standard Products Business
                                          
Display Solutions
    
10,841
      
7,556
  
up
    
43.5
  
%
    
29,185
  
down
    
62.9
  
%
Power Solutions
    
40,673
      
46,271
  
down
    
12.1
  
%
    
64,825
  
down
    
37.3
  
%
Transitional Fab 3 foundry services(1)
    
5,491
      
7,163
  
down
    
23.3
  
%
    
10,083
  
down
    
45.5
  
%
Gross Profit Margin
    
21.2
%
    
26.4
%
down
    
5.2
  
%pts
    
37.5
%
down
    
16.3
  
%pts
Operating Income (Loss)
    
(21,818
)
    
(10,117
)
down
    
n/a
        
12,879
  
down
    
n/a
    
Net Income (Loss)
    
(21,470
)
    
2,971
  
down
    
n/a
        
9,528
  
down
    
n/a
    
Basic Earnings (Loss) per Common Share
    
(0.49
)
    
0.07
  
down
    
n/a
        
0.21
  
down
    
n/a
    
Diluted Earnings (Loss) per Common Share
    
(0.49
)
    
0.07
  
down
    
n/a
        
0.20
  
down
    
n/a
    

   
In thousands of U.S. dollars, except share data
    
   
Non-GAAP(2)
    
     
Q1 2023
      
Q4 2022
  
Q/Q change
        
Q1 2022
  
Y/Y change
    
Adjusted Operating Income (Loss)
    
(12,249
)
    
(8,567
)
down
    
n/a
        
14,517
  
down
    
n/a
    
Adjusted EBITDA
    
(7,873
)
    
(4,768
)
down
    
n/a
        
18,755
  
down
    
n/a
    
Adjusted Net Income (Loss)
    
(10,367
)
    
(15,848
)
up
    
n/a
        
12,936
  
down
    
n/a
    
Adjusted Earnings (Loss) per Common Share—Diluted
    
(0.24
)
    
(0.36
)
up
    
n/a
        
0.28
  
down
    
n/a
    




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

(2)
Management believes that non-GAAP financial measures, when viewed in conjunction with GAAP results, can provide a meaningful understanding of the factors and trends affecting our business and operations and assist in evaluating our core operating performance. However, such non-GAAP financial measures have limitations and should not be considered as a substitute for net income (loss) or as a better indicator of our operating performance than measures that are presented in accordance with GAAP. A reconciliation of GAAP results to non-GAAP results is included in this press release.

Financial Guidance
While actual results may vary, Magnachip currently expects the following for Q2 2023:

 •
Revenue to be in the range of $58 million to $63 million, including about $8 millions of Transitional Fab 3 Foundry Services.

•
Gross profit margin to be in the range of 21% to 23%.

Based on our current projections, and assuming a steady state global economy, we are cautiously optimistic that our key financial metrics have the potential to show sequential improvement in both the third and fourth quarters of 2023.

Q1 2023 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, May 3, 2023, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com.

Online registration: https://register.vevent.com/register/BI51f45e599c544fe9bad00a197e100fca

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 2023, third quarter 2023 and full year 2023 revenue and gross profit margin expectations, and the impact of market conditions associated with inflation and higher interest rates, remaining effects from the COVID-19 pandemic, geopolitical conflict between Russia and Ukraine, escalated trade tensions between the U.S. and China and continuing supply constraints on Magnachip’s second quarter 2023 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; remaining effects from the COVID-19 pandemic, the geopolitical conflict between Russia and Ukraine, and escalated trade tensions between the U.S. and China; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs and impact demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely -acceptance of our designs by customers; timely introduction of new products and technologies; our ability to ramp new products into volume production; industry-wide shifts in supply and demand for semiconductor products; overcapacity within the industry or at Magnachip; effective and cost-efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses that can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors; change to or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the remaining effects of the COVID-19 pandemic; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on February 22, 2023, and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.


About Magnachip Semiconductor
Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design, and manufacturing process expertise. For more information, please visit www.magnachip.com. 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
  
 
  
March 31,
2023
    
December 31,
2022
    
March 31,
2022
  
Revenues:
                  
Net sales – standard products business
  
$
51,514
    
$
53,827
    
$
94,010
  
Net sales – transitional Fab 3 foundry services
    
5,491
      
7,163
      
10,083
  
Total revenues
    
57,005
      
60,990
      
104,093
  
Cost of sales:
                        
Cost of sales – standard products business
    
37,312
      
37,150
      
56,080
  
Cost of sales – transitional Fab 3 foundry services
    
7,599
      
7,742
      
9,017
  
Total cost of sales
    
44,911
      
44,892
      
65,097
  
Gross profit
    
12,094
      
16,098
      
38,996
  
Gross profit as a percentage of standard products business net sales
    
27.6
%
    
31.0
%
    
40.3
%
Gross profit as a percentage of total revenues
    
21.2
%
    
26.4
%
    
37.5
%
Operating expenses:
                        
Selling, general and administrative expenses
    
12,165
      
12,562
      
14,163
  
Research and development expenses
    
13,298
      
13,653
      
11,954
  
Early termination charges
    
8,449
      
—
      
—
  
Total operating expenses
    
33,912
      
26,215
      
26,117
  
Operating income (loss)
    
(21,818
)
    
(10,117
)
    
12,879
  
Interest income
    
2,842
)
    
2,420
      
715
)
Interest expense
    
(256
)
    
(269
)
    
(111
)
Foreign currency gain (loss), net
    
(3,430
)
    
17,492
      
(690
)
Other income (expense), net
    
(35
)
    
(42
)
    
218
  
Income (loss) before income tax expense
    
(22,697
)
    
9,484
      
13,011
  
Income tax expense (benefit)
    
(1,227
)
    
6,513
      
3,483
  
Net income (loss)
  
$
(21,470
)
  
$
2,971
    
$
9,528
  
Basic earnings (loss) per common share—
  
$
(0.49
)
  
$
0.07
    
$
0.21
  
Diluted earnings (loss) per common share—
  
$
(0.49
)
  
$
0.07
    
$
0.20
  
Weighted average number of shares—
                        
Basic
    
43,390,832
      
44,054,275
      
45,603,208
  
Diluted
    
43,390,832
      
44,731,683
      
46,693,294
  


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

   
March 31,
2023
    
December 31,
2022
  
Assets
            
Current assets
            
Cash and cash equivalents
  
$
212,085
    
$
225,477
  
Accounts receivable, net
    
32,143
      
35,380
  
Inventories, net
    
36,360
      
39,883
  
Other receivables
    
5,342
      
7,847
  
Prepaid expenses
    
11,238
      
10,560
  
Hedge collateral
    
2,820
      
2,940
  
Other current assets
    
14,927
      
15,766
  
Total current assets
    
314,915
      
337,853
  
Property, plant and equipment, net
    
104,568
      
110,747
  
Operating lease right-of-use assets
    
5,413
      
5,265
  
Intangible assets, net
    
1,784
      
1,930
  
Long-term prepaid expenses
    
9,101
      
10,939
  
Deferred income taxes
    
37,380
      
38,324
  
Other non-current assets
    
14,683
      
11,587
  
Total assets
  
$
487,844
    
$
516,645
  
Liabilities and Stockholders’ Equity
                
Current liabilities
                
Accounts payable
  
$
19,921
    
$
17,998
  
Other accounts payable
    
9,216
      
9,702
  
Accrued expenses
    
17,125
      
9,688
  
Accrued income taxes
    
146
      
3,154
  
Operating lease liabilities
    
1,622
      
1,397
  
Other current liabilities
    
5,261
      
5,306
  
Total current liabilities
    
53,291
      
47,245
  
Accrued severance benefits, net
    
23,608
      
23,121
  
Non-current operating lease liabilities
    
3,996
      
4,091
  
Other non-current liabilities
    
13,596
      
14,035
  
Total liabilities
    
94,491
      
88,492
  
Commitments and contingencies
                
Stockholders’ equity
                
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,437,182 shares issued and 42,589,315 outstanding at March 31, 2023 and 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022
    
564
      
564
  
Additional paid-in capital
    
267,187
      
266,058
  
Retained earnings
    
314,036
      
335,506
  
Treasury stock, 13,847,867 shares at March 31, 2023 and 12,607,874 shares at December 31, 2022, respectively
    
(173,441
)
    
(161,422
)
Accumulated other comprehensive loss
    
(14,993
)
    
(12,553
)
Total stockholders’ equity
    
393,353
      
428,153
  
Total liabilities and stockholders’ equity
  
$
487,844
    
$
516,645
  


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

   
Three Months Ended
  
   
March 31,
2023
    
March 31,
2022
  
Cash flows from operating activities
            
Net income (loss)
  
$
(21,470
)
  
$
9,528
  
Adjustments to reconcile net income (loss) to net cash provided by operating activities
                
Depreciation and amortization
    
4,357
      
3,891
  
Provision for severance benefits
    
2,330
      
1,670
  
Loss on foreign currency, net
    
9,082
      
6,380
  
Provision for inventory reserves
    
1,138
      
145
  
Stock-based compensation
    
1,120
      
1,638
  
Other, net
    
237
      
161
  
Changes in operating assets and liabilities
                
Accounts receivable, net
    
2,973
      
(1,213
)
Inventories
    
1,062
      
1,456
  
Other receivables
    
2,376
      
667
  
Other current assets
    
1,456
      
(6,829
)
Accounts payable
    
1,904
      
538
  
Other accounts payable
    
(1,424
)
    
(702
)
Accrued expenses
    
7,600
      
187
  
Accrued income taxes
    
(2,923
)
    
(2,346
)
Other current liabilities
    
(596
)
    
(711
)
Other non-current liabilities
    
(169
)
    
(73
)
Payment of severance benefits
    
(871
)
    
(1,389
)
Other, net
    
(306
)
    
(178
)
                 
Net cash provided by operating activities
    
7,876
      
12,820
  
Cash flows from investing activities
                
Proceeds from settlement of hedge collateral
    
1,155
      
1,829
  
Payment of hedge collateral
    
(1,093
)
    
(2,891
)
Purchase of property, plant and equipment
    
(135
)
    
(944
)
Payment for intellectual property registration
    
(74
)
    
(59
)
Payment of guarantee deposits
    
(3,482
)
    
(79
)
Other, net
    
19
      
2
  
                 
Net cash used in investing activities
    
(3,610
)
    
(2,142
)
Cash flows from financing activities
                
Proceeds from exercise of stock options
    
9
      
1,781
  
Acquisition of treasury stock
    
(12,264
)
    
(830
)
Repayment of financing related to water treatment facility arrangement
    
(126
)
    
(134
)
Repayment of principal portion of finance lease liabilities
    
(24
)
    
(16
)
Net cash provided by (used in) financing activities
    
(12,405
)
    
801
  
Effect of exchange rates on cash and cash equivalents
    
(5,253
)
    
(6,105
)
Net increase (decrease) in cash and cash equivalents
    
(13,392
)
    
5,374
  
Cash and cash equivalents
                
Beginning of the period
    
225,477
      
279,547
  
End of the period
  
$
212,085
    
$
284,921
  


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
  
   
March 31,
2023
    
December 31,
2022
    
March 31,
2022
  
Operating income (loss)
  
$
(21,818
)
  
$
(10,117
)
  
$
12,879
  
Adjustments:
                        
Equity-based compensation expense
    
1,120
      
1,550
      
1,638
  
Early termination charges
    
8,449
      
—
      
—
  
Adjusted Operating Income (Loss)
  
$
(12,249
)
  
$
(8,567
)
  
$
14,517
  

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

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


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
  
   
March 31,
2023
    
December 31,
2022
    
March 31,
2022
  
Net income (loss)
  
$
(21,470
)
  
$
2,971
    
$
9,528
  
Adjustments:
                        
Interest income
    
(2,842
)
    
(2,420
)
    
(715
)
Interest expense
    
256
      
269
      
111
  
Income tax expense (benefit)
    
(1,227
)
    
6,513
      
3,483
  
Depreciation and amortization
    
4,357
      
3,775
      
3,891
  
EBITDA
    
(20,926
)
    
11,108
      
16,298
  
Equity-based compensation expense
    
1,120
      
1,550
      
1,638
  
Foreign currency loss (gain), net
    
3,430
      
(17,492
)
    
690
  
Derivative valuation loss, net
    
54
      
66
      
129
  
Early termination charges
    
8,449
      
—
      
—
  
Adjusted EBITDA
  
$
(7,873
)
  
$
(4,768
)
  
$
18,755
  
                         
Net income (loss)
  
$
(21,470
)
  
$
2,971
    
$
9,528
  
Adjustments:
                        
Equity-based compensation expense
    
1,120
      
1,550
      
1,638
  
Foreign currency loss (gain), net
    
3,430
      
(17,492
)
    
690
  
Derivative valuation loss, net
    
54
      
66
      
129
  
Early termination charges
    
8,449
      
—
      
—
  
Income tax effect on non-GAAP adjustments
    
(1,950
)
    
(2,943
)
    
951
  
Adjusted Net Income (Loss)
  
$
(10,367
)
  
$
(15,848
)
  
$
12,936
  
Adjusted Net Income (Loss) per common share—
                        
- Basic
  
$
(0.24
)
  
$
(0.36
)
  
$
0.28
  
- Diluted
  
$
(0.24
)
  
$
(0.36
)
  
$
0.28
  
Weighted average number of shares – basic
    
43,390,832
      
44,054,275
      
45,603,208
  
Weighted average number of shares – diluted
    
43,390,832
      
44,054,275
      
46,693,294
  

We present Adjusted EBITDA and Adjusted Net Income (Loss) as supplemental measures of our performance. We define Adjusted EBITDA for the periods indicated as EBITDA (as defined below), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss, net and (iv) Early termination charges. EBITDA for the periods indicated is defined as net income (loss) before interest income, interest expense, income tax expense (benefit) and depreciation and amortization.

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

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


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Document and Entity Information
May 03, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date May 03, 2023
Entity File Number 001-34791
Entity Registrant Name Magnachip Semiconductor Corporation
Entity Central Index Key 0001325702
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 83-0406195
Entity Address, Address Line One c/o Magnachip Semiconductor, Ltd.
Entity Address, Address Line Two 15F, 76 Jikji-daero 436beon-gil, Heungdeok-gu
Entity Address, Address Line Three Cheongju-si
Entity Address, City or Town Chungcheongbuk-do
Entity Address, Country KR
Entity Address, Postal Zip Code 28581
City Area Code 82
Local Phone Number 6903-3000
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MX
Security Exchange Name NYSE
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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