MAGNACHIP SEMICONDUCTOR Corp
For the period ended Jun 30, 2024. Filed Aug 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 8, 2024
MX$2.53+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Interim Consolidated Financial Statements (Unaudited)
CONSOLIDATED BALANCE SHEETS (Unaudited)
| June 30,2024 | December 31,2023 | |
|---|---|---|
| (In thousands of U.S. dollars, except share data) | ||
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $132,467 | $158,092 |
| Short-term financial instruments | 30,000 | — |
| Accounts receivable, net | 31,175 | 32,641 |
| Inventories, net | 34,783 | 32,733 |
| Other receivables | 3,977 | 4,295 |
| Prepaid expenses | 8,548 | 7,390 |
| Hedge collateral (Note 6) | 1,600 | 1,000 |
| Other current assets (Note 16) | 11,653 | 9,283 |
| Total current assets | 254,203 | 245,434 |
| Property, plant and equipment, net | 88,330 | 100,122 |
| Operating lease right-of-use assets | 4,181 | 4,639 |
| Intangible assets, net | 1,320 | 1,537 |
| Long-term prepaid expenses | 8,085 | 5,736 |
| Deferred income taxes | 44,578 | 50,836 |
| Other non-current assets | 11,998 | 12,187 |
| Total assets | $412,695 | $420,491 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities | ||
| Accounts payable | $25,575 | $24,443 |
| Other accounts payable | 8,383 | 5,292 |
| Accrued expenses | 9,199 | 10,457 |
| Accrued income taxes | 1,422 | 1,496 |
| Operating lease liabilities | 1,805 | 1,914 |
| Other current liabilities | 4,168 | 3,286 |
| Total current liabilities | 50,552 | 46,888 |
| Long-term borrowing | 28,794 | — |
| Accrued severance benefits, net | 15,759 | 16,020 |
| Non-current operating lease liabilities | 2,514 | 2,897 |
| Other non-current liabilities | 9,228 | 10,088 |
| Total liabilities | 106,847 | 75,893 |
| Commitments and contingencies (Note 16) | ||
| Stockholders’ equity | ||
| Common stock, $0.01 par value, 150,000,000 shares authorized, 57,015,569 shares issued and 37,799,482 outstanding at June 30, 2024 and 56,971,394 shares issued and 38,852,742 outstanding at December 31, 2023 | 569 | 569 |
| Additional paid-in capital | 275,329 | 273,256 |
| Retained earnings | 270,470 | 298,884 |
| Treasury stock, 19,216,087 shares at June 30, 2024 and 18,118,652 shares at December 31, 2023, respectively | (219,949) | (213,454) |
| Accumulated other comprehensive loss | (20,571) | (14,657) |
| Total stockholders’ equity | 305,848 | 344,598 |
| Total liabilities and stockholders’ equity | $412,695 | $420,491 |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30,2024 | June 30,2023 | June 30,2024 | June 30,2023 | |
| (In thousands of U.S. dollars, except share data) | ||||
| Revenues: | ||||
| Net sales – standard products business | $50,835 | $51,375 | $96,376 | $102,889 |
| Net sales – transitional Fab 3 foundry services | 2,336 | 9,604 | 5,862 | 15,095 |
| Total revenues | 53,171 | 60,979 | 102,238 | 117,984 |
| Cost of sales: | ||||
| Cost of sales – standard products business | 39,113 | 37,867 | 75,001 | 75,179 |
| Cost of sales – transitional Fab 3 foundry services | 2,457 | 9,574 | 6,668 | 17,173 |
| Total cost of sales | 41,570 | 47,441 | 81,669 | 92,352 |
| Gross profit | 11,601 | 13,538 | 20,569 | 25,632 |
| Operating expenses: | ||||
| Selling, general and administrative expenses | 11,734 | 12,137 | 22,998 | 24,302 |
| Research and development expenses | 12,691 | 11,255 | 23,854 | 24,553 |
| Early termination and other charges | — | 802 | — | 9,251 |
| Total operating expenses | 24,425 | 24,194 | 46,852 | 58,106 |
| Operating loss | (12,824) | (10,656) | (26,283) | (32,474) |
| Interest income | 2,228 | 2,692 | 4,441 | 5,534 |
| Interest expense | (554) | (200) | (792) | (456) |
| Foreign currency gain (loss), net | (3,557) | 1,237 | (8,558) | (2,193) |
| Other income (loss), net | 108 | 3 | 152 | (32) |
| Loss before income tax benefit | (14,599) | (6,924) | (31,040) | (29,621) |
| Income tax benefit | (1,602) | (2,977) | (2,626) | (4,204) |
| Net loss | $(12,997) | $(3,947) | $(28,414) | $(25,417) |
| Basic loss per common share— | $(0.34) | $(0.09) | $(0.74) | $(0.60) |
| Diluted loss per common share— | $(0.34) | $(0.09) | $(0.74) | $(0.60) |
| Weighted average number of shares— | ||||
| Basic | 38,174,920 | 41,741,310 | 38,359,851 | 42,561,514 |
| Diluted | 38,174,920 | 41,741,310 | 38,359,851 | 42,561,514 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
| Three Months Ended | Six Months Ended | |||
|---|---|---|---|---|
| June 30,2024 | June 30,2023 | June 30,2024 | June 30,2023 | |
| (In thousands of U.S. dollars) | ||||
| Net loss | $(12,997) | $(3,947) | $(28,414) | $(25,417) |
| Other comprehensive loss | ||||
| Foreign currency translation adjustments | (1,591) | (2,285) | (5,088) | (4,193) |
| Derivative adjustments | ||||
| Fair valuation of derivatives | (807) | (375) | (1,412) | (1,510) |
| Reclassification adjustment for loss on derivatives included in net loss | 527 | 1,243 | 586 | 1,846 |
| Total other comprehensive loss | (1,871) | (1,417) | (5,914) | (3,857) |
| Total comprehensive loss | $(14,868) | $(5,364) | $(34,328) | $(29,274) |
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Unaudited)
| Common Stock · AdditionalPaid-InCapital · RetainedEarnings · TreasuryStock · AccumulatedOtherComprehensiveLoss · Total | |||||||
|---|---|---|---|---|---|---|---|
| (In thousands of U.S. dollars, except share data) · Shares · Amount | |||||||
| Three Months Ended June 30, 2024: | |||||||
| Balance at March 31, 2024 | 38,263,642 | $569 | $274,156 | $283,467 | $(217,607) | $(18,700) | $321,885 |
| Stock-based compensation | — | — | 1,216 | — | — | — | 1,216 |
| Settlement of restricted stock units | 6,996 | 0 | (43) | — | — | — | (43) |
| Acquisition of treasury stock | (471,156) | — | — | — | (2,342) | — | (2,342) |
| Other comprehensive loss, net | — | — | — | — | — | (1,871) | (1,871) |
| Net loss | — | — | — | (12,997) | — | — | (12,997) |
| Balance at June 30, 2024 | 37,799,482 | $569 | $275,329 | $270,470 | $(219,949) | $(20,571) | $305,848 |
| Three Months Ended June 30, 2023: | |||||||
| Balance at March 31, 2023 | 42,589,315 | $564 | $267,187 | $314,036 | $(173,441) | $(14,993) | $393,353 |
| Stock-based compensation | — | — | 2,092 | — | — | — | 2,092 |
| Exercise of stock options | 2,600 | 0 | 18 | — | — | — | 18 |
| Settlement of restricted stock units | 10,000 | 0 | (0) | — | — | — | — |
| Acquisition of treasury stock | (2,468,017) | — | — | — | (25,807) | — | (25,807) |
| Other comprehensive loss, net | — | — | — | — | — | (1,417) | (1,417) |
| Net loss | — | — | — | (3,947) | — | — | (3,947) |
| Balance at June 30, 2023 | 40,133,898 | $564 | $269,297 | $310,089 | $(199,248) | $(16,410) | $364,292 |
| Common Stock · AdditionalPaid-InCapital · RetainedEarnings · TreasuryStock · AccumulatedOtherComprehensiveLoss · Total | |||||||
|---|---|---|---|---|---|---|---|
| (In thousands of U.S. dollars, except share data) · Shares · Amount | |||||||
| Six Months Ended June 30, 2024: | |||||||
| Balance at December 31, 2023 | 38,852,742 | $569 | $273,256 | $298,884 | $(213,454) | $(14,657) | $344,598 |
| Stock-based compensation | — | — | 2,116 | — | — | — | 2,116 |
| Settlement of restricted stock units | 44,175 | 0 | (43) | — | — | — | (43) |
| Acquisition of treasury stock | (1,097,435) | — | — | — | (6,495) | — | (6,495) |
| Other comprehensive loss, net | — | — | — | — | — | (5,914) | (5,914) |
| Net loss | — | — | — | (28,414) | — | — | (28,414) |
| Balance at June 30, 2024 | 37,799,482 | $569 | $275,329 | $270,470 | $(219,949) | $(20,571) | $305,848 |
| Six Months Ended June 30, 2023: | |||||||
| Balance at December 31, 2022 | 43,824,575 | $564 | $266,058 | $335,506 | $(161,422) | $(12,553) | $428,153 |
| Stock-based compensation | — | — | 3,212 | — | — | — | 3,212 |
| Exercise of stock options | 4,000 | 0 | 27 | — | — | — | 27 |
| Settlement of restricted stock units | 13,333 | 0 | (0) | — | — | — | — |
| Acquisition of treasury stock | (3,708,010) | — | — | — | (37,826) | — | (37,826) |
| Other comprehensive loss, net | — | — | — | — | — | (3,857) | (3,857) |
| Net loss | — | — | — | (25,417) | — | — | (25,417) |
| Balance at June 30, 2023 | 40,133,898 | $564 | $269,297 | $310,089 | $(199,248) | $(16,410) | $364,292 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
| Six Months Ended | ||
|---|---|---|
| June 30,2024 | June 30,2023 | |
| (In thousands of U.S. dollars) | ||
| Cash flows from operating activities | ||
| Net loss | $(28,414) | $(25,417) |
| Adjustments to reconcile net loss to net cash used in operating activities | ||
| Depreciation and amortization | 8,115 | 8,502 |
| Provision for severance benefits | 2,970 | 4,091 |
| Loss on foreign currency, net | 16,848 | 9,117 |
| Provision for inventory reserves | (1,024) | 1,121 |
| Stock-based compensation | 2,116 | 3,212 |
| Deferred income taxes | 3,158 | 27 |
| Other, net | 426 | 423 |
| Changes in operating assets and liabilities | ||
| Accounts receivable, net | (235) | (342) |
| Inventories | (3,449) | 4,911 |
| Other receivables | 601 | 4,407 |
| Other current assets | 896 | 395 |
| Accounts payable | 1,944 | 2,880 |
| Other accounts payable | (6,676) | (6,488) |
| Accrued expenses | (427) | 1,104 |
| Accrued income taxes | (17) | (2,972) |
| Other current liabilities | 453 | (471) |
| Other non-current liabilities | (246) | (214) |
| Payment of severance benefits | (1,362) | (5,728) |
| Other, net | (761) | (487) |
| Net cash used in operating activities | (5,084) | (1,929) |
| Cash flows from investing activities | ||
| Proceeds from settlement of hedge collateral | — | 3,335 |
| Payment of hedge collateral | (612) | (2,586) |
| Purchase of property, plant and equipment | (1,566) | (1,518) |
| Payment for intellectual property registration | (178) | (163) |
| Collection of guarantee deposits | 1,138 | 1,445 |
| Payment of guarantee deposits | (1,910) | (6,907) |
| Increase in short-term financial instruments | (30,000) | — |
| Other, net | 0 | — |
| Net cash used in investing activities | (33,128) | (6,394) |
| Cash flows from financing activities | ||
| Proceeds from long-term borrowing | 30,059 | — |
| Proceeds from exercise of stock options | — | 27 |
| Acquisition of treasury stock | (6,859) | (36,840) |
| Repayment of financing related to water treatment facility arrangement | (238) | (248) |
| Repayment of principal portion of finance lease liabilities | (69) | (46) |
| Net cash provided by (used in) financing activities | 22,893 | (37,107) |
| Effect of exchange rates on cash and cash equivalents | (10,306) | (7,093) |
| Net decrease in cash and cash equivalents | (25,625) | (52,523) |
| Cash and cash equivalents | ||
| Cash and cash equivalents at beginning of period | 158,092 | 225,477 |
| Cash and cash equivalents at end of period | $132,467 | $172,954 |
| Supplemental cash flow information | ||
| Cash paid (refunded) for income taxes | $(716) | $3,599 |
| Non-cash investing activities | ||
| Property, plant and equipment additions in other accounts payable | $1,467 | $477 |
| Non-cash financing activities | ||
| Unsettled common stock repurchases | $119 | $1,379 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.