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 third quarter 2023 ended September 30, 2023.
“Ongoing macro headwinds are limiting our
visibility as panel customers remain tentative about demand
prospects, leading to shortened forecasts and more frequent
last-minute orders. Having said that, our longer-term outlook for
the automotive business, our largest revenue contributor, remains
positive, as we maintain a dominant position in the
sector. The majority of our design-wins in TDDI and local
dimming Tcon, both relatively new technologies for automotive
sector, are slated to commence mass production during the next two
years, thereby further fortifying our market share leadership
amidst growing competition,” said Mr. Jordan Wu, President and
Chief Executive Officer of Himax.
“Amidst the prevailing challenging economic
conditions, we continue to implement a range of measures to reduce
costs, including improving manufacturing and operational
efficiencies, and leveraging diverse partners in foundries and
backend sources. The recently announced partnership alliance with
Nexchip in automotive is an illustration of Himax’s foundry supply
diversification strategy. The collaboration expands Himax’s foundry
supply while optimizing cost structure for the thriving automotive
market, especially in China. In terms of inventory, the destocking
process is progressing nicely with Q3 seeing a meaningful
reduction. Currently, we are nearing historical average levels
after several quarters of aggressive inventory depletion,”
concluded Mr. Jordan Wu.
Third Quarter 2023 Financial
Results
Himax net revenues registered $238.5 million, an
increase of 1.5% sequentially and up 11.6% on a year over year
basis, exceeding the guidance range of a 7.0% decline to flat
sequentially. This can be credited to positive order momentum
across all business segments. Gross margin came in at 31.4%, a
substantial increase from 21.7% of last quarter, and at the upper
end of guidance range of 30.5% to 32.0%. The Q3 gross margin
improvement reflected the absence of the one-time expense incurred
in Q2 related to the strategic termination of certain high-cost
foundry capacity agreements, in addition to a favorable product
mix, primarily driven by the remarkable performance of automotive
product line which maintains a higher margin profile than corporate
average. Q3 profit per diluted ADS was 6.4 cents, exceeding the
guidance range of 1.5 cents to 6.0 cents.
Revenue from large display drivers was $43.7
million, a decrease of 3.7% sequentially but up 5.9%
year-over-year. TV IC sales declined as expected as customers
already replenished their inventory in previous quarters and
suspended further pull-ins. Monitor and notebook IC sales were up
single digit and a nice double digit respectively in the third
quarter, predominantly driven by rush orders from key customers.
Large panel driver IC sales accounted for 18.3% of total revenues
for this quarter, compared to 19.3% last quarter and a year
ago.
Small and medium-sized display driver revenue was $161.1
million, an increase of 7.2% sequentially and up 13.9% compared to
same period last year, surpassing the guidance range due to
better-than-expected sales performance, particularly in automotive
sector and TDDI products. Q3 automotive driver sales saw a decent
double digit sequential increase thanks to a strong uptick in both
TDDI and traditional DDIC as clients worldwide resumed order
replenishment. Smartphone and tablet driver sales, on the other
hand, decreased double digit and mid-teens sequentially, reflecting
continued soft market demand. In the third quarter, the automotive
business remained Himax’s largest revenue contributor, accounting
for nearly 45% of total sales. One notable highlight during the
quarter was Company’s commencement of the world’s first mass
production of LTDI. This further demonstrates Himax’s leadership
position in the lucrative automotive display battlefield. Small and
medium-sized driver IC segment accounted for 67.6% of total sales
for the quarter, compared to 63.9% in the previous quarter and
66.2% a year ago.
Third quarter revenues from its non-driver business also
exceeded guidance with revenue of $33.7 million, down 14.4% from a
quarter ago but up 9.0% compared to same period last year. The
better-than-expected performance was a result of higher shipment of
WLO and CMOS image sensor. Tcon business represented over 8% of
total sales in Q3 yet experienced a low teens sequential decline,
hampered by decreased demand for both large display panels and
AMOLED displays for tablet. On a positive note, Himax continues to
solidify its leadership in the automotive Tcon market with local
dimming technology adoption rising rapidly by leading panel makers,
Tier 1s and car makers across the board. With numerous project
awards already in hand, Himax expects a strong growth trajectory
for automotive Tcon in the next few years. Non-driver products
accounted for 14.1% of total revenues, as compared to 16.8% in the
previous quarter and 14.5% a year ago.
Operating expenses for the third quarter were
$63.7 million, an increase of 19.8% from the previous quarter but
down 12.5% from a year ago. As a reminder, Company grants annual
bonuses to employees at the end of September each year, including
RSU and cash awards. 2023 annual bonus compensation of $10.4
million was in line with guidance, out of which $9.7 million, or
4.4 cents per diluted ADS, was immediately vested and expensed in
the third quarter. In comparison, the annual bonuses for 2022 and
2021 were $39.6 million and $74.7 million respectively, of which
$18.5 million and $24.8 million were vested and expensed
immediately. The changes in Q3 operating expenses were mainly
associated with the way Company expenses the employee annual bonus
grants based on IFRS accounting. To clarify, the Q3 bonus expense
includes two portions. First, $9.7 million for the immediately
vested and recognized portion of the current year bonus grant that
is based on the expected profit for the full year. Second, $6.2
million for the amortized tranches of the prior year bonuses. As a
reference, the amortized expense of the prior year employee bonuses
for full year 2023 would be as high as $21.8 million due to
substantially higher profits in 2021 and 2022 leading to a
significantly increased bonus carryover amortization expense. This
has caused volatility in IFRS figures for 2023 while, for the
annual bonus grants, Himax has always followed a consistent
compensation policy and rules for employees. Amidst prevailing
macroeconomic headwinds, Company is currently exercising strict
budget and expense control with full year 2023 OPEX poised to
decline compared to last year.
Q3 operating income was $11.1 million or 4.6% of
sales, compared to 1.8% of sales for the same period last year and
-0.9% last quarter. The sequential increase was primarily a result
of increased sales and gross margin, partially offset by higher
operating expenses in the third quarter. The year-over-year
increase was primarily a result of lower operating expenses brought
by lower annual bonus compensation, partially offset by lower gross
margin compared to same period last year. Third quarter after-tax
profit was $11.2 million, or 6.4 cents per diluted ADS, compared to
$0.9 million, or 0.5 cents per diluted ADS last quarter and $8.3
million, or 4.8 cents in the same period last year.
Balance Sheet and Cash Flow
Himax had $155.4 million of cash, cash
equivalents and other financial assets as of September 30, 2023,
compared to $227.9 million at the same time last year and $219.5
million a quarter ago. Third quarter cash flows were impacted
primarily by two cash payouts, $83.7 million for annual dividend
and $29.5 million for employee bonus. The employee bonus is
comprised of $9.3 million for the immediately vested portion of
this year’s award and $20.2 million for vested awards granted over
the last 3 years. Despite the substantial payouts in Q3, Himax
delivered strong positive operating cash flow of $16.0 million,
again, due to the ongoing destocking progress across major product
lines with inventory experiencing a meaningful reduction compared
to the past few quarters. Himax had $42.0 million of long-term
unsecured loans as of the end of the third quarter, of which $6.0
million was the current portion.
The Company’s inventories as of September 30,
2023 were $259.6 million, markedly lower than $297.3 million last
quarter. Accounts receivable at the end of September 2023 was
$248.5 million, up from $239.0 million last quarter and down from
$253.3 million a year ago. DSO was 95 days at the quarter end, as
compared to 90 days last quarter and 74 days a year ago. Third
quarter capital expenditures were $2.6 million, versus $2.9 million
last quarter and $3.4 million a year ago. The third quarter capex
was mainly for IC design business.
Outstanding Share
As of September 30, 2023, Himax had 174.7
million ADS outstanding, little changed from last quarter. On a
fully diluted basis, total number of ADS outstanding for the third
quarter was 174.8 million.
Q4 2023 Outlook
Himax expects Q4 sales growth to be relatively
subdued compared to typical seasonal trends primarily due to
sluggish end market demand as well as cautious inventory management
and rigorous procurement scrutiny by customers. Additionally,
ongoing macro headwinds are limiting Company’s visibility as panel
customers remain tentative about demand prospects, leading to
shortened forecasts and more frequent last-minute orders. Having
said that, Himax’s longer-term outlook for the automotive business,
its largest revenue contributor, remains positive, as it maintains
a dominant position in the sector. The majority of Company’s
design-wins in TDDI and local dimming Tcon, both relatively new
technologies for automotive sector, are slated to commence mass
production during the next two years, thereby further fortifying
Himax’s market share leadership amidst growing competition. When
coupled with the megatrend of increasing quantity, size and
sophistication of displays inside vehicles, Himax is poised to
enjoy sustainable growth in the automotive market for years to come
regardless of auto industry headwinds or macroeconomic
challenges.
Amidst the prevailing challenging economic
conditions, Himax continues to implement a range of measures to
reduce costs, including improving manufacturing and operational
efficiencies, and leveraging diverse partners in foundries and
backend sources. The recently announced partnership alliance with
Nexchip in automotive is an illustration of Himax’s foundry supply
diversification strategy. The collaboration expands Himax’s foundry
supply while optimizing cost structure for the thriving automotive
market, especially in China. In terms of inventory, the destocking
process is progressing nicely with Q3 seeing a meaningful
reduction. Currently, Himax is nearing historical average levels
after several quarters of aggressive inventory depletion.
Thanks to accelerating growth in automotive
business, improved cost structure, normalized inventory levels,
favorable product mix, and Company’s emphasis on higher margin,
high value-added areas, like Tcon, OLED and AI, Himax is well
positioned to deliver sustainable long term revenue growth and
profitability.
Display Driver IC
Businesses
LDDIC
Q4 large display driver IC revenue is projected to decline by
double digit sequentially, reflecting the absence of festival
season shopping this year and intensified China local competition.
In the TV IC business, leading end brands continue to implement
stringent production control measures amidst soft demand and are
maintaining low inventory levels. Consequently, Himax expects a
double-digit quarter-over-quarter decline in Q4 TV IC sales.
Notebook and monitor IC are also facing a challenging business
environment where Company expects sales for both product lines to
decrease by double digit sequentially.
SMDDIC
Q4 SMDDIC revenue is expected to decline single digit, on the
backdrop of a muted festival season where demand for consumer
electronics remains sluggish. Smartphone sales are projected to
decline double digit, while tablet sales are expected to increase
single digit sequentially in Q4. Automotive revenue is expected to
be flat or slightly down sequentially following a surge in orders
resuming for both traditional DDIC and TDDI during the previous
quarter. Q4 automotive TDDI sales are poised to continue to
increase by low teens sequentially, fueled by strong customer
orders across the board and supportive governmental policies,
especially in China and the U.S., aimed at incentivizing new
vehicle purchases. Secured design-win projects for automotive TDDI
continue to expand across the board and now total nearly 400,
significantly ahead of peers. Remarkably, automotive TDDI sales are
expected to account for almost 40% of total automotive driver sales
in Q4. Automotive driver sales are now Himax’s largest revenue
contributor and, if combined with automotive Tcon, is set to
represent almost half of Himax total sales in Q4.
On LTDI, Himax is the first in the world to
commence mass production of LTDI for certain customers’ NEVs
starting in Q3 this year. Himax expects LTDI adoption to further
proliferate as it gains traction in car models featuring large
size displays as car makers look to distinguish their vehicle
products. Additionally, Company is seeing an increasing number of
customers choosing to adopt its integrated LTDI and local dimming
Tcon solution as the standard platform for their ultra large
automotive display development. These newly designed automotive
displays are typically larger than 30 inches, deliver a sharp
detailed visual experience, and incorporate high-density touch
functionality, which typically necessitates the utilization of six
or more LTDI chips, together with at least one local dimming Tcon,
representing much higher content value for Himax on a per panel
basis. This not only ramps up a new revenue stream, but also
reinforces Himax’s leadership position in the automotive display
market as it moves into 2024.
Himax stands at the forefront of the automotive
display IC market with a diverse product portfolio covering a full
range of specifications and technologies, including DDIC, TDDI,
local dimming Tcon, LTDI, and AMOLED. These holistic offerings
cater to a wide range of customer preferences and needs, fostering
strong customer loyalty and collaborations with global panel
makers, Tier 1s, and car makers. Himax expects its automotive
segment to continue to be a key growth driver for the Company.
On smartphone and tablet product lines, Himax
continues to see lackluster demand in the market. On a positive
note, Himax’s inventory has substantially rebalanced to a
satisfactory level after consecutive quarters of inventory
depletion. With the destocking process nearly complete, the Company
placed wafer starts for select products starting in Q2 this year
and continue to work on improving cost structure with the aim of
improving its efficiency for when demand returns.
On AMOLED, by partnering with leading panel
manufacturers in Korea and China, Himax is accelerating its AMOLED
driver IC advancements, covering various applications from
automotive and tablets to smartphones, notebooks and TVs. In the
automotive AMOLED sector, Himax’s design-wins are steadily
increasing from both traditional car manufacturers and NEV vendors
worldwide. For smartphone AMOLED display driver, sluggish demand in
the smartphone market has resulted in a slight delay from Himax’s
original targeted timeline. Nevertheless, Company continues
collaborations with customers from Korea and China where ongoing
verification and partnership projects are in progress.
Non-Driver Product
Categories
Timing Controller (Tcon)
The Company anticipates Q4 Tcon sales to
decrease double digit sequentially, hampered by reduced shipment
for large-sized displays and OLED displays for tablet as customer
inventory offloading continues due to subdued end market demand.
Despite the soft market sentiment, Himax is actively developing the
next generation Tcon IC for OLED tablet, notebook and automotive,
aiming to diversify its offerings and strategically position itself
for a resurgence in demand. On automotive Tcon business for LCD
panels, Himax’s position remains unchallenged in local dimming
Tcon, evidenced by growing validation and widespread deployment
globally in both premium and mainstream new car models. Himax plans
to roll out a series of Tcon for automotive to expand its product
offerings catering to different needs of global customers. Local
dimming technology has found increasing application in automotive
display, initially in high-end car models and gradually into
mainstream vehicles. One emerging use case is in heads-up display
(HUD) thanks to Himax Tcon’s unique ability to deliver a high
contrast ratio for selected content, along with low heat
dissipation and minimal power consumption. Himax’s local dimming
Tcon can effectively eliminate the frequently occurring “postcard
effect” in HUD application, caused by backlight leakage in TFT LCD
panels that shows a square-shaped display images on the windshield.
Company’s automotive Tcon business is poised to experience
explosive growth with strong momentum expected into 2024 and years
to come, serving as one of Himax’s major growth engines.
WiseEye™ Smart Image
Sensing
Himax’s WiseEye Smart Image Sensing total
solution incorporates the Company’s proprietary ultralow power AI
processor, always-on CMOS image sensor, and CNN-based AI algorithm.
For notebook, Himax continues to support the mass production of
Dell’s notebook. Given the growing prevalence of the human presence
detection feature in notebooks, its engagement with global notebook
names for their next generation products are progressing nicely.
Himax’s WiseEye solution is also in broad adoption across a range
of endpoint AI applications, including video conference device,
automotive, access control, shared bike parking, door lock and
smart agriculture, among others.
WiseEye adoption is also going smoothly in door
lock application, where Himax joins forces with leading door lock
players in China with mass production expected to commence starting
the end of this year. Moreover, the latest smart door lock design
surpasses the existing human presence detection feature and takes a
step forward to support an additional camera set, enabling
dual-camera functionality. The secondary camera can be oriented
downward for ground-level status monitoring for events such as
parcel delivery or placed indoors to enhance security detection.
More innovative features are also under development together with
key customers in the field targeting their next generation smart
door lock. Himax anticipates that WiseEye adoption in surveillance
will significantly increase starting in 2024.
On WE2 AI processor. Compared to WE1, its
predecessor, the WE2 processor offers further advancements in
inference speed and ultralow power. In context aware AI, WE2
enables detailed, real-time computer vision object analysis, such
as facial landmark, hand landmark, and human pose and skeleton,
among others, at extremely low power consumption. This enables
sophisticated human expression detection for smart notebook and
broader AIoT applications. Alongside ongoing collaboration with end
customers, Himax has also made significant progress in partnerships
with major CPU and AP SOC players, in preparation for their target
markets in next generation smart notebooks, surveillance and a host
of other endpoint AI applications. Himax will provide more details
as they come about.
In addition to the WiseEye total solution, Himax
is also focused on expanding its Intelli-Sensing Module business by
targeting users that may be less familiar with AI or wish to
incorporate AI capabilities into their applications without
significant development effort. This particularly applies to small
volume or early-stage market engagement applications. The module
offerings, incorporating WiseEye technology, provide clients with a
series of highly integrated, plug-and-play module boards which are
extremely compact in size, user-programmable and loaded with
Himax’s pre-trained AI models for straightforward system
integration. This can effectively shorten customers’ time-to-market
and reduce development costs. To broaden market reach, a series of
Intelli-Sensing Modules will be rolled out to cover more diverse
markets that cater to various AI needs. The Intelli-Sensing Module
solution will also be made available through online resellers like
DigiKey and other SI partners.
Throughout recent quarters, Himax’s
Intelli-Sensing Module has received excellent feedback with
adoptions from various applications. One particularly successful
adoption is in parking systems which has been deployed by several
vendors in different regions of Asia. Himax’s module offers precise
real-time motion and occupancy detection to streamline the billing
procedure for vehicles. Additionally, Company’s module operates
efficiently with ultralow power, making it a viable choice for
battery-powered parking systems, thereby greatly simplifying the
installation process and reducing maintenance costs. Moreover, its
AI’s functionality can include vehicle type recognition, which
enhances the effective utilization of parking spaces. Beyond the
parking solution, there is a growing interest in applications
for Intelli-Sensing Module in areas such as retail shelf management
and human flow monitoring, among others. The Company is excited
about the upcoming growth prospects for this product.
Himax’s leading position in ultralow power AI
processing and image sensing for endpoint AI applications
demonstrates Company’s commitment and conviction to the ongoing
development and growth of WiseEye AI business. By leveraging broad
ecosystem partners and customers, Himax aims to maximize market
reach and explore more potential endpoint AI applications. While
adoption is at an early stage, Company believes its WiseEye AI
business will serve as a multi-year structural growth driver for
Himax.
Optical Related Product Lines /
Metaverse
On Himax’s optical related product lines. With
over a decade of optical and optoelectronics know-how and
capabilities under its belt, Himax has been offering various
technologies, including WLO, 3D Sensing, and LCoS, driving
continuous advancements in diverse fields related to emerging
metaverse applications. Additionally, Himax has other innovative
solutions under development to further expand its technological
portfolio. The recent introduction of Liqxtal™ Graph display
technology, unveiled by Himax’s subsidiary Liqxtal Technology, is
one illustration of Himax’s capability to provide more diverse
offerings to the industry. This liquid crystal based optical
product provides one-of-a-kind technology that defies imagination
through the display of personalized and colored content on the
exterior lens of glasses for external viewers to enjoy, while also
providing wearers with unobstructed visibility. Himax expects
Liqxtal Graph display technology to create a broad array of
application possibilities for wearable devices in the future.
On LCoS. Following the unveiling of Company’s
cutting-edge Color Sequential Front-Lit LCoS microdisplay at the
Display Week in May, several tech giants in the industry have
shifted their focus away from micro-OLED to Himax’s Front-Lit LCoS
for their AR goggles. This shift is demonstrative of its
exceptional achievements in both performance and functionality,
marked by breakthroughs not only in the luminance performance in
full RGB color, but also in terms of superior optical efficiency,
tiny form factor and ultra-lightweight design. These factors are
critical and represent technological advancements that can readily
meet rigorous requirements to support next generation see-through
goggles.
On WLO. Himax initiated volume production of WLO
technology to a leading North American customer in Q2. The WLO
solution is integrated into the customer’s new generation VR
goggles to enable 3D gesture control. A decent shipment was made in
Q3 in preparation for the upcoming seasonal shopping sales.
For non-driver IC business, the Company expects
revenue to decline mid-teens sequentially in the fourth
quarter.
Fourth Quarter 2023
Guidance |
Net Revenue: |
To Decline 5.0% to 11.0% sequentially |
Gross Margin: |
To be around 30%, depending on final product mix |
Profit: |
To be 9.0 cents to 13.0 cents per diluted ADS |
|
|
HIMAX TECHNOLOGIES THIRD QUARTER 2023
EARNINGS CONFERENCE CALL |
DATE: |
Thursday, November 9, 2023 |
TIME: |
U.S. 8:00 a.m. EST |
|
Taiwan 9:00 p.m. |
WEBCAST: |
https://edge.media-server.com/mmc/p/ss9i3udd/ |
PHONE REGISTRATION:
https://register.vevent.com/register/BI0b427a1b5ab14db08404bf0f66ee6dd2 |
|
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/ss9i3udd/. 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 November
9, 2024.
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 AMOLED display
technologies. Himax is also a pioneer in tinyML visual-AI and
optical technology related fields. The Company’s industry-leading
WiseEye™ Smart 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
micro-displays and 3D sensing solutions, are critical for
facilitating emerging AR/VR/metaverse technologies. Additionally,
Himax designs and provides touch controllers, AMOLED ICs, LED
drivers, EPD drivers, 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 2,838 patents granted and 376 patents pending
approval worldwide as of September 30, 2023.
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,
2022 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 America
Tel: +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
MonthsEndedSeptember
30, |
|
3 MonthsEndedJune
30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues from third parties, net |
$ |
238,466 |
|
|
$ |
213,586 |
|
|
$ |
234,988 |
|
Revenues from related parties, net |
|
49 |
|
|
|
45 |
|
|
|
43 |
|
|
|
238,515 |
|
|
|
213,631 |
|
|
|
235,031 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
163,692 |
|
|
|
136,828 |
|
|
|
183,961 |
|
Research and development |
|
49,444 |
|
|
|
55,749 |
|
|
|
41,433 |
|
General and administrative |
|
7,050 |
|
|
|
8,554 |
|
|
|
6,115 |
|
Sales and marketing |
|
7,239 |
|
|
|
8,555 |
|
|
|
5,664 |
|
Total costs and expenses |
|
227,425 |
|
|
|
209,686 |
|
|
|
237,173 |
|
|
|
|
|
|
|
Operating income (loss) |
|
11,090 |
|
|
|
3,945 |
|
|
|
(2,142 |
) |
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
Interest income |
|
1,837 |
|
|
|
1,387 |
|
|
|
2,648 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
(432 |
) |
|
|
(67 |
) |
|
|
336 |
|
Foreign currency exchange gains, net |
|
764 |
|
|
|
1,181 |
|
|
|
528 |
|
Finance costs |
|
(1,482 |
) |
|
|
(843 |
) |
|
|
(1,717 |
) |
Share of losses of associates |
|
(220 |
) |
|
|
(164 |
) |
|
|
(175 |
) |
Other income |
|
409 |
|
|
|
120 |
|
|
|
4 |
|
|
|
876 |
|
|
|
1,614 |
|
|
|
1,624 |
|
Profit (loss) before income taxes |
|
11,966 |
|
|
|
5,559 |
|
|
|
(518 |
) |
Income tax expense (benefit) |
|
1,214 |
|
|
|
(2,449 |
) |
|
|
(1,247 |
) |
Profit for the period |
|
10,752 |
|
|
|
8,008 |
|
|
|
729 |
|
Loss attributable to
noncontrolling interests |
|
484 |
|
|
|
311 |
|
|
|
159 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
$ |
11,236 |
|
|
$ |
8,319 |
|
|
$ |
888 |
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
$ |
0.064 |
|
|
$ |
0.048 |
|
|
$ |
0.005 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
$ |
0.064 |
|
|
$ |
0.048 |
|
|
$ |
0.005 |
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
174,420 |
|
|
|
174,695 |
|
|
|
174,417 |
|
Diluted Weighted Average Outstanding ADS |
|
174,773 |
|
|
|
174,735 |
|
|
|
174,672 |
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Profit or
Loss |
(Amounts in Thousands of U.S. Dollars, Except Share and Per
Share Data) |
|
|
|
|
Nine MonthsEnded September
30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues from third parties, net |
|
|
$ |
717,645 |
|
|
$ |
938,879 |
|
Revenues from related parties, net |
|
|
|
105 |
|
|
|
170 |
|
|
|
|
|
717,750 |
|
|
|
939,049 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
|
|
523,262 |
|
|
|
531,994 |
|
Research and development |
|
|
|
130,304 |
|
|
|
135,399 |
|
General and administrative |
|
|
|
19,206 |
|
|
|
21,852 |
|
Sales and marketing |
|
|
|
18,447 |
|
|
|
19,743 |
|
Total costs and expenses |
|
|
|
691,219 |
|
|
|
708,988 |
|
|
|
|
|
|
|
Operating income |
|
|
|
26,531 |
|
|
|
230,061 |
|
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
Interest income |
|
|
|
6,812 |
|
|
|
2,823 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
|
(55 |
) |
|
|
361 |
|
Foreign currency exchange gains, net |
|
|
|
757 |
|
|
|
5,949 |
|
Finance costs |
|
|
|
(4,940 |
) |
|
|
(1,451 |
) |
Share of losses of associates |
|
|
|
(584 |
) |
|
|
(573 |
) |
Other income |
|
|
|
520 |
|
|
|
215 |
|
|
|
|
|
2,510 |
|
|
|
7,324 |
|
Profit before income taxes |
|
|
|
29,041 |
|
|
|
237,385 |
|
Income tax expense |
|
|
|
2,905 |
|
|
|
43,916 |
|
Profit for the period |
|
|
|
26,136 |
|
|
|
193,469 |
|
Loss attributable to
noncontrolling interests |
|
|
|
915 |
|
|
|
1,357 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
|
|
$ |
27,051 |
|
|
$ |
194,826 |
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
|
|
$ |
0.155 |
|
|
$ |
1.115 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
|
|
$ |
0.155 |
|
|
$ |
1.115 |
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
|
|
174,418 |
|
|
|
174,694 |
|
Diluted Weighted Average Outstanding ADS |
|
|
|
174,701 |
|
|
|
174,753 |
|
Himax Technologies, Inc. |
IFRS Unaudited Condensed Consolidated Statements of
Financial Position |
(Amounts in Thousands of U.S. Dollars) |
|
|
|
September 30,2023 |
|
September 30,2022 |
|
June 30,2023 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
147,257 |
|
|
$ |
219,745 |
|
|
$ |
211,425 |
|
Financial assets at amortized cost |
|
|
8,139 |
|
|
|
8,147 |
|
|
|
8,079 |
|
Accounts receivable, net (including related parties) |
|
|
248,507 |
|
|
|
253,284 |
|
|
|
239,039 |
|
Inventories |
|
|
259,610 |
|
|
|
410,071 |
|
|
|
297,268 |
|
Income taxes receivable |
|
|
22 |
|
|
|
41 |
|
|
|
28 |
|
Restricted deposit |
|
|
453,000 |
|
|
|
369,300 |
|
|
|
369,300 |
|
Other receivable from related parties |
|
|
1,190 |
|
|
|
1,230 |
|
|
|
1,171 |
|
Other current assets |
|
|
102,652 |
|
|
|
109,734 |
|
|
|
109,334 |
|
Total current assets |
|
|
1,220,377 |
|
|
|
1,371,552 |
|
|
|
1,235,644 |
|
Financial assets at
fair value through profit or loss |
|
|
18,655 |
|
|
|
14,466 |
|
|
|
19,094 |
|
Financial assets at
fair value through othercomprehensive
income |
|
|
289 |
|
|
|
352 |
|
|
|
313 |
|
Equity method
investments |
|
|
5,801 |
|
|
|
3,293 |
|
|
|
6,127 |
|
Property, plant and
equipment, net |
|
|
119,231 |
|
|
|
127,598 |
|
|
|
121,674 |
|
Deferred tax
assets |
|
|
11,244 |
|
|
|
6,199 |
|
|
|
11,651 |
|
Goodwill |
|
|
28,138 |
|
|
|
28,138 |
|
|
|
28,138 |
|
Other intangible
assets, net |
|
|
851 |
|
|
|
5,571 |
|
|
|
876 |
|
Restricted
deposit |
|
|
31 |
|
|
|
32 |
|
|
|
32 |
|
Refundable
deposits |
|
|
205,383 |
|
|
|
162,924 |
|
|
|
205,237 |
|
Other non-current
assets |
|
|
7,734 |
|
|
|
10,809 |
|
|
|
9,371 |
|
|
|
|
397,357 |
|
|
|
359,382 |
|
|
|
402,513 |
|
Total assets |
|
$ |
1,617,734 |
|
|
$ |
1,730,934 |
|
|
$ |
1,638,157 |
|
Liabilities and
Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Short-term unsecured borrowings |
|
$ |
279 |
|
|
$ |
- |
|
|
$ |
289 |
|
Current portion of long-term unsecured borrowings |
|
|
6,000 |
|
|
|
6,000 |
|
|
|
6,000 |
|
Short-term secured borrowings |
|
|
453,000 |
|
|
|
369,300 |
|
|
|
369,300 |
|
Accounts payable (including related parties) |
|
|
109,554 |
|
|
|
191,971 |
|
|
|
127,652 |
|
Income taxes payable |
|
|
19,061 |
|
|
|
66,517 |
|
|
|
18,894 |
|
Other payable to related parties |
|
|
1,937 |
|
|
|
2,385 |
|
|
|
2,266 |
|
Contract liabilities-current |
|
|
16,774 |
|
|
|
34,481 |
|
|
|
19,913 |
|
Other current liabilities |
|
|
89,342 |
|
|
|
65,943 |
|
|
|
176,379 |
|
Total current liabilities |
|
|
695,947 |
|
|
|
736,597 |
|
|
|
720,693 |
|
Long-term unsecured
borrowings |
|
|
36,000 |
|
|
|
42,000 |
|
|
|
37,500 |
|
Deferred tax
liabilities |
|
|
658 |
|
|
|
754 |
|
|
|
682 |
|
Contract
liabilities-non-current |
|
|
- |
|
|
|
12,356 |
|
|
|
46 |
|
Other non-current
liabilities |
|
|
47,454 |
|
|
|
90,672 |
|
|
|
53,001 |
|
|
|
|
84,112 |
|
|
|
145,782 |
|
|
|
91,229 |
|
Total liabilities |
|
|
780,059 |
|
|
|
882,379 |
|
|
|
811,922 |
|
Equity |
|
|
|
|
|
|
Ordinary shares |
|
|
107,010 |
|
|
|
107,010 |
|
|
|
107,010 |
|
Additional paid-in capital |
|
|
114,097 |
|
|
|
111,404 |
|
|
|
113,761 |
|
Treasury shares |
|
|
(5,157 |
) |
|
|
(5,594 |
) |
|
|
(5,594 |
) |
Accumulated other comprehensive income |
|
|
(715 |
) |
|
|
(2,247 |
) |
|
|
(617 |
) |
Retained earnings |
|
|
622,077 |
|
|
|
637,149 |
|
|
|
610,841 |
|
Equity attributable to owners of Himax Technologies,
Inc. |
|
|
837,312 |
|
|
|
847,722 |
|
|
|
825,401 |
|
Noncontrolling
interests |
|
|
363 |
|
|
|
833 |
|
|
|
834 |
|
Total equity |
|
|
837,675 |
|
|
|
848,555 |
|
|
|
826,235 |
|
Total liabilities and equity |
|
$ |
1,617,734 |
|
|
$ |
1,730,934 |
|
|
$ |
1,638,157 |
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
|
Three MonthsEnded September
30, |
|
Three Months EndedJune
30, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Profit for the period |
|
$ |
10,752 |
|
|
$ |
8,008 |
|
|
$ |
729 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,094 |
|
|
|
5,359 |
|
|
|
5,025 |
|
Share-based compensation expenses |
|
|
789 |
|
|
|
662 |
|
|
|
723 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
432 |
|
|
|
67 |
|
|
|
(336 |
) |
Interest income |
|
|
(1,837 |
) |
|
|
(1,387 |
) |
|
|
(2,648 |
) |
Finance costs |
|
|
1,482 |
|
|
|
843 |
|
|
|
1,717 |
|
Income tax expense (benefit) |
|
|
1,214 |
|
|
|
(2,449 |
) |
|
|
(1,247 |
) |
Share of losses of associates |
|
|
220 |
|
|
|
164 |
|
|
|
175 |
|
Inventories write downs |
|
|
5,263 |
|
|
|
7,282 |
|
|
|
5,047 |
|
Unrealized foreign currency exchange losses (gains) |
|
|
(878 |
) |
|
|
1,034 |
|
|
|
(1,201 |
) |
|
|
|
22,531 |
|
|
|
19,583 |
|
|
|
7,984 |
|
Changes in: |
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
|
(9,468 |
) |
|
|
117,749 |
|
|
|
13,116 |
|
Inventories |
|
|
32,395 |
|
|
|
(80,041 |
) |
|
|
32,920 |
|
Other receivable from related parties |
|
|
(19 |
) |
|
|
152 |
|
|
|
3 |
|
Other current assets |
|
|
4,157 |
|
|
|
2,804 |
|
|
|
(3,318 |
) |
Accounts payable (including related parties) |
|
|
(18,096 |
) |
|
|
(51,323 |
) |
|
|
10,207 |
|
Other payable to related parties |
|
|
(329 |
) |
|
|
219 |
|
|
|
(588 |
) |
Contract liabilities |
|
|
(2,885 |
) |
|
|
(1,671 |
) |
|
|
(13,097 |
) |
Other current liabilities |
|
|
(2,145 |
) |
|
|
(424 |
) |
|
|
1,665 |
|
Other non-current liabilities |
|
|
(9,697 |
) |
|
|
(4,151 |
) |
|
|
2,351 |
|
Cash generated from operating activities |
|
|
16,444 |
|
|
|
2,897 |
|
|
|
51,243 |
|
Interest received |
|
|
1,185 |
|
|
|
443 |
|
|
|
3,262 |
|
Interest paid |
|
|
(1,482 |
) |
|
|
(843 |
) |
|
|
(1,717 |
) |
Income tax paid |
|
|
(104 |
) |
|
|
(6,171 |
) |
|
|
(51,093 |
) |
Net cash provided by (used in) operating
activities |
|
|
16,043 |
|
|
|
(3,674 |
) |
|
|
1,695 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(2,619 |
) |
|
|
(3,402 |
) |
|
|
(2,874 |
) |
Acquisitions of intangible assets |
|
|
(64 |
) |
|
|
- |
|
|
|
- |
|
Acquisitions of financial assets at amortized cost |
|
|
(675 |
) |
|
|
(720 |
) |
|
|
(1,092 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
|
640 |
|
|
|
660 |
|
|
|
1,134 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
|
(21,210 |
) |
|
|
(30,179 |
) |
|
|
(33,821 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
|
21,217 |
|
|
|
33,188 |
|
|
|
52,482 |
|
Decrease (increase) in refundable deposits |
|
|
6,133 |
|
|
|
(6,131 |
) |
|
|
1,193 |
|
Cash received in advance from disposal of land |
|
|
2,821 |
|
|
|
- |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
|
6,243 |
|
|
|
(6,584 |
) |
|
|
17,022 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments of cash dividends |
|
|
(83,720 |
) |
|
|
(217,873 |
) |
|
|
- |
|
Payments of dividend equivalents |
|
|
(148 |
) |
|
|
- |
|
|
|
- |
|
Proceeds from short-term unsecured borrowings |
|
|
- |
|
|
|
- |
|
|
|
10,294 |
|
Repayments of short-term unsecured borrowings |
|
|
- |
|
|
|
- |
|
|
|
(10,000 |
) |
Proceeds from long-term unsecured borrowings |
|
|
- |
|
|
|
40,000 |
|
|
|
- |
|
Repayments of long-term unsecured borrowings |
|
|
(1,500 |
) |
|
|
(41,500 |
) |
|
|
(1,500 |
) |
Proceeds from short-term secured borrowings |
|
|
530,800 |
|
|
|
668,700 |
|
|
|
139,200 |
|
Repayments of short-term secured borrowings |
|
|
(447,100 |
) |
|
|
(450,800 |
) |
|
|
(139,200 |
) |
Pledge of restricted deposit |
|
|
(83,700 |
) |
|
|
(217,900 |
) |
|
|
- |
|
Payment of lease liabilities |
|
|
(1,205 |
) |
|
|
(601 |
) |
|
|
(1,202 |
) |
Guarantee deposits received (refunded) |
|
|
200 |
|
|
|
(882 |
) |
|
|
5 |
|
Net cash used in financing activities |
|
|
(86,373 |
) |
|
|
(220,856 |
) |
|
|
(2,403 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
|
(81 |
) |
|
|
(2,043 |
) |
|
|
(1,175 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
|
(64,168 |
) |
|
|
(233,157 |
) |
|
|
15,139 |
|
Cash and cash
equivalents at beginning of period |
|
|
211,425 |
|
|
|
452,902 |
|
|
|
196,286 |
|
Cash and cash
equivalents at end of period |
|
$ |
147,257 |
|
|
$ |
219,745 |
|
|
$ |
211,425 |
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
|
|
Nine MonthsEnded September
30, |
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Profit for the period |
|
|
|
$ |
26,136 |
|
|
$ |
193,469 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
|
|
15,207 |
|
|
|
16,146 |
|
Share-based compensation expenses |
|
|
|
|
2,317 |
|
|
|
2,002 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
|
|
55 |
|
|
|
(361 |
) |
Interest income |
|
|
|
|
(6,812 |
) |
|
|
(2,823 |
) |
Finance costs |
|
|
|
|
4,940 |
|
|
|
1,451 |
|
Income tax expense |
|
|
|
|
2,905 |
|
|
|
43,916 |
|
Share of losses of associates |
|
|
|
|
584 |
|
|
|
573 |
|
Inventories write downs |
|
|
|
|
15,813 |
|
|
|
13,107 |
|
Unrealized foreign currency exchange gains |
|
|
|
|
(893 |
) |
|
|
(3,586 |
) |
|
|
|
|
|
60,252 |
|
|
|
263,894 |
|
Changes in: |
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
|
|
|
12,641 |
|
|
|
156,927 |
|
Inventories |
|
|
|
|
95,510 |
|
|
|
(224,578 |
) |
Other receivable from related parties |
|
|
|
|
34 |
|
|
|
(13 |
) |
Other current assets |
|
|
|
|
1,819 |
|
|
|
7,426 |
|
Accounts payable (including related parties) |
|
|
|
|
8,303 |
|
|
|
(56,444 |
) |
Other payable to related parties |
|
|
|
|
(631 |
) |
|
|
745 |
|
Contract liabilities |
|
|
|
|
(36,093 |
) |
|
|
(1,047 |
) |
Other current liabilities |
|
|
|
|
(1,768 |
) |
|
|
(214 |
) |
Other non-current liabilities |
|
|
|
|
(4,995 |
) |
|
|
1,657 |
|
Cash generated from operating activities |
|
|
|
|
135,072 |
|
|
|
148,353 |
|
Interest received |
|
|
|
|
5,902 |
|
|
|
1,729 |
|
Interest paid |
|
|
|
|
(4,940 |
) |
|
|
(1,451 |
) |
Income tax paid |
|
|
|
|
(51,935 |
) |
|
|
(71,189 |
) |
Net cash provided by operating activities |
|
|
|
|
84,099 |
|
|
|
77,442 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
|
|
(8,326 |
) |
|
|
(9,485 |
) |
Acquisitions of intangible assets |
|
|
|
|
(75 |
) |
|
|
(169 |
) |
Acquisitions of financial assets at amortized cost |
|
|
|
|
(2,338 |
) |
|
|
(7,979 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
|
|
|
2,315 |
|
|
|
24,982 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
|
|
|
(77,253 |
) |
|
|
(103,293 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
|
|
|
73,894 |
|
|
|
105,201 |
|
Increase in refundable deposits |
|
|
|
|
(56,933 |
) |
|
|
(6,131 |
) |
Releases of restricted deposit |
|
|
|
|
- |
|
|
|
2,700 |
|
Cash received in advance from disposal of land |
|
|
|
|
2,821 |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
|
|
|
(65,895 |
) |
|
|
5,826 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments of cash dividends |
|
|
|
|
(83,720 |
) |
|
|
(217,873 |
) |
Payments of dividend equivalents |
|
|
|
|
(148 |
) |
|
|
- |
|
Purchases of subsidiary shares from noncontrolling interests |
|
|
|
|
- |
|
|
|
(301 |
) |
Proceeds from short-term unsecured borrowings |
|
|
|
|
10,294 |
|
|
|
- |
|
Repayments of short-term unsecured borrowings |
|
|
|
|
(10,000 |
) |
|
|
- |
|
Proceeds from long-term unsecured borrowings |
|
|
|
|
- |
|
|
|
40,000 |
|
Repayments of long-term unsecured borrowings |
|
|
|
|
(4,500 |
) |
|
|
(44,500 |
) |
Proceeds from short-term secured borrowings |
|
|
|
|
956,200 |
|
|
|
854,500 |
|
Repayments of short-term secured borrowings |
|
|
|
|
(872,500 |
) |
|
|
(636,600 |
) |
Pledge of restricted deposit |
|
|
|
|
(83,700 |
) |
|
|
(217,900 |
) |
Payment of lease liabilities |
|
|
|
|
(3,586 |
) |
|
|
(3,036 |
) |
Guarantee deposits received |
|
|
|
|
205 |
|
|
|
28,913 |
|
Net cash used in financing activities |
|
|
|
|
(91,455 |
) |
|
|
(196,797 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
|
|
|
(1,073 |
) |
|
|
(2,750 |
) |
Net decrease in cash
and cash equivalents |
|
|
|
|
(74,324 |
) |
|
|
(116,279 |
) |
Cash and cash
equivalents at beginning of period |
|
|
|
|
221,581 |
|
|
|
336,024 |
|
Cash and cash
equivalents at end of period |
|
|
|
$ |
147,257 |
|
|
$ |
219,745 |
|
Himax Technologies (NASDAQ:HIMX)
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