Financial Highlights:
- Q224 consolidated revenue US$120.87 million, compared with
US$104.18 million in the year-ago quarter
- Q224 consolidated net income US$17.58 million; Basic and Fully
diluted after-tax EPS US$0.22 (NT$7.11) and US$0.22 (NT$7.09),
respectively
Parade Technologies, Ltd. (Taipei Exchange: 4966.TWO), a leading
high-speed interface IC supplier, today announced financial results
for the second quarter fiscal year 2024 ended June 30, 2024, and
provided guidance for the third quarter of fiscal year 2024.
Consolidated revenue was US$120.87 million and consolidated net
income was US$17.58 million. Basic and fully diluted after-tax
earnings per share (“EPS”) were US$0.22 (NT$7.11) and US$0.22
(NT$7.09), respectively. These results compared to consolidated
revenue US$104.18 million and consolidated net income of US$13.98
million, or US$0.18 (NT$5.44) and US$0.18 (NT$5.40) per basic and
fully diluted share, in the year-ago quarter.
In US dollars, the second quarter of 2024 consolidated revenue
decreased 0.34% sequentially and was up 16.02% year-over-year.
The gross profit in the second quarter of 2024 was US$51.28
million, representing a decrease of 1.31% from the previous quarter
and an increase of 11.97% compared to the same quarter of last
year.
On June 26, 2024, Parade announced PS8830 USB4/TBT4 retimer
shipping in key OEM customer Copilot+ PCs based on Snapdragon X
Elite and Snapdragon X Plus platforms which offer game-changing AI
performance and efficiency. The PS8830 USB4/TBT4 retimer is
optimized for use with the Snapdragon X Elite and Snapdragon X Plus
platforms. The PS8830 is compliant with USB-IF USB4 specification
supporting up to Gen 3×2 40Gbps (2x 20Gbps) and Thunderbolt 4
featuring TBT 3.0 up to 41.25Gbps (2x 20.625Gbps). USB4 tunneling
of DP 1.4a and USB 3.2, and DP 2.1 alt mode up to UHBR20 are
supported. Customer implementations with Snapdragon X Elite and
Snapdragon X Plus platforms may also include Parade PS185 DP-HDMI
2.0 converter for adding HDMI connectivity, PS8719 USB 3.2 Gen 1
redriver and PS8811 USB3.2 Gen 2 retimer for USB-A connectivity,
benefiting from their proven performance and industry leading
compatibility.
On July 31, 2024, Parade announced the availability of the
PS8778 USB4 Gen 3 x2 / TBT4 / DP 2.1 Alt Mode linear redriver for
NB/PC, mobile workstation and active cable solutions. The PS8778
supports up to USB4 Gen 3 x2 or 2x 20Gbps, TBT4 2x 20.625Gbps, and
DP 2.1 UHBR20 Alt Mode. It implements USB4, USB 3.2 and DP 2.1a
power management including Modern Standby (<1mW) and DP 2.1a
Advanced Link Power Management (ALPM). The low power design greatly
extends the battery life of mobile devices as well as minimizing
power use in USB4 active cables. PS8778 comes in a very small
package, ideal for space constrained designs. PS8778 extends the
overall system channel length by providing additional loss
compensation when placed between the SoC (USB4 router) and USB4
retimer such as the PS8833, in a cascade configuration. PS8778 also
enables USB4 cables much longer than the 0.8 meter or 2.6 feet
limit for a USB4 Gen 3 passive cable, without degrading the
performance.
On August 5, 2024, Parade announced PS8833 USB4/TBT4 retimer
shipping in AI PCs powered by AMD Ryzen AI 300 Series processors,
which feature the new “Zen 5” high performance CPU cores and
integrated AI engine for enhanced AI performance. USB4 is becoming
ubiquitous on notebook and desktop PCs. The PS8833 USB4/TBT4
retimer is optimized for AMD’s new AI enhanced processor platform.
It also allows OEMs to easily upgrade existing platforms from the
PS8830 USB3/TBT4 retimer to extend product longevity. The PS8833 is
compliant with USB-IF USB4 specification up to Gen 3 or 40Gbps (2x
20Gbps) and Thunderbolt 4 featuring TBT 3.0 up to 41.25Gbps (2x
20.625Gbps). USB4 tunneling of DP 1.4a and USB 3.2, and DP 2.1 alt
mode up to UHBR20 are supported. PS8833 features low power
consumption in USB4 operation and low power states, greatly
extending battery power operations. Customer implementations of AMD
Ryzen AI 300 Series processor platform may also include Parade
PS8419/PS8219/PS8210 HDMI 2.1 pin compatible retimer/redrivers for
enhanced HDMI connectivity, and PS8811 USB3.2 Gen 2 retimer for
USB-A connectivity, benefiting from the proven performance and
industry leading compatibility.
Based on current business outlook, Parade is providing the
following guidance for the third quarter of fiscal 2024:
- Revenue: US$130 ~144 Million
- Gross Margin: 42% ~46%
- Operating Expense: US$32.5 ~35.5 Million
The financial figures detailed above for the second quarter of
2024 have been audited by independent accountants.
About Parade Technologies, Ltd.
Parade Technologies, Ltd. is a leading supplier of mixed-signal
ICs for a variety of popular display and high-speed interface
standards used in computers, consumer electronics and display
panels. The fabless semiconductor company was founded in 2005 and
publicly listed on Taipei Exchange (“TPEx”) in 2011 (stock code:
4966). Parade’s portfolio of IC products serves the growing demand
for HDMI™, DisplayPort™, SATA, and USB ICs for display, storage and
interface applications.
In addition to being a technology innovator, Parade is an active
participant and leader in industry standards-setting organizations.
Parade Technologies, Inc., a wholly owned US-based subsidiary of
Parade Technologies, Ltd., is a member of VESA (Video Electronics
Standard Association). Parade Technologies, Inc. has made key
contributions to the development of VESA’s DisplayPort™ digital
video interface standard.
Parade leverages its close relationships with market leading
Tier-1 OEMs to develop ICs that provide unique system capabilities.
Many of the company’s devices integrate proprietary technologies
that offer superior system signal integrity, advanced system
integration and enhanced power efficiency. As a result of the
company’s “standards-plus” design philosophy, Parade ICs have been
designed into products offered by nearly every leading computer and
display vendor worldwide.
Parade Technologies, Ltd. and Subsidiaries.
The reader is advised that these consolidated financial
statements have been prepared originally in NT$ and conformed with
the adoption of IFRSs. In the event of any differences between NT$
and US$ version, the NT$ version shall prevail.
CONSOLIDATED INCOME STATEMENTS USD in Thousands NTD in
Thousands Sequential Quarter Three Months ended Six Months ended
Sequential Quarter Three Months ended Six Months ended Jun 30, Mar
31, Jun 30, Jun 30, Jun 30, Jun 30, Jun 30, Mar 31, Jun 30, Jun 30,
Jun 30, Jun 30,
2024
2024
2024
2023
2024
2023
2024
2024
2024
2023
2024
2023
Revenue
120,871
121,278
120,871
104,178
242,149
204,168
3,910,184
3,814,192
3,910,184
3,199,298
7,724,376
6,239,010
Cost of goods sold
69,593
69,321
69,593
58,380
138,914
114,327
2,251,323
2,180,148
2,251,323
1,792,845
4,431,471
3,493,642
Gross profit
51,278
51,957
51,278
45,798
103,235
89,841
1,658,861
1,634,044
1,658,861
1,406,453
3,292,905
2,745,368
Research & development expenses
23,158
22,845
23,158
20,293
46,003
40,185
749,173
718,474
749,173
623,198
1,467,647
1,227,915
Sales & marketing expenses
7,554
7,413
7,554
7,188
14,967
14,386
244,373
233,130
244,373
220,732
477,503
439,554
General & administrative expenses
4,775
5,078
4,775
4,888
9,853
9,881
154,480
159,691
154,480
150,109
314,171
301,906
Expected credit loss
-
-
-
-
-
84
-
-
-
-
-
2,549
Total operating expenses
35,487
35,336
35,487
32,369
70,823
64,536
1,148,026
1,111,295
1,148,026
994,039
2,259,321
1,971,924
Operating income
15,791
16,621
15,791
13,429
32,412
25,305
510,835
522,749
510,835
412,414
1,033,584
773,444
Non-operating income
2,866
2,527
2,866
2,055
5,393
3,323
92,723
79,477
92,723
63,081
172,200
101,641
Income before income taxes
18,657
19,148
18,657
15,484
37,805
28,628
603,558
602,226
603,558
475,495
1,205,784
875,085
Income tax expense
1,077
937
1,077
1,505
2,014
3,028
34,852
29,477
34,852
46,226
64,329
92,525
Net income
17,580
18,211
17,580
13,979
35,791
25,600
568,706
572,749
568,706
429,269
1,141,455
782,560
EPS - Basic (In Dollar)
$0.22
$0.23
$0.22
$0.18
$0.45
$0.33
$7.11
$7.21
$7.11
$5.44
$14.31
$9.94
Shares used in computing EPS-Basic (In thousands)
79,939
79,483
79,939
78,947
79,790
78,692
79,939
79,483
79,939
78,947
79,790
78,692
EPS - Diluted (In Dollar)
$0.22
$0.23
$0.22
$0.18
$0.45
$0.32
$7.09
$7.17
$7.09
$5.40
$14.24
$9.85
Shares used in computing EPS-Diluted (In thousands)
80,232
79,850
80,232
79,545
80,162
79,413
80,232
79,850
80,232
79,545
80,162
79,413
CONSOLIDATED BALANCE SHEETS As of June 30, 2024 and
2023
USD in Thousands NTD in Thousands Jun 30, Jun 30, Jun 30, Jun 30,
2024
2023
2024
2023
Current assets Cash & cash equivalents
319,028
225,120
10,352,451
7,010,227
Accounts receivable, net
47,161
54,721
1,530,363
1,704,022
Inventories, net
112,755
114,368
3,658,908
3,561,433
Other current assets
28,775
32,666
933,755
1,017,219
Total current assets
507,719
426,875
16,475,477
13,292,901
Non-current assets Property, plant and equipment, net
11,395
14,970
369,767
466,159
Right-of-use assets
8,620
5,083
279,707
158,295
Intangible assets
99,671
101,772
3,234,327
3,169,177
Deferred income tax assets
12,738
11,143
413,344
346,988
Other non-current assets
157,667
150,473
5,116,310
4,685,730
Total non-current assets
290,091
283,441
9,413,455
8,826,349
Total Assets
797,810
710,316
25,888,932
22,119,250
Current Liabilities Accounts payable
43,369
29,194
1,407,324
909,092
Other payables
44,942
54,820
1,444,199
1,687,909
Current income tax liabilities
10,777
9,528
349,705
296,692
Lease liabilities - current
3,462
2,960
112,337
92,194
Other current liabilities
7,533
6,490
244,444
202,110
Total current liabilities
110,083
102,992
3,558,009
3,187,997
Non-current Liabilities Lease liabilities - non-current
5,158
2,123
167,370
66,101
Total non-current liabilities
5,158
2,123
167,370
66,101
Equity Ordinary shares
26,730
26,735
811,618
811,747
Capital reserves
135,817
134,946
4,172,562
4,212,672
Retained earnings
542,866
498,502
16,118,452
14,740,781
Other equity
(4,577
)
(10,321
)
1,646,438
493,401
Treasury shares
(18,267
)
(44,661
)
(585,517
)
(1,393,449
)
Total equity
682,569
605,201
22,163,553
18,865,152
Total liabilities and equity
797,810
710,316
25,888,932
22,119,250
CONSOLIDATED STATEMENTS OF CASH FLOWS For six months
ended Jun 30, 2024 and 2023
USD in Thousands NTD in Thousands Jun 30, Jun 30, Jun 30, Jun 30,
2024
2023
2024
2023
Cash flows from operating activities
Income before income tax for the period
37,805
28,628
1,205,784
875,085
Depreciation and amortization (including the right-of-use assets)
10,794
11,132
344,331
340,100
Expected credit loss
-
84
-
2,549
Loss on disposal of equipment
22
-
694
-
Loss on disposal of intangible assets
356
125
11,368
3,814
Share-based compensation cost
16,578
17,735
521,011
537,517
Interest income
(5,345
)
(2,925
)
(170,692
)
(89,352
)
Income and expenses having no effect on cash flows
22,405
26,151
706,712
794,628
Accounts receivable
6,943
(20,098
)
225,288
(625,845
)
Inventories
10,129
31,124
328,704
969,215
Other current assets
(23,918
)
(27,673
)
(733,466
)
(737,173
)
Net changes in assets relating to operating activities
(6,846
)
(16,647
)
(179,474
)
(393,803
)
Accounts payable
(7,658
)
16,191
(248,510
)
504,193
Other payables
(6,782
)
(9,303
)
(220,091
)
(289,726
)
Other current liabilities
452
(6,983
)
14,654
(217,466
)
Net changes in liabilities relating to operating activities
(13,988
)
(95
)
(453,947
)
(2,999
)
Cash inflow generated from operations
39,376
38,037
1,279,075
1,272,911
Interest received
5,345
2,925
170,692
89,352
Income taxes paid
(2,438
)
(6,247
)
(77,764
)
(190,854
)
Net cash provided by operating activities
42,283
34,715
1,372,003
1,171,409
Cash flows from investing activities
Acquisition of equipment
(2,040
)
(2,812
)
(65,092
)
(85,894
)
Acquisition of intangible assets
(90
)
(170
)
(2,862
)
(5,181
)
Decrease in refundable deposits
1,887
6,821
61,222
212,389
Increase in other prepayments
(10,939
)
(6,505
)
(348,949
)
(198,738
)
Net cash flows used in investing activities
(11,182
)
(2,666
)
(355,681
)
(77,424
)
Cash flows from financing activities
Repayment of the principal portion of lease liabilities
(1,983
)
(1,786
)
(63,262
)
(54,554
)
Treasury shares reissued to employees
26,394
25,424
807,932
760,161
Distribution of cash dividends
(12,800
)
(60,062
)
(390,871
)
(1,724,498
)
Cash dividend regain from canceled share-based compensation
21
73
663
2,184
Net cash flows from (used in) financing activities
11,632
(36,351
)
354,462
(1,016,707
)
Effect of exchange rate changes
(84
)
2,285
494,066
(42,435
)
-
Net increase (decrease) in cash and cash equivalents
42,649
(2,017
)
1,864,850
34,843
Cash and cash equivalents at beginning of period
276,379
227,137
8,487,601
6,975,384
Cash and cash equivalents at end of period
319,028
225,120
10,352,451
7,010,227
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version on businesswire.com: https://www.businesswire.com/news/home/20240806275256/en/
Parade Technologies Yo-Ming Chang, +886-2-2627-9109
ir@paradetech.com