Macronix International Co., Ltd Fourth Quarter 2020 Results
Transcript of 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.
Copyright © Macronix International Co., Ltd. 2
Agenda
Welcome C.Y. Lu
2020Q4 Financial Results Paul Yeh
Business Update C.Y. Lu
Remarks and Q&A C.Y. Lu
Copyright © Macronix International Co., Ltd. 3
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
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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
Copyright © Macronix International Co., Ltd. 5
Agenda
Welcome C.Y. Lu
2020Q4 Financial Results Paul Yeh
Business Update C.Y. Lu
Remarks and Q&A C.Y. Lu
Copyright © Macronix International Co., Ltd. 6
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$) 0.41 0.88 0.63
EBITDA 1,405 2,905 2,431
Weighted avg outstanding million shares 1,836 1,838 1,843
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Unit: NT$ 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
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Annual Consolidated Statements of Comprehensive Income
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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%
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2020Q4 Financial Highlights
SalesNTD M
Margin%
202039,801M
201934,995M
201836,953M
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9%
15% 16% 17% 16%
19Q4 20Q1 Q2 Q3 Q4
Quarterly Consolidated Condensed Balance Sheet
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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
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Quarterly Consolidated Condensed Cash Flow
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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
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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%
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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%
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Agenda
Welcome C.Y. Lu
2020Q4 Financial Results Paul Yeh
Business Update C.Y. Lu
Remarks and Q&A C.Y. Lu
Copyright © Macronix International Co., Ltd.
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
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Business update - ROM
Density shipment index: 2016Q1 =100
ROM business• ≥ 64Gb products represented 58% of ROM business in 2020Q4
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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
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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
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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
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Business update – NOR flash breakdown (Parent Company)
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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)
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2020Q4 NOR revenue breakdown
Business update – NOR flash breakdown (Parent Company)
* 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
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2020 NOR revenue breakdown
Business update – NOR flash breakdown (Parent Company)
* 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
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Agenda
Welcome C.Y. Lu
2020Q4 Financial Results Paul Yeh
Business Update C.Y. Lu
Remarks and Q&A C.Y. Lu
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For more information regarding Macronixhttp://www.macronix.com
For all inquiries, suggestions and [email protected]
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