Company Meets
Q1 2017 Revenue, Gross Margin
and EPS Guidance
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 ended March 31, 2017.
SUMMARY
FINANCIALS
First Quarter 2017 Results
Compared to First Quarter 2016
Results (USD in millions)
(unaudited) |
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|
|
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|
|
Q1 2017 |
|
|
|
Q1 2016 |
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|
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CHANGE |
|
Net Revenue |
|
|
|
|
|
|
|
|
$ |
155.2 |
|
|
|
$ |
180.3 |
|
|
|
-13.9 |
% |
Gross Profit |
|
|
|
|
|
|
|
|
$ |
35.9 |
|
|
|
$ |
47.2 |
|
|
|
-23.9 |
% |
Gross Margin |
|
|
|
|
|
|
|
|
|
23.1 |
% |
|
|
|
26.2 |
% |
|
|
-3.1 |
% |
GAAP Net Income
Attributable to Shareholders |
|
|
|
|
|
|
|
|
$ |
1.4 |
|
|
|
$ |
13.1 |
|
|
|
-89.6 |
% |
Non-GAAP Net Income
Attributable to Shareholders |
|
|
|
|
|
|
|
|
$ |
1.7 |
(1) |
|
|
$ |
13.5 |
(2) |
|
|
-87.2 |
% |
GAAP EPS (Per Diluted
ADS, USD) |
|
|
|
|
|
|
|
|
$ |
0.008 |
|
|
|
$ |
0.076 |
|
|
|
-89.6 |
% |
Non-GAAP EPS (Per
Diluted ADS, USD) |
|
|
|
|
|
|
|
|
$ |
0.010 |
(1) |
|
|
$ |
0.078 |
(2) |
|
|
-87.2 |
% |
(1) Non-GAAP Net income attributable to common
shareholders and EPS excludes $0.2 million of share-based
compensation expenses, net of tax and $0.1 million non-cash
acquisition related charge, net of tax.(2) Non-GAAP Net income
attributable to common shareholders and EPS excludes $0.2 million
of share-based compensation expenses, net of tax and $0.2 million
non-cash acquisition related charges, net of tax.
|
First Quarter 2017 Results Compared
to Fourth Quarter 2016 Results
(USD in millions)
(unaudited) |
|
Q1 2017 |
|
|
|
Q4 2016 |
|
|
|
CHANGE |
|
Net
Revenue |
$ |
155.2 |
|
|
|
$ |
203.4 |
|
|
|
-23.7 |
% |
Gross
Profit |
$ |
35.9 |
|
|
|
$ |
38.9 |
|
|
|
-7.8 |
% |
Gross
Margin |
|
23.1 |
% |
|
|
|
19.1 |
% |
|
|
+4.0 |
% |
GAAP Net
Income Attributable to Shareholders |
$ |
1.4 |
|
|
|
$ |
4.4 |
|
|
|
-69.3 |
% |
Non-GAAP
Net Income Attributable to Shareholders |
$ |
1.7 |
(1) |
|
|
$ |
4.8 |
(2) |
|
|
-64.1 |
% |
GAAP EPS
(Per Diluted ADS, USD) |
$ |
0.008 |
|
|
|
$ |
0.026 |
|
|
|
-69.3 |
% |
Non-GAAP
EPS (Per Diluted ADS, USD) |
$ |
0.010 |
(1) |
|
|
$ |
0.028 |
(2) |
|
|
-64.1 |
% |
(1) Non-GAAP Net income attributable to common
shareholders and EPS excludes $0.2 million of share-based
compensation expenses, net of tax and $0.1 million non-cash
acquisition related charge, net of tax.(2) Non-GAAP Net income
attributable to common shareholders and EPS excludes $0.2 million
of share-based compensation expenses, net of tax and $0.2 million
non-cash acquisition related charge, net of tax.
“Our first quarter revenue, gross margin and
GAAP earnings per diluted ADS all met our guidance previously
issued on February 16th,” said Mr. Jordan Wu, President and Chief
Executive Officer of Himax. “The decline in revenue was primarily a
result of several factors that include fewer working days in China
and Taiwan, decreased sales in large-sized driver IC business from
the phase-out of certain customers’ old models, lower smartphone
driver IC sales due to weak China market demand, customers’
continued inventory adjustment and increasing TDDI and AMOLED
adoption causing the shrinking addressable market for pure TFT-LCD
driver ICs for smartphone; and to a less extent, discontinuation of
LCOS and WLO shipment to one of our leading AR device customers.
Despite the temporary slowdown experienced in our driver IC
business, we continue to work closely with our customers across
China, Taiwan and Korea, of which the design-in activities all
remain robust.”
Mr. Wu continued: “As we move through 2017, we
are seeing ongoing weakness in China smartphone market and the
temporary slowdown of our large-size driver IC business. In spite
of the short-term headwind, we are positive on DDIC business
outlook because of expected shipments for certain customers’ 4K TV
models and TDDI products. Various areas of the non-driver IC
businesses are also expected to contribute to the improvement of
our overall financials from second half of the year. With respect
to the non-driver business, particularly in the WLO and CMOS Image
Sensor products of 3D scanning solutions, we believe it is one of
the most significant new applications for the next generation
smartphone. Himax is well recognized to be the front runner and
world leader in this important technology. Our SLiMTM product line
is the state of the art total solutions for 3D sensing and scanning
based on structured light technology, of which we can also provide
individual technologies separately to selected customers to
accommodate their specific needs. We are seeing strong demand for
3D scanning products from multiple top name customers who are
either collaborating with us or engaging us for advanced stage
discussions. In light of the promising new business opportunities
around the corner, we will continue to invest heavily in R&D
and customer engineering regardless of the prevailing unfavorable
business conditions. We are aware that this will hit our short-term
bottom line, but we believe such investment is extremely important
and will bring in very handsome return in the next few years. Our
confidence on our strong growth prospects is also evidenced by the
unprecedented heavy CAPEX plan for 2017. As announced previously,
this year’s CAPEX will be significantly higher than usual. In the
last earnings call, we reported the urgent addition of new WLO
capacity to meet the near term demands of certain customers. We are
pleased to report that the project is going smoothly as planned.
Major ramp of the new WLO capacity is scheduled to start from the
third quarter of 2017. With regards to AoSTM solutions, we believe
our strategic investment in Emza announced in April will enable us
to provide turn-key solution and transform AoS sensor to an
information analytics device. On the LCOS product line, in addition
to AR application, we are pleased to report that we are making
great progress in developing high-end head-up-display for
automotive applications. As excited as we are on the prospect of
non-drive IC products and notwithstanding driver IC’s short term
pressure, driver IC has been a core part of our business and will
remain so in any foreseeable future. Our technology strength, total
solution capability and long term customer relationships in driver
IC business remain intact. Overall, we are committed to diversify
our product portfolio and customer base with innovative
technologies. We believe these will significantly increase
shareholder value ultimately.”
First Quarter 2017 Revenue Breakdown by Product Line
(USD in millions) (unaudited)
|
|
Q1 2017 |
|
|
% |
|
|
|
Q1 2016 |
|
|
% |
|
|
%
Change |
|
Display drivers for
large-sized panels |
|
|
$ |
59.3 |
|
|
38.2 |
% |
|
|
$ |
65.7 |
|
|
36.4 |
% |
|
|
-9.8 |
% |
|
Display drivers for
small/medium-sized panels |
|
|
$ |
66.6 |
|
|
42.9 |
% |
|
|
$ |
79.4 |
|
|
44.1 |
% |
|
|
-16.1 |
% |
|
Non-driver
products |
|
|
$ |
29.3 |
|
|
18.9 |
% |
|
|
$ |
35.2 |
|
|
19.5 |
% |
|
|
-16.7 |
% |
|
Total |
|
|
$ |
155.2 |
|
|
100.0 |
% |
|
|
$ |
180.3 |
|
|
100.0 |
% |
|
|
-13.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2017 |
|
|
% |
|
|
|
Q4 2016 |
|
|
% |
|
|
% Change |
|
Display drivers for
large-sized panels |
|
|
$ |
59.3 |
|
|
38.2 |
% |
|
|
$ |
67.7 |
|
|
33.3 |
% |
|
|
-12.4 |
% |
|
Display drivers for
small/medium-sized panels |
|
|
$ |
66.6 |
|
|
42.9 |
% |
|
|
$ |
99.7 |
|
|
49.0 |
% |
|
|
-33.2 |
% |
|
Non-driver
products |
|
|
$ |
29.3 |
|
|
18.9 |
% |
|
|
$ |
36.0 |
|
|
17.7 |
% |
|
|
-18.8 |
% |
|
Total |
|
|
$ |
155.2 |
|
|
100.0 |
% |
|
|
$ |
203.4 |
|
|
100.0 |
% |
|
|
-23.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
The first quarter revenues of $155.2 million
represented a decrease of 23.7% sequentially and 13.9%
year-over-year. Revenue from large panel display drivers was $59.3
million, down 12.4% sequentially, and down 9.8% from a year ago.
Large panel driver ICs accounted for 38.2% of its total revenues
for the first quarter, compared to 33.3% in the fourth quarter of
2016 and 36.4% a year ago. The decline was due to fewer working
days in China and Taiwan and phase-out of certain customers’ old
models. In addition, the scale 5.6 earthquake that struck Tainan in
early February also somehow impacted some of the Company’s
customers’ productions and therefore its driver IC shipment. In
spite of the lukewarm sales, Himax’s engineering collaboration and
design-in activities with large panel customers across China,
Taiwan and Korea all remain robust. Such activities will lead to
future rebound in sales momentum.
Revenue for small and medium-sized drivers came
in at $66.6 million, down 33.2% sequentially and down 16.1% from
the same period last year. Driver ICs for small and medium-sized
applications accounted for 42.9% of total sales for the first
quarter, as compared to 49.0% in the fourth quarter of 2016 and
44.1% a year ago. Sales into smartphones declined 37.8%
year-over-year and 49.6% sequentially. The substantial decline in
the Company’s smartphone driver IC sales was caused mainly by weak
sentiment in the China market which is still loaded with excess
inventory built up at the end of last year. Another negative factor
for the Company’s small panel driver IC sales is the shrinking
addressable market for pure TFT-LCD driver ICs for smartphone
caused by increasing in-cell and AMOLED display adoption. The
revenue from automotive applications declined about 9.0% from the
last quarter but was up around 12.0% year-over-year. Himax’s driver
ICs used in tablets also declined around 33.0% sequentially and
8.0% year-over-year for weak overall market demand in the product
segment.
Revenues from the Company’s non-driver
businesses were $29.3 million, down 18.8% sequentially and down
16.7% from the same period last year. Non-driver products accounted
for 18.9% of total revenues, as compared to 17.7% in the fourth
quarter of 2016 and 19.5% a year ago. The sequential decline was
primarily caused by lower LCOS and WLO shipments as one of the
Company’s major AR customers decided to discontinue its production,
as the Company reported before. To a much lesser extent, lower
sales of touch panel controllers and ASIC chips also contributed to
the sequential decline. This decline was partially offset by the
increased sales of CMOS image sensors and NRE income from ASIC
projects.
In light of the promising new business
opportunities around the corner, the Company will continue to
invest heavily in R&D and customer engineering regardless of
the prevailing unfavorable business conditions. The company is
aware that this will hit its short-term bottom line, but Himax
believes such investment is extremely important and will bring in
very handsome return in the next few years. The second quarter
operating expenses are budgeted to increase about 7% sequentially
and 20% year-over-year. Of the operating expenses, R&D will see
the most significant increase, to be up around 10% sequentially and
28% year-over-year. WLO is to account for some 50% of the increased
R&D expenses. For the additional WLO capacity prepared for
ramping in the second half which the Company announced last
quarter, there are heavy pre-ramp expenses such as equipment bring
up, sampling, and other related engineering efforts. About 30% of
the additional R&D expenses will be TDDI related where the team
is expanded in preparation for the expected design-ins with
smartphone end customers. The remaining 20% of the incremental
R&D will be expensed for high-end TV and structured light
related R&D. The Company’s confidence on its strong growth
prospects is also evidenced by the unprecedented heavy CAPEX plan
for 2017.
GAAP gross margin for the first quarter was
23.1%, up 400 basis points from 19.1% in the fourth quarter of
2016, and down 310 basis points from 26.2% for the same period last
year. The Company’s GAAP gross margin for the fourth quarter of
2016 was lower due to a one-time, non-cash inventory write-down
totaling $12.0 million, on top of $2.7 million originally estimated
for the quarter. Excluding the additional inventory write-down, the
Company’s gross margin for the first quarter would have been down
190 basis points from 25.0% in the fourth quarter of 2016. The
sequential and year-over-year decline was due to unfavorable
product mix and margin decline in large panel driver ICs and
non-driver product segments.
GAAP operating expenses were $34.3 million in
the first quarter of 2017, up 7.1% from the preceding quarter and
up 7.3% from a year ago. The sequential increase was primarily the
result of an increase in R&D expenses while the year-over-year
increase was due to higher salary expenses.
GAAP operating margin for the first quarter of
2017 was 1.0%, down from 8.4% for the same period last year and
down from 3.4% in the previous quarter. The GAAP operating income
decreased 77.1% sequentially and 89.6% year-over-year. The
sequential and year-over-year decrease was a result of lower sales,
lower gross margin and higher expenses in the quarter.
First quarter non-GAAP operating income, which
excludes share-based compensation and acquisition-related charges,
was $2.1 million, or 1.3% of sales, down from 8.7% for the same
period last year and down from 3.6% a quarter ago. The non-GAAP
operating income decreased 71.8% sequentially and 86.8% from the
same quarter in 2016. Again, the sequential and year-over-year
decrease was a result of lower sales, lower gross margin and higher
expenses in the quarter.
GAAP net income for the first quarter was $1.4
million, or 0.8 cents per diluted ADS, compared to $4.4 million, or
2.6 cents per diluted ADS, in the previous quarter and GAAP net
income of $13.1 million, or 7.6 cents per diluted ADS, a year ago.
GAAP net income decreased 89.6% year-over-year and 69.3% from the
previous quarter.
First quarter non-GAAP net income was $1.7
million, or 1.0 cent per diluted ADS, compared to $4.8 million last
quarter and $13.5 million the same period last year.
Balance Sheet and Cash Flow
Himax had $199.5 million of cash, cash
equivalents and marketable securities as of the end of March 2017,
compared to $168.0 million at the same time last year and $194.6
million a quarter ago. On top of the above cash position,
restricted cash was $107.4 million at the end of the quarter, down
from $138.2 million in the preceding quarter and down from $180.5
million a year ago. The restricted cash is mainly used to guarantee
the Company’s short-term loan for the same amount. Himax continues
to maintain a very strong balance sheet and remain a debt-free
company.
Inventories as of March 31, 2017 were $148.3
million, down from $182.8 million a year ago and down from $149.7
million a quarter ago. Accounts receivable at the end of March 2017
were $167.7 million as compared to $173.0 million a year ago and
$191.0 million last quarter. DSO was 97 days at the end of March
2017, as compared to 87 days a year ago and 87 days at end of the
last quarter. The increase of DSO was due to higher revenue
proportion of driver IC sales for large panel customers who tend to
have longer credit terms.
Net cash inflow from operating activities for
the first quarter was $5.5 million as compared to an inflow of
$21.5 million for the same period last year and an inflow of $47.2
million last quarter. The decrease in cash inflow was a result of
lower profitability and higher working capital.
Capital expenditures were $2.0 million in the
first quarter of 2017 versus $2.2 million a year ago and $2.2
million last quarter. The capital expenditure in the first quarter
consisted mainly of capacity expansion for WLO and LCOS product
lines and purchases of R&D related equipment.
Share Buyback Update
As of March 31, 2017, Himax had 172.0 million
ADS outstanding, unchanged from last quarter. On a fully diluted
basis, the total ADS outstanding are 172.4 million.
2017 Investor Outreach and
Conferences
Ms. Jackie Chang, CFO and Ms. Penny Lin,
internal IR Manager, and Mr. Greg Falesnik, Himax’s US-based IR,
will maintain corporate access for shareholders and attend future
investor conferences. If you are interested in speaking with the
management, please contact Himax’s US or Taiwan-based investor
relations contact at the numbers below.
Business Updates
The factors causing the Company’s slow first
quarter will remain in the second quarter. However, looking ahead
into the second half, the Company believes its overall financial
performance will be resilient. Himax is positive on DDIC business
outlook because of expected shipments for certain customers’ 4K TV
models and TDDI products. Various areas of the non-driver IC
businesses are also expected to contribute to the improvement of
the Company’s overall financials from second half of this year.
It is important to update the status of the
Company’s CAPEX plan and highlight its progress in 3D scanning
technology, which is a major reason why the Company embarked on
this aggressive CAPEX plan. The Company believes 3D scanning is one
of the most significant new applications for the next generation
smartphone. The view is echoed by many industry researchers. Himax
is seeing strong demand for 3D scanning products from multiple top
name customers who are either collaborating with the Company or
engaging the Company for advanced stage discussion thanks to the
Company’s absolute technology leadership. The Company’s SLiMTM
product line is the state of the art total solutions for 3D sensing
and scanning based on structured light technology. Himax offers
fully integrated structure light modules with vast majority of the
key technologies inside also provided by the Company itself. These
technologies include advanced optics utilizing the Company’s WLO
technology, laser driver IC, high precision active alignment for
the assembly of laser projector, high performance near-infrared
CMOS image sensor and, last but not least, an algorithm chip for 3D
depth map generation. While the Company prefers to offer total
solution, it can also provide aforementioned individual
technologies separately to selected customers so as to accommodate
their specific needs. Of the above technologies, the two items
requiring CAPEX for Himax are advanced optics built using the
Company’s in-house WLO production line and active alignment for
which the Company develops a solution jointly with an
international, world leading semiconductor equipment house. The
remaining items are all outsourced for manufacturing and therefore
do not require the Company’s own CAPEX.
As indicated previously, this year’s CAPEX will
be significantly higher than usual. In the last earnings call, the
Company reported the urgent addition of new WLO capacity to meet
the near term demands of certain customers. This new capacity is
located in its existing headquarters in which the Company
retrofitted certain space to make room for the new equipment. Himax
is pleased to report that the project is going smoothly as planned.
Major ramp of the new WLO capacity is scheduled to start from the
third quarter. Now moving on to the other major CAPEX project of
this year, construction of a new building, again the progress is
good and the schedule is well under control. The new building,
located nearby the Company’s current headquarters, will house
additional 8” glass WLO and the next generation 12” wafer LCOS
production lines, as well as provide the extra office space that is
desperately needed. The new building will be completed and ready
for personnel and equipment move-in by early 2018. To give an
update for the CAPEX plan, the Company has budgeted $80.0 million
for 2017 for the new WLO capacity and the new office/fab
construction, covering equipment, land, building, facilities and
clean rooms. Of the total budget, around $60.0 million will be paid
out during the year with the remaining in the next year.
The CAPEX budget for 2017 and the dividend for
the year of 2016 will be funded through the Company’s internal
resources and banking facilities.
Large panel driver IC revenue for the second
quarter will decline around 10% sequentially due to phase-out of
certain customers’ old models. Certain earlier misses of customer
new design-in projects will affect the Company’s second quarter and
possibly third quarter business. Nevertheless, the Company has
secured new design-wins, particularly in 4K TV, to resume its
larger-sized driver IC business growth in the fourth quarter.
Looking forward, 4K TV penetration is still on its way up and
Chinese panel customers will keep on ramping new advanced
generation fabs over the next few years, including a brand new Gen
8.5 and another Gen 8.6 fab starting the second half of 2017. Himax
remains the market leader in the large panel driver IC business in
China and will be a major beneficiary from China’s capacity
expansion.
The other segment within the Company’s driver
business is ICs used in small and medium-sized panels for
applications including smartphones, tablets and automotive. Second
quarter sales for smartphones are likely to experience slight
decline sequentially on weak China market demand, end customers’
continued inventory adjustment and higher TDDI and AMOLED adoption.
Furthermore, the new 18:9 screen design is slowing down the demand
for the existing 16:9 models. Himax believes its smartphone
business will recover sequentially in the third quarter. Not only
does the Company expect to secure more design-wins from 18:9
display, it also expects its customers to replenish inventories
after the lackluster first half of the year. Himax remains mindful
of the trend that higher in-cell panel and TDDI adoption will
reduce the addressable market for smartphones using traditional
TFT-LCD driver ICs. The Company is confident that its TDDI
solutions and business will start to contribute in the third
quarter. On AMOLED display, Himax has started to deliver product
samples to its customers in the second quarter. Himax’s customer
base for AMOLED covers many leading panel makers across China. The
Company believes AMOLED driver IC will be one of the long-term
growth engines for its small panel driver IC business.
Driver ICs used in automotive application has
been the best performing product category in recent years. The
Company is seeing solid momentum in the second quarter with revenue
to grow around 15% sequentially and 50% year-over-year. Being the
market share leader with numerous tier 1 automobile brands as the
Company’s indirect end customers, Himax has successfully engaged
all key panel manufacturers and module houses worldwide for
long-term partnerships and secured many of their key projects
pipelined for the next few years. To address the growing IC demand
out of larger automotive displays and more displays per vehicle,
the Company continues to develop advanced technologies including IC
solutions for on-cell and in-cell touch screens. Finally, the
Company’s driver ICs used in tablets will stay around flat
sequentially in the second quarter. Overall, Himax expects the
small and medium-sized driver IC segment to increase sequentially
by around low-single-digit in the second quarter.
For the non-driver IC business segments, the
Company continues to experience near-term headwinds as mentioned in
the previous earnings call and expect mid-single-digit sequential
decline in its non-driver revenues for the second quarter. Sales of
CMOS image sensors will deliver double-digit growth in the second
quarter, while those of WLO and touch panel controllers will
decline sequentially.
On the touch panel controller product line, in
spite of new design-wins of the Company’s discrete touch solutions
and volume shipment of several projects featuring its on-cell
solutions to Chinese and Korean smartphone brand customers, the
touch controller IC revenue will decline in the second quarter due
to increasing TDDI adoption. As mentioned earlier, the 18:9 screen
format is increasingly popular among major smartphone players,
especially for their mid-to-high end models. Being a front runner
of TDDI solutions for 18:9 displays, the Company will benefit from
the new trend. To address the fast growing TDDI demand and to catch
up with customers’ request for fast product ramp, the Company has
allocated further R&D and customer engineering resources to
this important new product area. With comprehensive joint
development engagements covering many leading panel makers, Himax
is confident that it can leverage its long-standing and widespread
relationships with panel makers to be a market leader for TDDI.
With regards to WLO, the Company expects revenue
in the second quarter to decline due to discontinuation of shipment
to one of its leading AR device customers. At present, 3D scanning
is the top priority of the Company’s WLO business. Himax’s goal is
to provide total solutions with the performance, size, power
consumption and costs all suitable for smartphone and tablet
applications. Alternatively, for selected customers the Company can
also provide individual key components upon their requests. Judging
by the ongoing close collaboration and discussion with multiple
leading end device makers, the Company has strong reasons to
believe that the 3D scanning solution will bring it the explosive
revenue growth when the new feature gets adopted by smartphones.
Apart from smartphone and tablet, Himax expects the adoption of 3D
scanning to widely spread over to various applications such as
industrial, IoT, AI, medical, automotive, military, surveillance
and drone. Himax will expand its technology roadmap to cover more
applications in due course.
On the CMOS image sensor business update, the
Company continues to make great progress with its two machine
vision sensor product lines, namely near infrared (“NIR”) sensor
and Always-on-Sensor (“AoSTM”). The Company’s NIR sensor is a
critical part in the structured light 3D scanning total solution.
Similar to WLO, the Company can supply NIR sensor as an individual
component for both mobile and non-mobile applications. The
Company’s NIR sensors’ overall performance is far ahead of those of
its peers. Himax currently can offer low noise HD and 5.5 megapixel
NIR sensors with superior quantum efficiency in NIR band while
operating at excellent power consumption.
Himax’s AoS solutions provide super low power
computer vision to enable new applications across a very wide
variety of industries. The ultra-low power, always-on vision sensor
is a powerful solution capable of detecting, tracking and
recognizing its environment in an extremely efficient manner using
just a few milliwatts of power. In April, Himax announced a
strategic investment in Emza, an Israeli software company dedicated
to developing extremely efficient machine vision algorithms. The
investment enables the Company to provide turn-key solutions to
meet customers’ increasing appetite for ultra-low power. With
Emza’s machine-vision algorithms, the Company can transform AoS
sensor from a pure image capturing component to an information
analytics device that can be easily integrated into smart home and
security applications as well as smartphone, AR/VR, AI and IoT
devices.
For the traditional human vision segments, the
Company expects mass production of several earlier design wins for
notebooks and increased shipments for multimedia applications such
as car recorder, surveillance, drone, home appliances, and consumer
electronics, among others, during the second quarter.
Turning to the LCOS product line, LCOS revenue
will be flat sequentially and down year-over-year due to
discontinuation of shipment to one of the Company’s leading AR
device customers. Himax expects revenue for LCOS to come from a
more diversified customer base starting later in 2017. The Company
is seeing heavyweight companies allocating major R&D resources
and budgets in their new push for AR goggle devices. Having
invested in related technologies for over 15 years, Himax believes
its LCOS is the technology of choice with little competition. The
Company’s list of customers continues to expand and it now covers
many of the world’s biggest tech names. In addition to AR
application, Himax is pleased to report that it is making great
progress in developing high-end head-up-display for automotive
applications. This represents a significant long term growth
opportunity for Himax. The Company will report business development
in this territory in due course.
In summary, Himax is seeing ongoing weakness in
the China smartphone market and temporary slowdown of its
large-sized driver IC business, which will likely lead to a mild
sequential decline in revenue in the second quarter. Regardless of
the soft market condition, the Company continues to commit its
R&D on its strategic growth areas. Likewise, CAPEX will be at
an unprecedented high level to capture the tremendous growth
opportunities where Himax has a significant leadership. The Company
emphasizes that, as excited as it is on the prospect of non-drive
IC products and notwithstanding driver IC’s short term pressure,
driver IC has been a core part of its business and will remain so
in any foreseeable future. The Company’s technology strength, total
solution capability and long term customer relationships in driver
IC business remain intact. Himax is confident that its driver IC
will resume growth starting the fourth quarter.
Second Quarter 2017
Guidance
The Company is providing the following financial
guidance for the second quarter of 2017:
Net Revenue: |
|
|
|
|
To be down around 5.0%
to flat sequentially |
Gross Margin: |
|
|
|
|
To be around flat
sequentially |
GAAP EPS(1): |
|
|
|
|
-1.0 to 0.0 cents per
diluted ADS, as compared to 0.8 cents reported in the first quarter
of 2017 |
(1)The
Company expects operating expenses to increase significantly in the
second quarter. |
|
|
|
|
|
|
HIMAX TECHNOLOGIES FIRST QUARTER 2017
EARNINGS CONFERENCE CALL
DATE: |
|
|
|
|
Thursday,
May 11th, 2017 |
TIME: |
|
|
|
|
U.S. 8:00 a.m. EDT |
|
|
|
|
|
Taiwan 8:00 p.m. |
DIAL
IN: |
|
|
|
|
U.S. +1 (866) 444-9147 |
|
|
|
|
|
INTERNATIONAL +1 (678) 509-7569 |
CONFERENCE
ID |
|
|
|
|
6717220 |
WEBCAST: |
|
|
|
|
http://edge.media-server.com/m/p/a8zmeva9 |
|
|
|
|
|
|
A replay of the call will be available beginning
two hours after the call through 11:59 p.m. U.S. EDT on May 18th,
2017 (11:59 a.m. Taiwan time, May 19th, 2017) on www.himax.com.tw
and by telephone at +1 (855) 859-2056 (US Domestic) or +1 (404)
537-3406 (International). The conference ID number is 6717220. 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 10th, 2018.
About Himax Technologies,
Inc.Himax Technologies, Inc. (NASDAQ:HIMX) is a fabless
semiconductor solution provider dedicated to display imaging
processing technologies. Himax is a worldwide market leader in
display driver ICs and timing controllers used in TVs, laptops,
monitors, mobile phones, tablets, digital cameras, car navigation,
virtual reality (VR) devices and many other consumer electronics
devices. Additionally, Himax designs and provides controllers for
touch sensor displays, in-cell Touch and Display Driver Integration
(TDDI) single-chip solutions, LED driver ICs, power management ICs,
scaler products for monitors and projectors, tailor-made video
processing IC solutions, silicon IPs and LCOS micro-displays for
augmented reality (AR) devices and head-up displays (HUD) for
automotive. The Company also offers digital camera solutions,
including CMOS image sensors and wafer level optics for AR devices,
3D depth scanning and machine vision, which are used in a wide
variety of applications such as mobile phone, tablet, laptop, TV,
PC camera, automobile, security, medical devices and Internet of
Things. Founded in 2001 and headquartered in Tainan, Taiwan, Himax
currently employs over 2,100 people from three Taiwan-based offices
in Tainan, Hsinchu and Taipei and country offices in China, Korea,
Japan and the US. Himax has 2,982 patents granted and 420 patents
pending approval worldwide as of March 31st, 2017. Himax has
retained its position as the leading display imaging processing
semiconductor solution provider to consumer electronics brands
worldwide.
http://www.himax.com.tw
Forward Looking Statements
Factors that could cause actual events or results to differ
materially include, but not limited to, 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; shortages in supply of key components; changes in
environmental laws and regulations; 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,
2016 filed with the SEC, as may be amended.
Company Contacts:Jackie
Chang, CFOHimax Technologies, Inc.Tel: +886-2-2370-3999
Ext.22300 OrUS Tel: +1-949-585-9838 Ext.252Fax:
+886-2-2314-0877Email:
jackie_chang@himax.com.twwww.himax.com.tw
Penny Lin, Investor RelationsHimax
Technologies, Inc.Tel: +886-2-2370-3999 Ext.22320Fax:
+886-2-2314-0877 Email:
penny_lin@himax.com.tw www.himax.com.tw
Investor Relations - US RepresentativeGreg
Falesnik, Managing DirectorMZ North AmericaTel:
+1-212-301-7130Email: greg.falesnik@mzgroup.us www.mzgroup.us
|
-Financial Tables- |
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of
Income |
(These interim financials do not fully comply
with US GAAP because they omit all interim disclosure required by
US GAAP) |
(Amounts in Thousands of U.S. Dollars,
Except Share and Per Share
Data) |
|
|
|
Three Months
Ended March 31, |
|
|
Three Months Ended December
31, |
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
155,210 |
|
|
|
$ |
180,319 |
|
|
|
$ |
203,443 |
|
|
|
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
119,309 |
|
|
|
|
133,144 |
|
|
|
|
164,517 |
|
Research and development |
|
|
25,331 |
|
|
|
|
23,402 |
|
|
|
|
21,826 |
|
General and administrative |
|
|
4,633 |
|
|
|
|
4,581 |
|
|
|
|
4,950 |
|
Sales and marketing |
|
|
4,364 |
|
|
|
|
4,013 |
|
|
|
|
5,289 |
|
Total costs and expenses |
|
|
153,637 |
|
|
|
|
165,140 |
|
|
|
|
196,582 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
1,573 |
|
|
|
|
15,179 |
|
|
|
|
6,861 |
|
|
|
|
|
|
|
|
|
|
Non operating income
(loss): |
|
|
|
|
|
|
|
|
Interest income |
|
|
543 |
|
|
|
|
229 |
|
|
|
|
399 |
|
Gains (losses) on sale of securities, net |
|
|
70 |
|
|
|
|
(41 |
) |
|
|
|
5 |
|
Equity in losses of equity method investees |
|
|
(134 |
) |
|
|
|
(161 |
) |
|
|
|
(712 |
) |
Foreign currency exchange gains (losses), net |
|
|
(1,033 |
) |
|
|
|
(215 |
) |
|
|
|
686 |
|
Interest expense |
|
|
(137 |
) |
|
|
|
(179 |
) |
|
|
|
(131 |
) |
Other income (losses), net |
|
|
48 |
|
|
|
|
(10 |
) |
|
|
|
2 |
|
|
|
|
(643 |
) |
|
|
|
(377 |
) |
|
|
|
249 |
|
Earnings before income
taxes |
|
|
930 |
|
|
|
|
14,802 |
|
|
|
|
7,110 |
|
Income tax expense |
|
|
121 |
|
|
|
|
2,220 |
|
|
|
|
3,609 |
|
Net income |
|
|
809 |
|
|
|
|
12,582 |
|
|
|
|
3,501 |
|
Net loss
attributable to noncontrolling interests |
|
|
554 |
|
|
|
|
506 |
|
|
|
|
938 |
|
Net income
attributable to Himax Technologies, Inc. stockholders |
|
$ |
1,363 |
|
|
|
$ |
13,088 |
|
|
|
$ |
4,439 |
|
|
|
|
|
|
|
|
|
|
Basic earnings
per ADS attributable to Himax Technologies, Inc.
stockholders |
|
$ |
0.008 |
|
|
|
$ |
0.076 |
|
|
|
$ |
0.026 |
|
Diluted
earnings per ADS attributable to Himax Technologies, Inc.
stockholders |
|
$ |
0.008 |
|
|
|
$ |
0.076 |
|
|
|
$ |
0.026 |
|
|
|
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
|
172,399 |
|
|
|
|
172,303 |
|
|
|
|
172,399 |
|
Diluted Weighted Average Outstanding ADS |
|
|
172,424 |
|
|
|
|
172,352 |
|
|
|
|
172,415 |
|
|
|
|
|
|
|
|
Himax Technologies,
Inc.Unaudited Supplemental Financial
Information(Amounts in Thousands of U.S.
Dollars) |
|
|
|
|
|
|
|
The amount of
share-based compensation included in applicable
statements of income categories is
summarized as follows: |
|
|
Three Months
Ended March 31, |
|
|
Three MonthsEnded
December |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
31, 2016 |
|
Share-based
compensation |
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
$ |
25 |
|
|
$ |
26 |
|
|
|
$ |
25 |
|
Research
and development |
|
|
|
137 |
|
|
|
161 |
|
|
|
|
137 |
|
General
and administrative |
|
|
|
69 |
|
|
|
70 |
|
|
|
|
68 |
|
Sales and
marketing |
|
|
|
23 |
|
|
|
20 |
|
|
|
|
24 |
|
Income
tax benefit |
|
|
|
(42 |
) |
|
|
(48 |
) |
|
|
|
(42 |
) |
Total |
|
|
$ |
212 |
|
|
$ |
229 |
|
|
|
$ |
212 |
|
|
|
|
|
|
|
|
|
|
The amount
of acquisition-related charges
included in applicable statements of
income categories is summarized as
follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related
charges |
|
|
|
|
|
|
|
|
Research
and development |
|
|
$ |
246 |
|
|
$ |
246 |
|
|
|
$ |
247 |
|
Income
tax benefit |
|
|
|
(99 |
) |
|
|
(99 |
) |
|
|
|
(99 |
) |
Total |
|
|
$ |
147 |
|
|
$ |
147 |
|
|
|
$ |
148 |
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
GAAP Unaudited Condensed
Consolidated Balance Sheets |
(Amounts in Thousands of U.S. Dollars,
Except Share and Per Share
Data) |
|
|
|
March 31,
2017 |
|
December 31, 2016 |
|
March 31,
2016 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
190,345 |
|
|
$ |
184,452 |
|
|
$ |
150,521 |
|
Investments in marketable securities available-for-sale |
|
|
9,111 |
|
|
|
10,157 |
|
|
|
17,441 |
|
Accounts receivable, less allowance for doubtful accounts,
sales returns and discounts |
|
|
167,681 |
|
|
|
190,998 |
|
|
|
173,025 |
|
Inventories |
|
|
148,260 |
|
|
|
149,748 |
|
|
|
182,814 |
|
Deferred income taxes |
|
|
- |
|
|
|
5,065 |
|
|
|
3,372 |
|
Restricted cash, cash equivalents and marketable
securities |
|
|
107,414 |
|
|
|
138,200 |
|
|
|
180,451 |
|
Other receivables from related party |
|
|
5,650 |
|
|
|
7,150 |
|
|
|
- |
|
Prepaid expenses and other current assets |
|
|
14,794 |
|
|
|
17,195 |
|
|
|
19,343 |
|
Total current assets |
|
|
643,255 |
|
|
|
702,965 |
|
|
|
726,967 |
|
Investment in non-marketable
equity securities |
|
|
12,242 |
|
|
|
12,242 |
|
|
|
11,211 |
|
Equity method investments |
|
|
2,235 |
|
|
|
2,362 |
|
|
|
3,490 |
|
Property, plant and
equipment, net |
|
|
47,738 |
|
|
|
48,172 |
|
|
|
52,654 |
|
Deferred income taxes |
|
|
6,597 |
|
|
|
1,050 |
|
|
|
982 |
|
Goodwill |
|
|
28,138 |
|
|
|
28,138 |
|
|
|
28,138 |
|
Other intangible assets, net |
|
|
2,922 |
|
|
|
3,170 |
|
|
|
3,913 |
|
Restricted marketable securities |
|
|
132 |
|
|
|
124 |
|
|
|
124 |
|
Other assets |
|
|
1,778 |
|
|
|
1,411 |
|
|
|
1,912 |
|
|
|
|
101,782 |
|
|
|
96,669 |
|
|
|
102,424 |
|
Total assets |
|
$ |
745,037 |
|
|
$ |
799,634 |
|
|
$ |
829,391 |
|
Liabilities, redeemable
noncontrolling interest and
Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Short-term debt |
|
$ |
107,000 |
|
|
$ |
138,000 |
|
|
$ |
180,000 |
|
Accounts payable |
|
|
115,941 |
|
|
|
142,269 |
|
|
|
138,662 |
|
Accounts payable to related party |
|
|
1,098 |
|
|
|
576 |
|
|
|
- |
|
Income taxes payable |
|
|
15,632 |
|
|
|
14,155 |
|
|
|
14,775 |
|
Deferred income taxes |
|
|
- |
|
|
|
25 |
|
|
|
141 |
|
Other accrued expenses and other current liabilities |
|
|
28,524 |
|
|
|
29,721 |
|
|
|
32,939 |
|
Total current liabilities |
|
|
268,195 |
|
|
|
324,746 |
|
|
|
366,517 |
|
Other liabilities |
|
|
3,680 |
|
|
|
3,081 |
|
|
|
4,647 |
|
Total liabilities |
|
|
271,875 |
|
|
|
327,827 |
|
|
|
371,164 |
|
|
|
|
|
|
|
|
Redeemable noncontrolling interest |
|
|
3,656 |
|
|
|
3,656 |
|
|
|
3,656 |
|
Equity |
|
|
|
|
|
|
Himax Technologies, Inc.
stockholders’ equity: |
|
|
|
|
|
|
Ordinary shares, US$0.3 par value, 1,000,000,000 shares
authorized; 356,699,482 shares issued; and 344,007,418 shares,
344,007,418 shares and 343,815,424 shares outstanding at March 31,
2017, December 31, 2016 and March 31, 2016, respectively |
|
|
107,010 |
|
|
|
107,010 |
|
|
|
107,010 |
|
Additional paid-in capital |
|
|
106,591 |
|
|
|
106,350 |
|
|
|
105,618 |
|
Treasury shares, at cost, 12,692,064 shares, 12,692,064 shares
and 12,884,058 shares at March 31, 2017, December 31, 2016 and
March 31, 2016, respectively |
|
|
(9,020 |
) |
|
|
(9,020 |
) |
|
|
(9,157 |
) |
Accumulated other comprehensive loss |
|
|
(2,207 |
) |
|
|
(2,467 |
) |
|
|
(1,553 |
) |
Unappropriated retained earnings |
|
|
267,228 |
|
|
|
265,860 |
|
|
|
250,462 |
|
Himax Technologies, Inc. stockholders’
equity |
|
|
469,602 |
|
|
|
467,733 |
|
|
|
452,380 |
|
Noncontrolling interests |
|
|
(96 |
) |
|
|
418 |
|
|
|
2,191 |
|
Total equity |
|
|
469,506 |
|
|
|
468,151 |
|
|
|
454,571 |
|
Total liabilities,
redeemable noncontrolling
interest and equity |
|
$ |
745,037 |
|
|
$ |
799,634 |
|
|
$ |
829,391 |
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of
Cash Flows |
(Amounts in Thousands of U.S.
Dollars) |
|
|
|
Three Months |
|
|
|
Three Months |
Ended March 31, |
|
|
Ended December 31, |
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
809 |
|
|
|
$ |
12,582 |
|
|
|
$ |
3,501 |
|
Adjustments to
reconcile net income to net cash provided by operating
activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,439 |
|
|
|
|
3,450 |
|
|
|
|
3,448 |
|
Bad debt
expense |
|
|
--- |
|
|
|
|
--- |
|
|
|
|
620 |
|
Share-based compensation expenses |
|
|
254 |
|
|
|
|
277 |
|
|
|
|
254 |
|
Loss
(gain) on disposals of property and equipment |
|
|
(28 |
) |
|
|
|
--- |
|
|
|
|
28 |
|
Loss
(gain) on disposals of marketable securities, net |
|
|
(70 |
) |
|
|
|
41 |
|
|
|
|
(5 |
) |
Equity in
losses of equity method investees |
|
|
134 |
|
|
|
|
161 |
|
|
|
|
712 |
|
Deferred
income tax benefit |
|
|
(490 |
) |
|
|
|
(179 |
) |
|
|
|
(1,494 |
) |
Inventories write downs |
|
|
3,047 |
|
|
|
|
2,710 |
|
|
|
|
14,793 |
|
Changes in: |
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
|
23,349 |
|
|
|
|
4,199 |
|
|
|
|
16,615 |
|
Inventories |
|
|
(1,559 |
) |
|
|
|
(14,150 |
) |
|
|
|
4,841 |
|
Prepaid
expenses and other current assets |
|
|
(1,380 |
) |
|
|
|
(628 |
) |
|
|
|
4,739 |
|
Accounts
payable |
|
|
(26,328 |
) |
|
|
|
14,240 |
|
|
|
|
459 |
|
Accounts
payable to related party |
|
|
522 |
|
|
|
|
--- |
|
|
|
|
576 |
|
Income
taxes payable |
|
|
1,482 |
|
|
|
|
2,651 |
|
|
|
|
(215 |
) |
Other
accrued expenses and other current liabilities |
|
|
1,836 |
|
|
|
|
(3,839 |
) |
|
|
|
(1,690 |
) |
Other
liabilities |
|
|
443 |
|
|
|
|
(10 |
) |
|
|
|
33 |
|
Net cash provided by operating
activities |
|
|
5,460 |
|
|
|
|
21,505 |
|
|
|
|
47,215 |
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
|
|
|
Purchases
of property, plant and equipment |
|
|
(2,009 |
) |
|
|
|
(2,202 |
) |
|
|
|
(2,159 |
) |
Proceeds
from disposals of property and equipment |
|
|
28 |
|
|
|
|
--- |
|
|
|
|
--- |
|
Purchases
of available-for-sale marketable securities |
|
|
(5,101 |
) |
|
|
|
(6,596 |
) |
|
|
|
(6,977 |
) |
Proceeds
from disposals of available-for-sale marketable securities |
|
|
6,520 |
|
|
|
|
7,968 |
|
|
|
|
8,956 |
|
Proceeds
from capital reduction of investment |
|
|
--- |
|
|
|
|
--- |
|
|
|
|
137 |
|
Proceeds
from (repayments of) refundable deposits, net |
|
|
(310 |
) |
|
|
|
6 |
|
|
|
|
56 |
|
Pledges
of restricted marketable securities |
|
|
(222 |
) |
|
|
|
(12 |
) |
|
|
|
(197 |
) |
Cash paid
for loan made to related party |
|
|
--- |
|
|
|
|
--- |
|
|
|
|
(3,150 |
) |
Cash
received for loan made to related party |
|
|
1,500 |
|
|
|
|
--- |
|
|
|
|
--- |
|
Net cash provided by (used in) investing
activities |
|
|
406 |
|
|
|
|
(836 |
) |
|
|
|
(3,334 |
) |
Himax Technologies, Inc. |
Unaudited Condensed
Consolidated Statements of Cash Flows |
(Amounts
in Thousands of
U.S.
Dollars) |
|
|
|
Three Months
Ended March 31, |
|
|
Three Months
Ended December 31, |
|
|
|
|
2017 |
|
|
|
|
2016 |
|
|
|
|
2016 |
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
|
|
Proceeds
from disposals of subsidiary shares to noncontrolling interests by
Himax Imaging, Inc. |
|
|
$ |
4 |
|
|
|
$ |
--- |
|
|
|
$ |
--- |
|
Purchases
of subsidiary shares from noncontrolling interests |
|
|
|
--- |
|
|
|
|
(1 |
) |
|
|
|
(85 |
) |
Releases
of restricted cash, cash equivalents and marketable securities (for
borrowing of short-term debt) |
|
|
|
31,000 |
|
|
|
|
--- |
|
|
|
|
--- |
|
Proceeds
from short-term debt |
|
|
|
27,161 |
|
|
|
|
61,000 |
|
|
|
|
31,000 |
|
Repayments of short-term debt |
|
|
|
(58,161 |
) |
|
|
|
(61,000 |
) |
|
|
|
(31,000 |
) |
Net cash provided by
(used in)
financing activities |
|
|
|
4 |
|
|
|
|
(1 |
) |
|
|
|
(85 |
) |
Effect
of foreign currency exchange rate
changes on cash and cash equivalents |
|
|
|
23 |
|
|
|
|
24 |
|
|
|
|
(149 |
) |
Net
increase in cash and cash
equivalents |
|
|
|
5,893 |
|
|
|
|
20,692 |
|
|
|
|
43,647 |
|
Cash and cash
equivalents at beginning of period |
|
|
|
184,452 |
|
|
|
|
129,829 |
|
|
|
|
140,805 |
|
Cash and cash
equivalents at end of period |
|
|
$ |
190,345 |
|
|
|
$ |
150,521 |
|
|
|
$ |
184,452 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid
during the period for: |
|
|
|
|
|
|
|
|
|
Interest |
|
|
$ |
137 |
|
|
|
$ |
187 |
|
|
|
$ |
131 |
|
Income
taxes |
|
|
$ |
53 |
|
|
|
$ |
71 |
|
|
|
$ |
314 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of investing activities affecting both
cash and non-cash items: |
|
|
|
|
|
|
|
|
|
Purchases
of property, plant and equipment |
|
|
$ |
2,733 |
|
|
|
$ |
1,388 |
|
|
|
$ |
1,595 |
|
Decrease
(increase) in payable for purchases of equipment and asset
retirement obligations |
|
|
|
(724 |
) |
|
|
|
814 |
|
|
|
|
564 |
|
Cash
paid |
|
|
$ |
2,009 |
|
|
|
$ |
2,202 |
|
|
|
$ |
2,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Non-GAAP Unaudited Supplemental Data –
Reconciliation Schedule |
(Amounts in Thousands of U.S.
Dollars) |
|
Gross Margin, Operating Margin and Net Margin Excluding
Share-Based Compensation and
Acquisition-Related Charges: |
|
Three Months
Ended March 31, |
|
Three Months
Ended December 31, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2016 |
|
Revenues |
$ |
155,210 |
|
|
$ |
180,319 |
|
|
$ |
203,443 |
|
Gross profit |
|
35,901 |
|
|
|
47,175 |
|
|
|
38,926 |
|
Add: Share-based
compensation – cost of revenues |
|
25 |
|
|
|
26 |
|
|
|
25 |
|
Gross profit excluding
share-based compensation |
|
35,926 |
|
|
|
47,201 |
|
|
|
38,951 |
|
Gross margin excluding
share-based compensation |
|
23.1 |
% |
|
|
26.2 |
% |
|
|
19.1 |
% |
Operating income |
|
1,573 |
|
|
|
15,179 |
|
|
|
6,861 |
|
Add: Share-based
compensation |
|
254 |
|
|
|
277 |
|
|
|
254 |
|
Operating income
excluding share-based compensation |
|
1,827 |
|
|
|
15,456 |
|
|
|
7,115 |
|
Add:
Acquisition-related charges –intangible assets amortization |
|
246 |
|
|
|
246 |
|
|
|
247 |
|
Operating income
excluding share-based compensation and acquisition-related
charges |
|
2,073 |
|
|
|
15,702 |
|
|
|
7,362 |
|
Operating margin
excluding share-based compensation and acquisition-related
charges |
|
1.3 |
% |
|
|
8.7 |
% |
|
|
3.6 |
% |
Net income attributable
to Himax Technologies, Inc. stockholders |
|
1,363 |
|
|
|
13,088 |
|
|
|
4,439 |
|
Add: Share-based
compensation, net of tax |
|
212 |
|
|
|
229 |
|
|
|
212 |
|
Add:
Acquisition-related charges, net of tax |
|
147 |
|
|
|
147 |
|
|
|
148 |
|
Net income attributable
to Himax Technologies, Inc. stockholders excluding share-based
compensation and acquisition-related charges |
|
1,722 |
|
|
|
13,464 |
|
|
|
4,799 |
|
Net margin attributable
to Himax Technologies, Inc. stockholders excluding share-based
compensation and acquisition-related charges |
|
1.1 |
% |
|
|
7.5 |
% |
|
|
2.4 |
% |
|
|
|
|
|
|
*Gross
margin excluding share-based compensation equals gross profit
excluding share-based compensation divided by revenues |
*Operating
margin excluding share-based compensation and acquisition-related
charges equals operating income excluding share-based compensation
and acquisition-related charges divided by revenues |
*Net
margin attributable to Himax Technologies, Inc. stockholders
excluding share-based compensation and acquisition-related charges
equals net income attributable to Himax Technologies, Inc.
stockholders excluding share-based compensation and
acquisition-related charges divided by revenues |
Diluted Earnings Per ADS Attributable to Himax
Technologies, Inc. Stockholders Excluding Share-based Compensation
and Acquisition-Related Charges: (Amounts in U.S.
Dollars) |
|
|
|
|
Three Months
Ended March 31, |
|
|
|
2017 |
Diluted GAAP earnings
per ADS attributable to Himax Technologies, Inc. stockholders |
|
|
$ |
0.008 |
Add: Share-based
compensation per ADS |
|
|
$ |
0.001 |
Add:
Acquisition-related charges per ADS |
|
|
$ |
0.001 |
|
|
|
|
Diluted non-GAAP
earnings per ADS attributable to Himax Technologies, Inc.
stockholders excluding share-based compensation and
acquisition-related charges |
|
|
$ |
0.010 |
|
|
|
|
Numbers do
not add up due to rounding |
|
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