Magnachip Reports Results for Fourth Quarter and Year 2021

 




In thousands of U.S dollars, except share data




GAAP




2021



2020



Y/Y Change


Revenues

















Standard Products Business

















Display Solutions



205,322




299,057




down




31.3

%

Power Solutions



227,777




166,462




up




36.8

%

Transitional Fab 3 foundry services(1)



41,131




41,540




down




1.0

%

Gross Profit Margin



32.4

%



25.3

%



up




7.1

%pts 

Operating Income(2)



83,407




27,016




up




208.7

%

Net Income(3)



56,708




344,965




down




83.6

%

Basic Earnings per Common Share



1.26




9.80




down




87.1

%

Diluted Earnings per Common Share



1.21




7.54




down




84.0

%





In thousands of U.S dollars, except share data




Non-GAAP (4)




2021



2020



Y/Y Change


Adjusted Operating Income



56,135




41,584




up




35.0

%

Adjusted EBITDA



70,701




52,919




up




33.6

%

Adjusted Net Income



51,059




28,260




up




80.7

%

Adjusted Earnings per Common Share—Diluted



1.09




0.73




up




49.3

%





(1)

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

(2)

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

(3)

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

(4)

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


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