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 fourth quarter and full year 2022 ended December 31, 2022.
“Our objective first and foremost is to strictly
manage our inventory level, and we have been aggressive in doing so
by sacrificing short term gross margin to offload excess stock. We
also continue to curtail our wafer starts while striving to win
more projects from customers specifically for the purpose of
digesting our excess inventory. Our inventory position has much
improved since its peak during the third quarter last year and we
anticipate it will continue to decrease to near our historical
average no later than the third quarter of 2023,” said Mr. Jordan
Wu, President and Chief Executive Officer of Himax.
“On the revenue front, we expect the first
quarter to be the trough of the year with sales rebounding in the
second quarter and business momentum continuing to improve into the
second half of 2023,” concluded Mr. Jordan Wu.
Fourth Quarter 2022 Financial
Results
Himax net revenues were $262.3 million,
increased 22.8% sequentially, substantially exceeding its guidance
of an increase of around 4.0% to 8.0% sequentially despite the
macro headwinds continuing to challenge its business. The increased
sales momentum was attributed to Company’s continuous efforts to
deplete inventory, particularly in the small and medium-sized TDDI
segments. IFRS and non-IFRS gross margin both came in at 30.5%, a
decrease from 36.0% and 36.3% respectively last quarter, and lower
than the guidance range of 31.5% to 33.5%. Price erosion from
offloading excess inventory was the predominant factor that
adversely impacted its margin profile. Also contributing to margin
contraction was higher cost of the inventory sourced primarily
during 2021 and early 2022 when foundry and back-end pricings were
higher due to capacity constraints. Yet, IFRS profit per diluted
ADS was 24.1 cents, exceeding its guidance of 17.8 cents to 20.8
cents. Non-IFRS profit per diluted ADS was 27.3 cents, beating its
guidance of 21.0 cents to 24.0 cents.
Revenue from large display drivers was $43.5
million in Q4, an increase of 5.3% sequentially, exceeding its
prior guidance of flat from last quarter. TV sales grew nicely as
expected, increasing single digit quarter over quarter and appear
to have bottomed following several quarters of sharp correction,
while both monitor and notebook sales were better than guided.
Large panel driver IC sales accounted for 16.6% of total revenues
for this quarter, compared to 19.3% last quarter and 27.7% a year
ago.
Small and medium-sized display driver revenue
was $177.4 million, an increase of 25.5% sequentially, and ahead of
its guidance of a single digit increase, primarily a result of
increasing shipment of TDDI in all three sectors, namely
smartphone, tablet and automotive. Despite the challenging macro
environment, Company’s fourth quarter revenue for tablet was up
more than 100% sequentially thanks to the strong shipment in
higher-end TDDI products, an illustration of Company’s leading
solutions being adopted by more customers for their next generation
products supporting larger sized, high frame rate displays and high
precision active stylus features. Meanwhile the AMOLED total
solution sales, including TCON and DDIC, increased mid-teens
quarter over quarter and accounted for more than 8% of total sales,
mainly attributable to Company’s tablet AMOLED total solution
supporting the mass production of premium tablet models for a
global leading customer.
Q4 automotive business increased single digit
quarter over quarter, better than guided as customers restocked,
especially for TDDI. Automotive driver business once again
represented the largest revenue contributor with over 30% of total
sales in the fourth quarter, a result of Himax’s comprehensive
product coverage and increasing automotive TDDI design-wins across
panel houses, Tier 1s and auto brands. It’s worth noting that
Company’s automotive TDDI sales surged by more than 170% on a
year-over-year basis, boosted by the robust adoption of the
technology for customers’ new generation car models. Small and
medium-sized driver IC segment accounted for 67.6% of total sales
for the quarter, compared to 66.2% in the previous quarter and
61.2% a year ago.
Fourth quarter revenues from its non-driver
business also beat guidance with revenues of $41.4 million, up
33.8% from a quarter ago. Himax’s Tcon business was up a solid
double digit sequentially, bolstered by higher shipment of large
sized display drivers, automotive drivers as well as tablet drivers
for AMOLED. For automotive Tcon, Himax anticipates business
momentum to accelerate in the coming quarters, backed by a strong
order pipeline and rapidly expanding design-wins across different
continents. Tcon business represented over 8% of total sales in the
fourth quarter. Non-driver products in Q4 accounted for 15.8% of
total revenues, as compared to 14.5% in the previous quarter and
11.1% a year ago.
IFRS operating expenses for the fourth quarter
were $52.5 million, a decline of 27.9% from the previous quarter
and down 6.2% from a year ago. The sequential decrease was caused
mainly by decreased annual bonus and salary expenses, partially
offset by an increase in R&D expenses. As previously mentioned,
the Company typically grants annual bonuses, including cash and
RSUs, to its staff at the end of September each year, which can
lead to higher IFRS operating expenses in the third quarter
compared to the other quarters of the year. The year-over-year
expense decrease was primarily related to the special bonus the
Company awarded its employees at the end of Q4 2021. Excluding the
special bonus paid in Q4 last year, the IFRS operating expenses
would have increased 2.0% year over year during the fourth quarter.
Non-IFRS operating expenses were $45.6 million for the fourth
quarter, down 2.2% from the preceding quarter and down 6.0% from a
year ago.
Fourth quarter IFRS operating income was $27.5
million, or 10.5% of sales, versus 1.8% of sales in the last
quarter and 39.4% of sales from a year ago. Non-IFRS operating
income was $34.5 million, or 13.1% of sales, compared to 14.5% last
quarter and 41.1% same quarter last year. IFRS after-tax profit was
$42.2 million, or 24.1 cents per diluted ADS, compared to $8.3
million, or 4.8 cents per diluted ADS last quarter. Himax made a
divestiture of long-term assets during Q4 2022, which resulted in a
non-operating income of around $11 million on an after-tax basis.
Fourth quarter non-IFRS after-tax profit was $47.7 million, or 27.3
cents per diluted ADS, compared to $29.8 million, or 17.0 cents in
the previous quarter.
Full Year 2022 Financial
Results
Revenues totaled $1.2 billion in 2022,
representing a 22.3% decline compared to 2021. Unexpected lockdowns
in China, geopolitical tensions and macroeconomic related factors
created a challenging operating environment and impaired Company’s
business performance for the year. The halt in consumer demand and
significantly reduced visibility at panel houses and OEMs towards
the end of first quarter adversely impacted IC demand and
consequently Company’s sales. Given the nature of wafer production,
which usually starts months in advance, the abrupt drop in demand
resulted in a rapid increase in Company’s inventory.
Revenue from large panel display drivers totaled
$264.0 million in 2022, a decrease of 33.7% year-over-year,
representing 22.0% of total sales, as compared to 25.7% in 2021.
Small and medium-sized driver sales totaled $778.9 million, a
decrease of 19.2% year-over-year, representing 64.8% of total
revenues, as compared to 62.3% in 2021. Non-driver products sales
totaled $158.4 million, a decrease of 14.7% year-over-year,
representing 13.2% of total sales, as compared to 12.0% a year
ago.
Automotive segment continued to see
extraordinary business momentum in 2022. Automotive sales enjoyed
the highest growth among all product lines, up more than 50% on top
of the remarkable strength in 2021 when sales grew more than 110%.
For the year, sales of traditional DDIC for automotive were up over
30%, while auto TDDI sales surged by more than 300%. As Himax
mentioned repeatedly, automotive displays continue to be adopted at
a rapid rate in number, size and technological sophistication,
implying higher content value of display ICs per vehicle. As the
market share leader in automotive display ICs, Himax continued to
gain ground not only in DDIC but also in TDDI, supported by over
200 design-wins with the number still increasing.
While Himax's overall annual sales declined due
to the unusual and abrupt demand halt, several new sales streams
have started to contribute during 2022, including ICs for AMOLED
and the ultralow power WiseEye smart sensing. Both product lines
enjoyed higher than corporate average gross margin in 2022. On
AMOLED, Himax provides both AMOLED DDIC and Tcon for automotive and
tablet displays. In addition, the Company is making good progress
with leading panel houses for the development of AMOLED display
drivers for smartphone, TV and notebook applications. Himax
anticipates the shipment of smartphone AMOLED driver to start in
the second half of 2023 for key customers in China and Korea. On
the WiseEye product line, Himax continues to support Dell for its
production ramp up in a range of newest models using Himax’s first
generation WE1 solution. In addition, a host of leading laptop
vendors and CPU platform players have shown strong interest in
broadening AI use cases of future generation smart notebooks by
adopting Himax’s next generation WE2 AI processor. Backed by a
strong business pipeline and robust design-in activities in
numerous AIoT applications with customers from all over the world,
Himax expects strong sales momentum for WiseEye in 2023.
IFRS gross margin in 2022 was 40.5%, decreased
from 48.4% in 2021. The decline was largely attributable to pricing
pressure resulting from excess inventory levels following the
sudden halt in demand beginning in the second quarter. In addition,
charges related to unmet minimum purchase orders from contracts
with foundries and backend suppliers entered during the
unprecedented shortage in 2021 also led to the eroding margin.
Non-IFRS gross margin was 40.6% in 2022, decreased from 48.5% in
2021.
IFRS operating expenses in 2022 were $229.5
million, up 12.8% from 2021. The increase was primarily a result of
the vested portion of the annual bonus compensation awarded to
employees in 2022 as well as previous years, along with increased
salaries and R&D expenses. Non-IFRS operating expenses were
$181.3 million, up 5.7% compared to 2021.
2022 IFRS operating income was $257.6 million,
or 21.4% of sales, a decrease from $545.0 million, or 35.2% of
sales, in 2021. Non-IFRS operating income was $306.8 million, in
contrast to $578.3 million in 2021. IFRS net profit for 2022 was
$237.0 million, or $1.36 per diluted ADS, as compared to $436.9
million, or $2.50 per diluted ADS in 2021. Non-IFRS net profit for
2022 was $276.1 million, or $1.58 per diluted ADS, as compared to
$463.6 million, or $2.65 per diluted ADS in 2021.
Balance Sheet and Cash Flow
Himax had $229.9 million of cash, cash
equivalents and other financial assets as of December 31, 2022,
compared to $364.4 million at the same time last year and $227.9
million a quarter ago. The substantial decrease in cash was a
result of annual cash dividend payout of $217.9 million, partially
offset by $82.9 million of operating cash inflow in 2022. Himax had
$46.5 million of long-term unsecured loans as of the end of fourth
quarter, of which $6.0 million was current portion.
The Company’s inventories as of December 31,
2022 were $370.9 million, down from $410.1 million last quarter and
up from $198.6 million a year ago. Accounts receivable at the end
of December 2022 was $261.1 million, up from $253.3 million last
quarter and from $410.2 million a year ago. DSO was 79 days at the
quarter end, as compared to 97 days a year ago and 74 days last
quarter. Fourth quarter capital expenditures were $2.3 million,
versus $3.4 million last quarter and $2.0 million a year ago. The
fourth quarter capex was mainly for R&D related equipment and
in-house tester of its IC design business. Total capital
expenditures for 2022 were $11.8 million, mainly for design tools,
R&D related equipment as well as in-house tester of its IC
design business as compared to $7.6 million in 2021.
Outstanding Share
As of December 31, 2022, Himax had 174.4 million
ADS outstanding, unchanged from last quarter. On a fully diluted
basis, total number of ADS outstanding for the fourth quarter was
175.0 million.
Q1 2023 Outlook
Historically, the first quarter has seasonally
been the slowest of the year due to the Lunar New Year holidays. On
the backdrop of sluggish global demand and a surge of Covid-19
cases in China despite their government lifting Covid restrictions,
many Chinese factories extended their shutdown period through the
Lunar New Year. This added uncertainty to an already stagnant
business environment causing Company’s customers to hesitate to
place new orders, while cautiously managing their inventory levels
and further clouding Company’s business visibility. As uncertainty
persists, Himax’s objective first and foremost is to strictly
manage its inventory level, and the Company has been aggressive in
doing so by sacrificing short term gross margin to offload excess
stock. Himax also continues to curtail its wafer starts while
striving to win more projects from customers specifically for the
purpose of digesting Company’s excess inventory. Himax’s inventory
position has much improved since its peak during the third quarter
last year and the Company anticipates it will continue to decrease
to near its historical average no later than the third quarter of
2023.
With that said, Company’s Q1 gross margin
remains under pressure. The cost of Company's excess inventory
is high from being sourced during tight capacity constraint in 2021
when foundry and backend prices were at peak levels. Another
contributing factor to Q1 margin contraction stems from market
price decline of certain unsold inventories which will necessitate
write-downs. However, Himax believes this effect will gradually
diminish throughout the year as the market has shown signs of
recovery across many business areas. Notwithstanding the pressure
from the destocking process, Himax continues to work diligently
towards improving its gross margin as a primary objective. Despite
the expected short-term margin compression, Himax remains confident
in its gross margin prospects, backed particularly by several high
visibility product areas, most notably the higher margin automotive
and WiseEye smart image sensing businesses which look set to
outgrow other businesses.
Looking ahead, the semiconductor industry
appears to be trending toward a post-pandemic era. While the supply
chain gradually stabilizes and channel inventory reverts to
heathier levels, Himax believes a decent recovery is forthcoming.
On the revenue front, the Company expects the first quarter to be
the trough of the year with sales rebounding in the second quarter
and business momentum continuing to improve into the second half of
2023.
Display Driver IC
Businesses
LDDIC
Q1 large display driver IC revenue is projected
to be up high single digit sequentially. Himax expects monitor IC
business to be on a recovery trajectory as customers have started
to replenish chips due to reduced channel inventory after multiple
quarters of destocking. Monitor IC sales in the first quarter are
set to grow by a decent double digit. TV panel prices also show
signs of stabilization from restocking demand, particularly for
mainstream models, and will likely strengthen in Q1, bucking the
seasonal factor. Himax anticipates its sales for TV segment to
increase single digit sequentially in Q1. Conversely on notebook
segment, the highly publicized downward trend lingers on with
further declines from enterprise IT budget cuts in tandem with
customers’ continuous stringent inventory control measures.
SMDDIC
Q1 SMDDIC revenue is expected to decrease by
double digit sequentially. Q1 automotive IC sales are anticipated
to be down mid-teens as Company’s customers continue to reduce
inventory for traditional DDICs. However, Himax sees strong
momentum for its automotive TDDI sales which are poised to grow by
single digit, backed by solid new design-in pipeline which has been
rapidly expanding for many quarters. Additionally, Himax
anticipates customers’ inventory adjustment in DDIC will find
equilibrium, leading to a strong recovery in the second quarter.
Both smartphone and tablet IC sales are set to decline double digit
quarter over quarter due to seasonality and customers’ continuous
destocking measures.
On automotive business. The trend for the
automobile interior continues to be in favor of more stylish and
diverse designs, made possible with increasing quantity and size of
panels inside the vehicle equipped with advanced interactive
display technologies. As the leader in the automotive display IC
market, Himax provides a one-stop-shop offering of the most
comprehensive product portfolio for automotive display in the
industry, ranging from traditional DDIC to new technologies such as
TDDI, local dimming Tcon, LTDI and AMOLED. Himax’s business
visibility for automotive segment for 2023 remains much better than
those of consumer centric products. In addition, the Company sees a
favorable trajectory in its automotive TDDI business, backed by
prompt expansion of TDDI adoption and fast-growing new project-wins
as TDDI technology is essential for large sized, interactive,
stylish, curved and free-formed automotive displays required of
future generation vehicles. Himax believes its automotive TDDI
sales will be one of the primary driving forces for its long-term
business growth. Moreover, Himax anticipates the market share of
its automotive TDDI will surpass that of DDIC which has already
reached 40% globally.
Himax is also the first in the industry to
launch the LTDI (Large Touch and Display Driver Integration)
automotive display solution, catering to the need for ever larger
screens inside vehicles. LTDI solution requires even higher levels
of integration of display and touch technologies for the next
generation, typically larger than 30-inch automotive displays,
where the solution can cascade up to 30 chips in support of
ultrahigh-resolution displays, usually more than 7Kx1K, and
high-precision touch sensitivity. United with a top-Tier automotive
digital platform provider, Himax’s cutting edge LTDI technology was
showcased at CES 2023 by one of its leading panel customers for a
55-inch pillar-to-pillar, in-cell touch display that provides
seamless, intuitive and advanced tactile experience for future
generation smart cabins. Himax’s LTDI is scheduled to start mass
production in the second quarter this year, substantially ahead of
competition. More design collaborations in some of the most modish
automotive vehicles are underway.
On AMOLED, Himax continues to gear up for AMOLED
driver IC development jointly with major Korean and Chinese panel
makers in various applications. For tablet, it is seeing shipments
on the rise for premium models that adopt advanced AMOLED display,
of which Himax offers both DDIC and Tcon and has commenced
production to certain leading brands. For automotive AMOLED
display, Himax continues to win project awards for flexible AMOLED
driver and Tcon with both conventional car makers and NEV vendors.
Finally, Himax is making good progress with leading panel houses
for the development of AMOLED display drivers for smartphone, TV
and notebook applications. Himax expects to commence smartphone
AMOLED driver production from the second half of 2023. Himax’s
AMOLED business, including display driver and Tcon, is slated for
strong growth in the next few years. As a reminder, for smartphone
AMOLED display driver, the Company already has secured meaningful
capacity.
Non-Driver Product
Categories
TCON
The Company anticipates Q1 Tcon sales to
decrease by mid-teens sequentially, hampered by decreased shipment
of tablet product for AMOLED displays. On a positive note, Himax’s
position remains unchallenged in automotive Tcon for local dimming
technology, which not only improves display contrast ratio, but
also drastically reduces display power consumption, which is
critical for larger displays and EV models. With years of strenuous
work on this high entry barrier technology, Himax has developed
comprehensive local dimming Tcon product offerings that can support
a wide range of design covering super high frame rate of 240 Hz and
resolutions of up to 8K. Himax has won numerous project awards from
various named panel makers, Tier 1s and car makers for premium new
car models with a small number of which already commenced mass
production recently. Local dimming Tcon is set for robust growth
starting 2023. Himax anticipates Q1 automotive Tcon sales to
increase more than 150% year-over-year and represent over 2% of
total sales.
WiseEye Smart Image Sensing
Himax’s WiseEye AI total solution incorporates
the Company’s proprietary ultralow power AI processor, always-on
CMOS image sensor, and CNN-based AI algorithm. Himax continues to
support the mass production of Dell’s notebook and other end-point
AI applications, such as automatic meter reading (AMR), shared bike
parking, video conference device, door lock and medical capsule
endoscope. The Company is more committed than ever to strengthening
its WiseEye product roadmap and retaining its leadership position
in ultralow power AI processor and image sensor for end-point AI
applications.
At this year’s CES, Himax teamed up with several
industry-leading ecosystem partners and customers to jointly
introduce its neomodern ultralow power tinyML solutions in various
real end-point AI applications, including surveillance camera with
Novatek, a leader in surveillance system SOC, and smart home with
Useful Sensors, a start-up founded by Pete Warden, the former
Google TensorFlow tech leader. Himax also joined forces with Seeed
Studio in smart agriculture and Wentai Technology in smart office,
both leading players in their respective areas. These are just a
few examples of real adoption of Company’s ultralow power WiseEye
solution in the emerging end-point ultralow power image AI era.
Himax continues to see increasing deployment of WiseEye solution in
diverse applications driven by the mega trend of AIoT and growing
demand to add image AI capability to everyday objects.
To highlight Himax’s surveillance camera
demonstration, Himax and Novatek jointly showcased a leading
ultralow power pre-roll AI solution, enabling battery-operated
surveillance camera with comprehensive event recording capability
through “negative time” recording. The pre-roll function, powered
by Himax’s WE1 processor, features an always-on video recording
operation at a slow frame rate, using only single digit milliwatts
power consumption. Meanwhile, the WE1 AI processor intelligently
senses specific motion events, such as certain human behavior or
suspicious activities. All these are taking place while the core
vision processor remains powered off. Once a classified event is
identified, the WE1 processor activates the core processor which
then initiates a high-resolution recording of the event while
stitching the pre-roll video clips of the WE1 processor thereto.
This is a substantial improvement compared to what existing
surveillance solutions offer in terms of security as users receive
a thorough video stream complete with pre-roll video clips of what
preceded the motion events. It also significantly reduces the
overall power consumption, made possible for battery-powered
surveillance system. With these significant features in pre-roll
and ultralow power, WiseEye is gaining traction in various
surveillance fields, covering doorbell, door lock and dashcam.
Numerous engagements and design projects have been in progress with
surveillance customers across different domains after CES.
Also during this year’s CES, Himax debuted its
next generation WE2 AI processor that offers 40% peak power saving
and 30-fold inference speed, implying over 50 times power
efficiency on a per inference basis compared to the first
generation WE1 processor which is already leading the industry
among AI processors aiming for similar target markets. With the
exceptional local inferencing capability, the new WE2 AI processor
performs face landmark detection to identify facial regions,
including eyes, mouth, nose, and jaw to enable advanced, accurate
and precise facial expression recognition, such as head pose
estimation, gaze direction, fatigue detection, etc. These new
features provide additional vital intelligence to a broad array of
applications on top of the success of Himax’s leading WE1 AI
processor that provides contextual awareness with the ability to
visually detect user engagement levels based on presence,
movements, and facial direction. Several leading laptop names have
shown strong interest in Himax’s WE2 processor after witnessing
Company’s live demonstration at CES, leading to many follow-up
engineering activities. Additionally, Himax continues to partner
with leading notebook CPU and AP SOC players, with the aim of
expanding its engagements with leading global laptop names and IoT
players working on the enrichment of various new AI features and
use cases for next generation smart notebook and IoT
applications.
Given a consistent product roadmap, improving
product performance and broader customer traction from various
domains, the Company believes that WiseEye will emerge as a
multi-year structural growth driver for Himax.
Optical Related Product
Lines / Metaverse
Himax’s optical related product lines covers
WLO, LCoS and 3D Sensing. Himax is one of the few companies in the
technology industry with a wide array of optical related product
lines that are critical for the realization of metaverse. Company’s
technology leadership and manufacturing expertise are evidenced by
the growing list of AR/VR goggle device customers and ongoing
engineering projects. Himax continues to work on strengthening its
optical-related technology suite, while collaborating with some of
the world’s largest technology companies that remain deeply
committed to investing in its development.
On 3D sensing, Himax sees increasing adoption of
its optical components and/or 3D sensing technologies that enable
new ways people interact with AR and VR applications. At CES 2023,
Himax introduced a series of next generation 3D vision processors
to support a variety of state-of-the-art 3D sensing technologies in
Time of Flight (”ToF”) and structured light. Company’s structured
light AI processor can provide 3D eye tracking functionality to
report the exact eye positions with the industry’s highest response
rate and low-friction to enable high precision and dizzy-free
spatial reality applications. Himax featured a live demonstration
of a 3D naked-eye display at CES with its eye tracking technologies
becoming a hot focus point. Viewers experienced a 3D holographic
view from all angles without needing additional wearables to enjoy
immersive and advanced visual experience without the side effect of
feeling nausea or dizziness.
On WLO for 3D gesture control. Himax’s WLO
technology is deployed to empower 3D perception sensing for precise
controller-free gesture recognition in VR devices. Himax’s
collaboration with a leading VR player is going smoothly and it
expects volume production starting middle of this year. On 3D
scanning for object reconstruction, Himax’s 3D sensing technology,
which incorporates both its 3D projector and 3D decoder, is being
deployed by a leading customer’s 3D scanning device for the purpose
of generating real time digital twins, avatars and 3D environment
surroundings that ultimately help users transit and connect
seamlessly between physical and digital worlds. The collaboration
is ongoing with promising progress, and Himax expects it to hit the
market next year.
Metaverse related development are early in the
lifecycle but overall remains an attractive opportunity for Himax
potentially. Himax is well positioned with years of research and
development, a unique product portfolio, production history and key
partnerships to capitalize on its growth as the industry continues
to emerge and mature.
For non-driver IC business, the Company expects
revenue to decrease mid-teens sequentially in the first
quarter. First Quarter 2023
Guidance
Net Revenue: |
To Decrease 12.0% to 17.0% sequentially |
IFRS Gross
Margin: |
To be around
28.0% to 30.0%, depending on final product mix |
IFRS
Profit: |
To be 3.5
cents to 7.0 cents per diluted ADS |
Non-IFRS
Profit: |
To be 6.5
cents to 10.0 cents per diluted ADS |
To note, the EPS guidance already accounts for
certain foreign exchange loss attributable to NT Dollar
appreciation against the U.S. Dollar based on the prevailing
exchange rate. As a reminder, much of Himax locally incurred
expenses, including the bulk of employee salaries, as well as the
outstanding income tax payables are NT Dollar based.
HIMAX TECHNOLOGIES FOURTH QUARTER AND
FULL YEAR 2022 EARNINGS CONFERENCE CALL
DATE: |
Thursday, Feb
9, 2023 |
TIME: |
U.S. 8:00 a.m. EST |
|
Taiwan 9:00 p.m. |
WEBCAST: |
https://edge.media-server.com/mmc/p/959exv4h |
PHONE REGISTRATION: |
https://register.vevent.com/register/BIcfaa1824de1d44e9a188f089fb44b7ea |
|
|
If you choose to attend by phone, you need to
register first to obtain dial-in numbers for the call. Once
registered you will be emailed the dial-ins along with an option to
receive a call back at the start of the earnings call. Each
registrant will receive a unique personal PIN. A replay of the call
will be available beginning two hours after the call. The
conference webcast link is
https://edge.media-server.com/mmc/p/959exv4h. 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 February
9, 2024.
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 defines non-IFRS gross profit as gross
profit excluding share-based compensation and cash awards. Himax
defines non-IFRS operating income as operating income excluding
share-based compensation, acquisition-related intangible assets
amortization, and cash awards. Himax defines non-IFRS profit
attributable to stockholders as profit attributable to stockholders
excluding share-based compensation, acquisition-related intangible
assets amortization, and cash awards. Non-IFRS gross margin is
calculated as non-IFRS gross profit divided by revenues. Non-IFRS
operating margin is calculated as non-IFRS operating income divided
by revenues. These non-IFRS financial measures allow Himax’s
management to assess its operating results without considering the
impacts of the adjusted items, which are more of non-cash charges
in nature.
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, AMOLED 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 WiseEyeTM
smart 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 2,200 people from three Taiwan-based
offices in Tainan, Hsinchu and Taipei and country offices in China,
Korea, Japan, Germany, and the US. Himax has 2,932 patents granted
and 398 patents pending approval worldwide as of December 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 AmericaTel:
+1-312-261-6430Email: HIMX@mzgroup.us www.mzgroup.us
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 Months Ended December
31, |
|
Three Months Ended
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
Revenues |
$ |
262,290 |
|
|
$ |
451,895 |
|
|
$ |
213,631 |
|
Gross profit |
|
80,051 |
|
|
|
233,976 |
|
|
|
76,803 |
|
Add: Share-based compensation
– cost of revenues |
|
13 |
|
|
|
7 |
|
|
|
454 |
|
Add: Cash award – cost of
revenues |
|
55 |
|
|
|
79 |
|
|
|
296 |
|
Gross profit excluding share-based compensation and cash award |
|
80,119 |
|
|
|
234,062 |
|
|
|
77,553 |
|
Gross margin excluding share-based compensation and cash award |
|
30.5 |
% |
|
|
51.8 |
% |
|
|
36.3 |
% |
Operating income |
|
27,526 |
|
|
|
177,951 |
|
|
|
3,945 |
|
Add: Share-based
compensation |
|
1,094 |
|
|
|
603 |
|
|
|
18,197 |
|
Add: Acquisition-related charges –intangible assets
amortization |
|
84 |
|
|
|
277 |
|
|
|
250 |
|
Add: Cash award |
|
5,785 |
|
|
|
6,706 |
|
|
|
8,496 |
|
Operating income excluding share-based compensation,
acquisition-related charges and cash award |
|
34,489 |
|
|
|
185,537 |
|
|
|
30,888 |
|
Operating margin excluding share-based compensation,
acquisition-related charges and cash award |
|
13.1 |
% |
|
|
41.1 |
% |
|
|
14.5 |
% |
Profit attributable to Himax Technologies, Inc. stockholders |
|
42,156 |
|
|
|
142,393 |
|
|
|
8,319 |
|
Add: Share-based compensation, net of tax |
|
917 |
|
|
|
480 |
|
|
|
14,421 |
|
Add: Acquisition-related charges, net of tax |
|
65 |
|
|
|
212 |
|
|
|
193 |
|
Add: Cash award, net of tax |
|
4,560 |
|
|
|
5,338 |
|
|
|
6,841 |
|
Profit attributable to Himax Technologies, Inc. stockholders
excluding share-based compensation, acquisition-related charges and
cash award |
|
47,698 |
|
|
|
148,423 |
|
|
|
29,774 |
|
Net margin attributable to Himax Technologies, Inc. stockholders
excluding share-based compensation, acquisition-related charges and
cash award |
|
18.2 |
% |
|
|
32.8 |
% |
|
|
13.9 |
% |
|
|
|
|
|
|
*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 |
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: |
|
|
|
Twelve Months Ended December
31, |
|
|
|
|
2022 |
|
|
|
2021 |
|
Revenues |
|
|
$ |
1,201,339 |
|
|
$ |
1,547,097 |
|
Gross profit |
|
|
|
487,106 |
|
|
|
748,578 |
|
Add: Share-based compensation
– cost of revenues |
|
|
|
481 |
|
|
|
682 |
|
Add: Cash award – cost of
revenues |
|
|
|
505 |
|
|
|
511 |
|
Gross profit excluding share-based compensation and cash award |
|
|
|
488,092 |
|
|
|
749,771 |
|
Gross margin excluding share-based compensation and cash award |
|
|
|
40.6 |
% |
|
|
48.5 |
% |
Operating income |
|
|
|
257,587 |
|
|
|
545,021 |
|
Add: Share-based
compensation |
|
|
|
20,631 |
|
|
|
23,874 |
|
Add: Acquisition-related charges –intangible assets
amortization |
|
|
|
887 |
|
|
|
1,105 |
|
Add: Cash award |
|
|
|
27,694 |
|
|
|
8,288 |
|
Operating income excluding share-based compensation,
acquisition-related charges and cash award |
|
|
|
306,799 |
|
|
|
578,288 |
|
Operating margin excluding share-based compensation,
acquisition-related charges and cash award |
|
|
|
25.5 |
% |
|
|
37.4 |
% |
Profit attributable to Himax Technologies, Inc. stockholders |
|
|
|
236,982 |
|
|
|
436,896 |
|
Add: Share-based compensation, net of tax |
|
|
|
16,430 |
|
|
|
18,978 |
|
Add: Acquisition-related charges, net of tax |
|
|
|
682 |
|
|
|
847 |
|
Add: Cash award, net of
tax |
|
|
|
22,053 |
|
|
|
6,844 |
|
Profit attributable to Himax Technologies, Inc. stockholders
excluding share-based compensation, acquisition-related charges and
cash award |
|
|
|
276,147 |
|
|
|
463,565 |
|
Net margin attributable to Himax Technologies, Inc. stockholders
excluding share-based compensation, acquisition-related charges and
cash award |
|
|
|
23.0 |
% |
|
|
30.0 |
% |
|
|
|
|
|
|
*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 December
31, |
|
Twelve Months Ended
December 31, |
|
|
2022 |
|
|
2022 |
Diluted IFRS earnings per ADS attributable to Himax Technologies,
Inc. stockholders |
$ |
0.241 |
|
$ |
1.356 |
Add: Share-based compensation per ADS |
$ |
0.005 |
|
$ |
0.094 |
Add: Acquisition-related charges per ADS |
$ |
0.000 |
|
$ |
0.004 |
Add: Cash award per ADS |
$ |
0.026 |
|
$ |
0.126 |
|
|
|
|
Diluted non-IFRS earnings per ADS attributable to Himax
Technologies, Inc. stockholders excluding share-based compensation,
acquisition-related charges and cash award |
$ |
0.273 |
|
$ |
1.580 |
Numbers do not add up due to rounding |
|
|
|
-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
MonthsEnded December
31, |
|
3 MonthsEndedSeptember
30, |
|
2022 |
|
2021 |
|
2022 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues from third parties, net |
$ |
262,245 |
|
|
$ |
451,820 |
|
|
$ |
213,586 |
|
Revenues from related parties, net |
|
45 |
|
|
|
75 |
|
|
|
45 |
|
|
|
262,290 |
|
|
|
451,895 |
|
|
|
213,631 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
182,239 |
|
|
|
217,919 |
|
|
|
136,828 |
|
Research and development |
|
40,158 |
|
|
|
41,540 |
|
|
|
55,749 |
|
General and administrative |
|
6,651 |
|
|
|
8,086 |
|
|
|
8,554 |
|
Sales and marketing |
|
5,716 |
|
|
|
6,399 |
|
|
|
8,555 |
|
Total costs and expenses |
|
234,764 |
|
|
|
273,944 |
|
|
|
209,686 |
|
|
|
|
|
|
|
Operating income |
|
27,526 |
|
|
|
177,951 |
|
|
|
3,945 |
|
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
Interest income |
|
1,990 |
|
|
|
283 |
|
|
|
1,387 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
885 |
|
|
|
(273 |
) |
|
|
(67 |
) |
Foreign currency exchange gains (losses), net |
|
(443 |
) |
|
|
874 |
|
|
|
1,181 |
|
Finance costs |
|
(1,332 |
) |
|
|
(285 |
) |
|
|
(843 |
) |
Share of losses of associates |
|
(170 |
) |
|
|
(652 |
) |
|
|
(164 |
) |
Other income |
|
10,724 |
|
|
|
199 |
|
|
|
120 |
|
|
|
11,654 |
|
|
|
146 |
|
|
|
1,614 |
|
Profit before income taxes |
|
39,180 |
|
|
|
178,097 |
|
|
|
5,559 |
|
Income tax expense (benefit) |
|
(2,818 |
) |
|
|
36,625 |
|
|
|
(2,449 |
) |
Profit for the period |
|
41,998 |
|
|
|
141,472 |
|
|
|
8,008 |
|
Loss attributable to
noncontrolling interests |
|
158 |
|
|
|
921 |
|
|
|
311 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
$ |
42,156 |
|
|
$ |
142,393 |
|
|
$ |
8,319 |
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
$ |
0.241 |
|
|
$ |
0.815 |
|
|
$ |
0.048 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
$ |
0.241 |
|
|
$ |
0.815 |
|
|
$ |
0.048 |
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
174,812 |
|
|
|
174,694 |
|
|
|
174,695 |
|
Diluted Weighted Average Outstanding ADS |
|
174,997 |
|
|
|
174,767 |
|
|
|
174,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Profit or
Loss |
(Amounts in Thousands of U.S. Dollars, Except Share and Per
Share Data) |
|
|
Twelve MonthsEnded December
31, |
|
2022 |
|
2021 |
|
|
|
|
Revenues |
|
|
|
Revenues from third parties, net |
$ |
1,201,124 |
|
|
$ |
1,546,972 |
|
Revenues from related parties, net |
|
215 |
|
|
|
125 |
|
|
|
1,201,339 |
|
|
|
1,547,097 |
|
|
|
|
|
Costs and expenses: |
|
|
|
Cost of revenues |
|
714,233 |
|
|
|
798,519 |
|
Research and development |
|
175,557 |
|
|
|
151,386 |
|
General and administrative |
|
28,503 |
|
|
|
29,281 |
|
Sales and marketing |
|
25,459 |
|
|
|
22,890 |
|
Total costs and expenses |
|
943,752 |
|
|
|
1,002,076 |
|
|
|
|
|
Operating income |
|
257,587 |
|
|
|
545,021 |
|
|
|
|
|
Non operating income (loss): |
|
|
|
Interest income |
|
4,813 |
|
|
|
876 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
1,246 |
|
|
|
(284 |
) |
Foreign currency exchange gains, net |
|
5,506 |
|
|
|
1,096 |
|
Finance costs |
|
(2,783 |
) |
|
|
(1,074 |
) |
Share of losses of associates |
|
(743 |
) |
|
|
(1,392 |
) |
Other income |
|
10,939 |
|
|
|
349 |
|
|
|
18,978 |
|
|
|
(429 |
) |
Profit before income taxes |
|
276,565 |
|
|
|
544,592 |
|
Income tax expense |
|
41,098 |
|
|
|
110,657 |
|
Profit for the period |
|
235,467 |
|
|
|
433,935 |
|
Loss attributable to
noncontrolling interests |
|
1,515 |
|
|
|
2,961 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
$ |
236,982 |
|
|
$ |
436,896 |
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
$ |
1.356 |
|
|
$ |
2.502 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
$ |
1.356 |
|
|
$ |
2.498 |
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
174,724 |
|
|
|
174,614 |
|
Diluted Weighted Average Outstanding ADS |
|
174,817 |
|
|
|
174,867 |
|
|
|
|
|
|
|
|
|
|
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 December
31, |
|
Three Months EndedSeptember
30, |
|
2022 |
|
2021 |
|
2022 |
Share-based compensation |
|
|
|
|
|
Cost of revenues |
$ |
13 |
|
|
$ |
7 |
|
|
$ |
454 |
|
Research and development |
|
658 |
|
|
|
462 |
|
|
|
13,719 |
|
General and administrative |
|
299 |
|
|
|
95 |
|
|
|
1,637 |
|
Sales and marketing |
|
124 |
|
|
|
39 |
|
|
|
2,387 |
|
Income tax benefit |
|
(177 |
) |
|
|
(123 |
) |
|
|
(3,776 |
) |
Total |
$ |
917 |
|
|
$ |
480 |
|
|
$ |
14,421 |
|
|
|
|
|
|
|
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 |
$ |
84 |
|
|
$ |
277 |
|
|
$ |
250 |
|
Income tax benefit |
|
(19 |
) |
|
|
(65 |
) |
|
|
(57 |
) |
Total |
$ |
65 |
|
|
$ |
212 |
|
|
$ |
193 |
|
|
|
|
|
|
|
The amount of cash
award included in applicable statements of profit or loss
categories is summarized as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cash award |
|
|
|
|
|
Cost of revenues |
$ |
55 |
|
|
$ |
79 |
|
|
$ |
296 |
|
Research and development |
|
4,483 |
|
|
|
5,066 |
|
|
|
6,174 |
|
General and administrative |
|
418 |
|
|
|
583 |
|
|
|
665 |
|
Sales and marketing |
|
829 |
|
|
|
978 |
|
|
|
1,361 |
|
Income tax benefit |
|
(1,225 |
) |
|
|
(1,368 |
) |
|
|
(1,655 |
) |
Total |
$ |
4,560 |
|
|
$ |
5,338 |
|
|
$ |
6,841 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
Twelve MonthsEnded December
31, |
|
2022 |
|
2021 |
Share-based compensation |
|
|
|
Cost of revenues |
$ |
481 |
|
|
$ |
682 |
|
Research and development |
|
15,345 |
|
|
|
17,662 |
|
General and administrative |
|
2,193 |
|
|
|
2,367 |
|
Sales and marketing |
|
2,612 |
|
|
|
3,163 |
|
Income tax benefit |
|
(4,201 |
) |
|
|
(4,896 |
) |
Total |
$ |
16,430 |
|
|
$ |
18,978 |
|
|
|
|
|
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 |
$ |
887 |
|
|
$ |
1,105 |
|
Income tax benefit |
|
(205 |
) |
|
|
(258 |
) |
Total |
$ |
682 |
|
|
$ |
847 |
|
|
|
|
|
The amount of cash award included in applicable statements
of profit or loss categories is summarized as
follows: |
|
|
|
|
|
|
|
Cash award |
|
|
|
Cost of revenues |
$ |
505 |
|
|
$ |
511 |
|
Research and development |
|
20,792 |
|
|
|
5,876 |
|
General and administrative |
|
2,250 |
|
|
|
678 |
|
Sales and marketing |
|
4,147 |
|
|
|
1,223 |
|
Income tax benefit |
|
(5,641 |
) |
|
|
(1,444 |
) |
Total |
$ |
22,053 |
|
|
$ |
6,844 |
|
|
|
|
|
|
Himax Technologies, Inc. |
IFRS Unaudited Condensed Consolidated Statements of
Financial Position |
(Amounts in Thousands of U.S. Dollars) |
|
|
December 31,2022 |
|
December 31,2021 |
|
September 30,2022 |
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
221,581 |
|
|
$ |
336,024 |
|
|
$ |
219,745 |
|
Financial assets at amortized cost |
|
8,314 |
|
|
|
26,013 |
|
|
|
8,147 |
|
Financial assets at fair value through profit or loss |
|
- |
|
|
|
2,345 |
|
|
|
- |
|
Accounts receivable, net (including related parties) |
|
261,148 |
|
|
|
410,211 |
|
|
|
253,284 |
|
Inventories |
|
370,933 |
|
|
|
198,600 |
|
|
|
410,071 |
|
Income taxes receivable |
|
31 |
|
|
|
54 |
|
|
|
41 |
|
Restricted deposit |
|
369,300 |
|
|
|
154,100 |
|
|
|
369,300 |
|
Other receivable from related parties |
|
1,224 |
|
|
|
1,217 |
|
|
|
1,230 |
|
Other current assets |
|
104,277 |
|
|
|
64,280 |
|
|
|
109,734 |
|
Total current assets |
|
1,336,808 |
|
|
|
1,192,844 |
|
|
|
1,371,552 |
|
Financial assets at
fair value through profit or loss |
|
15,350 |
|
|
|
13,668 |
|
|
|
14,466 |
|
Financial assets at
fair value through othercomprehensive
income |
|
279 |
|
|
|
410 |
|
|
|
352 |
|
Equity method
investments |
|
6,533 |
|
|
|
3,302 |
|
|
|
3,293 |
|
Property, plant and
equipment, net |
|
126,138 |
|
|
|
133,236 |
|
|
|
127,598 |
|
Deferred tax
assets |
|
11,797 |
|
|
|
7,191 |
|
|
|
6,199 |
|
Goodwill |
|
28,138 |
|
|
|
28,138 |
|
|
|
28,138 |
|
Other intangible
assets, net |
|
1,094 |
|
|
|
6,617 |
|
|
|
5,571 |
|
Restricted
deposit |
|
32 |
|
|
|
36 |
|
|
|
32 |
|
Refundable
deposits |
|
162,968 |
|
|
|
199,982 |
|
|
|
162,924 |
|
Other non-current
assets |
|
12,621 |
|
|
|
17,770 |
|
|
|
10,809 |
|
|
|
364,950 |
|
|
|
410,350 |
|
|
|
359,382 |
|
Total assets |
$ |
1,701,758 |
|
|
$ |
1,603,194 |
|
|
$ |
1,730,934 |
|
Liabilities and
Equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current portion of long-term unsecured borrowings |
$ |
6,000 |
|
|
$ |
6,000 |
|
|
$ |
6,000 |
|
Short-term secured borrowings |
|
369,300 |
|
|
|
151,400 |
|
|
|
369,300 |
|
Accounts payable (including related parties) |
|
122,042 |
|
|
|
248,425 |
|
|
|
191,971 |
|
Income taxes payable |
|
69,383 |
|
|
|
96,552 |
|
|
|
66,517 |
|
Other payable to related parties |
|
2,568 |
|
|
|
1,641 |
|
|
|
2,385 |
|
Contract liabilities-current |
|
49,167 |
|
|
|
37,663 |
|
|
|
34,481 |
|
Other current liabilities |
|
75,535 |
|
|
|
59,544 |
|
|
|
65,943 |
|
Total current liabilities |
|
693,995 |
|
|
|
601,225 |
|
|
|
736,597 |
|
Long-term unsecured
borrowings |
|
40,500 |
|
|
|
46,500 |
|
|
|
42,000 |
|
Deferred tax
liabilities |
|
691 |
|
|
|
965 |
|
|
|
754 |
|
Contract
liabilities-non-current |
|
- |
|
|
|
10,221 |
|
|
|
12,356 |
|
Other non-current
liabilities |
|
72,751 |
|
|
|
72,301 |
|
|
|
90,672 |
|
|
|
113,942 |
|
|
|
129,987 |
|
|
|
145,782 |
|
Total liabilities |
|
807,937 |
|
|
|
731,212 |
|
|
|
882,379 |
|
Equity |
|
|
|
|
|
Ordinary shares |
|
107,010 |
|
|
|
107,010 |
|
|
|
107,010 |
|
Additional paid-in capital |
|
112,249 |
|
|
|
108,841 |
|
|
|
111,404 |
|
Treasury shares |
|
(5,594 |
) |
|
|
(5,761 |
) |
|
|
(5,594 |
) |
Accumulated other comprehensive income |
|
(218 |
) |
|
|
(666 |
) |
|
|
(2,247 |
) |
Retained earnings |
|
679,125 |
|
|
|
660,300 |
|
|
|
637,149 |
|
Equity attributable to owners of Himax Technologies,
Inc. |
|
892,572 |
|
|
|
869,724 |
|
|
|
847,722 |
|
Noncontrolling
interests |
|
1,249 |
|
|
|
2,258 |
|
|
|
833 |
|
Total equity |
|
893,821 |
|
|
|
871,982 |
|
|
|
848,555 |
|
Total liabilities and equity |
$ |
1,701,758 |
|
|
$ |
1,603,194 |
|
|
$ |
1,730,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
|
Three MonthsEnded December
31, |
|
Three Months EndedSeptember
30, |
|
|
2022 |
|
2021 |
|
2022 |
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Profit for the period |
|
$ |
41,998 |
|
|
$ |
141,472 |
|
|
$ |
8,008 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,196 |
|
|
|
5,329 |
|
|
|
5,359 |
|
Reversal of credit losses recognized on accounts receivable |
|
|
- |
|
|
|
(190 |
) |
|
|
- |
|
Gain on disposal of subsidiary |
|
|
(10,694 |
) |
|
|
- |
|
|
|
- |
|
Share-based compensation expenses |
|
|
1,094 |
|
|
|
603 |
|
|
|
662 |
|
Gain on disposal of property, plant and equipment, net |
|
|
- |
|
|
|
(147 |
) |
|
|
- |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
(885 |
) |
|
|
273 |
|
|
|
67 |
|
Interest income |
|
|
(1,990 |
) |
|
|
(283 |
) |
|
|
(1,387 |
) |
Finance costs |
|
|
1,332 |
|
|
|
285 |
|
|
|
843 |
|
Income tax expense (benefit) |
|
|
(2,818 |
) |
|
|
36,625 |
|
|
|
(2,449 |
) |
Share of losses of associates |
|
|
170 |
|
|
|
652 |
|
|
|
164 |
|
Inventories write downs |
|
|
9,104 |
|
|
|
4,103 |
|
|
|
7,282 |
|
Unrealized foreign currency exchange losses (gains) |
|
|
703 |
|
|
|
(799 |
) |
|
|
1,034 |
|
|
|
|
43,210 |
|
|
|
187,923 |
|
|
|
19,583 |
|
Changes in: |
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
|
(10,057 |
) |
|
|
(9,124 |
) |
|
|
117,749 |
|
Inventories |
|
|
30,034 |
|
|
|
(41,756 |
) |
|
|
(80,041 |
) |
Other receivable from related parties |
|
|
6 |
|
|
|
(8 |
) |
|
|
152 |
|
Other current assets |
|
|
2,673 |
|
|
|
(2,083 |
) |
|
|
2,804 |
|
Accounts payable (including related parties) |
|
|
(68,426 |
) |
|
|
22,135 |
|
|
|
(51,323 |
) |
Other payable to related parties |
|
|
182 |
|
|
|
(1,361 |
) |
|
|
219 |
|
Contract liabilities |
|
|
2,330 |
|
|
|
28,826 |
|
|
|
(1,671 |
) |
Other current liabilities |
|
|
2,045 |
|
|
|
11,526 |
|
|
|
(424 |
) |
Other non-current liabilities |
|
|
2,315 |
|
|
|
(13,841 |
) |
|
|
(4,151 |
) |
Cash generated from operating activities |
|
|
4,312 |
|
|
|
182,237 |
|
|
|
2,897 |
|
Interest received |
|
|
2,796 |
|
|
|
333 |
|
|
|
443 |
|
Interest paid |
|
|
(1,332 |
) |
|
|
(275 |
) |
|
|
(843 |
) |
Income tax paid |
|
|
(310 |
) |
|
|
(47 |
) |
|
|
(6,171 |
) |
Net cash provided by (used in) operating
activities |
|
|
5,466 |
|
|
|
182,248 |
|
|
|
(3,674 |
) |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(2,312 |
) |
|
|
(2,020 |
) |
|
|
(3,402 |
) |
Acquisitions of intangible assets |
|
|
(162 |
) |
|
|
(41 |
) |
|
|
- |
|
Acquisitions of financial assets at amortized cost |
|
|
(784 |
) |
|
|
(10,341 |
) |
|
|
(720 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
|
841 |
|
|
|
2,300 |
|
|
|
660 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
|
(5,081 |
) |
|
|
(6,864 |
) |
|
|
(30,179 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
|
5,082 |
|
|
|
8,258 |
|
|
|
33,188 |
|
Proceeds from disposal of subsidiary |
|
|
14,769 |
|
|
|
- |
|
|
|
- |
|
Proceeds from disposal of financial assets at fair value through
other comprehensive income |
|
|
96 |
|
|
|
- |
|
|
|
- |
|
Acquisitions of equity method investments |
|
|
(3,264 |
) |
|
|
- |
|
|
|
- |
|
Increase in refundable deposits |
|
|
(13 |
) |
|
|
(119,289 |
) |
|
|
(6,131 |
) |
Releases of restricted deposit |
|
|
- |
|
|
|
2,700 |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
|
9,172 |
|
|
|
(125,297 |
) |
|
|
(6,584 |
) |
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments of cash dividends |
|
|
- |
|
|
|
- |
|
|
|
(217,873 |
) |
Proceeds from issuance of new shares by subsidiaries |
|
|
487 |
|
|
|
- |
|
|
|
- |
|
Purchases of subsidiary shares from noncontrolling interests |
|
|
- |
|
|
|
(1,475 |
) |
|
|
- |
|
Proceeds from short-term unsecured borrowings |
|
|
- |
|
|
|
5,000 |
|
|
|
- |
|
Repayments of short-term unsecured borrowings |
|
|
- |
|
|
|
(5,000 |
) |
|
|
- |
|
Proceeds from long-term unsecured borrowings |
|
|
- |
|
|
|
- |
|
|
|
40,000 |
|
Repayments of long-term unsecured borrowings |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
(41,500 |
) |
Proceeds from short-term secured borrowings |
|
|
358,200 |
|
|
|
221,400 |
|
|
|
668,700 |
|
Repayments of short-term secured borrowings |
|
|
(358,200 |
) |
|
|
(221,400 |
) |
|
|
(450,800 |
) |
Pledge of restricted deposit |
|
|
- |
|
|
|
- |
|
|
|
(217,900 |
) |
Payment of lease liabilities |
|
|
(1,258 |
) |
|
|
(1,237 |
) |
|
|
(601 |
) |
Guarantee deposits received (refunded) |
|
|
(12,000 |
) |
|
|
54,050 |
|
|
|
(882 |
) |
Net cash provided by (used in) financing
activities |
|
|
(14,271 |
) |
|
|
49,838 |
|
|
|
(220,856 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
|
1,469 |
|
|
|
38 |
|
|
|
(2,043 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
|
1,836 |
|
|
|
106,827 |
|
|
|
(233,157 |
) |
Cash and cash
equivalents at beginning of period |
|
|
219,745 |
|
|
|
229,197 |
|
|
|
452,902 |
|
Cash and cash
equivalents at end of period |
|
$ |
221,581 |
|
|
$ |
336,024 |
|
|
$ |
219,745 |
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
Twelve MonthsEnded December
31, |
|
2022 |
|
2021 |
|
|
|
|
Cash flows from
operating activities: |
|
|
|
Profit for the period |
$ |
235,467 |
|
|
$ |
433,935 |
|
Adjustments for: |
|
|
|
Depreciation and amortization |
|
21,342 |
|
|
|
21,342 |
|
Reversal of credit losses recognized on accounts receivable |
|
- |
|
|
|
(190 |
) |
Gain on disposal of subsidiary |
|
(10,694 |
) |
|
|
- |
|
Share-based compensation expenses |
|
3,096 |
|
|
|
700 |
|
Gain on disposal of property, plant and equipment, net |
|
- |
|
|
|
(147 |
) |
Changes in fair value of financial assets at fair value through
profit or loss |
|
(1,246 |
) |
|
|
284 |
|
Interest income |
|
(4,813 |
) |
|
|
(876 |
) |
Finance costs |
|
2,783 |
|
|
|
1,074 |
|
Income tax expense |
|
41,098 |
|
|
|
110,657 |
|
Share of losses of associates |
|
743 |
|
|
|
1,392 |
|
Inventories write downs |
|
22,211 |
|
|
|
9,448 |
|
Unrealized foreign currency exchange gains |
|
(2,883 |
) |
|
|
(953 |
) |
|
|
307,104 |
|
|
|
576,666 |
|
Changes in: |
|
|
|
Accounts receivable (including related parties) |
|
146,870 |
|
|
|
(166,395 |
) |
Inventories |
|
(194,544 |
) |
|
|
(99,341 |
) |
Other receivable from related parties |
|
(7 |
) |
|
|
(17 |
) |
Other current assets |
|
10,099 |
|
|
|
(7,633 |
) |
Other non-current assets |
|
- |
|
|
|
(19,460 |
) |
Accounts payable (including related parties) |
|
(124,870 |
) |
|
|
74,954 |
|
Other payable to related parties |
|
927 |
|
|
|
(931 |
) |
Contract liabilities |
|
1,283 |
|
|
|
41,262 |
|
Other current liabilities |
|
1,831 |
|
|
|
13,736 |
|
Other non-current liabilities |
|
3,972 |
|
|
|
(4,697 |
) |
Cash generated from operating activities |
|
152,665 |
|
|
|
408,144 |
|
Interest received |
|
4,525 |
|
|
|
852 |
|
Interest paid |
|
(2,783 |
) |
|
|
(1,074 |
) |
Income tax paid |
|
(71,499 |
) |
|
|
(19,646 |
) |
Net cash provided by operating activities |
|
82,908 |
|
|
|
388,276 |
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
Acquisitions of property, plant and equipment |
|
(11,797 |
) |
|
|
(7,562 |
) |
Acquisitions of intangible assets |
|
(331 |
) |
|
|
(468 |
) |
Acquisitions of financial assets at amortized cost |
|
(8,763 |
) |
|
|
(25,362 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
25,823 |
|
|
|
8,011 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
(108,374 |
) |
|
|
(23,417 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
110,283 |
|
|
|
29,141 |
|
Proceeds from disposal of subsidiary |
|
14,769 |
|
|
|
- |
|
Proceeds from disposal of financial assets at fair value through
other comprehensive income |
|
96 |
|
|
|
- |
|
Proceeds from capital reduction of investment |
|
- |
|
|
|
151 |
|
Acquisitions of equity method investments |
|
(3,264 |
) |
|
|
(598 |
) |
Increase in refundable deposits |
|
(6,144 |
) |
|
|
(213,056 |
) |
Releases (pledges) of restricted deposit |
|
2,700 |
|
|
|
(2,595 |
) |
Cash received in advance from disposal of land |
|
- |
|
|
|
3,075 |
|
Net cash provided by (used in) investing
activities |
|
14,998 |
|
|
|
(232,680 |
) |
|
|
|
|
Cash flows from
financing activities: |
|
|
|
Payments of cash dividends |
|
(217,873 |
) |
|
|
(47,424 |
) |
Proceeds from issuance of new shares by subsidiaries |
|
487 |
|
|
|
- |
|
Purchases of subsidiary shares from noncontrolling interests |
|
(301 |
) |
|
|
(1,627 |
) |
Proceeds from short-term unsecured borrowings |
|
- |
|
|
|
15,000 |
|
Repayments of short-term unsecured borrowings |
|
- |
|
|
|
(15,000 |
) |
Proceeds from long-term unsecured borrowings |
|
40,000 |
|
|
|
- |
|
Repayments of long-term unsecured borrowings |
|
(46,000 |
) |
|
|
(6,000 |
) |
Proceeds from short-term secured borrowings |
|
1,212,700 |
|
|
|
611,600 |
|
Repayments of short-term secured borrowings |
|
(994,800 |
) |
|
|
(564,200 |
) |
Pledge of restricted deposit |
|
(217,900 |
) |
|
|
(47,400 |
) |
Payment of lease liabilities |
|
(4,294 |
) |
|
|
(4,668 |
) |
Guarantee deposits received |
|
16,913 |
|
|
|
54,050 |
|
Proceeds from exercise of employee stock options |
|
- |
|
|
|
1,182 |
|
Net cash used in financing activities |
|
(211,068 |
) |
|
|
(4,487 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
(1,281 |
) |
|
|
(23 |
) |
Net increase
(decrease) in cash and cash equivalents |
|
(114,443 |
) |
|
|
151,086 |
|
Cash and cash
equivalents at beginning of period |
|
336,024 |
|
|
|
184,938 |
|
Cash and cash
equivalents at end of period |
$ |
221,581 |
|
|
$ |
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 December
31, |
|
Three
MonthsEndedSeptember
30, |
|
2022 |
|
2021 |
|
2022 |
Revenues |
$ |
262,290 |
|
|
$ |
451,895 |
|
|
$ |
213,631 |
|
Gross profit |
|
80,051 |
|
|
|
233,976 |
|
|
|
76,803 |
|
Add: Share-based compensation
– cost of revenues |
|
13 |
|
|
|
7 |
|
|
|
454 |
|
Add: Cash award – cost of
revenues |
|
55 |
|
|
|
79 |
|
|
|
296 |
|
Gross profit excluding
share-based compensation and cash award |
|
80,119 |
|
|
|
234,062 |
|
|
|
77,553 |
|
Gross margin excluding share-based compensation and cash award |
|
30.5 |
% |
|
|
51.8 |
% |
|
|
36.3 |
% |
Operating income |
|
27,526 |
|
|
|
177,951 |
|
|
|
3,945 |
|
Add: Share-based
compensation |
|
1,094 |
|
|
|
603 |
|
|
|
18,197 |
|
Add: Acquisition-related
charges –intangible assets amortization |
|
84 |
|
|
|
277 |
|
|
|
250 |
|
Add: Cash award |
|
5,785 |
|
|
|
6,706 |
|
|
|
8,496 |
|
Operating income excluding
share-based compensation, acquisition-related charges and cash
award |
|
34,489 |
|
|
|
185,537 |
|
|
|
30,888 |
|
Operating margin excluding
share-based compensation, acquisition-related charges and cash
award |
|
13.1 |
% |
|
|
41.1 |
% |
|
|
14.5 |
% |
Profit attributable to Himax
Technologies, Inc. stockholders |
|
42,156 |
|
|
|
142,393 |
|
|
|
8,319 |
|
Add: Share-based compensation,
net of tax |
|
917 |
|
|
|
480 |
|
|
|
14,421 |
|
Add: Acquisition-related
charges, net of tax |
|
65 |
|
|
|
212 |
|
|
|
193 |
|
Add: Cash award, net of
tax |
|
4,560 |
|
|
|
5,338 |
|
|
|
6,841 |
|
Profit attributable to Himax
Technologies, Inc. stockholders excluding share-based compensation,
acquisition-related charges and cash award |
|
47,698 |
|
|
|
148,423 |
|
|
|
29,774 |
|
Net margin attributable to
Himax Technologies, Inc. stockholders excluding share-based
compensation, acquisition-related charges and cash award |
|
18.2 |
% |
|
|
32.8 |
% |
|
|
13.9 |
% |
|
|
|
|
|
|
*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 |
|
|
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: |
|
|
Twelve MonthsEnded December
31, |
|
2022 |
|
2021 |
Revenues |
$ |
1,201,339 |
|
|
$ |
1,547,097 |
|
Gross profit |
|
487,106 |
|
|
|
748,578 |
|
Add: Share-based compensation
– cost of revenues |
|
481 |
|
|
|
682 |
|
Add: Cash award – cost of
revenues |
|
505 |
|
|
|
511 |
|
Gross profit excluding share-based compensation and cash award |
|
488,092 |
|
|
|
749,771 |
|
Gross margin excluding share-based compensation and cash award |
|
40.6 |
% |
|
|
48.5 |
% |
Operating income |
|
257,587 |
|
|
|
545,021 |
|
Add: Share-based
compensation |
|
20,631 |
|
|
|
23,874 |
|
Add: Acquisition-related
charges –intangible assets amortization |
|
887 |
|
|
|
1,105 |
|
Add: Cash award |
|
27,694 |
|
|
|
8,288 |
|
Operating income excluding
share-based compensation, acquisition-related charges and cash
award |
|
306,799 |
|
|
|
578,288 |
|
Operating margin excluding
share-based compensation, acquisition-related charges and cash
award |
|
25.5 |
% |
|
|
37.4 |
% |
Profit attributable to Himax
Technologies, Inc. stockholders |
|
236,982 |
|
|
|
436,896 |
|
Add: Share-based compensation,
net of tax |
|
16,430 |
|
|
|
18,978 |
|
Add: Acquisition-related
charges, net of tax |
|
682 |
|
|
|
847 |
|
Add: Cash award, net of
tax |
|
22,053 |
|
|
|
6,844 |
|
Profit attributable to Himax
Technologies, Inc. stockholders excluding share-based compensation,
acquisition-related charges and cash award |
|
276,147 |
|
|
|
463,565 |
|
Net margin attributable to
Himax Technologies, Inc. stockholders excluding share-based
compensation, acquisition-related charges and cash award |
|
23.0 |
% |
|
|
30.0 |
% |
|
|
|
|
*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 MonthsEnded December
31, |
|
Twelve
MonthsEndedDecember
31, |
|
2022 |
|
2022 |
Diluted IFRS earnings per ADS attributable to Himax Technologies,
Inc. stockholders |
$ |
0.241 |
|
|
$ |
1.356 |
|
Add: Share-based compensation per ADS |
$ |
0.005 |
|
|
$ |
0.094 |
|
Add: Acquisition-related charges per ADS |
$ |
0.000 |
|
|
$ |
0.004 |
|
Add: Cash award per ADS |
$ |
0.026 |
|
|
$ |
0.126 |
|
|
|
|
|
|
|
Diluted non-IFRS earnings per ADS
attributable to Himax Technologies, Inc. stockholders excluding
share-based compensation, acquisition-related charges and cash
award |
$ |
0.273 |
|
|
$ |
1.580 |
|
|
|
|
|
Numbers do not add up due to
rounding |
|
|
|
|
|
|
|
Himax Technologies (NASDAQ:HIMX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Himax Technologies (NASDAQ:HIMX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024