Financial Highlights
- Q3 consolidated revenue was $66.5 million, at the high-end of
guidance range of $61.5-66.5 million.
- Q3 standard product business revenue was up 25.9%
sequentially.
- Q3 consolidated gross profit margin of 23.3% was in-line with
the mid-point of guidance range of 22.5-24.5%.
- Q3 standard product business gross profit margin was 24.4%, up
1.3 percentage points sequentially.
- Ended Q3 with cash of $121.1 million; and an additional
non-redeemable short-term financial investment of $30 million.
- Repurchased approximately 0.5 million shares for aggregate
purchase price of $2.5 million during the quarter.
Operational Highlights
- Broad-based sequential revenue growth in our PAS business was
driven by leaner distribution channels and better-than-typical
seasonality. Relative strength was more evident in industrial,
computing, and consumer applications. Automotive continues to show
strength with additional design wins in Japan and China.
- Started initial DDIC production and shipments for a premium
smartphone model from a leading China OEM.
- Received a purchase order from a second leading China
smartphone OEM and commenced shipments in October 2024.
- Began sampling our new OLED driver designed with
next-generation IP, including sub-pixel rendering (SPR), refined
color enhancement, color filter, brightness uniformity control and
more than 20% reduction in power consumption than previous
generation.
- Power IC revenue increased sequentially, driven primarily by
demand for LCD TVs and OLED IT in tablets and notebooks.
Magnachip Semiconductor Corporation (NYSE: MX) (“Magnachip” or
the “Company”) today announced financial results for the third
quarter 2024.
YJ Kim, Magnachip’s CEO, commented, “Our Q3 revenue was at the
high-end of guidance driven by broad-based growth in our Standard
Product businesses, which is comprised of our MSS and PAS
businesses. Standard Product revenue increased 25.9% sequentially
and 24% year-over-year. Our discrete Power business benefited from
leaner inventory in distribution channels as well as new product
designs wins resulting in better-than-seasonal growth. In MSS, the
strong sequential growth was due to increased demand for products
targeted for China smartphone OEMs, automotive displays, and OLED
IT.”
YJ Kim added, “Looking ahead, we expect our Standard Product
business revenue in Q4 will modestly decline sequentially, which is
better than typical seasonality experienced in past years. We
reiterate our full-year guidance for double-digit growth in both
MSS and PAS businesses in 2024.”
Q3 2024 Financial Highlights
In thousands of U.S. dollars,
except share data
GAAP
Q3 2024
Q2 2024
Q/Q change
Q3 2023
Y/Y change
Consolidated Revenues
66,460
53,171
up
25.0
%
61,245
up
8.5
%
Standard Products Business
64,020
50,835
up
25.9
%
51,619
up
24.0
%
Mixed-Signal Solutions
16,446
11,595
up
41.8
%
10,644
up
54.5
%
Power Analog Solutions
47,574
39,240
up
21.2
%
40,975
up
16.1
%
Transitional Fab 3 foundry services(1)
2,440
2,336
up
4.5
%
9,626
down
74.7
%
Consolidated Gross Profit
Margin
23.3
%
21.8
%
up
1.5
%pts
23.6
%
down
0.3
%pts
Standard Products Business
24.4
%
23.1
%
up
1.3
%pts
28.7
%
down
4.3
%pts
Mixed-Signal Solutions
38.7
%
34.6
%
up
4.1
%pts
28.8
%
up
9.9
%pts
Power Analog Solutions
19.4
%
19.7
%
down
0.3
%pts
28.6
%
down
9.2
%pts
Operating Loss
(11,003
)
(12,824
)
up
n/a
(9,235
)
down
n/a
Net Loss
(9,617
)
(12,997
)
up
n/a
(5,165
)
down
n/a
Basic Loss per Common Share
(0.26
)
(0.34
)
up
n/a
(0.13
)
down
n/a
Diluted Loss per Common Share
(0.26
)
(0.34
)
up
n/a
(0.13
)
down
n/a
In thousands of U.S. dollars,
except share data
Non-GAAP(2)
Q3 2024
Q2 2024
Q/Q change
Q3 2023
Y/Y change
Adjusted Operating Loss
(9,026
)
(11,608
)
up
n/a
(7,064
)
down
n/a
Adjusted EBITDA
(4,949
)
(7,569
)
up
n/a
(2,735
)
down
n/a
Adjusted Net Loss
(12,797
)
(8,134
)
down
n/a
(1,591
)
down
n/a
Adjusted Loss per Common
Share—Diluted
(0.34
)
(0.21
)
down
n/a
(0.04
)
down
n/a
___________
(1)
Following 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 have begun to convert portions of the
idle capacity to PAS products during 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.
(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 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.
Q4 and Full-year 2024 Financial Guidance
Beginning in Q1 of 2024, the Company began 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:
For Q4 2024:
- Consolidated revenue to be in the range of $59.0 to $64.0
million, including approximately $2.0 million of Transitional
Foundry Services.
- MSS revenue to be in the range of $15 to $17 million, down 2.7%
sequentially but up 87% year-over-year at the mid-point. This
compares with MSS revenue of $16.4 million in Q3 2024 and MSS
equivalent revenue of $8.6 million in Q4 2023.
- PAS revenue to be in the range of $42 to $45 million, down 8.6%
sequentially but up 33.3% year-over-year at the mid-point. This
compares with PAS revenue of $47.6 million in Q3 2024 and PAS
equivalent revenue of $32.6 million in Q4 2023.
- Consolidated gross profit margin to be in the range of 21.5% to
23.5%.
- MSS gross profit margin to be in the range of 37.5% to 40.5%.
This compares with MSS gross profit margin of 38.7% in Q3 2024 and
MSS equivalent gross profit margin of 41.3% in Q4 2023.
- PAS gross profit margin to be in the range of 17% to 19%. This
compares with PAS gross profit margin of 19.4% in Q3 2024 and PAS
equivalent gross profit margin of 18.1% in Q4 2023.
For the full-year 2024, we currently expect:
- MSS revenue to grow double digits year-over-year as compared
with MSS equivalent revenue of $44.4 million in 2023, consistent
with what we communicated throughout the year.
- PAS revenue to grow double digits year-over-year as compared
with PAS equivalent revenue of $151.3 million in 2023, consistent
with what we communicated throughout the year.
- Transitional Foundry Services revenue will be wound down by the
end of 2024, as expected. We expect any remaining amounts to be
immaterial beyond Q4 2024.
- Consolidated revenue flattish, as compared to our prior
expectation of flattish-to-slightly down.
- Consolidated gross profit margin between 21% to 22%, as
compared to our prior expectation of 19% to 22%. This compares with
the consolidated gross profit margin of 22.4% in 2023.
Q3 2024 Earnings Conference Call
Magnachip will host a corresponding conference call at 2:00 p.m.
PT / 5:00 p.m. ET on Wednesday, October 30, 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.
Online registration:
https://register.vevent.com/register/BId4ac9a385dd74e4f813c5964a3ac6546
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 fourth 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 fourth 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.
About Magnachip Semiconductor
Magnachip 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
1,050 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.
MAGNACHIP SEMICONDUCTOR
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands of U.S. dollars,
except share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
2024
June 30, 2024
September 30,
2023
September 30,
2024
September 30,
2023
Revenues:
Net sales – standard products business
$
64,020
$
50,835
$
51,619
$
160,396
$
154,508
Net sales – transitional Fab 3 foundry
services
2,440
2,336
9,626
8,302
24,721
Total revenues
66,460
53,171
61,245
168,698
179,229
Cost of sales:
Cost of sales – standard products
business
48,400
39,113
36,829
123,401
112,008
Cost of sales – transitional Fab 3 foundry
services
2,599
2,457
9,935
9,267
27,108
Total cost of sales
50,999
41,570
46,764
132,668
139,116
Gross profit
15,461
11,601
14,481
36,030
40,113
Gross profit as a percentage of standard
products business net sales
24.4%
23.1%
28.7%
23.1%
27.5%
Gross profit as a percentage of total
revenues
23.3%
21.8%
23.6%
21.4%
22.4%
Operating expenses:
Selling, general and administrative
expenses
12,091
11,734
12,089
35,089
36,391
Research and development expenses
14,373
12,691
11,627
38,227
36,180
Early termination and other charges
—
—
—
—
9,251
Total operating expenses
26,464
24,425
23,716
73,316
81,822
Operating loss
(11,003
)
(12,824
)
(9,235
)
(37,286
)
(41,709
)
Interest income
2,051
2,228
2,382
6,492
7,916
Interest expense
(574
)
(554
)
(189
)
(1,366
)
(645
)
Foreign currency gain (loss), net
5,066
(3,557
)
(2,583
)
(3,492
)
(4,776
)
Other income (loss), net
(31
)
108
87
121
55
Loss before income tax expense
(benefit)
(4,491
)
(14,599
)
(9,538
)
(35,531
)
(39,159
)
Income tax expense (benefit)
5,126
(1,602
)
(4,373
)
2,500
(8,577
)
Net loss
$
(9,617
)
$
(12,997
)
$
(5,165
)
$
(38,031
)
$
(30,582
)
Basic loss per common share—
$
(0.26
)
$
(0.34
)
$
(0.13
)
$
(1.00
)
$
(0.73
)
Diluted loss per common share—
$
(0.26
)
$
(0.34
)
$
(0.13
)
$
(1.00
)
$
(0.73
)
Weighted average number of shares—
Basic
37,468,849
38,174,920
40,145,290
38,060,682
41,747,255
Diluted
37,468,849
38,174,920
40,145,290
38,060,682
41,747,255
MAGNACHIP SEMICONDUCTOR
CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(In thousands of U.S. dollars,
except share data)
(Unaudited)
September 30,
2024
December 31,
2023
Assets
Current assets
Cash and cash equivalents
$
121,095
$
158,092
Short-term financial instruments
30,000
—
Accounts receivable, net
28,693
32,641
Inventories, net
36,127
32,733
Other receivables
5,301
4,295
Prepaid expenses
11,614
7,390
Hedge collateral
1,000
1,000
Other current assets
8,208
9,283
Total current assets
242,038
245,434
Property, plant and equipment, net
92,383
100,122
Operating lease right-of-use assets
3,810
4,639
Intangible assets, net
1,353
1,537
Long-term prepaid expenses
615
5,736
Deferred income taxes
46,643
50,836
Other non-current assets
24,513
12,187
Total assets
$
411,355
$
420,491
Liabilities and Stockholders’
Equity
Current liabilities
Accounts payable
$
24,644
$
24,443
Other accounts payable
11,768
5,292
Accrued expenses
9,133
10,457
Accrued income taxes
32
1,496
Operating lease liabilities
1,754
1,914
Other current liabilities
3,005
3,286
Total current liabilities
50,336
46,888
Long-term borrowing
30,312
—
Accrued severance benefits, net
17,347
16,020
Non-current operating lease
liabilities
2,191
2,897
Other non-current liabilities
11,596
10,088
Total liabilities
111,782
75,893
Commitments and contingencies
Stockholders’ equity
Common stock, $0.01 par value, 150,000,000
shares authorized, 57,032,206 shares issued and 37,292,044
outstanding at September 30, 2024 and 56,971,394 shares issued and
38,852,742 outstanding at December 31, 2023
569
569
Additional paid-in capital
277,306
273,256
Retained earnings
260,853
298,884
Treasury stock, 19,740,162 shares at
September 30, 2024 and 18,118,652 shares at December 31, 2023,
respectively
(222,503
)
(213,454
)
Accumulated other comprehensive loss
(16,652
)
(14,657
)
Total stockholders’ equity
299,573
344,598
Total liabilities and stockholders’
equity
$
411,355
$
420,491
MAGNACHIP SEMICONDUCTOR
CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(In thousands of U.S.
dollars)
(Unaudited)
Three Months
Ended
Nine Months
Ended
September 30,
2024
September 30,
2024
September 30,
2023
Cash flows from operating
activities
Net loss
$
(9,617
)
$
(38,031
)
$
(30,582
)
Adjustments to reconcile net loss to net
cash used in operating activities
Depreciation and amortization
4,056
12,171
12,583
Provision for severance benefits
1,582
4,552
5,358
Loss (gain) on foreign currency, net
(10,708
)
6,140
14,532
Provision for inventory reserves
(591
)
(1,615
)
3,035
Stock-based compensation
1,977
4,093
5,383
Deferred income taxes
(47
)
3,111
88
Others, net
126
552
592
Changes in operating assets and
liabilities
Accounts receivable, net
3,795
3,560
(6,409
)
Inventories
1,084
(2,365
)
3,635
Other receivables
(1,631
)
(1,030
)
4,993
Prepaid expenses
1,818
5,645
5,653
Other current assets
4,086
1,155
(7,944
)
Accounts payable
(1,325
)
619
6,066
Other accounts payable
(3,521
)
(10,197
)
(6,738
)
Accrued expenses
(912
)
(1,339
)
619
Accrued income taxes
(1,442
)
(1,459
)
(3,014
)
Other current liabilities
(693
)
(240
)
(741
)
Other non-current liabilities
(99
)
(345
)
(279
)
Payment of severance benefits
(527
)
(1,889
)
(6,183
)
Others, net
(316
)
(1,077
)
(841
)
Net cash used in operating activities
(12,905
)
(17,989
)
(194
)
Cash flows from investing
activities
Proceeds from settlement of hedge
collateral
627
627
3,335
Payment of hedge collateral
—
(612
)
(3,154
)
Purchase of property, plant and
equipment
(2,609
)
(4,175
)
(2,280
)
Payment for intellectual property
registration
(85
)
(263
)
(230
)
Collection of guarantee deposits
15
1,153
4,984
Payment of guarantee deposits
(180
)
(2,090
)
(7,276
)
Increase in short-term financial
instruments
—
(30,000
)
—
Others, net
(37
)
(37
)
—
Net cash used in investing activities
(2,269
)
(35,397
)
(4,621
)
Cash flows from financing
activities
Proceeds from long-term borrowing
—
30,059
—
Proceeds from exercise of stock
options
—
—
27
Acquisition of treasury stock
(2,648
)
(9,507
)
(43,087
)
Repayment of financing related to water
treatment facility arrangement
(119
)
(357
)
(371
)
Repayment of principal portion of finance
lease liabilities
(35
)
(104
)
(69
)
Net cash provided by (used in) financing
activities
(2,802
)
20,091
(43,500
)
Effect of exchange rates on cash and cash
equivalents
6,604
(3,702
)
(10,518
)
Net decrease in cash and cash
equivalents
(11,372
)
(36,997
)
(58,833
)
Cash and cash equivalents
Beginning of the period
132,467
158,092
225,477
End of the period
$
121,095
$
121,095
$
166,644
MAGNACHIP SEMICONDUCTOR
CORPORATION AND SUBSIDIARIES
RECONCILIATION OF OPERATING
LOSS TO ADJUSTED OPERATING LOSS
(In thousands of U.S.
dollars)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30, 2024
June 30, 2024
September 30, 2023
September 30, 2024
September 30, 2023
Operating loss
$
(11,003
)
$
(12,824
)
$
(9,235
)
$
(37,286
)
$
(41,709
)
Adjustments:
Equity-based compensation expense
1,977
1,216
2,171
4,093
5,383
Early termination and other charges
—
—
—
—
9,251
Adjusted Operating Income Loss
$
(9,026
)
$
(11,608
)
$
(7,064
)
$
(33,193
)
$
(27,075
)
We 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 and other
charges.
For the nine months ended September 30, 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. During the same period, we also recorded $802
thousand of one-time employee incentives.
MAGNACHIP SEMICONDUCTOR
CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NET LOSS TO
ADJUSTED EBITDA AND ADJUSTED NET LOSS
(In thousands of U.S. dollars,
except share data)
(Unaudited)
Three Months Ended
Nine Months Ended
September 30,
2024
June 30, 2024
September 30,
2023
September 30,
2024
September 30,
2023
Net loss
$
(9,617
)
$
(12,997
)
$
(5,165
)
$
(38,031
)
$
(30,582
)
Adjustments:
Interest income
(2,051
)
(2,228
)
(2,382
)
(6,492
)
(7,916
)
Interest expense
574
554
189
1,366
645
Income tax expense (benefit)
5,126
(1,602
)
(4,373
)
2,500
(8,577
)
Depreciation and amortization
4,056
4,016
4,081
12,171
12,583
EBITDA
(1,912
)
(12,257
)
(7,650
)
(28,486
)
(33,847
)
Equity-based compensation expense
1,977
1,216
2,171
4,093
5,383
Foreign currency loss (gain), net
(5,066
)
3,557
2,583
3,492
4,776
Derivative valuation loss (gain), net
52
(85
)
161
(58
)
235
Early termination and other charges
—
—
—
—
9,251
Adjusted EBITDA
$
(4,949
)
$
(7,569
)
$
(2,735
)
$
(20,959
)
$
(14,202
)
Net loss
$
(9,617
)
$
(12,997
)
$
(5,165
)
$
(38,031
)
$
(30,582
)
Adjustments:
Equity-based compensation expense
1,977
1,216
2,171
4,093
5,383
Foreign currency loss (gain), net
(5,066
)
3,557
2,583
3,492
4,776
Derivative valuation loss (gain), net
52
(85
)
161
(58
)
235
Early termination and other charges
—
—
—
—
9,251
Income tax effect on non-GAAP
adjustments
(143
)
175
(1,341
)
(1,311
)
(3,493
)
Adjusted Net Loss
$
(12,797
)
$
(8,134
)
$
(1,591
)
$
(31,815
)
$
(14,430
)
Adjusted Net Loss per common share—
- Basic
$
(0.34
)
$
(0.21
)
$
(0.04
)
$
(0.84
)
$
(0.35
)
- Diluted
$
(0.34
)
$
(0.21
)
$
(0.04
)
$
(0.84
)
$
(0.35
)
Weighted average number of shares –
basic
37,468,849
38,174,920
40,145,290
38,060,682
41,747,255
Weighted average number of shares –
diluted
37,468,849
38,174,920
40,145,290
38,060,682
41,747,255
We 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 and other charges. EBITDA for the periods
indicated is defined as net loss before interest income, interest
expense, income tax expense (benefit) and depreciation and
amortization.
We 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 and other charges and (v)
Income tax effect on non-GAAP adjustments.
For the nine months ended September 30, 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. During the same period, we also recorded $802
thousand of one-time employee incentives.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241030615593/en/
Steven C. Pelayo, CFA The Blueshirt Group Tel. +1 (360) 808-5154
steven@blueshirtgroup.co
Magnachip Semiconductor (NYSE:MX)
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