Magnachip Semiconductor Corporation (NYSE:MX) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET

Company Participants

Yujia Zhai - MD, The Blueshirt Group

Young-Joon Kim - CEO

Shinyoung Park - CFO

Conference Call Participants

Suji Desilva - ROTH Capital Partners

Operator

Thank you for standing by and welcome to the Magnachip Semiconductor Corporation's Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today’s program is being recorded.

And now I'd like to introduce to your speaker today, Yujia Zhai, Managing Director of the Blueshirt Group. Please go ahead sir.

Yujia Zhai

Thanks operator. Hello, everyone. Thank you for joining us to discuss Magnachip’s financial results for the third quarter ended September 30, 2023. The third quarter earnings release that was issued today after the market close can be found on the company’s investor relations website. The webcast replay of today’s call will be archived on our website shortly afterwards.

Joining me today is YJ Kim, Magnachip’s Chief Executive Officer; Shinyoung Park, our Chief Financial Officer. YJ will discuss the company’s recent operating performance and business overview, and Shinyoung will review the financial results for the quarter and provide guidance for the fourth quarter of 2023. There will be a Q&A session following the prepared remarks.

During the course of this earnings conference call, we may make forward-looking statements about Magnachip’s business outlook and expectations. Our forward-looking statements and all other statements that are not historical facts, reflect our beliefs and predictions as of today and therefore, are subject to risks and uncertainties as described in the Safe Harbor statement found in our SEC filings.

During the call, we also will discuss non-GAAP financial measures. The non-GAAP measures are not prepared in accordance with Generally Accepted Accounting Principles, but are intended to illustrate an alternative measure of Magnachip’s operating performance that may be useful.

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measure can be found in our second quarter earnings release in the investor relations section of our website.

And with that, I will now turn the call over to YJ Kim. YJ?

Young-Joon Kim

Hello everyone. Thank you for joining us today and welcome to Magnachip’s Q3 earnings call. Starting with our financials. Our Q3 results were in-line with our expectations. Q3 revenue was $61.2 million, down 14% year-over-year and up slightly sequentially.