☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 83-0406195 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||
Common Stock, parvalue | MX | New York Stock Exchange | ||
Preferred Stock Purchase Rights | New York Stock Exchange |
Large Accelerated | Accelerated Filer | |||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ | |||
Emerging growth company | ☐ |
Page | ||||||||
2 | ||||||||
Item 9C. | 125 | |||||||
innovators in the consumer electronics market. Our close customer relationships have been built based on many years of close collaborative product development, which provides us with deep system-level knowledge and key insights into our customers’ needs. As a result, we are able to continuously strengthen our technology in areas of strategic interest for our customers and focus on those products that our customers and end consumers demand the most. |
expect these ongoing initiatives will contribute to improvement of our new product development and customer service as well as enhance our commitment to a culture of quick action and execution by our workforce. In addition, we have focused on improving our manufacturing efficiency during the past several years. |
Product | Key Features | Applications | ||
TFT-LCD Source Drivers | • 480 to 1,542 output channels • 6-bit (262 thousand colors),8-bit (16 million colors),10-bit (1 billion colors)• Output voltage ranging from 9V to 18V • Low power consumption and low EMI • COF package types • EPI, m-LVDS, | • LCD/LED TVs • Notebooks • LCD/LED monitors • Automotive |
TFT-LCD Gate Drivers | • 272 to 960 output channels • Output voltage ranging from 30V to 45V • COF and COG package types | • Tablet PCs • LCD/LED TVs • Notebooks • Automotive | ||||
Timing Controllers | • Wide range of resolutions • EPI, m-LVDS, MIPI,USI-T interface technologies• Input voltage ranging from 1.6V to 3.6V | • Tablet PCs • Public information display | ||||
OLED Source Drivers | • 960 output channels • 10 bit (1 billion colors) • Output voltage: 18V • COF package type • EPI interface technology | • OLED TVs | ||||
Micro LED Drivers* | • • 10 bit (1 billion colors) • Output voltage: max 18V • COF package type • USI interface technology | • Micro LED TVs |
* | In customer qualification stage |
Product | Key Features | Applications | ||
OLED | • Resolutions of HD720, WXGA, FHD, FHD+, QHD and QHD+ • Aspect ratio from 16:9 to 21:9 • Color depth of 1 billion • MIPI, eRVDS interface • Logic-based OTP • • Display data compression IP | • Smartphones • Game consoles • Digital still cameras • Tablet PCs • Virtual reality headsets • Automotive |
LTPS | • Resolutions of VGA, WSVGA, WVGA and DVGA • Color depth of 16 million • MDDI, MIPI interface • Logic-based OTP • Separated gamma control | • Smartphones • Digital still cameras | ||||
a-Si TFT | • Resolutions of WQVGA and HVGA • Color depth of 16 million • RSDS, MDDI, MIPI interface • CABC • Separated gamma control | • Mobile phones • Digital still cameras • Automotive |
Product | Key Features | Applications | ||
• Voltage options of • Advanced Trench MOSFET Process • High cell density • Advanced packages to enable reduction of PCB mounting area | • Smartphones, mobile phones, and wearable devices • Tablet PCs, Notebooks • Desktop PCs, Servers • LCD/LED TVs • Industrial applications • Cryptocurrency miner | |||
• Voltage options of • Advanced • High cell density • High system efficiency • Advanced packages to enable reduction of PCB mounting area | • and Motor controls• Battery Management Systems • Power • • Industrial applications • | |||
Product | Key Features | Applications | ||
High Voltage MOSFET | • Voltage options of 200V-650V • R2FET (rapid recovery) option to shorten reverse diode recovery time • Zener diode option for MOSFET protection for abnormal input • Advanced Planar MOSFET Process • Advanced packages to enable reduction of PCB mounting area | • Adaptors for tablet PC/mobile phone/smartphone • Power supplies • Lighting (ballast, HID, LED) • Industrial applications • LCD/LEDTVs | ||
Super Junction MOSFET | • Voltage options of 500V-900V • Low R DS(ON) • Epi stack process • Zener diode option for MOSFET protection for abnormal input • Advanced SJ MOSFET process • Advanced packages to enable reduction of PCB mounting area | • LCD/LED/UHD TVs • Lightings applications (ballast, HID, LED) • Smartphones • Power supplies • Servers • Industrial applications | ||
IGBTs | • Voltage options of 650V/1200V • Field Stop Trench IGBT • Current options from 15A to 100A | • Automotive • Industrial applications • Consumer appliances | ||
AC-DC/DC-DC | • Wide control range for high power application (>150W) • Advanced BCDMOS process • High Precision Voltage Reference • Very low startup current consumption • Fast load and line regulation • Accurate output voltage • OCP, SCP and thermal protections | • LCD/LED/UHD TVs • Power supplies • Smartphones • Mobile phones • Notebooks • Set-top boxes | ||
LED Backlighting Drivers | • High efficiency, wide input voltage range • Advanced BCDMOS process | |||
voltage range • OCP, SCP, OVP and UVLO protections • Accurate LED current control and multi-channel matching • Programmable current limit, boost up frequency | • Tablet PCs • Notebooks • Smartphones • LED/UHD TVs • LED monitors |
Product | Key Features | Applications | ||
Digital Controlled LED Driver | • Multi-channel constant current control • 12Bit gray scale with SPI | • Digital signage | ||
LED Lighting Drivers | • High efficiency, wide input voltage range • Simple solutions with external components fully integrated • Advanced high voltage BCDMOS process • Accurate LED current control and high power factor and low THB | • AC and DC LED lighting | ||
Regulators | • Single and multi-regulators • Low Noise Output regulators • Wide range of input voltage and various output current • CMOS and BCDMOS processes • LDO (Low Drop Out — Linear Regulator) | • Smartphones and Mobile phones • Notebooks • Computing applications | ||
SSD PMIC | �� High current buck • PFM function • High frequency switching • High efficiency • High integration technology • Small QFN package | • Computing applications | ||
Logic PMIC | • High current boost • Integrated pass transistor • LDO • 3channel high current buck • Negative Charge Pump • 2channel buffer Op-Amp. • Tiny Wafer Level CSP | • Notebooks • Tablet PCs |
* | In customer qualification stage |
Name | Age | Position | ||||
Young-Joon (YJ) Kim | Director and Chief Executive Officer | |||||
Shin Young | Chief Financial Officer | |||||
Theodore Kim | Chief Compliance Officer, General Counsel and Secretary | |||||
Woung Moo Lee | General Manager of Worldwide Sales | |||||
* | The stock performance included in this graph is not necessarily indicative of future stock performance. |
Company/Index | Base Period 12/31/2015 | 12/30/2016 | 12/29/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | Base Period 12/30/2016 | 12/29/2017 | 12/31/2018 | 12/31/2019 | 12/31/2020 | 12/31/2021 | ||||||||||||||||||||||||||||||||||||
Magnachip Semiconductor Corporation | 100 | 117.20 | 188.09 | 117.39 | 219.47 | 255.58 | 100 | 160.48 | 100.16 | 187.26 | 218.06 | 338.23 | ||||||||||||||||||||||||||||||||||||
S&P 500 Index | 100 | 109.54 | 130.81 | 122.65 | 159.39 | 183.77 | 100 | 119.42 | 111.97 | 145.52 | 167.77 | 212.89 | ||||||||||||||||||||||||||||||||||||
Philadelphia Semiconductor Index | 100 | 136.62 | 188.86 | 174.11 | 278.78 | 421.34 | 100 | 138.23 | 127.44 | 204.05 | 308.39 | 435.33 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Approximate dollar value of Shares that may yet be Purchased under the Plans or Programs (in thousands)(1) | ||||||||||||
October 2021 | — | — | — | — | ||||||||||||
November 2021 | — | — | — | — | ||||||||||||
December 2021 | 994,695 | $ | 20.18 | 994,695 | $ | 54,927 | ||||||||||
Total | 994,695 | $ | 54,927 | |||||||||||||
(1) | On December 21, 2021, the Company’s Board of Directors authorized the Company to repurchase up to $75 million of the Company’s common stock. As an immediate step towards implementing the approved stock repurchase program, the Company entered into an accelerated stock repurchase agreement on December 21, 2021 with JPMorgan Chase Bank, National Association to repurchase an aggregate of $37.5 million of the Company’s common stock. |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||
(In millions) | (Dollars in millions) | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | 57.1 | $ | (20.4 | ) | $ | (25.8 | ) | $ | 56.7 | $ | 57.1 | $ | (20.4 | ) | |||||||||
Interest expense, net | 15.4 | 19.5 | 20.1 | |||||||||||||||||||||
Interest expense (income), net | (1.2 | ) | 15.4 | 19.5 | ||||||||||||||||||||
Income tax expense (benefit) | (46.2 | ) | 2.2 | (1.1 | ) | 17.3 | (46.2 | ) | 2.2 | |||||||||||||||
Depreciation and amortization | 11.1 | 10.3 | 8.8 | 14.2 | 11.1 | 10.3 | ||||||||||||||||||
EBITDA | $ | 37.4 | $ | 11.6 | $ | 2.1 | $ | 87.0 | $ | 37.4 | $ | 11.6 | ||||||||||||
Adjustments: | ||||||||||||||||||||||||
Equity-based compensation expense(a) | 6.3 | 6.1 | 3.8 | 7.7 | 6.3 | 6.1 | ||||||||||||||||||
Early termination and other charges(b) | 5.6 | 0.1 | — | |||||||||||||||||||||
Foreign currency loss, net | 0.4 | 22.3 | 26.3 | 11.9 | 0.4 | 22.3 | ||||||||||||||||||
Derivative valuation loss (gain), net | (0.1 | ) | 0.3 | 2.4 | (0.1 | ) | (0.1 | ) | 0.3 | |||||||||||||||
Loss on early extinguishment of borrowings, net | 0.8 | 0.0 | 0.2 | — | 0.8 | 0.0 | ||||||||||||||||||
Inventory reserve related to Huawei impact of downstream trade restrictions | 1.5 | — | — | (1.5 | ) | 1.5 | — | |||||||||||||||||
Expenses related to Fab 3 power outage | 1.2 | — | — | — | 1.2 | — | ||||||||||||||||||
Restatement related expenses (gain)(h) | — | — | (0.8 | ) | ||||||||||||||||||||
Others(i) | — | 0.6 | 0.4 | |||||||||||||||||||||
Merger-related costs (income), net(g) | (35.5 | ) | 0.7 | — | ||||||||||||||||||||
Early termination and other charges, net(h) | 1.3 | 5.0 | 0.6 | |||||||||||||||||||||
Adjusted EBITDA | $ | 52.9 | $ | 40.9 | $ | 34.4 | $ | 70.7 | $ | 52.9 | $ | 40.9 | ||||||||||||
(a) | This adjustment eliminates the impact of non-cash equity-based compensation expenses. Although we expect to incurnon-cash equity-based compensation expenses in the future, these expenses do not generally require cash settlement, and, therefore, are not used by us to assess the profitability of our operations. We believe that analysts and investors will find it helpful to review our operating performance without the effects of thesenon-cash expenses as supplemental information. |
(b) |
This adjustment mainly eliminates the impact of non-cash foreign currency translation associated with intercompany debt obligations and foreign currency denominated receivables and payables, as well as the cash impact of foreign currency transaction gains or losses on collection of such receivables and payment of such payables. Although we expect to incur foreign currency translation gains or losses in the future, we believe that analysts and investors will find it helpful to review our operating performance without the effects of these primarilynon-cash gains or losses, which we cannot control. Additionally, we believe the isolation of this adjustment provides investors with enhanced comparability to prior and future periods of our operating performance results. |
This adjustment eliminates the impact of gain or loss recognized in income on derivatives, which represents derivatives value changes excluded from the risk being hedged. We enter into derivative transactions to mitigate foreign exchange risks. As our derivative transactions are limited to a certain portion of our |
expected cash flows denominated in U.S. dollars, and we do not enter into derivative transactions for trading or speculative purposes, we do not believe that these charges or gains are indicative of our core operating performance. |
For the year ended December 31, 2020, this adjustment eliminates $0.8 million in expenses related to the full redemption of our outstanding 2021 Notes in the fourth quarter of 2020. For the |
This adjustment eliminates $1.2 million in expenses related to the write-off of the damaged work in process wafers and charges for facility recovery. These charges are inconsistent in amount and frequency, and we do not believe that these charges are indicative of our core operation performance and have been excluded for comparative purposes. |
non-recurring professional service fees and expenses of $34.7 million |
For the year ended December 31, 2021, this adjustment eliminates $3.4 million results are more usefully compared if these adjustments are excluded.non-recurring professional service fees and expenses incurred in connection with the regulatory requests, which was offset in part by $1.4 million gain on sale of certain legacy equipment of the closedback-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018), and $0.7 million legal settlement gain related to certain expenses incurred in prior periods in connection with our legacy Fab 4 (which was sold during the year ended December 31, 2020) and awarded in the third quarter of 2021. For the year ended December 31, 2020, this adjustment eliminates $4.4 million of charges related to the reduction of workforce under the Program and $0.6 million ofnon-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives. For the year ended December 31, 2019, this adjustment primarily eliminates a $0.5 million legal settlement charge related to dispute with a prior customer and a legal expense related to the indemnification of a former employee during the three months ended March 31, 2019. |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||||||
(In millions) | ||||||||||||
Operating income | $ | 27.0 | $ | 23.7 | $ | 21.9 | ||||||
Adjustments: | ||||||||||||
Equity-based compensation expense(a) | 6.3 | 6.1 | 3.8 | |||||||||
Early termination and other charges(b) | 5.6 | 0.1 | — | |||||||||
Inventory reserve related to Huawei impact of downstream trade restrictions(c) | 1.5 | — | — | |||||||||
Expenses related to Fab 3 power outage(d) | 1.2 | — | — | |||||||||
Restatement related expenses (gain)(e) | — | — | (0.8 | ) | ||||||||
Others(f) | — | 0.6 | 0.4 | |||||||||
Adjusted Operating Income | $ | 41.6 | $ | 30.4 | $ | 25.3 | ||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | ||||||||||
(Dollars in millions) | ||||||||||||
Operating income | $ | 83.4 | $ | 27.0 | $ | 23.7 | ||||||
Adjustments: | ||||||||||||
Equity-based compensation expense(a) | 7.7 | 6.3 | 6.1 | |||||||||
Inventory reserve related to Huawei impact of downstream trade restrictions(b) | (1.5 | ) | 1.5 | — | ||||||||
Expenses related to Fab 3 power outage(c) | — | 1.2 | — | |||||||||
Merger-related costs (income), net(d) | (35.5 | ) | 0.7 | — | ||||||||
Early termination and other charges(e) | 2.0 | 5.0 | 0.6 | |||||||||
Adjusted Operating Income | $ | 56.1 | $ | 41.6 | $ | 30.4 | ||||||
(a) | This adjustment eliminates the impact of non-cash equity-based compensation expenses. Although we expect to incurnon-cash equity-based compensation expenses in the future, these expenses do not generally require cash settlement, and, therefore, are not used by us to assess the profitability of our operations. We believe that analysts and investors will find it helpful to review our operating performance without the effects of thesenon-cash expenses as supplemental information. |
(b) | For the year ended December 31, 2020, this adjustment |
This adjustment eliminates $1.2 million in expenses related to the write-off of the damaged work in process wafers and charges for facility recovery. These charges are inconsistent in amount and frequency, and we do |
not believe that these charges are indicative of our core operation performance and have been excluded for comparative purposes. |
non-recurring professional service fees and expenses of $34.7 million |
For the year ended December 31, 2021, this adjustment eliminates $3.4 million results are more usefully compared if these adjustments are excluded.non-recurring professional service fees and expenses incurred in connection with the regulatory requests, which was offset in part by $1.4 million gain on sale of certain legacy equipment of the closedback-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018). For the year ended December 31, 2020, this adjustment eliminates $4.4 million of charges related to the reduction of workforce under the Program and $0.6 million ofnon-recurring professional service fees and expenses incurred in connection with certain treasury and finance initiatives. For the year ended December 31, 2019, this adjustment primarily eliminates a $0.5 million legal settlement charge related to dispute with a prior customer and a legal expense related to the indemnification of a former employee during the three months ended March 31, 2019. |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||
(In millions, except per share data) | (Dollars in millions, except per share data) | |||||||||||||||||||||||
Income (loss) from continuing operations | $ | 57.1 | $ | (20.4 | ) | $ | (25.8 | ) | $ | 56.7 | $ | 57.1 | $ | (20.4 | ) | |||||||||
Adjustments: | ||||||||||||||||||||||||
Equity-based compensation expense(a) | 6.3 | 6.1 | 3.8 | 7.7 | 6.3 | 6.1 | ||||||||||||||||||
Early termination and other charges(b) | 5.6 | 0.1 | — | |||||||||||||||||||||
Foreign currency loss, net(c) | 0.4 | 22.3 | 26.3 | |||||||||||||||||||||
Derivative valuation loss (gain), net(d) | (0.1 | ) | 0.3 | 2.4 | ||||||||||||||||||||
Loss on early extinguishment of borrowings, net(e) | 0.8 | 0.0 | 0.2 | |||||||||||||||||||||
Inventory reserve related to Huawei impact of downstream trade restrictions(f) | 1.5 | — | — | |||||||||||||||||||||
Expenses related to Fab 3 power outage(g) | 1.2 | — | — | |||||||||||||||||||||
Restatement related expenses (gain)(h) | — | — | (0.8 | ) | ||||||||||||||||||||
GAAP and cash tax expense difference (i) | (43.9 | ) | — | — | ||||||||||||||||||||
Others(j) | — | 0.6 | 0.4 | |||||||||||||||||||||
Income tax effect on non-GAAP adjustments(k) | 0.5 | — | — | |||||||||||||||||||||
Foreign currency loss, net(b) | 11.9 | 0.4 | 22.3 | |||||||||||||||||||||
Derivative valuation loss (gain), net(c) | (0.1 | ) | (0.1 | ) | 0.3 | |||||||||||||||||||
Loss on early extinguishment of borrowings, net(d) | — | 0.8 | 0.0 | |||||||||||||||||||||
Inventory reserve related to Huawei impact of downstream trade restrictions(e) | (1.5 | ) | 1.5 | — | ||||||||||||||||||||
Expenses related to Fab 3 power outage(f) | — | 1.2 | — | |||||||||||||||||||||
Merger-related costs (income), net(g) | (35.5 | ) | 0.7 | — | ||||||||||||||||||||
Early termination and other charges, net(h) | 1.3 | 5.0 | 0.6 | |||||||||||||||||||||
GAAP and cash tax expense difference(i) | 0.9 | (43.9 | ) | — | ||||||||||||||||||||
Income tax effect on non-GAAP adjustments(j) | 9.7 | (0.5 | ) | — | ||||||||||||||||||||
Adjusted Net Income | $ | 28.3 | $ | 9.0 | $ | 6.5 | $ | 51.1 | $ | 28.3 | $ | 9.0 | ||||||||||||
Reported earnings (loss) per share—basic | $ | 1.62 | $ | (0.59 | ) | $ | (0.75 | ) | $ | 1.26 | $ | 1.62 | $ | (0.59 | ) | |||||||||
Reported earnings (loss) per share—diluted | $ | 1.35 | $ | (0.59 | ) | $ | (0.75 | ) | $ | 1.21 | $ | 1.35 | $ | (0.59 | ) | |||||||||
Weighted average number of shares—basic | 35,213,525 | 34,321,888 | 34,469,921 | 44,879,412 | 35,213,525 | 34,321,888 | ||||||||||||||||||
Weighted average number of shares—diluted | 46,503,586 | 34,321,888 | 34,469,921 | 47,709,373 | 46,503,586 | 34,321,888 | ||||||||||||||||||
Adjusted earnings per share—basic | $ | 0.80 | $ | 0.26 | $ | 0.19 | $ | 1.14 | $ | 0.80 | $ | 0.26 | ||||||||||||
Adjusted earnings per share—diluted | $ | 0.73 | $ | 0.25 | $ | 0.18 | $ | 1.09 | $ | 0.73 | $ | 0.25 | ||||||||||||
Weighted average number of shares—basic | 35,213,525 | 34,321,888 | 34,469,921 | 44,879,412 | 35,213,525 | 34,321,888 | ||||||||||||||||||
Weighted average number of shares—diluted | 46,503,586 | 35,405,077 | 35,503,667 | 47,709,373 | 46,503,586 | 35,405,077 |
(a) | This adjustment eliminates the impact of non-cash equity-based compensation expenses. Although we expect to incurnon-cash equity-based compensation expenses in the future, these expenses do not generally require cash settlement, and, therefore, are not used by us to assess the profitability of our operations. We believe that analysts and investors will find it helpful to review our operating performance without the effects of thesenon-cash expenses as supplemental information. |
(b) |
This adjustment mainly eliminates the impact of non-cash foreign currency translation associated with intercompany debt obligations and foreign currency denominated receivables and payables, as well as the cash impact of foreign currency transaction gains or losses on collection of such receivables and payment of such payables. Although we expect to incur foreign currency translation gains or losses in the future, we believe that analysts and investors will find it helpful to review our operating performance without the effects of these primarilynon-cash gains or losses, which we cannot control. Additionally, we believe the isolation of this adjustment provides investors with enhanced comparability to prior and future periods of our operating performance results. |
This adjustment eliminates the impact of gain or loss recognized in income on derivatives, which represents derivatives value changes excluded from the risk being hedged. We enter into derivative transactions to mitigate foreign exchange risks. As our derivative transactions are limited to a certain portion of our |
expected cash flows denominated in U.S. dollars, and we do not enter into derivative transactions for trading or speculative purposes, we do not believe that these charges or gains are indicative of our core operating performance. |
For the year ended December 31, 2020, this adjustment eliminates $0.8 million in expenses related to the full redemption of our outstanding 2021 Notes in the fourth quarter of 2020. For the |
This adjustment eliminates $1.2 million in expenses related to the write-off of the damaged work in process wafers and charges for facility recovery. These charges are inconsistent in amount and frequency, and we do not believe that these charges are indicative of our core operation performance and have been excluded for comparative purposes. |
non-recurring professional service fees and expenses of $34.7 million |
non-recurring professional service fees and expenses incurred in connection with the back-end line in our fabrication facility in Gumi (which was closed during the year ended December 31, 2018), and non-recurring |
professional service fees and expenses incurred in connection with certain treasury and finance initiatives. For the year ended December 31, 2019, this adjustment primarily eliminates a $0.5 million legal settlement charge related to dispute with a prior customer and a legal expense related to the indemnification of a former employee during the three months ended March 31, 2019. As these adjustments meaningfully impacted our operating results and are not expected to represent an ongoing operating expense or income to us, we believe our operating performance results are more usefully compared if these adjustments are excluded. |
(i) | This adjustment eliminates the impact of difference between GAAP and cash tax expense. |
(j) | For the years ended December 31, 2021 and 2020, income tax effect on non-GAAP adjustments were calculated by calculating the tax expense of each jurisdiction with or without thenon-GAAP adjustments. For the year ended December 31, non-GAAP adjustments related to our Korean subsidiary and the |
$6.9 million, respectively. For the year ended December 31, 2020, income tax effect on non-GAAP adjustments related to our Korean subsidiary was |
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Amount | % of Total revenues | Amount | % of Total revenues | Amount | % of Total revenues | Amount | % of Total revenues | Amount | % of Total revenues | Amount | % of Total revenues | |||||||||||||||||||||||||||||||||||||
(In millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Consolidated statements of operations data: | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales—standard products business | $ | 465.5 | 91.8 | % | $ | 484.8 | 93.1 | % | $ | 425.5 | 91.4 | % | $ | 433.1 | 91.3 | % | $ | 465.5 | 91.8 | % | $ | 484.8 | 93.1 | % | ||||||||||||||||||||||||
Net sales—transitional Fab 3 foundry services | 41.5 | 8.2 | 35.8 | 6.9 | 39.9 | 8.6 | 41.1 | 8.7 | 41.5 | 8.2 | 35.8 | 6.9 | ||||||||||||||||||||||||||||||||||||
Total revenues | 507.1 | 100.0 | 520.7 | 100.0 | 465.4 | 100.0 | 474.2 | 100.0 | 507.1 | 100.0 | 520.7 | 100.0 | ||||||||||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||||||||||||
Cost of sales—standard products business | 338.4 | 66.7 | 368.5 | 70.8 | 309.8 | 66.6 | 283.5 | 59.8 | 338.4 | 66.7 | 368.5 | 70.8 | ||||||||||||||||||||||||||||||||||||
Cost of sales—transitional Fab 3 foundry services | 40.3 | 8.0 | 35.8 | 6.9 | 39.9 | 8.6 | 37.2 | 7.8 | 40.3 | 8.0 | 35.8 | 6.9 | ||||||||||||||||||||||||||||||||||||
Total cost of sales | 378.7 | 74.7 | 404.3 | 77.6 | 349.8 | 75.2 | 320.7 | 67.6 | 378.7 | 74.7 | 404.3 | 77.6 | ||||||||||||||||||||||||||||||||||||
Gross profit | 128.3 | 25.3 | 116.4 | 22.4 | 115.6 | 24.8 | 153.5 | 32.4 | 128.3 | 25.3 | 116.4 | 22.4 | ||||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 50.0 | 9.9 | 47.6 | 9.1 | 47.7 | 10.3 | 52.4 | 11.1 | 50.0 | 9.9 | 47.6 | 9.1 | ||||||||||||||||||||||||||||||||||||
Research and development expenses | 45.7 | 9.0 | 45.0 | 8.6 | 46.0 | 9.9 | 51.2 | 10.8 | 45.7 | 9.0 | 45.0 | 8.6 | ||||||||||||||||||||||||||||||||||||
Early termination and other charges | 5.6 | 1.1 | 0.1 | 0.0 | — | — | ||||||||||||||||||||||||||||||||||||||||||
Merger-related costs (income), net | (35.5 | ) | (7.5 | ) | 0.7 | 0.1 | — | — | ||||||||||||||||||||||||||||||||||||||||
Early termination and other charges, net | 2.0 | 0.4 | 5.0 | 1.0 | 0.1 | 0.0 | ||||||||||||||||||||||||||||||||||||||||||
Operating income | 27.0 | 5.3 | 23.7 | 4.6 | 21.9 | 4.7 | 83.4 | 17.6 | 27.0 | 5.3 | 23.7 | 4.6 | ||||||||||||||||||||||||||||||||||||
Interest expense | (18.1 | ) | (3.6 | ) | (22.2 | ) | (4.3 | ) | (22.0 | ) | (4.7 | ) | (1.4 | ) | (0.3 | ) | (18.1 | ) | (3.6 | ) | (22.2 | ) | (4.3 | ) | ||||||||||||||||||||||||
Foreign currency loss, net | (0.4 | ) | (0.1 | ) | (22.3 | ) | (4.3 | ) | (26.3 | ) | (5.7 | ) | (11.9 | ) | (2.5 | ) | (0.4 | ) | (0.1 | ) | (22.3 | ) | (4.3 | ) | ||||||||||||||||||||||||
Loss on early extinguishment of borrowings, net | (0.8 | ) | (0.2 | ) | (0.0 | ) | (0.0 | ) | (0.2 | ) | (0.0 | ) | — | — | (0.8 | ) | (0.2 | ) | (0.0 | ) | (0.0 | ) | ||||||||||||||||||||||||||
Others, net | 3.1 | 0.6 | 2.6 | 0.5 | (0.2 | ) | (0.0 | ) | 3.8 | 0.8 | 3.1 | 0.6 | 2.6 | 0.5 | ||||||||||||||||||||||||||||||||||
(16.2 | ) | (3.2 | ) | (41.9 | ) | (8.1 | ) | (48.7 | ) | (10.5 | ) | (9.4 | ) | (2.0 | ) | (16.2 | ) | (3.2 | ) | (41.9 | ) | (8.1 | ) | |||||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | 10.8 | 2.1 | (18.2 | ) | (3.5 | ) | (26.9 | ) | (5.8 | ) | 74.0 | 15.6 | 10.8 | 2.1 | (18.2 | ) | (3.5 | ) | ||||||||||||||||||||||||||||||
Income tax expense (benefit) | (46.2 | ) | (9.1 | ) | 2.2 | 0.4 | (1.1 | ) | (0.2 | ) | 17.3 | 3.6 | (46.2 | ) | (9.1 | ) | 2.2 | 0.4 | ||||||||||||||||||||||||||||||
Income (loss) from continuing operations | 57.1 | 11.3 | (20.4 | ) | (3.9 | ) | (25.8 | ) | (5.5 | ) | 56.7 | 12.0 | 57.1 | 11.3 | (20.4 | ) | (3.9 | ) | ||||||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 287.9 | 56.8 | (1.4 | ) | (0.3 | ) | 21.9 | 4.7 | — | — | 287.9 | 56.8 | (1.4 | ) | (0.3 | ) | ||||||||||||||||||||||||||||||||
Net income (loss) | $ | 345.0 | 68.0 | % | $ | (21.8 | ) | (4.2 | )% | $ | (3.9 | ) | (0.8 | )% | $ | 56.7 | 12.0 | % | $ | 345.0 | 68.0 | % | $ | (21.8 | ) | (4.2 | )% | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||||||||||||
Net sales—standard products business | ||||||||||||||||||||||||||||||||||||||||||||||||
Display Solutions | 299.1 | 59.0 | 308.5 | 59.3 | 256.1 | 55.0 | 205.3 | 43.3 | 299.1 | 59.0 | 308.5 | 59.3 | ||||||||||||||||||||||||||||||||||||
Power Solutions | 166.5 | 32.8 | 176.3 | 33.9 | 169.4 | 36.4 | 227.8 | 48.0 | 166.5 | 32.8 | 176.3 | 33.9 | ||||||||||||||||||||||||||||||||||||
Total standard products business | 465.5 | 91.8 | 484.8 | 93.1 | 425.5 | 91.4 | 433.1 | 91.3 | 465.5 | 91.8 | 484.8 | 93.1 | ||||||||||||||||||||||||||||||||||||
Net sales—transitional Fab 3 foundry services | 41.5 | 8.2 | 35.8 | 6.9 | 39.9 | 8.6 | 41.1 | 8.7 | 41.5 | 8.2 | 35.8 | 6.9 | ||||||||||||||||||||||||||||||||||||
Total revenues | $ | 507.1 | 100.0 | % | $ | 520.7 | 100.0 | % | $ | 465.4 | 100.0 | % | $ | 474.2 | 100.0 | % | $ | 507.1 | 100.0 | % | $ | 520.7 | 100.0 | % | ||||||||||||||||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||
Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net sales—standard products business | $ | 433.1 | 91.3 | % | $ | 465.5 | 91.8 | % | $ | (32.4 | ) | |||||||||
Net sales—transitional Fab 3 foundry services | 41.1 | 8.7 | 41.5 | 8.2 | (0.4 | ) | ||||||||||||||
Total revenues | 474.2 | 100.0 | 507.1 | 100.0 | (32.8 | ) | ||||||||||||||
Cost of sales | ||||||||||||||||||||
Cost of sales—standard products business | 283.5 | 59.8 | 338.4 | 66.7 | (54.9 | ) | ||||||||||||||
Cost of sales—transitional Fab 3 foundry services | 37.2 | 7.8 | 40.3 | 8.0 | (3.1 | ) | ||||||||||||||
Total cost of sales | 320.7 | 67.6 | 378.7 | 74.7 | (58.1 | ) | ||||||||||||||
Gross profit | 153.5 | 32.4 | 128.3 | 25.3 | 25.2 | |||||||||||||||
Selling, general and administrative expenses | 52.4 | 11.1 | 50.0 | 9.9 | 2.5 | |||||||||||||||
Research and development expenses | 51.2 | 10.8 | 45.7 | 9.0 | 5.5 | |||||||||||||||
Merger-related costs (income), net | (35.5 | ) | (7.5 | ) | 0.7 | 0.1 | (36.2 | ) | ||||||||||||
Early termination and other charges, net | 2.0 | 0.4 | 5.0 | 1.0 | (3.0 | ) | ||||||||||||||
Operating income | 83.4 | 17.6 | 27.0 | 5.3 | 56.4 | |||||||||||||||
Interest expense | (1.4 | ) | (0.3 | ) | (18.1 | ) | (3.6 | ) | 16.8 | |||||||||||
Foreign currency loss, net | (11.9 | ) | (2.5 | ) | (0.4 | ) | (0.1 | ) | (11.5 | ) | ||||||||||
Loss on early extinguishment of borrowings, net | — | — | (0.8 | ) | (0.2 | ) | 0.8 | |||||||||||||
Others, net | 3.8 | 0.8 | 3.1 | 0.6 | 0.7 | |||||||||||||||
(9.4 | ) | (2.0 | ) | (16.2 | ) | (3.2 | ) | 6.7 | ||||||||||||
Income from continuing operations before income tax expense | 74.0 | 15.6 | 10.8 | 2.1 | 63.1 | |||||||||||||||
Income tax expense (benefit) | 17.3 | 3.6 | (46.2 | ) | (9.1 | ) | 63.5 | |||||||||||||
Income from continuing operations | 56.7 | 12.0 | 57.1 | 11.3 | (0.4 | ) | ||||||||||||||
Income from discontinued operations, net of tax | — | — | 287.9 | 56.8 | (287.9 | ) | ||||||||||||||
Net income | $ | 56.7 | 12.0 | % | $ | 345.0 | 68.0 | % | $ | (288.3 | ) | |||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||
Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net sales—standard products business | ||||||||||||||||||||
Display Solutions | 205.3 | 43.3 | 299.1 | 59.0 | (93.7 | ) | ||||||||||||||
Power Solutions | 227.8 | 48.0 | 166.5 | 32.8 | 61.3 | |||||||||||||||
Total standard products business | 433.1 | 91.3 | 465.5 | 91.8 | (32.4 | ) | ||||||||||||||
Net sales—transitional Fab 3 foundry services | 41.1 | 8.7 | 41.5 | 8.2 | (0.4 | ) | ||||||||||||||
Total revenues | $ | 474.2 | 100.0 | % | $ | 507.1 | 100.0 | % | $ | (32.8 | ) | |||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||
Amount | % of Net Sales | Amount | % of Net Sales | Change Amount | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Gross Profit | ||||||||||||||||||||
Gross profit—standard products business | 149.6 | 34.5 | 127.1 | 27.3 | 22.5 | |||||||||||||||
Gross profit—transitional Fab 3 foundry services | 3.9 | 9.6 | 1.2 | 2.9 | 2.7 | |||||||||||||||
Total gross profit | $ | 153.5 | 32.4 | % | $ | 128.3 | 25.3 | % | $ | 25.2 | ||||||||||
Year Ended December 31, 2021 | Year Ended December 31, 2020 | |||||||||||||||||||
Amount | % of Net Sales – standard products business | Amount | % of Net Sales – standard products business | Change Amount | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Korea | $ | 113.8 | 26.3 | % | $ | 106.4 | 22.9 | % | $ | 7.4 | ||||||||||
Asia Pacific (other than Korea) | 306.3 | 70.7 | 347.6 | 74.7 | (41.3 | ) | ||||||||||||||
United States | 6.1 | 1.4 | 5.1 | 1.1 | 0.9 | |||||||||||||||
Europe | 5.7 | 1.3 | 4.3 | 0.9 | 1.4 | |||||||||||||||
Others | 1.2 | 0.3 | 2.0 | 0.4 | (0.8 | ) | ||||||||||||||
$ | 433.1 | 100.0 | % | $ | 465.5 | 100.0 | % | $ | (32.4 | ) | ||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | |||||||||||||||||||||||||||||||
(In millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||
Net sales—standard products business | $ | 465.5 | 91.8 | % | $ | 484.8 | 93.1 | % | $ | (19.3 | ) | $ | 465.5 | 91.8 | % | $ | 484.8 | 93.1 | % | $ | (19.3 | ) | ||||||||||||||||||
Net sales—transitional Fab 3 foundry services | 41.5 | 8.2 | 35.8 | 6.9 | 5.7 | 41.5 | 8.2 | 35.8 | 6.9 | 5.7 | ||||||||||||||||||||||||||||||
Total revenues | 507.1 | 100.0 | 520.7 | 100.0 | (13.6 | ) | 507.1 | 100.0 | 520.7 | 100.0 | (13.6 | ) | ||||||||||||||||||||||||||||
Cost of sales | ||||||||||||||||||||||||||||||||||||||||
Cost of sales—standard products business | 338.4 | 66.7 | 368.5 | 70.8 | (30.0 | ) | 338.4 | 66.7 | 368.5 | 70.8 | (30.0 | ) | ||||||||||||||||||||||||||||
Cost of sales—transitional Fab 3 foundry services | 40.3 | 8.0 | 35.8 | 6.9 | 4.5 | 40.3 | 8.0 | 35.8 | 6.9 | 4.5 | ||||||||||||||||||||||||||||||
Total cost of sales | 378.7 | 74.7 | 404.3 | 77.6 | (25.5 | ) | 378.7 | 74.7 | 404.3 | 77.6 | (25.5 | ) | ||||||||||||||||||||||||||||
Gross profit | 128.3 | 25.3 | 116.4 | 22.4 | 11.9 | 128.3 | 25.3 | 116.4 | 22.4 | 11.9 | ||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 50.0 | 9.9 | 47.6 | 9.1 | 2.4 | 50.0 | 9.9 | 47.6 | 9.1 | 2.4 | ||||||||||||||||||||||||||||||
Research and development expenses | 45.7 | 9.0 | 45.0 | 8.6 | 0.7 | 45.7 | 9.0 | 45.0 | 8.6 | 0.7 | ||||||||||||||||||||||||||||||
Merger-related costs | 0.7 | 0.1 | — | — | 0.7 | |||||||||||||||||||||||||||||||||||
Early termination and other charges | 5.6 | 1.1 | 0.1 | 0.0 | 5.6 | 5.0 | 1.0 | 0.1 | 0.0 | 4.9 | ||||||||||||||||||||||||||||||
Operating income | 27.0 | 5.3 | 23.7 | 4.6 | 3.3 | 27.0 | 5.3 | 23.7 | 4.6 | 3.3 | ||||||||||||||||||||||||||||||
Interest expense | (18.1 | ) | (3.6 | ) | (22.2 | ) | (4.3 | ) | 4.0 | (18.1 | ) | (3.6 | ) | (22.2 | ) | (4.3 | ) | 4.0 | ||||||||||||||||||||||
Foreign currency loss, net | (0.4 | ) | (0.1 | ) | (22.3 | ) | (4.3 | ) | 21.9 | (0.4 | ) | (0.1 | ) | (22.3 | ) | (4.3 | ) | 21.9 | ||||||||||||||||||||||
Loss on early extinguishment of borrowings, net | (0.8 | ) | (0.2 | ) | (0.0 | ) | (0.0 | ) | (0.7 | ) | (0.8 | ) | (0.2 | ) | (0.0 | ) | (0.0 | ) | (0.7 | ) | ||||||||||||||||||||
Others, net | 3.1 | 0.6 | 2.6 | 0.5 | 0.5 | 3.1 | 0.6 | 2.6 | 0.5 | 0.5 | ||||||||||||||||||||||||||||||
(16.2 | ) | (3.2 | ) | (41.9 | ) | (8.1 | ) | 25.8 | (16.2 | ) | (3.2 | ) | (41.9 | ) | (8.1 | ) | 25.8 | |||||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | 10.8 | 2.1 | (18.2 | ) | (3.5 | ) | 29.0 | 10.8 | 2.1 | (18.2 | ) | (3.5 | ) | 29.0 | ||||||||||||||||||||||||||
Income tax expense (benefit) | (46.2 | ) | (9.1 | ) | 2.2 | 0.4 | (48.4 | ) | (46.2 | ) | (9.1 | ) | 2.2 | 0.4 | (48.4 | ) | ||||||||||||||||||||||||
Income (loss) from continuing operations | 57.1 | 11.3 | (20.4 | ) | (3.9 | ) | 77.5 | 57.1 | 11.3 | (20.4 | ) | (3.9 | ) | 77.5 | ||||||||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | 287.9 | 56.8 | (1.4 | ) | (0.3 | ) | 289.3 | 287.9 | 56.8 | (1.4 | ) | (0.3 | ) | 289.3 | ||||||||||||||||||||||||||
Net income (loss) | $ | 345.0 | 68.0 | % | $ | (21.8 | ) | (4.2 | )% | $ | 366.8 | $ | 345.0 | 68.0 | % | $ | (21.8 | ) | (4.2 | )% | $ | 366.8 | ||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | |||||||||||||||||||||||||||||||
(In millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Revenues | ||||||||||||||||||||||||||||||||||||||||
Net sales—standard products business | ||||||||||||||||||||||||||||||||||||||||
Display Solutions | 299.1 | 59.0 | 308.5 | 59.3 | (9.5 | ) | 299.1 | 59.0 | 308.5 | 59.3 | (9.5 | ) | ||||||||||||||||||||||||||||
Power Solutions | 166.5 | 32.8 | 176.3 | 33.9 | (9.9 | ) | 166.5 | 32.8 | 176.3 | 33.9 | (9.9 | ) | ||||||||||||||||||||||||||||
Total standard products business | 465.5 | 91.8 | 484.8 | 93.1 | (19.3 | ) | 465.5 | 91.8 | 484.8 | 93.1 | (19.3 | ) | ||||||||||||||||||||||||||||
Net sales—transitional Fab 3 foundry services | 41.5 | 8.2 | 35.8 | 6.9 | 5.7 | 41.5 | 8.2 | 35.8 | 6.9 | 5.7 | ||||||||||||||||||||||||||||||
Total revenues | $ | 507.1 | 100.0 | % | $ | 520.7 | 100.0 | % | $ | (13.6 | ) | $ | 507.1 | 100.0 | % | $ | 520.7 | 100.0 | % | $ | (13.6 | ) | ||||||||||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||
Amount | % of Net Sales | Amount | % of Net Sales | Change Amount | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Gross Profit | ||||||||||||||||||||
Gross profit—standard products business | 127.1 | 27.3 | 116.4 | 24.0 | 10.7 | |||||||||||||||
Gross profit—transitional Fab 3 foundry services | 1.2 | 2.9 | — | — | 1.2 | |||||||||||||||
Total gross profit | $ | 128.3 | 25.3 | % | $ | 116.4 | 22.4 | % | $ | 11.9 | ||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||
Amount | % of Net Sales | Amount | % of Net Sales | Change Amount | ||||||||||||||||
(Dollars in millions) | ||||||||||||||||||||
Gross Profit | ||||||||||||||||||||
Gross profit—standard products business | 127.1 | 27.3 | 116.4 | 24.0 | 10.7 | |||||||||||||||
Gross profit—transitional Fab 3 foundry services | 1.2 | 2.9 | — | — | 1.2 | �� | ||||||||||||||
Total gross profit | $ | 128.3 | 25.3 | % | $ | 116.4 | 22.4 | % | $ | 11.9 | ||||||||||
Year Ended December 31, 2020 | Year Ended December 31, 2019 | Year Ended December 31, 2020 | Year Ended December 31, 2019 | |||||||||||||||||||||||||||||||||||||
Amount | % of Net Sales – standard products business | Amount | % of Net Sales – standard products business | Change Amount | Amount | % of Net Sales – standard products business | Amount | % of Net Sales – standard products business | Change Amount | |||||||||||||||||||||||||||||||
(In millions) | (Dollars in millions) | |||||||||||||||||||||||||||||||||||||||
Korea | $ | 106.4 | 22.9 | % | $ | 132.6 | 27.4 | % | $ | (26.2 | ) | $ | 106.4 | 22.9 | % | $ | 132.6 | 27.4 | % | $ | (26.2 | ) | ||||||||||||||||||
Asia Pacific (other than Korea) | 347.6 | 74.7 | 343.7 | 70.9 | 3.9 | 347.6 | 74.7 | 343.7 | 70.9 | 3.9 | ||||||||||||||||||||||||||||||
United States | 5.1 | 1.1 | 2.4 | 0.5 | 2.7 | 5.1 | 1.1 | 2.4 | 0.5 | 2.7 | ||||||||||||||||||||||||||||||
Europe | 4.3 | 0.9 | 4.8 | 1.0 | (0.5 | ) | 4.3 | 0.9 | 4.8 | 1.0 | (0.5 | ) | ||||||||||||||||||||||||||||
Others | 2.0 | 0.4 | 1.4 | 0.3 | 0.7 | 2.0 | 0.4 | 1.4 | 0.3 | 0.7 | ||||||||||||||||||||||||||||||
$ | 465.5 | 100.0 | % | $ | 484.8 | 100.0 | % | $ | (19.3 | ) | $ | 465.5 | 100.0 | % | $ | 484.8 | 100.0 | % | $ | (19.3 | ) | |||||||||||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||||||||||||||
Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net sales—standard products business | $ | 484.8 | 93.1 | % | $ | 425.5 | 91.4 | % | $ | 59.4 | ||||||||||
Net sales—transitional Fab 3 foundry services | 35.8 | 6.9 | 39.9 | 8.6 | (4.1 | ) | ||||||||||||||
Total revenues | 520.7 | 100.0 | 465.4 | 100.0 | 55.2 | |||||||||||||||
Cost of sales | ||||||||||||||||||||
Cost of sales—standard products business | 368.5 | 70.8 | 309.8 | 66.6 | 58.6 | |||||||||||||||
Cost of sales—transitional Fab 3 foundry services | 35.8 | 6.9 | 39.9 | 8.6 | (4.1 | ) | ||||||||||||||
Total cost of sales | 404.3 | 77.6 | 349.8 | 75.2 | 54.5 | |||||||||||||||
Gross profit | 116.4 | 22.4 | 115.6 | 24.8 | 0.7 | |||||||||||||||
Selling, general and administrative expenses | 47.6 | 9.1 | 47.7 | 10.3 | (0.1 | ) | ||||||||||||||
Research and development expenses | 45.0 | 8.6 | 46.0 | 9.9 | (1.0 | ) | ||||||||||||||
Early termination and other charges | 0.1 | 0.0 | — | — | 0.1 | |||||||||||||||
Operating income | 23.7 | 4.6 | 21.9 | 4.7 | 1.8 | |||||||||||||||
Interest expense | (22.2 | ) | (4.3 | ) | (22.0 | ) | (4.7 | ) | (0.2 | ) | ||||||||||
Foreign currency loss, net | (22.3 | ) | (4.3 | ) | (26.3 | ) | (5.7 | ) | 4.0 | |||||||||||
Loss on early extinguishment of borrowings, net | (0.0 | ) | (0.0 | ) | (0.2 | ) | (0.0 | ) | 0.2 | |||||||||||
Others, net | 2.6 | 0.5 | (0.2 | ) | (0.0 | ) | 2.8 | |||||||||||||
(41.9 | ) | (8.1 | ) | (48.7 | ) | (10.5 | ) | 6.8 | ||||||||||||
Loss from continuing operations before income tax expense | (18.2 | ) | (3.5 | ) | (26.9 | ) | (5.8 | ) | 8.6 | |||||||||||
Income tax expense (benefit) | 2.2 | 0.4 | (1.1 | ) | (0.2 | ) | 3.3 | |||||||||||||
Loss from continuing operations | (20.4 | ) | (3.9 | ) | (25.8 | ) | (5.5 | ) | 5.4 | |||||||||||
Income (loss) from discontinued operations, net of tax | (1.4 | ) | (0.3 | ) | 21.9 | 4.7 | (23.3 | ) | ||||||||||||
Net loss | $ | (21.8 | ) | (4.2 | )% | $ | (3.9 | ) | (0.8 | )% | $ | (17.9 | ) | |||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||||||||||||||
Amount | % of Total revenues | Amount | % of Total revenues | Change Amount | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues | ||||||||||||||||||||
Net sales—standard products business | ||||||||||||||||||||
Display Solutions | 308.5 | 59.3 | 256.1 | 55.0 | 52.4 | |||||||||||||||
Power Solutions | 176.3 | 33.9 | 169.4 | 36.4 | 6.9 | |||||||||||||||
Total standard products business | 484.8 | 93.1 | 425.5 | 91.4 | 59.4 | |||||||||||||||
Net sales—transitional Fab 3 foundry services | 35.8 | 6.9 | 39.9 | 8.6 | (4.1 | ) | ||||||||||||||
Total revenues | $ | 520.7 | 100.0 | % | $ | 465.4 | 100.0 | % | $ | 55.2 | ||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||||||||||||||
Amount | % of Net Sales | Amount | % of Net Sales | Change Amount | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Gross Profit | ||||||||||||||||||||
Gross profit—standard products business | 116.4 | 24.0 | 115.6 | 27.2 | 0.7 | |||||||||||||||
Gross profit—transitional Fab 3 foundry services | — | — | — | — | — | |||||||||||||||
Total gross profit | $ | 116.4 | 22.4 | % | $ | 115.6 | 24.8 | % | $ | 0.7 | ||||||||||
Year Ended December 31, 2019 | Year Ended December 31, 2018 | |||||||||||||||||||
Amount | % of Net Sales – standard products business | Amount | % of Net Sales – standard products business | Change Amount | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Korea | $ | 132.6 | 27.4 | % | $ | 176.1 | 41.4 | % | $ | (43.5 | ) | |||||||||
Asia Pacific (other than Korea) | 343.7 | 70.9 | 241.5 | 56.7 | 102.2 | |||||||||||||||
United States | 2.4 | 0.5 | 2.0 | 0.5 | 0.4 | |||||||||||||||
Europe | 4.8 | 1.0 | 4.4 | 1.0 | 0.4 | |||||||||||||||
Others | 1.4 | 0.3 | 1.6 | 0.4 | (0.2 | ) | ||||||||||||||
$ | 484.8 | 100.0 | % | $ | 425.5 | 100.0 | % | $ | 59.4 | |||||||||||
Payments Due by Period | ||||||||||||||||||||||||||||
Total | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Exchangeable Notes(1) | $ | 85.8 | $ | 85.8 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
Operating leases(2) | 5.0 | 2.4 | 1.0 | 0.6 | 0.6 | 0.4 | — | |||||||||||||||||||||
Finance leases(2) | 0.2 | 0.1 | 0.1 | 0.1 | — | — | — | |||||||||||||||||||||
Water Treatment Services(2)(3) | 30.4 | 4.3 | 4.2 | 4.2 | 4.0 | 4.0 | 9.7 | |||||||||||||||||||||
Others(2)(4) | 6.0 | 3.3 | 1.8 | 0.7 | 0.1 | 0.1 | — |
/s/ Samil PricewaterhouseCoopers |
Seoul, Korea February 23, 2022 |
December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands of U.S. dollars, except share data) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 279,940 | $ | 151,657 | ||||
Accounts receivable, net | 64,390 | 47,447 | ||||||
Inventories, net | 39,039 | 41,404 | ||||||
Other receivables | 4,338 | 10,200 | ||||||
Prepaid expenses | 7,332 | 9,003 | ||||||
Hedge collateral (Note 10) | 5,250 | 9,820 | ||||||
Other current assets | 9,321 | 10,013 | ||||||
Current assets held for sale (Note 2) | — | 99,821 | ||||||
Total current assets | 409,610 | 379,365 | ||||||
Property, plant and equipment, net | 96,383 | 73,068 | ||||||
Operating lease right-of-use | 4,632 | 1,876 | ||||||
Intangible assets, net | 2,727 | 2,769 | ||||||
Long-term prepaid expenses | 4,058 | 5,757 | ||||||
Deferred income taxes (Note 17) | 44,541 | 154 | ||||||
Other non-current assets | 9,739 | 8,905 | ||||||
Non-current assets held for sale (Note 2) | — | 123,434 | ||||||
Total assets | $ | 571,690 | $ | 595,328 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 52,164 | $ | 40,376 | ||||
Other accounts payable | 2,531 | 6,410 | ||||||
Accrued expenses (Note 9) | 16,241 | 44,799 | ||||||
Accrued income taxes | 12,398 | 1,569 | ||||||
Operating lease liabilities | 2,210 | 1,625 | ||||||
Current portion of long-term borrowings, net | 83,479 | — | ||||||
Other current liabilities | 4,595 | 2,014 | ||||||
Current liabilities held for sale (Note 2) | — | 37,040 | ||||||
Total current liabilities | 173,618 | 133,833 | ||||||
Long-term borrowings, net | 0— | 304,743 | ||||||
Accrued severance benefits, net | 40,462 | 51,181 | ||||||
Non-current operating lease liabilities | 2,422 | 251 | ||||||
Other non-current liabilities | 9,588 | 9,420 | ||||||
Non-current liabilities held for sale (Note 2) | — | 110,881 | ||||||
Total liabilities | 226,090 | 610,309 | ||||||
Commitments and contingencies (Note 19) | 0 | 0 | ||||||
Stockholders’ equity | ||||||||
Common stock, $0.01 par value, 150,000,000 shares authorized, 44,943,854 shares issued and 35,783,347 outstanding at December 31, 2020 and 43,851,991 shares issued and 34,800,312 outstanding at December 31, 2019 | 450 | 439 | ||||||
Additional paid-in capital | 163,010 | 152,404 | ||||||
Retained earnings (deficit) | 286,834 | (58,131 | ) | |||||
Treasury stock, 9,160,507 shares at December 31, 2020 and 9,051,679 shares at December 31, 2019, respectively | (108,397 | ) | (107,033 | ) | ||||
Accumulated other comprehensive income (loss) | 3,703 | (2,660 | ) | |||||
Total stockholders’ equity (deficit) | 345,600 | (14,981 | ) | |||||
Total liabilities and stockholders’ equity | $ | 571,690 | $ | 595,328 | ||||
December 31, | ||||||||
2021 | 2020 | |||||||
(In thousands of U.S. dollars, except share data) | ||||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 279,547 | $ | 279,940 | ||||
Accounts receivable, net | 50,954 | 64,390 | ||||||
Inventories, net | 39,370 | 39,039 | ||||||
Other receivables (Note 19) | 25,895 | 4,338 | ||||||
Prepaid expenses | 7,675 | 7,332 | ||||||
Hedge collateral (Note 10) | 3,060 | 5,250 | ||||||
Other current assets | 2,619 | 9,321 | ||||||
Total current assets | 409,120 | 409,610 | ||||||
Property, plant and equipment, net | 107,882 | 96,383 | ||||||
Operating lease right-of-use | 4,275 | 4,632 | ||||||
Intangible assets, net | 2,377 | 2,727 | ||||||
Long-term prepaid expenses | 8,243 | 4,058 | ||||||
Deferred income taxes (Note 17) | 41,095 | 44,541 | ||||||
Other non-current assets | 10,662 | 9,739 | ||||||
Total assets | $ | 583,654 | $ | 571,690 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 37,593 | $ | 52,164 | ||||
Other accounts payable | 6,289 | 2,531 | ||||||
Accrued expenses (Note 9) | 20,071 | 16,241 | ||||||
Accrued income taxes | 11,823 | 12,398 | ||||||
Operating lease liabilities | 2,323 | 2,210 | ||||||
Current portion of long-term borrowings, net | — | 83,479 | ||||||
Other current liabilities | 7,382 | 4,595 | ||||||
Total current liabilities | 85,481 | 173,618 | ||||||
Accrued severance benefits, net | 33,064 | 40,462 | ||||||
Non-current operating lease liabilities | 1,952 | 2,422 | ||||||
Other non-current liabilities | 10,395 | 9,588 | ||||||
Total liabilities | 130,892 | 226,090 | ||||||
Commitments and contingencies (Note 20 ) | 0 | 0 | ||||||
Stockholders’ equity | ||||||||
Common stock, par shares shares outstanding December 31, 2021 and 44,943,854 shares issued and 35,783,347 outstanding at December 31, 2020 | 559 | 450 | ||||||
Additional paid-in capital | 241,197 | 163,010 | ||||||
Retained earnings | 343,542 | 286,834 | ||||||
Treasury stock, 10,246,016 shares at December 31, 2021 and 9,160,507 shares at December 31, 2020, respectively | (130,306 | ) | (108,397 | ) | ||||
Accumulated other comprehensive income (loss) | (2,230 | ) | 3,703 | |||||
Total stockholders’ equity | 452,762 | 345,600 | ||||||
Total liabilities and stockholders’ equity | $ | 583,654 | $ | 571,690 | ||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(In thousands of U.S. dollars, except share data) | (In thousands of U.S. dollars, except share data) | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Net sales—standard products business | $ | 465,519 | $ | 484,847 | $ | 425,490 | $ | 433,099 | $ | 465,519 | $ | 484,847 | ||||||||||||
Net sales—transitional Fab 3 foundry services | 41,540 | 35,824 | 39,935 | 41,131 | 41,540 | 35,824 | ||||||||||||||||||
Total revenues | 507,059 | 520,671 | 465,425 | 474,230 | 507,059 | 520,671 | ||||||||||||||||||
Cost of sales: | ||||||||||||||||||||||||
Cost of sales—standard products business | 338,420 | 368,450 | 309,842 | 283,503 | 338,420 | 368,450 | ||||||||||||||||||
Cost of sales—transitional Fab 3 foundry services | 40,322 | 35,824 | 39,935 | 37,184 | 40,322 | 35,824 | ||||||||||||||||||
Total cost of sales | 378,742 | 404,274 | 349,777 | 320,687 | 378,742 | 404,274 | ||||||||||||||||||
Gross profit | 128,317 | 116,397 | 115,648 | 153,543 | 128,317 | 116,397 | ||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||
Selling, general and administrative expenses | 49,974 | 47,595 | 47,712 | 52,440 | 49,974 | 47,595 | ||||||||||||||||||
Research and development expenses | 45,698 | 45,024 | 46,044 | 51,212 | 45,698 | 45,024 | ||||||||||||||||||
Early termination and other charges | 5,629 | 53 | — | |||||||||||||||||||||
Merger-related costs (income), net | (35,527 | ) | 653 | — | ||||||||||||||||||||
Early termination and other charges, net | 2,011 | 4,976 | 53 | |||||||||||||||||||||
Total operating expenses | 101,301 | 92,672 | 93,756 | 70,136 | 101,301 | 92,672 | ||||||||||||||||||
Operating income: | 27,016 | 23,725 | 21,892 | 83,407 | 27,016 | 23,725 | ||||||||||||||||||
Interest expense | (18,147 | ) | (22,157 | ) | (22,006 | ) | (1,371 | ) | (18,147 | ) | (22,157 | ) | ||||||||||||
Foreign currency loss, net | (382 | ) | (22,316 | ) | (26,307 | ) | (11,853 | ) | (382 | ) | (22,316 | ) | ||||||||||||
Loss on early extinguishment of borrowings, net | (766 | ) | (42 | ) | (206 | ) | 0 | (766 | ) | (42 | ) | |||||||||||||
Other income (expense), net | 3,110 | 2,577 | (229 | ) | ||||||||||||||||||||
Other income, net | 3,786 | 3,110 | 2,577 | |||||||||||||||||||||
Income (loss) from continuing operations before income tax expense | 10,831 | (18,213 | ) | (26,856 | ) | 73,969 | 10,831 | (18,213 | ) | |||||||||||||||
Income tax expense (benefit) | (46,228 | ) | 2,200 | (1,079 | ) | 17,261 | (46,228 | ) | 2,200 | |||||||||||||||
Income (loss) from continuing operations | 57,059 | (20,413 | ) | (25,777 | ) | 56,708 | 57,059 | (20,413 | ) | |||||||||||||||
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413 | ) | 21,877 | — | 287,906 | (1,413 | ) | ||||||||||||||||
Net income (loss) | $ | 344,965 | $ | (21,826 | ) | $ | (3,900 | ) | $ | 56,708 | $ | 344,965 | $ | (21,826 | ) | |||||||||
Basic earnings (loss) per common share— | ||||||||||||||||||||||||
Continuing operations | $ | 1.62 | $ | (0.59 | ) | $ | (0.75 | ) | $ | 1.26 | $ | 1.62 | $ | (0.59 | ) | |||||||||
Discontinued operations | 8.18 | (0.05 | ) | 0.64 | — | 8.18 | (0.05 | ) | ||||||||||||||||
Total | $ | 9.80 | $ | (0.64 | ) | $ | (0.11 | ) | $ | 1.26 | $ | 9.80 | $ | (0.64 | ) | |||||||||
Diluted earnings (loss) per common share— | ||||||||||||||||||||||||
Continuing operations | $ | 1.35 | $ | (0.59 | ) | $ | (0.75 | ) | $ | 1.21 | $ | 1.35 | $ | (0.59 | ) | |||||||||
Discontinued operations | 6.19 | (0.05 | ) | 0.64 | 0 | 6.19 | (0.05 | ) | ||||||||||||||||
Total | $ | 7.54 | $ | (0.64 | ) | $ | (0.11 | ) | $ | 1.21 | $ | 7.54 | $ | (0.64 | ) | |||||||||
Weighted average number of shares— | ||||||||||||||||||||||||
Basic | 35,213,525 | 34,321,888 | 34,469,921 | 44,879,412 | 35,213,525 | 34,321,888 | ||||||||||||||||||
Diluted | 46,503,586 | 34,321,888 | 34,469,921 | 47,709,373 | 46,503,586 | 34,321,888 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(In thousands of U.S. dollars) | (In thousands of U.S. dollars) | |||||||||||||||||||||||
Net income (loss) | $ | 344,965 | $ | (21,826 | ) | $ | (3,900 | ) | $ | 56,708 | $ | 344,965 | $ | (21,826 | ) | |||||||||
Other comprehensive income (loss) | ||||||||||||||||||||||||
Foreign currency translation adjustments | 6,274 | 15,856 | 18,352 | (2,839 | ) | 6,274 | 15,856 | |||||||||||||||||
Derivative adjustments | ||||||||||||||||||||||||
Fair valuation of derivatives | 1,452 | (2,894 | ) | (1,589 | ) | (3,913 | ) | 1,452 | (2,894 | ) | ||||||||||||||
Reclassification adjustment for loss (gain) on derivatives included in net income (loss) | (1,363 | ) | 4,488 | (3,759 | ) | 819 | (1,363 | ) | 4,488 | |||||||||||||||
Total other comprehensive income | 6,363 | 17,450 | 13,004 | |||||||||||||||||||||
Total other comprehensive income (loss) | (5,933 | ) | 6,363 | 17,450 | ||||||||||||||||||||
Total comprehensive income (loss) | $ | 351,328 | $ | (4,376 | ) | $ | 9,104 | $ | 50,775 | $ | 351,328 | $ | (4,376 | ) | ||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | Common Stock | Additional Paid-In Capital | Retained Earnings (Deficit) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In thousands of U.S. dollars, except share data) | Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2017, as previously reported | 34,189,599 | $ | 426 | $ | 136,259 | $ | (40,889 | ) | $ | (102,319 | ) | $ | (33,114 | ) | $ | (39,637 | ) | |||||||||||||||||||||||||||||||||||||||
Impact of adopting the new revenue standard | — | — | — | 8,484 | — | — | 8,484 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2018, as adjusted | 34,189,599 | $ | 426 | $ | 136,259 | $ | (32,405 | ) | $ | (102,319 | ) | $ | (33,114 | ) | $ | (31,153 | ) | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 5,213 | — | — | — | 5,213 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 162,341 | 2 | 1,131 | — | — | — | 1,133 | |||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of restricted stock units | 328,309 | 3 | (3 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (239,017 | ) | — | — | — | (1,607 | ) | — | (1,607 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | — | 13,004 | 13,004 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (3,900 | ) | — | — | (3,900 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | 34,441,232 | $ | 431 | $ | 142,600 | $ | (36,305 | ) | $ | (103,926 | ) | $ | (20,110 | ) | $ | (17,310 | ) | 34,441,232 | $ | 431 | $ | 142,600 | $ | (36,305 | ) | $ | (103,926 | ) | $ | (20,110 | ) | $ | (17,310 | ) | ||||||||||||||||||||||
Stock-based compensation | — | — | 6,952 | — | — | — | 6,952 | — | — | 6,952 | — | — | — | 6,952 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 452,819 | 4 | 2,856 | — | — | — | 2,860 | 452,819 | 4 | 2,856 | — | — | — | 2,860 | ||||||||||||||||||||||||||||||||||||||||||
Settlement of restricted stock units | 344,714 | 4 | (4 | ) | — | — | — | — | 344,714 | 4 | (4 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (438,453 | ) | — | — | — | (3,107 | ) | — | (3,107 | ) | (438,453 | ) | — | — | — | (3,107 | ) | — | (3,107 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | — | 17,450 | 17,450 | — | — | — | — | — | 17,450 | 17,450 | ||||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | (21,826 | ) | — | — | (21,826 | ) | — | — | — | (21,826 | ) | — | — | (21,826 | ) | ||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 34,800,312 | $ | 439 | $ | 152,404 | $ | (58,131 | ) | $ | (107,033 | ) | $ | (2,660 | ) | $ | (14,981 | ) | 34,800,312 | $ | 439 | $ | 152,404 | $ | (58,131 | ) | $ | (107,033 | ) | $ | (2,660 | ) | $ | (14,981 | ) | ||||||||||||||||||||||
Stock-based compensation | — | — | 6,699 | — | — | — | 6,699 | — | — | 6,699 | — | — | — | 6,699 | ||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 510,648 | 5 | 3,913 | — | — | — | 3,918 | 510,648 | 5 | 3,913 | — | — | — | 3,918 | ||||||||||||||||||||||||||||||||||||||||||
Settlement of restricted stock units | 581,215 | 6 | (6 | ) | — | — | — | — | 581,215 | 6 | (6 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (108,828 | ) | — | — | — | (1,364 | ) | — | (1,364 | ) | (108,828 | ) | — | — | — | (1,364 | ) | — | (1,364 | ) | ||||||||||||||||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | — | 6,363 | 6,363 | — | — | — | — | — | 6,363 | 6,363 | ||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 344,965 | — | — | 344,965 | — | — | — | 344,965 | — | — | 344,965 | ||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 35,783,347 | $ | 450 | $ | 163,010 | $ | 286,834 | $ | (108,397 | ) | $ | 3,703 | $ | 345,600 | 35,783,347 | $ | 450 | $ | 163,010 | $ | 286,834 | $ | (108,397 | ) | $ | 3,703 | $ | 345,600 | ||||||||||||||||||||||||||||
Stock-based compensation | — | — | 7,704 | — | — | — | 7,704 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exchange of exchangeable senior note | 10,144,131 | 101 | 83,639 | — | — | — | 83,740 | |||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 336,870 | 3 | 4,276 | — | — | — | 4,279 | |||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of restricted stock units | 480,465 | 5 | (5 | ) | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||
Accelerated stock repurchase | (994,695 | ) | — | (17,427 | ) | — | (20,073 | ) | — | (37,500 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (90,814 | ) | — | — | — | (1,836 | ) | — | (1,836 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | (5,933 | ) | (5,933 | ) | |||||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | 56,708 | — | — | 56,708 | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 45,659,304 | $ | 559 | $ | 241,197 | $ | 343,542 | $ | (130,306 | ) | $ | (2,230 | ) | $ | 452,762 | |||||||||||||||||||||||||||||||||||||||||
Year | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(In | ||||||||||||
Cash | ||||||||||||
Net income (loss) | $ | 344,965 | $ | (21,826 | ) | $ | (3,900 | ) | ||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 16,481 | 32,729 | 32,048 | |||||||||
Provision for severance benefits | 16,743 | 17,139 | 17,644 | |||||||||
Amortization of debt issuance costs and original issue discount | 2,220 | 2,299 | 2,183 | |||||||||
Loss (gain) on foreign currency, net | (23,233 | ) | 24,692 | 30,215 | ||||||||
Restructuring and other charges | 3,502 | 3,598 | — | |||||||||
Provision for inventory reserves | 3,695 | 10,468 | 4,290 | |||||||||
Stock-based compensation | 6,699 | 6,952 | 4,409 | |||||||||
Loss on early extinguishment of borrowings, net | 766 | 42 | 206 | |||||||||
Gain on sale of discontinued operations | (287,117 | ) | — | — | ||||||||
Deferred income tax assets | (44,441 | ) | 35 | 54 | ||||||||
Others, net | 217 | 247 | (1,235 | ) | ||||||||
Changes in operating assets and liabilities | ||||||||||||
Accounts receivable, net | (19,268 | ) | (19,824 | ) | 8,294 | |||||||
Unbilled accounts receivable, net | 14,260 | 19,274 | (1,284 | ) | ||||||||
Inventories | (816 | ) | (14,678 | ) | (34,965 | ) | ||||||
Other receivables | 6,954 | (6,200 | ) | 1,260 | ||||||||
Other current assets | 13,561 | 11,984 | 9,942 | |||||||||
Accounts payable | 3,960 | 7,375 | (8,389 | ) | ||||||||
Other accounts payable | (12,000 | ) | (8,518 | ) | (11,183 | ) | ||||||
Accrued expenses | (28,756 | ) | 5,279 | (3,926 | ) | |||||||
Accrued income taxes | 10,825 | 267 | 1,103 | |||||||||
Deferred revenue | 2,174 | (4,768 | ) | 2,891 | ||||||||
Other current liabilities | 279 | (4,727 | ) | 1,020 | ||||||||
Other non-current liabilities | 3,521 | (306 | ) | 2,346 | ||||||||
Contributions to severance insurance deposit accounts | (11,921 | ) | (2,262 | ) | (2,532 | ) | ||||||
Payment of severance benefits | (12,076 | ) | (9,288 | ) | (11,688 | ) | ||||||
Others, net | (3,724 | ) | 514 | 433 | ||||||||
Net cash provided by operating activities | 7,470 | 50,497 | 39,236 | |||||||||
Cash flows from investing activities | ||||||||||||
Proceeds from settlement of hedge collateral | 13,762 | 13,583 | 14,342 | |||||||||
Payment of hedge collateral | (8,839 | ) | (17,833 | ) | (12,907 | ) | ||||||
Proceeds from disposal of plant, property and equipment | 65 | 202 | 1,685 | |||||||||
Purchase of property, plant and equipment | (36,100 | ) | (22,955 | ) | (28,948 | ) | ||||||
Payment for property related to water treatment facility arrangement | — | — | (4,283 | ) | ||||||||
Payment for intellectual property registration | (741 | ) | (1,103 | ) | (961 | ) | ||||||
Collection of guarantee deposits | 1,024 | 549 | 801 | |||||||||
Payment of guarantee deposits | (1,236 | ) | (1,349 | ) | (3,016 | ) | ||||||
Proceeds from sale of discontinued operations | 350,553 | — | — | |||||||||
Other, net | (6 | ) | 9 | (19 | ) | |||||||
Net cash provided by (used in) investing activities | 318,482 | (28,897 | ) | (33,306 | ) | |||||||
Cash flows from financing activities | ||||||||||||
Repayment of borrowings | (224,250 | ) | (1,175 | ) | (2,228 | ) | ||||||
Proceeds from exercise of stock options | 3,918 | 2,860 | 1,132 | |||||||||
Acquisition of treasury stock | (1,125 | ) | (2,702 | ) | (1,607 | ) | ||||||
Proceeds from property related to water treatment facility arrangement | 0— | — | 4,283 | |||||||||
Repayment of financing related to water treatment facility arrangement | (546 | ) | (552 | ) | (286 | ) | ||||||
Others | (278 | ) | (233 | ) | — | |||||||
Net cash provided by (used in) financing activities | (222,281 | ) | (1,802 | ) | 1,294 | |||||||
Effect of exchange rates on cash and cash equivalents | 24,612 | (579 | ) | (3,361 | ) | |||||||
Net increase in cash and cash equivalents | 128,283 | 19,219 | 3,863 | |||||||||
Cash and cash equivalents | ||||||||||||
Beginning of the period | 151,657 | 132,438 | 128,575 | |||||||||
End of the period | $ | 279,940 | $ | 151,657 | $ | 132,438 | ||||||
Supplemental cash flow information | ||||||||||||
Cash paid for interest | $ | 22,221 | $ | 19,071 | $ | 19,255 | ||||||
Cash paid for income taxes | $ | 23,056 | $ | 2,081 | $ | 920 | ||||||
Non-cash investing and financing activities | ||||||||||||
Property, plant and equipment additions in other accounts payable | $ | — | $ | 2,542 | $ | 5,249 | ||||||
Acquisition of treasury stock to satisfy the tax withholding obligations in connection with equity-based compensation | $ | (643 | ) | $ | (405 | ) | $ | — | ||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(In thousands of U.S. dollars) | ||||||||||||
Cash flows from operating activities | ||||||||||||
Net income (loss) | $ | 56,708 | $ | 344,965 | $ | (21,826 | ) | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 14,239 | 16,481 | 32,729 | |||||||||
Provision for severance benefits | 8,282 | 16,743 | 17,139 | |||||||||
Amortization of debt issuance costs and original issue discount | 261 | 2,220 | 2,299 | |||||||||
Loss (gain) on foreign currency, net | 32,432 | (23,233 | ) | 24,692 | ||||||||
Provision for inventory reserves | 2,244 | 3,695 | 10,468 | |||||||||
Stock-based compensation | 7,704 | 6,699 | 6,952 | |||||||||
Loss on early extinguishment of borrowings, net | — | 766 | 42 | |||||||||
Gain on sale of discontinued operations | — | (287,117 | ) | — | ||||||||
Deferred income tax assets | 918 | (44,441 | ) | 35 | ||||||||
Other, net | (613 | ) | 217 | 301 | ||||||||
Changes in operating assets and liabilities | ||||||||||||
Accounts receivable, net | 7,505 | (19,268 | ) | (19,824 | ) | |||||||
Unbilled accounts receivable, net | — | 14,260 | 19,274 | |||||||||
Inventories | (5,939 | ) | (816 | ) | (14,678 | ) | ||||||
Other receivables | (21,538 | ) | 6,954 | (6,200 | ) | |||||||
Other current assets | 12,397 | 13,561 | 11,984 | |||||||||
Accounts payable | (11,437 | ) | 4,907 | 7,375 | ||||||||
Other accounts payable | (7,798 | ) | (12,000 | ) | (8,514 | ) | ||||||
Accrued expenses | 4,637 | (26,201 | ) | 8,819 | ||||||||
Accrued income taxes | (1 | ) | 10,825 | 267 | ||||||||
Deferred revenue | (131 | ) | 2,174 | (4,768 | ) | |||||||
Other current liabilities | 1,445 | 279 | (4,727 | ) | ||||||||
Other non-current liabilities | (1,398 | ) | 3,521 | (306 | ) | |||||||
Contributions to severance insurance deposit accounts | (5,688 | ) | (11,921 | ) | (2,262 | ) | ||||||
Payment of severance benefits | (6,679 | ) | (12,076 | ) | (9,288 | ) | ||||||
Other, net | 193 | (3,724 | ) | 514 | ||||||||
Net cash provided by operating activities | 87,743 | 7,470 | 50,497 | |||||||||
Cash flows from investing activities | ||||||||||||
Proceeds from settlement of hedge collateral | 5,214 | 13,762 | 13,583 | |||||||||
Payment of hedge collateral | (3,349 | ) | (8,839 | ) | (17,833 | ) | ||||||
Proceeds from disposal of property, plant and equipment | 1,446 | 65 | 202 | |||||||||
Purchase of property, plant and equipment | (32,212 | ) | (36,100 | ) | (22,955 | ) | ||||||
Payment for intellectual property registration | (614 | ) | (741 | ) | (1,103 | ) | ||||||
Collection of guarantee deposits | 3,192 | 1,024 | 549 | |||||||||
Payment of guarantee deposits | (5,001 | ) | (1,236 | ) | (1,349 | ) | ||||||
Proceeds from sale of discontinued operations | — | 350,553 | — | |||||||||
Other, net | (114 | ) | (6 | ) | 9 | |||||||
Net cash provided by (used in) investing activities | (31,438 | ) | 318,482 | (28,897 | ) | |||||||
Cash flows from financing activities | ||||||||||||
Repayment of borrowings | — | (224,250 | ) | (1,175 | ) | |||||||
Proceeds from exercise of stock options | 4,279 | 3,918 | 2,860 | |||||||||
Acquisition of treasury stock | (1,653 | ) | (1,125 | ) | (2,702 | ) | ||||||
Acquisition of stock under accelerated stock repurchase agreement | (20,073 | ) | — | — | ||||||||
Payment underaccelerated stock repurchase agreement | (17,427 | ) | — | — | ||||||||
Repayment of financing related to water treatment facility arrangement | (563 | ) | (546 | ) | (552 | ) | ||||||
Others | (107 | ) | (278 | ) | (233 | ) | ||||||
Net cash used in financing activities | (35,544 | ) | (222,281 | ) | (1,802 | ) | ||||||
Effect of exchange rates on cash and cash equivalents | (21,154 | ) | 24,612 | (579 | ) | |||||||
Net increase (decrease) in cash and cash equivalents | (393 | ) | 128,283 | 19,219 | ||||||||
Cash and cash equivalents at beginning of period | 279,940 | 151,657 | 132,438 | |||||||||
Cash and cash equivalents at end of period | $ | 279,547 | $ | 279,940 | $ | 151,657 | ||||||
Supplemental cash flow information | ||||||||||||
Cash paid for interest | $ | 2,094 | $ | 22,221 | $ | 19,071 | ||||||
Cash paid for income taxes | $ | 12,672 | $ | 23,056 | $ | 2,081 | ||||||
Non-cash investing and financing activities | ||||||||||||
Property, plant and equipment additions in other accounts payable | $ | 747 | $ | — | $ | 2,542 | ||||||
Acquisition of treasury stock to satisfy the tax withholding obligations in connection with equity-based compensation | $ | (826 | ) | $ | (643 | ) | $ | (405 | ) | |||
Exchange of exchangeable senior notes into common stock | $ | 83,740 | $ | — | $ | — |
Buildings | 30 - 40 years | |||
Building related structures | 10 - 20 years | |||
Machinery and equipment | 10 - 12 years | |||
Others | 3 - 10 years |
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(In thousands of U.S. dollars, except share data) | ||||||||||||
Revenues: | ||||||||||||
Net sales—Foundry Services Group | $ | 254,732 | $ | 307,348 | $ | 325,408 | ||||||
Net sales—transitional Fab 3 foundry services | (25,887 | ) | (35,824 | ) | (39,935 | ) | ||||||
Total revenues | 228,845 | 271,524 | 285,473 | |||||||||
Cost of sales: | ||||||||||||
Cost of sales—Foundry Services Group | 182,872 | 243,134 | 242,960 | |||||||||
Cost of sales—transitional Fab 3 foundry services | (25,887 | ) | (35,824 | ) | (39,935 | ) | ||||||
Total cost of sales | 156,985 | 207,310 | 203,025 | |||||||||
Gross profit | 71,860 | 64,214 | 82,448 | |||||||||
Operating expenses: | ||||||||||||
Selling, general and administrative expenses | 14,797 | 24,042 | 24,927 | |||||||||
Research and development expenses | 19,484 | 30,332 | 31,995 | |||||||||
Restructuring and other charges | 15,873 | 9,142 | — | |||||||||
Total operating expenses | 50,154 | 63,516 | 56,922 | |||||||||
Operating income from discontinued operations | 21,706 | 698 | 25,526 | |||||||||
Foreign currency gain, net | 1,277 | 503 | 1,862 | |||||||||
Others, net | 72 | (67 | ) | 217 | ||||||||
Income from discontinued operations before income tax expense | 23,055 | 1,134 | 27,605 | |||||||||
Income tax expense | 11,452 | 2,547 | 5,728 | |||||||||
Gain on sale of discontinued operations | 287,117 | — | — | |||||||||
Transaction costs | (10,814 | ) | — | — | ||||||||
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413 | ) | 21,877 | ||||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands of U.S. dollars) | ||||||||
Revenues: | ||||||||
Net sales—Foundry Services Group | $ | 254,732 | $ | 307,348 | ||||
Net sales—transitional Fab 3 foundry services | (25,887 | ) | (35,824 | ) | ||||
Total revenues | 228,845 | 271,524 | ||||||
Cost of sales: | ||||||||
Cost of sales—Foundry Services Group | 182,872 | 243,134 | ||||||
Cost of sales—transitional Fab 3 foundry services | (25,887 | ) | (35,824 | ) | ||||
Total cost of sales | 156,985 | 207,310 | ||||||
Gross profit | 71,860 | 64,214 | ||||||
Operating expenses: | ||||||||
Selling, general and administrative expenses | 14,797 | 24,042 | ||||||
Research and development expenses | 19,484 | 30,332 | ||||||
Restructuring and other charges | 15,873 | 9,142 | ||||||
Total operating expenses | 50,154 | 63,516 | ||||||
Operating income from discontinued operations | 21,706 | 698 | ||||||
Foreign currency gain, net | 1,277 | 503 | ||||||
Others, net | 72 | (67 | ) | |||||
Income from discontinued operations before income tax expense | 23,055 | 1,134 | ||||||
Income tax expense | 11,452 | 2,547 | ||||||
Gain on sale of discontinued operations | 287,117 | — | ||||||
Transaction costs | (10,814 | ) | — | |||||
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413 | ) | |||||
December 31, 2019 | ||||
(In thousands of U.S. dollars) | ||||
Assets | ||||
Current assets | ||||
Accounts receivable, net | $ | 48,194 | ||
Unbilled accounts receivable | 16,463 | |||
Inventories, net | 31,863 | |||
Other current assets | 3,301 | |||
Total current assets held for sale | $ | 99,821 | ||
Property, plant and equipment, net | 109,506 | |||
Intangible assets, net | 1,245 | |||
Other non-current assets | 12,683 | |||
Total assets held for sale | $ | 223,255 | ||
Liabilities | ||||
Current liabilities | ||||
Accounts payable | $ | 20,503 | ||
Other current liabilities | 16,537 | |||
Total current liabilities held for sale | $ | 37,040 | ||
Accrued severance benefits, net | 95,547 | |||
Other non-current liabilities | 15,334 | |||
Total liabilities held for sale | $ | 147,921 | ||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
(In thousands of U.S. dollars) | ||||||||||||
Significant non-cash operating activities: | ||||||||||||
Depreciation and amortization | $ | 5,365 | $ | 22,411 | $ | 23,220 | ||||||
Provision for severance benefits | 8,209 | 10,879 | 10,230 | |||||||||
Stock-based compensation | 388 | 899 | 627 | |||||||||
Investing activities: | ||||||||||||
Capital expenditures | $ | (5,838 | ) | $ | (11,653 | ) | $ | (14,170 | ) |
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
(In thousands of U.S. dollars) | ||||||||
Significant non-cash operating activities: | ||||||||
Depreciation and amortization | $ | 5,365 | $ | 22,411 | ||||
Provision for severance benefits | 8,209 | 10,879 | ||||||
Stock-based compensation | 388 | 899 | ||||||
Investing activities: | ||||||||
Capital expenditures | $ | (5,838 | ) | $ | (11,653 | ) |
Carrying Value December 31, 2021 | Fair Value Measurement December 31, 2021 | Quoted Prices in Active Markets for Identical Liability (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities (other current liabilities) | $ | 2,020 | $ | 2,020 | — | $ | 2,020 | — |
Carrying Value December 31, 2020 | Fair Value Measurement December 31, 2020 | Quoted Prices in Active Markets for Identical Asset / Liability (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Derivative assets (other current assets) | $ | 2,036 | $ | 2,036 | — | $ | 2,036 | — | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities (other current liabilities) | $ | 195 | $ | 195 | — | $ | 195 | — |
Carrying Value December 31, 2019 | Fair Value Measurement December 31, 2019 | Quoted Prices in Active Markets for Identical Asset (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||
Assets: | ||||||||||||||||||||
Derivative assets (other current assets) | $ | 1,456 | $ | 1,456 | — | $ | 1,456 | — |
December 31, 2020 | December 31, 2019 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
(In thousands of U.S. dollars) | ||||||||||||||||
Borrowings: | ||||||||||||||||
5.0% Exchangeable Senior Notes due March 2021 (Level 2) | $ | 83,479 | $ | 145,466 | $ | 81,959 | $ | 116,078 | ||||||||
6.625% Senior Notes due July 2021 (Level 2) | $ | — | $ | — | $ | 222,784 | $ | 224,250 |
December 31, 2020 | ||||||||
Carrying Value | Fair Value | |||||||
(In thousands of U.S. dollars) | ||||||||
Borrowings: | ||||||||
5.0% Exchangeable Senior Notes due March 2021 (Level 2) | $ | 83,479 | $ | 145,466 |
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Accounts receivable | $ | 63,145 | $ | 44,176 | $ | 50,363 | $ | 63,145 | ||||||||
Notes receivable | 1,606 | 3,707 | 1,242 | 1,606 | ||||||||||||
Less: | ||||||||||||||||
Allowance for credit losses | (188 | ) | (49 | ) | (466 | ) | (188 | ) | ||||||||
Sales return reserves | (173 | ) | (387 | ) | (185 | ) | (173 | ) | ||||||||
Accounts receivable, net | $ | 64,390 | $ | 47,447 | $ | 50,954 | $ | 64,390 | ||||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Beginning balance | $ | (49 | ) | $ | (51 | ) | $ | (53 | ) | |||
Provision | (131 | ) | — | — | ||||||||
Translation adjustments | (8 | ) | 2 | 2 | ||||||||
Ending balance | $ | (188 | ) | $ | (49 | ) | $ | (51 | ) | |||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Beginning balance | $ | (188 | ) | $ | (49 | ) | $ | (51 | ) | |||
Provision | (302 | ) | (131 | ) | — | |||||||
Translation adjustments | 24 | (8 | ) | 2 | ||||||||
Ending balance | $ | (466 | ) | $ | (188 | ) | $ | (49 | ) | |||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Beginning balance | $ | (387 | ) | $ | (439 | ) | $ | (628 | ) | |||
Reversal (provision) | 22 | (136 | ) | (245 | ) | |||||||
Usage | 196 | 170 | 414 | |||||||||
Translation adjustments | (4 | ) | 18 | 20 | ||||||||
Ending balance | $ | (173 | ) | $ | (387 | ) | $ | (439 | ) | |||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Beginning balance | $ | (173 | ) | $ | (387 | ) | $ | (439 | ) | |||
Reversal (provision) | (27 | ) | 22 | (136 | ) | |||||||
Usage | — | 196 | 170 | |||||||||
Translation adjustments | 15 | (4 | ) | 18 | ||||||||
Ending balance | $ | (185 | ) | $ | (173 | ) | $ | (387 | ) | |||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Finished goods | $ | 6,425 | $ | 10,087 | $ | 9,594 | $ | 6,425 | ||||||||
Semi-finished goods and work-in-process | 30,968 | 28,815 | 25,968 | 30,968 | ||||||||||||
Raw materials | 6,526 | 8,449 | 9,443 | 6,526 | ||||||||||||
Materials in-transit | 1,021 | — | 95 | 1,021 | ||||||||||||
Less: inventory reserve | (5,901 | ) | (5,947 | ) | (5,730 | ) | (5,901 | ) | ||||||||
Inventories, net | $ | 39,039 | $ | 41,404 | $ | 39,370 | $ | 39,039 | ||||||||
Year | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Beginning balance | $ | (5,947 | ) | $ | (4,845 | ) | $ | (6,094 | ) | |||
Change in reserve | ||||||||||||
Inventory reserve charged to costs of sales | (7,268 | ) | (12,941 | ) | (6,721 | ) | ||||||
Sale of previously reserved inventory | 4,349 | 2,938 | 3,709 | |||||||||
(2,919 | ) | (10,003 | ) | (3,012 | ) | |||||||
Write off | 2,679 | 8,451 | 4,065 | |||||||||
Translation adjustments | (408 | ) | 450 | 196 | ||||||||
Reclassified to assets held for sale | 694 | — | — | |||||||||
Ending balance | $ | (5,901 | ) | $ | (5,947 | ) | $ | (4,845 | ) | |||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Beginning balance | $ | (5,901 | ) | $ | (5,947 | ) | $ | (4,845 | ) | |||
Change in reserve | ||||||||||||
Inventory reserve charged to costs of sales | (7,626 | ) | (7,268 | ) | (12,941 | ) | ||||||
Sale of previously reserved inventory | 5,349 | 4,349 | 2,938 | |||||||||
(2,277 | ) | (2,919 | ) | (10,003 | ) | |||||||
Write off | 1,875 | 2,679 | 8,451 | |||||||||
Translation adjustments | 573 | (408 | ) | 450 | ||||||||
Reclassified to assets held for sale | — | 694 | — | |||||||||
Ending balance | $ | (5,730 | ) | $ | (5,901 | ) | $ | (5,947 | ) | |||
December 31, | ||||||||
2020 | 2019 | |||||||
Buildings and related structures | $ | 24,882 | $ | 22,502 | ||||
Machinery and equipment | 106,244 | 89,453 | ||||||
Finance lease right-of-use | 344 | 323 | ||||||
Others | 40,116 | 22,242 | ||||||
171,586 | 134,520 | |||||||
Less: accumulated depreciation | (90,370 | ) | (75,704 | ) | ||||
Land | 15,167 | 14,252 | ||||||
Property, plant and equipment, net | $ | 96,383 | $ | 73,068 | ||||
December 31, | ||||||||
2021 | 2020 | |||||||
Buildings and related structures | $ | 24,273 | $ | 24,882 | ||||
Machinery and equipment | 105,300 | 106,244 | ||||||
Finance lease right-of-use | 316 | 344 | ||||||
Others | 32,396 | 31,208 | ||||||
162,285 | 162,678 | |||||||
Less: accumulated depreciation | (94,119 | ) | (90,370 | ) | ||||
Land | 13,898 | 15,167 | ||||||
Construction in progress | 25,818 | 8,908 | ||||||
Property, plant and equipment, net | $ | 107,882 | $ | 96,383 | ||||
December 31, 2020 | ||||||||||||
Gross amount | Accumulated amortization | Net amount | ||||||||||
Intellectual property assets | $ | 9,486 | $ | (6,759 | ) | $ | 2,727 | |||||
Intangible assets, net | $ | 9,486 | $ | (6,759 | ) | $ | 2,727 | |||||
December 31, 2021 | ||||||||||||
Gross amount | Accumulated amortization | Net amount | ||||||||||
Intellectual property assets | $ | 9,312 | $ | (6,935 | ) | $ | 2,377 | |||||
Intangible assets | $ | 9,312 | $ | (6,935 | ) | $ | 2,377 | |||||
December 31, 2019 | ||||||||||||
Gross amount | Accumulated amortization | Net amount | ||||||||||
Technology | $ | 6,575 | $ | (6,575 | ) | $ | — | |||||
Customer relationships | 10,180 | (10,180 | ) | — | ||||||||
Intellectual property assets | 8,637 | (5,868 | ) | 2,769 | ||||||||
Intangible assets, net | $ | 25,392 | $ | (22,623 | ) | $ | 2,769 | |||||
December 31, 2020 | ||||||||||||
Gross amount | Accumulated amortization | Net amount | ||||||||||
Intellectual property assets | $ | 9,486 | $ | (6,759 | ) | $ | 2,727 | |||||
Intangible assets | $ | 9,486 | $ | (6,759 | ) | $ | 2,727 | |||||
December 31, | ||||||||||
Leases | Classification | 2020 | 2019 | |||||||
Assets | ||||||||||
Operating lease | Operating lease right-of-use assets | $ | 4,632 | $ | 1,876 | |||||
Finance lease | Property, plant and equipment, net | 206 | 258 | |||||||
Total lease assets | $ | 4,838 | $ | 2,134 | ||||||
Liabilities | ||||||||||
Current | ||||||||||
Operating | Operating lease liabilities | $ | 2,210 | $ | 1,625 | |||||
Finance | Other current liabilities | 68 | 60 | |||||||
Non-current | ||||||||||
Operating | Non-current operating lease liabilities | 2,422 | 251 | |||||||
Finance | Other non-current liabilities | 153 | 208 | |||||||
Total lease liabilities | $ | 4,853 | $ | 2,144 | ||||||
December 31, | ||||||||||
Leases | Classification | 2021 | 2020 | |||||||
Assets | ||||||||||
Operating lease | Operating lease right-of-use | $ | 4,275 | $ | 4,632 | |||||
Finance lease | Property, plant and equipment, net | 126 | 206 | |||||||
Total lease assets | $ | 4,401 | $ | 4,838 | ||||||
Liabilities | ||||||||||
Current | ||||||||||
Operating | Operating lease liabilities | $ | 2,323 | $ | 2,210 | |||||
Finance | Other current liabilities | 68 | 68 | |||||||
Non-current | ||||||||||
Operating | Non-current operating lease liabilities | 1,952 | 2,422 | |||||||
Finance | Other non-current liabilities | 73 | 153 | |||||||
Total lease liabilities | $ | 4,416 | $ | 4,853 | ||||||
December 31, | ||||||||
2020 | 2019 | |||||||
Weighted average remaining lease term | ||||||||
Operating leases | 3.0 years | 1.1 years | ||||||
Finance leases | 3.0 years | 4.0 years | ||||||
Weighted average discount rate | ||||||||
Operating leases | 5.55 | % | 7.19 | % | ||||
Finance leases | 7.75 | % | 7.75 | % |
December 31, | ||||||||
2021 | 2020 | |||||||
Weighted average remaining lease term | ||||||||
Operating leases | 2.4 years | 3.0 years | ||||||
Finance leases | 2.0 years | 3.0 years | ||||||
Weighted average discount rate | ||||||||
Operating leases | 4.20 | % | 5.55 | % | ||||
Finance leases | 7.75 | % | 7.75 | % |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||
Operating lease cost | $ | 1,885 | $ | 1,990 | $ | 2,777 | $ | 1,885 | $ | 1,990 | ||||||||||
Finance lease cost | ||||||||||||||||||||
Amortization of right-of-use | 63 | 64 | 65 | 63 | 64 | |||||||||||||||
Interest on lease liabilities | 18 | 22 | 14 | 18 | 22 | |||||||||||||||
Total lease cost | $ | 1,966 | $ | 2,076 | $ | 2,856 | $ | 1,966 | $ | 2,076 | ||||||||||
Year Ended December 31, | Year Ended | |||||||||||||||||||
2020 | 2019 | 2021 | 2020 | 2019 | ||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||||||||
Operating cash flows from operating leases | $ | 1,885 | $ | 1,990 | $ | 2,777 | $ | 1,885 | $ | 1,990 | ||||||||||
Operating cash flows from finance leases | 18 | 22 | 14 | 18 | 22 | |||||||||||||||
Financing cash flows from finance leases | 76 | 55 | 65 | 76 | 55 |
Operating Leases | Finance Leases | |||||||
2021 | $ | 2,424 | $ | 83 | ||||
2022 | 999 | 83 | ||||||
2023 | 623 | 83 | ||||||
2024 | 561 | 0 | ||||||
2025 | 423 | 0 | ||||||
Total future lease payments | 5,030 | 249 | ||||||
Less: Imputed interest | (398 | ) | (28 | ) | ||||
Present value of future payments | $ | 4,632 | $ | 221 | ||||
Operating Leases | Finance Leases | |||||||
2022 | $ | 2,228 | $ | 76 | ||||
2023 | 1,136 | 76 | ||||||
2024 | 687 | 0 | ||||||
2025 | 445 | 0 | ||||||
2026 | 22 | 0 | ||||||
Total future lease payments | 4,518 | 152 | ||||||
Less: Imputed interest | (243 | ) | (11 | ) | ||||
Present value of future payments | $ | 4,275 | $ | 141 | ||||
December 31, | December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Payroll, benefits and related taxes, excluding severance benefits | $ | 10,296 | $ | 8,493 | $ | 9,548 | $ | 10,296 | ||||||||
Withholding tax attributable to intercompany interest income | 28 | 23,371 | 1,950 | 28 | ||||||||||||
Interest on senior notes | 1,396 | 8,205 | ||||||||||||||
Interest on Exchangeable Notes | — | 1,396 | ||||||||||||||
Outside service fees | 755 | 898 | 1,088 | 755 | ||||||||||||
Restructuring and others | 2,658 | 2,018 | — | 2,658 | ||||||||||||
Merger-related costs | 7,035 | 393 | ||||||||||||||
Others | 1,108 | 1,814 | 450 | 715 | ||||||||||||
Accrued expenses | $ | 16,241 | $ | 44,799 | $ | 20,071 | $ | 16,241 | ||||||||
Date of transaction | Type of derivative | Total notional amount | Month of settlement | |||||
July 13, 2020 | Zero cost collar | $ | 30,000 | January 2021 to June 2021 | ||||
December 15, 2020 | Zero cost collar | $ | 30,000 | July 2021 to December 2021 | ||||
December 18, 2020 | Zero cost collar | $ | 18,000 | March 2021 to June 2021 |
Date of transaction | Type of derivative | Total notional amount | Month of settlement | |||||||
May 13, 2021 | Zero cost collar | $ | 39,000 | January 2022 to September 2022 | ||||||
August 13, 2021 | Zero cost collar | $ | 48,000 | January 2022 to December 2022 |
Date of transaction | Type of derivative | Total notional amount | Month of settlement | |||||
August 13, 2019 | Zero cost collar | $ | 60,000 | January 2020 to June 2020 | ||||
September 27, 2019 | Zero cost collar | $ | 42,000 | January 2020 to June 2020 | ||||
December 4, 2019 | Zero cost collar | $ | 30,000 | July 2020 to December 2020 |
Date of transaction | Type of derivative | Total notional amount | Month of settlement | |||||||
July 13, 2020 | Zero cost collar | $ | 30,000 | January 2021 to June 2021 | ||||||
December 15, 2020 | Zero cost collar | $ | 30,000 | July 2021 to December 2021 | ||||||
December 18, 2020 | Zero cost collar | $ | 18,000 | March 2021 to June 2021 |
Derivatives designated as hedging instruments: | December 31, | |||||||||||
2021 | 2020 | |||||||||||
Asset Derivatives: | ||||||||||||
Zero cost collars | Other current assets | $ | 0 | $ | 2,036 | |||||||
Liability Derivatives: | ||||||||||||
Zero cost collars | Other current liabilities | $ | 2,020 | $ | 195 |
Derivatives designated as hedging instruments: | December 31, | |||||||||||||||||||||||||||||||||||
2020 | 2019 | |||||||||||||||||||||||||||||||||||
Asset Derivatives: | ||||||||||||||||||||||||||||||||||||
Zero cost collars | Other current assets | $ | 2,036 | $ | 1,456 | |||||||||||||||||||||||||||||||
As of December 31, 2021 | Gross amounts of recognized liabilities | Gross amounts offset in the balance sheets | Net amounts of liabilities presented in the balance sheets | Gross amounts not offset in the balance sheets | Net amount | |||||||||||||||||||||||||||||||
Financial instruments | Cash collateral pledged | |||||||||||||||||||||||||||||||||||
Liability Derivatives: | ||||||||||||||||||||||||||||||||||||
Zero cost collars | Other current liabilities | $ | 195 | $ | — | $ | 2,020 | $ | — | $ | 2,020 | $ | — | $ | (2,060 | ) | $ | (40 | ) |
As of December 31, 2020 | Gross amounts of recognized assets/liabilities | Gross amounts offset in the balance sheets | Net amounts of assets/liabilities presented in the balance sheets | Gross amounts not offset in the balance sheets | Net amount | |||||||||||||||||||
Financial instruments | Cash collateral pledged | |||||||||||||||||||||||
Asset Derivatives: | ||||||||||||||||||||||||
Zero cost collars | $ | 2,036 | $ | — | $ | 2,036 | $ | — | $ | — | $ | 2,036 | ||||||||||||
Liability Derivatives: | ||||||||||||||||||||||||
Zero cost collars | $ | 195 | $ | — | $ | 195 | $ | — | $ | — | $ | 195 |
As of December 31, 2019 | Gross amounts of recognized assets | Gross amounts offset in the balance sheets | Net amounts of assets presented in the balance sheets | Gross amounts not offset in the balance sheets | Net amount | |||||||||||||||||||
Financial instruments | Cash collateral pledged | |||||||||||||||||||||||
Asset Derivatives: | ||||||||||||||||||||||||
Zero cost collars | $ | 1,456 | $ | — | $ | 1,456 | $ | — | $ | 1,070 | $ | 2,526 |
Derivatives in ASC 815 Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in AOCI on Derivatives | Location/Amount of Gain (Loss) Reclassified from AOCI Into Statement of Operations | Location/Amount of Gain (Loss) Recognized in Statement of Operations on Derivatives | |||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||
Zero cost collars | $ | 1,769 | $ | (1,096 | ) | Net sales | $ | 1,363 | $ | (2,738 | ) | Other income (expense), net | $ | 148 | $ | (193 | ) | |||||||||||||||
Forwards | $ | — | $ | (1,798 | ) | Net sales | $ | — | $ | (1,750 | ) | Other income (expense), net | $ | — | $ | (125 | ) | |||||||||||||||
$ | 1,769 | $ | (2,894 | ) | $ | 1,363 | $ | (4,488 | ) | $ | 148 | $ | (318 | ) | ||||||||||||||||||
Derivatives in ASC 815 Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in AOCI on Derivatives | Location/Amount of Gain (Loss) Reclassified from AOCI Into Statement of Operations | Location/Amount of Gain Recognized in Statement of Operations on Derivatives | |||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||
Zero cost collars | $ | (4,665 | ) | $ | 1,769 | Net sales | $ | (819 | ) | $ | 1,363 | Other income, net | $ | 123 | $ | 148 |
December 31, | December 31, | |||||||||||||||
Counterparties | 2020 | 2019 | 2021 | 2020 | ||||||||||||
NFIK | $ | 3,250 | $ | 7,750 | $ | 0 | $ | 3,250 | ||||||||
DB | 1,000 | 1,000 | 0 | 1,000 | ||||||||||||
SC | 1,000 | — | 1,000 | 1,000 | ||||||||||||
Total | $ | 5,250 | $ | 8,750 | $ | 1,000 | $ | 5,250 | ||||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Beginning balance | $ | 48 | $ | 735 | $ | 115 | ||||||
Provision (reversal) | (14 | ) | (606 | ) | 932 | |||||||
Usage | (19 | ) | (61 | ) | (314 | ) | ||||||
Translation adjustments | (3 | ) | (20 | ) | 2 | |||||||
Ending balance | $ | 12 | $ | 48 | $ | 735 | ||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Beginning balance | $ | 735 | $ | 115 | $ | 51 | ||||||
Provision (reversal) | (606 | ) | 932 | 220 | ||||||||
Usage | (61 | ) | (314 | ) | (154 | ) | ||||||
Translation adjustments | (20 | ) | 2 | (2 | ) | |||||||
Ending balance | $ | 48 | $ | 735 | $ | 115 | ||||||
December 31, | ||||||||
2020 | 2019 | |||||||
5.0% Exchangeable Senior Notes due March 2021 | $ | 83,740 | $ | 83,740 | ||||
6.625% Senior Notes due July 2021 | — | 224,250 | ||||||
Less: unamortized discount and debt issuance costs | (261 | ) | (3,247 | ) | ||||
Total borrowings, net | 83,479 | 304,743 | ||||||
Less: current portion of long-term borrowings, net | 83,479 | — | ||||||
Long-term borrowings, net | $ | — | $ | 304,743 | ||||
December 31, | ||||
2020 | ||||
5.0% Exchangeable Senior Notes due March 2021 | $ | 83,740 | ||
Less: unamortized discount and debt issuance costs | (261 | ) | ||
Current portion of long-term borrowings, net | $ | 83,479 | ||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Beginning balance | $ | 53,344 | $ | 55,691 | $ | 54,452 | $ | 53,344 | ||||||||
Provisions | 8,534 | 6,260 | 8,282 | 8,534 | ||||||||||||
Severance payments | (10,937 | ) | (6,733 | ) | (6,679 | ) | (10,937 | ) | ||||||||
Translation adjustments | 3,511 | (1,874 | ) | (4,488 | ) | 3,511 | ||||||||||
54,452 | 53,344 | 51,567 | 54,452 | |||||||||||||
Less: Cumulative contributions to severance insurance deposit accounts | (13,704 | ) | (1,856 | ) | (18,250 | ) | (13,704 | ) | ||||||||
The National Pension Fund | (66 | ) | (80 | ) | (53 | ) | (66 | ) | ||||||||
Group severance insurance plan | (220 | ) | (227 | ) | (200 | ) | (220 | ) | ||||||||
Accrued severance benefits, net | $ | 40,462 | $ | 51,181 | $ | 33,064 | $ | 40,462 | ||||||||
Severance Benefit | Severance Benefit | |||||||
2021 | $ | 218 | ||||||
2022 | 271 | $ | 264 | |||||
2023 | 663 | 646 | ||||||
2024 | 947 | 908 | ||||||
2025 | 2,245 | 1,610 | ||||||
2026 – 2030 | 19,292 | |||||||
2026 | 2,290 | |||||||
2027 – 2031 | 18,565 |
Number of Restricted Stock Units | Weighted Average Grant-Date Fair Value of Restricted Stock Units | |||||||
Outstanding at January 1, 2018 | 340,753 | $ | 8.80 | |||||
Granted | 739,231 | 9.64 | ||||||
Vested | (373,620 | ) | 9.24 | |||||
Unsettled | 45,311 | 9.22 | ||||||
Forfeited | (33,462 | ) | 10.31 | |||||
Outstanding at December 31, 2018 | 718,213 | $ | 9.39 | |||||
Granted | 711,719 | 11.85 | ||||||
Vested | (528,740 | ) | 11.00 | |||||
Unsettled | 226,215 | 12.16 | ||||||
Settled of previous year vesting | (42,189 | ) | 9.22 | |||||
Forfeited | (41,915 | ) | 10.00 | |||||
Outstanding at December 31, 2019 | 1,043,303 | $ | 10.83 | |||||
Granted | 642,372 | 11.11 | ||||||
Vested | (354,657 | ) | 10.82 | |||||
Settled of previous year vesting | (226,558 | ) | 12.16 | |||||
Forfeited | (104,704 | ) | 11.16 | |||||
Outstanding at December 31, 2020 | 999,756 | $ | 10.68 | |||||
Number of Restricted Stock Units | Weighted Average Grant-Date Fair Value of Restricted Stock Units | |||||||
Outstanding at December 31, 2020 | 999,756 | $ | 10.68 | |||||
Granted | 431,308 | 19.82 | ||||||
Vested | (480,465 | ) | 12.05 | |||||
Forfeited | (116,638 | ) | 12.77 | |||||
Outstanding at December 31, 2021 | 833,961 | $ | 14.33 | |||||
Number of Options | Weighted Average Exercise Price of Stock Options | Aggregate Intrinsic Value of Stock Options | Weighted Average Remaining Contractual Life of Stock Options | |||||||||||||
Outstanding at January 1, 2021 | 1,647,181 | $ | 11.24 | $ | 6,112 | 3.8 years | ||||||||||
Exercised | (349,304 | ) | 12.94 | 2,965 | — | |||||||||||
Outstanding at December 31, 2021 | 1,297,877 | $ | 10.78 | $ | 13,262 | 3.1 years | ||||||||||
Vested and Exercisable at December 31, 2021 | 1,297,877 | $ | 10.78 | $ | 13,262 | 3.1 years | ||||||||||
Number of Options | Weighted Average Exercise Price of Stock Options | Aggregate Intrinsic Value of Stock Options | Weighted Average Remaining Contractual Life of Stock Options | |||||||||||||
Outstanding at January 1, 2018 | 2,871,904 | $ | 9.59 | $ | 6,073 | 6.2 years | ||||||||||
Forfeited | (34,807 | ) | 10.97 | — | — | |||||||||||
Exercised | (162,341 | ) | 6.97 | 737 | — | |||||||||||
Outstanding at December 31, 2018 | 2,674,756 | $ | 9.73 | $ | 395 | 5.2 years | ||||||||||
Vested and expected to vest at December 31, 2018 | 2,674,266 | 9.73 | 394 | 5.2 years | ||||||||||||
Exercisable at December 31, 2018 | 2,544,565 | 9.94 | 306 | 5.1 years | ||||||||||||
Outstanding at January 1, 2019 | 2,674,756 | $ | 9.73 | $ | 395 | 5.2 years | ||||||||||
Forfeited | (44,892 | ) | 10.29 | — | — | |||||||||||
Exercised | (452,819 | ) | 6.31 | 2,404 | — | |||||||||||
Outstanding at December 31, 2019 | 2,177,045 | $ | 10.42 | $ | 6,259 | 4.7 years | ||||||||||
Vested and Exercisable at December 31, 2019 | 2,177,045 | $ | 10.42 | $ | 6,259 | 4.7 years | ||||||||||
Outstanding at January 1, 2020 | 2,177,045 | $ | 10.42 | $ | 6,259 | 4.7 years | ||||||||||
Forfeited | (19,216 | ) | 13.57 | — | — | |||||||||||
Exercised | (510,648 | ) | 7.67 | 2,689 | — | |||||||||||
Outstanding at December 31, 2020 | 1,647,181 | $ | 11.24 | $ | 6,112 | 3.8 years | ||||||||||
Vested and Exercisable at December 31, 2020 | 1,647,181 | $ | 11.24 | $ | 6,112 | 3.8 years | ||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||
Number | Weighted Average Grant- Date Fair Value | Number | Weighted Average Grant- Date Fair Value | Number | Weighted Average Grant- Date Fair Value | |||||||||||||||||||
Unvested options at the beginning of the period | — | $ | — | 130,191 | $ | 1.54 | 475,925 | $ | 2.19 | |||||||||||||||
Vested options during the period | — | — | (107,100 | ) | 1.54 | (313,160 | ) | 2.51 | ||||||||||||||||
Forfeited options during the period | — | — | (345 | ) | 1.54 | (14,738 | ) | 1.73 | ||||||||||||||||
Exercised options during the period | — | — | (22,746 | ) | 1.54 | (17,836 | ) | 1.66 | ||||||||||||||||
Unvested options at the end of the period | — | — | 0 | $ | — | 130,191 | $ | 1.54 | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||
Number | Weighted Average Grant- Date Fair Value | Number | Weighted Average Grant- Date Value | Number | Weighted Average Grant- Date Fair Value | |||||||||||||||||||
Unvested options at the beginning of the period | 0 | 0 | 0 | 0 | 130,191 | $ | 1.54 | |||||||||||||||||
Vested options during the period | 0 | 0 | 0 | 0 | (107,100 | ) | 1.54 | |||||||||||||||||
Forfeited options during the period | 0 | 0 | 0 | 0 | (345 | ) | 1.54 | |||||||||||||||||
Exercised options during the period | 0 | 0 | 0 | 0 | (22,746 | ) | 1.54 | |||||||||||||||||
Unvested options at the end of the period | 0 | 0 | 0 | — | 0 | $ | 0 | |||||||||||||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Income (loss) from continuing operations before income tax expense | ||||||||||||
Domestic | $ | (12,305 | ) | $ | (24,752 | ) | $ | 3,006 | ||||
Foreign | 23,136 | 6,539 | (29,862 | ) | ||||||||
$ | 10,831 | $ | (18,213 | ) | $ | (26,856 | ) | |||||
Current income tax expense (benefit) | ||||||||||||
Domestic | $ | 1 | $ | 20 | $ | (383 | ) | |||||
Foreign | (2,264 | ) | 3,771 | 3,959 | ||||||||
Uncertain tax position liability (domestic) | — | (1 | ) | (2 | ) | |||||||
Uncertain tax position liability (foreign) | (20 | ) | 2 | (54 | ) | |||||||
(2,283 | ) | 3,792 | 3,520 | |||||||||
Deferred income tax benefit | ||||||||||||
Domestic | (4,461 | ) | — | — | ||||||||
Foreign | (39,484 | ) | 63 | 32 | ||||||||
(43,945 | ) | 63 | 32 | |||||||||
Benefits from intra-period allocation | — | (1,655 | ) | (4,631 | ) | |||||||
Total income tax expense (benefit) | $ | (46,228 | ) | $ | 2,200 | $ | (1,079 | ) | ||||
Effective tax rate | — | — | 4.0 | % | ||||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Income (loss) from continuing operations before income tax expense | ||||||||||||
Domestic | $ | 41,566 | $ | (12,305 | ) | $ | (24,752 | ) | ||||
Foreign | 32,403 | 23,136 | 6,539 | |||||||||
73,969 | 10,831 | (18,213 | ) | |||||||||
Current income tax expense (benefit) | ||||||||||||
Domestic | 6,876 | 1 | 20 | |||||||||
Foreign | 9,415 | (2,264 | ) | 3,771 | ||||||||
Uncertain tax position liability (domestic) | — | — | (1 | ) | ||||||||
Uncertain tax position liability (foreign) | (35 | ) | (20 | ) | 2 | |||||||
16,256 | (2,283 | ) | 3,792 | |||||||||
Deferred income tax benefit | ||||||||||||
Domestic | 1,314 | (4,461 | ) | — | ||||||||
Foreign | (309 | ) | (39,484 | ) | 63 | |||||||
1,005 | (43,945 | ) | 63 | |||||||||
Benefits from intra-period allocation | — | — | (1,655 | ) | ||||||||
Total income tax expense (benefit) | $ | 17,261 | $ | (46,228 | ) | $ | 2,200 | |||||
Effective tax rate | 23.3 | % | — | — | ||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Provision computed at statutory rates | $ | 2,274 | $ | (3,825 | ) | $ | (5,640 | ) | $ | 15,533 | $ | 2,274 | $ | (3,825 | ) | |||||||||
State income taxes, net of federal effect | 730 | (1,139 | ) | (1,651 | ) | — | 730 | (1,139 | ) | |||||||||||||||
Change in statutory tax rates | 5,735 | 2,329 | 1 | (259 | ) | 5,735 | 2,329 | |||||||||||||||||
Difference in foreign tax rates | 1,077 | 3,002 | 737 | 2,820 | 1,077 | 3,002 | ||||||||||||||||||
Permanent differences | ||||||||||||||||||||||||
Derivative assets adjustment | 56 | 315 | (1,111 | ) | (23 | ) | 56 | 315 | ||||||||||||||||
TPECs, hybrid and other interest | (2,722 | ) | 7,812 | (5,555 | ) | (3,400 | ) | (2,722 | ) | 7,812 | ||||||||||||||
Thin capitalization | 339 | 988 | 1,262 | — | 339 | 988 | ||||||||||||||||||
Permanent foreign currency loss | (1,813 | ) | (1,734 | ) | (2,490 | ) | ||||||||||||||||||
Equity-based compensation | (802 | ) | (73 | ) | (14 | ) | ||||||||||||||||||
Permanent foreign currency gain (loss) | 1,888 | (1,813 | ) | (1,734 | ) | |||||||||||||||||||
Penalty | 176 | 151 | 434 | 427 | 176 | 151 | ||||||||||||||||||
GILTI | 24,224 | 5,112 | — | 6,156 | 24,224 | 5,112 | ||||||||||||||||||
Intercompany debt restructuring | 11,137 | (18,435 | ) | — | 971 | 11,137 | (18,435 | ) | ||||||||||||||||
Other permanent differences | 1,262 | 394 | 417 | (767 | ) | 1,335 | 408 | |||||||||||||||||
Withholding tax | 2,291 | 3,043 | 3,270 | 2,060 | 2,291 | 3,043 | ||||||||||||||||||
State net operating loss write-off | 9,844 | — | — | |||||||||||||||||||||
Change in valuation allowance | (75,452 | ) | 7,817 | 14,647 | (13,803 | ) | (75,452 | ) | 7,817 | |||||||||||||||
Benefits from intra-period allocation | — | (1,655 | ) | (4,631 | ) | — | — | (1,655 | ) | |||||||||||||||
Tax credits claimed | (12,397 | ) | (651 | ) | (421 | ) | (5,508 | ) | (12,397 | ) | (651 | ) | ||||||||||||
Tax credits expired | — | 170 | 267 | — | — | 170 | ||||||||||||||||||
Uncertain tax positions liability | (20 | ) | 1 | (56 | ) | (35 | ) | (20 | ) | 1 | ||||||||||||||
Change in net operating loss carry-forwards | (3,314 | ) | — | — | 621 | (3,314 | ) | — | ||||||||||||||||
Foreign local taxes | 723 | 43 | 152 | |||||||||||||||||||||
Others | 189 | (1,495 | ) | (559 | ) | 815 | 146 | (1,647 | ) | |||||||||||||||
Income tax expense (benefit) | $ | (46,228 | ) | $ | 2,200 | $ | (1,079 | ) | $ | 17,261 | $ | (46,228 | ) | $ | 2,200 | |||||||||
Year Ended December 31, | ||||||||
2020 | 2019 | |||||||
Deferred tax assets | ||||||||
Inventory reserves | $ | 1,338 | $ | 4,869 | ||||
Accrued expenses | 2,493 | 3,388 | ||||||
Property, plant and equipment | 3,391 | 7,979 | ||||||
Accumulated severance benefits | 12,343 | 36,841 | ||||||
Operating lease right-of-use liabilities | 1,025 | 2,741 | ||||||
Foreign currency translation loss | 9,129 | 20,544 | ||||||
NOL carry-forwards | 121,389 | 150,954 | ||||||
Tax credit carry-forwards | 15,395 | 17,054 | ||||||
Other long-term payable | 944 | 3,023 | ||||||
Interest expense deduction limitation | — | 5,244 | ||||||
Others | 1,629 | 4,734 | ||||||
Total deferred tax assets | 169,076 | 257,371 | ||||||
Less: Valuation allowance | (115,636 | ) | (246,224 | ) | ||||
53,440 | 11,147 | |||||||
Deferred tax liabilities | ||||||||
Derivative assets | 417 | 352 | ||||||
Prepaid expense | 1,071 | 3,090 | ||||||
Severance benefit deposits | 3,156 | 1,294 | ||||||
Operating lease right-of-use assets | 1,025 | 2,741 | ||||||
Foreign currency translation gain | 2,431 | — | ||||||
Others | 799 | 3,516 | ||||||
Total deferred tax liabilities | 8,899 | 10,993 | ||||||
Net deferred tax assets | $ | 44,541 | $ | 154 | ||||
Year Ended December 31, | ||||||||
2021 | 2020 | |||||||
Deferred tax assets | ||||||||
Inventory reserves | $ | 1,313 | $ | 1,338 | ||||
Accrued expenses | 3,084 | 2,493 | ||||||
Property, plant and equipment | 3,119 | 3,391 | ||||||
Accumulated severance benefits | 11,842 | 12,343 | ||||||
Operating lease right-of-use | 899 | 1,025 | ||||||
Foreign currency translation loss | 17,280 | 9,129 | ||||||
NOL carry-forwards | 87,636 | 121,389 | ||||||
Tax credit carry-forwards | 14,164 | 15,395 | ||||||
Other long-term payable | 2,457 | 944 | ||||||
Interest expense deduction limitation | 4,731 | — | ||||||
Derivative liabilities | 463 | — | ||||||
Others | 1,610 | 1,629 | ||||||
Total deferred tax assets | 148,598 | 169,076 | ||||||
Less: Valuation allowance | (94,212 | ) | (115,636 | ) | ||||
54,386 | 53,440 | |||||||
Deferred tax liabilities | ||||||||
Derivative assets | — | 417 | ||||||
Prepaid expense | 2,300 | 1,071 | ||||||
Severance benefit deposits | 4,227 | 3,156 | ||||||
Operating lease right-of-use | 899 | 1,025 | ||||||
Foreign currency translation gain | 5,139 | 2,431 | ||||||
Others | 726 | 799 | ||||||
Total deferred tax liabilities | 13,291 | 8,899 | ||||||
Net deferred tax assets | $ | 41,095 | $ | 44,541 | ||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Beginning balance | $ | 246,224 | $ | 248,633 | $ | 251,132 | $ | 115,636 | $ | 246,224 | $ | 248,633 | ||||||||||||
Additions | 0 | 7,912 | 7,653 | — | — | 7,912 | ||||||||||||||||||
Reductions | (75,452 | ) | — | — | (13,803 | ) | (75,452 | ) | — | |||||||||||||||
Changes relating to the discontinued operations | (67,484 | ) | — | — | — | (67,484 | ) | — | ||||||||||||||||
NOL/tax credit claimed/expired | 3,686 | (3,529 | ) | (1,393 | ) | — | 3,686 | (3,529 | ) | |||||||||||||||
Translation adjustments | 8,662 | (6,792 | ) | (8,759 | ) | (7,621 | ) | 8,662 | (6,792 | ) | ||||||||||||||
Ending balance | $ | 115,636 | $ | 246,224 | $ | 248,633 | $ | 94,212 | $ | 115,636 | $ | 246,224 | ||||||||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
NOL carry-forwards | $ | 604,977 | $ | 708,885 | $ | 730,472 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
NOL carry-forwards | $ | 502,511 | $ | 604,977 | $ | 708,885 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Unrecognized tax benefits, balance at the beginning | $ | 445 | $ | 426 | $ | 475 | $ | 414 | $ | 445 | $ | 426 | ||||||||||||
Additions based on tax positions related to the current year | 48 | 13 | 10 | 44 | 48 | 13 | ||||||||||||||||||
Reductions for tax positions of prior years | (34 | ) | (1 | ) | — | — | (34 | ) | (1 | ) | ||||||||||||||
Lapse of statute of limitations | (76 | ) | — | (51 | ) | (79 | ) | (76 | ) | — | ||||||||||||||
Translation adjustments | 31 | 7 | (8 | ) | 7 | 31 | 7 | |||||||||||||||||
Unrecognized tax benefits, balance at the ending | $ | 414 | $ | 445 | $ | 426 | $ | 386 | $ | 414 | $ | 445 | ||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Revenues | ||||||||||||||||||||||||
Standard products business | ||||||||||||||||||||||||
Display Solutions | $ | 299,057 | $ | 308,531 | $ | 256,113 | $ | 205,322 | $ | 299,057 | $ | 308,531 | ||||||||||||
Power Solutions | 166,462 | 176,316 | 169,377 | 227,777 | 166,462 | 176,316 | ||||||||||||||||||
Total standard products business | 465,519 | 484,847 | 425,490 | 433,099 | 465,519 | 484,847 | ||||||||||||||||||
Transitional Fab 3 foundry services | 41,540 | 35,824 | 39,935 | 41,131 | 41,540 | 35,824 | ||||||||||||||||||
Total revenues | $ | 507,059 | $ | 520,671 | $ | 465,425 | $ | 474,230 | $ | 507,059 | $ | 520,671 | ||||||||||||
Year Ended December 31, | ||||||||||||
2020 | 2019 | 2018 | ||||||||||
Gross Profit | ||||||||||||
Standard products business | $ | 127,099 | $ | 116,397 | $ | 115,648 | ||||||
Transitional Fab 3 foundry services | 1,218 | — | — | |||||||||
Total gross profit | $ | 128,317 | $ | 116,397 | $ | 115,648 | ||||||
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Gross Profit | ||||||||||||
Standard products business | $ | 149,596 | $ | 127,099 | $ | 116,397 | ||||||
Transitional Fab 3 foundry services | 3,947 | 1,218 | — | |||||||||
Total gross profit | $ | 153,543 | $ | 128,317 | $ | 116,397 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Korea | $ | 106,415 | $ | 132,622 | $ | 176,097 | $ | 113,776 | $ | 106,415 | $ | 132,622 | ||||||||||||
Asia Pacific (other than Korea) | 347,597 | 343,652 | 241,461 | 306,333 | 347,597 | 343,652 | ||||||||||||||||||
United States | 5,147 | 2,399 | 1,983 | 6,052 | 5,147 | 2,399 | ||||||||||||||||||
Europe | 4,317 | 4,801 | 4,360 | 5,698 | 4,317 | 4,801 | ||||||||||||||||||
Others | 2,043 | 1,373 | 1,589 | 1,240 | 2,043 | 1,373 | ||||||||||||||||||
Total | $ | 465,519 | $ | 484,847 | $ | 425,490 | $ | 433,099 | $ | 465,519 | $ | 484,847 | ||||||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2020 | 2019 | 2021 | 2020 | |||||||||||||
Foreign currency translation adjustments | $ | 2,069 | $ | (4,205 | ) | $ | (770 | ) | $ | 2,069 | ||||||
Derivative adjustments | 1,634 | 1,545 | (1,460 | ) | 1,634 | |||||||||||
Total | $ | 3,703 | $ | (2,660 | ) | $ | (2,230 | ) | $ | 3,703 | ||||||
Year Ended December 31, 2021 | Foreign currency translation adjustments | Derivative adjustments | Total | |||||||||
Beginning balance | $ | 2,069 | $ | 1,634 | $ | 3,703 | ||||||
Other comprehensive loss before reclassifications | (2,839 | ) | (3,913 | ) | (6,752 | ) | ||||||
Amounts reclassified from accumulated other comprehensive loss | — | 819 | 819 | |||||||||
Net current-period other comprehensive loss | (2,839 | ) | (3,094 | ) | (5,933 | ) | ||||||
Ending balance | $ | (770 | ) | $ | (1,460 | ) | $ | (2,230 | ) | |||
Year Ended December 31, 2020 | Foreign currency translation adjustments | Derivative adjustments | Total | |||||||||
Beginning balance | $ | (4,205 | ) | $ | 1,545 | $ | (2,660 | ) | ||||
Other comprehensive income before reclassifications | 6,274 | 1,452 | 7,726 | |||||||||
Amounts reclassified from accumulated other comprehensive income | — | (1,363 | ) | (1,363 | ) | |||||||
Net current-period other comprehensive income | 6,274 | 89 | 6,363 | |||||||||
Ending balance | $ | 2,069 | $ | 1,634 | $ | 3,703 | ||||||
Year Ended December 31, 2019 | Foreign currency translation adjustments | Derivative adjustments | Total | |||||||||
Beginning balance | $ | (20,061 | ) | $ | (49 | ) | $ | (20,110 | ) | |||
Other comprehensive income (loss) before reclassifications | 15,856 | (2,894 | ) | 12,962 | ||||||||
Amounts reclassified from accumulated other comprehensive loss | — | 4,488 | 4,488 | |||||||||
Net current-period other comprehensive income | 15,856 | 1,594 | 17,450 | |||||||||
Ending balance | $ | (4,205 | ) | $ | 1,545 | $ | (2,660 | ) | ||||
Year Ended December 31, 2018 | Foreign currency translation adjustments | Derivative adjustments | Total | |||||||||
Beginning balance | $ | (38,413 | ) | $ | 5,299 | $ | (33,114 | ) | ||||
Other comprehensive income (loss) before reclassifications | 18,352 | (1,589 | ) | 16,763 | ||||||||
Amounts reclassified from accumulated other comprehensive income | — | (3,759 | ) | (3,759 | ) | |||||||
Net current-period other comprehensive income (loss) | 18,352 | (5,348 | ) | 13,004 | ||||||||
Ending balance | $ | (20,061 | ) | $ | (49 | ) | $ | (20,110 | ) | |||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
(In thousands of U.S. dollars, except share data) | (In thousands of U.S. dollars, except share data) | |||||||||||||||||||||||
Basic earnings (loss) per share | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 57,059 | $ | (20,413 | ) | $ | (25,777 | ) | $ | 56,708 | $ | 57,059 | $ | (20,413 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413 | ) | 21,877 | 0 | 287,906 | (1,413 | ) | ||||||||||||||||
Net income (loss) | $ | 344,965 | $ | (21,826 | ) | $ | (3,900 | ) | $ | 56,708 | $ | 344,965 | $ | (21,826 | ) | |||||||||
Basic weighted average common stock outstanding | 35,213,525 | 34,321,888 | 34,469,921 | 44,879,412 | 35,213,525 | 34,321,888 | ||||||||||||||||||
Basic earnings (loss) per common share | ||||||||||||||||||||||||
Continuing operations | $ | 1.62 | $ | (0.59 | ) | $ | (0.75 | ) | $ | 1.26 | $ | 1.62 | $ | (0.59 | ) | |||||||||
Discontinued operations | 8.18 | (0.05 | ) | 0.64 | 0 | 8.18 | (0.05 | ) | ||||||||||||||||
Total | $ | 9.80 | $ | (0.64 | ) | $ | (0.11 | ) | $ | 1.26 | $ | 9.80 | $ | (0.64 | ) | |||||||||
Diluted earnings (loss) per share | ||||||||||||||||||||||||
Income (loss) from continuing operations | $ | 57,059 | $ | (20,413 | ) | $ | (25,777 | ) | $ | 56,708 | $ | 57,059 | $ | (20,413 | ) | |||||||||
Add back: Interest expense on Exchangeable Notes | 5,708 | — | — | 959 | 5,708 | — | ||||||||||||||||||
Income (loss) from continuing operations allocated to common stockholders | $ | 62,767 | $ | (20,413 | ) | $ | (25,777 | ) | $ | 57,667 | $ | 62,767 | $ | (20,413 | ) | |||||||||
Income (loss) from discontinued operations, net of tax | 287,906 | (1,413 | ) | 21,877 | 0 | 287,906 | (1,413 | ) | ||||||||||||||||
Net income (loss) allocated to common stockholders | $ | 350,673 | $ | (21,826 | ) | $ | (3,900 | ) | $ | 57,667 | $ | 350,673 | $ | (21,826 | ) | |||||||||
Basic weighted average common stock outstanding | 35,213,525 | 34,321,888 | 34,469,921 | 44,879,412 | 35,213,525 | 34,321,888 | ||||||||||||||||||
Net effect of dilutive equity awards | 1,145,906 | — | — | 1,403,789 | 1,145,906 | — | ||||||||||||||||||
Net effect of assumed conversion of 5.0% Exchangeable Notes to common stock | 10,144,155 | — | — | 1,426,172 | 10,144,155 | — | ||||||||||||||||||
Diluted weighted average common stock outstanding | 46,503,586 | 34,321,888 | 34,469,921 | 47,709,373 | 46,503,586 | 34,321,888 | ||||||||||||||||||
Diluted earnings (loss) per common share | ||||||||||||||||||||||||
Continuing operations | $ | 1.35 | $ | (0.59 | ) | $ | (0.75 | ) | $ | 1.21 | $ | 1.35 | $ | (0.59 | ) | |||||||||
Discontinued operations | 6.19 | (0.05 | ) | 0.64 | 0 | 6.19 | (0.05 | ) | ||||||||||||||||
Total | $ | 7.54 | $ | (0.64 | ) | $ | (0.11 | ) | $ | 1.21 | $ | 7.54 | $ | (0.64 | ) | |||||||||
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2020 | 2019 | 2018 | 2021 | 2020 | 2019 | |||||||||||||||||||
Options | 651,417 | 2,177,045 | 2,674,756 | 50,000 | 651,417 | 2,177,045 | ||||||||||||||||||
Restricted Stock Units | — | 1,043,303 | 718,213 | — | 0 | 1,043,303 |
Fiscal Year 2020 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands of U.S. dollars, except share data) | ||||||||||||||||
Revenues | $ | 120,473 | $ | 118,828 | $ | 124,813 | $ | 142,945 | ||||||||
Gross profit | 29,130 | 32,138 | 28,588 | 38,461 | ||||||||||||
Operating income | 5,965 | 8,622 | 3,223 | 9,206 | ||||||||||||
Income (loss) from continuing operations | (31,078 | ) | 11,774 | 8,461 | 67,902 | |||||||||||
Income (loss) from discontinued operations, net of tax | 7,329 | 17,397 | 264,501 | (1,321 | ) | |||||||||||
Net income (loss) | $ | (23,749 | ) | $ | 29,171 | $ | 272,962 | $ | 66,581 | |||||||
Basic earnings (loss) per common share— | ||||||||||||||||
Continuing operations | $ | (0.89 | ) | $ | 0.34 | $ | 0.24 | $ | 1.91 | |||||||
Discontinued operations | 0.21 | 0.50 | 7.50 | (0.04 | ) | |||||||||||
Total | $ | (0.68 | ) | $ | 0.84 | $ | 7.74 | $ | 1.87 | |||||||
Diluted earnings (loss) per common share— | ||||||||||||||||
Continuing operations | $ | (0.89 | ) | $ | 0.28 | $ | 0.21 | $ | 1.47 | |||||||
Discontinued operations | 0.21 | 0.37 | 5.68 | (0.02 | ) | |||||||||||
Total | $ | (0.68 | ) | $ | 0.65 | $ | 5.89 | $ | 1.45 | |||||||
Weighted average number of shares— | ||||||||||||||||
Basic | 34,893,157 | 35,092,312 | 35,280,864 | 35,582,966 | ||||||||||||
Diluted | 34,893,157 | 46,474,237 | 46,581,788 | 47,062,903 | ||||||||||||
Fiscal Year 2019 | ||||||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
(In thousands of U.S. dollars, except share data) | ||||||||||||||||
Revenues | $ | 107,267 | $ | 140,885 | $ | 149,167 | $ | 123,352 | ||||||||
Gross profit | 19,023 | 31,622 | 35,255 | 30,497 | ||||||||||||
Operating income (loss) | (5,057 | ) | 8,755 | 14,336 | 5,691 | |||||||||||
Income (loss) from continuing operations | (21,555 | ) | (8,490 | ) | (14,244 | ) | 23,876 | |||||||||
Income (loss) from discontinued operations, net of tax | (12,570 | ) | (1,030 | ) | 12,637 | (450 | ) | |||||||||
Net income (loss) | $ | (34,125 | ) | $ | (9,520 | ) | $ | (1,607 | ) | $ | 23,426 | |||||
Basic earnings (loss) per common share— | ||||||||||||||||
Continuing operations | $ | (0.63 | ) | $ | (0.25 | ) | $ | (0.41 | ) | $ | 0.69 | |||||
Discontinued operations | (0.37 | ) | (0.03 | ) | 0.36 | (0.01 | ) | |||||||||
Total | $ | (1.00 | ) | $ | (0.28 | ) | $ | (0.05 | ) | $ | 0.68 | |||||
Diluted earnings (loss) per common share— | ||||||||||||||||
Continuing operations | $ | (0.63 | ) | $ | (0.25 | ) | $ | (0.41 | ) | $ | 0.55 | |||||
Discontinued operations | (0.37 | ) | (0.03 | ) | 0.36 | (0.01 | ) | |||||||||
Total | $ | (1.00 | ) | $ | (0.28 | ) | $ | (0.05 | ) | $ | 0.54 | |||||
Weighted average number of shares— | ||||||||||||||||
Basic | 34,194,878 | 34,245,127 | 34,357,745 | 34,542,415 | ||||||||||||
Diluted | 34,194,878 | 34,245,127 | 34,357,745 | 46,078,768 |
1. | Financial Statements |
2. | Financial Statement Schedules |
3. | Exhibits |
(1) | Certain portions of this document have been omitted pursuant to a grant of confidential treatment by the SEC. |
* | Management contract, compensatory plan or arrangement |
# | Filed herewith |
† | Furnished herewith |
By: | /s/ Young-Joon Kim | |||
Name: | Young-Joon Kim | |||
Title: | Chief Executive Officer and Director | |||
Date: |
Date | ||
/s/ Young-Joon Kim | ||
Young-Joon Kim, Chief Executive Officer and Director (Principal Executive Officer) | ||
/s/ Shin Young | ||
Shin Young Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | ||
/s/ Melvin Keating | ||
Melvin Keating, Director | ||
/s/ Ilbok Lee | ||
Ilbok Lee, Director | ||
/s/ Camillo Martino | ||
Camillo Martino, Non-Executive Chairman of the Board of Directors | ||
/s/ Gary Tanner | ||
Gary Tanner, | ||
Director | ||
/s/ Liz Chung | ||
Liz Chung, Director |