They are a designer and manufacturer of analog and mixed-signal semiconductor platform solutions for communications, Internet of Things (“IoT”) applications, consumer, industrial and automotive applications. They provide technology platforms for analog, mixed-signal, power, high voltage, non-volatile memory, and Radio Frequency (“RF”) applications. They have a proven record with over 30 years of operating history, a portfolio of approximately 3,200 registered patents and pending applications and extensive engineering and manufacturing process expertise. Their business is comprised of two operating segments: Foundry Services Group and Standard Products Group. Their Foundry Services Group provides specialty analog and mixed-signal foundry services mainly for fabless and Integrated Device Manufacturer (“IDM”) semiconductor companies that primarily serve communications, IoT, consumer, industrial and automotive applications. Their Standard Products Group is comprised of two business lines: Display Solutions and Power Solutions. Their 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. Their Power Solutions products include discrete and integrated circuit solutions for power management in communications, consumer and industrial applications.
Their wide variety of analog and mixed-signal semiconductor products and manufacturing services combined with they mature technology platform allow us to address multiple high-growth end markets and to rapidly develop and introduce new products and services in response to market demands. Their design center and substantial manufacturing operations in Korea place us at the core of the global electronics device supply chain. They believe this enables us to quickly and efficiently respond to they customers’ needs and allows us to better serve and capture additional demand from existing and new customers.
They have a long history of supplying and collaborating on product and technology development with leading innovators in the consumer electronics market. As a result, we have been able to strengthen they technology platform and develop products and services that are in high demand by they customers and end consumers. They sold over 2,000 distinct products in each of the years ended December 31, 2017 and December 31, 2016, with a substantial portion of they revenues derived from a concentrated number of customers. Their largest Foundry Services Group customers include some of the leading semiconductor companies that design analog and mixed-signal products for communications, IoT, consumer, industrial and automotive applications.
Their business is largely driven by innovation in the consumer electronics markets and the growing adoption by consumers worldwide of electronic devices for use in their daily lives. The consumer electronics market is large and growing rapidly, largely due to consumers increasingly accessing a wide variety of rich media content, such as high definition audio and video, mobile television and games on advanced consumer electronic devices. Electronics manufacturers are continuously implementing advanced technologies in new generations of electronic devices using analog and mixed-signal semiconductor components, such as display drivers that enable display of high resolution images, encoding and decoding devices that allow playback of high definition audio and video, and power management semiconductors that increase power efficiency, thereby improving heat dissipation and extending battery life.
For the year ended December 31, 2017, we generated net sales of $679.7 million, net income of $84.9 million, Adjusted EBITDA of $78.7 million and Adjusted Net Income of $28.9 million. See “Item 6. Selected Financial Data” and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” elsewhere in this Report for an explanation of they use of Adjusted EBITDA and Adjusted Net Income and a reconciliation to net income (loss) prepared in accordance with United States generally accepted accounting principles (“US GAAP”).
