Magnachip Semiconductor Corp (MX) 2025 Q1 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to the Magnachip Semiconductor first-quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded. I will now hand the conference over to your speaker host, Steven Pelayo of Investor Relations. Please go ahead.

大家好，感謝大家的支持。歡迎參加 Magnachip Semiconductor 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我將會議交給您的演講主持人、投資者關係部門的 Steven Pelayo。請繼續。

Great. Hello, everyone. Thank you for joining us to discuss Magnachip's financial results for the first quarter ended March 31, 2025. The first quarter earnings release was issued today after the market closed and can be found on the company's Investor Relations website. The webcast replay of today's call will be archived on our website shortly afterwards.

偉大的。大家好。感謝您加入我們討論 Magnachip 截至 2025 年 3 月 31 日的第一季財務業績。第一季財報於今日市場收盤後發布，可在公司投資人關係網站上查閱。今天電話會議的網路直播重播將很快存檔在我們的網站上。

Joining me today are YJ Kim, Magnachip's Chief Executive Officer; and Shin Young Park, our Chief Financial Officer. YJ will discuss the company's recent operating performance and business overview, and Shin Young will review financial results for the quarter and provide guidance for the second quarter. There will be a Q&A session following the prepared remarks.

今天與我一起出席的還有 Magnachip 執行長 YJ Kim 和財務長 Shin Young Park。YJ 將討論公司近期的經營業績和業務概況，而 Shin Young 將回顧本季的財務表現並為第二季提供指導。準備好的發言之後將會有問答環節。

During the course of this conference call, we may make forward-looking statements about Magnachip's business outlook and expectations. Our forward-looking statements and all other statements that are not historical facts reflect our beliefs and predictions as of today, and therefore, are subject to risks and uncertainties as described in the Safe Harbor statement found in our SEC filings.

在本次電話會議期間，我們可能會對 Magnachip 的業務前景和預期做出前瞻性陳述。我們的前瞻性陳述和所有其他非歷史事實的陳述反映了我們今天的信念和預測，因此，受到我們提交給美國證券交易委員會的文件中的安全港聲明中所述的風險和不確定性的影響。

Such statements are based upon information available to the company as of the date hereof and are subject to change for future developments. Except as required by law, the company does not undertake any obligation to update these statements. During the call, we will also discuss non-GAAP financial measures. The non-GAAP measures are not prepared in accordance with generally accepted accounting principles, but are intended as supplemental measures of Magnachip's operating performance that may be useful to investors. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures can be found in our first quarter earnings release in the Investor Relations section of our website.

此類聲明基於公司截至本文發布之日所掌握的信息，可能會因未來發展而改變。除法律另有規定外，本公司不承擔更新這些聲明的任何義務。在電話會議中，我們還將討論非公認會計準則財務指標。非公認會計準則指標並非依照公認會計原則編制，而是旨在作為 Magnachip 經營績效的補充指標，可能對投資者有用。在我們網站的投資者關係部分的第一季財報中，可以找到非 GAAP 財務指標與最直接可比較的 GAAP 指標的對帳表。

With that, I'll now turn the call over to YJ Kim. YJ.

現在，我將把電話轉給 YJ Kim。YJ。

Hello, everyone, and thank you for joining us today, and welcome to Magnachip's Q1 earnings call. As a reminder, on April 8, we announced that after a thorough review, our Board of Directors unanimously approved a plan to shut down the company's display business by the end of Q2, though we will continue to evaluate opportunity to monetize display assets. The company had previously announced its intention to explore all strategic options for the display business and to classify the display business as discontinued operations when it reports Q1 results in order to focus as a pure-play power semiconductor company. Shin Young will provide details in her section. As a result, the Power Analog Solutions and Power IC businesses, which accounted for $186 million in revenue in 2024 represent Magnachip's going forward continuing operations.

大家好，感謝您今天的加入我們，歡迎參加 Magnachip 的第一季財報電話會議。提醒一下，4 月 8 日，我們宣布，經過全面審查，董事會一致批准了一項計劃，在第二季末關閉公司的展示業務，但我們將繼續評估展示資產貨幣化的機會。該公司先前曾宣布，打算探索顯示器業務的所有戰略選擇，並在報告第一季業績時將顯示業務歸類為已停止的業務，以便專注於成為一家純粹的功率半導體公司。Shin Young 將在她的專欄中提供詳細資訊。因此，電源類比解決方案和電源 IC 業務（2024 年的收入為 1.86 億美元）代表了 Magnachip 未來的持續經營業務。

Our strategic pivot to focus exclusively on Power Analog Solutions and Power IC business is designed to drive a structural improvement in operational efficiency and position the company for a return to sustainable profitability. Navigating an unpredictable macroeconomic landscape will likely pose challenges for our industry. We have a very small amount, less than $2.5 million in direct shipment to the US, but we are monitoring the tariff situation closely. However, our aim is still to attain a quarterly adjusted EBITDA breakeven from continuing operations by the end of this year. We also believe that reaching this goal will pave the way for achieving positive adjusted operating income in 2026 and positive adjusted free cash flow in 2027. Each of these targets will act as milestones towards achieving a goal in three years to reach a $300 million annual revenue run rate with a 30% gross profit margin target. We call this our 3-3-3 strategy.

我們的策略重點是專注於電源類比解決方案和電源 IC 業務，旨在推動營運效率的結構性改善，並使公司恢復可持續獲利能力。應對不可預測的宏觀經濟情勢可能會對我們的產業造成挑戰。我們直接運往美國的貨物數量非常少，不到 250 萬美元，但我們正在密切關注關稅情況。然而，我們的目標仍然是在今年年底前實現持續經營業務的季度調整後 EBITDA 收支平衡。我們也相信，實現這一目標將為 2026 年實現正調整後營業收入和 2027 年實現正調整後自由現金流鋪平道路。每個目標都將成為實現三年內年收入運行率 3 億美元、毛利率 30% 的目標的里程碑。我們稱之為 3-3-3 戰略。

Turning to Q1 results, consolidated Q1 revenue from continuing operations, which includes Power Analog Solutions and Power IC and excludes our former display business was $44.7 million, up 12.1% year-over-year and down 8.5% sequentially on an apples-to-apple basis. Consolidated Q1 revenue from continuing operations was in line with the midpoint of our guidance range of $42 million to $47 million.

談到第一季業績，第一季合併持續經營業務收入（包括 Power Analog Solutions 和 Power IC，但不包括我們以前的顯示器業務）為 4,470 萬美元，同比增長 12.1%，按同類比較計算，環比下降 8.5%。第一季合併持續經營收入與我們預期範圍的中點 4,200 萬美元至 4,700 萬美元相符。

Consolidated Q1 gross profit margin from continuing operations of 20.9% was up 3.3 percentage points year-over-year, but down 2.3 percentage points sequentially. Consolidated Q1 gross profit margin from continuing operations exceeded the high end of our guidance range of 18.5% to 20.5%. Shin Young will provide more details in her section. Q1 was the fourth consecutive quarter of year-over-year growth from continuing operations, driven by Power Analog Solutions growth in communications and automotive markets as well as strength in Power IC. We released 27 new generation Power Analog Solution products in Q1 that are fully qualified and ready for commercial sampling.

第一季綜合持續經營毛利率為 20.9%，較去年同期成長 3.3 個百分點，但較上季下降 2.3 個百分點。第一季合併持續經營毛利率超過了我們預期範圍的高端18.5%至20.5%。Shin Young 將在她的部分提供更多詳細資訊。第一季是持續經營業務連續第四個季度同比增長，這得益於 Power Analog Solutions 在通訊和汽車市場的成長以及 Power IC 的強勁表​​現。我們在第一季發布了 27 款新一代 Power Analog Solution 產品，這些產品已完全合格並準備好進行商業採樣。

These innovative product families open new high-value market opportunities for Magnachip such as automotive, industrial and AI applications. We currently expect these three market opportunities to represent more than 60% of Magnachip's future product mix in 2028, up from 37% in 2024. We already have ongoing engagement to penetrate other markets, which we expect to reach over 10% of our revenue by 2028 from less than 5% in 2024. In Q1, we saw Power Analog Solution design wins across multiple end markets and regions, including Korea, China, USA, and Taiwan. Many of these design wins were from our new generation products.

這些創新產品系列為 Magnachip 開闢了新的高價值市場機會，例如汽車、工業和人工智慧應用。我們目前預計，到 2028 年，這三個市場機會將佔 Magnachip 未來產品組合的 60% 以上，高於 2024 年的 37%。我們已經在持續努力滲透其他市場，預計到 2028 年，這些市場的收入佔比將從 2024 年的不到 5% 增長至 10% 以上。在第一季度，我們看到 Power Analog Solution 設計在多個終端市場和地區獲得成功，包括韓國、中國、美國和台灣。許多設計勝利都來自我們的新一代產品。

As part of our pivot to a pure play on power, we will be sharing additional metrics each quarter, such as the number of design wins. We define a design win as receiving a purchase order for a new application. We achieved 15 design wins in Q1, up 13.6% from 44 wins we achieved in the quarter a year ago quarter. The industrial business had 25 design wins up from 22 in Q1 2024 and representing 50% of the total.

作為我們轉向純粹發揮權力的一部分，我們將每季分享額外的指標，例如設計獲勝的數量。我們將設計成功定義為收到新應用程式的採購訂單。我們在第一季獲得了 15 項設計勝利，比去年同期的 44 項設計勝利成長了 13.6%。工業業務共獲得 25 項設計勝利，高於 2024 年第一季的 22 項，佔總數的 50%。

Other notable design win activity included the computing business, which had 11 design wins in the March quarter, nearly double the 6 achieved in Q1 2024. And the automotive business had five design wins, up from two in the year ago period. From an application perspective, our new generation Gen6 super junction products had design wins in the China lighting market, a PC power and computing application in Taiwan and a TV main motherboard application in Korea.

其他值得注意的設計勝利活動包括計算業務，該業務在 3 月份季度獲得了 11 項設計勝利，幾乎是 2024 年第一季 6 項設計的兩倍。汽車業務方面，共獲得五項設計大獎，較去年同期的兩項增加。從應用角度來看，我們的新一代Gen6超級結產品已在中國照明市場、台灣的PC電源和計算應用以及韓國的電視主板應用中獲得設計勝利。

Our new generation low-voltage Gen8 MOSFETs had a design win for new flagship foldable smartphone in Korea and our prior generation medium voltage and super junction products had design wins in the industrial market for e-scooters and automotive power charge application from Taiwanese suppliers and an automotive electric oil pump for vehicles targeted for the European market. In Power IC, we secured design wins in Q1 with leading notebook manufacturer in China and Korea as well as additional wins for LCD TV and monitors in Korea.

我們的新一代低壓 Gen8 MOSFET 已贏得韓國新旗艦可折疊智慧型手機的設計，而我們上一代中壓和超結產品已贏得台灣供應商的電動滑板車和汽車電源充電應用工業市場的設計，以及針對歐洲市場的汽車電動油泵的設計。在電源積體電路 (Power IC) 領域，我們在第一季贏得了中國和韓國領先筆記型電腦製造商的設計訂單，並在韓國獲得了液晶電視和顯示器的額外訂單。

We currently plan to launch a total of more than 50 new products, including 40 new generation Power Analog Solution products in 2025 and more than 55 additional new generation products in 2026. We expect these new generation power products to drive higher revenue and given the smaller die size and yield 20% to 30% more die per wafer in our Gumi fab. When fully ramped, these new products are expected to drive higher gross margins compared to the previous generations.

我們目前計劃總共推出 50 多種新產品，其中包括 2025 年推出 40 款新一代 Power Analog Solution 產品，以及 2026 年推出 55 多種新一代產品。我們預計這些新一代電源產品將帶來更高的收入，考慮到更小的晶片尺寸，我們龜尾工廠的每個晶圓的晶片產量將增加 20% 到 30%。當這些新產品全面投產後，預計其毛利率將比前幾代產品更高。

Now, I will provide more details by business line. Power Analog Solutions business revenue of $39.9 million was up 9.1% year over year and down 8.3% quarter over quarter. Power Analog Solutions represented nearly 90% of Q1 consolidated revenue from continuing operations. The sequential decline was mostly due to seasonality in each of our major segments, except in communications, where we enjoyed quarter-on-quarter growth.

現在，我將按業務線提供更多詳細資訊。Power Analog Solutions 業務營收為 3,990 萬美元，年增 9.1%，季減 8.3%。Power Analog Solutions 佔第一季持續經營綜合營收的近 90%。環比下降主要是由於我們各主要部門的季節性影響，但通訊部門除外，該部門實現了環比增長。

The year-over-year increase was primarily driven by the communication market and more specifically deeper penetration in smartphone and customer in Korea, while a smaller portion overall, the automotive business showed strong growth and had new design wins in the European and American end customer automotive markets. By segment, industry revenue declined 8.7% year over year, representing approximately 1/3 of Power Analog Solutions revenue. The decline stemmed from slower e-bike and e-motor revenue, offset by strength from lighting.

年比成長主要得益於通訊市場，更具體地說是韓國智慧型手機和客戶的更深滲透，而汽車業務所佔比例較小，表現出強勁增長，並在歐洲和美國終端客戶汽車市場獲得了新的設計勝利。按部門劃分，產業營收年減 8.7%，約佔 Power Analog Solutions 營收的 1/3。下滑的原因是電動自行車和電動摩托車收入的放緩，但被照明業務的強勁成長所抵消。

5G battery managed systems, power tools and solar. As stated earlier, we are securing initial design wins for our new Super Junction Gen6 products for China lighting and e-motor applications. In consumer, revenue increased 4.6% year-over-year. Overall, the consumer market accounted for 36% of Power Analog Solutions revenue in Q1. Communication revenue represents 23% of Power Analog Solutions revenue in Q1 and increased nearly 64% year-over-year, fueled by design wins for battery FET in mainstream and flagship portable and AI-enabled smartphones in Korea.

5G 電池管理系統、電動工具和太陽能。如前所述，我們正在確保適用於中國照明和電動馬達應用的新型 Super Junction Gen6 產品的初步設計成功。在消費者方面，營收年增4.6%。整體而言，消費市場佔 Power Analog Solutions 第一季營收的 36%。通訊收入佔 Power Analog Solutions 第一季營收的 23%，年增近 64%，這得益於韓國主流和旗艦便攜式及 AI 智慧型手機的電池 FET 設計勝利。

In addition, we saw expanded adoption in wearables such as watches and earbuds. As we mentioned before, we believe we now have number one market share in battery FET at our major Korean smartphone end customer, including the major share of their flagship smartphone product line, which will utilize our new generation Gen8 products. Overall, our low-voltage MOSFET revenue grew more than 40% year-on-year in Q1. Representing 7% of Power Analog Solutions revenue, the computing segment saw a 10% year-over-year decline in Q1 due to softer pricing and weaker demand from China for PC and laptop power adapters. We are leveraging our new Super Junction Gen6 products to penetrate more PC power in Taiwan and expect to benefit from new notebook adapter design win moving into mass production in Q2 '25.

此外，我們也看到手錶和耳塞等穿戴式裝置的普及率不斷提高。正如我們之前提到的，我們相信我們現在在韓國主要智慧型手機終端客戶的電池場效電晶體（FET）市場中擁有第一的份額，包括其旗艦智慧型手機產品線的大部分份額，該產品線將採用我們的新一代 Gen8 產品。整體而言，我們第一季低壓MOSFET營收年增超過40％。計算部門佔 Power Analog Solutions 收入的 7%，由於價格疲軟以及中國對 PC 和筆記型電腦電源適配器的需求減弱，第一季同比下降 10%。我們正在利用我們的新 Super Junction Gen6 產品來滲透台灣的更多 PC 電源，並期望從 2025 年第二季度進入量產的新筆記本適配器設計中受益。

While still less than 5% of Power Analog Solutions revenue, the automotive segment saw strong year-over-year growth driven by increased global expansion beyond Korea and Japan with new design wins for vehicles targeting Europe and the USA. The number of automotive applications continue to increase and now includes electrical pumps, cooling fans, power strain and car chargers. We are also seeing strength for IGBTs from China brands used for positive temperature coefficient or PTC heaters for electric vehicles. Turning to our Power IC business. Revenue was $4.9 million, an increase of 44.1% year over year and down 10.0% sequentially.

儘管汽車業務仍佔 Power Analog Solutions 收入的 5% 以下，但由於該公司在韓國和日本以外地區不斷擴大全球擴張，並贏得了針對歐洲和美國的汽車新設計，汽車業務實現了強勁的同比增長。汽車應用的數量持續增加，現在包括電動幫浦、冷卻風扇、電源應變和車載充電器。我們也看到用於電動車正溫度係數或 PTC 加熱器的中國品牌 IGBT 表現強勁。轉向我們的電源IC業務。營收為 490 萬美元，年增 44.1%，季減 10.0%。

The power IC business represented 11% of consolidated Q1 revenue from continuing operations. The year-over-year growth was strong for both TV LED and OLED power ICs. The introduction of 20 new mid-to low-end TV models by our customer for 2025 also led to strong sequential growth in TV LED in Q1. In summary, Q1 was Magnachip's fourth consecutive quarter of year-on-year growth from continuing operations, which expect to continue for fifth consecutive quarter in Q2. We expect inventory levels in the channel to slightly decrease in Q2.

電源IC業務佔第一季合併持續經營收入的11%。電視 LED 和 OLED 電源 IC 的年成長均十分強勁。我們的客戶將在 2025 年推出 20 款新的中低階電視型號，這也推動了第一季電視 LED 的強勁環比成長。綜上所述，第一季是 Magnachip 連續第四個季度實現持續經營業務年增，預計第二季將連續第五個季度實現成長。我們預計第二季通路庫存水準將略有下降。

The strong performance in Power Analog Solutions in Q1 was driven primarily by market share gains and new products in communications. The automotive market also performed well in Q1, given new design wins for vehicles targeted in Europe and the USA and continually broadening applications.

Power Analog Solutions 第一季的強勁表現主要得益於市場佔有率的成長和通訊領域的新產品。汽車市場在第一季也表現良好，因為針對歐洲和美國的汽車新設計獲得了成功並且應用範圍不斷擴大。

Now, I'll turn the call over to Shin Yo to give you more details in our financial performance in the first quarter and provide Q2 and full-year 2025 guidance. Shin Yo.

現在，我將把電話交給 Shin Yo，以便向您提供有關我們第一季度財務業績的更多詳細信息，並提供第二季度和 2025 年全年指導。辛喲。

Thank you, YJ, and welcome, everyone, on the call. Let's start with key financial metrics for Q1. Total Q1 consolidated revenue from continuing operations, which includes Power Analog Solutions, PAS and Power IC, PIC was $44.7 million, which was in line with the midpoint of our guidance range of $42 million to $47 million. This was up 12.1% year over year and down 8.5% sequentially on an apples-to-apples basis. This compares with equivalent revenue of $39.9 million in Q1 2024 and $48.9 million in Q4 2024.

謝謝 YJ，歡迎大家參加電話會議。讓我們從第一季的關鍵財務指標開始。第一季持續經營業務（包括 Power Analog Solutions、PAS 和 Power IC、PIC）的綜合收入總計 4,470 萬美元，與我們預期的 4,200 萬美元至 4,700 萬美元的中點一致。以同類比較計算，這一數字較上年同期上漲 12.1%，但較上一季下降 8.5%。相較之下，2024 年第一季的等效收入為 3,990 萬美元，2024 年第四季的等效收入為 4,890 萬美元。

Revenue from Power Analog Solutions was $39.9 million. This was up 9.1% year over year and down 8.3% sequentially, primarily reflecting seasonality. Revenue from Power IC was $4.9 million. This was up 44.1% year-over-year and down 10% sequentially. In Q1, consolidated gross profit margin from continuing operations was 20.9%, exceeding the high end of our guidance range of 18.5% to 20.5%, up from 17.6% year-over-year and down from 23.2% sequentially on an apples-to-apple basis.

Power Analog Solutions 的營收為 3,990 萬美元。與去年同期相比成長了 9.1%，與上一季相比下降了 8.3%，主要反映了季節性因素。Power IC 的收入為 490 萬美元。這比去年同期成長了 44.1%，比上一季下降了 10%。第一季度，持續經營業務的綜合毛利率為 20.9%，超出我們預期的 18.5% 至 20.5% 區間的上限，年比上升 17.6%，但環比下降 23.2%。

The upside versus guidance and year-over-year improvement was mostly due to the stronger than expected US dollar against the Korean won. The sequential decline was mainly due to an unfavorable product mix. As we've disclosed previously, the company announced its plan to shut down the display business by the end of the second quarter of 2025. Shutting down the display business includes the liquidation of Magnachip Mixed Signal Limited, MMS, the company's wholly-owned subsidiary that had operated the discontinued display business.

高於預期和年成長主要是由於美元兌韓元強於預期。環比下降主要是因為產品組合不佳所致。正如我們之前披露的那樣，該公司宣布計劃在 2025 年第二季末關閉顯示器業務。關閉顯示器業務包括清算 Magnachip Mixed Signal Limited（MMS），該公司是該公司營運已停止的顯示器業務的全資子公司。

As a result, the display business has been classified as discontinued operations from Q1 2025 and has reported separately on the face of the company's P&L. The prior period conformed to the current period presentation as it appears in our Form 8-K and in the Form 10-Q in Q1. All the following figures reflect results from continuing operations. Q1 SG&A was $9.7 million as compared to equivalent SG&A of $9.5 million in Q1 2024 and $10.4 million in Q4 2024. Q1 R&D was $5.9 million as compared to equivalent R&D of $6.2 million in Q1 2024 and $6.9 million in Q4 2024.

因此，顯示器業務自 2025 年第一季起被歸類為停止營運業務，並在公司損益表中單獨報告。上一期間與目前期間的呈現相符，如我們的 8-K 表和第一季的 10-Q 表所示。以下所有數字均反映持續經營的結果。第一季銷售、一般及行政費用為 970 萬美元，而 2024 年第一季銷售、一般及行政費用為 950 萬美元，2024 年第四季銷售、一般及行政費用為 1,040 萬美元。第一季研發費用為 590 萬美元，而 2024 年第一季的等效研發費用為 620 萬美元，2024 年第四季的等效研發費用為 690 萬美元。

Stock compensation charges, including operating expenses from continuing operations were $0.8 million in Q1 as compared to $0.8 million in Q1 2024 and $1.6 million in Q4 last year. These charges fluctuate every quarter depending on the timing and size of stock award grants. In Q1, we have narrowed operating losses due to a combination of higher revenue and improved gross profit margins as compared with Q1 2024. Q1 operating loss was $6.3 million. This compares to an equivalent operating loss of $9.4 million in Q1 2024 and an equivalent operating loss of $7.8 million in Q4 2024.

第一季的股票薪資費用（包括持續經營的營運費用）為 80 萬美元，而 2024 年第一季為 80 萬美元，去年第四季為 160 萬美元。這些費用每季都會波動，取決於股票獎勵授予的時間和規模。與 2024 年第一季相比，第一季我們的營業虧損因收入增加和毛利率提高而縮小。第一季營業虧損為 630 萬美元。相較之下，2024 年第一季的等效營業虧損為 940 萬美元，2024 年第四季的等效營業虧損為 780 萬美元。

On a non-GAAP basis, Q1 adjusted operating loss was $5.4 million compared to an equivalent adjusted operating loss of $8.6 million in Q1 2024 and an equivalent adjusted operating loss of $4.5 million in Q4 last year. Loss in Q1 was $5.1 million as compared with an equivalent loss of $14.3 million in Q1 2024 and an equivalent loss of $8.7 million in Q4 last year. Q1 adjusted EBITDA was negative $2.1 million. This compares to an equivalent adjusted EBITDA of negative $4.8 million in Q1 2024 and a negative $0.5 million in Q4 last year. Q1 GAAP diluted loss per share was $0.14 as compared with equivalent diluted loss per share of $0.37 in Q1 2024 and equivalent diluted loss per share of $0.24 in Q4 last year.

以非公認會計準則計算，第一季調整後營業虧損為 540 萬美元，而 2024 年第一季調整後營業虧損為 860 萬美元，去年第四季調整後營業虧損為 450 萬美元。第一季的虧損為 510 萬美元，而 2024 年第一季的虧損為 1,430 萬美元，去年第四季的虧損為 870 萬美元。第一季調整後的 EBITDA 為負 210 萬美元。相較之下，2024 年第一季的調整後 EBITDA 為負 480 萬美元，去年第四季的調整後 EBITDA 為負 50 萬美元。第一季 GAAP 每股攤薄虧損為 0.14 美元，而 2024 年第一季每股攤薄虧損為 0.37 美元，去年第四季每股攤薄虧損為 0.24 美元。

Q1 non-GAAP diluted loss per share was $0.10. This compares with equivalent non-GAAP diluted loss per share of $0.26 in Q1 2024 and equivalent non-GAAP diluted earnings per share of $0.12 in Q4 last year. Our weighted average non-GAAP diluted shares outstanding for the quarter were 36.9 million shares and 38.5 million shares in Q1 2024 and 37.7 million shares in Q4 last year. Under our $50 million stock buyback program authorized in July 2023, we repurchased in Q1 2025 approximately 0.3 million shares for an aggregate purchase price of $1.1 million, leaving about $23.5 million remaining authorization as of March 31, 2025. Additionally, we spent $1.9 million in April 2025 and repurchased approximately 0.6 million shares.

第一季非公認會計準則稀釋每股虧損為 0.10 美元。相較之下，2024 年第一季非公認會計準則稀釋每股虧損為 0.26 美元，而去年第四季非公認會計準則稀釋每股收益為 0.12 美元。本季我們的加權平均非 GAAP 稀釋流通股數分別為 3,690 萬股和 2024 年第一季的 3,850 萬股，以及去年第四季的 3,770 萬股。根據我們於 2023 年 7 月授權的 5,000 萬美元股票回購計劃，我們在 2025 年第一季回購了約 30 萬股，總購買價為 110 萬美元，截至 2025 年 3 月 31 日，剩餘授權金額約為 2,350 萬美元。此外，我們在 2025 年 4 月花費了 190 萬美元，回購了約 60 萬股。

Moving to the balance sheet, we ended Q1 with cash of $132.7 million and $138.6 million at the end of Q4 2024. Net accounts receivable at the end of the quarter totaled $28.3 million and $28.4 million at the end of Q4 2024. Our days sales outstanding for Q1 was 47 days and compares to 41 days in Q4 last year. Our average days in inventory for Q1 was 70 days and compares to 60 days in Q4 last year.

從資產負債表來看，我們在第一季末的現金為 1.327 億美元，在 2024 年第四季末的現金為 1.386 億美元。本季末的淨應收帳款總額為 2,830 萬美元，2024 年第四季末的淨應收帳款總額為 2,840 萬美元。我們第一季的應收帳款週轉天數為 47 天，而去年第四季為 41 天。我們第一季的平均庫存天數為 70 天，而去年第四季為 60 天。

Inventories net at the end of the quarter totaled $32.6 million and $30.5 million at the end of Q4 2024. Q1 CapEx was $0.2 million. For the full-year 2025, we reiterate our prior total CapEx forecast range of $26 million to $28 million, which includes approximately $14 million to $15 million to upgrade of Gumi fab. We expect the majority of this CapEx to occur in the second quarter. This $14 million to $15 million was part of the previously disclosed $65 million to $70 million investment over 3 years to upgrade the Gumi fab.

本季末庫存淨額為 3,260 萬美元，2024 年第四季末庫存淨額為 3,050 萬美元。Q1 資本支出為 20 萬美元。對於 2025 年全年，我們重申先前的總資本支出預測範圍 2,600 萬美元至 2,800 萬美元，其中包括約 1,400 萬美元至 1,500 萬美元用於升級龜尾工廠。我們預計大部分資本支出將發生在第二季。這筆 1,400 萬至 1,500 萬美元是先前披露的三年內升級龜尾工廠的 6,500 萬至 7,000 萬美元投資的一部分。

The depreciation cost from the new investment in the Gumi facility will not begin to be reflected in our financial statements until 2027. At the time, we anticipate that a more robust portfolio of new generation power products will at least partially offset the impact. Additionally, we announced previously that we secured a $26.5 million equipment financing to partially support this $65 million to $70 million investment to upgrade the Gumi fab. Under the agreed terms and conditions with the lender bank, we expect to fund about half of the $14 million to $15 million using this equipment financing, majority of which will occur in the second quarter of 2025. And the remaining half is expected to be funded by the company's cash. This new investment in Gumi is expected to drive development of the new generation power product portfolio and upgrade new tools to optimize product mix and improve gross profit margin.

龜尾工廠新投資的折舊成本要到 2027 年才會開始反映在我們的財務報表中。當時，我們預計更強大的新一代電力產品組合將至少部分抵消影響。此外，我們先前宣布，我們已獲得 2,650 萬美元的設備融資，以部分支持這項 6,500 萬至 7,000 萬美元的投資，用於升級龜尾工廠。根據與貸款銀行商定的條款和條件，我們預計將利用這筆設備融資為 1400 萬至 1500 萬美元中的一半提供資金，其中大部分將在 2025 年第二季度到位。剩餘一半預計將由公司現金支付。預計此次對龜尾的新投資將推動新一代電力產品組合的開發，並升級新工具以優化產品結構並提高毛利率。

Lastly, as YJ mentioned above, as a result of the strategy changes we are making, we aim to attain a quarterly adjusted EBITDA breakeven from continuing operations by the end of this year. The actions that are being undertaken by the company in connection with the liquidation process are expected to result in a 30% to 35% reduction in annualized operating expenses, excluding equity compensation charges as compared with 2024. We'll execute all available cost reduction initiatives to align our spending level with the strategy to become a pure-play power company while enabling us to continue to make progress towards our 33 strategy. Now let me provide finance-related comments regarding the discontinued display business.

最後，正如 YJ 上面提到的，由於我們正在進行的策略變革，我們的目標是在今年年底前實現持續經營的季度調整後 EBITDA 收支平衡。公司在清算過程中採取的行動預計將導致年度營運費用（不包括股權補償費用）與 2024 年相比減少 30% 至 35%。我們將執行所有可用的成本削減舉措，使我們的支出水準與成為純電力公司的策略保持一致，同時使我們能夠繼續朝著我們的 33 策略邁進。現在，讓我就已停止的顯示器業務提供一些與財務相關的評論。

The company is expected to provide limited support for remaining customer obligations, including the sale of end-of-life EOL display products, which will be conducted by Magnachip Semiconductor Limited, the company's wholly-owned subsidiary that operates the power business. The sale of the UI display products and the potential monetization of the intellectual property assets of the discontinued display business are currently expected to generate cash inflow of approximately $15 million to $20 million over a period of approximately 2 years after the completion of the liquidation, depending upon the demand of customers and the outcome of the monetization efforts of the display intellectual property assets. The total estimated cash cost of liquidation is approximately $12 million to $15 million, which is expected to be offset by the cash inflow that will generate as described before. The one-time liquidation cost is expected to be consist of statutory severance and other employee-related costs, contract termination charges and other associated costs. Of this estimated total cash cost, approximately $4.5 million represents the net statutory severance required by law, which had already been fully accrued in the company's prior period financial statements.

該公司預計將對剩餘的客戶義務提供有限的支持，包括銷售報廢 EOL 顯示器產品，這項工作將由該公司負責電源業務的全資子公司 Magnachip Semiconductor Limited 負責。目前預計，UI顯示產品的出售以及已停止的顯示業務的知識產權資產的潛在貨幣化將在清算完成後的約2年內產生約1500萬至2000萬美元的現金流入，具體取決於客戶的需求和顯示知識產權資產貨幣化努力的結果。清算的總現金成本估計約為 1200 萬至 1500 萬美元，預計將被先前描述的產生的現金流入所抵消。一次性清算成本預計將包括法定遣散費和其他員工相關費用、合約終止費用和其他相關費用。在估計的總現金成本中，約有 450 萬美元代表法律要求的淨法定遣散費，該金額已在公司前期財務報表中全額提列。

The company expects to recognize substantially all of these charges, excluding the already fully accrued net statutory severance of $4.5 million in the quarter ending June 30, 2025. Now moving to our second quarter and full-year 2025 guidance. While actual results may vary for Q2 2025, Magnachip currently expects consolidated revenue from continuing operations, which includes Power Analog Solutions and Power IC businesses to be in the range of $45 million to $49 million, up 5.2% sequentially and up 6.6% year-over-year at the midpoint on an equivalent basis. This compares with equivalent revenue of $44.7 million in Q1 2025 and $44.1 million in Q2 2024. Consolidated gross profit margin from continuing operations to be in the range of 19.5% to 21.5%.

該公司預計將確認幾乎所有這些費用，但不包括截至 2025 年 6 月 30 日的季度已完全計提的 450 萬美元淨法定遣散費。現在轉到我們的第二季和 2025 年全年指引。雖然 2025 年第二季的實際結果可能有所不同，但 Magnachip 目前預計，包括電源模擬解決方案和電源 IC 業務在內的持續經營綜合收入將在 4,500 萬美元至 4,900 萬美元之間，環比增長 5.2%，按中位數計算同比增長 6.6%。相較之下，2025 年第一季的等效收入為 4,470 萬美元，2024 年第二季的等效收入為 4,410 萬美元。持續經營業務的綜合毛利率將在19.5%至21.5%之間。

This compares with equivalent gross profit margin of 20.9% in Q1 2025 and 22.5% in Q2 2024. For the full-year 2025, we currently reiterate consolidated revenue from continuing operations to grow mid-to high single digit year-over-year as compared with the equivalent revenue of $185.8 million in 2024. Consolidated gross profit margin from continuing operations between 19.5% to 21.5%, reflecting the fact that we have completed the wind down of transitional foundry services and new generation power products will just begin production in the second half of 2025. The equivalent gross profit margin was 21.5% in 2024. Thank you.

相較之下，2025 年第一季的毛利率為 20.9%，2024 年第二季的毛利率為 22.5%。對於 2025 年全年，我們目前重申，持續經營綜合收入將同比增長中高個位數，而 2024 年的等效收入為 1.858 億美元。持續經營業務的綜合毛利率在 19.5% 至 21.5% 之間，反映出我們已完成過渡代工服務的結束，新一代功率產品將於 2025 年下半年開始生產。2024年相應毛利率為21.5%。謝謝。

Now, I'll turn the call back over to YJ for his final remarks. YJ.

現在，我將把電話轉回給 YJ，請他發表最後的評論。YJ。

We believe we hit the revenue bottom in Q1 for power for this year. Looking to Q2, we currently forecast mid-single-digit sequential growth, leading to another quarter of mid-single-digit year-over-year growth from continuing operations. We currently expect the industrial and computing markets to be relatively strong, driven by lighting and battery management system applications in industrial as well as strength in PC power from Taiwan in the computing market. The Communications segment will likely decline quarter-on-quarter due to exceptional strong performance in the last 2 quarters, but is currently expected to show strong year-over-year growth in excess of 30%. To wrap up, the pure-play power strategy we announced last quarter focuses on shareholder value and prioritizes a return to profitability, supported by clearly articulated transparent short-term and midterm financial targets.

我們相信，今年第一季我們的電力收入已觸底。展望第二季度，我們目前預測其將實現中等個位數的環比增長，從而帶來持續經營業務本季度的另一個中等個位數的同比增長。我們目前預計工業和運算市場將相對強勁，這得益於工業領域的照明和電池管理系統應用以及台灣在計算市場的 PC 電源實力。由於過去兩季的強勁表現，通訊部門的營收可能會較上季下滑，但目前預計年增將超過 30%。總而言之，我們在上個季度宣布的純電力策略注重股東價值，優先恢復獲利能力，並以清晰透明的短期和中期財務目標為支持。

As previously mentioned, uncertainty over macroeconomic headwinds will likely pose challenges for our industry over the coming quarters. Our strategic pivot to focus exclusively on Power Analog Solutions and Power IC business is designed to drive both top line growth during new product launches as well as long-term structural improvement in operational efficiency, allowing us to achieve our target of a $300 million revenue run rate, 30% gross margin in three years. Now I will turn the call back to Steven. Steven.

如前所述，宏觀經濟逆風的不確定性可能會在未來幾季為我們的產業帶來挑戰。我們的策略重點是專注於電源模擬解決方案和電源 IC 業務，旨在推動新產品發布期間的營收成長以及營運效率的長期結構性改善，使我們能夠實現三年內 3 億美元的收入運行率、30% 的毛利率的目標。現在我將把電話轉回給史蒂文。史蒂文。

Great. That concludes our prepared remarks. Let's open the call for any questions that you may have. Operator, please go ahead.

偉大的。我們的準備好的演講到此結束。讓我們開始解答你們可能遇到的任何問題。接線員，請繼續。

Suji Desilva, ROTH Capital.

羅仕資本（ROTH Capital）的蘇吉·德席爾瓦（Suji Desilva）。

Maybe YJ, you can start at the high level and talk about the tariffs that are going on here and how Magnachip is positioned for that from a manufacturing footprint in markets you sell to, just to understand the opportunity or impact going forward?

也許 YJ，您可以從高層開始，談談這裡正在實施的關稅，以及 Magnachip 如何從您銷售的市場製造足跡的角度來定位，只是為了了解未來的機會或影響？

Great. Thank you. Yes. So we haven't really seen negative impact on the first half of the year. As we disclosed at the Analyst Day that the 94% of our power revenue comes from Asia.

偉大的。謝謝。是的。因此，我們實際上並沒有看到對上半年的負面影響。正如我們在分析師日所揭露的那樣，我們 94% 的電力收入來自亞洲。

And we have very material direct shipment to the US was less than $2.5 million a year. So we are closely monitoring the situation, and we think care risk is manageable at the moment, but we are really looking at every day.

我們每年直接向美國運送的物資價值不到 250 萬美元。因此，我們正在密切監視情況，我們認為目前的護理風險是可控的，但我們確實每天都在關注。

Okay. All right. And then maybe on the financial, Shin Young, maybe you talk about the gross margin. What are the drivers going forward for the power-based business? Just to understand that generally.

好的。好的。然後也許在財務方面，Shin Young，也許您可以談談毛利率。電力業務未來發展的驅動力是什麼？只是大致了解一下。

And then how much is the Gumi utilization benefit opportunity there? What's the timing of that tailwind?

那麼龜尾的利用效益機會有多少呢？順風出現的時間是什麼時候？

Thanks. So at least for 2025 because we wind down the transitional foundry services by the end of last year, we said about 20% of our Gumi capacity was for actually for the foundry services. And the new investment, $65 million to $70 million investment over like the next three years, that's going to be to upgrade the Gumi fab to convert the portion of the Gumi fab to support the new generation power product. So that competition we're going to go from like 10% to 17%. So that will going to drive our gross margin in like to achieve the 3-3-3 strategy.

謝謝。因此，至少到 2025 年，由於我們在去年年底前停止了過渡代工服務，我們表示龜尾約 20% 的產能實際上是用於代工服務的。新的投資將在未來三年內達到 6,500 萬至 7,000 萬美元，用於升級龜尾工廠，使龜尾工廠的部分設施能夠支援新一代電源產品。因此，競爭比例將從 10% 上升至 17%。因此，這將推動我們的毛利率，以實現 3-3-3 策略。

It's not really, we are expanding our capacity simply. We are actually converting and upgrading Gumi fab to support that the new generation power product. So you're going to see and we're going to see that the improvement coming through like over the next couple of years when we kind of march toward the 3-3-3 strategy, at least for 2025 because of this idle capacity and our new generation product we're going to come in probably just to begin to come in, in the second half of 2025, and that's why you saw our kind of annual gross margin guidance already we gave out to the market.

其實不然，我們只是在擴大產能。我們實際上正在改造和升級龜尾工廠，以支援新一代電源產品。因此，您將會看到，我們將看到，在接下來的幾年裡，當我們朝著 3-3-3 策略邁進時，至少在 2025 年，由於這種閒置產能和我們的新一代產品，我們可能會在 2025 年下半年開始上市，這就是為什麼您會看到我們已經向市場發布了年度毛利率。

Okay. Very helpful. And then lastly, on the segments, trying to understand the Power IC segment versus the Analog segment. Is there a concerted effort there, YJ, to grow that segment in the mix? Does that have favorable margins? Is there some products focused on that or is the power analog segment really the focus of the growth near term?

好的。非常有幫助。最後，在細分領域，嘗試了解電源 IC 領域與類比領域。YJ，是否有一致的努力來擴大這一部分？這樣做有有利的利潤嗎？是否有一些產品專注於此，或者電源模擬領域真的是近期成長的重點？

Yes. It's a very good question. So I think we outlined 3-3-3 strategy that requires double-digit growth for the next few years. So our goal is to grow both segments, whether it's power analog or power IC, double digit over the next few years. So we do have focus on both areas for growth.

是的。這是一個非常好的問題。所以我認為我們概述了 3-3-3 策略，要求未來幾年實現兩位數的成長。因此，我們的目標是在未來幾年內使兩個領域（無論是電源模擬還是電源 IC）都實現兩位數的成長。因此，我們確實將重點放在這兩個領域的成長上。

Nick Doyle, Needham & Company.

尼克·道爾 (Nick Doyle)，Needham & Company。

I'll also ask about the tariffs. Do you think any of the consumer or communication strength that you had in the first quarter represented a tariff-related pull forward? And how are your customers communicating order patterns around the tariffs? And I understand that you have the high exposure to Asia.

我還會詢問關稅問題。您是否認為第一季消費者或溝通方面的優勢體現了與關稅相關的推動作用？您的客戶如何傳達有關關稅的訂單模式？據我了解，您對亞洲的了解非常多。

Yes, very good question. So interesting enough, we only saw one pull-in in Q1. That was in Power IC, that's for the TV applications. But it was very small. It's like $0.1 million.

是的，非常好的問題。有趣的是，我們在第一季只看到一次拉動。那是在電源 IC 中，用於電視應用。但它非常小。大約是 10 萬美元。

Other than that, we did not see any pull-ins at all. And so Q2, they are also very material, and we'll provide that detail. So we haven't seen much pull-ins other than that I mentioned right now on the tariffs.

除此之外，我們沒有看到任何拉動。因此，第二季度，它們也非常重要，我們將提供詳細資訊。因此，除了我現在提到的關稅之外，我們還沒有看到太多的拉力。

Just a follow up on that. I mean, it is a really small number, but I guess how are you able to categorize that one specifically as a pull-in?

只是對此進行跟進。我的意思是，這是一個非常小的數字，但我想你怎麼能把它具體地歸類為吸引呢？

You could tell by customer telling us or you can look at change of backlogs from Q2 versus Q3. That's how we noticed. And as we said, we shipped 94% to Asia and only $2.5 million or less is direction with the US So we actually monitor the situation very carefully.

您可以透過客戶告訴我們來了解，或者您可以查看第二季與第三季的積壓變化。我們就是這樣注意到的。正如我們所說，我們的 94% 的貨物銷往亞洲，只有 250 萬美元或更少的貨物銷往美國，因此我們實際上非常密切地監控局勢。

And as my second question, the OpEx came in kind of at the low end of the guide, better than expectations. Should we expect that level to hold through the year around the $15 million level? Or are some of these kind of one-time benefits in the $14.8 million number?

我的第二個問題是，營運支出處於指南的低端，比預期好。我們是否應該預期該水準將全年保持在 1500 萬美元左右？或者 1,480 萬美元中是否包含一些此類一次性福利？

So therefore, the $15 million that you saw, the actual Q1, the OpEx without the stock-based compensation, that's actually when we strip out the direct costs associated with the display business. So when we kind of shut down the display business and strip out the direct cost, we talk about 30% to 35% cost reduction from the last year's level. But because we are going to -- and that's our target to attain adjusted EBITDA breakeven quarterly by the end of this year. So if you kind of strip that out and multiply like annualized, you will find that it's going to be a little short. So that's why we said we used to have a -- we still have the shared service functions, which supported both display and power businesses together.

因此，您所看到的 1500 萬美元，即第一季的實際營運成本（不含股票薪酬），實際上是我們扣除與顯示器業務相關的直接成本之後的營運成本。因此，當我們關閉顯示器業務並扣除直接成本時，我們談到成本比去年的水平降低 30% 到 35%。但因為我們將會——我們的目標是在今年年底前實現季度調整後的 EBITDA 收支平衡。因此，如果你把它去掉，然後按年化方式乘以，你會發現它會有點短。這就是為什麼我們說我們曾經擁有——我們仍然擁有共享服務功能，可以同時支援顯示業務和電力業務。

So we're going to do like all the rightsizing and like the actions to attain the quarterly adjusted EBITDA breakeven in by the end of this year.

因此，我們將採取一切適當的調整措施並採取行動，在今年年底前實現季度調整後的 EBITDA 收支平衡。

And there are no further questions in the queue at this time. I will now turn the call back over to Stephen for any closing comments.

目前隊列中沒有其他問題。現在我將把電話轉回給史蒂芬，請他發表最後評論。

Great. Thank you. Before we conclude, I just want to give everyone a quick reminder of our upcoming investor conferences. On June 25 and 26, we'll present at the 15th Annual ROTH London Conference at the Four Seasons Park Lane in London. Attendance at the conference is by invitation only.

偉大的。謝謝。在我們結束之前，我只想快速提醒大家我們即將召開的投資人會議。6 月 25 日至 26 日，我們將在倫敦四季公園巷酒店舉行的第 15 屆 ROTH 倫敦年度會議上發表演講。只有獲得邀請才能參加會議。

For interested investors, please contact your respective sales representative to register and schedule one-on-one meetings with the management team. Please look for details on our future events on Magnachip's Investor Relations website. This concludes our Q1 earnings conference call. Thank you, and take care.

對於有興趣的投資者，請聯絡您各自的銷售代表進行註冊並安排與管理團隊的一對一會議。請在 Magnachip 的投資者關係網站上查找有關我們未來活動的詳細資訊。我們的第一季財報電話會議到此結束。謝謝，保重。

Thank you for your participation in today's conference. This concludes today's conference call, and you may now disconnect.

感謝大家參加今天的會議。今天的電話會議到此結束，您可以掛斷電話了。