Himax Technologies, Inc. (Nasdaq: HIMX) (“Himax” or “Company”), a
leading supplier and fabless manufacturer of display drivers and
other semiconductor products, announced its financial results for
the first quarter 2024 ended March 31, 2024.
“We believe Q1 will be the low point for this
year and see sales starting to pick up in Q2, especially in the
automotive sector. With several other upcoming demand catalysts on
the horizon, including major sporting events and festival shopping
seasons, business momentum is expected to continue to steadily
improve throughout the second half,” said Mr. Jordan Wu, President
and Chief Executive Officer of Himax.
“The automotive display market is experiencing a
megatrend of expanding quantities, sizes, and sophistication of
displays within vehicles as fancy displays are increasingly
becoming a major selling point for car makers. As the leader in the
automotive display IC business, Himax is poised to benefit from
this trend, which implies higher content value per vehicle for
display semiconductor vendors such as us, leading to sustainable
growth slated for the next few years,” concluded Mr. Jordan Wu.
First Quarter 2024 Financial
Results
Himax net revenues registered $207.6 million, a
decrease of 8.8% sequentially, exceeding its guidance range of a 9%
to 16% decline. Gross margin came in at 29.3%, outperforming the
guidance of around 28.5%. Q1 profit per diluted ADS was 7.1 cents,
surpassing the guidance range of 2.0 cents to 5.0 cents.
Revenue from large display drivers decreased
7.0% sequentially to $31.3 million due to seasonally soft
macroeconomic conditions compounded by ongoing production and
inventory control measures by Company’s leading panel customers.
Consequently, its sales of TV and monitor ICs declined
sequentially. However, notebook IC sales saw a nice double-digit
increase quarter-over-quarter, as customers accelerated their
purchases after several quarters of destocking. Sales of large
panel driver ICs accounted for 15.1% of total revenues for the
quarter, compared to 14.8% last quarter and 21.7% a year ago.
Small and medium-sized display driver revenue reached $144.3
million, a sequential decline of 11.5%. The better-than-guidance
result was fueled by strong sales in DDIC for automotive and OLED
tablets. Driven by rush orders for traditional DDIC, Q1 automotive
driver sales, encompassing both traditional DDIC and TDDI,
experienced a single-digit decline, outperforming the guidance of a
mid-teens decline. Meanwhile, automotive TDDI sales continued to
defy the industry downturn and increased sequentially thanks to
Company’s robust pipeline of design-win projects. The automotive
business, including traditional DDIC, TDDI, Tcon, and OLED sales,
remained the largest revenue contributor in the first quarter,
representing around 46% of total sales. Q1 smartphone IC sales
declined sequentially but exceeded guidance, fueled by rush orders
from leading customers. Conversely, tablet driver sales declined as
expected amidst the typical low season characterized by sluggish
demand. The small and medium-sized driver IC segment accounted for
69.5% of total sales for the quarter, compared to 71.6% in the
previous quarter and 63.3% a year ago.
First quarter revenues from its non-driver business exceeded
guidance, reaching $32.0 million, an increase of 3.4% from the
previous quarter. The better-than-expected performance is
attributable to a resurgence in orders for large-sized display Tcon
products. In the realm of automotive Tcon, the adoption of
Company’s automotive local dimming Tcon continues to rapidly
expand, as evidenced by increasing number of project awards from
numerous Tier-1s for the new vehicle projects of their OEM
customers around the world. This sets the stage for robust sales
growth in the coming years. Non-driver products accounted for 15.4%
of total revenues, as compared to 13.6% in the previous quarter and
15.0% a year ago.
Operating expenses for the first quarter were
$50.7 million, a decrease of 3.1% from the previous quarter and a
decline of 0.6% from a year ago. Given the persistent macroeconomic
headwinds, Himax continues to be diligent with strict budget and
expense control measures.
Q1 operating income was $10.0 million or 4.8% of
sales, compared to 7.2% of sales for the same period last year and
7.3% of sales last quarter. The decreases in operating margin were
primarily driven by lower sales. The sequential decrease was also
attributed to lower gross margin. However, Q2 gross margin is on
track to rebound from Q1. First-quarter after-tax profit was $12.5
million, or 7.1 cents per diluted ADS, compared to $23.6 million,
or 13.5 cents per diluted ADS last quarter, and $14.9 million, or
8.5 cents per diluted ADS in the same period last year.
Balance Sheet and Cash Flow
Himax had $277.4 million of cash, cash equivalents and other
financial assets at the end of March 2024, compared to $223.8
million at the same time last year and $206.4 million a quarter
ago. The increase in cash balance stemmed primarily from continuous
destocking efforts across all major product lines. In Q2, however,
cash, cash equivalents, and other financial assets are set to
decline primarily due to decreasing sales in the previous two
quarters resulting in lower Q1 receivables. In addition, accounts
payable is expected to increase as a result of rising Q1 wafer
orders placed in preparation for higher shipment volume starting in
Q2. Other significant Q2 cash outflows include annual income tax
payments as well as refunds to certain customers for deposits made
during the industry-wide capacity supply shortage. As of the end of
the first quarter, Company had $39.0 million in long-term unsecured
loans, of which $6.0 million was the current portion.
The Company’s inventories as of March 31, 2024
were $201.9 million, lower than $217.3 million last quarter, yet
another illustration of Company’s successful destocking efforts.
Accounts receivable at the end of March 2024 was $212.3 million,
down from $235.8 million last quarter and down from $252.2 million
a year ago. DSO was 93 days at the quarter end, as compared to 91
days last quarter and 93 days a year ago. First quarter capital
expenditures were $2.7 million, versus $15.1 million last quarter
and $2.8 million a year ago. The first quarter capex was mainly for
R&D related equipment and in-house testers of Himax’s IC design
business.
Prior to today’s call, Himax announced an annual
cash dividend of 29.0 cents per ADS, totaling $51 million and
payable on July 12, 2024, with a payout ratio of 100% of the
previous year's profit. The high payout ratio is supported by
Himax’s positive business outlook, as it pursues its business
objectives and strives for sustainable long-term growth and
shareholder value while maintaining a healthy balance sheet.
Outstanding Share
As of March 31, 2024, Himax had 174.7 million
ADS outstanding, unchanged from last quarter. On a fully diluted
basis, the total number of ADS outstanding for the first quarter
was 175.0 million.
Q2 2024 Outlook
Amid ongoing macroeconomic uncertainty, customer
behavior in the display market remains conservative with panel
makers continuing to implement strict output control measures
amidst the cautious end brand panel procurement environment. Given
the limited visibility, customers tend to maintain lean inventory
levels and underestimate demand, thereby providing Company with
conservative forecasts, accompanied by last-minute order increases.
This trend has persisted over the past seven consecutive quarters,
including Q1, with Company’s actual sales consistently at the upper
end of or exceeding its guidance range. As Himax looks ahead to the
second half, even with lean inventory levels, Company anticipates
this conservative market sentiment will persist, causing customers
to continue to prioritize agility in response to market dynamics.
With that being said, Company believes Q1 will be the low point for
this year and sees sales starting to pick up in Q2, especially in
the automotive sector. With several other upcoming demand catalysts
on the horizon, including major sporting events and festival
shopping seasons, business momentum is expected to continue to
steadily improve throughout the second half.
On the update of the near-term outlook for
automotive business, Himax’s largest source of revenues. While many
semiconductor vendors and their customers are still going through
painstaking destocking processes, Company’s inventory position for
automotive sector has become healthy since the end of last year
with its panel customers also maintaining low stock levels at
present. This is best illustrated by the large quantities of rush
orders Company received from panel customers over the last two
months, for which it also had to place rush orders to Company’s
foundry vendors. Therefore, notwithstanding the recent headwinds
faced by the global automotive industry, Himax’s outlook for the
automotive display IC business remains positive for the second half
of the year.
The automotive display market is experiencing a
megatrend of expanding quantities, sizes, and sophistication of
displays within vehicles as fancy displays are increasingly
becoming a major selling point for car makers. As the leader in the
automotive display IC business, Himax is poised to benefit from
this trend, which implies higher content value per vehicle for
display semiconductor vendors such as us, leading to sustainable
growth slated for the next few years. Company’s confidence stems
from its dominant design-win pipelines in TDDI and local dimming
Tcon, both relatively new and cutting-edge technologies for
automotive displays with accelerating volume, a momentum which is
expected to carry on over the next few years. This will further
solidify its position in the market where Company is already the
leader in the traditional DDIC. Moreover, more customers are
adopting Himax’s local dimming Tcon, along with TDDI or LTDI, as an
integral part of their development platform for crafting new
automotive displays, reflecting strong customer loyalty for Himax’s
technology and service. Additionally, Company is implementing cost
optimization and supplier diversification strategies to enhance
supply flexibility and cost-effectiveness, as exemplified by its
recent strategic partnership announced with Nexchip for the
automotive market.
Himax just declared its annual cash dividend
with a payout ratio of 100% of last year’s profit. Company’s
decision for the high dividend payout ratio this year underscores
its unwavering commitment to shareholder value, even in the face of
uncertain macroeconomic conditions. This not only recognizes the
ongoing support of Company’s shareholders but also demonstrates
Company’s confidence in its financial stability.
Display Driver IC
Businesses
LDDIC
In Q2 2024, Himax anticipates a mid-teens sequential
increase in large display driver IC revenue, primarily bolstered by
customer restocking following several quarters of muted demand, as
well as increasing orders from customers preparing for the upcoming
shopping festivals. Q2 TV and monitor IC sales are expected to
increase single digit and nice double digit, respectively, quarter
over quarter. In contrast, notebook IC sales are poised for a
decline following strong restocking in the previous quarter.
In the notebook market, a burgeoning trend of AI PC is emerging,
prompting demand for display upgrades to include touch-enabled
features and/or adoption of OLED displays. Himax offers
comprehensive offerings in both LCD and OLED technologies,
encompassing DDIC, Tcon, and touch-related products. Look ahead to
2025, the anticipated beginning of replacement cycles, Himax is
well-positioned to capitalize on this opportunity with numerous
in-cell TDDI projects for mainstream LCD notebooks and DDIC and
touch controller for OLED notebooks, some of which poised to enter
mass production for leading brands in the second half of this year.
Himax believes this will serve as an important growth catalyst for
the Company in notebook and elevate its presence in the market.
SMDDIC
Q2 SMDDIC revenue is expected to increase single digit
sequentially. Automotive IC revenue is expected to grow high
teens sequentially, with sales for both DDIC and TDDI poised for
sequential growth, despite recent reports of softening electric
vehicle demand. Himax’s leadership position in automotive TDDI
remains solid, underscored by the rapidly expanding adoption as
demonstrated by more than 450 secured design-win projects, and a
continuous influx of new pipeline and design wins across the board.
It’s also important to note that only approximately 30% of awarded
projects are currently in mass production, as an indication of the
potential lucrative growth opportunity Himax believes is yet to be
realized. Automotive TDDI sales are anticipated to represent more
than 40% of total automotive driver sales in Q2. In contrast, both
smartphone and tablet sales are projected to decline quarter over
quarter, as consumers prolong their replacement cycles in response
to the challenging economic environment. To mitigate these sluggish
conditions, Himax has taken steps to improve its cost structure by
diversifying its supplier base, to position Himax for a resurgence
in demand.
To elaborate further on automotive IC business, where Himax has
more than 40% market share. Himax offers the industry's most
comprehensive LCD product lineup, which includes traditional DDIC
and TDDI technologies alongside cutting-edge LTDI and local dimming
Tcon solutions. Moreover, Company is actively expanding and
bolstering its footprint in OLED with a comprehensive range of
products, covering DDIC, Tcon, and on-cell touch controller while
forming strategic alliances with top panel manufacturers in Korea
and China. This proactive approach aligns Company with the dynamic
transformation of the industry towards increasing adoption of OLED
displays for high end vehicles. The inherent flexibility of OLED
displays to cater to foldable or curved shapes, along with
Company’s outstanding visual performance and low power consumption,
opens new horizons for automotive interior displays. Notably,
Company’s meticulously engineered OLED on-cell touch controller
sets a new standard as it boasts an industry-leading touch
signal-to-noise ratio exceeding 45 dB and offers heightened
sensitivity, accommodating challenging user conditions such as
glove-wearing and wet finger operations.
Himax’s comprehensive solutions in automotive LCD and OLED
displays address a broad spectrum of customer preferences and
requirements, nurturing robust customer loyalty and fostering
collaborations with global panel makers, Tier 1 suppliers, and
automobile manufacturers. Company anticipates its automotive
business will remain a significant catalyst for its growth moving
forward.
On OLED, Company has made significant
progress in providing solutions for automotive OLED displays, an
area with exciting growth potential. Himax is expanding into other
OLED applications such as tablet, notebook, and monitor, through
collaborations with leading panel manufacturers in Korea and China
featuring a comprehensive offering, covering DDIC, Tcon, and touch
controllers. Additional products with new feature enhancements are
slated to enter mass production in the second half of 2024.
Regarding smartphone OLED, the current slowdown in smartphone
market demand has unfortunately necessitated adjustments to
Company’s initial timeline. Nonetheless, collaborations with
customers in Korea and China persist, with ongoing verification and
partnership projects.
Non-Driver Product
Categories
Timing Controller (Tcon)
The Company anticipates a notable sequential
increase of more than 40% in Tcon sales in Q2, propelled by
escalating shipments for Tcon in large-sized displays and
automotive. Himax has been devoted to developing panel driver ICs
and timing controllers for decades. Company stands as the industry
leader in both monitor and automotive Tcons, universally adopted by
leading panel makers across the board. In the monitor Tcon sector,
Himax excels in the high-end market, especially in gaming, where
intricate designs are required for high resolution, high refresh
rate, and low latency display performance, crucial for achieving
immersive gaming and entertainment experiences. In the automotive
Tcon domain, Company’s leading position remains unchallenged,
boasting well over one hundred design-win projects, powered by its
cutting-edge local dimming technology along with its
industry-leading proprietary algorithm. The incorporation of local
dimming Tcon not only significantly enhances the display's contrast
ratio but also offers improved power efficiency, particularly
crucial for EV and larger sized displays. Company’s
industry-leading local dimming Tcon solutions support super high
frame rates and a wide range of resolutions, from FHD to up to 8K.
Himax is encouraged by the rapidly expanding validation and
widespread deployment of its solutions, initially in customers’
premium car models which have been expanded into mainstream models
worldwide. In the second quarter, automotive Tcon sales are
anticipated to grow more than 30% sequentially, representing more
than 3% of total sales. From a longer-term perspective, the
growing traction of Himax’s local dimming Tcon for automotive is on
track to mirror the success of its automotive TDDI over the last
couple of years.
WiseEye™ Ultralow
Power AI Sensing
Himax’s WiseEye™ Ultralow Power AI Sensing is a
cutting-edge endpoint AI integration solution featuring proprietary
ultralow power AI processors, always-on CMOS image sensors, and
advanced CNN-based AI algorithms. In the rapidly evolving AI
landscape, WiseEye AI technology stands out for its expertise in
on-device tinyML solutions and unique ultralow power consumption,
measuring merely single digit milliwatts. This opens the door for
battery-powered endpoint devices to incorporate AI sensing for
intuitive and intelligent user interactions, something that would
otherwise be impossible without such extremely low power
consumption AI. For instance, in smart door locks, which are
typically battery-powered devices, China’s leading high end door
lock maker DESMAN, harnessing Himax's ultralow power WiseEye AI
technology, created the world’s first smart door lock products that
feature 24/7 sentry monitoring and real-time event recordings.
Himax’s WiseEye total solution for DESMAN boasts an exceptionally
low power draw of just 2.2 mW, representing a novel and highly
advantageous feature with minimal impact on battery life. The
potent AI inherent in WiseEye allows the door lock camera to
capture snapshots periodically on a 24/7 basis and, when detecting
human presence, immediately start recording while concurrently
waking up the door lock’s much higher power consuming main
processor. The result is a comprehensive event recording for
seamless threat protection that better ensures security while
mitigating potential breaches, all achieved with a battery-powered
door lock. By working with ecosystem partners and customers,
Himax’s is expanding WiseEye AI applications aggressively, covering
new areas including, but not limited to, smart home, smart
agriculture, automotive, smart office, AMR (Automatic Meter
Reading), healthcare and a wide array of other AIoT
applications.
To broaden Himax’s market reach and help shorten
customer development cycles, Company also offers seamlessly
integrated, plug-and-play WiseEye Modules. These modules enable
no-code/low-code AI development while providing built-in
context-aware AI algorithms which are reprogrammable by the
customer. Within a few months after its launch, WiseEye Modules
have seen successful adoption in battery-powered parking systems
across Asia, as well as applications in fleet management, occupancy
sensing, pet tracking, people flow sensing, access control, among
others. Moreover, for companies with their own AI expertise, Himax
provides hands-on open-source AI frameworks, tool chains, and
robust AI models to streamline development efforts and reduce costs
and lead time for AI product introduction.
This year at the ISC West, a leading US trade
show for the security industry, Himax unveiled WiseEye PalmVein
technology, an ultralow power, contactless biometric authentication
solution. Powered by the advanced WiseEye2 AI processor, WiseEye
PalmVein can swiftly authenticate an individual’s identity in less
than 100 milliseconds while consuming mere milliwatts of power. It
boasts exceptional accuracy, enhancing security by minimizing the
risk of duplication or spoofing through the distinct palm vein
patterns unique to every individual. The solution targets
battery-powered access control devices for a small group of
authorized individuals. Having only launched recently, WiseEye
PalmVein technology has already attracted interest for applications
such as automotive, door lock, surveillance, laptop, and more.
Himax is actively accelerating verification and partnership
projects in these areas and are enthusiastic about the potential of
Himax’s WiseEye PalmVein authentication that marks a significant
breakthrough in the industry.
Optical Related Product Lines /
Metaverse
On Himax’s LCoS microdisplay technology. At the
upcoming Display Week 2024 in May in San Jose, California, Himax
will unveil its groundbreaking ultra-luminous, new-generation Color
Sequential Front-Lit LCoS Microdisplay capable of achieving a
brightness of up to 250,000 nits. This represents a notable 2.5
fold increase from its predecessor announced at the Display Week
2023, while maintaining low power consumption of just 300
milliwatts. Additionally, thanks to its compact form factor of just
0.5 c.c. in volume when including both illumination optics and the
LCoS panel, stylish and everyday-ready AR glasses are becoming a
reality. While volume commercialization of AR glasses targeting the
general public may still take several years, Company is proud that
Himax’s new-generation Color Sequential Front-Lit LCoS stands as
the sole viable solution in the marketplace for authentic
see-through AR glasses, delivering unparalleled brightness, power
consumption, form factor, display quality and mass production
readiness. Collaborations with leading tech companies worldwide are
on the rise, solidifying Himax’s position as the leader in the
field.
For non-driver IC business, the Company expects
revenue to increase double digit sequentially in the second
quarter.
Second Quarter 2024 Guidance |
Net Revenue: |
|
Increase 8% to 13% sequentially |
Gross Margin: |
|
31.5% to 33.5%, depending on final product mix |
Profit: |
|
13.0 cents to 17.0 cents per diluted ADS |
HIMAX TECHNOLOGIES FIRST QUARTER 2024 EARNINGS CONFERENCE
CALL |
DATE: |
|
Thursday, May 9, 2024 |
TIME: |
|
U.S. |
8:00 a.m. EDT |
|
|
Taiwan |
8:00 p.m. |
WEBCAST: |
|
https://edge.media-server.com/mmc/p/hakp2tpz/ |
PHONE REGISTRATION: |
|
https://register.vevent.com/register/BIdf3f4197e2b24872ac2c40689e06cff5 |
If you choose to attend by phone, you need to
register first to obtain dial-in numbers for the call. Once
registered you will be emailed the dial-ins along with an option to
receive a call back at the start of the earnings call. Each
registrant will receive a unique personal PIN. A replay of the call
will be available beginning two hours after the call. The
conference webcast link is
https://edge.media-server.com/mmc/p/hakp2tpz/. This call is being
webcast by Nasdaq and can be accessed by clicking on this link or
Himax’s website, where the webcast can be accessed through May 9,
2025
About Himax Technologies,
Inc.
Himax Technologies, Inc. (NASDAQ: HIMX) is a
leading global fabless semiconductor solution provider dedicated to
display imaging processing technologies. The Company’s display
driver ICs and timing controllers have been adopted at scale across
multiple industries worldwide including TVs, PC monitors, laptops,
mobile phones, tablets, automotive, ePaper devices, industrial
displays, among others. As the global market share leader in
automotive display technology, the Company offers innovative and
comprehensive automotive IC solutions, including traditional driver
ICs, advanced in-cell Touch and Display Driver Integration (TDDI),
local dimming timing controllers (Local Dimming Tcon), Large Touch
and Display Driver Integration (LTDI) and OLED display
technologies. Himax is also a pioneer in tinyML visual-AI and
optical technology related fields. The Company’s industry-leading
WiseEye™ Ultralow Power AI Sensing technology which
incorporates Himax proprietary ultralow power AI processor,
always-on CMOS image sensor, and CNN-based AI algorithm has been
widely deployed in consumer electronics and AIoT related
applications. While Himax optics technologies, such as diffractive
wafer level optics, LCoS microdisplays and 3D sensing solutions,
are critical for facilitating emerging AR/VR/metaverse
technologies. Additionally, Himax designs and provides touch
controllers, OLED ICs, LED ICs, EPD ICs, power management ICs, and
CMOS image sensors for diverse display application coverage.
Founded in 2001 and headquartered in Tainan, Taiwan, Himax
currently employs around 2,200 people from three Taiwan-based
offices in Tainan, Hsinchu and Taipei and country offices in China,
Korea, Japan, Germany, and the US. Himax has 2,772 patents granted
and 398 patents pending approval worldwide as of March 31,
2024.
http://www.himax.com.tw
Forward Looking Statements
Factors that could cause actual events or results to differ
materially from those described in this conference call include,
but are not limited to, the effect of the Covid-19 pandemic on the
Company’s business; general business and economic conditions and
the state of the semiconductor industry; market acceptance and
competitiveness of the driver and non-driver products developed by
the Company; demand for end-use applications products; reliance on
a small group of principal customers; the uncertainty of continued
success in technological innovations; our ability to develop and
protect our intellectual property; pricing pressures including
declines in average selling prices; changes in customer order
patterns; changes in estimated full-year effective tax rate;
shortage in supply of key components; changes in environmental laws
and regulations; changes in export license regulated by Export
Administration Regulations (EAR); exchange rate fluctuations;
regulatory approvals for further investments in our subsidiaries;
our ability to collect accounts receivable and manage inventory and
other risks described from time to time in the Company's SEC
filings, including those risks identified in the section entitled
"Risk Factors" in its Form 20-F for the year ended December 31,
2023 filed with the SEC, as may be amended.
Company Contacts:
Eric Li, Chief IR/PR
OfficerHimax Technologies, Inc.Tel: +886-6-505-0880 Fax:
+886-2-2314-0877Email: hx_ir@himax.com.twwww.himax.com.tw
Karen Tiao, Investor RelationsHimax
Technologies, Inc.Tel: +886-2-2370-3999Fax: +886-2-2314-0877Email:
hx_ir@himax.com.twwww.himax.com.tw
Mark Schwalenberg, DirectorInvestor
Relations - US RepresentativeMZ North AmericaTel:
+1-312-261-6430Email: HIMX@mzgroup.uswww.mzgroup.us
-Financial Tables-
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Profit or
Loss |
(These interim financials do not fully comply with IFRS
because they omit all interim disclosure required by
IFRS) |
(Amounts in Thousands of U.S. Dollars, Except Share and Per
Share Data) |
|
|
Three Months Ended March
31, |
|
3 Months EndedDecember
31, |
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues from third parties, net |
$ |
207,544 |
|
|
$ |
244,191 |
|
|
$ |
227,664 |
|
Revenues from related parties, net |
|
6 |
|
|
|
13 |
|
|
|
14 |
|
|
|
207,550 |
|
|
|
244,204 |
|
|
|
227,678 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
146,805 |
|
|
|
175,609 |
|
|
|
158,669 |
|
Research and development |
|
39,664 |
|
|
|
39,427 |
|
|
|
41,088 |
|
General and administrative |
|
5,890 |
|
|
|
6,041 |
|
|
|
5,831 |
|
Sales and marketing |
|
5,162 |
|
|
|
5,544 |
|
|
|
5,409 |
|
Total costs and expenses |
|
197,521 |
|
|
|
226,621 |
|
|
|
210,997 |
|
|
|
|
|
|
|
Operating income |
|
10,029 |
|
|
|
17,583 |
|
|
|
16,681 |
|
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
Interest income |
|
2,524 |
|
|
|
2,327 |
|
|
|
1,934 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
(7 |
) |
|
|
41 |
|
|
|
1,710 |
|
Foreign currency exchange gains (losses), net |
|
941 |
|
|
|
(535 |
) |
|
|
(1,525 |
) |
Finance costs |
|
(1,018 |
) |
|
|
(1,741 |
) |
|
|
(1,140 |
) |
Share of losses of associates |
|
(221 |
) |
|
|
(189 |
) |
|
|
(14 |
) |
Other losses |
|
- |
|
|
|
- |
|
|
|
(1,932 |
) |
Other income (expenses) |
|
29 |
|
|
|
107 |
|
|
|
(362 |
) |
|
|
2,248 |
|
|
|
10 |
|
|
|
(1,329 |
) |
Profit before income taxes |
|
12,277 |
|
|
|
17,593 |
|
|
|
15,352 |
|
Income tax expense (benefit) |
|
- |
|
|
|
2,938 |
|
|
|
(7,933 |
) |
Profit for the period |
|
12,277 |
|
|
|
14,655 |
|
|
|
23,285 |
|
Loss attributable to
noncontrolling interests |
|
221 |
|
|
|
272 |
|
|
|
280 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
$ |
12,498 |
|
|
$ |
14,927 |
|
|
$ |
23,565 |
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
$ |
0.072 |
|
|
$ |
0.086 |
|
|
$ |
0.135 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
$ |
0.071 |
|
|
$ |
0.085 |
|
|
$ |
0.135 |
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
174,724 |
|
|
|
174,417 |
|
|
|
174,724 |
|
Diluted Weighted Average Outstanding ADS |
|
175,026 |
|
|
|
174,794 |
|
|
|
174,979 |
|
Himax Technologies, Inc. |
IFRS Unaudited Condensed Consolidated Statements of
Financial Position |
(Amounts in Thousands of U.S. Dollars) |
|
|
|
March 31, 2024 |
|
March 31, 2023 |
|
December 31, 2023 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
261,702 |
|
|
$ |
196,286 |
|
|
$ |
191,749 |
|
Financial assets at amortized cost |
|
|
14,334 |
|
|
|
8,510 |
|
|
|
12,511 |
|
Financial assets at fair value through profit or loss |
|
|
1,380 |
|
|
|
19,026 |
|
|
|
2,117 |
|
Accounts receivable, net (including related parties) |
|
|
212,326 |
|
|
|
252,155 |
|
|
|
235,829 |
|
Inventories |
|
|
201,872 |
|
|
|
335,235 |
|
|
|
217,308 |
|
Income taxes receivable |
|
|
1,003 |
|
|
|
35 |
|
|
|
1,454 |
|
Restricted deposit |
|
|
453,000 |
|
|
|
369,300 |
|
|
|
453,000 |
|
Other receivable from related parties |
|
|
136 |
|
|
|
1,174 |
|
|
|
69 |
|
Other current assets |
|
|
60,051 |
|
|
|
106,428 |
|
|
|
86,548 |
|
Total current assets |
|
|
1,205,804 |
|
|
|
1,288,149 |
|
|
|
1,200,585 |
|
Financial assets at
fair value through profit or loss |
|
|
21,635 |
|
|
|
18,264 |
|
|
|
21,650 |
|
Financial assets at
fair value through other comprehensive
income |
|
|
1,889 |
|
|
|
285 |
|
|
|
1,635 |
|
Equity method
investments |
|
|
3,173 |
|
|
|
6,385 |
|
|
|
3,490 |
|
Property, plant and
equipment, net |
|
|
128,938 |
|
|
|
124,476 |
|
|
|
130,109 |
|
Deferred tax
assets |
|
|
10,440 |
|
|
|
11,925 |
|
|
|
14,196 |
|
Goodwill |
|
|
28,138 |
|
|
|
28,138 |
|
|
|
28,138 |
|
Other intangible
assets, net |
|
|
851 |
|
|
|
989 |
|
|
|
816 |
|
Restricted
deposit |
|
|
31 |
|
|
|
33 |
|
|
|
32 |
|
Refundable
deposits |
|
|
221,886 |
|
|
|
224,661 |
|
|
|
222,025 |
|
Other non-current
assets |
|
|
20,728 |
|
|
|
10,981 |
|
|
|
20,728 |
|
|
|
|
437,709 |
|
|
|
426,137 |
|
|
|
442,819 |
|
Total assets |
|
$ |
1,643,513 |
|
|
$ |
1,714,286 |
|
|
$ |
1,643,404 |
|
Liabilities and
Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Current portion of long-term unsecured borrowings |
|
$ |
6,000 |
|
|
$ |
6,000 |
|
|
$ |
6,000 |
|
Short-term secured borrowings |
|
|
453,000 |
|
|
|
369,300 |
|
|
|
453,000 |
|
Accounts payable (including related parties) |
|
|
117,234 |
|
|
|
135,677 |
|
|
|
107,342 |
|
Income taxes payable |
|
|
11,071 |
|
|
|
72,880 |
|
|
|
15,309 |
|
Other payable to related parties |
|
|
92 |
|
|
|
2,854 |
|
|
|
110 |
|
Contract liabilities-current |
|
|
14,739 |
|
|
|
29,010 |
|
|
|
17,751 |
|
Other current liabilities |
|
|
116,558 |
|
|
|
81,941 |
|
|
|
109,291 |
|
Total current liabilities |
|
|
718,694 |
|
|
|
697,662 |
|
|
|
708,803 |
|
Long-term unsecured
borrowings |
|
|
33,000 |
|
|
|
39,000 |
|
|
|
34,500 |
|
Deferred tax
liabilities |
|
|
499 |
|
|
|
697 |
|
|
|
520 |
|
Contract
liabilities-non-current |
|
|
- |
|
|
|
46 |
|
|
|
- |
|
Other non-current
liabilities |
|
|
14,823 |
|
|
|
67,466 |
|
|
|
35,879 |
|
|
|
|
48,322 |
|
|
|
107,209 |
|
|
|
70,899 |
|
Total liabilities |
|
|
767,016 |
|
|
|
804,871 |
|
|
|
779,702 |
|
Equity |
|
|
|
|
|
|
Ordinary shares |
|
|
107,010 |
|
|
|
107,010 |
|
|
|
107,010 |
|
Additional paid-in capital |
|
|
114,982 |
|
|
|
113,060 |
|
|
|
114,648 |
|
Treasury shares |
|
|
(5,157 |
) |
|
|
(5,594 |
) |
|
|
(5,157 |
) |
Accumulated other comprehensive income |
|
|
(94 |
) |
|
|
(84 |
) |
|
|
(180 |
) |
Retained earnings |
|
|
653,007 |
|
|
|
694,052 |
|
|
|
640,447 |
|
Equity attributable to owners of Himax Technologies,
Inc. |
|
|
869,748 |
|
|
|
908,444 |
|
|
|
856,768 |
|
Noncontrolling
interests |
|
|
6,749 |
|
|
|
971 |
|
|
|
6,934 |
|
Total equity |
|
|
876,497 |
|
|
|
909,415 |
|
|
|
863,702 |
|
Total liabilities and equity |
|
$ |
1,643,513 |
|
|
$ |
1,714,286 |
|
|
$ |
1,643,404 |
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
|
Three MonthsEnded March 31, |
|
Three Months Ended December
31, |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Profit for the period |
|
$ |
12,277 |
|
|
$ |
14,655 |
|
|
$ |
23,285 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,471 |
|
|
|
5,088 |
|
|
|
5,115 |
|
Share-based compensation expenses |
|
|
358 |
|
|
|
805 |
|
|
|
346 |
|
Gain on disposals of property, plant and equipment, net |
|
|
- |
|
|
|
- |
|
|
|
(368 |
) |
Loss on re-measurement of the pre-existing relationships in a
business combination |
|
|
- |
|
|
|
- |
|
|
|
1,932 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
7 |
|
|
|
(41 |
) |
|
|
(1,710 |
) |
Interest income |
|
|
(2,524 |
) |
|
|
(2,327 |
) |
|
|
(1,934 |
) |
Finance costs |
|
|
1,018 |
|
|
|
1,741 |
|
|
|
1,140 |
|
Income tax expense (benefit) |
|
|
- |
|
|
|
2,938 |
|
|
|
(7,933 |
) |
Share of losses of associates |
|
|
221 |
|
|
|
189 |
|
|
|
14 |
|
Inventories write downs |
|
|
4,353 |
|
|
|
5,503 |
|
|
|
5,727 |
|
Unrealized foreign currency exchange losses (gains) |
|
|
(868 |
) |
|
|
1,186 |
|
|
|
1,517 |
|
|
|
|
20,313 |
|
|
|
29,737 |
|
|
|
27,131 |
|
Changes in: |
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
|
15,704 |
|
|
|
8,993 |
|
|
|
8,163 |
|
Inventories |
|
|
11,083 |
|
|
|
30,195 |
|
|
|
36,580 |
|
Other receivable from related parties |
|
|
(67 |
) |
|
|
50 |
|
|
|
(29 |
) |
Other current assets |
|
|
2,298 |
|
|
|
980 |
|
|
|
(5,682 |
) |
Accounts payable (including related parties) |
|
|
13,202 |
|
|
|
16,192 |
|
|
|
(627 |
) |
Other payable to related parties |
|
|
(20 |
) |
|
|
286 |
|
|
|
363 |
|
Contract liabilities |
|
|
1,192 |
|
|
|
(20,111 |
) |
|
|
(958 |
) |
Other current liabilities |
|
|
(7,780 |
) |
|
|
(1,288 |
) |
|
|
3,014 |
|
Other non-current liabilities |
|
|
514 |
|
|
|
2,351 |
|
|
|
393 |
|
Cash generated from operating activities |
|
|
56,439 |
|
|
|
67,385 |
|
|
|
68,348 |
|
Interest received |
|
|
854 |
|
|
|
1,455 |
|
|
|
2,665 |
|
Interest paid |
|
|
(936 |
) |
|
|
(1,741 |
) |
|
|
(1,140 |
) |
Income tax refunded (paid) |
|
|
391 |
|
|
|
(738 |
) |
|
|
(1,131 |
) |
Net cash provided by operating activities |
|
|
56,748 |
|
|
|
66,361 |
|
|
|
68,742 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(2,699 |
) |
|
|
(2,833 |
) |
|
|
(15,052 |
) |
Proceeds from disposal of property, plant and equipment |
|
|
- |
|
|
|
- |
|
|
|
111 |
|
Acquisitions of intangible assets |
|
|
(118 |
) |
|
|
(11 |
) |
|
|
(40 |
) |
Acquisitions of financial assets at amortized cost |
|
|
(2,439 |
) |
|
|
(571 |
) |
|
|
(4,573 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
|
500 |
|
|
|
541 |
|
|
|
784 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
|
(7,488 |
) |
|
|
(22,222 |
) |
|
|
(5,375 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
|
8,163 |
|
|
|
195 |
|
|
|
1,645 |
|
Acquisitions of financial assets at fair value through other
comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
(1,379 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
|
|
|
|
|
|
|
|
|
|
Three MonthsEndedDecember
31, |
|
|
|
|
Three MonthsEnded March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
Proceeds from disposal of financial assets at fair value through
other comprehensive income |
|
|
- |
|
|
|
- |
|
|
|
99 |
|
Acquisition of a subsidiary, net of cash increased |
|
|
- |
|
|
|
- |
|
|
|
433 |
|
Proceeds from capital reduction of investment |
|
|
- |
|
|
|
- |
|
|
|
360 |
|
Decrease (increase) in refundable deposits |
|
|
22,217 |
|
|
|
(64,259 |
) |
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
|
18,136 |
|
|
|
(89,160 |
) |
|
|
(22,987 |
) |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from issuance of new shares by subsidiaries |
|
|
71 |
|
|
|
- |
|
|
|
916 |
|
Purchases of subsidiary shares from noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
(9 |
) |
Proceeds from short-term unsecured borrowings |
|
|
- |
|
|
|
- |
|
|
|
36,932 |
|
Repayments of short-term unsecured borrowings |
|
|
- |
|
|
|
- |
|
|
|
(37,226 |
) |
Repayments of long-term unsecured borrowings |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
Proceeds from short-term secured borrowings |
|
|
447,100 |
|
|
|
286,200 |
|
|
|
427,100 |
|
Repayments of short-term secured borrowings |
|
|
(447,100 |
) |
|
|
(286,200 |
) |
|
|
(427,100 |
) |
Payment of lease liabilities |
|
|
(1,148 |
) |
|
|
(1,179 |
) |
|
|
(1,244 |
) |
Guarantee deposits refunded |
|
|
(1,868 |
) |
|
|
- |
|
|
|
(5 |
) |
Net cash used in financing activities |
|
|
(4,445 |
) |
|
|
(2,679 |
) |
|
|
(2,136 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
|
(486 |
) |
|
|
183 |
|
|
|
873 |
|
Net increase
(decrease) in cash and cash equivalents |
|
|
69,953 |
|
|
|
(25,295 |
) |
|
|
44,492 |
|
Cash and cash
equivalents at beginning of period |
|
|
191,749 |
|
|
|
221,581 |
|
|
|
147,257 |
|
Cash and cash
equivalents at end of period |
|
$ |
261,702 |
|
|
$ |
196,286 |
|
|
$ |
191,749 |
|
|
|
|
|
|
|
|
Himax Technologies (NASDAQ:HIMX)
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