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Macronix Interim / Quarterly Report 2021

Nov 15, 2021

52013_rns_2021-11-15_fb122d34-6091-4e9a-b33f-cfa3c36d2f57.pdf

Interim / Quarterly Report

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Macronix International Co., Ltd. Third Quarter 2021 Results October 26, 2021

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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. 1
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Agenda

Welcome

3Q21 Financial Results Business Update Remarks and Q&A

Miin Wu Paul Yeh Miin Wu Miin Wu

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Copyright © Macronix International Co., Ltd. 2
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3Q21 Robust Results with Record High Sales and Strong Margins Expansions

3Q21 3Q21 2Q21 3Q20 Reviewed Pro Forma* Reviewed Reviewed

Revenue NT$15.0 NT$ 15.0 NT$ 11.4 NT$ 11.0 (billion NT$)

Gross 42.9% 44.1% 39.1% 35.9% margin % Operating 23.4.% 26.2% 20.2% 17.1% margin %

Pro Forma – financial restatement, excluding the effects of one-time events Excluding all effects of disposal of 6” fab

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Copyright © Macronix International Co., Ltd. 3
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Agenda

Welcome Miin Wu 3Q21 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu

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Solid Financials Results

Unit：NTD Million (except EPS)
3Q21
Reviewed
3Q21
Pro Forma*
2Q21
Reviewed
3Q20
Reviewed
Net Sales
14,974
14,974
11,426
10,957
Gross Profit
6,421
6,607
4,466
3,934
Gross Margin%
42.9%
44.1%
39.1%
35.9%
Operating Expenses
(2,924)
(2,685)
(2,160)
(2,063)
Operating Income
3,497
3,923
2,305
1,870
Operating Margin%
23.4%
26.2%
20.2%
17.1%
Net Non-Operating Income (Loss)
2,625
120
(131)
(9)
Income Before Taxes
6,122
4,043
2,174
1,861
Income Taxes Expense
(693)
(508)
(248)
(244)
Net Income
5,430
3,535
1,925
1,618
Basic EPS (NT$)
2.94
1.92
1.04
0.88
EBITDA
7,263
5,184
3,289
2,905
EBITDA %
49%
35%
29%
27%
Weighted avg outstanding million shares
1,844
1,844
1,844
1,838		 3Q21
Reviewed
3Q21
Pro Forma*
2Q21
Reviewed
3Q20
Reviewed		 QoQ
Change
YoY
Change
31%
37%
44%
63%
3.8ppt
7.0ppt
35%
42%
52%
87%
3.2ppt
6.3ppt
182%
229%
182%
236%
14,974
14,974
11,426
10,957
6,421
6,607
4,466
3,934
42.9%
44.1%
39.1%
35.9%
(2,924)
(2,685)
(2,160)
(2,063)
3,497
3,923
2,305
1,870
23.4%
26.2%
20.2%
17.1%
2,625
120
(131)
(9)
6,122
4,043
2,174
1,861
(693)
(508)
(248)
(244)
5,430
3,535
1,925
1,618

*Excluding all effects of disposal of 6” fab

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3Q21 YTD Revs. Up 22% Y/Y with 530 Bps Margin Expansion

Unit：NTD Million (except EPS)
'21 YTD
Reviewed
'21 YTD
Pro Forma
'20 YTD
Reviewed
Net Sales
36,028
36,028
29,643
Gross Profit
14,187
14,374
10,122
Gross Margin%
39.4%
39.9%
34.1%
Operating Expenses
(7,217)
(6,978)
(5,693)
Operating Income
6,970
7,396
4,430
Operating Margin%
19.3%
20.5%
14.9%
Net Non-Operating Income (Loss)
2,317
(188)
59
Income Before Taxes
9,287
7,208
4,488
Income Taxes Expense
(1,016)
(831)
(318)
Net Income
8,271
6,377
4,170
Basic EPS (NT$)
4.48
3.46
2.27
Excluding all effects of disposal of 6” fab		 '21 YTD
Reviewed
'21 YTD
Pro Forma*
'20 YTD
Reviewed		 YoY
Change
22%
40%
5.3ppt
27%
57%
4.4ppt
107%
98%
36,028
36,028
29,643
14,187
14,374
10,122
39.4%
39.9%
34.1%
(7,217)
(6,978)
(5,693)
6,970
7,396
4,430
19.3%
20.5%
14.9%
2,317
(188)
59
9,287
7,208
4,488
(1,016)
(831)
(318)
8,271
6,377
4,170

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Sustainable Sales and Margin Growths

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Sales 2018 2019 2020
NTD M Margin%
36,953M 34,995M 39,801M
16,000 80%
14,974
11,906
12,000 11,426 60%
10,957
10,030 10,158 9,627
9,581 9,415 9,271
9,061 8,880 8,981
8,000 45% 7,479 40%
43%
42%
6,029 39%
36%
35% 35%
34%
32%
31%
30%
28%
27%
4,000 25% 26% 20%
0 0%
1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
Net Sales Gross Margin%
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Rising Corporate Value

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3Q21 3Q20
Basic EPS -- NT$ 2.94 0.88
Book Value -- NT$ 23.21 18.71
Basic EPS Book Value
NTD NTD
2.94
3.0 2.90 25.0
23.21
2.0 21.2
1.92
19.52 [20.18]
1.04 18.71
1.0 18.07
17.78
0.67 [0.72 ] [0.88 ] 0.63
0.50
16.0
0.0
1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
20Q1 Q2 Q3 Q4 21Q1 Q2 Q3
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Copyright © Macronix International Co., Ltd. 8
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Strong Balance Sheet with a Healthy Debt Ratio

Unit: NTD Million (except BV) 09/30/'21
Reviewed		 06/30/'21
Reviewed		 09/30/'20
Reviewed
Cash 15,152 11,796 7,798
Inventory(Net) 13,313 14,009 12,485
Property, Plant and Equipment 31,320 30,428 30,812
Total Assets 73,694 66,883 62,528
Interest bearing debt - short term 4,706 4,847 4,462
Interest bearing debt - long term 6,707 8,059 10,030
Total Liabilities 30,662 27,571 27,838
Debt Ratio (%) 41.6% 41.2% 44.5%
Shareholders' Equity 43,032 39,311 34,691
Book Value -- NT$ 23.21 21.20 18.71

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Growing FcF

Unit: NTD Million 3Q21
Reviewed		 2Q21
Reviewed		 3Q20
Reviewed
Cash Flow from Operating 4,217 2,851 1,486
Depreciation & Amortization 1,086 1,056 977
Cash Flow from Investing 636 (453) (2,573)
Capital Expenditures (1,198) (520) (2,577)
Cash Flow from Financing (1,521) (875) (997)
Net Change* 3,356 1,426 (2,092)
EndingBalance 15,152 11,796 7,798
Free Cash Flow** 3,019 2,332 (1,091)

*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)

Unit: NTD Million

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16,000
15%
12,000
9% 16%
52%
8,000
38%
50%
4,000
46%
28%
27%
7% 7% 5%
0
3Q20 2Q21 3Q21
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QoQ YoY Change Change NAND +25% +122% NOR +34% +84% ROM +36% -17% FBG -1% +11% * FBG (foundry business group)

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Agenda

Welcome

Welcome Miin Wu 3Q21 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu

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Business update - ROM

ROM business

• 3Q21 density shipments rose 36% Q/Q, inline with normal seasonality

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500
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Density shipment index: 1Q17 =100 421
314
296
285
276
269
250 214 224 217
189 198
165
153
136
121
100
81
77
45
0
1Q17 2Q 3Q 4Q 1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 21Q1 2Q 3Q
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Business update - NOR

NOR business

  • 3Q21 density shipments continued to remain record high, +19% q/q and +63% y/y

  • 55nm represented 50%+ of density shipment in 3Q21

  • ASP hikes mainly due to strong demand across all segments

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Density shipment index: 1Q17 =100 ≧75 nm
197
55 nm
200
165
155
132
123 124 121 118
[109] 107
[113]
100 [106]
100 89 94
84 80
79 78
0
1Q17 2Q 3Q 4Q 1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
Macronix International Co., Ltd. 14
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Business update – NOR breakdown (Parent Company)

NOR business

  • Continued to expand capacity for 55nm and more advanced process technologies

  • Migrated 75nm to 68nm for mid-low density products

NTD %

NOR breakdown by density

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14%
22%
31%
36% 35%
40% 41%
High
49%
45%
40%
38% 39% 34% Mid
35%
(32Mb~128Mb)
37%
33%
29%
26% 26% 26%
24%
Low
'17 '18 '19 '20 1Q21 2Q 3Q
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Business update – high density NOR (Parent Company)

High density NOR business

• Strong demands driven by 5G, Automotive, Medicare, Server, and Data Center

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Density shipment index: 1Q18 =100 475
397
400
327
283 283
257
256
207
201
200
169
149
137
127 126
100
0
1Q18 2Q 3Q 4Q 1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
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Business update NOR – Well Diverse Applications

2Q21 NOR revenue breakdown

3Q21 NOR revenue breakdown

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Consumer, Comm,
17% 27%
Computer,
Auto,
28% I.M.A.,
13%
15%
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Comm,
Consumer,
15% 31%
Computer,
Auto,
27% I.M.A.,
11%
16%
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*** Comm:** including handsets

*** I (Industrial), M (Medical), A** (Aerospace-defense)

3Q21 NOR revenue comparison

Computer +32% QoQ +134% YoY

Consumer Communication Automotive I.M.A +18% QoQ +51% QoQ +13% QoQ +46% QoQ +113% YoY +39% YoY +56% YoY +161% YoY

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Transforming into Less-Cyclical Applications

Revenue index: 1Q17 Total =100

NOR revenue Index Trend

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200
PC & CONS Non PC & CONS
100
0
1Q17 1Q18 1Q19 1Q20 1Q21 3Q
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PC ： DTPC 、 NB 、 Web Cam 、 Monitors 、 Tablet

CONS ： Printers/MFP 、 TV 、 Audio 、 Game Consoles 、 Pachinko 、 STB 、 Ela Toys 、 Video

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Copyright © Macronix International Co., Ltd. 18
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Business update – SLC NAND (Parent Company)

SLC NAND business

  • 19nm represented 56% of density shipment in 3Q21

  • 36nm is mainly for Automobile and Industrial (longevity) applications

  • Strong demands mainly on Surveillance, STB, and Server

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Density shipment index: 2019Q1 =100 ≧36 nm
19 nm
300
278
209
185
200 174
157 158
128
100 [111 ] [131 ] 101
100
0
1Q19 2Q 3Q 4Q 1Q20 2Q 3Q 4Q 1Q21 2Q 3Q
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Copyright © Macronix International Co., Ltd. 19
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Joint Development Projects with IBM

• Macronix joins IBM AI Hardware Center as a member

• Initiating an equal partner cooperation program for Phase Change Memory (PCM) -based Analog AI technology

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Agenda

Welcome Miin Wu 3Q21 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu

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Copyright © Macronix International Co., Ltd. 21
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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]

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