Macronix International Co., Ltd Fourth Quarter 2020 Results

Macronix International Co., Ltd.Fourth Quarter 2020 ResultsJanuary 27, 2021

Copyright © Macronix International Co., Ltd. 1

Safe Harbor Statement

The presentation and discussion contain certain forward-looking statements with respect to the results of operation, financial condition and current expectation. The forward-looking statements are subject to known and unknown uncertainties and risks that could cause actual results to differ materially from those expressed or implied by such statements.

Such risks and uncertainties include but are not limited to the impact of competitive products and pricing, timely design acceptance by our customers, timely introduction of new technologies, ability to ramp new products into volume, industry wide shifts in supply and demand for semiconductor products, industry overcapacity, availability of manufacturing capacity, financial stability in end markets, and other risks.

The forward-looking statements in this release reflect the current belief of Macronix as of the date of this release and Macronix undertakes no obligation to update these forward-looking statements for events or circumstances that occur subsequent to such date.


Agenda

Welcome C.Y. Lu

2020Q4 Financial Results Paul Yeh

Business Update C.Y. Lu

Remarks and Q&A C.Y. Lu


Financial Highlights

Revenue(billion NT$)

Gross margin %

Operatingmargin %

Basic EPS (NT$)

2020Q4Unaudited

NT$ 10.2

32.4%

14.1%

0.63

2020Q3Reviewed

NT$ 11.0

35.9%

17.1%

0.88

NT$ 9.6

2019Q4Audited

26.2%

8.0%

0.41

26%31% 35% 36% 32%

8%12%

15% 17%14%

0.41

0.67

0.72 0.88

0.63

0.76

1.01

0.83

Q4 20Q1 Q2 Q3 Q4

*Pre-tax EPS

-10%

-20%

-7%

18Q 4 19Q 4 20Q 4

19Q4QoQ

20Q4QoQ

18Q4QoQ


Financial Highlights

Revenue(billion NT$)

Gross margin %

Operatingmargin %

Basic EPS (NT$)

2020Unaudited

NT$ 39.8

33.7%

14.7%

2.90

2019Audited

NT$ 35.0

27.5%

8.9%

1.64

28%34%

9%

15%

1.64

2.90 1.65

3.18

2019 2020

*Pre-tax EPS


Agenda

Welcome C.Y. Lu





Quarterly Consolidated Statements of Comprehensive Income

Unit：NTD Million (except EPS)

2019/Q4

Audited

2020/Q3

Reviewed

2020/Q4

Unaudited

QoQ

ChangeYoY

Change

Net Sales 9,581 10,957 10,158 (7%) 6%Gross Profit 2,506 3,934 3,287 (16%) 31%

Gross Margin% 26.2% 35.9% 32.4% (3.5ppt) 6.2ppt

Operating Expenses (1,744) (2,063) (1,850) (10%) 6%Operating Income 762 1,870 1,437 (23%) 89% Operating Margin% 8.0% 17.1% 14.1% (3.0ppt) 6.1ppt

Net Non-Operating Income (Loss) (168) (9) (84)Income Before Taxes 594 1,861 1,353 (27%) 128%Income Taxes Expense (benefit) (160) 244 197

Net Income 754 1,618 1,156 (29%) 53%Basic EPS (NT$) 0.41 0.88 0.63

EBITDA 1,405 2,905 2,431

Weighted avg outstanding million shares 1,836 1,838 1,843

Copyright © Macronix International Co., Ltd.

Unit: NT$ Million (except EPS)2019

Audited

2020

Unaudited

YoY

Change

Net Sales 34,995 39,801 14%Gross Profit 9,615 13,409 39%

Gross Margin 27.5% 33.7% 6.2ppt

Operating Expenses (6,517) (7,543) 16%

Operating Income 3,099 5,866 89%

Operating Margin 8.9% 14.7% 5.8ppt

Net Non-Operating Income (Loss) (73) (25) -

Income Before Taxes 3,026 5,841 93%

Income Taxes Expense (benefit) 13 515 -

Net Income 3,013 5,326 77%Basic EPS -- NT$ 1.64 2.90

EBITDA 5,954 9,834

Weighted average outstanding million shares 1,832 1,839

7

Annual Consolidated Statements of Comprehensive Income


9,061 8,880

10,030

8,981

6,029

7,479

11,906

9,581 9,415 9,271

10,957

10,158

0

2,000

4,000

6,000

8,000

10,000

12,000

18Q1 Q2 Q3 Q4 19Q1 Q2 Q3 Q4 20Q1 Q2 Q3 Q4

Net Sales Gross Profit

32%36%35%

31%

26%30%

27%25%28%

35%

45%42%

0%

20%

40%

60%

80%

Gross Margin%

8

2020Q4 Financial Highlights

SalesNTD M

Margin%

202039,801M

201934,995M

201836,953M


9%

15% 16% 17% 16%

19Q4 20Q1 Q2 Q3 Q4

Quarterly Consolidated Condensed Balance Sheet

9

CurrentRatio (%)

DebtRatio (%)

ROE

46.443.4 45.8 44.5 45.1

170

208

171181 182

Unit: NTD Million (except BV)2019/12/31

Audited

2020/09/30

Reviewed

2020/12/31

Unaudited

Cash 8,725 7,798 11,879

Inventory(Net) 12,810 12,485 12,945

Property, Plant and Equipment 29,366 30,812 31,463

Total Assets 60,657 62,528 65,892

Interest bearing debt - short term 4,817 4,462 5,412

Interest bearing debt - long term 9,774 10,030 10,737

Total Liabilities 28,164 27,838 29,698

Debt Ratio (%) 46.4% 44.5% 45.1%

Shareholders' Equity 32,493 34,691 36,194

ROE 9% 17% 16%

Book Value -- NT$ 17.68 18.71 19.52


Quarterly Consolidated Condensed Cash Flow

10

Unit: NTD Million2020/Q3

Reviewed

2020/Q4

Unaudited

2019

Audited

2020

Unaudited

Cash Flow from Operating 1,486 4,237 4,543 9,855

Depreciation & Amortization 977 1,011 2,731 3,746

Cash Flow from Investing (2,573) (1,754) (12,404) (6,043)

Capital Expenditures (2,577) (1,760) (12,788) (6,080)

Cash Flow from Financing (997) 1,636 3,046 (579)

Cash Dividends (2,206) - (2,206) (2,206)

Net Change* (2,092) 4,081 (4,886) 3,154

Ending Balance 7,798 11,879 8,725 11,879

Free Cash Flow** (1,091) 2,478 (8,245) 3,775

*Net change includes the effect of exchange rate changes

**Free Cash Flow=Cash Flow from Operating - Capital Expenditures


Quarterly Sales Breakdown by Products (Parent Company)

QoQ Change

YoY Change

NOR -10% -7%

ROM -8% +15%

FBG +17% +75%

* FBG (foundry business group)

Unit: NTD Million

0

3,000

6,000

9,000

12,000

2019Q4 2020Q3 2020Q4

43%

43%

9%

45%

5%

37%

7%

46%

38%

9%

9%

9%

NAND -13% +1%

11


Annual Sales Breakdown by Products (Parent Company)

YoY Change

+7%

ROM +20%

FBG +27%

Unit: NT$ Million

* FBG (foundry business group)

NOR

NAND +9%

0

10,000

20,000

30,000

40,000

2019 2020

7%

44%

39%

7%

42%

41%

10%

10%


Agenda

Welcome C.Y. Lu





2,013

694

1,086898

100

2,816

3,784

1,9231,701

436

1,774

1,225

730

403

79

2,5582,4142,477

1,372

316

0

2,000

4,000

16Q1 Q2 Q3 Q4 17Q1 Q2 Q3 Q4 18Q1 Q2 Q3 Q4 19Q1 Q2 Q3 Q4 20Q1 Q2 Q3 Q4

14

Business update - ROM

Density shipment index: 2016Q1 =100

ROM business• ≥ 64Gb products represented 58% of ROM business in 2020Q4


Business update - NOR Flash

Density shipment index: 2016Q1 =100

141144148157

146

127

112

9593

10610095

130135127

119120121113

100

0

100

200

16Q1 Q2 Q3 Q4 17Q1 Q2 Q3 Q4 18Q1 Q2 Q3 Q4 19Q1 Q2 Q3 Q4 20Q1 Q2 Q3 Q4


1,375

2,239

4,068

4,872

6,125

0

3,500

7,000

16Q1Q2 Q3 Q417Q1Q2 Q3 Q418Q1Q2 Q3 Q419Q1Q2 Q3 Q420Q1Q2 Q3 Q4

16

Current status of Flash memory business

Accumulative design-win case count

Flash business• ≤75nm products increased to 73% of NOR sales in 20Q4

More than 35% from Industrial applications


Business update – NOR flash breakdown (Parent Company)

17

NOR breakdown by density

37% 33% 29% 26%

49%45%

40%38%

22%36%31%

14%

2017 2018 2019 2020

High

Mid

Low

NTD %

(32Mb~128Mb)


2020Q4 NOR revenue breakdown


* Comm: including handsets* I(Industrial), M(Medical), A(Aerospace-defense)

+32% QoQ-8% YoY

Consumer

-4% QoQ-8% YoY

Computer

-34% QoQ-22% YoY

Communication

+23% QoQ+13% YoY

Automotive

Computer, 23%

Consumer, 18%

Comm, 29%

Auto, 17%I.M.A.,

13%

Computer, 22%

Consumer, 13%

Comm, 41%

Auto, 13%

I.M.A., 11%

2020Q3 NOR revenue breakdown

2020Q4 NOR revenue comparison

+5% QoQ+11% YoY

I.M.A


2020 NOR revenue breakdown


* Comm: including handsets* I(Industrial), M(Medical), A(Aerospace-defense)

-18% YoY

Consumer

+5% YoY

Computer

+18% YoY

Communication

+2% YoY

Automotive

Computer, 22%

Consumer, 15%

Comm, 36%

Auto, 14%I.M.A.,

13%

Computer, 22%

Consumer, 19%

Comm, 33%

Auto, 14%I.M.A.,

12%

2019 NOR revenue breakdown

2020 NOR revenue comparison

+18% YoY

I.M.A


Agenda

Welcome C.Y. Lu




20

For more information regarding Macronixhttp://www.macronix.com

For all inquiries, suggestions and [email protected]

21

Date post:	06-Apr-2022
Category:	Documents
Upload:	others
View:	6 times
Download:	0 times

Macronix International Co., Ltd Fourth Quarter 2020 Results

Documents