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 2023 ended March 31, 2023.
“Amidst ongoing macroeconomic uncertainty, our
visibility remains limited as panel customers continue to shorten
the duration of their forecasts. However, our inventory
has been reduced to a comfortable level after several quarters
of aggressive destocking. While our current inventory level is
still somewhat above the historical norm, the good news is the
remaining stocks are comprised of IC products which have a solid
customer design-in base and long expected lifetimes. Moreover,
after quarters of write-downs, the book costs of the stocks are at
least equal to and, in many cases, much lower than the prevailing
market prices. In light of the better-than-expected inventory
offloading, we stand by our expectation that inventory will revert
to historical levels no later than the third or fourth quarter of
this year.
“We are going through a challenging second
quarter in terms of both sales and gross margin but believe this
will be a short-term phenomenon with a rebound around the corner
starting in the second half,” concluded Mr. Jordan Wu.
First Quarter 2023 Financial
Results
Himax net revenues registered $244.2 million, a
decrease of 6.9% sequentially, but markedly better than its
guidance of a decrease of 12.0% to 17.0% sequentially. The
better-than-guided sales were attributable to increased order
momentum particularly in the large display driver IC business and
smartphone and tablet TDDI segments as well as Company’s continuous
efforts to deplete inventory. IFRS gross margin came in at 28.1%, a
decrease from 30.5% last quarter, but within the guidance range of
28.0% to 30.0%. Gross margin was impacted by several factors. First
and primarily, it incurred the high cost of excess inventories that
were sourced during a period when foundry and backend prices
peaked. Second, the Company had to write-down certain unsold
inventories due to market price declines. Finally, there was price
erosion, a requisite part of the ongoing inventory offloading
process. Yet, IFRS profit per diluted ADS was 8.5 cents, surpassing
guidance of 3.5 cents to 7.0 cents. Non-IFRS profit per diluted ADS
was 11.5 cents, beating guidance of 6.5 cents to 10.0 cents.
Revenue from large display drivers was $53.0
million, an increase of 21.8% sequentially and substantially above
prior guidance of up high single digit from last quarter. Monitor
IC sales grew remarkably as expected, increasing by a decent
double-digit quarter over quarter. This increased momentum is
primarily due to leading customers starting to replenish chips
following several quarters of channel inventory reduction. Notebook
sales were also better than guided due to demand from chip
replenishment. Himax saw strong sequential growth of TV IC sales
stemming from increasing orders from customers preparing for the
upcoming China shopping festivals. Large panel driver IC sales
accounted for 21.7% of total revenues for this quarter, compared to
16.6% last quarter and 26.8% a year ago.
Small and medium-sized display driver revenue
was $154.7 million, a decrease of 12.8% sequentially, yet ahead of
guidance due to increasing shipment of smartphone and tablet,
especially TDDI products, to global leading brands after Lunar New
Year holidays. Q1 automotive driver sales decreased mid-teens
quarter over quarter as guided. Automotive DDIC sales were better
than expected due to customers’ moderated inventory reduction
measures. For automotive TDDI, despite the widespread adoption of
Himax’s products in the NEV, sales unexpectedly declined as panel
houses cutback their IC purchases while experiencing sudden order
suspensions from their EV customers. The underlying cause is the
exacerbated EV price competition, which has led major Chinese
automakers to drastically cut production and enforce stringent cost
control measures. Yet automotive driver business still represented
the largest revenue contributor for Himax with 30% of total sales
in the first quarter. Himax remains optimistic about its automotive
TDDI growth potential in the coming years as it has secured around
300 design-wins, a number which is still growing, which puts Himax
significantly ahead of its peers. At this moment, only one third of
the acquired design-wins have commenced production, indicating
enormous upside potential in the coming years as the remaining
design-wins enter mass production. Small and medium-sized driver IC
segment accounted for 63.3% of total sales for the quarter,
compared to 67.6% in the previous quarter and 62.6% a year ago.
First quarter revenues from its non-driver
business also exceeded guidance with revenue of $36.5 million, down
11.8% from a quarter ago. Tcon business was up single digit in the
first quarter, markedly surpassing the guidance of mid-teens
decline, bolstered by decent shipment of automotive Tcon as well as
better-than-expected shipment of large sized display Tcon. Tcon
business represented over 9% of total sales in the first quarter.
It’s worth highlighting that Himax’s automotive local dimming Tcon
technology was recently awarded Gold Panel Award at Touch Taiwan
2023, another illustration of its leading position in cutting-edge
technology for automotive display. For automotive Tcon, backed by a
strong order pipeline, Himax anticipates business momentum to
accelerate with rapidly expanding design-wins across the board.
Non-driver products in Q1 accounted for 15.0% of total revenues, as
compared to 15.8% in the previous quarter and 10.6% a year ago.
IFRS operating expenses for the first quarter
were $51.0 million, a decline of 2.9% from the previous quarter and
down 1.0% from a year ago. Amidst prevailing macroeconomic
headwinds, Himax continued to tighten its expense control. Non-IFRS
operating expenses were $44.5 million for the first quarter, down
2.5% from the preceding quarter and up 1.1% from a year ago.
First quarter IFRS operating income was $17.6
million, or 7.2% of sales, versus 10.5% of sales in the last
quarter and 34.5% of sales from a year ago. Non-IFRS operating
income was $24.2 million, or 9.9% of sales, compared to 13.1% last
quarter and 36.3% same quarter last year. IFRS after-tax profit was
$14.9 million, or 8.5 cents per diluted ADS, compared to $42.2
million, or 24.1 cents per diluted ADS last quarter. First quarter
non-IFRS after-tax profit was $20.1 million, or 11.5 cents per
diluted ADS, compared to $47.7 million, or 27.3 cents in the
previous quarter.
Balance Sheet and Cash Flow
Himax had $223.8 million of cash, cash
equivalents and other financial assets as of March 31, 2023,
compared to $447.1 million at the same time last year and $229.9
million a quarter ago. The decrease in cash was a result of cash
outflow from investing activities, which was mainly used to make
final payment for a major AMOLED capacity agreement for smartphone
that Himax had signed in 2021, offset by $66.4 million of operating
cash inflow in the first quarter. Himax had $45.0 million of
long-term unsecured loans as of the end of first quarter, of which
$6.0 million was current portion.
The Company’s inventories as of March 31, 2023
were $335.2 million, while still higher than $253.1 million a year
ago, were markedly lower than $370.9 million last quarter. Accounts
receivable at the end of March 2023 was $252.2 million, down from
$261.1 million last quarter and down from $442.2 million a year
ago. DSO was 93 days at the quarter end, as compared to 96 days a
year ago and 79 days last quarter. First quarter capital
expenditures were $2.8 million, versus $2.3 million last quarter
and $3.6 million a year ago. The first quarter capex was mainly for
IC design business.
Just prior to today’s call, Himax announced an
annual cash dividend of 48.0 cents per ADS, totaling approximately
$83.7 million and payable on July 12, 2023. The payout ratio is
35.4%. The company has decided on the relatively low payout ratio
in the light of prevailing macroeconomic uncertainty. Himax is
grateful for the continued support of its shareholders as it
continues to execute on its business objectives and strive to
deliver sustainable long-term growth while maintaining a healthy
balance sheet.
Outstanding Share
As of March 31, 2023, Himax had 174.4 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 2023 Outlook
Soft consumer consumption coupled with recession fears continue
to present challenges to market demand and amplify uncertainty
throughout the tech industry. The semiconductor industry appears to
have come to a consensus to some degree with the expectation that
inventory digestion will extend longer than previously projected.
In the display market, end brands remain cautious toward their
panel procurements, while panel makers implement stringent output
controls and rigorous procurement scrutiny.
Amidst ongoing macroeconomic uncertainty, Himax’s visibility
remains limited as panel customers continue to shorten the duration
of their forecasts. However, Company’s inventory has been
reduced to a comfortable level after several quarters of aggressive
destocking. While Himax’s current inventory level is still somewhat
above the historical norm, the good news is the remaining stocks
are comprised of IC products which have a solid customer design-in
base and long expected lifetimes. Moreover, after quarters of
write-downs, the book costs of the stocks are at least equal to
and, in many cases, much lower than the prevailing market prices.
In light of the better-than-expected inventory offloading, Himax
stands by its expectation that inventory will revert to historical
levels no later than the third or fourth quarter of this year.
In an effort to improve Company’s cost structure for new wafer
starts and maintain competitiveness, Himax has strategically
terminated certain high-cost foundry capacity agreements recently
prior to their expiration dates. This, however, has resulted in a
significant one-time early termination expense incurred in the
second quarter and hit Company’s Q2 gross margin. In fact, this is
the predominant factor for the second quarter gross margin
contraction, on top of the price pressure incurred from destocking.
Termination of the aforementioned capacity agreements is a crucial
operational strategy for Himax whereby making a short-term
sacrifice can help it achieve long-term gains. Moving forward, for
those terminated contracts, Himax’s new wafer starts will not be
subject to minimum fulfillment requirements and fixed contractual
prices set at the time of severe industry capacity shortage. This
also gives Himax the flexibility to diversify suppliers. Given the
significant contract termination expense, Q2 will mark the trough
of Company’s gross margin with sequential expansion expected
throughout the second half of 2023. As an important side note,
Himax has retained necessary capacity to support the growth of its
AMOLED business, which Himax believes will be a major growth driver
in the coming years as OLED displays gain traction in a wide range
of applications.
On the Q2 sales guidance. Sudden demand drop in automotive
business is among the main reasons causing the sequential sales
decline. As the Company has talked about previously, automotive has
been its largest business contributor for many quarters, accounting
for over 30% of the total sales, a far greater contribution than
its peers. The sudden decline in the automotive demands,
therefore, has a heavier impact on its total sales. Automotive
sales are being adversely impacted by recent price turbulence in
Chinese EV market as it reported earlier. However, Himax views the
current setback as a temporary and short-term phenomenon. Our
outlook for the automotive business remains positive given the
megatrend of increasing quantity and sophistication of displays
inside vehicles and backed by its undisputed leading market share
as well as new design-win pipelines. This is particularly true for
automotive TDDI where Himax has already achieved a global market
share leadership position. Himax’s TDDI sales are already on track
to resume rapid growth momentum and the Company remains confident
in its potential to be a primary driving force for its long-term
business growth.
Himax remains committed to its strategy of expanding in high
value-added areas, including TDDI and Tcon for automotive, OLED and
AI, where secular trends of growth remain intact, and in some of
these areas Himax has already achieved a leading market position.
This not only warrants much higher content value, but also
establishes higher barriers of entry for late comers.
With that said, Himax is going through a challenging second
quarter in terms of both sales and gross margin but believes this
will be a short-term phenomenon with a rebound around the corner
starting in the second half.
Display Driver IC
Businesses
LDDIC
Q2 large display driver IC revenue is projected
to be down double digit sequentially. Himax expects TV IC business
to decline double digit quarter over quarter as customers have
pulled forward demand in preparation for the upcoming seasonal
shopping sales, replenishing chips over the past two quarters.
Monitor IC sales in the second quarter are set to decline single
digit sequentially following the strong order replenishment it saw
last quarter, while notebook driver segment is expected to slightly
decline.
SMDDIC
Q2 SMDDIC revenue is expected to be down single
digit sequentially. However, there are indications of business
momentum recovery for the Company's smartphone and tablet
in the second quarter, particularly in TDDI products, both are
projected to increase mid-teens sequentially, fueled by resumed
customer orders following several quarters of downturn.
Importantly, Himax’s inventory depletion for smartphone and tablet
TDDI is progressing nicely and improving. As such, Himax has
initiated new wafer starts for select products which will enjoy
better margin starting Q2. Automotive IC sales are anticipated to
be down low teens sequentially, a result of weakening demand in
China, which is prompting automotive panel houses to implement cost
reduction measures and re-calibrate inventory levels. Having said
that, Himax’s position as the market share leader in both DDIC and
TDDI for automotive remains intact. Looking at a longer-term
perspective, while only moderate growth is anticipated for its
automotive DDIC, Himax’s TDDI business is projected to expand
explosively, backed by the fast-expanding TDDI adoption for new
generation vehicles and dominating new project design-win
status.
Himax also continues to lead the industry with
the launch of its LTDI (Large Touch and Display Driver Integration)
automotive display solution, specifically designed for the next
generation extra-large automotive displays, typically 30 inches or
larger. Company’s cutting-edge LTDI technology enables
ultrahigh-resolution displays and high-precision touch sensitivity,
catering to the growing demand for large, seamless, and intuitive
in-car experiences. Himax is scheduled to start mass production
this quarter, which is well ahead of the competition. Concurrently,
Himax is working on several design collaborations for some of the
modish automotive vehicles with major panel makers.
As the Company has repeatedly said before, the
trend for automobile interiors continues to evolve towards more
stylish and diverse designs, such as free-form and curvature, with
ever improving image quality, made possible with panels equipped
with advanced technologies. Himax is the front runner in automotive
display IC market, offering a comprehensive product portfolio
covering the entire spectrum of specifications and technologies to
address varying design needs, including traditional DDIC, TDDI,
local dimming Tcon, LTDI, and AMOLED. Himax is encouraged by its
progress, having expanding design-win coverage across panel makers
and engaging more Tier 1s and OEMs to incorporate new
technologies into their new vehicle models. This implies Himax not
only has been able to reinforce much higher content value on a per
panel basis but will also enjoy better profit margin. Himax is
confident that the automotive driver business will continue to be
its primary sales contributor moving forward.
On AMOLED, Himax offers both DDIC and Tcon for
OLED display and has commenced production for tablet and automotive
applications jointly with global leading panel makers. For
automotive AMOLED display, the Company continues to see robust
design-in activities as well as increasing project awards with both
conventional car makers and NEV vendors across different
continents. Additionally, Himax continues to gear up for AMOLED
driver IC development strategically partnering with major Korean
and Chinese panel makers on various applications, covering
smartphone, notebook, and TV. For smartphone AMOLED display driver,
Himax already has secured meaningful capacity and expect to
commence production toward the end of 2023. Company’s AMOLED
business, including display driver and Tcon, is slated for strong
growth in the next few years.
Non-Driver Product
Categories
TCON
The Company anticipates Q2 Tcon sales to
decrease by low teens sequentially, hampered by decreased demand
for both large display panels and AMOLED displays for tablet. On a
positive note, Himax continues to solidify its leadership in the
automotive Tcon market, particularly in local dimming technology.
Himax’s automotive local dimming Tcon was awarded the Gold Panel
Award by Touch Taiwan 2023, another grand recognition by the
industry after Company’s years of strenuous work on this high entry
barrier technology. The adoption of local diming Tcon not only
dramatically improves contrast ratio of the display but also
provides enhanced power efficiency, both of which are critical
especially for EV display. Himax’s industry-leading local dimming
Tcon offerings support super high frame rate and a wide range of
resolutions from FHD up to 8K. Additionally, when two Tcons are
paired, the solution can even accommodate up to 16K resolution.
Himax sees rapidly increasing adoption by all leading panel makers,
Tier 1s and car makers, starting from premium new car models and,
in some cases, extending to mainstream models. Tremendous progress
has been made with numerous project awards already. Similar to that
of TDDI for automotive, only a small number of design awards of
automotive Tcon have commenced mass production starting last year.
Himax expects a strong growth trajectory for automotive Tcon
starting 2023 and in the coming years.
WiseEye Smart Image Sensing
Himax’s WiseEye Smart Image Sensing total
solution incorporates the Company’s proprietary ultralow power AI
processor, always-on CMOS image sensor, and CNN-based AI algorithm.
Himax continues to support the mass production of Dell’s notebook
along with other end-point AI applications, such as video
conference device, shared bike parking, door lock, smart
agriculture, among others. Himax is unwavering in its commitment to
WiseEye as it looks to proliferate its industry leading ultralow
power AI solution by fostering innovation in a broad spectrum of
end-point AI applications across the globe. Furthermore, the
Company remains dedicated to bolstering development in the domain
of energy-efficient AI processors and AI image sensors for
end-point AI applications to maintain its top-ranked status in the
space.
The home surveillance application, such as
doorbell, door lock, and security camera, showcases another
successful deployment of ultralow power WiseEye technology. WiseEye
offers embedded context-aware AI that accurately identifies humans
to reduce excessive false triggers, avoiding unnecessary SoC
processing and leading to efficient power usage for the
surveillance system. This facilitates the transition of
conventional surveillance systems from wired to battery-powered
ones, broadening real-life adoption. Furthermore, WiseEye features
ultralow power pre-roll AI to enable always-on, full-color
“negative time” image recording before a classified event,
resulting in a complete video stream with pre-roll clips of what
happened before the said event. This also illustrates another
significant improvement compared to existing surveillance
solutions. In March this year at ISC West, a leading security
industry trade show, Himax joined forces with various ecosystem
partners and customers to unveil a broad array of battery-operated
home surveillance devices that embed WiseEye technology. The
adoption of WiseEye in surveillance areas is quickly proliferating
and Himax is seeing more active design-in activities and broad
inquiries after the event. Moreover, for the upcoming China
shopping festivals, Himax is teaming up with a leading door lock
vendor in China specializing in smart home and security to debut a
smart door lock solution with advanced security and low power
consumption. This is yet another confirmation of the WiseEye
technology in the rapidly emerging end-point ultralow power image
AI era.
Himax’s next generation WE2 AI processor builds
upon its industry leading WE1 processor and performs contextual
awareness AI particularly in detecting user engagement levels based
on more subtle presence or movement. WE2 is designed with advanced
computer vision engines that can recognize images over a longer
distance at much enhanced accuracy, speed, power efficiency and
inferencing performance. Based on its superb AI processing
capabilities, WE2 can enable more comprehensive and detailed types
of object detection such as facial landmark, hand landmark and body
skeleton to perceive complex human body movement, enabling
high-precision AI detection for a wide range of applications and
use cases in real life. It has gained significant traction for
next generation smart notebook, targeting to hit the market
starting 2024, where Himax is making solid design progress with
leading laptop brands as well as CPU and AP SoC partners to jointly
work on the enrichment of new AI features on notebooks. The breadth
of business activities is also expanding with IoT players
specializing in various domains to meet different demands that were
previously unknown to us. Himax is thrilled to be at the forefront
of these innovative developments that lie ahead in the near
future.
Supported by fast expanding customer adoption
from various domains, Himax is committed to the development of the
WiseEye product line while leveraging broad ecosystem partners to
capture the vast end-point AI opportunities. Himax believes its
WiseEye product line will be a significant long-term growth driver
for the Company.
Optical Related Product Lines /
Metaverse
On optical related product lines including WLO,
3D Sensing and LCoS. Himax is one of the few companies in the
technology industry with a wide array of optical related product
lines that play a vital role in immersive technologies development
and realization of the metaverse. Himax’s technology leadership and
manufacturing expertise are evidenced by the growing list of AR/VR
goggle device customers and ongoing engineering projects. The
Company continues to work on strengthening its optical-related
technology suite, while collaborating with global technology
leaders in the space.
On 3D gesture control, Himax is delighted to
share that it will commence volume production of WLO technology to
one leading North American customer for their next generation VR
devices starting Q2 this year. Himax’s WLO technology is deployed
to empower VR devices with 3D perception sensing for precise
controller-free gesture recognition. Separately, the Company is
expanding its 3D processor offerings to cover Time of Flight (ToF)
3D, in addition to structured light 3D decoding where Himax is
already a market leader with a proven track record in mass
production. This will enable the Company to meet the diverse use
case of 3D sensing, where ToF is more effective for long-range 3D
perception while structured light excels in high precision 3D
detection for shorter distance. All its 3D processors are equipped
with advanced sensor fusion, offering industry-leading, fast
response rates, a characteristic that makes Himax’s processors a
perfect fit for high-precision spatial reality applications.
On LCoS, Himax is delighted to announce that it
will unveil its state-of-the-art Color-Sequential Front-lit LCoS
technology at the Display Week 2023 in Los Angeles, one of the
world’s most renowned display industry symposiums and tradeshows.
Himax’s proprietary LCoS design offers unrivaled performance and
functionality, featuring a lightweight and compact form factor with
a total volume, that includes the illumination optics and LCoS
panel, of around 0.5 cc as well as high illumination efficiency,
delivering brightness of up to 100K nits. These outstanding
characteristics make it the perfect microdisplay solution to meet
the stringent specifications of the most advanced AR glasses
deploying 2D exit pupil expansion waveguides that support greater
than 50 degrees field-of-view. Himax is honored to be invited to
give a deep-dive presentation of its Color-Sequential Front-lit
LCoS technology to industry experts at the symposium. Additionally,
one-on-one meetings with literally all major tech names eyeing AR
goggles have also been lined up. Himax will provide updates on its
progress for this exciting new technology as they come about.
Himax remains steadfast to strengthening its
optical-related technology suite and forging strong partnerships
with the world's leading technology companies that are deeply
committed in investing its developments. As the metaverse and
immersive technologies continue to develop, the Company believes
that it is well-positioned to capitalize on its growth with years
of research and development, a unique product portfolio, production
history, and key partnerships.
For non-driver IC business, the Company expects
revenue to remain flattish sequentially in the second quarter.
Second Quarter 2023
Guidance |
Net
Revenue: |
To Flat
to Decrease 9% sequentially |
IFRS Gross Margin: |
To be 20.0% to 21.0%, depending on final product mix |
IFRS Profit: |
To be -2.9 cents to 0.6 cents per basic ADS |
Non-IFRS Profit: |
To be 0.1 cents to 3.6 cents per diluted ADS |
|
|
HIMAX TECHNOLOGIES FIRST QUARTER 2023
EARNINGS CONFERENCE CALL |
DATE: |
Thursday, May 11, 2023 |
TIME: |
U.S. 8:00 a.m.
EDT |
|
Taiwan 8:00 p.m. |
WEBCAST: |
https://edge.media-server.com/mmc/p/4co8cyii |
PHONE REGISTRATION: |
https://register.vevent.com/register/BI407f9ac3fe284ba4ac5b38a0d1c10c02 |
|
|
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/4co8cyii. 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 11,
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 2,900 patents granted
and 385 patents pending approval worldwide as of March 31, 2023.
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, 2022 filed with the SEC, as may be amended.
Company Contacts:
Eric Li, Chief IR/PR
OfficerHimax Technologies, Inc.Tel: +886-6-505-0880 Fax:
+886-2-2314-0877Email: hx_ir@himax.com.twwww.himax.com.tw
Karen Tiao, Investor
RelationsHimax Technologies, Inc.
Tel: +886-2-2370-3999Fax: +886-2-2314-0877Email:
hx_ir@himax.com.twwww.himax.com.tw
Mark Schwalenberg, DirectorInvestor
Relations - US RepresentativeMZ North AmericaTel:
+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, |
|
2023 |
|
2022 |
|
2022 |
|
|
|
|
|
|
Revenues |
|
|
|
|
|
Revenues from third parties, net |
$ |
244,191 |
|
|
$ |
412,729 |
|
|
$ |
262,245 |
|
Revenues from related parties, net |
|
13 |
|
|
|
83 |
|
|
|
45 |
|
|
|
244,204 |
|
|
|
412,812 |
|
|
|
262,290 |
|
|
|
|
|
|
|
Costs and expenses: |
|
|
|
|
|
Cost of revenues |
|
175,609 |
|
|
|
218,921 |
|
|
|
182,239 |
|
Research and development |
|
39,427 |
|
|
|
39,295 |
|
|
|
40,158 |
|
General and administrative |
|
6,041 |
|
|
|
6,620 |
|
|
|
6,651 |
|
Sales and marketing |
|
5,544 |
|
|
|
5,622 |
|
|
|
5,716 |
|
Total costs and expenses |
|
226,621 |
|
|
|
270,458 |
|
|
|
234,764 |
|
|
|
|
|
|
|
Operating income |
|
17,583 |
|
|
|
142,354 |
|
|
|
27,526 |
|
|
|
|
|
|
|
Non operating income (loss): |
|
|
|
|
|
Interest income |
|
2,327 |
|
|
|
381 |
|
|
|
1,990 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
41 |
|
|
|
21 |
|
|
|
885 |
|
Foreign currency exchange gains (losses), net |
|
(535 |
) |
|
|
3,096 |
|
|
|
(443 |
) |
Finance costs |
|
(1,741 |
) |
|
|
(280 |
) |
|
|
(1,332 |
) |
Share of losses of associates |
|
(189 |
) |
|
|
(207 |
) |
|
|
(170 |
) |
Other income |
|
107 |
|
|
|
16 |
|
|
|
10,724 |
|
|
|
10 |
|
|
|
3,027 |
|
|
|
11,654 |
|
Profit before income taxes |
|
17,593 |
|
|
|
145,381 |
|
|
|
39,180 |
|
Income tax expense (benefit) |
|
2,938 |
|
|
|
30,094 |
|
|
|
(2,818 |
) |
Profit for the period |
|
14,655 |
|
|
|
115,287 |
|
|
|
41,998 |
|
Loss attributable to
noncontrolling interests |
|
272 |
|
|
|
585 |
|
|
|
158 |
|
Profit attributable to
Himax Technologies, Inc. stockholders |
$ |
14,927 |
|
|
$ |
115,872 |
|
|
$ |
42,156 |
|
|
|
|
|
|
|
Basic earnings per ADS
attributable to Himax Technologies, Inc. stockholders |
$ |
0.086 |
|
|
$ |
0.663 |
|
|
$ |
0.241 |
|
Diluted earnings per
ADS attributable to Himax Technologies, Inc.
stockholders |
$ |
0.085 |
|
|
$ |
0.663 |
|
|
$ |
0.241 |
|
|
|
|
|
|
|
Basic Weighted Average Outstanding ADS |
|
174,417 |
|
|
|
174,694 |
|
|
|
174,812 |
|
Diluted Weighted Average Outstanding ADS |
|
174,794 |
|
|
|
174,824 |
|
|
|
174,997 |
|
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 Months Ended March 31, |
|
Three MonthsEnded December
31, |
|
2023 |
|
2022 |
|
2022 |
Share-based compensation |
|
|
|
|
|
Cost of revenues |
$ |
13 |
|
|
$ |
7 |
|
|
$ |
13 |
|
Research and development |
|
571 |
|
|
|
467 |
|
|
|
658 |
|
General and administrative |
|
159 |
|
|
|
98 |
|
|
|
299 |
|
Sales and marketing |
|
62 |
|
|
|
39 |
|
|
|
124 |
|
Income tax benefit |
|
(177 |
) |
|
|
(122 |
) |
|
|
(177 |
) |
Total |
$ |
628 |
|
|
$ |
489 |
|
|
$ |
917 |
|
|
|
|
|
|
|
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 |
|
|
$ |
84 |
|
Income tax benefit |
|
- |
|
|
|
(64 |
) |
|
|
(19 |
) |
Total |
$ |
- |
|
|
$ |
212 |
|
|
$ |
65 |
|
|
|
|
|
|
|
The amount of cash
award included in applicable statements of profit or loss
categories is summarized as follows: |
|
|
|
|
|
|
|
|
|
|
|
Cash award |
|
|
|
|
|
Cost of revenues |
$ |
54 |
|
|
$ |
77 |
|
|
$ |
55 |
|
Research and development |
|
4,482 |
|
|
|
5,068 |
|
|
|
4,483 |
|
General and administrative |
|
416 |
|
|
|
583 |
|
|
|
418 |
|
Sales and marketing |
|
828 |
|
|
|
978 |
|
|
|
829 |
|
Income tax benefit |
|
(1,225 |
) |
|
|
(1,368 |
) |
|
|
(1,225 |
) |
Total |
$ |
4,555 |
|
|
$ |
5,338 |
|
|
$ |
4,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
IFRS Unaudited Condensed Consolidated Statements of
Financial Position |
(Amounts in Thousands of U.S. Dollars) |
|
|
March 31, 2023 |
|
March 31, 2022 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
196,286 |
|
|
$ |
378,013 |
|
|
$ |
221,581 |
|
Financial assets at amortized cost |
|
8,510 |
|
|
|
23,987 |
|
|
|
8,314 |
|
Financial assets at fair value through profit or loss |
|
19,026 |
|
|
|
45,062 |
|
|
|
- |
|
Accounts receivable, net (including related parties) |
|
252,155 |
|
|
|
442,220 |
|
|
|
261,148 |
|
Inventories |
|
335,235 |
|
|
|
253,055 |
|
|
|
370,933 |
|
Income taxes receivable |
|
35 |
|
|
|
56 |
|
|
|
31 |
|
Restricted deposit |
|
369,300 |
|
|
|
151,400 |
|
|
|
369,300 |
|
Other receivable from related parties |
|
1,174 |
|
|
|
1,214 |
|
|
|
1,224 |
|
Other current assets |
|
106,428 |
|
|
|
86,371 |
|
|
|
104,277 |
|
Total current assets |
|
1,288,149 |
|
|
|
1,381,378 |
|
|
|
1,336,808 |
|
Financial assets at
fair value through profit or loss |
|
18,264 |
|
|
|
13,679 |
|
|
|
15,350 |
|
Financial assets at
fair value through other comprehensive
income |
|
285 |
|
|
|
397 |
|
|
|
279 |
|
Equity method
investments |
|
6,385 |
|
|
|
3,982 |
|
|
|
6,533 |
|
Property, plant and
equipment, net |
|
124,476 |
|
|
|
131,639 |
|
|
|
126,138 |
|
Deferred tax
assets |
|
11,925 |
|
|
|
7,007 |
|
|
|
11,797 |
|
Goodwill |
|
28,138 |
|
|
|
28,138 |
|
|
|
28,138 |
|
Other intangible
assets, net |
|
989 |
|
|
|
6,353 |
|
|
|
1,094 |
|
Restricted
deposit |
|
33 |
|
|
|
35 |
|
|
|
32 |
|
Refundable
deposits |
|
224,661 |
|
|
|
181,129 |
|
|
|
162,968 |
|
Other non-current
assets |
|
10,981 |
|
|
|
15,456 |
|
|
|
12,621 |
|
|
|
426,137 |
|
|
|
387,815 |
|
|
|
364,950 |
|
Total assets |
$ |
1,714,286 |
|
|
$ |
1,769,193 |
|
|
$ |
1,701,758 |
|
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) |
|
135,677 |
|
|
|
255,708 |
|
|
|
122,042 |
|
Income taxes payable |
|
72,880 |
|
|
|
123,295 |
|
|
|
69,383 |
|
Other payable to related parties |
|
2,854 |
|
|
|
2,041 |
|
|
|
2,568 |
|
Contract liabilities-current |
|
29,010 |
|
|
|
39,154 |
|
|
|
49,167 |
|
Other current liabilities |
|
81,941 |
|
|
|
69,907 |
|
|
|
75,535 |
|
Total current liabilities |
|
697,662 |
|
|
|
647,505 |
|
|
|
693,995 |
|
Long-term unsecured
borrowings |
|
39,000 |
|
|
|
45,000 |
|
|
|
40,500 |
|
Deferred tax
liabilities |
|
697 |
|
|
|
894 |
|
|
|
691 |
|
Contract
liabilities-non-current |
|
46 |
|
|
|
12,056 |
|
|
|
- |
|
Other non-current
liabilities |
|
67,466 |
|
|
|
74,968 |
|
|
|
72,751 |
|
|
|
107,209 |
|
|
|
132,918 |
|
|
|
113,942 |
|
Total liabilities |
|
804,871 |
|
|
|
780,423 |
|
|
|
807,937 |
|
Equity |
|
|
|
|
|
Ordinary shares |
|
107,010 |
|
|
|
107,010 |
|
|
|
107,010 |
|
Additional paid-in capital |
|
113,060 |
|
|
|
110,347 |
|
|
|
112,249 |
|
Treasury shares |
|
(5,594 |
) |
|
|
(5,761 |
) |
|
|
(5,594 |
) |
Accumulated other comprehensive income |
|
(84 |
) |
|
|
(777 |
) |
|
|
(218 |
) |
Retained earnings |
|
694,052 |
|
|
|
776,172 |
|
|
|
679,125 |
|
Equity attributable to owners of Himax Technologies,
Inc. |
|
908,444 |
|
|
|
986,991 |
|
|
|
892,572 |
|
Noncontrolling
interests |
|
971 |
|
|
|
1,779 |
|
|
|
1,249 |
|
Total equity |
|
909,415 |
|
|
|
988,770 |
|
|
|
893,821 |
|
Total liabilities and equity |
$ |
1,714,286 |
|
|
$ |
1,769,193 |
|
|
$ |
1,701,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Himax Technologies, Inc. |
Unaudited Condensed Consolidated Statements of Cash
Flows |
(Amounts in Thousands of U.S. Dollars) |
|
|
Three MonthsEnded March 31, |
|
Three Months Ended December
31, |
|
|
2023 |
|
2022 |
|
2022 |
|
|
|
|
|
|
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Profit for the period |
|
$ |
14,655 |
|
|
$ |
115,287 |
|
|
$ |
41,998 |
|
Adjustments for: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,088 |
|
|
|
5,376 |
|
|
|
5,196 |
|
Gain on disposal of subsidiary |
|
|
- |
|
|
|
- |
|
|
|
(10,694 |
) |
Share-based compensation expenses |
|
|
805 |
|
|
|
611 |
|
|
|
1,094 |
|
Changes in fair value of financial assets at fair value through
profit or loss |
|
|
(41 |
) |
|
|
(21 |
) |
|
|
(885 |
) |
Interest income |
|
|
(2,327 |
) |
|
|
(381 |
) |
|
|
(1,990 |
) |
Finance costs |
|
|
1,741 |
|
|
|
280 |
|
|
|
1,332 |
|
Income tax expense (benefit) |
|
|
2,938 |
|
|
|
30,094 |
|
|
|
(2,818 |
) |
Share of losses of associates |
|
|
189 |
|
|
|
207 |
|
|
|
170 |
|
Inventories write downs |
|
|
5,503 |
|
|
|
1,248 |
|
|
|
9,104 |
|
Unrealized foreign currency exchange losses (gains) |
|
|
1,186 |
|
|
|
(2,632 |
) |
|
|
703 |
|
|
|
|
29,737 |
|
|
|
150,069 |
|
|
|
43,210 |
|
Changes in: |
|
|
|
|
|
|
Accounts receivable (including related parties) |
|
|
8,993 |
|
|
|
(32,039 |
) |
|
|
(10,057 |
) |
Inventories |
|
|
30,195 |
|
|
|
(55,703 |
) |
|
|
30,034 |
|
Other receivable from related parties |
|
|
50 |
|
|
|
3 |
|
|
|
6 |
|
Other current assets |
|
|
980 |
|
|
|
465 |
|
|
|
2,673 |
|
Accounts payable (including related parties) |
|
|
16,192 |
|
|
|
7,283 |
|
|
|
(68,426 |
) |
Other payable to related parties |
|
|
286 |
|
|
|
400 |
|
|
|
182 |
|
Contract liabilities |
|
|
(20,111 |
) |
|
|
3,326 |
|
|
|
2,330 |
|
Other current liabilities |
|
|
(1,288 |
) |
|
|
(1,409 |
) |
|
|
2,045 |
|
Other non-current liabilities |
|
|
2,351 |
|
|
|
3 |
|
|
|
2,315 |
|
Cash generated from operating activities |
|
|
67,385 |
|
|
|
72,398 |
|
|
|
4,312 |
|
Interest received |
|
|
1,455 |
|
|
|
115 |
|
|
|
2,796 |
|
Interest paid |
|
|
(1,741 |
) |
|
|
(280 |
) |
|
|
(1,332 |
) |
Income tax paid |
|
|
(738 |
) |
|
|
(233 |
) |
|
|
(310 |
) |
Net cash provided by operating activities |
|
|
66,361 |
|
|
|
72,000 |
|
|
|
5,466 |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(2,833 |
) |
|
|
(3,586 |
) |
|
|
(2,312 |
) |
Acquisitions of intangible assets |
|
|
(11 |
) |
|
|
(143 |
) |
|
|
(162 |
) |
Acquisitions of financial assets at amortized cost |
|
|
(571 |
) |
|
|
(6,125 |
) |
|
|
(784 |
) |
Proceeds from disposal of financial assets at amortized cost |
|
|
541 |
|
|
|
8,165 |
|
|
|
841 |
|
Acquisitions of financial assets at fair value through profit or
loss |
|
|
(22,222 |
) |
|
|
(45,571 |
) |
|
|
(5,081 |
) |
Proceeds from disposal of financial assets at fair value through
profit or loss |
|
|
195 |
|
|
|
1,697 |
|
|
|
5,082 |
|
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 |
|
|
(64,259 |
) |
|
|
- |
|
|
|
(13 |
) |
Releases of restricted deposit |
|
|
- |
|
|
|
2,700 |
|
|
|
- |
|
Net cash provided by (used in) investing
activities |
|
|
(89,160 |
) |
|
|
(42,863 |
) |
|
|
9,172 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from issuance of new shares by subsidiaries |
|
|
- |
|
|
|
- |
|
|
|
487 |
|
Repayments of long-term unsecured borrowings |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
|
|
(1,500 |
) |
Proceeds from short-term secured borrowings |
|
|
286,200 |
|
|
|
134,400 |
|
|
|
358,200 |
|
Repayments of short-term secured borrowings |
|
|
(286,200 |
) |
|
|
(134,400 |
) |
|
|
(358,200 |
) |
Payment of lease liabilities |
|
|
(1,179 |
) |
|
|
(1,229 |
) |
|
|
(1,258 |
) |
Guarantee deposits received (refunded) |
|
|
- |
|
|
|
15,614 |
|
|
|
(12,000 |
) |
Net cash provided by (used in) financing
activities |
|
|
(2,679 |
) |
|
|
12,885 |
|
|
|
(14,271 |
) |
Effect of foreign
currency exchange rate changes on cash and cash
equivalents |
|
|
183 |
|
|
|
(33 |
) |
|
|
1,469 |
|
Net increase
(decrease) in cash and cash equivalents |
|
|
(25,295 |
) |
|
|
41,989 |
|
|
|
1,836 |
|
Cash and cash
equivalents at beginning of period |
|
|
221,581 |
|
|
|
336,024 |
|
|
|
219,745 |
|
Cash and cash
equivalents at end of period |
|
$ |
196,286 |
|
|
$ |
378,013 |
|
|
$ |
221,581 |
|
|
|
|
|
|
|
|
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 March 31, |
|
Three Months
Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2022 |
|
Revenues |
$ |
244,204 |
|
|
$ |
412,812 |
|
|
$ |
262,290 |
|
Gross profit |
|
68,595 |
|
|
|
193,891 |
|
|
|
80,051 |
|
Add: Share-based compensation
– cost of revenues |
|
13 |
|
|
|
7 |
|
|
|
13 |
|
Add: Cash award – cost of
revenues |
|
54 |
|
|
|
77 |
|
|
|
55 |
|
Gross profit excluding
share-based compensation and cash award |
|
68,662 |
|
|
|
193,975 |
|
|
|
80,119 |
|
Gross margin excluding share-based compensation and cash award |
|
28.1 |
% |
|
|
47.0 |
% |
|
|
30.5 |
% |
Operating income |
|
17,583 |
|
|
|
142,354 |
|
|
|
27,526 |
|
Add: Share-based
compensation |
|
805 |
|
|
|
611 |
|
|
|
1,094 |
|
Add: Acquisition-related
charges –intangible assets amortization |
|
- |
|
|
|
276 |
|
|
|
84 |
|
Add: Cash award |
|
5,780 |
|
|
|
6,706 |
|
|
|
5,785 |
|
Operating income excluding
share-based compensation, acquisition-related charges and cash
award |
|
24,168 |
|
|
|
149,947 |
|
|
|
34,489 |
|
Operating margin excluding
share-based compensation, acquisition-related charges and cash
award |
|
9.9 |
% |
|
|
36.3 |
% |
|
|
13.1 |
% |
Profit attributable to Himax
Technologies, Inc. stockholders |
|
14,927 |
|
|
|
115,872 |
|
|
|
42,156 |
|
Add: Share-based compensation,
net of tax |
|
628 |
|
|
|
489 |
|
|
|
917 |
|
Add: Acquisition-related
charges, net of tax |
|
- |
|
|
|
212 |
|
|
|
65 |
|
Add: Cash award, net of
tax |
|
4,555 |
|
|
|
5,338 |
|
|
|
4,560 |
|
Profit attributable to Himax
Technologies, Inc. stockholders excluding share-based compensation,
acquisition-related charges and cash award |
|
20,110 |
|
|
|
121,911 |
|
|
|
47,698 |
|
Net margin attributable to
Himax Technologies, Inc. stockholders excluding share-based
compensation, acquisition-related charges and cash award |
|
8.2 |
% |
|
|
29.5 |
% |
|
|
18.2 |
% |
|
|
|
|
|
|
*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, |
|
2023 |
Diluted IFRS earnings per ADS attributable to Himax Technologies,
Inc. stockholders |
$0.085 |
Add: Share-based compensation per ADS |
$0.004 |
Add: Acquisition-related charges per ADS |
- |
Add: Cash award per ADS |
$0.026 |
|
|
Diluted non-IFRS earnings per ADS
attributable to Himax Technologies, Inc. stockholders excluding
share-based compensation, acquisition-related charges and cash
award |
$0.115 |
Numbers do not add up due to
rounding |
|
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