Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Magnachip Semiconductor Corporation | |
Entity Central Index Key | 0001325702 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Common Stock, Shares Outstanding | 44,175,252 | |
Entity File Number | 001-34791 | |
Entity Tax Identification Number | 83-0406195 | |
Entity Address, Address Line One | c/o MagnaChip Semiconductor S.A. 1 | |
Entity Address, City or Town | Allée Scheffer | |
Entity Address, Postal Zip Code | L-2520 | |
City Area Code | 352 | |
Local Phone Number | 45-62-62 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Address, Country | LU | |
Common Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | MX | |
Security Exchange Name | NYSE | |
Preferred Stock [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Preferred Stock Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 250,831 | $ 279,547 |
Accounts receivable, net | 36,759 | 50,954 |
Inventories, net | 37,298 | 39,370 |
Other receivables (Note 16) | 8,248 | 25,895 |
Prepaid expenses | 10,322 | 7,675 |
Hedge collateral (Note 7) | 15,370 | 3,060 |
Other current assets (Note 17) | 20,208 | 2,619 |
Total current assets | 379,036 | 409,120 |
Property, plant and equipment, net | 94,411 | 107,882 |
Operating lease right-of-use assets | 4,928 | 4,275 |
Intangible assets, net | 1,770 | 2,377 |
Long-term prepaid expenses | 11,382 | 8,243 |
Deferred income taxes | 34,299 | 41,095 |
Other non-current assets | 10,382 | 10,662 |
Total assets | 536,208 | 583,654 |
Current liabilities | ||
Accounts payable | 26,545 | 37,593 |
Other accounts payable | 14,809 | 6,289 |
Accrued expenses (Note 6) | 15,800 | 20,071 |
Accrued income taxes | 0 | 11,823 |
Operating lease liabilities | 1,324 | 2,323 |
Other current liabilities (Notes 7 and 8) | 15,881 | 7,382 |
Total current liabilities | 74,359 | 85,481 |
Accrued severance benefits, net | 28,036 | 33,064 |
Non-current operating lease liabilities | 3,811 | 1,952 |
Other non-current liabilities | 16,787 | 10,395 |
Total liabilities | 122,993 | 130,892 |
Commitments and contingencies (Note 17) | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 150,000,000 shares authorized, 56,234,774 shares issued and 44,579,075 outstanding at September 30, 2022 and 55,905,320 shares issued and 45,659,304 outstanding at December 31, 2021 | 562 | 559 |
Additional paid-in capital | 264,510 | 241,197 |
Retained earnings | 332,535 | 343,542 |
Treasury stock, 11,655,699 shares at September 30, 2022 and 10,246,016 shares at December 31, 2021, respectively | (152,161) | (130,306) |
Accumulated other comprehensive loss | (32,231) | (2,230) |
Total stockholders' equity | 413,215 | 452,762 |
Total liabilities and stockholders' equity | $ 536,208 | $ 583,654 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 56,234,774 | 55,905,320 |
Common stock, shares outstanding | 44,579,075 | 45,659,304 |
Treasury stock, shares | 11,655,699 | 10,246,016 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net sales | $ 71,199 | $ 127,000 | $ 276,668 | $ 363,895 |
Cost of sales | 53,974 | 80,413 | 191,502 | 248,956 |
Gross profit | 17,225 | 46,587 | 85,166 | 114,939 |
Operating expenses: | ||||
Selling, general and administrative expenses | 11,411 | 12,550 | 38,310 | 39,185 |
Research and development expenses | 13,321 | 12,270 | 38,685 | 39,015 |
Merger-related costs | 0 | 1,552 | 0 | 13,842 |
Other charges, net | 2,501 | 214 | 3,298 | 3,360 |
Total operating expenses | 27,233 | 26,586 | 80,293 | 95,402 |
Operating income (loss) | (10,008) | 20,001 | 4,873 | 19,537 |
Interest expense | (278) | (113) | (888) | (1,239) |
Foreign currency loss, net | (12,809) | (7,579) | (20,511) | (12,000) |
Other income, net | 1,958 | 1,608 | 4,163 | 2,839 |
Income (loss) before income tax expense | (21,137) | 13,917 | (12,363) | 9,137 |
Income tax expense (benefit) | (3,942) | 3,149 | (1,356) | 6,040 |
Net income (loss) | $ (17,195) | $ 10,768 | $ (11,007) | $ 3,097 |
Basic earnings (loss) per common share— | $ (0.38) | $ 0.23 | $ (0.24) | $ 0.07 |
Diluted earnings (loss) per common share— | $ (0.38) | $ 0.23 | $ (0.24) | $ 0.07 |
Weighted average number of shares— | ||||
Basic | 44,865,266 | 46,449,234 | 45,119,214 | 44,377,250 |
Diluted | 44,865,266 | 47,808,457 | 45,119,214 | 45,811,792 |
Standard products business [Member] | ||||
Net sales | $ 62,771 | $ 117,415 | $ 248,069 | $ 333,589 |
Cost of sales | 45,497 | 71,641 | 165,197 | 221,297 |
Gross profit | 17,274 | 45,773 | 82,872 | 112,291 |
Fab Three Foundry Services [Member] | ||||
Net sales | 8,428 | 9,585 | 28,599 | 30,306 |
Cost of sales | 8,477 | 8,772 | 26,305 | 27,659 |
Gross profit | $ (49) | $ 814 | $ 2,294 | $ 2,648 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (17,195) | $ 10,768 | $ (11,007) | $ 3,097 |
Other comprehensive income (loss) | ||||
Foreign currency translation adjustments | (5,974) | (860) | (15,881) | (2,809) |
Derivative adjustments | ||||
Fair valuation of derivatives | (11,757) | (3,271) | (19,498) | (4,964) |
Reclassification adjustment for loss (gain) on derivatives included in net income (loss) | 2,820 | 653 | 5,378 | (333) |
Total other comprehensive loss | (14,911) | (3,478) | (30,001) | (8,106) |
Total comprehensive income (loss) | $ (32,106) | $ 7,290 | $ (41,008) | $ (5,009) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance beginning at Dec. 31, 2020 | $ 345,600 | $ 450 | $ 163,010 | $ 286,834 | $ (108,397) | $ 3,703 |
Balance, Shares beginning at Dec. 31, 2020 | 35,783,347 | |||||
Stock-based compensation | $ 6,056 | 6,056 | ||||
Exchange of exchangeable senior notes into common stock | 83,740,000 | 10,144,131 | ||||
Exchange of exchangeable senior notes | $ 83,740 | $ 101 | 83,639 | |||
Exercise of stock options | 3,920 | $ 3 | 3,917 | |||
Exercise of stock options, Shares | 289,704 | |||||
Settlement of restricted stock units | $ 3 | (3) | ||||
Settlement of restricted stock units, Shares | 299,162 | |||||
Acquisition of treasury stock | (1,010) | (1,010) | ||||
Acquisition of treasury stock, Shares | (51,455) | |||||
Other comprehensive loss, net | (8,106) | (8,106) | ||||
Net income (loss) | 3,097 | 3,097 | ||||
Balance ending at Sep. 30, 2021 | 433,297 | $ 557 | 256,619 | 289,931 | (109,407) | (4,403) |
Balance, Shares ending at Sep. 30, 2021 | 46,464,889 | |||||
Balance beginning at Dec. 31, 2020 | 345,600 | $ 450 | 163,010 | 286,834 | (108,397) | 3,703 |
Balance, Shares beginning at Dec. 31, 2020 | 35,783,347 | |||||
Accelerated stock repurchase | 17,427 | |||||
Balance ending at Dec. 31, 2021 | $ 452,762 | $ 559 | 241,197 | 343,542 | (130,306) | (2,230) |
Balance, Shares ending at Dec. 31, 2021 | 45,659,304 | 45,659,304 | ||||
Balance beginning at Jun. 30, 2021 | $ 422,631 | $ 556 | 253,244 | 279,163 | (109,407) | (925) |
Balance, Shares beginning at Jun. 30, 2021 | 46,350,945 | |||||
Stock-based compensation | 2,005 | 2,005 | ||||
Exercise of stock options | 1,371 | $ 1 | 1,370 | |||
Exercise of stock options, Shares | 112,944 | |||||
Settlement of restricted stock units | $ 0 | 0 | ||||
Settlement of restricted stock units, Shares | 1,000 | |||||
Other comprehensive loss, net | (3,478) | (3,478) | ||||
Net income (loss) | 10,768 | 10,768 | ||||
Balance ending at Sep. 30, 2021 | 433,297 | $ 557 | 256,619 | 289,931 | (109,407) | (4,403) |
Balance, Shares ending at Sep. 30, 2021 | 46,464,889 | |||||
Balance beginning at Dec. 31, 2021 | $ 452,762 | $ 559 | 241,197 | 343,542 | (130,306) | (2,230) |
Balance, Shares beginning at Dec. 31, 2021 | 45,659,304 | 45,659,304 | ||||
Stock-based compensation | $ 4,487 | 4,487 | ||||
Exercise of stock options | 1,786 | $ 1 | 1,785 | |||
Exercise of stock options, Shares | 152,326 | |||||
Settlement of restricted stock units | (174) | $ 2 | (176) | |||
Settlement of restricted stock units, Shares | 177,128 | |||||
Acquisition of treasury stock | (4,638) | (4,638) | ||||
Acquisition of treasury stock, Shares | (378,107) | |||||
Accelerated stock repurchase | 17,217 | (17,217) | ||||
Accelerated stock repurchase, Shares | (1,031,576) | |||||
Other comprehensive loss, net | (30,001) | (30,001) | ||||
Net income (loss) | (11,007) | (11,007) | ||||
Balance ending at Sep. 30, 2022 | $ 413,215 | $ 562 | 264,510 | 332,535 | (152,161) | (32,231) |
Balance, Shares ending at Sep. 30, 2022 | 44,579,075 | 44,579,075 | ||||
Balance beginning at Jun. 30, 2022 | $ 448,147 | $ 562 | 263,698 | 349,730 | (148,523) | (17,320) |
Balance, Shares beginning at Jun. 30, 2022 | 44,903,718 | |||||
Stock-based compensation | 861 | 861 | ||||
Settlement of restricted stock units | (49) | (49) | ||||
Acquisition of treasury stock | (3,638) | (3,638) | ||||
Acquisition of treasury stock, Shares | (324,643) | |||||
Other comprehensive loss, net | (14,911) | (14,911) | ||||
Net income (loss) | (17,195) | (17,195) | ||||
Balance ending at Sep. 30, 2022 | $ 413,215 | $ 562 | $ 264,510 | $ 332,535 | $ (152,161) | $ (32,231) |
Balance, Shares ending at Sep. 30, 2022 | 44,579,075 | 44,579,075 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ (11,007) | $ 3,097 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation and amortization | 11,225 | 10,576 |
Provision for severance benefits | 5,163 | 5,514 |
Amortization of debt issuance costs and original issue discount | 261 | |
Loss on foreign currency, net | 66,335 | 32,607 |
Provision for inventory reserves | 7,730 | 1,484 |
Stock-based compensation | 4,487 | 6,056 |
Other, net | 631 | 442 |
Changes in operating assets and liabilities | ||
Accounts receivable, net | 7,805 | 6,696 |
Inventories | (13,208) | (4,561) |
Other receivables | 17,115 | (5,287) |
Other current assets | (14,117) | 7,933 |
Accounts payable | (14,792) | (16,192) |
Other accounts payable | (6,215) | (3,729) |
Accrued expenses | 5,866 | (1,641) |
Accrued income taxes | (11,483) | (8,308) |
Other current liabilities | (1,583) | 555 |
Other non-current liabilities | 523 | (666) |
Payment of severance benefits | (4,181) | (4,772) |
Other, net | (50) | (49) |
Net cash provided by operating activities | 50,244 | 30,016 |
Cash flows from investing activities | ||
Proceeds from settlement of hedge collateral | 2,805 | 3,995 |
Payment of hedge collateral | (15,282) | (2,744) |
Purchase of property, plant and equipment | (11,812) | (13,368) |
Payment for intellectual property registration | (301) | (455) |
Collection of guarantee deposits | 3,192 | |
Payment of guarantee deposits | (2,075) | (4,960) |
Other, net | 792 | (103) |
Net cash used in investing activities | (25,873) | (14,443) |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 1,786 | 3,920 |
Acquisition of treasury stock | (5,065) | (1,653) |
Repayment of financing related to water treatment facility arrangement | (381) | (427) |
Repayment of principal portion of finance lease liabilities | (50) | (49) |
Net cash provided by (used in) financing activities | (3,710) | 1,791 |
Effect of exchange rates on cash and cash equivalents | (49,377) | (21,003) |
Net decrease in cash and cash equivalents | (28,716) | (3,639) |
Beginning of the period | 279,547 | 279,940 |
End of the period | 250,831 | 276,301 |
Supplemental cash flow information | ||
Cash paid for interest | 2,094 | |
Cash paid for income taxes | 17,856 | 12,609 |
Non-cash investing activities | ||
Property, plant and equipment additions in other accounts payable | 3,957 | $ 11,513 |
Exchange of exchangeable senior notes into common stock | 83,740 | |
Unsettled common stock repurchases | $ (399) |
Business, Basis of Presentation
Business, Basis of Presentation and Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Business, Basis of Presentation and Significant Accounting Policies | 1. Business, Basis of Presentation and Significant Accounting Policies Business Magnachip Semiconductor Corporation (together with its subsidiaries, the “Company”) is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, Internet of Things (“IoT”) applications, consumer, computing, industrial and automotive applications. The Company’s standard products business includes its Display Solutions and Power Solutions business lines. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and mobile, automotive applications and home appliances. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer, computing, servers, automotive, and industrial applications. On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and its fabrication facility located in Cheongju, Korea, known as “Fab 4”. Following the consummation of the sale, and for up to three years, the Company is expected to provide transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3”, at an agreed upon cost plus mark-up Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2021 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K There have been no material changes to the Company’s significant accounting policies as of and for the nine months ended September 30, 2022 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, 470-20) 815-40)” 2020-06”), 2020-06 2020-06 In May 2021, the FASB issued ASU No. 2021-04, 470-50)”, 815-40): 2021-04”), 2021-04 2021-04 2021-04 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories Inventories as of September 30, 2022 and December 31, 2021 consist of the following (in thousands): September 30, December 31, Finished goods $ 6,828 $ 9,594 Semi-finished goods and work-in-process 32,431 25,968 Raw materials 9,282 9,443 Materials in-transit 295 95 Less: inventory reserve (11,538 ) (5,730 ) Inventories, net $ 37,298 $ 39,370 Changes in inventory reserve for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Nine Months Three Months Nine Months September 30, 2022 September 30, 2021 Beginning balance $ (10,206 ) $ (5,730 ) $ (8,101 ) $ (5,901 ) Change in reserve Inventory reserve charged to costs of sales (3,199 ) (10,899 ) (242 ) (5,592 ) Sale of previously reserved inventory 672 2,996 2,099 4,076 (2,527 ) (7,903 ) 1,857 (1,516 ) Write off 16 311 180 1,110 Translation adjustments 1,179 1,784 328 571 Ending balance $ (11,538 ) $ (11,538 ) $ (5,736 ) $ (5,736 ) Inventory reserve represents the Company’s best estimate in value lost due to excessive inventory level, physical deterioration, obsolescence, changes in price levels, or other causes based on individual facts and circumstances. Inventory reserve relates to inventory items including finished goods, semi-finished goods, work-in-process |
Property, Plant and Equipment
Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 3. Property, Plant and Equipment Property, plant and equipment as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands): September 30, December 31, Buildings and related structures $ 21,484 $ 24,273 Machinery and equipment 94,152 105,300 Finance lease right-of-use 340 316 Others 29,233 32,396 145,209 162,285 Less: accumulated depreciation (86,281 ) (94,119 ) Land 11,513 13,898 Construction in progress 23,970 25,818 Property, plant and equipment, net $ 94,411 $ 107,882 Aggregate depreciation expenses totaled $10,699 thousand and $10,018 thousand for the nine months ended September 30, 2022 and 2021, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 4. Intangible Assets Intangible assets as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands): September 30, 2022 Gross Accumulated Net Intellectual property assets $ 8,040 $ (6,270 ) $ 1,770 Intangible assets $ 8,040 $ (6,270 ) $ 1,770 December 31, 2021 Gross Accumulated Net Intellectual property assets $ 9,312 $ (6,935 ) $ 2,377 Intangible assets $ 9,312 $ (6,935 ) $ 2,377 Aggregate amortization expenses for intangible assets totaled $526 thousand and $558 thousand for the nine months ended September 30, 2022 and 2021, respectively. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 5. Leases The Company has operating and finance leases for buildings and other assets such as vehicles and office equipment. The Company’s leases have remaining lease terms ranging from 1 year to 5 years. The tables below present financial information related to the Company’s leases. Supplemental balance sheets information related to leases as of September 30, 2022 and December 31, 2021 are as follows (in thousands): Leases Classification September 30, December 31, Assets Operating lease Operating lease right-of-use assets $ 4,928 $ 4,275 Finance lease Property, plant and equipment, net 141 126 Total lease assets $ 5,069 $ 4,401 Liabilities Current Operating Operating lease liabilities $ 1,324 $ 2,323 Finance Other current 78 68 Non-current Operating Non-current operating lease liabilities 3,811 1,952 Finance Other non 73 73 Total lease liabilities $ 5,286 $ 4,416 The following table presents the weighted average remaining lease term and discount rate: September 30, December 31, Weighted average remaining lease term Operating leases 3.9 years 2.4 years Finance leases 2.5 years 2.0 years Weighted average discount rate Operating leases 6.58 % 4.20 % Finance leases 7.63 % 7.75 % The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Operating lease cost $ 557 $ 691 $ 1,738 $ 2,098 Finance lease cost Amortization of right-of-use 18 17 48 50 Interest on lease liabilities 2 4 7 11 Total lease cost $ 577 $ 712 $ 1,793 $ 2,159 The above table does not include an immaterial cost of short-term leases for the nine months ended September 30, 2022 and 2021. Other lease information is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 561 $ 691 $ 1,742 $ 2,098 Operating cash flows from finance leases 2 4 7 11 Financing cash flows from finance leases 18 16 50 49 The aggregate future lease payments for operating and finance leases as of September 30, 2022 are as follows (in thousands): Operating Finance Remainder of 2022 $ 508 $ 22 2023 1,449 86 2024 1,330 24 2025 1,218 23 2026 846 11 2027 585 — Total future lease payments 5,936 166 Less: Imputed interest (801 ) (15 ) Present value of future payments $ 5,135 $ 151 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands): September 30, 2022 December 31, 2021 Payroll, benefits and related taxes, excluding severance benefits $ 10,552 $ 9,548 Withholding tax attributable to intercompany interest income 3,345 1,950 Outside service fees 1,608 1,088 Merger-related costs — 7,035 Others 295 450 Accrued expenses $ 15,800 $ 20,071 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 7. Derivative Financial Instruments The Company’s Korean subsidiary from time to time has entered into zero cost collar contracts to hedge the risk of changes in the functional-currency-equivalent cash flows attributable to currency rate changes on U.S. dollar denominated revenues. Details of the zero cost collar contracts as of September 30, 2022 are as follows (in thousands): Date of transaction Total notional amount Month of settlement August 13, 2021 $ 15,000 October 202 January 04, 2022 $ 39,000 October 2022 to June 2023 March 07, 2022 $ 24,000 July 2023 to December 2023 April 27, 2022 $ 51,000 October 2022 to December 2023 Details of the zero cost collar contracts as of December 31, 2021 are as follows (in thousands): Date of transaction Total notional amount Month of settlement May 13, 2021 $ 39,000 January 2022 to September 2022 August 13, 2021 $ 48,000 January 2022 to December 2022 The zero cost collar contracts qualify as cash flow hedges under ASC 815, “Derivatives and Hedging,” since at both the inception of the contracts and on an ongoing basis, the hedging relationship was and is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the contracts. The fair values of the Company’s outstanding zero cost collar contracts recorded as liabilities as of September 30, 2022 and December 31, 2021 are as follows (in thousands): Derivatives designated as hedging instruments: September 30, December 31, Liability Derivatives: Zero cost collars Other current liabilities $ 12,744 $ 2,020 Zero cost collars Other non-current liabilities $ 2,318 $ — Offsetting of derivative liabilities as of September 30, 2022 is as follows (in thousands): As of September 30, 2022 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 15,062 $ — $ 15,062 $ — $ (14,370 ) $ 692 Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands): As of December 31, 2021 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 2,020 $ — $ 2,020 $ — $ (2,060 ) $ (40 ) For derivative instruments that are designated and qualify as cash flow hedges, gains or losses on the derivative aside from components excluded from the assessment of effectiveness are reported as a component of accumulated other comprehensive income (“AOCI”) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative, representing hedge components excluded from the assessment of effectiveness, are recognized in current earnings. The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended September 30, 2022 and 2021 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Loss Location/Amount of Gain Three Months Ended Three Months Ended Three Months Ended 2022 2021 2022 2021 2022 2021 Zero cost collars $ (11,757 ) $ (3,271 ) Net sales $ (2,820) $ (653) Other income, net $ 146 $ 237 The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the nine months ended September 30, 2022 and 2021 (in thousands). Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Gain (Loss) Location/Amount of Gain Nine Months Ended Nine Months Ended Nine Months Ended 2022 2021 2022 2021 2022 2021 Zero cost collars $ (19,498 ) $ (4,964 ) Net sales $ (5,378) $ 333 Other income, net $ 201 $ 94 As of September 30, 2022, the amount expected to be reclassified from accumulated other comprehensive loss into loss within the next 12 months is $13,262 thousand. The Company set aside cash deposits to the counterparties, Nomura Financial Investment (Korea) Co., Ltd. (“NFIK”) and Standard Chartered Bank Korea Limited (“SC”), as required for the zero cost collar contracts. These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of September 30, 2022 and December 31, 2021 are as follows (in thousands): Counterparties September 30, December 31, SC $ 1,000 $ 1,000 The Company is required to deposit additional cash collateral with NFIK and SC for any exposure in excess of $500 thousand. As of September 30, 2022, $11,670 thousand and $2,700 thousand of additional cash collateral was required by NFIK and SC, respectively, and recorded as hedge collateral on the consolidated balance sheet. As of December 31, 2021, $760 thousand and $1,300 thousand of additional cash collateral was required by NFIK and SC, respectively, and recorded as hedge collateral on the consolidated balance sheet. These zero cost collar contracts may be terminated by the counterparties if the Company’s total cash and cash equivalents is less than $30,000 thousand at the end of a fiscal quarter, unless a waiver is obtained. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 8. Fair Value Measurements Fair Value of Financial Instruments As of September 30, 2022, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 12,744 $ 12,744 — $ 12,744 — Derivative liabilities (other non-current $ 2,318 $ 2,318 — $ 2,318 — As of December 31, 2021, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 2,020 $ 2,020 — $ 2,020 — Items not reflected in the table above include cash equivalents, accounts receivable, other receivables, accounts payable, and other accounts payable, fair value of which approximate carrying values due to the short-term nature of these instruments. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs. |
Accrued Severance Benefits
Accrued Severance Benefits | 9 Months Ended |
Sep. 30, 2022 | |
Postemployment Benefits [Abstract] | |
Accrued Severance Benefits | 9. Accrued Severance Benefits The majority of accrued severance benefits are for employees in the Company’s Korean subsidiary. Pursuant to the Employee Retirement Benefit Security Act of Korea, eligible employees and executive officers with one or more years of service are entitled to severance benefits upon the termination of their employment based on their length of service and rate of pay. As of September 30, 2022, 97% of all employees of the Company were eligible for severance benefits. Changes in accrued severance benefits are as follows (in thousands): Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 Beginning balance $ 47,586 $ 51,567 $ 53,105 $ 54,452 Provisions 1,923 5,163 2,007 5,514 Severance payments (1,247 ) (4,181 ) (1,936 ) (4,772 ) Translation adjustments (4,730 ) (9,017 ) (2,441 ) (4,459 ) 43,532 43,532 50,735 50,735 Less: Cumulative contributions to (15,292 ) (15,292 ) (12,739 ) (12,739 ) The National Pension Fund (40 ) (40 ) (55 ) (55 ) Group severance insurance plan (164 ) (164 ) (200 ) (200 ) Accrued severance benefits, $ 28,036 $ 28,036 $ 37,741 $ 37,741 The severance benefits funded through the Company’s National Pension Fund and group severance insurance plan will be used exclusively for payment of severance benefits to eligible employees. These amounts have been deducted from the accrued severance benefit balance. Beginning in July 2018, the Company contributes to certain severance insurance deposit accounts a certain percentage of severance benefits that are accrued for eligible employees for their services from January 1, 2018. These accounts consist of time deposits and other guaranteed principal and interest, and are maintained at insurance companies, banks or security companies for the benefit of employees. The Company deducts the contributions made to these severance insurance deposit accounts from its accrued severance benefits. The Company is liable to pay the following future benefits to its non-executive Severance benefit Remainder of 2022 $ 212 2023 534 2024 769 2025 1,273 2026 1,772 2027 1,463 2028 – 2032 17,223 The above amounts were determined based on the non-executive non-executive Korea’s mandatory retirement age is 60 years of age or older under the Employment Promotion for the Aged Act. The Company sets the retirement age of employees at 60. |
Foreign Currency Loss, Net
Foreign Currency Loss, Net | 9 Months Ended |
Sep. 30, 2022 | |
Foreign Currency [Abstract] | |
Foreign Currency Loss, Net | 10. Foreign Currency Loss, Net Net foreign currency gain or loss includes non-cash non-cash |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company and its subsidiaries file income tax returns in Korea, the U.S. and in various other jurisdictions. The Company is subject to income or non-income For the three and nine months ended September 30, 2022, the Company recorded an income tax benefit of $3,942 thousand and $1,356 thousand, respectively, primarily attributable to a decrease in its Korean subsidiary’s pre-tax For the three and nine months ended September 30, 2021, the Company recorded an income tax expense of $3,149 thousand and $6,040 thousand, respectively, primarily attributable to the Company’s Korean subsidiary based on its estimated taxable income for the respective period, combined with its ability to utilize net operating loss carryforwards up to 60%, and interest on intercompany loan balances. |
Geographic and Other Informatio
Geographic and Other Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Geographic and Other Information | 12. Geographic and Other Information The following sets forth information relating to the single operating segment (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Revenues Standard products business Display Solutions $ 6,355 $ 58,528 $ 63,876 $ 164,024 Power Solutions 56,416 58,887 184,193 169,565 Total standard products business 62,771 117,415 248,069 333,589 Transitional Fab 3 foundry services 8,428 9,585 28,599 30,306 Total revenues $ 71,199 $ 127,000 $ 276,668 $ 363,895 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Gross Profit Standard products business $ 17,274 $ 45,773 $ 82,872 $ 112,291 Transitional Fab 3 foundry services (49 ) 814 2,294 2,648 Total gross profit $ 17,225 $ 46,587 $ 85,166 $ 114,939 The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Korea $ 23,867 $ 29,664 $ 86,065 $ 86,966 Asia Pacific (other than Korea) 34,612 84,220 148,940 237,312 United States 2,718 1,756 8,074 4,393 Europe 1,574 1,398 4,990 3,847 Others — 377 — 1,071 Total $ 62,771 $ 117,415 $ 248,069 $ 333,589 For the three months ended September 30, 2022 and 2021, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in China and Hong Kong represented 74.2% and 72.0%, respectively, and net sales—standard products business in Vietnam represented 2.4% and 19.6%, respectively. For the nine months ended September 30, 2022 and 2021, of the Company’s net sales – standard products business in Asia Pacific (other than Korea), net sales – standard products business in China and Hong Kong represented 66.4% and 63.4%, respectively, and net sales—standard products business in Vietnam represented 16.2% and 29.5%, respectively. Net sales from the Company’s top ten largest customers in the standard products business (which does not include the Transitional Fab 3 Foundry Services) accounted for 64% and 81% for the three months ended September 30, 2022 and 2021, respectively, and 70% and 81% for the nine months ended September 30, 2022 and 2021, respectively. For the three months ended September 30, 2022, the Company had one customer that represented 16.2% of its net sales – standard products business. For the nine months ended September 30, 2022, the Company had two customers that represented 20.6% and 13.9% of its net sales – standard products business. For the three months ended September 30, 2021, the Company had two customers that represented 44.7% and 10.1% of its net sales – standard products business. For the nine months ended September 30, 2021, the Company had two customers that represented 44.6% and 10.6% of its net sales – standard products business. As of September 30, 2022, two customers of the Company’s standard products business accounted for 24.1% and 11.8% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively. As of December 31, 2021, two customers of the Company’s standard products business accounted for 31.5% and 16.1% of its accounts receivable – standard products business (which does not include the Transitional Fab 3 Foundry Services), respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 13. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss consists of the following as of September 30, 2022 and December 31, 2021, respectively (in thousands): September 30, December 31, Foreign currency translation adjustments $ (16,651 ) $ (770 ) Derivative adjustments (15,580 ) (1,460 ) Total $ (32,231 ) $ (2,230 ) Changes in accumulated other comprehensive loss for the three months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Ended September 30, 2022 Foreign Derivative Total Beginning balance $ (10,677 ) $ (6,643 ) $ (17,320 ) Other comprehensive loss before reclassifications (5,974 ) (11,757 ) (17,731 ) Amounts reclassified from accumulated other comprehensive loss — 2,820 2,820 Net current-period other comprehensive loss (5,974 ) (8,937 ) (14,911 ) Ending balance $ (16,651 ) $ (15,580 ) $ (32,231 ) Three Months Ended September 30, 2021 Foreign Derivative Total Beginning balance $ 120 $ (1,045 ) $ (925 ) Other comprehensive loss before reclassifications (860 ) (3,271 ) (4,131 ) Amounts reclassified from accumulated other comprehensive loss — 653 653 Net current-period other comprehensive loss (860 ) (2,618 ) (3,478 ) Ending balance $ (740 ) $ (3,663 ) $ (4,403 ) Changes in accumulated other comprehensive loss for the nine months ended September 30, 2022 and 2021 are as follows (in thousands): Nine Months Ended September 30, 2022 Foreign Derivative Total Beginning balance $ (770 ) $ (1,460 ) $ (2,230 ) Other comprehensive loss before reclassifications (15,881 ) (19,498 ) (35,379 ) Amounts reclassified from accumulated other comprehensive loss — 5,378 5,378 Net current-period other comprehensive loss (15,881 ) (14,120 ) (30,001 ) Ending balance $ (16,651 ) $ (15,580 ) $ (32,231 ) Nine Months Ended September 30, 2021 Foreign Derivative Total Beginning balance $ 2,069 $ 1,634 $ 3,703 Other comprehensive loss before reclassifications (2,809 ) (4,964 ) (7,773 ) Amounts reclassified from accumulated other comprehensive income — (333 ) (333 ) Net current-period other comprehensive loss (2,809 ) (5,297 ) (8,106 ) Ending balance $ (740 ) $ (3,663 ) $ (4,403 ) |
Stock Repurchases
Stock Repurchases | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stock Repurchases | 14. Stock Repurchases On December 21, 2021, the Board of Directors authorized the Company to repurchase up to $75,000 thousand of the Company’s outstanding common stock and the Company entered into an accelerated stock repurchase agreement (the “ASR Agreement”) with JPMorgan Chase Bank, National Association (“JPM”) to repurchase an aggregate of $37,500 thousand of the Company’s common stock. Pursuant to the terms of the ASR Agreement dated December 21, 2021, the Company paid to JPM $37,500 thousand in cash and received an initial delivery of 994,695 shares of its common stock in the open market for an aggregate purchase price of $20,073 thousand and a price per share of $20.18 on December 22, 2021. As of December 31, 2021, the Company accounted for the remaining portion of the ASR Agreement as a forward contract indexed to its own common stock and recorded $17,427 thousand in additional paid-in In March 2022, the previously announced repurchase of $37,500 thousand of the Company’s common stock was completed pursuant to the ASR Agreement, and as a result, the Company additionally received 1,031,576 shares of its common stock for an aggregate purchase price of $ 17,217 thousand at a price per share of $16.69, which was reclassified as treasury stock from additional paid-in On August 31, 2022, the Board of Directors has authorized an expansion of the Company’s previously announced stock repurchase program from $75,000 thousand to $87,500 thousand of the Company’s common stock. In September 2022, the Company repurchased shares of its common stock in the open market for an aggregate purchase price of $ thousand and a price per share of $ under the stock repurchase program. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 15. Earnings (Loss) Per Share The following table illustrates the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (In thousands of U.S. dollars, except share data) Basic earnings (loss) per share Net income (loss) $ (17,195 ) $ 10,768 $ (11,007 ) $ 3,097 Basic weighted average common stock outstanding 44,865,266 46,449,234 45,119,214 44,377,250 Basic earnings (loss) per common share $ (0.38 ) $ 0.23 $ (0.24 ) $ 0.07 Diluted earnings (loss) per share Net income (loss) $ (17,195 ) $ 10,768 $ (11,007 ) $ 3,097 Basic weighted average common stock outstanding 44,865,266 46,449,234 45,119,214 44,377,250 Net effect of dilutive equity awards — 1,359,223 — 1,434,542 Diluted weighted average common stock outstanding 44,865,266 47,808,457 45,119,214 45,811,792 Diluted earnings (loss) per share $ (0.38 ) $ 0.23 $ (0.24 ) $ 0.07 The following outstanding instruments were excluded from the computation of diluted earnings (loss) per share, as they have an anti-dilutive effect on the calculation: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Options 1,141,551 50,000 1,141,551 50,000 Restricted Stock Units 1,014,124 — 1,014,124 — For the nine months ended September 30, 2021, 1,906,786 shares, of potential common stock from the assumed conversion of Exchangeable Notes were also excluded from the computation of diluted loss per share as the effect were anti-dilutive for the period. Rights Plan The Company entered into a Rights Agreement, dated as of December 13, 2021, between the Company and American Stock Transfer & Trust Company, LLC, as rights agent (the “Rights Agreement”), and the Board of Directors of the Company authorized and declared a dividend of one preferred stock purchase right (a “Right” and collectively, the “Rights”) for each share of the Company’s common stock, par value $0.01 per share, outstanding at the close of business on December 23, 2021. Each Right, once exercisable, will entitle the registered holder to purchase from the Company one one-thousandth A-1 If any person or group of affiliated or associated persons becomes an Acquiring Person, then, after the Distribution Date, each Right (other than Rights beneficially owned by the Acquiring Person and certain affiliated persons or transferees thereof) will entitle the holder to purchase, for the Purchase Price, a number of shares of common stock having a market value of twice the Purchase Price. Alternatively, if, after any person or group of affiliated or associated persons becomes an Acquiring Person, (1) the Company is involved in a merger or other business combination in which the Company is not the surviving corporation or its common stock is changed into or exchanged for other securities or assets; or (2) the Company or one or more of its subsidiaries sell or otherwise transfer assets or earning power aggregating more than 50% of the |
Merger Agreement
Merger Agreement | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Merger Agreement | 16. Merger Agreement On March 25, 2021, the Company, South Dearborn Limited, an exempted company incorporated in the Cayman Islands with limited liability (“Holdco”), formed by an affiliate of Wise Road Capital LTD (“Wise Road”), and Michigan Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Holdco (“Merger Sub”), entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”), providing for, among other things and subject to the terms and conditions thereof, the merger of Merger Sub with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Holdco. The closing of the Merger was subject to certain conditions, including clearance by the Committee on Foreign Investment in the United States (“CFIUS”) under the Defense Production Act of 1950, as amended. The Company and Holdco were advised that CFIUS clearance of the Merger would not be forthcoming and received permission from CFIUS to withdraw their joint filing. In connection therewith, the Company and Holdco entered into a Termination and Settlement Agreement, dated December 13, 2021 (the “Termination Agreement”), pursuant to which Holdco agreed to pay The Company, Holdco and Wise Road entered into a Letter Agreement, dated October 28, 2022 pursuant to which 2022. As of September 30, 2022, the remaining fee of $1,800 thousand was recorded as other receivables. Other than in respect of this receivable, the Company has no further relationship with Holdco. For the three and nine months ended September 30, 2021, the Company incurred $1,552 thousand and $13,842 thousand, respectively, of professional fees and certain transaction related-expenses incurred in connection with the Merger, which were recognized in merger-related costs in the consolidated statements of operations. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Advances to Suppliers The Company, from time to time, may make advances in form of prepayments or deposits to suppliers, including external foundries, to meet its planned production. The Company recorded advances of $9,532 thousand and $1,708 thousand as other current assets as of September 30, 2022 and December 31, 2021, respectively. COVID-19 In December 2019, a strain of coronavirus causing a disease known as COVID-19 COVID-19 shelter-in-place COVID-19 re-imposition re-implemented COVID-19. The Company experienced some minor disruption in its Power Solutions business from assembly and test subcontractors located in China in the first quarter of 2020 as a result of the COVID-19 sub-contractors COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 The Company continues to closely monitor and evaluate the nature and scope of the impact of the COVID-19 |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Business | Business Magnachip Semiconductor Corporation (together with its subsidiaries, the “Company”) is a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, Internet of Things (“IoT”) applications, consumer, computing, industrial and automotive applications. The Company’s standard products business includes its Display Solutions and Power Solutions business lines. The Company’s Display Solutions products provide panel display solutions to major suppliers of large and small rigid and flexible panel displays, and mobile, automotive applications and home appliances. The Company’s Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer, computing, servers, automotive, and industrial applications. On September 1, 2020, the Company completed the sale of the Company’s Foundry Services Group business and its fabrication facility located in Cheongju, Korea, known as “Fab 4”. Following the consummation of the sale, and for up to three years, the Company is expected to provide transitional foundry services associated with its fabrication facility located in Gumi, Korea, known as “Fab 3”, at an agreed upon cost plus mark-up |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). These interim consolidated financial statements include normal recurring adjustments and the elimination of all intercompany accounts and transactions which are, in the opinion of management, necessary to provide a fair statement of the Company’s financial condition and results of operations for the periods presented. These interim consolidated financial statements are presented in accordance with Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and, accordingly, do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, except for the changes below. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for a full year or for any other periods. The December 31, 2021 balance sheet data was derived from the Company’s audited financial statements, but does not include all disclosures required by U.S. GAAP. The interim consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K There have been no material changes to the Company’s significant accounting policies as of and for the nine months ended September 30, 2022 as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, 470-20) 815-40)” 2020-06”), 2020-06 2020-06 In May 2021, the FASB issued ASU No. 2021-04, 470-50)”, 815-40): 2021-04”), 2021-04 2021-04 2021-04 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories as of September 30, 2022 and December 31, 2021 consist of the following (in thousands): September 30, December 31, Finished goods $ 6,828 $ 9,594 Semi-finished goods and work-in-process 32,431 25,968 Raw materials 9,282 9,443 Materials in-transit 295 95 Less: inventory reserve (11,538 ) (5,730 ) Inventories, net $ 37,298 $ 39,370 |
Changes in Inventory Reserve | Changes in inventory reserve for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Nine Months Three Months Nine Months September 30, 2022 September 30, 2021 Beginning balance $ (10,206 ) $ (5,730 ) $ (8,101 ) $ (5,901 ) Change in reserve Inventory reserve charged to costs of sales (3,199 ) (10,899 ) (242 ) (5,592 ) Sale of previously reserved inventory 672 2,996 2,099 4,076 (2,527 ) (7,903 ) 1,857 (1,516 ) Write off 16 311 180 1,110 Translation adjustments 1,179 1,784 328 571 Ending balance $ (11,538 ) $ (11,538 ) $ (5,736 ) $ (5,736 ) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands): September 30, December 31, Buildings and related structures $ 21,484 $ 24,273 Machinery and equipment 94,152 105,300 Finance lease right-of-use 340 316 Others 29,233 32,396 145,209 162,285 Less: accumulated depreciation (86,281 ) (94,119 ) Land 11,513 13,898 Construction in progress 23,970 25,818 Property, plant and equipment, net $ 94,411 $ 107,882 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | Intangible assets as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands): September 30, 2022 Gross Accumulated Net Intellectual property assets $ 8,040 $ (6,270 ) $ 1,770 Intangible assets $ 8,040 $ (6,270 ) $ 1,770 December 31, 2021 Gross Accumulated Net Intellectual property assets $ 9,312 $ (6,935 ) $ 2,377 Intangible assets $ 9,312 $ (6,935 ) $ 2,377 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheets information related to leases as of September 30, 2022 and December 31, 2021 are as follows (in thousands): Leases Classification September 30, December 31, Assets Operating lease Operating lease right-of-use assets $ 4,928 $ 4,275 Finance lease Property, plant and equipment, net 141 126 Total lease assets $ 5,069 $ 4,401 Liabilities Current Operating Operating lease liabilities $ 1,324 $ 2,323 Finance Other current 78 68 Non-current Operating Non-current operating lease liabilities 3,811 1,952 Finance Other non 73 73 Total lease liabilities $ 5,286 $ 4,416 |
Lease, Cost | The following table presents the weighted average remaining lease term and discount rate: September 30, December 31, Weighted average remaining lease term Operating leases 3.9 years 2.4 years Finance leases 2.5 years 2.0 years Weighted average discount rate Operating leases 6.58 % 4.20 % Finance leases 7.63 % 7.75 % |
Other Lease Information | The components of lease cost included in the Company’s consolidated statements of operations, are as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Operating lease cost $ 557 $ 691 $ 1,738 $ 2,098 Finance lease cost Amortization of right-of-use 18 17 48 50 Interest on lease liabilities 2 4 7 11 Total lease cost $ 577 $ 712 $ 1,793 $ 2,159 The above table does not include an immaterial cost of short-term leases for the nine months ended September 30, 2022 and 2021. Other lease information is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 561 $ 691 $ 1,742 $ 2,098 Operating cash flows from finance leases 2 4 7 11 Financing cash flows from finance leases 18 16 50 49 |
Schedule Of Future Lease Payments | The aggregate future lease payments for operating and finance leases as of September 30, 2022 are as follows (in thousands): Operating Finance Remainder of 2022 $ 508 $ 22 2023 1,449 86 2024 1,330 24 2025 1,218 23 2026 846 11 2027 585 — Total future lease payments 5,936 166 Less: Imputed interest (801 ) (15 ) Present value of future payments $ 5,135 $ 151 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses as of September 30, 2022 and December 31, 2021 are comprised of the following (in thousands): September 30, 2022 December 31, 2021 Payroll, benefits and related taxes, excluding severance benefits $ 10,552 $ 9,548 Withholding tax attributable to intercompany interest income 3,345 1,950 Outside service fees 1,608 1,088 Merger-related costs — 7,035 Others 295 450 Accrued expenses $ 15,800 $ 20,071 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Details of Derivative Contracts | Details of the zero cost collar contracts as of September 30, 2022 are as follows (in thousands): Date of transaction Total notional amount Month of settlement August 13, 2021 $ 15,000 October 202 January 04, 2022 $ 39,000 October 2022 to June 2023 March 07, 2022 $ 24,000 July 2023 to December 2023 April 27, 2022 $ 51,000 October 2022 to December 2023 Details of the zero cost collar contracts as of December 31, 2021 are as follows (in thousands): Date of transaction Total notional amount Month of settlement May 13, 2021 $ 39,000 January 2022 to September 2022 August 13, 2021 $ 48,000 January 2022 to December 2022 |
Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities | The fair values of the Company’s outstanding zero cost collar contracts recorded as liabilities as of September 30, 2022 and December 31, 2021 are as follows (in thousands): Derivatives designated as hedging instruments: September 30, December 31, Liability Derivatives: Zero cost collars Other current liabilities $ 12,744 $ 2,020 Zero cost collars Other non-current liabilities $ 2,318 $ — |
Offsetting of Derivative Liabilities | Offsetting of derivative liabilities as of September 30, 2022 is as follows (in thousands): As of September 30, 2022 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 15,062 $ — $ 15,062 $ — $ (14,370 ) $ 692 Offsetting of derivative liabilities as of December 31, 2021 is as follows (in thousands): As of December 31, 2021 Gross amounts of Gross amounts Net amounts of Gross amounts not offset Net amount Financial Cash collateral Liability Derivatives: Zero cost collars $ 2,020 $ — $ 2,020 $ — $ (2,060 ) $ (40 ) |
Impact of Derivative Instruments on Consolidated Statement of Operations | The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the three months ended September 30, 2022 and 2021 (in thousands): Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Loss Location/Amount of Gain Three Months Ended Three Months Ended Three Months Ended 2022 2021 2022 2021 2022 2021 Zero cost collars $ (11,757 ) $ (3,271 ) Net sales $ (2,820) $ (653) Other income, net $ 146 $ 237 The following table summarizes the impact of derivative instruments on the consolidated statements of operations for the nine months ended September 30, 2022 and 2021 (in thousands). Derivatives in ASC 815 Cash Flow Hedging Relationships Amount of Loss Location/Amount of Gain (Loss) Location/Amount of Gain Nine Months Ended Nine Months Ended Nine Months Ended 2022 2021 2022 2021 2022 2021 Zero cost collars $ (19,498 ) $ (4,964 ) Net sales $ (5,378) $ 333 Other income, net $ 201 $ 94 |
Summary Of Cash Deposits | These cash deposits are recorded as hedge collateral on the consolidated balance sheets. Cash deposits as of September 30, 2022 and December 31, 2021 are as follows (in Counterparties September 30, December 31, SC $ 1,000 $ 1,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | As of September 30, 2022, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 12,744 $ 12,744 — $ 12,744 — Derivative liabilities (other non-current $ 2,318 $ 2,318 — $ 2,318 — As of December 31, 2021, the following table represents the Company’s liabilities measured at fair value on a recurring basis and the basis for that measurement (in thousands): Carrying Value Fair Value Quoted Prices in Significant Significant Liabilities: Derivative liabilities (other current liabilities) $ 2,020 $ 2,020 — $ 2,020 — |
Accrued Severance Benefits (Tab
Accrued Severance Benefits (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Postemployment Benefits [Abstract] | |
Changes in Accrued Severance Benefits | Changes in accrued severance benefits are as follows (in thousands): Three Months Ended Nine Months Ended Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 Beginning balance $ 47,586 $ 51,567 $ 53,105 $ 54,452 Provisions 1,923 5,163 2,007 5,514 Severance payments (1,247 ) (4,181 ) (1,936 ) (4,772 ) Translation adjustments (4,730 ) (9,017 ) (2,441 ) (4,459 ) 43,532 43,532 50,735 50,735 Less: Cumulative contributions to (15,292 ) (15,292 ) (12,739 ) (12,739 ) The National Pension Fund (40 ) (40 ) (55 ) (55 ) Group severance insurance plan (164 ) (164 ) (200 ) (200 ) Accrued severance benefits, $ 28,036 $ 28,036 $ 37,741 $ 37,741 |
Future Benefits Payments to Employees | The Company is liable to pay the following future benefits to its non-executive Severance benefit Remainder of 2022 $ 212 2023 534 2024 769 2025 1,273 2026 1,772 2027 1,463 2028 – 2032 17,223 |
Geographic and Other Informat_2
Geographic and Other Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Operating Segments | The following sets forth information relating to the single operating segment (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Revenues Standard products business Display Solutions $ 6,355 $ 58,528 $ 63,876 $ 164,024 Power Solutions 56,416 58,887 184,193 169,565 Total standard products business 62,771 117,415 248,069 333,589 Transitional Fab 3 foundry services 8,428 9,585 28,599 30,306 Total revenues $ 71,199 $ 127,000 $ 276,668 $ 363,895 Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Gross Profit Standard products business $ 17,274 $ 45,773 $ 82,872 $ 112,291 Transitional Fab 3 foundry services (49 ) 814 2,294 2,648 Total gross profit $ 17,225 $ 46,587 $ 85,166 $ 114,939 |
Net Sales by Region, Based on Location of Products are Billed | The following is a summary of net sales—standard products business (which does not include the Transitional Fab 3 Foundry Services) by geographic region, based on the location to which the products are billed (in thousands): Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Korea $ 23,867 $ 29,664 $ 86,065 $ 86,966 Asia Pacific (other than Korea) 34,612 84,220 148,940 237,312 United States 2,718 1,756 8,074 4,393 Europe 1,574 1,398 4,990 3,847 Others — 377 — 1,071 Total $ 62,771 $ 117,415 $ 248,069 $ 333,589 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss consists of the following as of September 30, 2022 and December 31, 2021, respectively (in thousands): September 30, December 31, Foreign currency translation adjustments $ (16,651 ) $ (770 ) Derivative adjustments (15,580 ) (1,460 ) Total $ (32,231 ) $ (2,230 ) |
Changes in Accumulated Other Comprehensive Loss | Changes in accumulated other comprehensive loss for the three months ended September 30, 2022 and 2021 are as follows (in thousands): Three Months Ended September 30, 2022 Foreign Derivative Total Beginning balance $ (10,677 ) $ (6,643 ) $ (17,320 ) Other comprehensive loss before reclassifications (5,974 ) (11,757 ) (17,731 ) Amounts reclassified from accumulated other comprehensive loss — 2,820 2,820 Net current-period other comprehensive loss (5,974 ) (8,937 ) (14,911 ) Ending balance $ (16,651 ) $ (15,580 ) $ (32,231 ) Three Months Ended September 30, 2021 Foreign Derivative Total Beginning balance $ 120 $ (1,045 ) $ (925 ) Other comprehensive loss before reclassifications (860 ) (3,271 ) (4,131 ) Amounts reclassified from accumulated other comprehensive loss — 653 653 Net current-period other comprehensive loss (860 ) (2,618 ) (3,478 ) Ending balance $ (740 ) $ (3,663 ) $ (4,403 ) Changes in accumulated other comprehensive loss for the nine months ended September 30, 2022 and 2021 are as follows (in thousands): Nine Months Ended September 30, 2022 Foreign Derivative Total Beginning balance $ (770 ) $ (1,460 ) $ (2,230 ) Other comprehensive loss before reclassifications (15,881 ) (19,498 ) (35,379 ) Amounts reclassified from accumulated other comprehensive loss — 5,378 5,378 Net current-period other comprehensive loss (15,881 ) (14,120 ) (30,001 ) Ending balance $ (16,651 ) $ (15,580 ) $ (32,231 ) Nine Months Ended September 30, 2021 Foreign Derivative Total Beginning balance $ 2,069 $ 1,634 $ 3,703 Other comprehensive loss before reclassifications (2,809 ) (4,964 ) (7,773 ) Amounts reclassified from accumulated other comprehensive income — (333 ) (333 ) Net current-period other comprehensive loss (2,809 ) (5,297 ) (8,106 ) Ending balance $ (740 ) $ (3,663 ) $ (4,403 ) |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Loss Per Common Share | The following table illustrates the computation of basic and diluted earnings (loss) per common share for the three and nine months ended September 30, 2022 and 2021: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, (In thousands of U.S. dollars, except share data) Basic earnings (loss) per share Net income (loss) $ (17,195 ) $ 10,768 $ (11,007 ) $ 3,097 Basic weighted average common stock outstanding 44,865,266 46,449,234 45,119,214 44,377,250 Basic earnings (loss) per common share $ (0.38 ) $ 0.23 $ (0.24 ) $ 0.07 Diluted earnings (loss) per share Net income (loss) $ (17,195 ) $ 10,768 $ (11,007 ) $ 3,097 Basic weighted average common stock outstanding 44,865,266 46,449,234 45,119,214 44,377,250 Net effect of dilutive equity awards — 1,359,223 — 1,434,542 Diluted weighted average common stock outstanding 44,865,266 47,808,457 45,119,214 45,811,792 Diluted earnings (loss) per share $ (0.38 ) $ 0.23 $ (0.24 ) $ 0.07 |
Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share | The following outstanding instruments were excluded from the computation of diluted earnings (loss) per share, as they have an anti-dilutive effect on the calculation: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, Options 1,141,551 50,000 1,141,551 50,000 Restricted Stock Units 1,014,124 — 1,014,124 — |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||||||
Finished goods | $ 6,828 | $ 9,594 | ||||
Semi-finished goods and work-in-process | 32,431 | 25,968 | ||||
Raw materials | 9,282 | 9,443 | ||||
Materials in-transit | 295 | 95 | ||||
Less: inventory reserve | (11,538) | $ (10,206) | (5,730) | $ (5,736) | $ (8,101) | $ (5,901) |
Inventories, net | $ 37,298 | $ 39,370 |
Inventories - Changes in Invent
Inventories - Changes in Inventory Reserve (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | ||||
Beginning balance | $ (10,206) | $ (8,101) | $ (5,730) | $ (5,901) |
Change in reserve | ||||
Inventory reserve charged to costs of sales | (3,199) | (242) | (10,899) | (5,592) |
Sale of previously reserved inventory | 672 | 2,099 | 2,996 | 4,076 |
Change in reserve | (2,527) | 1,857 | (7,903) | (1,516) |
Write off | 16 | 180 | 311 | 1,110 |
Translation adjustments | 1,179 | 328 | 1,784 | 571 |
Ending balance | $ (11,538) | $ (5,736) | $ (11,538) | $ (5,736) |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expenses | $ 10,699 | $ 10,018 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 145,209 | $ 162,285 |
Less: accumulated depreciation | (86,281) | (94,119) |
Land | 11,513 | 13,898 |
Construction in progress | 23,970 | 25,818 |
Property, plant and equipment, net | 94,411 | 107,882 |
Buildings and Related Structures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 21,484 | 24,273 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 94,152 | 105,300 |
Finance Lease Right Of Use Assets [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 340 | 316 |
Others [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 29,233 | $ 32,396 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense for intangible assets | $ 526 | $ 558 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | $ 8,040 | $ 9,312 |
Accumulated amortization | (6,270) | (6,935) |
Intangible asset, Net amount | 1,770 | 2,377 |
Intellectual Property Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible asset, Gross amount | 8,040 | 9,312 |
Accumulated amortization | (6,270) | (6,935) |
Intangible asset, Net amount | $ 1,770 | $ 2,377 |
Leases - Additional Information
Leases - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
Maximum [Member] | |
Lease Agreements Remaining Term of Lease | 5 years |
Minimum [Member] | |
Lease Agreements Remaining Term of Lease | 1 year |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Operating lease | $ 4,928 | $ 4,275 |
Total lease assets | 5,069 | 4,401 |
Current | ||
Operating | 1,324 | 2,323 |
Non-current | ||
Operating | 3,811 | 1,952 |
Total lease liabilities | 5,286 | 4,416 |
Operating Lease Right Of Use Assets [Member] | ||
Assets | ||
Operating lease | 4,928 | 4,275 |
Property, Plant and Equipment, Net [Member] | ||
Assets | ||
Finance lease | 141 | 126 |
Current Operating Lease Liabilities [Member] | ||
Current | ||
Operating | 1,324 | 2,323 |
Other Current Liabilities [Member] | ||
Current | ||
Finance | $ 78 | $ 68 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current |
Non Current Operating Lease Liabilities [Member] | ||
Non-current | ||
Operating | $ 3,811 | $ 1,952 |
Other Noncurrent Liabilities [Member] | ||
Non-current | ||
Finance | $ 73 | $ 73 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent |
Leases - Components of lease co
Leases - Components of lease cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Leases [Abstract] | ||||
Operating lease cost | $ 557 | $ 691 | $ 1,738 | $ 2,098 |
Finance lease cost [Abstract] | ||||
Amortization of right-of-use assets | 18 | 17 | 48 | 50 |
Interest on lease liabilities | 2 | 4 | 7 | 11 |
Total lease cost | $ 577 | $ 712 | $ 1,793 | $ 2,159 |
Leases - Other lease informatio
Leases - Other lease information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | |||||
Operating cash flows from operating leases | $ 561 | $ 691 | $ 1,742 | $ 2,098 | |
Operating cash flows from finance leases | 2 | 4 | 7 | 11 | |
Financing cash flows from finance leases | $ 18 | $ 16 | $ 50 | $ 49 | |
Weighted average remaining lease term | |||||
Operating leases | 3 years 10 months 24 days | 3 years 10 months 24 days | 2 years 4 months 24 days | ||
Finance leases | 2 years 6 months | 2 years 6 months | 2 years | ||
Weighted average discount rate | |||||
Operating leases | 6.58% | 6.58% | 4.20% | ||
Finance leases | 7.63% | 7.63% | 7.75% |
Leases - Aggregate future lease
Leases - Aggregate future lease payment (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Leases [Abstract] | |
Operating Leases, Remainder of 2022 | $ 508 |
Operating Leases, 2023 | 1,449 |
Operating Leases, 2024 | 1,330 |
Operating Leases, 2025 | 1,218 |
Operating Leases, 2026 | 846 |
Operating Leases, 2027 | 585 |
Operating Leases, Total future lease payments | 5,936 |
Less: Present value adjustment | (801) |
Present value of future payments | 5,135 |
Finance Leases [Abstract] | |
Finance Leases, Remainder of 2022 | 22 |
Finance Leases, 2023 | 86 |
Finance Leases, 2024 | 24 |
Finance Leases, 2025 | 23 |
Finance Leases, 2026 | 11 |
Finance Leases, 2027 | 0 |
Finance Leases, Total future lease payments | 166 |
Less: Present value adjustment | (15) |
Present value of future payments | $ 151 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Payroll, benefits and related taxes, excluding severance benefits | $ 10,552 | $ 9,548 |
Withholding tax attributable to intercompany interest income | 3,345 | 1,950 |
Outside service fees | 1,608 | 1,088 |
Merger-related costs | 0 | 7,035 |
Others | 295 | 450 |
Accrued expenses | $ 15,800 | $ 20,071 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||
Estimated amount reclassified from accumulated other comprehensive income into income | $ 13,262 | |
Nomura Financial Investment (Korea) Co., Ltd. [Member] | ||
Derivative [Line Items] | ||
Threshold amount of cash collateral | $ 760 | |
Standard Chartered Bank Korea Limited [Member] | ||
Derivative [Line Items] | ||
Threshold amount of cash collateral | $ 1,300 | |
Zero Cost Collar and Forward Contracts [Member] | Nomura Financial Investment (Korea) Co., Ltd. [Member] | ||
Derivative [Line Items] | ||
Threshold amount of cash collateral | 500 | |
Cash collateral for credit exposure in derivatives | 11,670 | |
Termination provisions for cash and cash equivalents | 30,000 | |
Zero Cost Collar and Forward Contracts [Member] | Standard Chartered Bank Korea Limited [Member] | ||
Derivative [Line Items] | ||
Cash collateral for credit exposure in derivatives | $ 2,700 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Details of Derivative Contracts (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Zero Cost Collar One [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Aug. 13, 2021 | May 13, 2021 |
Total notional amount | $ 15,000 | $ 39,000 |
Month of settlement, start | 2022-10 | 2022-01 |
Month of settlement, end | 2022-12 | 2022-09 |
Zero Cost Collar Two [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Jan. 04, 2022 | Aug. 13, 2021 |
Total notional amount | $ 39,000 | $ 48,000 |
Month of settlement, start | 2022-10 | 2022-01 |
Month of settlement, end | 2023-06 | 2022-12 |
Zero Cost Collar Three [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Mar. 07, 2022 | |
Total notional amount | $ 24,000 | |
Month of settlement, start | 2023-07 | |
Month of settlement, end | 2023-12 | |
Zero Cost Collar Four [Member] | ||
Derivative [Line Items] | ||
Date of transaction | Apr. 27, 2022 | |
Total notional amount | $ 51,000 | |
Month of settlement, start | 2022-10 | |
Month of settlement, end | 2023-12 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Values of Outstanding Zero Cost Collar and Forward Contracts Recorded as Assets and Liabilities (Detail) - Zero Cost Collars [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Liability Derivatives: | ||
Other non current liabilities | $ 15,062 | $ 2,020 |
Other Current Liabilities [Member] | ||
Liability Derivatives: | ||
Other non current liabilities | 12,744 | 2,020 |
Other Noncurrent Liabilities [Member] | ||
Liability Derivatives: | ||
Other non current liabilities | $ 2,318 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Offsetting of Derivative Assets and Liabilities (Details) - Zero Cost Collars [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Liability Derivatives: | ||
Liability Derivatives, Gross amounts of recognized liabilities | $ 15,062 | $ 2,020 |
Liability Derivatives, Gross amounts offset in the balance sheets | 0 | 0 |
Liability Derivatives, Net amounts of liabilities presented in the balance sheets | 15,062 | 2,020 |
Liability Derivatives, Gross amounts not offset in the balance sheets, Financial instruments | 0 | 0 |
Liability Derivatives, Gross amounts not offset in the balance sheets, Cash collateral pledged | (14,370) | (2,060) |
Liability Derivatives, Net amount after master netting | $ 692 | $ (40) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Impact of Derivative Instruments on Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | $ 2,820 | $ 653 | $ 5,378 | $ (333) |
Zero Cost Collars [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Amount of Loss Recognized in AOCI on Derivatives (Effective Portion) | (11,757) | (3,271) | (19,498) | (4,964) |
Zero Cost Collars [Member] | Cash Flow Hedging [Member] | Other income, net [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain Recognized in Statement of Operations on Derivatives (Ineffective Portion) | 146 | 237 | 201 | 94 |
Zero Cost Collars [Member] | Cash Flow Hedging [Member] | Net Sales [Member] | ||||
Derivative [Line Items] | ||||
Amount of Gain (Loss) Reclassified from AOCI into Statement of Operations (Effective Portion) | $ (2,820) | $ (653) | $ (5,378) | $ 333 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Cash deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Zero Cost Collar And Forward Contracts [Member] | SC | ||
Deposit Assets [Line Items] | ||
Margin Deposit Assets | $ 1,000 | $ 1,000 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Value [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 12,744 | $ 2,020 |
Carrying Value [Member] | Other Noncurrent Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 2,318 | |
Estimate of Fair Value Measurement [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 12,744 | 2,020 |
Estimate of Fair Value Measurement [Member] | Other Noncurrent Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 2,318 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Current Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | 12,744 | $ 2,020 |
Significant Other Observable Inputs (Level 2) [Member] | Other Noncurrent Liabilities [Member] | ||
Liabilities: | ||
Derivative liabilities | $ 2,318 |
Accrued Severance Benefits - Ad
Accrued Severance Benefits - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 | |
Percentage of employees eligible for severance benefits | 97% |
Retirement age of employees | 60 years |
Korea [Member] | Minimum [Member] | |
Korea's mandatory retirement age | 60 years |
Accrued Severance Benefits - Ch
Accrued Severance Benefits - Changes in Accrued Severance Benefits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Postemployment Benefits [Abstract] | |||||
Beginning balance | $ 47,586 | $ 53,105 | $ 51,567 | $ 54,452 | |
Provisions | 1,923 | 2,007 | 5,163 | 5,514 | |
Severance payments | (1,247) | (1,936) | (4,181) | (4,772) | |
Translation adjustments | (4,730) | (2,441) | (9,017) | (4,459) | |
Ending balance | 43,532 | 50,735 | 43,532 | 50,735 | |
Less: Cumulative contributions to severance insurance deposit accounts | (15,292) | (12,739) | (15,292) | (12,739) | |
The National Pension Fund | (40) | (55) | (40) | (55) | |
Group severance insurance plan | (164) | (200) | (164) | (200) | |
Accrued severance benefits, net | $ 28,036 | $ 37,741 | $ 28,036 | $ 37,741 | $ 33,064 |
Accrued Severance Benefits - Fu
Accrued Severance Benefits - Future Benefits Payments to Employees (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Postemployment Benefits [Abstract] | |
Remainder of 2022 | $ 212 |
2023 | 534 |
2024 | 769 |
2025 | 1,273 |
2026 | 1,772 |
2027 | 1,463 |
2028 – 2032 | $ 17,223 |
Foreign Currency Loss, Net - Ad
Foreign Currency Loss, Net - Additional Information (Detail) $ in Thousands | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Foreign Currency Transaction [Abstract] | ||
Exchange rates using first base rate | 1,434.8 | 1,185.5 |
Intercompany loan balances | $ 356,746 | $ 344,411 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Tax Contingency [Line Items] | ||||
Income tax expenses (benefits) | $ (3,942) | $ 3,149 | $ (1,356) | $ 6,040 |
Korean Subsidiary [Member] | ||||
Income Tax Contingency [Line Items] | ||||
The net operating income carry forwards of the taxable income | 60% | 60% |
Geographic and Other Informat_3
Geographic and Other Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Ten Customers [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 64% | 81% | 70% | 81% | |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer One [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 16.20% | 44.70% | 20.60% | 44.60% | |
Customer Concentration Risk [Member] | Net Sales [Member] | Top Customer Two [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 10.10% | 13.90% | 10.60% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer One [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 24.10% | 31.50% | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Top Customer Two [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 11.80% | 16.10% | |||
Geographic Concentration Risk [Member] | Net Sales [Member] | Asia Pacific Other Than Korea [Member] | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 74.20% | 66.40% | |||
Geographic Concentration Risk [Member] | Net Sales [Member] | CHINA, HONG KONG | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 72% | 63.40% | |||
Geographic Concentration Risk [Member] | Net Sales [Member] | VIET NAM | Standard products business [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Concentration risk, percentage | 2.40% | 19.60% | 16.20% | 29.50% |
Geographic and Other Informat_4
Geographic and Other Information - Schedule of Operating Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 71,199 | $ 127,000 | $ 276,668 | $ 363,895 |
Total gross profit | 17,225 | 46,587 | 85,166 | 114,939 |
Standard products business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 62,771 | 117,415 | 248,069 | 333,589 |
Total gross profit | 17,274 | 45,773 | 82,872 | 112,291 |
Fab Three Foundry Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 8,428 | 9,585 | 28,599 | 30,306 |
Total gross profit | (49) | 814 | 2,294 | 2,648 |
Operating Segments [Member] | Standard products business [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 62,771 | 117,415 | 248,069 | 333,589 |
Operating Segments [Member] | Standard products business [Member] | Display Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 6,355 | 58,528 | 63,876 | 164,024 |
Operating Segments [Member] | Standard products business [Member] | Power Solutions [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | $ 56,416 | $ 58,887 | $ 184,193 | $ 169,565 |
Geographic and Other Informat_5
Geographic and Other Information - Net Sales by Region, Based on Location of Products are Billed (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 71,199 | $ 127,000 | $ 276,668 | $ 363,895 |
Standard products business [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 62,771 | 117,415 | 248,069 | 333,589 |
Standard products business [Member] | Korea [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 23,867 | 29,664 | 86,065 | 86,966 |
Standard products business [Member] | Asia Pacific (Other Than Korea) [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 34,612 | 84,220 | 148,940 | 237,312 |
Standard products business [Member] | United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 2,718 | 1,756 | 8,074 | 4,393 |
Standard products business [Member] | Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | 1,574 | 1,398 | 4,990 | 3,847 |
Standard products business [Member] | Others [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Total revenues | $ 0 | $ 377 | $ 0 | $ 1,071 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Foreign currency translation adjustments | $ (16,651) | $ (770) |
Derivative adjustments | (15,580) | (1,460) |
Total | $ (32,231) | $ (2,230) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | $ 448,147 | $ 422,631 | $ 452,762 | $ 345,600 |
Total other comprehensive loss | (14,911) | (3,478) | (30,001) | (8,106) |
Balance ending | 413,215 | 433,297 | 413,215 | 433,297 |
Foreign Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | (10,677) | 120 | (770) | 2,069 |
Other comprehensive loss before reclassifications | (5,974) | (860) | (15,881) | (2,809) |
Total other comprehensive loss | (5,974) | (860) | (15,881) | (2,809) |
Balance ending | (16,651) | (740) | (16,651) | (740) |
Derivative Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | (6,643) | (1,045) | (1,460) | 1,634 |
Other comprehensive loss before reclassifications | (11,757) | (3,271) | (19,498) | (4,964) |
Amounts reclassified from accumulated other comprehensive loss (income) | 2,820 | 653 | 5,378 | (333) |
Total other comprehensive loss | (8,937) | (2,618) | (14,120) | (5,297) |
Balance ending | (15,580) | (3,663) | (15,580) | (3,663) |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance beginning | (17,320) | (925) | (2,230) | 3,703 |
Other comprehensive loss before reclassifications | (17,731) | (4,131) | (35,379) | (7,773) |
Amounts reclassified from accumulated other comprehensive loss (income) | 2,820 | 653 | 5,378 | (333) |
Total other comprehensive loss | (14,911) | (3,478) | (30,001) | (8,106) |
Balance ending | $ (32,231) | $ (4,403) | $ (32,231) | $ (4,403) |
Stock Repurchases - Additional
Stock Repurchases - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Dec. 21, 2021 | Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | Aug. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 37,500 | $ 37,500 | ||||
Accelerated share repurchase program adjustment shares | 994,695 | |||||
Aggregate purchase price of shares | $ 20,073 | |||||
Additional Paid-In Capital [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Accelerated stock repurchase | $ 17,217 | $ 17,427 | ||||
Treasury Stock [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Accelerated stock repurchase | $ (17,217) | |||||
Treasury Stock [Member] | Reclassified As A Treasury Stock From Additional Paid In Capital [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Accelerated share repurchase program adjustment shares | 1,031,576 | |||||
Aggregate purchase price of shares | $ 17,217 | |||||
Sale of stock issue price per share | $ 16.69 | |||||
Accelerated Stock Repurchase Program [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | 75,000 | |||||
Accelerated stock repurchase | $ 37,500 | |||||
Stock Repurchase Program [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 87,500 | |||||
Stock repurchased during period, Shares | 324,643 | |||||
Aggregate purchase price | $ 3,638 | |||||
Sale of aggregate purchase price per share | $ 11.21 | |||||
Stock Repurchase Program [Member] | Previously Reported [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||||
Stock Repurchase Program, Authorized Amount | $ 75,000 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2022 BusinessLines $ / shares | Sep. 30, 2021 shares | Dec. 31, 2021 $ / shares | |
Conversion Of Exchangeable Notes | shares | 1,906,786 | ||
Common stock, par value | $ 0.01 | $ 0.01 | |
Redemption of rights per right | BusinessLines | 0.001 | ||
Common Stock, Voting Rights | 50 | ||
Percentage of assets or earning power of the Company | 50% | ||
Acquiring Person [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 12.50% | ||
Passive Institutional Investor [Member] | |||
Business Acquisition, Percentage of Voting Interests Acquired | 20% | ||
Series A1 [Member] | |||
Common stock, par value | $ 0.01 | ||
Sale of stock issue price per share | $ 80 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Loss Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Basic Earnings (Loss) per Share | ||||
Net income (loss) | $ (17,195) | $ 10,768 | $ (11,007) | $ 3,097 |
Basic weighted average common stock outstanding | 44,865,266 | 46,449,234 | 45,119,214 | 44,377,250 |
Basic earnings (loss) per common share | $ (0.38) | $ 0.23 | $ (0.24) | $ 0.07 |
Diluted earnings (loss) per share | ||||
Basic weighted average common stock outstanding | 44,865,266 | 46,449,234 | 45,119,214 | 44,377,250 |
Net effect of dilutive equity awards | 0 | 1,359,223 | 0 | 1,434,542 |
Diluted weighted average common stock outstanding | 44,865,266 | 47,808,457 | 45,119,214 | 45,811,792 |
Diluted earnings (loss) per share | $ (0.38) | $ 0.23 | $ (0.24) | $ 0.07 |
Earnings (Loss) Per Share - S_2
Earnings (Loss) Per Share - Schedule of Antidilutive Securities Excluded from the Computation of Loss Per Common Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding units and warrants excluded from computation of diluted loss per share/unit | 1,906,786 | |||
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding units and warrants excluded from computation of diluted loss per share/unit | 1,141,551 | 50,000 | 1,141,551 | 50,000 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Outstanding units and warrants excluded from computation of diluted loss per share/unit | 1,014,124 | 0 | 1,014,124 | 0 |
Merger Agreement - Additional I
Merger Agreement - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 20, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Oct. 31, 2022 | Oct. 28, 2022 | Aug. 05, 2022 | Apr. 04, 2022 | |
Business Acquisition [Line Items] | ||||||||||
Merger Related Costs Income Net | $ 0 | $ 1,552 | $ 0 | $ 13,842 | ||||||
Merger Termination Fee | $ 70,200 | |||||||||
Proceed from termination cost | $ 51,000 | |||||||||
Secures Deferred Merger Termination Fee | $ 19,200 | |||||||||
Termination Agreement [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Termination agreement outstanding amount | $ 4,800 | |||||||||
Termination agreement amount Paid | $ 3,000 | $ 14,400 | ||||||||
Letter agreement outstanding amount | $ 1,800 | $ 1,800 | ||||||||
Termination Agreement [Member] | Subsequent Event [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Termination agreement outstanding amount | $ 1,800 | |||||||||
Letter Agreement [Member] | Subsequent Event [Member] | Due on or Before December 23, 2022 [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Letter agreement outstanding amount | $ 1,800 | |||||||||
Other Receivable [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Deferred Merger Termination Fee As Other Receivable | $ 19,200 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Other Current Assets [Member] | ||
Loss Contingencies [Line Items] | ||
Prepayments to suppliers | $ 9,532 | $ 1,708 |