Macronix: Fiscal 4Q21 Financial Results

Macronix International Co., Ltd. announced the unaudited financial results for the fourth quarter ended Dec. 31, 2021. All numbers were prepared in compliance with the TIFRS on a consolidated basis.

Summary of 4FQ21:

• Net sales was NT$14,545 million ($523.9 million).
• Gross profit was NT$6,863 million ($247.2 million) with 47.2% gross margin.
• Operating income was NT$4,094 million ($147.5 million) with 28.1% operating
  margin.
• Income before tax was NT$4,041 million ($145.6 million); net income was
  NT$3,692 million ($133.0 million).
• EPS was NT$2.00; book value per share was NT$25.20.

4FQ21Financial Highlights:
Net sales of NT$14,545 million ($523.9 million), a decrease of 3% sequentially and an increase of 43% Y/Y.
Gross profit and Gross margin was NT$6,863 million ($247.2 million) and 47.2%, respectively. Gross profit was increased 7% sequentially and increased 109% year-over-year.

Operating expenses for this quarter were NT$2,769 million ($99.7 million), a decrease of 5% Q/Q and an increase of 50% Y/Y. Operating income for this quarter was NT$4,094 million ($147.5 million), an increase of 17% Q/Q and an increase 185% Y/Y.

Income before taxes was NT$4,041 million ($145.6 million), a decrease of 34% Q/Q and an increase of 199% Y/Y.
The income tax expense was NT$349 million ($12.6 million), the net income after tax was NT$3,692 million (US$133.0 million).
EPS was NT$2.00 (US$0.07).

For this quarter, the book value was NT$25.20 per share.

Current assets and cash flow:

• As of December 31, 2021, the debt-to-asset ratio was 39.1% which was lower than 41.6% on September 30, 2021.
• As of Dec. 31, 2021, the company had NT$18,565 million ($670.7 million) in cash and cash equivalents.
• As of December 31, 2021, net inventory was NT$13,156 million ($475.3 million), compared to NT$13,313 million on September 30, 2021, a decrease of NT$157 million.
• As of December 31, 2021, the total liabilities was NT$29,983 million ($1,083.2 million), compared to NT$30,662 million on September 30, 2021, a decrease of NT$679 million; Shareholders’ equity was NT$46,725 million ($1,688.0 million).
• Depreciation and amortization expenses were NT$1,106 million ($39.8 million) for this quarter. Net cash flow from operating activities was NT$7,043 million ($253.7 million) for this quarter. Capital expenditure for this quarter was NT$2,542 million ($91.6 million) mainly for the procurement of facility and production equipment.

4FQ21 Business Highlights

• NAND flash, NOR flash and ROM represent 14%, 52% and 28% of the net sales, respectively
• NAND flash products accounted for 14% of net sales, a sequential decrease of 11% and an increase of 125% Y/Y.
• NOR flash products accounted for 52% of net sales, a sequential decrease of 2% and an increase of 100% Y/Y.
• ROM revenue accounted for 28% of net sales, a sequential decrease of 2% and a decrease of 11% Y/Y.
• FBG products accounted for 6% of net sales, a sequential increase of 7% and an increase of 1% Y/Y.