MX - Earnings call transcript Q4 2019 | Magnachip Semiconductor Corporation

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Operator

Good afternoon, ladies and gentlemen, and welcome to the Q4 2019 MagnaChip Semiconductor Corporation Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded.

I would now like to turn the conference over to your host Mr. Investor of Head Entin, Relations. Bruce sir. Please go ahead,

Bruce Entin

we joining Thank MagnaChip's discuss December and XXXX. earnings other for market be the fourth you, and thank XX, release quarter fourth on Alexander, releases us The today financial closed ended after stock to quarter you filed found for results can the and be after the website completion the company's telephone Access A on shortly website. one-year. will replay of archived the provided available earnings call the is Investor Relations today's webcast be call in will release. press information of our the for

today categories, Kim, Officer. be and YJ me today's Jonathan overview an and outlook operating QX Chief Financial Jonathan the following prepared discuss remarks. Executive market company's recent will year-end will provide Joining Officer; There are our financial YJ results. will performance a of Chief product Kim, and session our our Q&A and MagnaChip's for

and MagnaChip's of make outlook may course this business we the During call, statements expectations. forward-looking about

Our beliefs and other forward-looking harbor in filings. our are of the and, today uncertainties described facts as subject in our statements not therefore, historical found as statements safe that risks predictions reflect and are discussion and to SEC all

non-GAAP discuss operating directly comparable the performance but earnings www.magnachip.com. can be useful. measures release most under that are generally measures. our accepted A alternative reconciliation financial GAAP on of MagnaChip's tab Investor website the of the found During at are an to measure we also fourth accounting intended in available may in non-GAAP be Relations our quarter accordance the measures call, will The measures principles prepared non-GAAP financial not with to illustrate

YJ? YJ call over I now will to Kim. the turn

YJ Kim

conference to the QX call. Thanks, Bruce, everyone on and welcome XXXX

this to health in discuss prayers extend deepest come First, a coronavirus and the with those to little impact we'd back China elsewhere. to crisis of issue will later. the and I coping thoughts like our

on XXXX the results with ended outlook. QX. in recap business of We a now a high QX begin and note Let's

you QX we to call, XXrd our $XXX between we softness seasonal to be in guided recall margin and to gross to XX% October between be said If XX%. profit and million earnings revenue million expected normal $XXX

Due business million, in and updated represented projected guidance XX% the profit which between to margin at $XXX any and $XXX revenue QX highest January the improving to range on XXth to fourth million and was environment, revenue gross XXXX. reported QX we guidance updated level XX%. we $XXX of an since million achieved high-end of between actual the quarter Today,

from to as on than gross yields expected. than updated external at QX better was Power of total due for selfness expected, OLED drivers. expected, display utilization margin profit than in OLED latest-generation margin was seasonally seasonal and all was point expected range increased effective OLED mid significantly revenue than slightly product ago, businesses fab an Corporate the revenue foundry and mix was improved three While Foundry XX.X% expected a the was of better above XX.X% softer better year better manufacturing on

by improved which sequentially, position Jonathan shortly. discuss cash Our XX.X% will

unit very anticipated we the business twofold increased from history. with XX% was only revenue million we and $XX.X to each achieved sequentially $XX.X decline in of highest a QX experienced XX.X% to from year than of less OLED. into performance the The XXXX. heading ago favorably declined by QX decline million QX in was company’s compared QX. sequential significantly the from Revenue QX and fourth review any let's Now, the in in beginning quarter level OLED

first will our XXXX. in in Two smart launch OLED drivers smartphones with our the half OLED in and with display another we QX Asia expect to nine launched of up drivers phones

mass production ramp While our in XX-nanometer very production launch had drivers QX. good following QX revenue to in a of contributed OLED all our their driver IC initial

like technology now discuss new multiple to into our addressable sectors. that I’d extend will initiative reach a

developed excited maker our are metric showcased micro-LED and chip first XXX-inch TV XX, industry's micro-LED that panel XX the driver active TV to IC’s models CES, single we've and televisions. DDIC. introduced announce include major At that a We for large

of Depending We micro-LED on expect TV, towards up the the initial end to of of year. begin this to resolution the used be units for can XXX production DDIC TV. our currently pilot

industrial some for markets. Looking will ICs applications large end commercial and ahead, we ultra-high driver TV micro-LED in data for be signage used believe and

for OLED market markets replacement of from to technology, Speaking encouraged prime OLED that see The as to of smartphones, adapt aside we are a and auto is have begun extending reach new LCD. tablets, a the TVs example.

use Some technology driver's from brake but the the car seat. trunk beginning for OLED move to lights, is the already makers to

models. a to replace it’s Just LCD curved it's XX-inch dashboard contain that announced Escalade three a will display OLED and Cadillac plans also XXXX E-Class SUV form OLED Mercedes weeks few screens ago, display has S-Class display. flexible reported in with cockpit

auto a wins for as have but we see the number LCDs in OLED just have when to done attractive segment, smartphones. day convert LCD design application will of in We the they auto can

of result, drivers, of As which sum-up latest QX. we drivers we on our generation OLED OLED represents have OLED, XX added the one the market we To now believe in auto a total display in opportunity. a long-term XX-nanometers a including portfolio of promising five

a had grand ago, we at and had portfolio XX-nanometer six one total OLED only drivers of year time One driver. this our

display We foldable requirements to in generation market will and next XXXX differentiated XG aligned changing continue to for launch features smartphones. with drivers new

like display and OLED and capabilities pixel AR with enabling and interfaces fingerprint to Our aging. rates already Hertz, features enhanced refresh VR OLED IP compensate and for resolution correction optical of plus XXX support functions drivers on QHD like to sensing

including are called and package Chip also effective in Plastic. cost drivers technology the most available latest Our types different On

than lowest previous power display Lastly, in or our industry. supplier smaller OLED of XX-nanometer independent in the XX% drivers which are chip size any have generation captive the the

gain number independent OLED share of extend put we OLED lead the increase we the coronavirus, drivers. our demand the and our display revenue, If market aside about supplier confident one technology highly ability from risk are as

MagnaChip. role of change part internal a as to I Display assumed Display Manager will the the growth organization, Business OLED and opportunity the to upon provide allow the best capitalize in in role have CEO General on now of to relevant laser us believe markets. recent this We my attractive focus addition like of of the Business, As emerging other

market two business. level past dramatically the a and next to we've years, has product to we increase growth. Power, GM business dedicated opportunity run grown development the named To Over display help to the Power our the have focus that display take in of and now

acting of continue I now, Manager General as For the business. Foundry

our in revenue XXXX year earnings October than Power in to but from down we grew for anticipated due down and Power QX XXXX. XX.X% from Let's said and QX turn was consumer sequentially in Product QX business. now that We communication power seasonal QX the primarily the of XX.X% declining revenue to business due expected was Standard to revenue QX softness but on call weakness more markets. declined actually XXXX the

pricing improves mix. due an We business, margin but inventory We that stemming margin also you in correction. to share power year-over-year profit break don't in profit I improved QX with that significantly from product saw pressure can the power

pause the near a now growth Power term estimate temporary in outlook. sideways term. We our go the we this view long may While in revenue as

our in represent auto may and suppliers and stages business a auto you involved in opportunity would beyond. for growth we we As XX,XXX segment expect meaningful Power are recall, hour with XXXX the qualification

X" was X.X% XX% its than XX% the in the BX offsetting Now from year-over-year was public QX down we in and $XX.X Foundry less nearly turning went Foundry highest six for revenue the was sequentially decline Revenue high of since QX of second half Foundry anticipated. QX increased XXXX, to revenue from but sequentially business. and years. increased in of XXXX the was of QX decline in level at the million in EEPROM XXXX level X.X% QX company voltage XXXX, Revenue from from processes. XXXX. highest at the

Foundry critical EEPROM held compared market and attribute XXXX, revenue we in new touch BCD to as customer process at which high like from excellent that steady service, are X" needs. to QX product aligned to products XX% QX

products one less. in production year for New those are or

nothing stated a time, for accretive evaluation of strategic progress as interested options. business to consideration substantial sale make multiple X, and publicly the As as we of the at of the as continue business with possible there's further Fab toward other parties we and disclose discussion this but well previously, in process conversions Foundry can business

We be path the reiterate value. management the that to board our of shareholder various evaluation MagnaChip’s decision profitability to patience. continued guided regarding and to the by and the outcome available be appreciate options of the We your consider best will maximize process improve what strategic

MagnaChip. when upbeat can I points about our business about me long-term Coronavirus outlook the for make a few let recall aside, more felt time Now a I outlook.

market position a to double-digits. large poised the DDIC of OLED are We expand independent space growing our leading as in by provider range

active single driver. our We are market chip metrics ever extending our micro-LED reach display with first

We tailwind down we automotive. a respected drivers our are Global the emerging MagnaChip. tensions the high since chain back headwind for were we of also auto name products semiconductor public the I well note. as road with semiconductor in I three for XXXX, one for for locate company. unique the Semiconductor many supply fab proud has but positioned finalists displays IP When on that XXX% That's with for award, Alliance are future trade occupy power voltage in our Korea. the and in the look – firms, OLED own a well Asian am And our final most XXXX place MagnaChip positioned and the

make XXXX our would XXXX. largely quarter the slightly a forecast since to revenue revenue higher softness is outside situation impact but me the historically has QX first assessing in the about are the a view. reported QX China, in as in is revenue optimistic negligible $XXX in decline on let potential perspective, its results. be coronavirus a manufacturing with supply entered resides a seasonal From more had chain typical coronavirus. experienced outbreak, compared Prior primarily Now prior there MagnaChip impact we quarter, million the fluid. and few MagnaChip to anticipated still than first comments business our coronavirus so we internal

preliminary public However, customer assessments, health China protect based likely on population QX. will affect taken measures to the in our demand

As a guidance health around would our for crisis. provide we widened normally account uncertainty to and result, help public typical expectation XXXX this lowered range we've for lingering the QX internal

Jonathan Jonathan? call Q&A. back the over for to turn Now, and I’ll come

Jonathan Kim

Thank you, to the and call. YJ, everyone welcome on

Revenue straight key X.X% despite metrics the industry caused to XXXX year of increased year annual It Let's our start of was semiconductor the with segment XXXX second that non-memory X.X%. uncertainty the and for financial growth. QX. by macro in decline

display revenue. display XX% The fueled our Our of premium power by growth total products OLED products Power revenue. homegrown of drivers XX represented low that primarily including of Power for over lineup a standard was that accounted

XXXX. OLED our million million set was according in results record than shipments previous That of time OLED record all DDIC revenue and for smartphone Let's of broke times OLED of growth XXXX. of XX% to rate turn to HIS. worldwide X.X growth the $XXX.X rate an $XXX more panel annual OLED in

but the XXXX, now our QX increased Turning nine Power. to a Revenue XX.X% growth of slowdown first rate X.X%. in to months for annual reduced

reference IC still Power Junction Power to revenue a a consecutive following premium million of in and $XXX.X Super increases declined year-over-year year IHS, according market include As from by IGBT which revenue by and year-over-year. third XXXX. double-digit MOSFETs, X% in XXXX XXXX XX.X% Revenue of our in increased growth products, marked

whole of those in X.X% fab figures to but than but business turning in were the million recovery QX disappointing Foundry $XXX.X don't staged was revenue we story. down million an and XXXX Foundry, Foundry extremely utilization expected in final in the and the from year. quarters impressive faster stabilized Now XXXX the three revenue tell $XXX.X

QX results, revenue a XX.X% includes $XXX.X Power million QX in in Display up $XXX.X year-over-year Products and XX.X% which to record sequentially Now Group, million and down Standard the was from XXXX.

continued million was of lower the our revenue increase was from of OLED drivers to record margin down XX.X% $XX.X mobile impressive was an that sequentially in to reduce considering and million XX.X% up and related The of products. sale Display XXXX. strategically QX primarily in year-over-year $XX.X to especially and we display production our year-over-year increase revenue LCD a attributable

QX, revenue as XX% $X.X In $XX LCD million compared to for was QX XXXX. down million of

was XX.X% from total up revenue All $XX.X down revenue For QX compared as in $XX.X represented XXXX. revenue LCD the million QX XXXX. for in of XXXX, XX.X% in to all of XX.X% that million display full-year

XX% XX% Group up Services noted million. in power As QX was represented revenue of Foundry revenue million of previously, in and $XX.X XXXX. from The XX% represented in Products Group down revenue $XX.X from revenue Foundry XX% Group was total QX QX The in total Services Standard QX XXXX.

of beginning and million or Let��s Gross XX% gross profitability XXXX. guidance was profit million XX.X% the metrics $XX.X increased midpoint profit total XX. to Total slightly QX on updated in profit margin. recap with above in or QX provided XX% or $XX.X now January QX, of XX.X% gross in gross from range the profit

Fab low-to-mid when expected XX. utilization but was QX XX% guidance during in initial provided QX on we range, QX our October higher in we the had was call than earnings the

Fab income, range to XXXX, the gross important to monitor as operating the utilization mid-XX% we XXXX of in QX in metric through QX calls EBITDA earnings flows. because and in QX flow compared cash past, of financial on and XX% to we in an believe said many the profit is adjusted approximately potential

highest totaled in cash represented operating years. in cash cash and third the QX, XX.X% quarter million, This flow. of recorded equivalents net $XX.X million $XXX.X positive consecutive from sequentially flow. up and cash operating we And net six million, In $XXX.X

Group the product compared in and was supplier on fourth primarily and the of margin in in to stabilized of an The margin improvement improved in products quarter quarter that from XXXX. Group’s quarter external sequential was the XX.X% Standard in wafer mix OLED XX.X% gross yields fourth XX.X% of XXXX, entered Product to profit XXXX. Standard the gross an and The profit due production Products year-over-year third third the quarter as

improvement quarter of gross Service XX.X% product compared of to mix. year-over-year XXXX XX.X% gross in the was profit fourth primarily in improved in third Foundry the XX.X% Foundry profit quarter the margin due in the The Group’s and margin was as quarter XXXX. an fourth to

QX turning to or X.X% million SG&A or and million million of Now XXXX X.X% in XXXX. or $XX.X expenses, operating to of in $XX.X revenue as of of compared was $XX.X revenue revenue X.X% QX

X.X% million of and X.X% R&D revenue million XXXX. timing attributable compensation. compared in or of the $XX.X of to based XXXX XX.X% SG&A $XX was and or The in increase was or equity of revenue primarily QX $XX.X revenue both QX R&D million to in

as from Turning Accounts previously, of million now to decline $XXX.X $XX.X interest and balance million, as a mentioned third sheet, the the of of recall, $XXX.X quarters in QX million year. XXXX. occur our receivable XX% a the was totaled first cash payments in

normalized and with million million flat million million Inventories was totaled million million. was in earnings during $X.X The in CapEx QX $X.X in XXXX in CapEx QX XXXX. $XX.X call. CapEx as is XXXX, in in $XX which XXXX. million consistent $XX $XX.X or about CapEx with were QX QX down our approximately compared in decline $XX.X from expenditures with forecast XXXX our of QX

I'll With that, turn back Bruce. to the Bruce? call

Bruce Entin

you, Thank Jonathan.

this for We remarks. open Alexander, prepared call the now concludes like our questions. So to

Operator

ROTH your from from first [Operator you. have Instructions] Capital. question De Thank We Silva Suji

Your line is open.

Suji De Silva

across ,YJ. results Hi, Hi on congratulations Outstanding progress Jonathan, and here. display on the the board.

and you've are into So, design helpful go how in to in ramp as XXXX you volume again of understand YJ, times, sharp are multiple seeing can why It's maybe that such and said through go we so the you competitively this the positioned? just products XX-nanometer OLED a kind interest.

YJ Kim

you. Suji, thank Yes

the in where products my So XXXX we remark, with nanometer. five entering are XX XX-

we XXXX that obviously, and we the a XX-nanometer. with in ramp production had quarter started very QX in good more fourth So

I will XX-nanometer going sample in see production and So, will more in tape think XXXX. that's to you products good a XX-nanometer the key be and out product product

the aspect very consumption foldable, is and XG is the what's the, consumption. and our key key So the power power lowest

business and products, going the OLED think a roadmap. we our put that's play XX-nanometer So our to that to foundation, advantage future also

Suji De Silva

What the about that the foldable kind one large on your contribution OLED, within And about about of specifically you in make like form of you XXXX. help then Okay, think I've great. talk those first to times upwards And TV panel that. heard if sub-segments those way can gross and trend that's business then OLED and factors can talk it. throughout margin

YJ Kim

comment if saw TV. my So comment you the earlier, micro-LED wasn't

chip. full one We have micro-LED controller the metrics, chip, DDS TV first industry's active a

So And of commented XXXX. you limited will production start towards the can the we put as as XXX. also end that much

can be this So, big, think obviously showing going it's capability what company not the to it's do. of I but

knowledge as to so analog display – some analog requires as have the micro-LED as well we business, business and business The OLED as the and IC power then commercial both power knowledge create as the well discrete worlds that to of micro-LED IC as OLED well metrics, the DDIC. active enables TV

So, this of us next aggregate an to example addressing or OLED. is adjacent market that's

Suji De Silva

terms well in actually opportunity or end separate terms that of in blended in a And catch of OLED XXXX I kind part I Okay. of sort segment as being asked similar can didn't timing. if then helps margin? I for as in it about of the question of so foldable, think and the of and think help that – it you is XXXX, for

YJ Kim

stage. as that it's dozen already introduced you is are foldable to good that so products the Yes, introduced. thing The know, embryonic or have there be a been half

think we is and new smartphones. and future the the that of So, OLED market the really foldable

excited are of the about we prospects foldable future segments. So the

we that's look how So at it.

Suji De Silva

demand great. impact on of you kind lower are how bit which the and is particularly Foundry, previous here. of outlook A Which coronavirus your more three guide expected, you my question to Okay, China three cautious the and contributed had segments And of environment macro little environment your, had than to the to exposed generally, there. most China a and segments the since Thanks. more last that?

YJ Kim

Suji. you, Thank

but last, it's the people I generally and sorry this the ago at you through do, the long So, can that's much that my tremendous time, and down. the tell that the in really how when we back SARS but really the we And, out really, history crisis, – at for don't how to go reacted saw heart this the look where people will the – a at know going again, coronavirus you with but that break who's feel time people contract don't out numbers market the long of of when product-by-product I you course, on started them. kicked same is thing if

how last, So again, but going will long of that the this know that to is are kickback one, don't I kind see. we hoping similar I'm

projection. actual be term to there going in I impact to how going it's some the But play out. and that's market will think determine So short

one expect exposure to have in Foundry we We the a very grow. to Foundry big have is market, it's be revenue But of cautious. the terms But key yet. don't of

say. what so can I And that’s

Suji De Silva

color Congratulation Okay. difficult Jonathan the times, Appreciate the Bruce. during YJ, thanks again. again and

YJ Kim

Thank you.

Operator

question from Needham next comes Company. Your of the & Gill from line Raji

Your line is open.

Raji Gill

thank And OLED. echo I on momentum you. Yes, my the congratulations great in

release, at go press about to the over million back the coronavirus, on you're little a like million to and your $XXX.X you're Just based thinking guiding $XXX mid-point.

is $XX million impact. million, it $XX So

or big that $XX yet million – in New of locked phones? to My these and of mostly demand want pretty $XX cities the many Foundry talked to clarify Year You don't about going be down. you the in because I is have impact to significantly, smart million related is China. exposure extent that just that to is concern are affected China Lunar particularly smartphones

I thought an June well, impact, all. at so as maybe And if an about you get going to into want impact to get just try June

YJ Kim

will that question. and the you, Well, valid visibility But I very a I thank agree think is fluid. think it's everyone

production Lunar week extended up has If the And manufacturing middle are someone or XX% three Lunar are look the to looking production at the still just XX% than what the some China, much utilization. optimistic I – at mean and less in New happened last more Year almost to you New Year utilization before fab and of began in we weeks.

week. the get So or this again, impact to some, just we forecasts demand started getting

the thing year-over-year. the So fluid But I interesting is that's hearing up visibility are why, and is TV limited. I'm sales think that our

So, I are the watch and home staying think they because people TV more.

I strong bottom the very it's recover, to when kickback. coming But, the think China But all number that also be. the to and SARS and had going how The it look depends obviously started revamp critical? I gets and and again, soon that corona forecast do similar a to of will curve to at this we’re the cannot that and you is was at that if the going history you we also government curve industry industry start wants the down on a of I'm So quickly. be is to settled, have very very sure hoping see

have at. you the look similar again, sure you a I'm So analysts, numbers

comment So, that, really but forecast. beyond give and cannot you I accurate an

Raji Gill

then was Is the you kind power markets And thoughts inventory on maybe up And of pressure near on in go so, the business, power pricing pricing the you and or to in benefit QX, sideways little pressure a a strong in markets. in you term, again maybe itself could weakness and reverses communication that bit over? QX QX that may the helpful. and Is end of see comment. quarters mentioned saw there and terms YJ in could and which any elaborate end the of some be if back other kind for from would correction? some of that in any just and wanted see three views picking on Power that further power

YJ Kim

Sure.

I look a discrete picture. X%. last for The has power big power and decreased minus see Let's word the at year

IHS. So to that's according

a with we quarters. automotive, hopefully the like growth. half you last kickback, coronavirus expect gone. see due But number, good is trade our up a there's from at year-over-year segments we will We the went a double-digit China we everyone slowdown. second X% growth year. – had this in recover big see think has customer grew makers, you and power first saw If in year, power also we all that all It Therefore, half to And the the down the really the assessment the three tension second X% power And including the they slowdown and I industry think to look – market demand market the still – ended the else, year-over-year. data quarter, in with in but just caught we supply our fourth and exhalation.

on to power consensus belief – similar have the who the my forecast people, outlook about other is announced business. my So,

Raji Gill

level years in That's and annual great. on foundries going And said six are highest public. QX you foundry the full highest the side, in the

You your describe mentioned kind your this in growth differentiation Foundry Foundry the And in given EEPROM, end how markets What products that business? these of BCD, increase competitive significant high end growth processes. are – you last driving the high-voltage strong do year? in

YJ Kim

Yes.

to revenue So at actually the the look real decrease numbers, in Foundry year. last we

you due between As we XXXX. most or the Foundry about had industry downfall, QX know, poor a very to to XX% our XX% had in downfall QX to QX

And half X" history so we run the especially the nicely, months six despite on recovered our in highest on the rate in second was revenue the of company.

seeing are here. You multiple things

I industry healthy. the Foundry is very think in

below will I of tight that the APs see you so including to and favor that now is our XX-nanometer Foundry. all due really capacity kinds, CMOS RFIC to image see to in tight, by to supply think latest the OLED forth way. today sensor And helps so so then you is or X" the

for product EE we in BCD the the continued progress very evaluation one the the market. customer the competitive And offer to our of low do think And think competitive have other mixed-signal I stable noise IoT We And – for legacy very with application offer I strategic this in sensors technology. process. keeping best we intact.

points business these Foundry stable. are all So, our making

Raji Gill

congratulations. and you Thank

Operator

from Malik next from your have Atif question We Citi.

line is open. Your

Atif Malik

revisions I disruption but like to the because in total when in from better segments, of my coronavirus. and terms seasonal quarter of at looking results do your unit, and sequential globally I and outlook XX% smartphone good Thank making some a of units you XX% and for the sales. guide. at than question year-over-year. China parties don't – know that in you're display the forecast, congratulations And guiding have like a taking third We're to other supply for and the March look the on down of demand embedded are what's questions down global I why unit China

share you I'm factoring guidance to in function of that So weakness the gaining market? in a guys How overall that versus of trying the just you’re the is understand much providing.

YJ Kim

Atif, question. Yes, very good

let that. try So me address to

thing at the is a you So, within growing is I think look one to have smartphone. segment OLED

think that within So also growing smartphone. the I a the And helps. is I segment think XG

at If or the said in that mobile the of XG than sales introduction they will phone in you China that phones. XG look Global believes XXXX be China, higher China Times

if So is at look uptrend. all XG OLED you that the

was like flat either even or we XX%. but minus, though So grew smartphone the just last year,

it's going think a up. OLED one everything helps going it's whether us XG up, combination of have to then and I of So combination It who OLED that’s perspective. sell people LCD,

thing other expect that is into grow. selling And this year non-China our market to is

year we I think introduced – and had of we alluded So lot last maker. in that Korean a phones by

So I how combinations these all maybe again, the than if knows slightly will wider in of the are about look putting But think taking we QX at different time the do, you we I corona others. we also why to uncertainty it's outlook left – for month anyone don't full of and revenue. a one one due are we’re quarter exactly, but at look that think

Atif Malik

some Jonathan, as should full if then follow-up a us And the Great. year? OpEx we about think pointers give you for on how modeling can

Jonathan Kim

Sure.

focused very SG&A we and been and on were able to flat. we've relatively savings keep our profitability So, cost

will given So as I And also respect think flattish be XXXX. R&D we XXXX, the previously, as look activities, continue then related to our R&D based side, OLED. the But, it And go amounts overall, on will related half fluctuate related of SG&A the activities ahead could second think our to to first on OLED to we've discussed R&D, with the the on half up. SG&A R&D for to will the be flattish. of I

Atif Malik

Thank you.

Operator

I to turn continue. the questions conference Entin. Please now I'm would showing like at Mr. time. back Bruce further no this to

Bruce Entin

operator. you thank Okay,

our call. our concludes Relations this future today. of Thank MagnaChip’s for So website. fourth details conference us events Please look XXXX you quarter on earnings joining Investor for

Operator

you gentlemen, your conference Ladies and this and participation day. a wonderful for Thank call. concludes today's have

disconnect. all may You

Magnachip Semiconductor (MX) 19 Feb 202019 Q4 Earnings call transcript