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 2022 ended March 31, 2022.
“Historically our first quarter sales are
seasonally the low point of year due to the Lunar New Year
holidays. This year, starting from end of February, additional
factors also weighed in, mainly new lockdowns in China to contain
the spread of the Omicron variant and geographical conflict
erupting in Ukraine, both causing major disruptions to our supply
chain. Despite these additional challenges, our first quarter
revenues, gross margin and EPS were all in line with the guidance
range issued on February 17th, 2022,” said Mr. Jordan Wu, President
and Chief Executive Officer of Himax.
“For full year, despite the murky short-term
market condition, we remain upbeat about our top line for 2022,
supported by the automotive business and two new revenue streams
which all enjoy solid business visibility. We now expect our 2022
full year sales to stay at approximately the same high level of
2021,” concluded Mr. Jordan Wu.
First Quarter 2022 Financial
Results
Himax recorded net revenues of $412.8
million decreased 8.6% sequentially, within its guidance of down 5%
to 9%. Yet Q1 sales were up 33.6% on a year over year basis. Gross
margin came in at 47.0%, a decrease from the record high of 51.8%
in Q4 last year, but within its guidance of around 46% to 48%.
Non-IFRS profit per diluted ADS was 69.7 cents, at mid-range of the
guidance of 67.0 to 73.0 cents, but significantly up 81.5% from
same period last year. IFRS profit per diluted ADS was 66.3 cents,
at mid-point of the guidance of 63.5 to 69.5 cents, but
significantly up 73.1% year-over-year.
Revenue from large display drivers was $110.6
million in Q1, a decrease of 11.5% sequentially but an increase of
approximately 60% year-over-year. TV revenue was flat sequentially,
anchored by high-end and large-sized TV IC shipments to key
accounts despite the first quarter being a seasonally slow period
and continued soft TV demand. After consecutive quarters of strong
growth, both monitor and notebook IC sales decreased sequentially
as the company guided on the backdrop of slowing end market
sell-through. However, both grew nicely on a year over year basis,
a reflection of its leading position across higher end displays and
premium models. Large panel driver ICs accounted for 26.8% of
total revenues for this quarter, compared to 27.7% in the fourth
quarter of 2021 and 22.6% a year ago.
Small and medium-sized display revenue was
$258.5 million, a decline of mid-single digit sequentially but an
increase of more than 25% year-over-year. The robust sales growth
in automotive segment for the past several quarters continued
during Q1. Automotive IC sales increased more than 30% sequentially
and more than 170% year over year. Its e-paper sales increased more
than 15% sequentially in Q1 despite a shipment halt at the end of
the quarter caused by city lockdowns in China. Small and
medium-sized driver IC segment accounted for 62.6% of total sales
for the quarter, compared to 61.2% in the previous quarter and
66.1% a year ago. In Q1, the automotive driver segment became
Himax’s single largest revenue contributor, representing over 25%
of total sales. The Company expects this upward trend in automotive
contribution to continue throughout 2022.
The revenue growth in automotive driver IC was
backed by comprehensive design-win coverage across panel houses,
Tier-1’s and car makers alongside increased capacity for both
discrete DDIC and TDDI. Automotive DDIC sales, which is still the
predominant portion of its automotive IC revenue, enjoyed decent
first quarter growth, up more than 20% sequentially with demand
continuing to outpace supply. Himax’s TDDI for automotive reached
an impressive new milestone with over 3 million units shipped
during the quarter as previously guided. Given its leadership
position in automotive driver IC, comprehensive product offering,
and the growing vehicle display market, Himax expects sustainable
robust growth in automotive business with further market share
gains on top of a fast-expanding market.
After many quarters of consecutive growth, Q1
tablet revenue slightly declined off a high base by mid-single
digit. However, tablet revenue was up low teens on a year
over year basis, due to strength in its TDDI sales which grew low
single digit from the proactive adoption by all leading non-iOS
tablet names. The company maintained its leading market share
position in the non-iOS tablet market with accelerated TDDI
penetration among leading name-brands.
First quarter driver IC revenue for smartphone
was in line with its guidance, declined double digit sequentially.
The smartphone market continued to be challenged by sluggish
demand, unexpected lockdowns in China and geopolitical tensions,
resulting in significantly reduced demand visibility at panel
houses and OEMs which have started to reduce their IC inventory. As
the company mentioned on last quarter’s call, it expected a portion
of the first quarter decline due to its strategically initiated
product transition for key customers’ new designs, which led to
less production output during Q1.
First quarter revenue from its non-driver
businesses came in better than expected at $43.7 million, a
sequential decrease of low-teens but up around 25% year-over-year.
The better-than-expected result was driven by higher shipment of
its ultralow power AI image sensing total solution to the notebook
market. Tcon business was slightly down mid-single digit
sequentially but increased more than 50% year-over-year, a
reflection of better mix towards higher-end product areas such as
4K/8K TV, gaming monitor, low power notebook, and automotive Tcon.
Non-driver products in Q1 accounted for 10.6% of total revenues, as
compared to 11.1% in the fourth quarter of 2021 and 11.3% a year
ago.
Non-IFRS gross margin for the first quarter was
47.0%, a decrease from 51.8% of last quarter but much higher than
40.2% of the same period last year. There were two primary factors
that adversely impacted its margin profile. First, its cost of
goods sold for Q1 reflected the higher foundry prices from the
previous quarter. Second, expedited customer orders for which the
Company enjoyed premium prices decreased in Q1 due to market
softness. IFRS gross margin was also 47.0% for the quarter.
Non-IFRS operating expenses for the first
quarter were $44.0 million, down 9.3% from the previous
quarter but up 12.3% from a year ago. As a reminder, the sequential
operating expense decrease was caused by a one-time cash bonus at
the end of December last year to further reward employees for its
last year’s remarkable financial results. The year-over-year
increase was caused mainly by increased salary and R&D
expenses. IFRS operating expenses were $51.5 million for the first
quarter, down 8.0% from the preceding quarter but up 30.5% from a
year ago. The higher IFRS figures were mainly due to the tranche of
annual bonus compensation which the Company awards employees at the
end of September each year. The 2021 annual bonus compensation
including RSUs and cash awards totaled $74.7 million, out of which
$24.8 million was immediately vested and recognized in the third
quarter of 2021. The remainder will be equally vested in three
tranches at the first, second and third anniversaries of the grant
date. The remaining compensation expenses will be recognized on a
straight-line basis over the vesting period of each tranche.
The first quarter non-IFRS operating income was
$149.9 million, or 36.3% of sales, versus 41.1% of sales in the
last quarter and 27.5% of sales from a year ago. Non-IFRS after-tax
profit was $121.9 million, or 69.7 cents per diluted ADS, decreased
from $148.4 million, or 84.9 cents per diluted ADS, last quarter,
but significantly higher than $67.1 million, or 38.4 cents for the
same period last year.
Balance Sheet and Cash Flow
Himax had $447.1 million of cash, cash
equivalents and other financial assets as of March 31, 2022,
compared to $245.8 million at the same time last year and $364.4
million a quarter ago. The higher cash balance was mainly from
$72.0 million of operating cash inflow during the quarter and
payments received from customers for the purpose of securing their
long-term chip supply. Himax had $51.0 million of long-term
unsecured loans as of the end of Q1, of which $6.0 million was
current portion.
The Company’s Q1 inventories were $253.1
million, up from $198.6 million last quarter and up from $114.9
million a year ago. Accounts receivable at the end of March 2022
was $442.2 million, up from $410.2 million last quarter and up from
$289.1 million a year ago. DSO was 96 days at the quarter end, as
compared to 84 days a year ago and 97 days from last quarter.
First quarter capital expenditures were $3.6
million, versus $2.0 million for both last quarter and a year ago.
The first quarter capex was mainly for R&D related equipment
and in-house tester for IC design business.
Just prior to today’s call, Himax announced an
annual cash dividend of $1.25 per ADS, totaling approximately
$217.9 million and payable on July 12, 2022. The payout ratio is
50% of net profit of last year, which is lower than Company’s
average payout ratio historically. The relatively low payout ratio
reflects its decision to reserve sufficient working capital in the
light of macroeconomic uncertainty and to facilitate its
anticipated growth for the next few years. Himax is grateful for
the continued support of shareholders as it continues to execute on
business objectives and strive to deliver sustainable long-term
growth.
Outstanding Share
As of March 31, 2022, Himax had 174.3 million
ADS outstanding, unchanged from last quarter. On a fully diluted
basis, total number of ADS outstanding for the first quarter was
174.8 million.
Q2 2022 Outlook
Looking ahead to the second quarter, a host of
geopolitical, macroeconomic and pandemic related factors are
creating challenges and impairing Himax’s near-term outlook. The
war in Ukraine, rising inflation and rolling lockdowns throughout
China have significantly impacted the supply chain and consumer
electronics demand, leading to a particularly abnormal business
environment. Murky order visibility is leading to smaller and
shorter demand forecasts by leading global brands. In response,
starting at the end of Q1, panel makers began taking aggressive
measures in an attempt to quickly reduce their IC
inventories.
Against the backdrop of challenging market
conditions and short-term uncertainty, for the second quarter Himax
expects a sequential decline in gross margin mainly because its
cost of goods sold this quarter represents pricing from previous
quarters when foundries were still raising their prices. The
Company also has some mild price adjustments in support of its
non-automotive customers amidst soft demand worldwide. However,
with both foundry and backend pricing already stabilizing,
Company’s cost of goods sold moving into the second half will
unlikely continue its upward trend over the first half of the
year.
As Covid-induced lockdowns begin to fade and
supply chain disruptions are alleviated, visibility will improve
and ultimately lead to a rebound in market demand. Himax
anticipates Q2 sales to be the low point of this year. For
full year, despite the murky short-term market condition, the
Company remains upbeat about its top line for 2022, supported by
the automotive business and two new revenue streams which all enjoy
solid business visibility. Himax now expects its 2022 full
year sales to stay at approximately the same high level of 2021.
For the automotive business, regardless of the macroeconomic
concerns, the Company is targeting sales to double from last year
which already more than doubled from the year before.
Meanwhile, backed by strong order pipelines, its ultralow power AI
image sensing and OLED business, two new sales streams, are poised
to deliver an impactful contribution. The increased contribution of
these key sectors comes with the added benefit of improving
Company’s long-term product mix in terms of both profit margin and
business visibility.
Display Driver IC
Businesses
LDDIC
Q2 large display driver IC revenue is projected
to be down double digit sequentially due to production disruptions
in the midst of China’s lockdowns, coupled with weakness in
consumer demand. The outlook for large size driver IC business
remains murky with moderating TV sell-through and muted Chromebook
sales. TV and notebook IC sales are expected to decline double
digit sequentially in the second quarter due to customer’s
inventory control in response to sluggish global demand and reduced
business visibility. Himax expects monitor IC sales to also decline
sequentially, reflecting the overall market softness in the second
quarter. Yet, on a year-over-year basis, monitor IC sales are
expected to increase by more than 60%. This demonstrates its
leading position across major customers for their higher end
displays and premium monitor models, as well as its ability to
offer total solutions covering display driver ICs and advanced
Tcons.
SMDDIC
In Q2, SMDDIC revenue is expected to decline
mid- teens sequentially. Sales for automotive are foreseen to be
flat sequentially and up more than 110% year-over-year. Smartphone
sales are set to decline single digit sequentially while sales for
tablet are expected to decline by double digit, both due to its
customers’ efforts to reduce their near-term inventory, a result of
the sudden deterioration of forecast visibility from their
customers on the backdrop of China’s ongoing city lockdowns, weaker
macro environment and slowing end market demands.
First on automotive sector. Automotive overtook
other sectors to become Himax’s largest revenue contributor during
Q1, representing over 25% of total sales. To elaborate on success
in this core segment, Himax is the market leader in automotive
display driver technology with a 40% global market share. It boasts
a comprehensive product portfolio with market leadership ranging
from traditional DDIC to new technologies such as TDDI, local
dimming Tcon, LTDI and OLED. Despite strong consumer demand, the
global car market continues to suffer from ongoing key component
shortages and port congestion, which are hurting automobile sales
worldwide. However, the increase in the number, size and
sophistication of displays inside vehicles is evolving at a rapid
rate, all indicating much more driver IC content per vehicle. The
Company is uniquely suited to continue to expand its footprint in
this lucrative market, backed by secured multi-year foundry
capacity and customer purchase agreements, as well as strong
design-in coverage from all major panel houses, Tier-1s and
automotive OEMs. Additionally, Himax is the pioneer of mass
production for TDDI, a technology that is essential for large
sized, interactive, stylish, and curved automotive displays. While
TDDI is still in early stage of mass deployment for automotive
market, Himax already achieved a milestone of over 3 million units
shipment in Q1 alone while continuing to see rapid increases in
TDDI design-win coverage across a broad range of automotive
customers around the world for their upcoming vehicle models. In
addition, Himax’s cutting-edge LTDI, which caters to larger than
30-inch displays and incorporates sophisticated touch feature with
multi-chip design architecture, is yet another promising product in
which the Company expects to see tremendous long-term results
starting 2023. Himax expects to double automotive sales again in
2022, on top of the already strong 2021 sales growth of 111%.
For the second quarter, Himax expects the
automotive DDIC sales, which are still much larger than those of
TDDI and AMOLED, to be flat to slightly up sequentially, but up
more than 90% year-over-year. Company’s total IC output was
adversely impacted by fab maintenance at one of its major foundry
suppliers at the end of the first quarter. The maintenance was long
overdue because of the heavy backlog of unmet demand. While Himax
expects automotive DDIC output to increase quarter over quarter for
the rest of the year, the severe foundry capacity shortage
continues to be a constraint for Company’s automotive DDIC
business. Q2 sales for automotive TDDI are expected to decline
single digit sequentially as a side effect from the Russia-Ukraine
war and Chinese city lockdowns which have led to postponement of
certain new projects’ mass production timetable. Nevertheless, the
Company still sees extraordinary business momentum into the second
half of 2022 for its automotive TDDI. Himax is well prepared in
terms of secured long-term foundry capacity for automotive TDDI
which is on track for exponential growth throughout 2022 and the
foreseeable future.
The smartphone market continues to be depressed
by excess inventory for panel makers, ODMs and brands.
Pandemic-induced logistic and supply chain disruptions are also
weakening market sentiment, while rising inflation adversely
affects household disposable income, leading to a prolonged
replacement cycle at the consumer end. Against this backdrop, Himax
expects Q2 smartphone IC business to down single digit
sequentially. For tablet, it expects sales to fall double digit
sequentially from the high base in the first quarter, driven by the
slow-down in orders as customers digest their inventory. In
addition, the mass production timetables for some of the new
larger-sized tablets were postponed due to China lockdowns. With
that said, the Company believes the pandemic has fueled a secular
shift towards remote work and e-learning that consequently will
keep tablet demand above pre-pandemic levels. TDDI penetration
continues to rise for tablets which are moving toward larger sized
displays, higher frame rate and particularly active stylus features
where the Company is seeing expanding adoption. Himax still has the
leading position in non-iOS tablet market with decent market share.
As soon as brands regain confidence in their outlook, the Company
expects its sales momentum to rebound from panel makers
replenishing inventory and preparing to launch new models. Himax
therefore remains positive in its Q3 business outlook with a high
likelihood of sequential rebound from the trough of Q2.
Turning to the e-paper driver business, another
product in small and medium-sized driver lineup. E-paper business
is set to grow more than 120% sequentially, representing around 2%
of total sales in Q2. The phenomenal sequential growth stems from
increasing demands to a leading customer as well as catch-up
shipments that were delayed last quarter due to logistic
disruptions from lockdowns in China. On a year over year basis,
e-paper business is expected to increase significantly by around
300% due to a growing number of awarded projects with leading
customers for their ASIC product shipment. Himax continues to
collaborate with world-class e-paper customers for certain ASIC
projects with increased R&D efforts spent on their next
generation products toward larger size, higher resolution, and
colored e-paper displays. Backed by long-term supply agreements and
lasting partnerships with industry leading customers, the Company
expects to capture significant market share in the ever-expanding
e-reading and e-signage markets throughout 2022.
On AMOLED. In partnership with major Korean and
Chinese panel makers in various applications, Himax continues to
gear up for AMOLED driver IC development. Its AMOLED solution for
tablet has commenced mass production starting this quarter where
the Company provides both AMOLED driver and Tcon total solution and
are the sole source supplier for a global leading tablet customer.
Himax is working to secure additional capacity to meet the
customers’ product launch schedule and desired volume. In addition,
its flexible AMOLED driver and Tcon for automotive display
successfully ramped up for a customer’s flagship EV model in Q1.
Concurrently, the number of awarded projects with worldwide
conventional car makers and EV vendors is increasing.
As for smartphone, Himax continues to commit
R&D resources to AMOLED driver ICs through arrangements with
top tier customers. In the light of serious constraints on AMOLED
display driver capacity in the next few years, the Company has
secured meaningful capacity in this area with secured capacity
fully booked up by leading panel makers. Finally, for AMOLED TV and
notebook sectors, the Company is encouraged by its progress in the
last few quarters with designs made for leading customers and panel
houses’ next generation products. AMOLED business, including Tcon
and driver, is expected to account for around 4% of total sale in
Q2 and is slated for strong growth in the next few years.
Non-Driver Product
Categories
TCON
The Company anticipates Q2 Tcon sales to grow
low single digit sequentially, a result of higher shipment of Tcon
for monitor, OLED tablet and automotive sectors. The consumer
market continues to expand its appetite toward advanced displays
for visual enjoyment and diverse video entertainment. After years
of commitment and R&D effort, Himax has successfully positioned
itself towards high end areas, including 4K/8K TV, high frame rate
gaming monitor, low power notebook, local dimming Tcon for
automotive as well as OLED for tablet and automotive. These
high-end areas not only warrant much higher content value on a per
panel basis but also represent a higher barrier to entry for late
comers.
As OLED displays gain traction in the market due
to technological advantages, Himax has been collaborating closely
with major panel houses to joint-develop an industry-leading AMOLED
tablet display solution. The Company provides both AMOLED Tcon and
drivers, with both commencing mass production in Q2. Additionally,
Himax extended Tcon product reach from higher end tablet into
notebook sector where currently it is initiating projects jointly
with panel makers for next generation premium OLED notebook. The
Company is optimistic about the long-term potential of Tcon
business and continues to look to secure more capacity from foundry
partners in pursuit of sustaining the growth.
Ultralow power AI image
sensing
Himax ultralow power AI image sensing total
solution incorporates its ultralow power CMOS image sensor, its
proprietary AI processor and CNN-based AI algorithm. On April 14,
Himax’s wholly owned subsidiary Emza announced that its
revolutionary and innovative AI-based visual sensing technology was
adopted in a range of Dell’s new notebook models. The WiseEye AI
image sensing solution, which runs Emza’s algorithms on Himax’s
proprietary ultralow power AI processor and AoS image sensor,
features always-on, ultralow power contextual-aware vision AI. The
solution can detect user engagement levels based on presence,
movements, and facial direction. This contributes to better laptop
power management, maximizing battery life and ultimately enhancing
the laptop’s user experience. Himax is thrilled by this deployment
and anticipates continuous market proliferation as it engages in
ongoing discussions with worldwide notebook brands and platform
partners where the number of design-in projects are increasing.
Another area the Company is gaining momentum
with its AI total solution is the automatic meter reading (AMR)
application where Himax has seen surging adoption across the
continents over the past few quarters. With greater focus on
sustainability and environmental consciousness, more countries are
devoting resources to water preservation and are eager to implement
intelligent water conservation technology. AMR embedded with Himax
ultralow power AI image sensing technology is an ideal fit for this
market. Himax’s power-efficient AI solution, installed over the
existing traditional water meters, can automatically collect water
consumption data with AI operating locally on the AMR device
itself, providing in-time detection of abnormal leakage. So far,
Himax has received most of the inquiries from China where its AI
total solution has been widely adopted by numerous customers
covering a wide geographical area. Some of these projects were
slated for mass production starting Q1 but subsequently delayed due
to the pandemic resurgence. In addition to China, Himax is also
seeing a growing number of inquiries from other countries in Asia
and Europe as well as India, an indication that its solution is
effective, easy to use and affordable for this application.
The AMR application is expected to start generating sales in the
near future.
The rapid advancement of AI over the past few
years has expanded both the function and popularity of AI
applications that are now finding their way into nearly every
business sector. For Himax’s ultralow power AI image sensing
solution, the Company is seeing a wide variety of successful use
cases and adoption in areas such as panoramic video conferencing,
smart parking, fitness equipment, smart agriculture, and medical
inspection, among others. As an illustration, in the areas of smart
agriculture and environmental protection, Himax’s solution was
adopted by Seeed Studio, an IoT platform enabler, into their “IoT
into the Wild” product launch. The Company expects to see many more
of these types of engagements with mass production in some of these
exciting new channels.
Optical product line-up/
Metaverse
On last earnings call, Himax provided a brief
overview of its optical technology roadmap and applications in the
metaverse market. In short, Himax is at the forefront of this
exciting yet early-stage industry, having meticulously developed
technologies for many years in collaboration with leading companies
in the space. The Company believes its optical technologies,
individually or combined, will play a key role in enabling
metaverse AR/VR devices. Himax provides updates on its progress
this quarter.
First on LCoS microdisplay. Himax is pleased to
report a new LCoS design-win for a projector product from a leading
global player. For AR glasses, currently it has several
joint-development projects underway with leading tech names, some
of which using Company’s cutting-edge Front-Lit LCoS Microdisplay
for their next generation products. Himax’s Front-Lit LCoS
Microdisplay features light-weight, small form factor, high
illumination, and full RBG color displaying characteristics, making
it ideal for future AR glasses. Next on human interface sensing for
3D gesture control. Himax has several AR/VR projects underway with
industry leaders, aiming to achieve immersive and precise
controller-free gesture recognition. Moving on to 3D eye-tracking.
The Company has been engaged by some of the leading display
companies for the adoption of its 3D eye-tracking technology which
enables immersive 3D naked eye displays free of motion sickness for
monitor, notebook, and medical applications. Last on 3D scanning
and reconstruction. Creating virtual worlds involves huge datasets
of 3D images including avatars, objects, and other environment
surroundings and 3D scanning device is required for the purpose of
generating these 3D images. Currently Himax has a few projects
underway with leading virtual object companies whose 3D scanning
devices adopt Himax proprietary dual 3D sensing architecture to
reconstruct 3D virtual objects on a real time basis.
Metaverse development is still in an early
stage. Yet, Himax is well positioned with years of research and
development, a strong product portfolio, production history and key
partnerships to capitalize on its growth in the years to come.
For non-driver IC business, the Company expects
revenue to up low single digit sequentially in the second
quarter.
|
Second Quarter 2022
Guidance |
|
|
Net Revenue: |
To Decrease 16% to 20% sequentially |
Non-IFRS Gross Margin: |
To be around 43.0% to 45.0%, depending on final product
mix |
Non-IFRS Profit: |
To be 45.0 cents to 50.0 cents per diluted ADS |
IFRS Profit: |
To be 41.5 cents to 46.5 cents per diluted ADS |
|
HIMAX TECHNOLOGIES FIRST QUARTER 2022
EARNINGS CONFERENCE CALL |
DATE: |
Thursday, May
12, 2022 |
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: |
8943869 |
WEBCAST: |
https://edge.media-server.com/mmc/p/joknqasb |
|
|
A replay of the call will be available beginning
two hours after the call through 11:30 a.m. US EDT on May 20, 2022
(11:30 p.m. Taiwan time, May 20, 2022) 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 8943869. 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 12, 2023.
Non-IFRS Financial Measures
Himax provides investors with gross profit,
gross margin, operating income, operating margin, profit
attributable to stockholders and diluted earnings per ADS
attributable to Himax Technologies, Inc. stockholders on a non-IFRS
basis to review and assess the Company's operating performance,
which is not required by, or presented in accordance with, IFRS.
The presentation of these non-IFRS financial measures are not
intended to be considered in isolation or as a substitute for
financial information prepared and presented in accordance with
IFRS.
Himax believes that providing certain of these
measures allow investors to identify underlying trends in the
Company’s business and enhance the overall understanding of the
Company’s past performance and future prospects with respect to key
metrics used by the Company in its financial and operational
decision-making. However, the use of the non-IFRS measure has
limitations as an analytical tool, and investors should not
consider them in isolation from, or as substitute for analysis of,
the Company’s results of operations or financial condition as
reported under IFRS. Further, non-IFRS financial measures may
differ from the non-IFRS information used by other companies,
including peer companies, and therefore its comparability may be
limited.
Reconciliations between IFRS and Non-IFRS
financial data are attached to this press release.
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, automotive, 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, OLED ICs, LED
driver ICs, power management ICs and LCoS micro-displays for
augmented reality (AR) devices and heads-up displays (HUD) for
automotive. The Company also offers CMOS image sensors, wafer level
optics for AR devices, 3D sensing and ultralow power AI Image
Sensing, which are used in a wide variety of applications such as
mobile phone, tablet, laptop, TV, PC camera, automobile, security,
medical device, home appliance, AIoT, etc. Founded in 2001 and
headquartered in Tainan, Taiwan, Himax currently employs around
2,100 people from three Taiwan-based offices in Tainan, Hsinchu and
Taipei and country offices in China, Korea, Japan, Israel, and the
US. Himax has 3,009 patents granted and 456 patents pending
approval worldwide as of March 31, 2022. Himax has retained its
position as the leading display imaging processing semiconductor
solution provider to consumer electronics brands worldwide.
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, 2021 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 Months Ended March
31, |
|
3 Months Ended December
31, |
|
2022 |
|
2021 |
|
2021 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues from third parties, net |
$ |
412,729 |
|
|
$ |
308,983 |
|
|
$ |
451,820 |
|
Revenues from related parties, net |
|
83 |
|
|
|
20 |
|
|
|
75 |
|
|
|
412,812 |
|
|
|
309,003 |
|
|
|
451,895 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
218,921 |
|
|
|
184,722 |
|
|
|
217,919 |
|
Research and development |
|
39,295 |
|
|
|
29,523 |
|
|
|
41,540 |
|
General and administrative |
|
6,620 |
|
|
|
5,772 |
|
|
|
8,086 |
|
Sales and marketing |
|
5,622 |
|
|
|
4,186 |
|
|
|
6,399 |
|
Total costs and expenses |
|
270,458 |
|
|
|
224,203 |
|
|
|
273,944 |
|
|
|
|
|
|
|
Operating income |
|
142,354 |
|
|
|
84,800 |
|
|
|
177,951 |
|
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
Interest income |
|
381 |
|
|
|
195 |
|
|
|
283 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
21 |
|
|
|
(33 |
) |
|
|
(273 |
) |
Foreign currency exchange gains, net |
|
3,096 |
|
|
|
555 |
|
|
|
874 |
|
Finance costs |
|
(280 |
) |
|
|
(260 |
) |
|
|
(285 |
) |
Share of losses of associates |
|
(207 |
) |
|
|
(274 |
) |
|
|
(652 |
) |
Other income |
|
16 |
|
|
|
11 |
|
|
|
199 |
|
|
|
3,027 |
|
|
|
194 |
|
|
|
146 |
|
Profit before income taxes |
|
145,381 |
|
|
|
84,994 |
|
|
|
178,097 |
|
Income tax expense |
|
30,094 |
|
|
|
18,699 |
|
|
|
36,625 |
|
Profit for the period |
|
115,287 |
|
|
|
66,295 |
|
|
|
141,472 |
|
Loss attributable to
noncontrolling interests |
|
585 |
|
|
|
601 |
|
|
|
921 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
$ |
115,872 |
|
|
$ |
66,896 |
|
|
$ |
142,393 |
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
$ |
0.663 |
|
|
$ |
0.384 |
|
|
$ |
0.815 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
$ |
0.663 |
|
|
$ |
0.383 |
|
|
$ |
0.815 |
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
174,694 |
|
|
|
174,414 |
|
|
|
174,694 |
|
Diluted Weighted Average Outstanding ADS |
|
174,824 |
|
|
|
174,680 |
|
|
|
174,767 |
|
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
profit or loss categories is summarized as follows: |
Three MonthsEnded March 31, |
|
Three Months EndedDecember
31, |
|
2022 |
|
2021 |
|
2021 |
Share-based compensation |
|
|
|
|
|
Cost of revenues |
$ |
7 |
|
|
$ |
- |
|
|
$ |
7 |
|
Research and development |
|
467 |
|
|
|
- |
|
|
|
462 |
|
General and administrative |
|
98 |
|
|
|
- |
|
|
|
95 |
|
Sales and marketing |
|
39 |
|
|
|
- |
|
|
|
39 |
|
Income tax benefit |
|
(122 |
) |
|
|
- |
|
|
|
(123 |
) |
Total |
$ |
489 |
|
|
$ |
- |
|
|
$ |
480 |
|
|
|
|
|
|
|
The amount of
acquisition-related charges included in applicable statements of
profit or loss categories is summarized as follows: |
|
|
|
|
|
|
|
|
|
|
|
Acquisition-related
charges |
|
|
|
|
|
Research and development |
$ |
276 |
|
|
$ |
277 |
|
|
$ |
277 |
|
Income tax benefit |
|
(64 |
) |
|
|
(65 |
) |
|
|
(65 |
) |
Total |
$ |
212 |
|
|
$ |
212 |
|
|
$ |
212 |
|
|
|
|
|
|
|
The amount of cash
award included in applicable statements of profit or loss
categories is summarized as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cash award |
|
|
|
|
|
Cost of revenues |
$ |
77 |
|
|
$ |
- |
|
|
$ |
79 |
|
Research and development |
|
5,068 |
|
|
|
- |
|
|
|
5,066 |
|
General and administrative |
|
583 |
|
|
|
- |
|
|
|
583 |
|
Sales and marketing |
|
978 |
|
|
|
- |
|
|
|
978 |
|
Income tax benefit |
|
(1,368 |
) |
|
|
- |
|
|
|
(1,368 |
) |
Total |
$ |
5,338 |
|
|
$ |
- |
|
|
$ |
5,338 |
|
Himax Technologies, Inc. |
IFRS Unaudited Condensed Consolidated Statements of
Financial Position |
(Amounts in Thousands of U.S. Dollars) |
|
|
|
March 31,2022 |
|
March 31,2021 |
|
December 31,2021 |
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
378,013 |
|
|
$ |
227,378 |
|
|
$ |
336,024 |
|
Financial assets at amortized cost |
|
|
23,987 |
|
|
|
11,881 |
|
|
|
26,013 |
|
Financial assets at fair value through profit or loss |
|
|
45,062 |
|
|
|
6,561 |
|
|
|
2,345 |
|
Accounts receivable, net (including related parties) |
|
|
442,220 |
|
|
|
289,096 |
|
|
|
410,211 |
|
Inventories |
|
|
253,055 |
|
|
|
114,945 |
|
|
|
198,600 |
|
Income taxes receivable |
|
|
56 |
|
|
|
44 |
|
|
|
54 |
|
Restricted deposit |
|
|
151,400 |
|
|
|
114,800 |
|
|
|
154,100 |
|
Other receivable from related parties |
|
|
1,214 |
|
|
|
1,215 |
|
|
|
1,217 |
|
Other current assets |
|
|
86,371 |
|
|
|
35,274 |
|
|
|
64,280 |
|
Total current assets |
|
|
1,381,378 |
|
|
|
801,194 |
|
|
|
1,192,844 |
|
Financial
assets at fair value through profit or loss |
|
|
13,679 |
|
|
|
13,930 |
|
|
|
13,668 |
|
Financial
assets at fair value through othercomprehensive
income |
|
|
397 |
|
|
|
541 |
|
|
|
410 |
|
Equity
method investments |
|
|
3,982 |
|
|
|
3,944 |
|
|
|
3,302 |
|
Property,
plant and equipment, net |
|
|
131,639 |
|
|
|
136,250 |
|
|
|
133,236 |
|
Deferred
tax assets |
|
|
7,007 |
|
|
|
15,708 |
|
|
|
7,191 |
|
Goodwill |
|
|
28,138 |
|
|
|
28,138 |
|
|
|
28,138 |
|
Other
intangible assets, net |
|
|
6,353 |
|
|
|
7,428 |
|
|
|
6,617 |
|
Restricted
deposit |
|
|
35 |
|
|
|
35 |
|
|
|
36 |
|
Refundable
deposits |
|
|
181,129 |
|
|
|
13,308 |
|
|
|
199,982 |
|
Other
non-current assets |
|
|
15,456 |
|
|
|
857 |
|
|
|
17,770 |
|
|
|
|
387,815 |
|
|
|
220,139 |
|
|
|
410,350 |
|
Total assets |
|
$ |
1,769,193 |
|
|
$ |
1,021,333 |
|
|
$ |
1,603,194 |
|
Liabilities and Equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Current portion of long-term unsecured borrowings |
|
$ |
6,000 |
|
|
$ |
6,000 |
|
|
$ |
6,000 |
|
Short-term secured borrowings |
|
|
151,400 |
|
|
|
104,000 |
|
|
|
151,400 |
|
Accounts payable (including related parties) |
|
|
255,708 |
|
|
|
192,493 |
|
|
|
248,425 |
|
Income taxes payable |
|
|
123,295 |
|
|
|
32,033 |
|
|
|
96,552 |
|
Other payable to related parties |
|
|
2,041 |
|
|
|
2,497 |
|
|
|
1,641 |
|
Contract liabilities-current |
|
|
39,154 |
|
|
|
6,694 |
|
|
|
37,663 |
|
Other current liabilities |
|
|
69,907 |
|
|
|
43,331 |
|
|
|
59,544 |
|
Total current liabilities |
|
|
647,505 |
|
|
|
387,048 |
|
|
|
601,225 |
|
Long-term
unsecured borrowings |
|
|
45,000 |
|
|
|
51,000 |
|
|
|
46,500 |
|
Deferred
tax liabilities |
|
|
894 |
|
|
|
1,073 |
|
|
|
965 |
|
Contract
liabilities-non-current |
|
|
12,056 |
|
|
|
- |
|
|
|
10,221 |
|
Other
non-current liabilities |
|
|
74,968 |
|
|
|
30,059 |
|
|
|
72,301 |
|
|
|
|
132,918 |
|
|
|
82,132 |
|
|
|
129,987 |
|
Total liabilities |
|
|
780,423 |
|
|
|
469,180 |
|
|
|
731,212 |
|
Equity |
|
|
|
|
|
|
Ordinary shares |
|
|
107,010 |
|
|
|
107,010 |
|
|
|
107,010 |
|
Additional paid-in capital |
|
|
110,347 |
|
|
|
107,743 |
|
|
|
108,841 |
|
Treasury shares |
|
|
(5,761 |
) |
|
|
(5,820 |
) |
|
|
(5,761 |
) |
Accumulated other comprehensive income |
|
|
(777 |
) |
|
|
(694 |
) |
|
|
(666 |
) |
Retained earnings |
|
|
776,172 |
|
|
|
339,493 |
|
|
|
660,300 |
|
Equity attributable to owners of Himax Technologies,
Inc. |
|
|
986,991 |
|
|
|
547,732 |
|
|
|
869,724 |
|
Noncontrolling interests |
|
|
1,779 |
|
|
|
4,421 |
|
|
|
2,258 |
|
Total equity |
|
|
988,770 |
|
|
|
552,153 |
|
|
|
871,982 |
|
Total liabilities and equity |
|
$ |
1,769,193 |
|
|
$ |
1,021,333 |
|
|
$ |
1,603,194 |
|
|
|
Himax Technologies, Inc. |
|
Unaudited Condensed Consolidated Statements of Cash
Flows |
|
(Amounts in Thousands of U.S. Dollars) |
|
|
|
Three MonthsEnded March 31, |
|
Three Months EndedDecember
31, |
|
|
|
2022 |
|
2021 |
|
2021 |
|
|
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Profit for the period |
|
$ |
115,287 |
|
|
$ |
66,295 |
|
|
$ |
141,472 |
|
|
Adjustments for: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,376 |
|
|
|
5,272 |
|
|
|
5,329 |
|
|
Reversal of credit losses recognized on accounts receivable |
|
|
- |
|
|
|
- |
|
|
|
(190 |
) |
|
Share-based compensation expenses |
|
|
611 |
|
|
|
- |
|
|
|
603 |
|
|
Gains on disposal of property, plant and equipment, net |
|
|
- |
|
|
|
- |
|
|
|
(147 |
) |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
(21 |
) |
|
|
33 |
|
|
|
273 |
|
|
Interest income |
|
|
(381 |
) |
|
|
(195 |
) |
|
|
(283 |
) |
|
Finance costs |
|
|
280 |
|
|
|
260 |
|
|
|
285 |
|
|
Income tax expense |
|
|
30,094 |
|
|
|
18,699 |
|
|
|
36,625 |
|
|
Share of losses of associates |
|
|
207 |
|
|
|
274 |
|
|
|
652 |
|
|
Inventories write downs |
|
|
1,248 |
|
|
|
2,475 |
|
|
|
4,103 |
|
|
Unrealized foreign currency exchange gains |
|
|
(2,632 |
) |
|
|
(725 |
) |
|
|
(799 |
) |
|
|
|
|
150,069 |
|
|
|
92,388 |
|
|
|
187,923 |
|
|
Changes in: |
|
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
|
(32,039 |
) |
|
|
(45,470 |
) |
|
|
(9,124 |
) |
|
Inventories |
|
|
(55,703 |
) |
|
|
(8,713 |
) |
|
|
(41,756 |
) |
|
Other receivable from related parties |
|
|
3 |
|
|
|
(15 |
) |
|
|
(8 |
) |
|
Other current assets |
|
|
465 |
|
|
|
(2,876 |
) |
|
|
(2,083 |
) |
|
Accounts payable (including related parties) |
|
|
7,283 |
|
|
|
19,122 |
|
|
|
22,135 |
|
|
Other payable to related parties |
|
|
400 |
|
|
|
(75 |
) |
|
|
(1,361 |
) |
|
Contract liabilities |
|
|
3,326 |
|
|
|
72 |
|
|
|
28,826 |
|
|
Other current liabilities |
|
|
(1,409 |
) |
|
|
(319 |
) |
|
|
11,526 |
|
|
Other non-current liabilities |
|
|
3 |
|
|
|
6,680 |
|
|
|
(13,841 |
) |
|
Cash generated from operating activities |
|
|
72,398 |
|
|
|
60,794 |
|
|
|
182,237 |
|
|
Interest received |
|
|
115 |
|
|
|
90 |
|
|
|
333 |
|
|
Interest paid |
|
|
(280 |
) |
|
|
(270 |
) |
|
|
(275 |
) |
|
Income tax paid |
|
|
(233 |
) |
|
|
(294 |
) |
|
|
(47 |
) |
|
Net cash provided by operating activities |
|
|
72,000 |
|
|
|
60,320 |
|
|
|
182,248 |
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(3,586 |
) |
|
|
(2,016 |
) |
|
|
(2,020 |
) |
|
Acquisitions of intangible assets |
|
|
(143 |
) |
|
|
- |
|
|
|
(41 |
) |
|
Acquisitions of financial assets at amortized cost |
|
|
(6,125 |
) |
|
|
(3,979 |
) |
|
|
(10,341 |
) |
|
Proceeds from disposal of financial assets at amortized cost |
|
|
8,165 |
|
|
|
677 |
|
|
|
2,300 |
|
|
Acquisitions of financial assets at fair value through profit or
loss |
|
|
(45,571 |
) |
|
|
(3,546 |
) |
|
|
(6,864 |
) |
|
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
|
1,697 |
|
|
|
4,747 |
|
|
|
8,258 |
|
|
Proceeds from capital reduction of investment |
|
|
- |
|
|
|
151 |
|
|
|
- |
|
|
Acquisitions of equity method investments |
|
|
- |
|
|
|
(598 |
) |
|
|
- |
|
|
Increase in refundable deposits |
|
|
- |
|
|
|
(1,197 |
) |
|
|
(119,289 |
) |
|
Releases (pledges) of restricted deposit |
|
|
2,700 |
|
|
|
(10,694 |
) |
|
|
2,700 |
|
|
Net cash used in investing activities |
|
|
(42,863 |
) |
|
|
(16,455 |
) |
|
|
(125,297 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Purchases of subsidiary shares from noncontrolling interests |
|
|
- |
|
|
|
- |
|
|
|
(1,475 |
) |
|
Proceeds from short-term unsecured borrowings |
|
|
- |
|
|
|
10,000 |
|
|
|
5,000 |
|
|
Repayments of short-term unsecured borrowings |
|
|
- |
|
|
|
(10,000 |
) |
|
|
(5,000 |
) |
|
Repayments of long-term unsecured borrowings |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
Proceeds from short-term secured borrowings |
|
|
134,400 |
|
|
|
97,000 |
|
|
|
221,400 |
|
|
Repayments of short-term secured borrowings |
|
|
(134,400 |
) |
|
|
(97,000 |
) |
|
|
(221,400 |
) |
|
Payment of lease liabilities |
|
|
(1,229 |
) |
|
|
(970 |
) |
|
|
(1,237 |
) |
|
Guarantee deposits received |
|
|
15,614 |
|
|
|
- |
|
|
|
54,050 |
|
|
Proceeds from exercise of employee stock options |
|
|
- |
|
|
|
1,117 |
|
|
|
- |
|
|
Net cash provided by (used in) financing
activities |
|
|
12,885 |
|
|
|
(1,353 |
) |
|
|
49,838 |
|
|
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
|
(33 |
) |
|
|
(72 |
) |
|
|
38 |
|
|
Net increase in cash
and cash equivalents |
|
|
41,989 |
|
|
|
42,440 |
|
|
|
106,827 |
|
|
Cash and cash
equivalents at beginning of period |
|
|
336,024 |
|
|
|
184,938 |
|
|
|
229,197 |
|
|
Cash and cash
equivalents at end of period |
|
$ |
378,013 |
|
|
$ |
227,378 |
|
|
$ |
336,024 |
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Non-IFRS Unaudited Supplemental Data – Reconciliation
Schedule |
(Amounts in Thousands of U.S. Dollars) |
|
Gross
Margin, Operating Margin and Net Margin Excluding Share-Based
Compensation, Acquisition-Related Charges and Cash
Award: |
|
Three MonthsEnded March 31, |
|
Three MonthsEndedDecember
31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2021 |
|
Revenues |
$ |
412,812 |
|
|
$ |
309,003 |
|
|
$ |
451,895 |
|
Gross profit |
|
193,891 |
|
|
|
124,281 |
|
|
|
233,976 |
|
Add: Share-based compensation
– cost of revenues |
|
7 |
|
|
|
- |
|
|
|
7 |
|
Add: Cash award – cost of
revenues |
|
77 |
|
|
|
- |
|
|
|
79 |
|
Gross profit excluding
share-based compensation and cash award |
|
193,975 |
|
|
|
124,281 |
|
|
|
234,062 |
|
Gross margin excluding share-based compensation and cash award |
|
47.0 |
% |
|
|
40.2 |
% |
|
|
51.8 |
% |
Operating income |
|
142,354 |
|
|
|
84,800 |
|
|
|
177,951 |
|
Add: Share-based
compensation |
|
611 |
|
|
|
- |
|
|
|
603 |
|
Add: Acquisition-related
charges –intangible assets amortization |
|
276 |
|
|
|
277 |
|
|
|
277 |
|
Add: Cash award |
|
6,706 |
|
|
|
- |
|
|
|
6,706 |
|
Operating income excluding
share-based compensation, acquisition-related charges and cash
award |
|
149,947 |
|
|
|
85,077 |
|
|
|
185,537 |
|
Operating margin excluding
share-based compensation, acquisition-related charges and cash
award |
|
36.3 |
% |
|
|
27.5 |
% |
|
|
41.1 |
% |
Profit attributable to Himax
Technologies, Inc. stockholders |
|
115,872 |
|
|
|
66,896 |
|
|
|
142,393 |
|
Add: Share-based compensation,
net of tax |
|
489 |
|
|
|
- |
|
|
|
480 |
|
Add: Acquisition-related
charges, net of tax |
|
212 |
|
|
|
212 |
|
|
|
212 |
|
Add: Cash award, net of
tax |
|
5,338 |
|
|
|
- |
|
|
|
5,338 |
|
Profit attributable to Himax
Technologies, Inc. stockholders excluding share-based compensation,
acquisition-related charges and cash award |
|
121,911 |
|
|
|
67,108 |
|
|
|
148,423 |
|
Net margin attributable to
Himax Technologies, Inc. stockholders excluding share-based
compensation, acquisition-related charges and cash award |
|
29.5 |
% |
|
|
21.7 |
% |
|
|
32.8 |
% |
|
|
|
|
|
|
*Gross margin
excluding share-based compensation and cash award equals gross
profit excluding share-based compensation and cash award divided by
revenues |
*Operating margin excluding share-based compensation,
acquisition-related charges and cash award equals operating income
excluding share-based compensation, acquisition-related charges and
cash award divided by revenues |
*Net margin attributable to Himax Technologies, Inc. stockholders
excluding share-based compensation, acquisition-related charges and
cash award equals profit attributable to Himax Technologies, Inc.
stockholders excluding share-based compensation,
acquisition-related charges and cash award divided by revenues |
Diluted
Earnings Per ADS Attributable to Himax Technologies, Inc.
Stockholders Excluding Share-based Compensation,
Acquisition-Related Charges and Cash Award: (Amounts in U.S.
Dollars) |
|
|
|
|
Three Months Ended March
31, |
|
|
|
|
2022 |
Diluted IFRS earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
|
|
$ |
0.663 |
Add: Share-based compensation per ADS |
|
|
$ |
0.003 |
Add: Acquisition-related charges per ADS |
|
|
$ |
0.001 |
Add: Cash award per ADS |
|
|
$ |
0.031 |
|
|
|
|
Diluted non-IFRS earnings per ADS
attributable to Himax Technologies, Inc. stockholders excluding
share-based compensation, acquisition-related charges and cash
award |
|
|
$ |
0.697 |
Numbers do not add up due to
rounding |
|
|
|
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