0001193125-23-041145.txt : 20230216 0001193125-23-041145.hdr.sgml : 20230216 20230216164536 ACCESSION NUMBER: 0001193125-23-041145 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230216 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230216 DATE AS OF CHANGE: 20230216 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: 23639085 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 d644573d8k.htm 8-K 8-K
false 0001325702 0001325702 2023-02-16 2023-02-16

 

 

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): February 16, 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) 6903-3054

 

 

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 fourth quarter and full year ended December 31, 2022, as presented in a press release dated February 16, 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

99.1    Press release for Magnachip Semiconductor Corporation dated February 16, 2023, announcing the results for the fourth quarter and full year ended December 31, 2022.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

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: February 16, 2023     By:  

/s/ Theodore Kim

      Theodore Kim
      Chief Compliance Officer, General Counsel and Secretary
 EX-99.1 2 d644573dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

Magnachip Reports Results for Fourth Quarter and Full-Year 2022

 

  •  

Fourth quarter revenue of $61.0 million was near the high-end of our guidance range. YoY, our revenue decreased 44.7% primarily due to severe 28nm wafer shortages required for our Display business.

 

  •  

Full-year revenue of $337.7 million decreased 28.8% YoY due to significantly lower Display revenue as a result of severe 28nm 12-inch OLED wafer shortages that impacted 2nd half design-in projects from our large panel customers in Korea and weak demand for Android smartphones that led to an inventory correction by smartphone OEMs.

 

  •  

Gross profit margin for the fourth quarter was 26.4%, within our guidance range.

 

  •  

Full-year gross profit margin of 30.0% was down 240 bps YoY due mainly to certain inventory reserves and scrap cost related to 12-inch OLED products as a result of lower demand for China smartphones.

 

  •  

GAAP diluted earnings per share for the fourth quarter was $0.07; Full-year GAAP diluted loss per share was $0.18.

 

  •  

Non-GAAP diluted loss per share for the fourth quarter was $0.36; Full-year non-GAAP diluted earnings per share was $0.19.

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

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

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

Q4 and 2022 Financial Highlights

 

     In thousands of U.S. dollars, except share data  
     GAAP  
     Q4 2022     Q3 2022     Q/Q change     Q4 2021     Y/Y change  

Revenues

                 

Standard Products Business

                 

Display Solutions

      7,556       6,355       up        18.9 %      41,298       down        81.7 % 

Power Solutions

      46,271       56,416       down        18.0 %      58,212       down        20.5 % 

Transitional Fab 3 foundry services(1)

      7,163       8,428       down        15.0 %      10,825       down        33.8 % 

Gross Profit Margin

      26.4 %      24.2 %      up        2.2 % pts      35.0 %      down        8.6 %pts 

Operating Income (Loss)

      (10,117 )      (10,008 )      down        n/a       63,870       down        n/a  

Net Income (Loss)

      2,971       (17,195 )      up        n/a       53,611       down        94.5 % 

Basic Earnings (Loss) per Common Share

      0.07       (0.38 )      up        n/a       1.16       down        94.0 % 

Diluted Earnings (Loss) per Common Share

      0.07       (0.38 )      up        n/a       1.12       down        93.8 % 

 

LOGO

 

     In thousands of U.S. dollars, except share data  
     Non-GAAP(3)  
     Q4 2022     Q3 2022     Q/Q change      Q4 2021      Y/Y change  

Adjusted Operating Income (Loss)

      (8,567 )      (6,646 )      down        n/a        14,421        down        n/a  

Adjusted EBITDA

      (4,768 )      (2,995 )      down        n/a        18,144        down        n/a  

Adjusted Net Income (Loss)

      (15,848 )      1,097       down        n/a        13,699        down        n/a  

Adjusted Earnings (Loss) per Common Share—Diluted

      (0.36 )      0.02       down        n/a        0.29        down        n/a  

 

     In thousands of U.S dollars, except share data  
     GAAP  
     2022     2021     Y/Y Change  

Revenues

          

Standard Products Business

          

Display Solutions

      71,432       205,322       down        65.2 % 

Power Solutions

      230,464       227,777       up        1.2 % 

Transitional Fab 3 foundry services(1)

      35,762       41,131       down        13.1 % 

Gross Profit Margin

      30.0 %      32.4 %      down        2.4 % pts 

Operating Income (Loss)(2)

      (5,244 )      83,407       down        n/a  

Net Income (Loss)

      (8,036 )      56,708       down        n/a  

Basic Earnings (Loss) per Common Share

      (0.18 )      1.26       down        n/a  

Diluted Earnings (Loss) per Common Share

      (0.18 )     1.21       down        n/a  
    

 

In thousands of U.S dollars, except share data

  
    

 

     Non-GAAP(3)    

 

     

 

  
     2022     2021     Y/Y Change  

Adjusted Operating Income

      4,091       56,135       down        92.7 % 

Adjusted EBITDA

      19,517       70,701       down        72.4 % 

Adjusted Net Income

      8,752       50,152       down        82.5 % 

Adjusted Earnings per Common Share—Diluted

      0.19       1.07       down        82.2 % 

 

(1)

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

(2)

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

(3)

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

Financial Guidance

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

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

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

 

  •  

Revenue to be in the range of $55 million to $59 million, including about $5 million of Transitional Fab 3 Foundry Services.

 

  •  

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

 

2

LOGO

 

Q4 2022 Earnings Conference Call

Magnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, February 16, 2023, to discuss its financial results. In advance of the conference call, all participants must use the following link to complete the online registration process. Upon registering, each participant will receive access details for this event including the dial-in numbers, a PIN number, and an e-mail with detailed instructions to join the conference call. A live and archived webcast of the conference call and a copy of earnings release will be accessible from the ‘Investors’ section of the Company’s website at www.magnachip.com.

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

Safe Harbor for Forward-Looking Statements

Information in this release regarding Magnachip’s forecasts, business outlook, expectations and beliefs are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include expectations about estimated historical or future operating results and financial performance, outlook and business plans, including first quarter 2023 revenue and gross profit margin expectations, and the impact of market conditions associated with inflation and rising interest rates, the COVID-19 pandemic or the emergence of various variants of the virus, geopolitical conflict between Russia and Ukraine, and escalated trade tensions and supply constraints on Magnachip’s first quarter 2023 and future operating results. All forward-looking statements included in this release are based upon information available to Magnachip as of the date of this release, which may change, and we assume no obligation to update any such forward-looking statements. These statements are not guarantees of future performance and actual results could differ materially from our current expectations. Factors that could cause or contribute to such differences include, among others: the impact of changes in macroeconomic and/or general economic conditions, including those caused by or related to inflation, potential recessions or other deteriorations, economic instability or civil unrest; the COVID-19 pandemic or the emergence of various variants of the virus or other outbreaks of disease, and governmental lock-downs or other measures implemented in response thereto, and the Russia-Ukraine conflict; manufacturing capacity constraints or supply chain disruptions that may impact our ability to deliver our products or affect the price of components, which may lead to an increase in our costs, as well as impacting demand for our products from customers who are similarly affected by such capacity constraints or disruptions; the impact of competitive products and pricing; timely design acceptance by our customers; timely introduction of new products and technologies; ability to ramp new products into volume production; industry wide shifts in supply and demand for semiconductor products; industry and/or company overcapacity; effective and cost efficient utilization of manufacturing capacity; financial stability in foreign markets and the impact of foreign exchange rates; unanticipated costs and expenses or the inability to identify expenses which can be eliminated; compliance with U.S. and international trade and export laws and regulations by us, our customers and our distributors, including those related to the Russia-Ukraine conflict; change or ratification of local or international laws and regulations, including those related to environment, health and safety; public health issues, including the COVID-19 pandemic or the emergence of various variants of the virus; other business interruptions that could disrupt supply or delivery of, or demand for, Magnachip’s products, including uncertainties regarding the impacts of the COVID-19 pandemic or the emergence of various variants of the virus that may result in factory closures, reduced workforces, scarcity of raw materials and goods produced in infected areas, as well as reduced consumer and business spending affecting demand for Magnachip’s products due to government and private sector mandatory business closures, travel restrictions or the like to prevent the spread of disease; and other risks detailed from time to time in Magnachip’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Form 10-K filed on February 23, 2022 and subsequent registration statements, amendments or other reports that we may file from time to time with the SEC and/or make available on our website. Magnachip assumes no obligation and does not intend to update the forward-looking statements provided, whether as a result of new information, future events or otherwise.

About Magnachip Semiconductor

Magnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, IoT, consumer, computing, industrial and automotive applications. The Company provides a broad range of standard products to customers worldwide. Magnachip, with more than 40 years of operating history, owns a portfolio of approximately 1,100 registered patents and pending applications, and has extensive engineering, design and manufacturing process expertise. For more information, please visit www.magnachip.com. Information on or accessible through Magnachip’s website is not a part of, and is not incorporated into, this release.

 

3

LOGO

 

CONTACT:

Yujia Zhai

The Blueshirt Group

Tel. (860) 214-0809

Yujia@blueshirtgroup.com

 

4

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MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

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

(Unaudited)

 

     Three Months Ended     Year Ended  
     December 31,
2022		     September 30,
2022		     December 31,
2021		     December 31,
2022		     December 31,
2021		  

Revenues:

           

Net sales – standard products business

    $ 53,827     $ 62,771     $ 99,510     $ 301,896     $ 433,099  

Net sales – transitional Fab 3 foundry services

      7,163       8,428       10,825       35,762       41,131  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

      60,990       71,199       110,335       337,658       474,230  

Cost of sales:

           

Cost of sales – standard products business

      37,150       45,497       62,206       202,347       283,503  

Cost of sales – transitional Fab 3 foundry services

      7,742       8,477       9,525       34,047       37,184  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total cost of sales

      44,892       53,974       71,731       236,394       320,687  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Gross profit

      16,098       17,225       38,604       101,264       153,543  

Gross profit as a percentage of standard products business net sales

      31.0 %      27.5 %      37.5 %      33.0 %      34.5 % 

Gross profit as a percentage of total revenues

      26.4 %      24.2 %      35.0 %      30.0 %      32.4 % 

Operating expenses:

           

Selling, general and administrative expenses

      12,562       11,411       13,255       50,872       52,440  

Research and development expenses

      13,653       13,321       12,197       52,338       51,212  

Merger-related income, net

      —         —         (49,369 )      —         (35,527 ) 

Other charges, net

      —         2,501       (1,349 )      3,298       2,011  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total operating expenses (income)

      26,215       27,233       (25,266 )      106,508       70,136  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Operating income (loss)

      (10,117 )      (10,008 )      63,870       (5,244 )      83,407  

Interest income

      2,420       1,784       858       5,980       2,609  

Interest expense

      (269 )      (278 )      (132 )      (1,157 )      (1,371 ) 

Foreign currency gain (loss), net

      17,492       (12,809 )      147       (3,019 )      (11,853 ) 

Other income, net

      (42 )      174       89       561       1,177  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Income (loss) before income tax expense (benefit)

      9,484       (21,137 )      64,832       (2,879 )      73,969  

Income tax expense (benefit)

      6,513       (3,942 )      11,221       5,157       17,261  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ 2,971     $ (17,195 )    $ 53,611     $ (8,036 )    $ 56,708  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) per common share—

    $ 0.07     $ (0.38 )    $ 1.16     $ (0.18 )    $ 1.26  

Diluted earnings (loss) per common share—

    $ 0.07     $ (0.38 )    $ 1.12     $ (0.18 )    $ 1.21  

Weighted average number of shares—

           

Basic

      44,054,275       44,865,266       46,369,520       44,850,791       44,879,412  

Diluted

      44,731,683       44,865,266       47,691,816       44,850,791       47,709,373  

 

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MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

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

(Unaudited)

 

     December 31,
2022		     December 31,
2021		  
     (In thousands of U.S. dollars, except share data)  

Assets

     

Current assets

     

Cash and cash equivalents

    $ 225,477     $ 279,547  

Accounts receivable, net

      35,380       50,954  

Inventories, net

      39,883       39,370  

Other receivables

      7,847       25,895  

Prepaid expenses

      10,560       7,675  

Hedge collateral

      2,940       3,060  

Other current assets

      15,766       2,619  
  

 

 

    

 

 

  

Total current assets

      337,853       409,120  

Property, plant and equipment, net

      110,747       107,882  

Operating lease right-of-use assets

      5,265       4,275  

Intangible assets, net

      1,930       2,377  

Long-term prepaid expenses

      10,939       8,243  

Deferred income taxes

      38,324       41,095  

Other non-current assets

      11,587       10,662  
  

 

 

    

 

 

  

Total assets

    $ 516,645     $ 583,654  
  

 

 

    

 

 

  

Liabilities and Stockholders’ Equity

     

Current liabilities

     

Accounts payable

    $ 17,998     $ 37,593  

Other accounts payable

      9,702       6,289  

Accrued expenses

      9,688       20,071  

Accrued income taxes

      3,154       11,823  

Operating lease liabilities

      1,397       2,323  

Other current liabilities

      5,306       7,382  
  

 

 

    

 

 

  

Total current liabilities

      47,245       85,481  

Accrued severance benefits, net

      23,121       33,064  

Non-current operating lease liabilities

      4,091       1,952  

Other non-current liabilities

      14,035       10,395  
  

 

 

    

 

 

  

Total liabilities

      88,492       130,892  
  

 

 

    

 

 

  

Commitments and contingencies

     

Stockholders’ equity

     

Common stock, $0.01 par value, 150,000,000 shares authorized, 56,432,449 shares issued and 43,824,575 outstanding at December 31, 2022 and 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021

      564       559  

Additional paid-in capital

      266,058       241,197  

Retained earnings

      335,506       343,542  

Treasury stock, 12,607,874 shares at December 31, 2022 and 10,246,016 shares at December 31, 2021, respectively

      (161,422 )      (130,306 ) 

Accumulated other comprehensive loss

      (12,553 )      (2,230 ) 
  

 

 

    

 

 

  

Total stockholders’ equity

      428,153       452,762  
  

 

 

    

 

 

  

Total liabilities and stockholders’ equity

    $ 516,645     $ 583,654  
  

 

 

    

 

 

  

 

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MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of U.S. dollars)

(Unaudited)

 

     Three Months
Ended		     Year Ended  
     December 31,
2022		     December 31,
2022		     December 31,
2021		  

Cash flows from operating activities

       

Net income (loss)

    $ 2,971     $ (8,036 )    $ 56,708  

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities

       

Depreciation and amortization

      3,775       15,000       14,239  

Provision for severance benefits

      1,126       6,289       8,282  

Amortization of debt issuance costs and original issue discount

      —         —         261  

Loss (gain) on foreign currency, net

      (46,606 )      19,729       32,432  

Provision for inventory reserves

      1,844       9,574       2,244  

Stock-based compensation

      1,550       6,037       7,704  

Deferred income tax assets

      56       278       918  

Other, net

      255       664       (613 ) 

Changes in operating assets and liabilities

       

Accounts receivable, net

      2,471       10,276       7,505  

Inventories

      582       (12,626 )      (5,939 ) 

Other receivables

      1,031       18,146       (21,538 ) 

Other current assets

      9,967       (4,150 )      12,397  

Accounts payable

      (1,533 )      (16,325 )      (11,437 ) 

Other accounts payable

      (3,195 )      (9,410 )      (7,798 ) 

Accrued expenses

      (13,094 )      (7,228 )      4,637  

Accrued income taxes

      3,083       (8,400 )      (1 ) 

Deferred revenue

      (47 )      (1,261 )      (131 ) 

Other current liabilities

      (276 )      (645 )      1,445  

Other non-current liabilities

      226       749       (1,398 ) 

Contributions to severance insurance deposit accounts

      (7,662 )      (7,899 )      (5,688 ) 

Payment of severance benefits

      (1,831 )      (6,012 )      (6,679 ) 

Other, net

      228       415       193  
  

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      (45,079 )      5,165       87,743  

Cash flows from investing activities

       

Proceeds from settlement of hedge collateral

      12,427       15,232       5,214  

Payment of hedge collateral

      —         (15,282 )      (3,349 ) 

Proceeds from disposal of property, plant and equipment

      —         550       1,446  

Purchase of property, plant and equipment

      (11,582 )      (23,394 )      (32,212 ) 

Payment for intellectual property registration

      (89 )      (390 )      (614 ) 

Collection of guarantee deposits

      —         —         3,192  

Payment of guarantee deposits

      (306 )      (2,381 )      (5,001 ) 

Other, net

      495       737       (114 ) 
  

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) investing activities

      945       (24,928 )      (31,438 ) 

Cash flows from financing activities

       

Proceeds from exercise of stock options

      —         1,786       4,279  

Acquisition of treasury stock

      (8,895 )      (13,960 )      (1,653 ) 

Acquisition of stock under accelerated stock repurchase agreement

      —         —         (20,073 ) 

Payment under accelerated stock repurchase agreement

      —         —         (17,427 ) 

Repayment of financing related to water treatment facility arrangement

      (119 )      (500 )      (563 ) 

Others

      (20 )      (70 )      (107 ) 
  

 

 

    

 

 

    

 

 

  

Net cash used in financing activities

      (9,034 )      (12,744 )      (35,544 ) 

Effect of exchange rates on cash and cash equivalents

      27,814       (21,563 )      (21,154 ) 
  

 

 

    

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (25,354 )      (54,070 )      (393 ) 

Cash and cash equivalents

       

Beginning of the period

      250,831       279,547       279,940  
  

 

 

    

 

 

    

 

 

  

End of the period

    $ 225,477     $ 225,477     $ 279,547  
  

 

 

    

 

 

    

 

 

  

 

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MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

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

(In thousands of U.S. dollars)

(Unaudited)

 

     Three Months Ended     Year Ended  
     December 31,
2022		     September30,
2022		     December 31,
2021		     December 31,
2022		     December 31,
2021		  

Operating income (loss)

    $ (10,117 )    $ (10,008 )    $ 63,870     $ (5,244 )    $ 83,407  

Adjustments:

           

Equity-based compensation expense

      1,550       861       1,648       6,037       7,704  

Inventory reserve related to Huawei impact of downstream trade restrictions

      —         —         (379 )      —         (1,460 ) 

Merger-related income, net

      —         —         (49,369 )      —         (35,527 ) 

Other charges, net

      —         2,501       (1,349 )      3,298       2,011  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Operating Income (Loss)

    $ (8,567 )    $ (6,646 )    $ 14,421     $ 4,091     $ 56,135  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

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

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

For the year ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $35.5 million that represented income of $70.2 million from the recognition of a reverse termination fee, net of professional service fees and expenses of $34.7 million incurred in connection with the contemplated merger transaction of the Company that was terminated in December 2021.

 

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MAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIES

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

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

(Unaudited)

 

     Three Months Ended     Year Ended  
     December 31,
2022		     September30,
2022		     December 31,
2021		     December 31,
2022		     December 31,
2021		  

Net income (loss)

    $ 2,971     $ (17,195 )    $ 53,611     $ (8,036 )    $ 56,708  

Adjustments:

           

Interest income

      (2,420 )      (1,784 )      (858 )      (5,980 )      (2,609 ) 

Interest expense

      269       278       132       1,157       1,371  

Income tax expense (benefit)

      6,513       (3,942 )      11,221       5,157       17,261  

Depreciation and amortization

      3,775       3,623       3,663       15,000       14,239  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

EBITDA

      11,108       (19,020 )      67,769       7,298       86,970  

Equity-based compensation expense

      1,550       861       1,648       6,037       7,704  

Foreign currency loss (gain), net

      (17,492 )      12,809       (147 )      3,019       11,853  

Derivative valuation loss (gain), net

      66       (146 )      (29 )      (135 )      (123 ) 

Inventory reserve related to Huawei impact of downstream trade restrictions

      —         —         (379 )      —         (1,460 ) 

Merger-related income, net

      —         —         (49,369 )      —         (35,527 ) 

Other charges, net

      —         2,501       (1,349 )      3,298       1,284  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA

    $ (4,768 )    $ (2,995 )    $ 18,144     $ 19,517     $ 70,701  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net income (loss)

    $ 2,971     $ (17,195 )    $ 53,611     $ (8,036 )    $ 56,708  

Adjustments:

           

Equity-based compensation expense

      1,550       861       1,648       6,037       7,704  

Foreign currency loss (gain), net

      (17,492 )      12,809       (147 )      3,019       11,853  

Derivative valuation loss (gain), net

      66       (146 )      (29 )      (135 )      (123 ) 

Inventory reserve related to Huawei impact of downstream trade restrictions

      —         —         (379 )      —         (1,460 ) 

Merger-related income, net

      —         —         (49,369 )      —         (35,527 ) 

Other charges, net

      —         2,501       (1,349 )      3,298       1,284  

Income tax effect on non-GAAP adjustments

      (2,943 )      2,267       9,713       4,569       9,713  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income (Loss)

    $ (15,848 )    $ 1,097     $ 13,699     $ 8,752     $ 50,152  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted Net Income (Loss) per common share—  

           

- Basic

    $ (0.36 )    $ 0.02     $ 0.30     $ 0.20     $ 1.12  

- Diluted

    $ (0.36 )    $ 0.02     $ 0.29     $ 0.19     $ 1.07  

Weighted average number of shares – basic

      44,054,275       44,865,266       46,369,520       44,850,791       44,879,412  

Weighted average number of shares – diluted

      44,054,275       45,747,255       47,691,816       45,795,559       47,709,373  

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

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

For the year ended December 31, 2022, Other charges, net includes $2.8 million of one-time employee incentives and professional service fees and expenses of $1.0 million, incurred in connection with certain strategic evaluations, both of which were offset in part by a $0.5 million gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi. For the year ended December 31, 2021, Other charges, net

 

9

LOGO

 

includes $3.4 million of non-recurring professional service fees and expenses incurred in connection with the regulatory requests, partially offset by $1.4 million gain on sale of certain legacy equipment of the closed back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018) and $0.7 million legal settlement gain related to certain expenses incurred in prior periods in connection with our legacy Fab 4 (which was sold during the year ended December 31, 2020) and awarded in the third quarter of 2021.

For the year ended December 31, 2021, we recorded in our consolidated statement of operations net gain of $35.5 million that represented income of $70.2 million from the recognition of a reverse termination fee, net of professional service fees and expenses of $34.7 million incurred in connection with the contemplated merger transaction of the Company that was terminated in December 2021.

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

 

10

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Document and Entity Information
Feb. 16, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 16, 2023
Entity Registrant Name Magnachip Semiconductor Corporation
Entity Incorporation, State or Country Code DE
Entity File Number 001-34791
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, City or Town Cheongju-si, Chungcheongbuk-do
Entity Address, Postal Zip Code 28581
Entity Address, Country KR
Country Region 82
City Area Code 2
Local Phone Number 6903-3054
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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
Amendment Flag false
Entity Central Index Key 0001325702
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