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Macronix — Interim / Quarterly Report 2020
Jan 27, 2021
52013_rns_2021-01-27_70b02340-8877-43ee-a55f-112e1213b898.pdf
Interim / Quarterly Report
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Macronix International Co., Ltd. Third Quarter 2020 Results October 26, 2020
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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
2020Q3 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
| Revenue (billion NT$) Gross margin % Operating margin % Basic EPS (NT$) 2020Q3 Reviewed NT$ 11.0 36% 17% 0.88 2020Q2 Reviewed NT$ 9.3 35% 15% 0.72 NT$ 11.9 2019Q3 Reviewed 30% 15% 1.01 Pre-tax EPS (NT$) 1.01 0.76 1.01 |
30% 26% 31% 35% 36% 15% 8% 12% 15% 17% 1.01 0.41 0.67 0.72 0.88 0.76 1.01 |
|---|---|
| 19Q3 Q4 20Q1 Q2 Q3 |
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Copyright © Macronix International Co., Ltd.
Agenda
Welcome
Welcome Miin Wu 2020Q3 Financial Results Paul Yeh Business Update Miin Wu Remarks and Q&A Miin Wu
Copyright © Macronix International Co., Ltd.
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Quarterly Consolidated Statements of Comprehensive Income
Unit：NTD Million (except EPS)2019/Q3 Reviewed 2020/Q2 Reviewed 2020/Q3 Reviewed Net Sales 11,906 9,271 10,957 Gross Profit 3,576 3,243 3,934 Gross Margin% 30% 35% 36% Operating Expenses (1,797) (1,850) (2,063) Operating Income 1,778 1,393 1,870 Operating Margin% 15% 15% 17% Net Non-Operating Income (Loss) 79 8 (9) Income Before Taxes 1,857 1,400 1,861 Income Taxes Expense (benefit) 4 71 244 Net Income 1,853 1,330 1,618 Basic EPS (NT$) 1.01 0.72 0.88 EBITDA 2,604 2,394 2,905 Weighted avg outstanding million shares 1,830 1,838 1,838 |
2019/Q3 Reviewed 2020/Q2 Reviewed 2020/Q3 Reviewed |
QoQ Change YoY Change 18% (8%) 21% 10% 1ppt 6ppt 12% 15% 34% 5% 2ppt 2ppt 33% 0% 22% (13%) |
|---|---|---|
| 11,906 9,271 10,957 3,576 3,243 3,934 30% 35% 36% (1,797) (1,850) (2,063) 1,778 1,393 1,870 15% 15% 17% 79 8 (9) 1,857 1,400 1,861 4 71 244 1,853 1,330 1,618 |
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Copyright © Macronix International Co., Ltd.
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2020Q3 Financial Highlights
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Sales
80%
NTD M 11,906
12,000 10,957
10,030 Margin%
9,581
9,415
10,000 9 ,061 8,981 9,271 60%
8,880
7,479
45%
8,000 42%
6,029 36%
35% 35% 40%
31%
6,000 30%
28% 27%
26%
25%
4,000
20%
2,000
0 0%
18Q1 Q2 Q3 Q4 19Q1 Q2 Q3 Q4 20Q1 Q2 Q3
Net Sales Gross Profit Gross Margin%
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Copyright © Macronix International Co., Ltd.
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Quarterly Consolidated Condensed Balance Sheet
| Unit: NTD Million (except BV) | 2019/09/30 Reviewed |
2020/06/30 Reviewed |
2020/09/30 Reviewed |
Current Ratio (%) 208 |
Current Ratio (%) 208 |
|||
|---|---|---|---|---|---|---|---|---|
| Cash | 7,957 | 9,890 | 7,798 | 170 | 171 | 181 | ||
| Inventory(Net) | 15,126 | 11,518 | 12,485 | 155 | ||||
| Property, Plant and Equipment | 28,353 | 29,639 | 30,812 | |||||
| Total Assets | 63,662 | 60,893 | 62,528 | |||||
| Interest bearing debt - short term | 5,418 |
3,711 | 4,462 | Debt Ratio (%) |
||||
| 50.3 | ||||||||
| Interest bearing debt - long term | 9,491 | 9,584 | 10,030 | 46.4 | 43.4 | 45.8 | 44.5 | |
| Total Liabilities | 32,040 | 27,918 | 27,838 | |||||
| Debt Ratio (%) | 50.3% | 45.8% | 44.5% | |||||
| Shareholders' Equity | 31,623 | 32,975 | 34,691 | ROE | ||||
| ROE (Annualized) | 10% | 16% | 17% | 15% | 16% | 17% | ||
| Book Value -- NT$ | 17.20 | 17.78 | 18.71 | 10% | 9% | |||
| 19Q3 | Q4 | 20Q1 | Q2 | Q3 |
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Copyright © Macronix International Co., Ltd.
Quarterly Consolidated Condensed Cash Flow
| Unit: NTD Million | 2019/Q3 Reviewed |
2020/Q2 Reviewed |
2020/Q3 Reviewed |
|---|---|---|---|
| Cash Flow from Operating | 881 | 2,255 | 1,486 |
| Depreciation & Amortization | 695 | 935 | 977 |
| Cash Flow from Investing | (3,983) | (873) | (2,573) |
| Capital Expenditures | (4,247) | (894) | (2,577) |
| Cash Flow from Financing | (363) | (501) | (997) |
| Cash Dividends | (2,206) | - | (2,206) |
| Net Change* | (3,563) | 831 | (2,092) |
| EndingBalance | 7,957 | 9,890 | 7,798 |
| Free Cash Flow** | (3,366) | 1,361 | (1,091) |
Net change includes the effect of exchange rate changes *Free Cash Flow=Cash Flow from Operating - Capital Expenditures
Copyright © Macronix International Co., Ltd.
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Quarterly Sales Breakdown by Products (Parent Company)
Unit: NTD Million
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12,000
9%
9%
9,000 35%
11%
38%
QoQ YoY
6,000 48% Change Change
NAND +3% -2%
NOR -4% -0%
51%
46% ROM +58% -18%
3,000
FBG +19% +14%
34%
FBG (foundry business group)
5% 7% 7%
0
2019Q3 2020Q2 2020Q3
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Copyright © Macronix International Co., Ltd.
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Agenda
Welcome
Welcome Miin Wu 2020Q3 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
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•
≥ 64Gb products represented 72% of ROM business in 2020Q3
3,784
4,000
Density shipment index: 2016Q1 =100
2,816
2,477
2,414
2,013
1,923
1,774
2,000 1,701
1,372
1,225
1,086
898
730 694
436 403
316
100 79
0
16Q1 Q2 Q3 Q4 17Q1 Q2 Q3 Q4 18Q1 Q2 Q3 Q4 19Q1 Q2 Q3 Q4 20Q1 Q2 Q3
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Copyright © Macronix International Co., Ltd.
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Business update –NOR Flash
200
Density shipment index: 2016Q1 =100
157 148 146 144 135 130 127 127 121 120 119 113 112 106 100 100 95 95 100 93 0 16Q1 Q2 Q3 Q4 17Q1 Q2 Q3 Q4 18Q1 Q2 Q3 Q4 19Q1 Q2 Q3 Q4 20Q1 Q2 Q3
Copyright © Macronix International Co., Ltd.
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Current status of Flash memory business
Flash business
- ≤75nm products increased to 77% of NOR sales in 20Q3
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6,000
3,000
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5,854
Accumulative design-win case count 5,586
4,872
4,068
2,239
1,375
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0
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16Q1 Q2 Q3 Q417Q1 Q2 Q3 Q418Q1 Q2 Q3 Q419Q1 Q2 Q3 Q420Q1 Q2 Q3
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Copyright © Macronix International Co., Ltd.
Business update – NOR flash breakdown (Parent Company)
NTD %
NOR breakdown by density
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14%
22%
31%
38%
High
49%
45%
40%
37% Mid
(32Mb~128Mb)
37%
33%
29%
25%
Low
2017 2018 2019 2020YTD
Copyright © Macronix International Co., Ltd. 14
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Business update – NOR flash breakdown (Parent Company)
2020Q2 NOR revenue breakdown 2020Q3 NOR revenue breakdown
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Consumer, Comm,
13% 38%
Computer,
24%
Auto , 11%
I.M.A.,
14%
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Consumer, Comm,
13% 41%
Computer,
22%
I.M.A.,
Auto , 13%
11%
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*** Comm:** including handsets
- I (Industrial), M (Medical), A (Aerospace-defense)
2020Q3 NOR revenue comparison
Computer -11% QoQ -4% YoY
Consumer Communication Automotive I.M.A -2% QoQ +3% QoQ +10% QoQ -21% QoQ -40% YoY +35% YoY -11% YoY -1% YoY
Copyright © Macronix International Co., Ltd.
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Agenda
Welcome
Welcome Miin Wu 2020Q3 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]