Magnachip Reports Results for First Quarter 2024

Business Wire05-03

Financial Highlights Q1 consolidated revenue was $49.1 million, within our guidance range of $46-51 million. Q1 standard product business revenue was up 10.6% sequentially. Q1 consolidated gross ...

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charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Magnachip Reports Results for First Quarter 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMagnachip Reports Results for First Quarter 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-03 04:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/magnachip-reports-results-first-quarter-200500187.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Financial Highlights\n\nQ1 consolidated revenue was $49.1 million, within our guidance range of $46-51 million.\n  \nQ1 standard product business revenue was up 10.6% sequentially.\n\nQ1 consolidated gross ...</p>\n\n<a href=\"https://finance.yahoo.com/news/magnachip-reports-results-first-quarter-200500187.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MSS","symbol_name":"Maison Solutions","start_time":0,"source_url":"https://finance.yahoo.com/news/magnachip-reports-results-first-quarter-200500187.html","article_id":"2432539669","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/T2V1dRcFiuyadctR2VDAhg--~B/aD01MTI7dz0xMDI0O2FwcGlkPXl0YWNoeW9u/https://media.zenfs.com/en/business-wire.com/9a9a37b072e016d6f0f4783b96493c6e"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2432539669","pubTimestamp":1714680300,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"Q1 consolidated revenue was $49.1 million, within our guidance range of $46-51 million.Q1 standard product business revenue was up 10.6% sequentially.Q1 consolidated gross profit margin was 18.3%, within our guidance range of 17-20%.Q1 standard product business gross profit margin was down 170 basis points sequentially, mostly due to lower Gumi fab utilization driven by the wind-down of Transitional Foundry Services.Repurchased approximately $4.1 million or 0.6 million shares during the quarter.SEOUL, South Korea, May 02, 2024----Magnachip Semiconductor Corporation   today announced financial results for the first quarter 2024.YJ continued, \"Looking forward, we expect sequential revenue growth in Mixed-Signal Solutions  and PAS to continue in Q2 and we reiterate our prior full-year guidance for double digit growth in both MSS and PAS businesses.\"","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"MSS":"Maison Solutions","BK4113":"食品零售","BK4141":"半导体产品","BK4518":"OLED概念","BK4023":"应用软件","MX":"Magnachip Semiconductor","MTC":"海川证券"},"translate_title":"Magnachip报告2024年第一季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"MSS":1,"MTC":1,"MX":0.9},"content_text":"Financial Highlights\n\nQ1 consolidated revenue was $49.1 million, within our guidance range of $46-51 million.\n  \nQ1 standard product business revenue was up 10.6% sequentially.\n\nQ1 consolidated gross profit margin was 18.3%, within our guidance range of 17-20%.\n  \nQ1 standard product business gross profit margin was down 170 basis points sequentially, mostly due to lower Gumi fab utilization driven by the wind-down of Transitional Foundry Services.\n\nEnded Q1 with $29.7 million in long-term borrowing and $171.6 million in cash.\nRepurchased approximately $4.1 million or 0.6 million shares during the quarter.\n\nOperational Highlights\n\nSecured a new high-end smartphone OLED DDIC design for a top tier China smartphone OEM.\nSecured a new EV automotive OLED DDIC design win for a leading European automaker.\nBegan operations of our new China entity called Magnachip Technology Company (MTC). Our China headquarters is now up and running.\nStarted initial ramp in Q1 for our first-generation OLED DDIC chip for China for the after-service market.\nCaptured our first medium voltage MOSFET automotive design-win for an electric cooling fan with a China-based SUV supplier, as well as an additional automotive power steering related win in Korea.\nBegan to see initial signs of inventory reductions in the distribution channel for our Power Analog Solutions products.\n\nSEOUL, South Korea, May 02, 2024--(BUSINESS WIRE)--Magnachip Semiconductor Corporation (NYSE: MX) (\"Magnachip\" or the \"Company\") today announced financial results for the first quarter 2024.\nYJ Kim, Magnachip’s Chief Executive Officer, commented, \"In Q1 we started the initial revenue ramp for OLED DDICs for the after-service market, and we were awarded two new designs targeted for a leading China smartphone OEM and also for a leading European EV maker. Our Power Analog Solutions (PAS) business revenue grew 12% sequentially driven by smartphones, e-motors, consumer appliances and server power applications, and we now are launching a slate of next-gen power products to help sustain our momentum. We also are encouraged that the power channel inventory showed signs of improvement in the first quarter.\"\nYJ continued, \"Looking forward, we expect sequential revenue growth in Mixed-Signal Solutions (MSS) and PAS to continue in Q2 and we reiterate our prior full-year guidance for double digit growth in both MSS and PAS businesses.\"\nQ1 2024 Financial Highlights\n\n\n\n\n\nIn thousands of U.S. dollars, except share data\n\n\n\n\nGAAP\n\n\n\n\nQ1 2024\n\nQ4 2023\n\nQ/Q change\n\nQ1 2023\n\nY/Y change\n\n\nConsolidated Revenues\n\n49,067\n\n\n50,822\n\n\ndown\n\n3.5\n%\n\n57,005\n\n\ndown\n\n13.9\n%\n\n\nStandard Products Business\n\n45,541\n\n\n41,182\n\n\nup\n\n10.6\n%\n\n51,514\n\n\ndown\n\n11.6\n%\n\n\nMixed-Signal Solutions\n\n9,006\n\n\n8,558\n\n\nup\n\n5.2\n%\n\n12,807\n\n\ndown\n\n29.7\n%\n\n\nPower Analog Solutions\n\n36,535\n\n\n32,624\n\n\nup\n\n12.0\n%\n\n38,707\n\n\ndown\n\n5.6\n%\n\n\nTransitional Fab 3 foundry services(1)\n\n3,526\n\n\n9,640\n\n\ndown\n\n63.4\n%\n\n5,491\n\n\ndown\n\n35.8\n%\n\n\nConsolidated Gross Profit Margin\n\n18.3\n%\n\n22.7\n%\n\ndown\n\n4.4\n%pts\n\n21.2\n%\n\ndown\n\n2.9\n%pts\n\n\nStandard Products Business\n\n21.2\n%\n\n22.9\n%\n\ndown\n\n1.7\n%pts\n\n27.6\n%\n\ndown\n\n6.4\n%pts\n\n\nMixed-Signal Solutions\n\n44.6\n%\n\n41.3\n%\n\nup\n\n3.3\n%pts\n\n30.2\n%\n\nup\n\n14.4\n%pts\n\n\nPower Analog Solutions\n\n15.4\n%\n\n18.1\n%\n\ndown\n\n2.7\n%pts\n\n26.7\n%\n\ndown\n\n11.3\n%pts\n\n\nOperating Loss\n\n(13,459\n)\n\n(15,935\n)\n\nup\n\nn/a\n\n\n(21,818\n)\n\nup\n\nn/a\n\n\n\nNet Loss\n\n(15,417\n)\n\n(6,040\n)\n\ndown\n\nn/a\n\n\n(21,470\n)\n\nup\n\nn/a\n\n\n\nBasic Loss per Common Share\n\n(0.40\n)\n\n(0.16\n)\n\ndown\n\nn/a\n\n\n(0.49\n)\n\nup\n\nn/a\n\n\n\nDiluted Loss per Common Share\n\n(0.40\n)\n\n(0.16\n)\n\ndown\n\nn/a\n\n\n(0.49\n)\n\nup\n\nn/a\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\nIn thousands of U.S. dollars, except share data\n\n\n\n\nNon-GAAP(2)\n\n\n\n\nQ1 2024\n\nQ4 2023\n\nQ/Q change\n\nQ1 2023\n\nY/Y change\n\n\nAdjusted Operating Loss\n\n(12,559\n)\n\n(14,095\n)\n\nup\n\nn/a\n\n\n(12,249\n)\n\ndown\n\nn/a\n\n\n\nAdjusted EBITDA\n\n(8,441\n)\n\n(9,972\n)\n\nup\n\nn/a\n\n\n(7,873\n)\n\ndown\n\nn/a\n\n\n\nAdjusted Net Loss\n\n(10,884\n)\n\n(8,044\n)\n\ndown\n\nn/a\n\n\n(10,367\n)\n\ndown\n\nn/a\n\n\n\nAdjusted Loss per Common Share—Diluted\n\n(0.28\n)\n\n(0.21\n)\n\ndown\n\nn/a\n\n\n(0.24\n)\n\ndown\n\nn/a\n\n\n\n\n\n\n\n___________\n\n\n(1)\n\nFollowing the consummation of the sale of the Foundry Services Group business and Fab 4 in Q3 2020, we provided transitional foundry services to the buyer for foundry products manufactured in our fabrication facility located in Gumi, Korea, known as \"Fab 3\" (\"Transitional Fab 3 Foundry Services\"). The contractual obligation to provide the Transitional Fab 3 Foundry Services ended August 31, 2023, and we are winding down these foundry services and planning to convert portions of the idle capacity to PAS products beginning around the second half of 2024. Because these foundry services during the wind-down period are still provided to the same buyer by us using our Fab 3 based on mutually agreed terms and conditions, we will continue to report our revenue from providing these foundry services and related cost of sales within the Transitional Fab 3 Foundry Services line in our consolidated statement of operations until such wind down is completed. Management believes that disclosing revenue of Transitional Fab 3 Foundry Services separately from the standard products business allows investors to better understand the results of our core standard products MSS and PAS businesses.\n\n\n\n\n\n\n\n(2)\n\nManagement 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 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.\n\n\n\nQ2 and 2024 Financial Guidance\nBeginning in Q1, the Company begins reporting results under its newly organized businesses: MSS (Mixed-Signal Solutions) and PAS (Power Analog Solutions). While actual results may vary, Magnachip currently expects the following:\nFor Q2 2024:\n\nConsolidated revenue to be in the range of $49 to $54 million, including approximately $1.5 million of Transitional Foundry Services.\n  \nMSS revenue to be in the range of $9.5 to $11.5 million. This compares with MSS equivalent revenue of $9.0 million in Q1 2024 and $12.4 million in Q2 2023\nPAS revenue to be in the range of $38 to $41 million. This compares with PAS equivalent revenue of $36.5 million in Q1 2024 and $39 million in Q2 2023.\n\nConsolidated gross profit margin to be in the range of 17% to 19%.\n  \nMSS gross profit margin to be in the range of 30% to 33%. This compares with MSS equivalent gross profit margin of 44.6% in Q1 2024, which included non-recurring engineering revenue, and 36.4% in Q2 2023.\nPAS gross profit margin to be in the range of 15% to 17%, primarily as a result of the impact of idle capacity from the expected decline in Transitional Foundry Services revenue. This compares with PAS equivalent gross profit margin of 15.4% in Q1 2024 and 23.1% in Q2 2023.\n\n\nFor the full-year 2024, we reiterate our prior guidance:\n\nMSS revenue to grow double digits year-over-year as compared with MSS equivalent revenue of $44.4 million in 2023.\nPAS revenue to grow double digits year-over-year as compared with PAS equivalent revenue of $151.3 million in 2023.\nConsolidated revenue flat-to-up-slightly year-over-year as recovery in MSS and PAS is offset by the phase-out of Transitional Foundry Services.\nConsolidated gross profit margin between 17% to 20%, primarily as a result of the impact of idle capacity expected from the phase-out of Transitional Foundry Services. This compares with the consolidated gross profit margin of 22.4% in 2023.\n\nQ1 2024 Earnings Conference Call\nMagnachip will host a corresponding conference call at 2:00 p.m. PT / 5:00 p.m. ET on Thursday, May 2, 2024, 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.\nOnline registration: https://register.vevent.com/register/BIffb31aff244f4ff99dae99731c4879bf\nSafe Harbor for Forward-Looking Statements\nInformation 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 and full year 2024 revenue and gross profit margin expectations, future growth and revenue opportunities from new and existing products and customers, the timing and extent of future revenue contributions by our products and businesses, and the impact of market conditions associated with inflation and higher interest rates, geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and trade tensions between the U.S. and China, on Magnachip’s second quarter and full year 2024 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; the geopolitical conflicts between Russia-Ukraine and between Israel-Hamas, sustained military action and conflict in the Red Sea, and 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, 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 March 8, 2024, 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.\nAbout Magnachip Semiconductor\nMagnachip is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communication, Internet of Things (\"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.\n\n\n\nMAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of U.S. dollars, except share data)(Unaudited)\n\n\n\n\n\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n\nMarch 31,\n\nDecember 31,\n\nMarch 31,\n\n\n\n\n2024\n\n2023\n\n2023\n\n\nRevenues:\n\n\n\n\n\n\n\n\nNet sales – standard products business\n\n$\n45,541\n\n\n$\n41,182\n\n\n$\n51,514\n\n\n\nNet sales – Transitional Fab 3 foundry services\n\n\n3,526\n\n\n\n9,640\n\n\n\n5,491\n\n\n\nTotal revenues\n\n\n49,067\n\n\n\n50,822\n\n\n\n57,005\n\n\n\nCost of sales:\n\n\n\n\n\n\n\n\nCost of sales – standard products business\n\n\n35,888\n\n\n\n31,754\n\n\n\n37,312\n\n\n\nCost of sales – Transitional Fab 3 foundry services\n\n\n4,211\n\n\n\n7,541\n\n\n\n7,599\n\n\n\nTotal cost of sales\n\n\n40,099\n\n\n\n39,295\n\n\n\n44,911\n\n\n\nGross profit\n\n\n8,968\n\n\n\n11,527\n\n\n\n12,094\n\n\n\nGross profit as a percentage of standard products business net sales\n\n\n21.2\n%\n\n\n22.9\n%\n\n\n27.6\n%\n\n\nGross profit as a percentage of total revenues\n\n\n18.3\n%\n\n\n22.7\n%\n\n\n21.2\n%\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\nSelling, general and administrative expenses\n\n\n11,264\n\n\n\n12,079\n\n\n\n12,165\n\n\n\nResearch and development expenses\n\n\n11,163\n\n\n\n15,383\n\n\n\n13,298\n\n\n\nEarly termination charges\n\n\n—\n\n\n\n—\n\n\n\n8,449\n\n\n\nTotal operating expenses\n\n\n22,427\n\n\n\n27,462\n\n\n\n33,912\n\n\n\nOperating loss\n\n\n(13,459\n)\n\n\n(15,935\n)\n\n\n(21,818\n)\n\n\nInterest income\n\n\n2,213\n\n\n\n2,519\n\n\n\n2,842\n\n\n\nInterest expense\n\n\n(238\n)\n\n\n(183\n)\n\n\n(256\n)\n\n\nForeign currency gain (loss), net\n\n\n(5,001\n)\n\n\n5,241\n\n\n\n(3,430\n)\n\n\nOther income (expense), net\n\n\n44\n\n\n\n(42\n)\n\n\n(35\n)\n\n\nLoss before income tax expense\n\n\n(16,441\n)\n\n\n(8,400\n)\n\n\n(22,697\n)\n\n\nIncome tax benefit\n\n\n(1,024\n)\n\n\n(2,360\n)\n\n\n(1,227\n)\n\n\nNet loss\n\n$\n(15,417\n)\n\n$\n(6,040\n)\n\n$\n(21,470\n)\n\n\nBasic loss per common share—\n\n$\n(0.40\n)\n\n$\n(0.16\n)\n\n$\n(0.49\n)\n\n\nDiluted loss per common share—\n\n$\n(0.40\n)\n\n$\n(0.16\n)\n\n$\n(0.49\n)\n\n\nWeighted average number of shares—\n\n\n\n\n\n\n\n\nBasic\n\n\n38,544,781\n\n\n\n38,834,451\n\n\n\n43,390,832\n\n\n\nDiluted\n\n\n38,544,781\n\n\n\n38,834,451\n\n\n\n43,390,832\n\n\n\n\n\n\n\nMAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In thousands of U.S. dollars, except share data)(Unaudited)\n\n\n\n\n\n\n\n\n\nMarch 31,2024\n\nDecember 31,2023\n\n\nAssets\n\n\n\n\n\nCurrent assets\n\n\n\n\n\nCash and cash equivalents\n$\n171,602\n\n\n$\n158,092\n\n\n\nAccounts receivable, net\n\n30,288\n\n\n\n32,641\n\n\n\nInventories, net\n\n31,479\n\n\n\n32,733\n\n\n\nOther receivables\n\n5,041\n\n\n\n4,295\n\n\n\nPrepaid expenses\n\n10,255\n\n\n\n7,390\n\n\n\nHedge collateral\n\n1,000\n\n\n\n1,000\n\n\n\nOther current assets\n\n8,550\n\n\n\n9,283\n\n\n\nTotal current assets\n\n258,215\n\n\n\n245,434\n\n\n\nProperty, plant and equipment, net\n\n92,868\n\n\n\n100,122\n\n\n\nOperating lease right-of-use assets\n\n4,538\n\n\n\n4,639\n\n\n\nIntangible assets, net\n\n1,391\n\n\n\n1,537\n\n\n\nLong-term prepaid expenses\n\n9,297\n\n\n\n5,736\n\n\n\nDeferred income taxes\n\n47,669\n\n\n\n50,836\n\n\n\nOther non-current assets\n\n12,186\n\n\n\n12,187\n\n\n\nTotal assets\n$\n426,164\n\n\n$\n420,491\n\n\n\nLiabilities and Stockholders’ Equity\n\n\n\n\n\nCurrent liabilities\n\n\n\n\n\nAccounts payable\n$\n24,619\n\n\n$\n24,443\n\n\n\nOther accounts payable\n\n5,650\n\n\n\n5,292\n\n\n\nAccrued expenses\n\n7,951\n\n\n\n10,457\n\n\n\nAccrued income taxes\n\n1,622\n\n\n\n1,496\n\n\n\nOperating lease liabilities\n\n1,884\n\n\n\n1,914\n\n\n\nOther current liabilities\n\n3,158\n\n\n\n3,286\n\n\n\nTotal current liabilities\n\n44,884\n\n\n\n46,888\n\n\n\nLong-term borrowing\n\n29,700\n\n\n\n—\n\n\n\nAccrued severance benefits, net\n\n15,503\n\n\n\n16,020\n\n\n\nNon-current operating lease liabilities\n\n2,808\n\n\n\n2,897\n\n\n\nOther non-current liabilities\n\n11,384\n\n\n\n10,088\n\n\n\nTotal liabilities\n\n104,279\n\n\n\n75,893\n\n\n\nCommitments and contingencies\n\n\n\n\n\nStockholders’ equity\n\n\n\n\n\nCommon stock, $0.01 par value, 150,000,000 shares authorized, 57,008,573 shares issued and 38,263,642 outstanding at March 31, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023\n\n569\n\n\n\n569\n\n\n\nAdditional paid-in capital\n\n274,156\n\n\n\n273,256\n\n\n\nRetained earnings\n\n283,467\n\n\n\n298,884\n\n\n\nTreasury stock, 18,744,931 shares at March 31, 2024 and 18,118,652 shares at December 31, 2023, respectively\n\n(217,607\n)\n\n\n(213,454\n)\n\n\nAccumulated other comprehensive loss\n\n(18,700\n)\n\n\n(14,657\n)\n\n\nTotal stockholders’ equity\n\n321,885\n\n\n\n344,598\n\n\n\nTotal liabilities and stockholders’ equity\n$\n426,164\n\n\n$\n420,491\n\n\n\n\n\n\n\nMAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands of U.S. dollars)(Unaudited)\n\n\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\nMarch 31,2024\n\nMarch 31,2023\n\n\nCash flows from operating activities\n\n\n\n\n\nNet loss\n$\n(15,417\n)\n\n$\n(21,470\n)\n\n\nAdjustments to reconcile net loss to net cash provided by (used in) operating activities\n\n\n\n\n\nDepreciation and amortization\n\n4,099\n\n\n\n4,357\n\n\n\nProvision for severance benefits\n\n1,405\n\n\n\n2,330\n\n\n\nLoss on foreign currency, net\n\n10,226\n\n\n\n9,082\n\n\n\nProvision for inventory reserves\n\n(947\n)\n\n\n1,138\n\n\n\nStock-based compensation\n\n900\n\n\n\n1,120\n\n\n\nDeferred income tax assets\n\n1,313\n\n\n\n(4\n)\n\n\nOther, net\n\n263\n\n\n\n241\n\n\n\nChanges in operating assets and liabilities\n\n\n\n\n\nAccounts receivable, net\n\n1,401\n\n\n\n2,973\n\n\n\nInventories\n\n801\n\n\n\n1,062\n\n\n\nOther receivables\n\n(385\n)\n\n\n2,376\n\n\n\nOther current assets\n\n331\n\n\n\n596\n\n\n\nPrepaid expenses\n\n905\n\n\n\n860\n\n\n\nAccounts payable\n\n563\n\n\n\n1,904\n\n\n\nOther accounts payable\n\n(5,256\n)\n\n\n(1,424\n)\n\n\nAccrued expenses\n\n(2,045\n)\n\n\n7,600\n\n\n\nAccrued income taxes\n\n167\n\n\n\n(2,923\n)\n\n\nOther current liabilities\n\n(387\n)\n\n\n(596\n)\n\n\nOther non-current liabilities\n\n(624\n)\n\n\n(169\n)\n\n\nPayment of severance benefits\n\n(884\n)\n\n\n(871\n)\n\n\nOther, net\n\n(401\n)\n\n\n(306\n)\n\n\nNet cash provided by (used in) operating activities\n\n(3,972\n)\n\n\n7,876\n\n\n\nCash flows from investing activities\n\n\n\n\n\nProceeds from settlement of hedge collateral\n\n—\n\n\n\n1,155\n\n\n\nPayment of hedge collateral\n\n—\n\n\n\n(1,093\n)\n\n\nPurchase of property, plant and equipment\n\n(668\n)\n\n\n(135\n)\n\n\nPayment for intellectual property registration\n\n(60\n)\n\n\n(74\n)\n\n\nCollection of guarantee deposits\n\n1,133\n\n\n\n19\n\n\n\nPayment of guarantee deposits\n\n(1,874\n)\n\n\n(3,482\n)\n\n\nOther, net\n\n1\n\n\n\n—\n\n\n\nNet cash used in investing activities\n\n(1,468\n)\n\n\n(3,610\n)\n\n\nCash flows from financing activities\n\n\n\n\n\nProceeds from long-term borrowing\n\n30,059\n\n\n\n—\n\n\n\nProceeds from exercise of stock options\n\n—\n\n\n\n9\n\n\n\nAcquisition of treasury stock\n\n(4,659\n)\n\n\n(12,264\n)\n\n\nRepayment of financing related to water treatment facility arrangement\n\n(121\n)\n\n\n(126\n)\n\n\nRepayment of principal portion of finance lease liabilities\n\n(35\n)\n\n\n(24\n)\n\n\nNet cash provided by (used in) financing activities\n\n25,244\n\n\n\n(12,405\n)\n\n\nEffect of exchange rates on cash and cash equivalents\n\n(6,294\n)\n\n\n(5,253\n)\n\n\nNet increase (decrease) in cash and cash equivalents\n\n13,510\n\n\n\n(13,392\n)\n\n\nCash and cash equivalents\n\n\n\n\n\nBeginning of the period\n\n158,092\n\n\n\n225,477\n\n\n\nEnd of the period\n$\n171,602\n\n\n$\n212,085\n\n\n\n\n\n\n\nMAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESRECONCILIATION OF OPERATING LOSS TO ADJUSTED OPERATING LOSS(In thousands of U.S. dollars)(Unaudited)\n\n\n\n \n\n\n\nThree Months Ended\n\n\n\n March 31,\n\nDecember 31,\n\nMarch 31,\n\n\n\n2024\n\n2023\n\n2023\n\n\nOperating loss\n$\n(13,459\n)\n\n$\n(15,935\n)\n\n$\n(21,818\n)\n\n\nAdjustments:\n\n\n\n\n\n\n\nEquity-based compensation expense\n\n900\n\n\n\n1,840\n\n\n\n1,120\n\n\n\nEarly termination charges\n\n—\n\n\n\n—\n\n\n\n8,449\n\n\n\nAdjusted Operating Loss\n$\n(12,559\n)\n\n$\n(14,095\n)\n\n$\n(12,249\n)\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nWe present Adjusted Operating Loss as a supplemental measure of our performance. We define Adjusted Operating Loss for the periods indicated as operating loss adjusted to exclude (i) Equity-based compensation expense and (ii) Early termination charges.\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nFor the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of early termination charges in connection with the voluntary resignation program offered to the employees during the first quarter of 2023.\n\n\n\n\n\n\nMAGNACHIP SEMICONDUCTOR CORPORATION AND SUBSIDIARIESRECONCILIATION OF NET LOSS TO ADJUSTED EBITDA AND ADJUSTED NET LOSS(In thousands of U.S. dollars, except share data)(Unaudited)\n\n\n\n\n\n\n\n\n \n\n\n\n\nThree Months Ended\n\n\n\n\nMarch 31,\n\nDecember 31,\n\nMarch 31,\n\n\n\n\n2024\n\n2023\n\n2023\n\n\nNet loss\n\n$\n(15,417\n)\n\n$\n(6,040\n)\n\n$\n(21,470\n)\n\n\nAdjustments:\n\n\n\n\n\n\n\n\nInterest income\n\n\n(2,213\n)\n\n\n(2,519\n)\n\n\n(2,842\n)\n\n\nInterest expense\n\n\n238\n\n\n\n183\n\n\n\n256\n\n\n\nIncome tax benefit\n\n\n(1,024\n)\n\n\n(2,360\n)\n\n\n(1,227\n)\n\n\nDepreciation and amortization\n\n\n4,099\n\n\n\n4,101\n\n\n\n4,357\n\n\n\nEBITDA\n\n\n(14,317\n)\n\n\n(6,635\n)\n\n\n(20,926\n)\n\n\nEquity-based compensation expense\n\n\n900\n\n\n\n1,840\n\n\n\n1,120\n\n\n\nForeign currency loss (gain), net\n\n\n5,001\n\n\n\n(5,241\n)\n\n\n3,430\n\n\n\nDerivative valuation loss (gain), net\n\n\n(25\n)\n\n\n64\n\n\n\n54\n\n\n\nEarly termination charges\n\n\n\n\n—\n\n\n\n8,449\n\n\n\nAdjusted EBITDA\n\n$\n(8,441\n)\n\n$\n(9,972\n)\n\n$\n(7,873\n)\n\n\n\n\n\n\n\n\n\n\n\nNet loss\n\n$\n(15,417\n)\n\n$\n(6,040\n)\n\n$\n(21,470\n)\n\n\nAdjustments:\n\n\n\n\n\n\n\n\nEquity-based compensation expense\n\n\n900\n\n\n\n1,840\n\n\n\n1,120\n\n\n\nForeign currency loss (gain), net\n\n\n5,001\n\n\n\n(5,241\n)\n\n\n3,430\n\n\n\nDerivative valuation loss (gain), net\n\n\n(25\n)\n\n\n64\n\n\n\n54\n\n\n\nEarly termination charges\n\n\n—\n\n\n\n—\n\n\n\n8,449\n\n\n\nIncome tax effect on non-GAAP adjustments\n\n\n(1,343\n)\n\n\n1,333\n\n\n\n(1,950\n)\n\n\nAdjusted Net Loss\n\n$\n(10,884\n)\n\n$\n(8,044\n)\n\n$\n(10,367\n)\n\n\nAdjusted Net Loss per common share—\n\n\n\n\n\n\n\n\n- Basic\n\n$\n(0.28\n)\n\n$\n(0.21\n)\n\n$\n(0.24\n)\n\n\n- Diluted\n\n$\n(0.28\n)\n\n$\n(0.21\n)\n\n$\n(0.24\n)\n\n\nWeighted average number of shares – basic\n\n\n38,544,781\n\n\n\n38,834,451\n\n\n\n43,390,832\n\n\n\nWeighted average number of shares – diluted\n\n\n38,544,781\n\n\n\n38,834,451\n\n\n\n43,390,832\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nWe present Adjusted EBITDA and Adjusted Net Loss as supplemental measures of our performance. We define Adjusted EBITDA for the periods indicated as EBITDA (as defined below), adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net and (iv) Early termination charges. EBITDA for the periods indicated is defined as net loss before interest income, interest expense, income tax benefit and depreciation and amortization.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nWe prepare Adjusted Net Loss by adjusting net loss to eliminate the impact of a number of non-cash expenses and other items that may be either one time or recurring that we do not consider to be indicative of our core ongoing operating performance. We believe that Adjusted Net Loss is particularly useful because it reflects the impact of our asset base and capital structure on our operating performance. We define Adjusted Net Loss for the periods as net loss, adjusted to exclude (i) Equity-based compensation expense, (ii) Foreign currency loss (gain), net, (iii) Derivative valuation loss (gain), net, (iv) Early termination charges and (v) Income tax effect on non-GAAP adjustments.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\nFor the three months ended March 31, 2023, we recorded in our consolidated statement of operations $8,449 thousand of early termination charges in connection with the voluntary resignation program offered to the employees during the first quarter of 2023.\n\n\n\nView source version on businesswire.com: https://www.businesswire.com/news/home/20240502734057/en/\nContacts\nSteven C. Pelayo, CFAThe Blueshirt GroupTel. +1 (360) 808-5154steven@blueshirtgroup.co","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2432539669"}