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Macronix — Interim / Quarterly Report 2019
Apr 25, 2019
52013_rns_2019-04-25_c907a4ae-4914-4150-ab5f-e22ed9633859.pdf
Interim / Quarterly Report
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Macronix International Co., Ltd. First Quarter 2019 Results April 25, 2019
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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.
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Copyright © Macronix International Co., Ltd.
Agenda
Welcome
2019Q1 Financial Results Business Update Remarks and Q&A
Copyright © Macronix International Co., Ltd.
Miin Wu Paul Yeh Miin Wu Miin Wu
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Financial Highlights
2019Q1 2018Q4 2018Q1 Revenue NT$ 6.0B NT$ 9.0B NT$ 9.1B Gross margin % 25% 28% 42% Operating margin % 1% 7% 22%
Copyright © Macronix International Co., Ltd.
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Agenda
Welcome
Welcome Miin Wu 2019Q1 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
Copyright © Macronix International Co., Ltd.
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Quarterly Consolidated Statements of Comprehensive Income
| Unit: NTD Million (except EPS)� 2019/Q1 2018/Q4 2018/Q1 Net Sales 6,029 8,981 9,061 Gross Profit 1,531 2,535 3,814 Gross Margin% 25% 28% 42% Operating Expenses (1,446) (1,921) (1,819) Operating Income 86 614 1,995 Operating Margin% 1% 7% 22% Net Non-Operating Income (Loss) 59 2,504 (100) Income Before Taxes 144 3,118 1,896 Income Taxes Expense (benefit) 2 250 14 Net Income 142 2,867 1,882 Other Comprehensive Income 186 (596) (154) Comprehensive Income 328 2,271 1,728 Net Income(Loss) Attributable to : Shareholders of the Parent 142 2,867 1,882 NoncontrollingInterests (0) (0) (0) |
QoQ YoY Change Change (33%) (33%) (40%) (60%) (3ppt) (17ppt) (25%) (21%) (86%) (96%) (6ppt) (21ppt) - - (95%) (92%) - - (95%) (92%) - - (86%) (81%) (95%) (92%) |
|---|---|
| Basic EPS(NT$) 0.08 1.57 1.04 * |
(95%) (92%) |
| EBITDA 810 3,730 2,431 Weighted avg outstanding million shares 1,830 1,822 1,815 |
*EPS is retro-adjusted
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Copyright © Macronix International Co., Ltd.
Quarterly Consolidated Statements of Comprehensive Income
| Unit: NTD Million (except EPS)� 2019/Q1 2018/Q4 Pro Forma Net Sales 6,029 8,981 Gross Profit 1,531 2,732 Gross Margin% 25% 30% Operating Expenses (1,446) (1,698) Operating Income 86 1,034 Operating Margin% 1% 12% Net Non-Operating Income (Loss) 59 30 Income Before Taxes 144 1,065 Income Taxes Expense (benefit) 2 3 Net Income 142 1,062 Basic EPS (NT$) 0.08 0.58 EBITDA 810 1,676 * |
var (33%) (44%) (5ppt) (15%) (92%) (11ppt%) - (86%) (22%) (87%) |
|---|---|
| (86%) | |
*Intellectual property rights income is excluded
Copyright © Macronix International Co., Ltd.
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Gross margin trend
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Gross Margin (%)
50% 45%
43%
42%
38%
35%
32% 34%
31%
27% 28%
25%
25%
15%
14%
0%
16Q1 Q2 Q3 Q4 17Q1 Q2 Q3 Q4 18Q1 Q2 Q3 Q4 19Q1
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Copyright © Macronix International Co., Ltd.
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Quarterly Consolidated Condensed Balance Sheet / Cash Flow
| Unit: NTD Million (except BV) | 2019/03/31 | 2018/12/31 | 2018/03/31 |
|---|---|---|---|
| Cash | 11,064 | 13,589 | 10,251 |
| Inventory(Net) | 18,475 | 17,949 | 11,228 |
| Property, Plant and Equipment | 21,931 | 19,309 | 17,056 |
| Total Assets | 60,133 | 59,049 | 48,300 |
| Interest bearing debt - short term | 3,621 | 3,335 | 2,947 |
| Interest bearing debt - long term | 5,411 | 5,885 | 5,980 |
| Total Liabilities | 28,438 | 27,688 | 21,498 |
| Shareholders' Equity | 31,695 | 31,360 | 26,802 |
| Debt Ratio (%) | 47.3% | 46.9% | 44.5% |
| Book Value -- NT$ | 17.24 | 17.06 | 14.87 |
| Quarterly Highlight | 2019/Q1 | 2018/Q4 | 2018/Q1 |
| Depreciation & Amortization | 624 | 576 | 496 |
| Capital Expenditures | (2,603) | (1,163) | (1,503) |
| Cash Flow from Operating | 249 | 4,280 | 2,129 |
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Copyright © Macronix International Co., Ltd.
Quarterly Sales Breakdown by Products (Parent Company)
12,000
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9,000
70% QoQ YoY
51% Change Change
6,000
Flash -7% -33%
ROM -68% -38%
71%
FBG +2% -33%
3,000
44% * FBG (foundry business group)
22%
21%
8% 5% 8%
0
2018Q1 2018Q4 2019Q1
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Copyright © Macronix International Co., Ltd.
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Agenda
Welcome
Welcome Miin Wu 2019Q1 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
Copyright © Macronix International Co., Ltd.
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Business update - ROM
ROM business
• ≥ 64Gb products represented 68% of ROM business in 2019Q1
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2,333
Density shipment index: 2015Q1 =100
1,811
1,602
1,292
1,023
846
687
654
411
380
298
159
134
100 65 94 74
0
15Q1 Q2 Q3 Q4 16Q1 Q2 Q3 Q4 17Q1 Q2 Q3 Q4 18Q1 Q2 Q3 Q4 19Q1
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2,000
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1,000
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Copyright © Macronix International Co., Ltd.
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Business update – Flash
Density shipment index: 2015Q1 =100
600
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506
443
386
377
346 342
309
289
271 257 272
266
186
158
141 141
100
0
15Q1 Q2 Q3 Q4 16Q1 Q2 Q3 Q4 17Q1 Q2 Q3 Q4 18Q1 Q2 Q3 Q4 19Q1
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300
Copyright © Macronix International Co., Ltd.
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Current status of Flash memory business
Flash business
- ≤75nm products increased to 63% of NOR sales in 19Q1
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5,000
Accumulative design-win case count
4,068 [4,246 ]
3,728
3,170
2,676
2,239
2,500 2,021
1,624 [1,862 ]
1,139 [1,375 ]
756
349
0
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16Q1Q2 Q3 Q417Q1Q2 Q3 Q418Q1Q2 Q3 Q419Q1
Copyright © Macronix International Co., Ltd.
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Business update – NOR flash breakdown (Parent Company)
NTD % NOR breakdown by density
| 12% | 12% | 13% | 16% | 19% | 22% | 23% | 25% | 30% | 30% | High | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 48% | 50% | 47% | ||||||||||||||||||||
| 52% | 48% | 44% | 45% | 43% | 42% | Mid (32Mb~128Mb) |
||||||||||||||||
| 40% | 38% | 40% | 32% | 33% | 34% | 32% | 32% | 28% | Low | |||||||||||||
| 17Q1 | Q2 | Q3 | Q4 | 18Q1 | Q2 | Q3 | Q4 | 19Q1 | ||||||||||||||
| Copyright | © Macronix International | Co., Ltd. | 14 |
Business update – NOR flash breakdown (Parent Company)
2018Q4 NOR revenue breakdown
2019Q1 NOR revenue breakdown
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Consumer, Comm, Consumer, Comm,
19% 32% 18% 32%
Computer,
Computer,
22%
24% Auto , 15%
I.M.A.,
I.M.A., Auto , 13%
13%
12%
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*** Comm:** including handsets
- I (Industrial), M (Medical), A (Aerospace-defense)
2019Q1 NOR revenue comparison
Computer -16% QoQ -6% YoY
Consumer Communication
Communication Automotive I.M.A -13% QoQ -8% QoQ +9% QoQ +0% QoQ -36% YoY -6% YoY -0% YoY -19% YoY
-13% QoQ
Copyright © Macronix International Co., Ltd.
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Agenda
Welcome
Welcome Miin Wu 2019Q1 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
Copyright © Macronix International Co., Ltd.
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For more information regarding Macronix http://www.macronix.com
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For all inquiries, suggestions and comments [email protected]